Modern Financial Advisor

Adam Nash, the co-founder and CEO of Daffy joins Mike Langford to explore the power of donor advised funds for creating opportunities for your clients and their families to make the kind of meaningful impact they want on the world.

Daffy, which is short for "Donor Advised Funds For You" is an innovative solution designed to make it easier for financial advisors and their clients to collaborate on plans for charitable giving.

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PodBox - Help your guest sound their best on your podcast, webinar, or important Zoom call with a PodBox microphone setup.

Resources Mentioned In This Episode:

• How Financial Advisors Can Help Protect the Privacy, Security, and Reputation of Their Wealthy Clients - Mykolas Rambus of Hush
• Reimagining Estate Planning As Helping Clients Make Premade Decisions For Their Loved Ones - Andrew Crowell of D.A. Davidson
• What Exactly Is Sustainable Investing? And Why Are Today's Clients Demanding It? - Peter Krull of Earth Equity Advisors

Chapters

00:00 Introduction to Donor Advised Funds and Charitable Giving

02:23 The Need for Innovation in Donor Advised Funds

05:41 The Importance of Setting Goals for Charitable Giving

11:20 The Lack of Innovation in the Donor Advised Fund Industry

15:26 Engaging Multiple Generations in Charitable Giving

19:12 The Universal Value of Giving

21:06 Using Technology to Make Giving Easier

22:32 Incorporating Charitable Giving into Financial Plans

22:45 Using DAFI Features with Clients: A Guide for Financial Advisors

26:22 Incorporating Charitable Giving into Financial Planning: Tips for Advisors

32:03 Tax Strategies and Charitable Giving: A Winning Conversation for Advisors

38:38 Collaboration and Surprising Benefits in the Donor Advised Fund Industry

Mykolas Rambus, Co-Founder and CEO of Hush and Mike Langford discuss the scale of a high net worth client's digital footprint and the potential risks associated with it. They also talk about the creation of WealthX, a database of wealthy individuals, and how it led to the development of Hush, a tool that helps individuals protect their online privacy. The conversation covers topics such as cybersecurity, social engineering, and the risks posed by family members. The episode provides valuable insights and action items for financial advisors and their clients.

Sponsored By:

PodBox - Help your guest sound their best on your podcast, webinar, or important Zoom call with a PodBox microphone setup.

Related To This Episode:

• Protecting Your Clients And Your Firm From Financial Fraud - Andrew Crowell of D.A. Davidson shared his perspective on protecting clients from financial fraud.
• Wealth-X - Mykolas and Mike mentioned Wealth-X multiple times in this episode.

Chapters

00:00 Introduction

02:44 The Scale of a High Net Worth Client's Digital Footprint

04:36 The Creation of WealthX and the Development of Hush

08:22 Finding Information and Building Dossiers

11:14 The Need for Hush and Protecting Online Privacy

17:20 Cybersecurity and Awareness for Financial Advisors

21:55 Risks Posed by Family Members and Precautions to Take

25:03 Conclusion and the Importance of Online Privacy

26:03 The Growing Threat of Extortion and Sex Extortion

28:01 The Rise of Sim Swapping and the Importance of Cell Phone Security

31:20 Protecting Personal Information with Hush

45:19 Advisors and Hush: Enhancing Security for High Net Worth Individuals

Larry Nisenson, Chief Commercial Officer at Assured Allies and Mike Langford discusses the need for financial advisors to have conversations about long-term care insurance with their clients. As Mike emphasizes in the episode's intro, the probability of clients needing long-term care is high, and the cost of securing long-term care is also high. Larry and Mike cover statistics on the need for long-term care, the challenges of discussing it with clients, and the importance of planning for long-term care in financial advice.

Sponsored By:

PodBox - Help your guest sound their best on your podcast, webinar, or important Zoom call with a PodBox microphone setup.

Resources Mentioned In This Episode:

• "Is Your Home Ready to Age With You?" - Blog post on the Assured Allies with guidance on the steps your clients may need to take to ensure their house is ready to support their needs in the elder years.
• Modern Financial Advisor Podcast episode featuring Jay Zigmont of Childfree Wealth.
• goRIA with InvestmentNews - https://inpartners.investmentnews.com/goria/p/1
• Zvi Bodie's website. He was my favorite professor at Boston University.
• Agents.NeverStop.com - This is the site that Larry mentioned you should visit to learn more about Long-Term Care Insurance.

