Modern Financial Advisor

In this episode of the Modern Financial Advisor Podcast, host Mike Langford chats with Terry Mullen, Chief Revenue Officer of Fispoke, about how financial advisors can now offer comprehensive banking services to their clients.

Once exclusive to wirehouse advisors, these services are now accessible to RIAs and independent financial advisors, thanks to new technology and banking arrangements. Mike and Terry discuss the evolution of financial advice, the immense market potential, and the transformative power of integrating banking solutions for financial advisory businesses.

Learn about how Fispoke is bridging this gap, the opportunities for growth, and the future of comprehensive financial planning. Don't miss out on this insightful conversation that could change the way you offer financial advice!

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Resources Mentioned In This Episode:

• How Financial Advisors Can Help Clients Navigate The Black Box of Healthcare Costs - Mike mentioned the parallels between the work that Drew Schockley and the team at Move Health are doing for financial advisors and their clients on the health insurance landscape. Like banking, every client is going to have health care needs. As a financial advisor, you should be offering sound advice on areas like these that affect your clients’ financial lives in significant ways.
• Episode 1 - The Truelytics Origin Story with Terry Mullen - As Mike mentioned in this episode, Terry Mullen was the first ever guest on the podcast back when it was actually called The Valuations Podcast. Jump in the time machine and give it a listen.

Chapters

00:00 Introduction and Episode Overview

01:26 Guest Introduction: Terry Mullen

01:36 The Evolution of Financial Advisory Services

02:52 The Next Wave: Comprehensive Banking Services

03:38 Identifying the Problem and Market Opportunity

05:28 Fispoke's Integrated Banking Solutions

10:45 Growth Opportunities for Financial Advisors

17:17 Future Prospects and Closing Thoughts

19:09 The Impact of Healthcare on Job Mobility

19:50 Breakaway Advisors and Wirehouse Firms

20:53 Fispoke's Integration with Independent Broker-Dealers

21:45 The Role of Technology in Financial Advisory

23:45 The Future of Banking Advisors

28:48 Fispoke's Banking Partnerships

29:50 Technology Integration with Advisor's Tech Stack

32:55 The Benefits of Smaller Banks

34:09 Conclusion and Contact Information

In this episode of the Modern Financial Advisor Podcast, host Mike Langford sits down with Dr. Emily Koochel, Manager of Financial Wellness at eMoney Advisor, to explore the critical role of the human advisor in an increasingly AI-powered world.

They discuss how AI can be used as a tool to enhance efficiency, personalize client experiences, and maintain trust, rather than replacing human advisors. With compelling data and practical insights, this episode aims to help financial advisors feel more confident in integrating AI into their practices.

Chapters

00:00 Introduction and Guest Welcome

00:12 The Human Element in Financial Advice

00:59 Podcast Subscription and Contact Information

01:29 Conversation with Dr. Emily Koochel Begins

01:45 Weekend Plans and Personal Anecdotes

02:23 AI's Impact on Financial Advisory

02:54 Dr. Koochel's Unique Qualifications

05:20 Understanding Financial Therapy

08:54 Financial Socialization and Childhood Influences

11:32 AI in Financial Planning: Opportunities and Concerns

17:25 The Importance of Human Connection

20:16 Generational Perspectives on Financial Advice

23:10 Emotional Conversations in Financial Planning

26:36 Practical AI Integration for Advisors

27:35 Exploring AI Integration in Financial Services

27:57 Identifying and Automating Manual Processes

28:47 Prioritizing High Impact, Low Risk AI Solutions

29:28 Familiarizing with AI Technologies

34:29 Personalization at Scale with AI

41:32 Building and Maintaining Trust in Client Relationships

51:52 Conclusion and Final Thoughts

Jake Claver, of Digital Ascension Group joins Mike Langford for an exploration of the growing importance of digital assets in wealth management.

They discuss the concept of 'digital lottery winners'—clients who have gained significant wealth through cryptocurrencies—and the necessity for financial advisors to adapt to this new landscape. Jake also dispels a few common myths that financial advisors may have about who is investing in crypto and digital assets.

The conversation also touches on the risks associated with holding digital assets and the future of regulation in the crypto space. The conversation highlights the opportunities for financial advisors to engage clients in discussions about digital assets, the potential impact of regulation on the market, and predictions for the future of transactions in a digital economy.

