Next Mile

Episode 036: Athletes are often stereotyped as prone to making poor financial decisions. While this perception is unfair, the real problem lies in a lack of financial education. This gap can leave them susceptible to mismanagement and potentially risky financial ventures. Fortunately, with the right tools and support, professional and college athletes can overcome these obstacles and build a legacy of wealth far beyond the playing field.

In this episode of The Connected Advisor, Kyle is joined by Brandon Averill, Partner at AWM Capital and former professional baseball player. They discuss the unique challenges and opportunities in serving professional athletes and their families. He emphasizes the importance of education in managing finances, shares insights on the complexities of athlete taxation, and highlights the impact of the recent NIL legislation on college athletes.

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Key Takeaways

Quotes

"The athlete gets this bad rap like we're this uneducated, blowing money-type situation. We do a terrible job as a country of educating athletes on finances. So, to us, it wasn't an athlete problem. It's an education problem." ~ Brandon Averill

"Money is just a tool. So, you always want to focus on making sure that you're doing the proper things to maximize your wealth, which could ultimately impact your family or the causes you care about." ~ Brandon Averill

"It's unfortunate that most of the wealth, even in sports, is still controlled by brokers in wirehouses. We felt like that wasn't the best way to do it." ~ Brandon Averill 

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Episode 035: The conventional route to becoming a financial advisor is no longer the only path to success. The industry is evolving, demanding a more holistic and strategic approach to developing elite, successful, and growing advisors. The future now lies in joining established practices, where guidance from experienced advisors, exposure to their expertise, and participation in a well-defined succession plan can make all the difference.

In this episode of The Connected Advisor, Kyle talks with Alex Goss, Managing Partner at NewEdge Capital Group and CEO & Co-Founder at NewEdge Advisors. Before serving at NewEdge Advisors, Alex built his father's advisory practice into an $8 billion RIA. In his current role, Alex is fully dedicated to understanding what successful advisors need. His mission is to provide advisors with the tools and flexibility they require to better serve their clients without the limitations wirehouses and big banks force on advisors.

Alex talks with Kyle about his journey in the wealth management industry and his passion for mentorship. He explains how NewEdge Advisors is creating a home for successful, growing practices by providing resources, better pricing, and technology integration. Alex also provides his insights on the industry's future, where technology and the emergence of regional culture-first firms offer advisors more choices and opportunities for growth.

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Key Takeaways

Quotes

"Our country's number one asset is our youth. Once a kid realizes they have everything they need to do anything and everything that anybody else can, it's amazing how transformative that can be in their life." ~ Alex Goss

"It takes associateship, mentorship, and time to become a really successful advisor. Opportunity comes through exposure, mentorship, seeing other people you can aspire to become like or accomplish what they've accomplished." ~ Alex Goss

"The traditional path is dead. The future now is more often joining an established practice and becoming part of the succession." ~ Alex Goss

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Episode 034: Providing excellent client service is more than just answering phone calls and replying to emails promptly. It means cultivating a loyal client base of raving fans. Achieving this requires building deep connections with clients and knowing them personally. Given the demands of advisor schedules and the complex nature of the industry, how can advisors deliver this level of personalized service?

In this episode of The Connected Advisor, Kyle talks with Anand Sheth, CEO and Co-Founder of Pulse360. As a long-standing practice manager in the advisory industry, Anand recognized the inability to create professional, customized, and timely meeting documentation. He created Pulse360 to help financial advisors automate and streamline creating client deliverables, including meeting prep agendas, follow-ups, client tasks, and annual summaries. Anand aims to get advisors back to advising versus doing administrative work.

Anand joins Kyle to discuss how to turn clients into raving fans. He emphasizes the need for advisors to go beyond the basics of client service and provide a personalized and exceptional experience. Anand also introduces Pulse360 and shares how the software helps advisors streamline their operations, capture valuable client data, and tell the story of the value they provide.

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Key Takeaways

Quotes

"I was lucky enough that the different advisors I worked with were always high-performing. And one of the things that makes them successful is their eye for detail and how they want to provide an amazing client experience." ~ Anand Seth

"I built Pulse360 to create a systematic way where it's easy for folks to enter their data, communicate with clients, and create raving fans out of their clients." ~ Anand Sheth

"I built Pulse360 because I wanted the advisor and the team to create raving fans because those create referrals which grow your practice." ~ Anand Sheth

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Episode 033: The financial world thrives on relationships, not just with individual clients but with strategic partners who can supercharge offerings and take the business to new levels. However, forging successful partnerships takes more than a handshake. It requires alignment from sales teams, product experts, and executives united by a shared vision of mutual benefit.

In this episode of The Connected Advisor, Kyle is joined by Rachel Cameron, Director of Strategic Partnerships at DPL Financial Partners. Having spent most of her career in wealth management, Rachel has created integrated technology solutions and solved problems for independent wealth advisors. At DPL, she brings focused expertise in technology integrations, operational efficiency, and company growth strategies. 