Chapters

00:00 The Need for Long-Term Care Insurance

03:45 The High Probability and Cost of Long-Term Care

09:22 Challenges of Discussing Long-Term Care with Clients

12:14 Including Long-Term Care Planning in Financial Advice

20:37 Building Relationships through Long-Term Care Conversations

26:06 Protecting Advisors from Potential Litigation

31:22 Planning for Long-Term Care

32:18 Aging in Place

40:29 Financial Tools for Long-Term Care Planning

49:00 Starting Early: Discussing Long-Term Care Options

52:25 Long-Term Care for Child-Free Clients

Tim Vorhoff, Vice President of CreoValo joins Mike Langford for an exploration of a growth strategy that many financial advisors are ignoring: helping private business owners sell their businesses to unlock their tied-up value. The conversation explores the opportunity for financial advisors to partner with investment banks to assist business owners in selling their companies. They discuss the scale of the opportunity, the average value of small businesses, and the importance of having conversations with business owner clients about their future plans for their businesses.

Sponsored By:

PodBox - Help your guest sound their best on your podcast, webinar, or important Zoom call with a PodBox microphone setup.

Chapters

00:00 Introduction: Unlocking Tied-Up Value

02:25 The Opportunity for Financial Advisors

04:21 Partnering with Financial Advisors

09:31 Understanding the Scale of Small Businesses

17:45 The Benefits of Organizing a Competitive Process

23:23 Having Conversations with Business Owner Clients

25:19 Maximizing the Outcome of Selling a Business

35:27 The Importance of Succession Planning

41:34 Building Trust as a Resource for Business Owners

Andrew Crowell, Vice Chairman of Wealth Management at D.A. Davidson returns to the show to explore a new perspective on estate planning: pre-making decisions for heirs and loved ones. Andrew and show host Mike Langford emphasize the importance of having conversations early and often to prevent emotional duress and ensure that family members are aware of the individual's wishes. They also discuss the significance of planning for digital assets, including passwords and online accounts. The conversation highlights the need for clear instructions on how to handle sentimental or private items after someone's passing.

Sponsored By:

PodBox - Help your guest sound their best on your podcast, webinar, or important Zoom call with a PodBox microphone setup.

Resources Mentioned In This Episode:

• Why Financial Advisors Should Teach Financial Literacy - Andrew's first appearance on the Modern Financial Advisor podcast.
• Protecting Your Clients And Your Firm From Financial Fraud - Andrew's second episode of the Modern Financial Advisor podcast.
• "Life's Key Moments" - This is the D.A. Davidson resource Andrew mentioned toward the end of the episode.

Chapters

00:00 Introduction: Improving Sound Quality with PodBox

01:26 A New Perspective on Estate Planning

03:53 Pre-Making Decisions for Heirs

07:06 Avoiding Emotional Duress

09:44 Disposition of Sentimental Items

16:30 Planning for Digital Assets

23:27 Privacy Concerns and Personal Journals

28:12 Having a Partner to Dispose of Sensitive Items

29:09 The Importance of Conversations in Estate Planning

31:37 Challenges Faced by Individuals without Biological Heirs

34:27 The Concept of an Ethical Will

37:19 The Impact of Remarriage on Estate Planning

46:51 Senior Investor Protections and the Complexity of Digital Assets

53:13 The Role of Professional Advice in Estate Planning

Chuck Failla, Founder and CEO of Sovereign Financial Group returns to the Modern Financial Advisor Podcast to share some updates on the goRIA initiative he launched in partnership with InvestmentNews. Chuck also shares his journey of going RIA and the motivation behind creating goRIA as a media outlet to educate advisors about the benefits of the RIA space. 

Sponsored By:

PodBox - Help your guest sound their best on your podcast, webinar, or important Zoom call with a PodBox microphone setup.

Resources Mentioned In This Episode:

• Chuck Failla on LinkedIn - https://www.linkedin.com/in/charlesfailla/
• Sovereign Financial Group - https://www.sovereignadvisorsolutions.com/
• goRIA with InvestmentNews - https://inpartners.investmentnews.com/goria/p/1
• Modern Financial Advisor Podcast EP75 - When Chuck was just getting RIA Labs off the ground - https://pod.co/modern-financial-advisor/episode-75-how-to-host-a-successful-online-event-as-a-financial-advisor
• Modern Financial Advisor Podcast EP108 - With Gauthier Vincent of Deloitte where we discuss end-to-end digital transformation of wealth management - https://www.finservmarketing.com/modern-financial-advisor-podcast/exploring-the-end-to-end-digital-transformation-of-wealth-management
• Jeff Benjamin on LinkedIn - https://www.linkedin.com/in/jeff-benjamin-9427728/
• AngelSpan - https://angelspan.com/
• Beautiful AI - https://www.beautiful.ai/presentations
• Saifr - https://saifr.ai/

Chapters

00:00 Introduction and The Importance of a High-Quality Microphone Setup

03:27 Educating Advisors about the Benefits of the RIA Space

15:26 Networking and Learning at Conferences

19:07 Integration and Future-Proofing Technology in the RIA Industry

29:22 Choosing the Right RIA Firm

30:18 The Need for Better Training

32:44 Succession Planning and Ownership Transition

38:21 Expanding Services: Advising on Alternative Investments

52:32 The Role of AI in the RIA Industry

Dr. Jay Zigmont, Founder and CEO of Childfree Wealth joins Mike Langford for a fascination conversation about the intricacies of providing comprehensive financial advice to childfree clients. They discuss the significant population of adults who do not have children and the unique needs that are not being met by traditional financial planning methods. They also explore the reasons why people choose to be childfree and the challenges faced by financial advisors in serving this niche. The conversation covers topics such as dying with zero, long-term care planning, estate planning, retirement, and the importance of understanding the goals and desires of childfree clients.