Chapters

00:00 Introduction to Digital Assets and Wealth Management

03:01 Understanding Digital Ascension Group's Services

07:59 The Rise of Digital Lottery Winners

09:23 The Importance of Advisors in the Crypto Space

15:32 Institutional Custody Explained

22:10 The Risks of Holding Digital Assets

24:37 Understanding Institutional Custody in Crypto

25:57 The Profile of Digital Lottery Winners

28:00 The Role of Financial Advisors in Crypto

30:29 Opportunities for Financial Advisors

32:27 Engaging Clients with New Asset Classes

34:15 The Future of Financial Products on Blockchain

36:29 The Impact of Regulation on Crypto

40:28 Market Predictions and Economic Insights

45:19 The Future of Transactions in a Digital Economy

Drew Shockley, Co-Founder of Move Health joins Mike Langford to explore how financial advisors can help their clients tackle one of the biggest obstacles that many are likely going to face at some point in their life…

Finding a health care plan that they can afford and that works within the framework of their overall life goals.

Chapters

00:00 Introduction to Healthcare Challenges

02:45 The Role of Financial Advisors in Healthcare Planning

06:05 Understanding the Healthcare Landscape

08:52 Target Demographics for Healthcare Solutions

11:59 The Importance of Age 55-64 in Healthcare Planning

14:56 Myths About Health Insurance

18:12 The Impact of the Affordable Care Act

21:05 The Shift in Financial Advisory Services

24:10 The Modern Financial Advisor as a Quarterback

27:59 The Financial Playbook: Strategies for Retirement Planning

34:52 Navigating Healthcare: The Role of Financial Advisors

40:56 Unlocking Freedom: Transitioning Clients to Retirement

46:43 The Future of Healthcare: Insights on the Affordable Care Act

Jason Britton, CEO of Reflection Analytics joins Mike Langford to discuss the transformative power of values-based investing. They explore how financial advisors can help clients align their investment portfolios with their personal values, moving beyond traditional metrics of financial success. The conversation delves into the evolution of financial advice, the importance of understanding client values, and the challenges of navigating polarized discussions around investment choices. Jason emphasizes the need for genuine discovery in client conversations and the role of behavioral economics in understanding client motivations.

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Chapters

00:00 Introduction to Values-Based Investing

02:51 The Evolution of Financial Advice

09:22 Defining Values in Investing

15:11 The Importance of Discovery in Client Conversations

20:38 Navigating Polarization in Values Discussions

27:10 The Complexity of Values-Based Investing

29:02 The Pursuit of Consistency Over Perfection

30:53 The Role of Corporations in Society

32:42 The Myth of a Free Market

34:37 Subsidies and Public Good

36:33 The Value of Innovation and Risk

38:30 Wealth Creation and Shared Value

40:54 The Interdependence of Corporations and Society

42:47 Personal Values in Investment Decisions

44:40 The Future of Values-Based Investing

46:38 Engaging Clients in Financial Conversations

50:55 The Dual Nature of AI and Technology

Jud Mackrill, Co-Founder of Milemarker joins Mike Langford for a conversation about the challenges financial firms face regarding data ownership and integration. They discuss the concept of data lakes, the mission of Milemarker to empower financial advisors with better data control, and the evolution of technology in the financial services industry.

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Resources Mentioned In This Episode:

• Orion - Jud Mackrill shares the story of being employee number 20 at Orion and how getting to work alongside the company's founder, Eric Clarke, shaped his career.
• Skience - As part of Jud's recalling the origin story of Milemarker he reflects on meeting his co-founder Kyle Van Pelt when Kyle was still working at Skience.
• Zapier - Mike mentioned how his sees some high-level parallels between what Milemarker is doing for wealth management firms and how Zapier has created the ability for businesses to connect a variety of other web services.
• Holistiplan - Jud mentioned how Milemarker is working to make it easier for advisors to adopt solutions like Holistiplan, a tax planning softwares tool and
• Wealth.com - An estate planning tool that benefits from deeper integration and ease of use with the advisor's existing workflow.
• Stefan Ludlow - Jud mentioned Stefan and his role as the CTO at Cerity Partners as an example of what a CTO at a modern financial advisory firm hopes their job will look like versus what life is like for most tech leaders in wealth management.
• The Connected Advisor - The Milemarker team are producing Podcast and Newsletter to connect with their prospects, clients, and the wider wealth management community. A side benefit is it helps them better articulate their thoughts about the space.

Chapters

00:00 Introduction to Data Ownership Challenges

02:28 Understanding Milemarker's Mission

04:25 The Concept of Data Lakes

08:08 The Origin Story of Milemarker

14:06 The Evolution of Technology in Financial Services

19:02 Practical Applications of Milemarker

22:50 Unlocking Insights with Technology

23:19 Working on Your Business vs. In Your Business

24:18 Challenges of Technology Adoption in Advisory Firms

25:15 The Role of Milemarker in Technology Implementation

29:07 The Importance of Data Quality for AI

32:23 Preparing for the AI Revolution in Advisory Firms

36:30 Core Building Blocks for RIAs in 2025

41:29 The Value of Content Creation for Advisors

Patrick Spencer, Managing Director of Moneytree Software, joins Mike Langford to explore how financial advisors can enhance client relationships through technology. They discuss the evolution of Moneytree, the importance of goals-based planning and Monte Carlo simulations, and the critical role of communication in building trust with clients. The conversation emphasizes the need for advisors to understand their clients' objectives and to use technology to facilitate better engagement and decision-making.