Rachel talks with Kyle about building successful partnerships and providing great financial services. She discusses the different types of partnerships and the need to define the relationship clearly. Rachel also highlights the value of a crawl, walk, run strategy and the importance of aligning sales teams, product teams, and executives. In the end, Rachel draws parallels between leading a Girl Scout troop and organizational leadership, emphasizing the need for organization, communication, and building confidence, courage, and character.

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Key Takeaways

Quotes

"When I think of a really good partnership, there are things happening that fire on all cylinders. There's got to be a buzz and excitement around what you're doing." ~ Rachel Cameron 

"If you really want partners that you're running with, you have to be okay with the slow burn of a crawl, walk, run, and really building to get to that place where you're in lockstep with the partner and you're truly winning together." ~ Rachel Cameron 

"The best partnership is one that is well-educated. Start slow and be very intentional to sign the right partner who is excited about doing what you're doing." ~ Rachel Cameron

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Episode 032: In this episode of The Connected Advisor, Kyle Van Pelt is joined by Lyle Wolberg, CEO, Senior Financial Life Advisor & Partner at Telemus. They discuss the importance of trust and how Telemus differentiates itself from other firms. Lyle also talks about the challenges and opportunities in hiring and developing talent. He shares his insights on technology investment and the future of the RIA industry, emphasizing the need for firms to offer additional services and create a one-stop solution for clients.

Forbes Best-in-State Wealth Advisors (2023)*

*Awards and recognitions by unaffiliated publications should not be construed by a client or prospective client as a guarantee that the client will experience a certain level of results if Telemus Capital, LLC (“Telemus”) is engaged, or continues to be engaged, to provide investment advisory services, nor should they be construed as a current or past endorsement of Telemus or its representatives by any of its clients. Rankings published by magazines and others are generally based on information prepared and/or submitted by the recognized adviser. The Forbes ranking of Best-In-State Wealth Advisors, developed by SHOOK Research, is based on an algorithm of qualitative criteria, gained through telephone, virtual and in-person due diligence interviews, and quantitative data. The algorithm weighs factors like revenue trends, assets under management, compliance records, industry experience and those that encompass best practices in their approach to working with clients. Portfolio performance is not a criterion due to varying client objectives and lack of audited data. Data provided by SHOOK® Research, LLC — Data as of 6/30/22. Neither Forbes nor SHOOK receive a fee in exchange for rankings. Requirements to be considered eligible include: at least seven years as an advisor, minimum 1 year at current firm, advisor must be recommended and nominated by their firm, completion of an online survey, over 50% of revenue/production must be with individuals, and acceptable compliance record. Click here for a more in depth look at SHOOK’s methodology.

Barron’s Top 1200 Advisors (2023)*

*Awards and recognitions by unaffiliated publications should not be construed by a client or prospective client as a guarantee that the client will experience a certain level of results if Telemus Capital, LLC (“Telemus”) is engaged, or continues to be engaged, to provide investment advisory services, nor should they be construed as a current or past endorsement of Telemus or its representatives by any of its clients. Rankings published by magazines and others are generally based on information prepared and/or submitted by the recognized adviser. Data as of 9/30/22. Barron’s rankings are based on a 102-question survey filled out by advisory firms. Barron’s verifies that data with the advisors’ firms and with regulatory databases and then apply their rankings formula to the data to generate a ranking. The formula features three major categories of calculations: (1) Assets (2) Revenue (3) Quality of practice. In each of those categories we do multiple subcalculations. For instance, Barron’s take into account not just the amount of assets an advisor manages, but also the type of assets—are they private-wealth assets or institutional? If they’re institutional, are they for a foundation or an endowment, or are they corporate assets? Barron’s measures the growth of advisors’ practices and their client retention. Barron’s also consider a wide range of qualitative factors, including the advisors’ experience, their advanced degrees and industry designations, the size, shape, and diversity of their teams, their charitable and philanthropic work and, of course, their compliance records. Investment returns are not a component of the rankings. Telemus did not pay a fee for inclusion on this list.

Episode 031: The future of wealth management is about a strategic balance between people, technology, compliance, and marketing. Investing in skilled professionals, robust tech platforms, stringent compliance measures, and effective marketing strategies will be crucial to capture new opportunities and attract the attention and loyalty of the next generation of clients.

In this episode of The Connected Advisor, Kyle talks with Brett Bernstein, CEO & Co-Founder at XML Financial Group. Brett is an active financial advisor assisting clients with his holistic approach to goal-setting and problem-solving. He manages the operations of the firm, including its M&A strategy. His experiences working at Merrill Lynch, LPL, and as an RIA gave him a comprehensive understanding of the industry from different angles. Brett is also involved in various nonprofit organizations, including So What Else, a grassroots charity that supports at-risk youth.

Brett talks with Kyle about the importance of technology and innovation in wealth management and the need for firms to invest in people, compliance, and marketing. Brett shares his insights on the industry's future, including the consolidation trends and the shift toward growth. He also emphasizes the value that financial advisors bring to clients and the need for firms to adapt to the preferences of younger generations. 