Sponsored By:

PodBox - Help your guest sound their best on your podcast, webinar, or important Zoom call with a PodBox microphone setup.

Resources Mentioned In This Episode:

• Jay Zigmont's Book - "The Childfree Guide to LIfe and Money"
• The Fixed-Index Annuity with a Health-Activated Income Multiplier - This the annuity Jay mentioned during the show.
• Long Term Care for Childfree Individuals - An article Jay wrote on the topic.
• Fidelity Investments (FCAT) study on soloists - "A Family of One: The Ascendance of Solo Households"
• Jay's guest article on Michael Kitces' blog - "Why Childfree People Require A Unique Financial Planning Process"
• Rajini Kodialam - Mike mentioned how Rajini urged financial advisors to stop calling women a segment. "Any group that makes up over half of the population cannot be a segment."

Chapters

00:00 Introduction to Child-Free Financial Advice

03:45 The Size and Significance of the Child-Free Population

08:07 Understanding the Choice to Be Child-Free

13:25 Dying with Zero: A Different Approach to Financial Planning

15:23 The Life of Child Wealth: Redefining Retirement

27:43 Addressing the Unique Needs of Child-Free Individuals

36:44 Creating Communities and Support Networks

46:25 Challenges and Biases Faced by Child-Free Individuals

53:48 Opportunities for Financial Advisors in the Child-Free Market

Gauthier Vincent (GV), Senior Consulting Partner at Deloitte joins Mike Langford for an exploration of the digital transformation taking place in the wealth management industry. The conversation explores the impact of AI on wealth management, covering topics such as personalizing client experiences, efficiency, data infrastructure, compliance, and the modernization of core wealth platforms. It also delves into the challenges and considerations for wealth management firms in adopting AI and modernizing their tech stack.

Sponsored By:

PodBox - Help your guest sound as good at GV with a PodBox microphone setup.

Resources Mentioned In This Episode:

• Deloitte Report - "The Digital Wealth Manager Of Today"
• SkyView 1 - A fiduciary first banking solution for your financial advisory clients.
• Nitrogen (formerly Riskalyze) - The comprehensive client engagement platform for wealth management firms

Chapters

00:00 The Digital Transformation in Wealth Management

11:49 The Urgency for Modernization and Impact of AI

27:17 The Impact of AI on Wealth Management

41:24 Challenges and Considerations in Adopting AI for Wealth Management Firms

49:52 Modernizing the Tech Stack in Wealth Management

Brian Margolis from Productivity Giant joins Mike Langford to discuss the importance of a simple weekly strategy for financial advisors to improve their productivity and achieve their goals. Brian emphasizes the need to focus on the right things and prioritize activities that provide the biggest return on investment.

Resources Mentioned In This Episode:

• Brian's previous episode of the Modern Financial Advisor Podcast way back in 2019.
• Brian's Book - "The Index Card Business Plan For Sales Pros and Entrepreneurs"

Chapters

00:00 Introduction and Background

04:24 The Importance of a Simple Weekly Strategy

09:07 Focusing on the Right Things for Maximum ROI

28:57 Common Pain Points and Symptoms

31:20 Differentiating Between Being Good and Being Successful

39:05 Success Stories and Implementing the Simple Weekly Strategy

45:10 Conclusion

Simon Zais, a senior manager at Egan-Jones Proxy Services, joins Mike Langford on the Modern Financial Advisor Podcast to discuss the importance of "proxy voting as a service" for financial advisors. They explore how proxy voting can help advisors deliver a higher level of service to their clients and align their portfolios with their clients' values and goals.

Resources Mentioned In This Episode:

• MFA Episode featuring Pete Krull of Earthy Equity Advisors
• Engine No. 1 vs Exxon - Simon mentioned this case as an example of proxy voting driving change at a company.
• Simon's article titled "Hearts, Minds, and Votes: Where Smarter Wealth Managers Win"

Chapters

00:00 Introduction: Proxy Voting as a Service

06:03 Aligning Portfolios with Values and Goals

10:22 Proxy Voting and Making an Impact

23:04 The Growing Influence of Retail Votes

23:34 The Growing Influence of Retail Investors in Proxy Voting

26:01 Aligning Proxy Voting with Client Values and Goals

28:18 The Importance of Meaningful Conversations with Clients

31:38 Taking Action on Proxy Voting to Deepen Client Relationships