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Resources Mentioned In This Episode:

• Terry Black's BBQ - It's the best barbecue in Austin. You are welcome!
• How To Grow Your Financial Advisory Business by Helping Business Owners Sell Theirs - Great episode on serving business owner clients.
• Advisor - Client Communication Survey by YCharts - Patrick mentioned some insights surfaced in this survey during our discussion.

Chapters

00:00 Introduction and Personal Connections

04:29 The Evolution of Money Tree

10:20 Goals-Based Planning and Monte Carlo Simulations

18:24 Building Better Client Relationships

25:15 Conclusion and Future Directions

25:42 Client Engagement and Tools for Advisors

26:40 The Importance of Visual Communication

30:00 Scenario Planning in Financial Advisory

35:41 Understanding Client Scenarios and Life Changes

41:20 Generational Perspectives on Retirement

49:06 Business Ownership as an Asset

Jon Randall of XFA.Coach joins Mike Langford for an innovative exploration of strategies for growing financial advisory businesses. The conversation delves into the unique approach of XFA, the common constraints faced by advisors, and the importance of client optimization and segmentation.

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Resources Mentioned In This Episode:

• Most Advisors Are Not Growing Their Business - Here's Why That's A Problem and How To Fix It - Kieran Bol of PriceMetrix by McKinsey shares data that illustrates the lack of organic growth for financial advisory businesses.
• How Financial Advisors Can Grow Beyond a Plateau - Jon Randall joined Aaron Hasler of SkyView Partners and Mike Langford for an episode of the Advisor Financing Forum podcast to explore strategies for growth at varies levels of business for financial advisors.

Chapters

00:00 Introduction to Financial Advisory Growth

02:14 Understanding XFA.Coach and Its Unique Approach

04:40 Common Constraints in Financial Advisory Growth

09:20 Revenue Tiers and Their Challenges

18:01 Client Optimization as a Growth Strategy

25:58 The Importance of Client Segmentation

36:23 Transitioning from Advisor to Coach

44:51 The Journey from Advisor to Performance Coach

Katie Hendricks, Vice President and Director of Asset Allocation Research at Dimensional Fund Advisors, joins Mike Langford to discuss the firm's newly unveiled UMA platform, which provides access to personalized and tax-efficient investment solutions.

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Resources Mentioned In This Episode:

• Planning for Charitable Giving - Katie mentioned how UMAs are great tools for helping clients plan for charitable giving. Learn more about Donor Advised Funds on this episode with Adam Nash of Daffy.
• Dimensional Fund Advisors UMA Platform - This landing page offers a tremendous amount of insights into the new DFA platform for UMAs.
• The Trend Toward The Personalization of Investing At Scale - In this episode of the Augmented Advisor Podcast, Katie Hendrix and Shawn Jaberzadeh joined Mike Langford and John Prendergast, CEO of Blueleaf shortly after the launch of Dimensional's SMA solution.

Chapters

00:00 Introduction to the UMA Platform

14:17 Difference Between UMA and SMA

18:05 Development Process of the UMA Platform

30:06 Future of the UMA Offering

Michael Cocanower, CEO of AdviserCyber, joins Mike Langford to discuss the importance of cybersecurity for financial advisory businesses. He highlights the increasing threats and the lack of internal resources for most RIAs to protect against cyber attacks.

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Resources Mentioned In This Episode:

• How Financial Advisors Can Help Protect the Privacy, Security, and Reputation of Their Wealthy Clients - Mykolas Rambus of Hush
• SEC Reg S-D - Amendments "modernize and enhance the rules that govern the treatment of consumers’ nonpublic personal information by certain financial institutions."

Chapters

00:00 Introduction: The Importance of Cybersecurity for Financial Advisory Businesses

03:08 Understanding the New SEC Rules on Cybersecurity

09:07 The Four Pillars of Cybersecurity: Prevention, Detection, Mitigation, and Remediation

23:50 Common Types of Attacks and the Need for Cybersecurity Training

24:40 Enhancing Security with Multi-Factor Authentication

25:10 Introduction to Cybersecurity Threat Reports

27:01 The Human Element in Cybersecurity

29:41 Recognizing and Avoiding Phishing Attempts

34:16 The Importance of Communication and Verification

41:10 Shifting the Mindset: Assume Breach

46:41 Proactive Measures: Isolating Individual Computers