Join us as we discuss: 

Key Takeaways

Quotes

"Other people want to turbocharge their growth but don't have the entrepreneurial spirit, the backing, or the desire to do it on their own. So if they can plug into something already set up, having the technology stack, the marketing stack, and the operational team, they get to where they want to get faster." ~ Brett Bernstein

"It's okay to say, 'That's not something I focus on. Let me bring in someone else who does.' I think people have to have a little humility and get over their egos and say, 'What’s right for my firm so I don't put my firm at risk? What’s right for the client so the client has the best experience?" ~ Brett Bernstein

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Episode 030: In this episode of The Connected Advisor, Kyle is joined by Peter Raimondi, Founder & CEO at Dakota Wealth Management. With more than 40 years of experience in the industry, Peter has built multiple successful companies, including Banyan Partners and The Colony Group. He is known for his expertise in options trading and has written a thesis on insider trading in the options market. Peter is passionate about creating an employee-owned company and prioritizes caring for his team and clients.

Peter joins Kyle to share his journey into the wealth management industry, starting with his fascination with options trading during law school. He discusses his approach to building Dakota Wealth as an employee-owned company and the benefits of this model. Peter also highlights the role of technology in wealth management, particularly cybersecurity, and the need for firms to stay updated with modern technology.

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Key Takeaways

Quotes

"It's my job and my obligation to do whatever it takes to make sure I'm taking care of the company, the people, the shareholders, and the clients." ~ Peter Raimondi 

"We don't put our clients first. We put our employees first. If I put my employees first and take care of them first and foremost, they will be the best they can be for my clients. And therefore, my clients will get the best from them." ~ Peter Raimondi

"Cybersecurity is probably the biggest threat we have in our industry. So, look at your tech stack as the weapons that you're fighting a battle with. You can't possibly use old weaponry from two wars ago and expect to beat the enemy." ~ Peter Raimondi

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Episode 029: Educating clients and creating value are pillars of success in the financial advisory industry. Bogart Wealth's explosive growth is a testament to the effectiveness of providing valuable content and actionable steps to clients. The firm has built strong relationships and attracted new business by empowering investors and helping them understand the “why” behind their financial decisions.

In this episode of The Connected Advisor, Kyle is joined by James Bogart, CEO & President at Bogart Wealth. In his role, James focuses on maintaining the highest level of customer service and attention to detail available in the industry, and on delivering the best technology, reporting tools, and analysis to every Bogart Wealth client. His practice spans wealth plan design, investment management, estate planning, family legacy planning, business succession, charitable giving, asset protection, and retirement concerns, with a special insight and focus on multi-generational strategies.

James talks with Kyle about how education and value creation have fueled Bogart Wealth's explosive growth. With valuable content and actionable steps, Bogart Wealth gains clients' trust and attracts new clients. James also shares how transitioning to digital platforms helped grow his practice, the challenges of rapid expansion, and the importance of a strong team and culture.

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Key Takeaways

Quotes

"People want good content. They want reliable content and things that would translate what had meaning or impact for them into their situation." ~ James Bogart

"People want integration. But more importantly, they want to know that the person they're trusting with that integration knows what they're talking about and can ultimately apply it to their situation." ~ James Bogart

"An educated investor is a very powerful investor." ~ James Bogart

"If you create great content and have a great value proposition, you won't have to sell anything." ~ James Bogart

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Episode 028: In this episode of The Connected Advisor, Jud Mackrill is joined by Scott Klaassen, Managing Director at Milemarker to discuss the critical role of reporting in advisory services. Together, they explore the challenges of ensuring accurate, transparent reporting and the complexities involved with alternative investments and multiple custodians. They also cover the importance of data management alignment within firms, the non-profitability of many client relationships, the potential of AI tools to enhance data insights, and an overview of Milemarker's managed back-office solution aimed at optimizing technology for advisors and clients.

Jud and Scott discuss:

[01:42] - Intro to Scott Klaassen.

[03:15] - Why is reporting important?

[05:25] - What measures can be implemented to improve the accuracy of financial transactions?

[08:56] - Are there specific patterns or common issues that lead to transaction inaccuracies?

[12:17] - What are the implications of having multiple custodians?

[14:23] - What is the best way to solve for Household returns with Alternatives (IRR) and Traditional (TWR)?

[16:22] - Is it possible to extract relevant performance and asset allocation data from Orion but then present it as we wish in our portal?

[17:45] - What percentage of firms report on a client's full balance sheet?

[19:39] - How do I get the entire firm aligned on data management?

[23:04] - How should I go about getting the entire firm aligned on data management?

[23:23] - What AI (Artificial Intelligence) tools would you suggest to give better insights into our data?

[24:42] - What are your favorite reporting systems and why?

[26:13] - How do you decide if a specific reporting system is better for one advisor vs another?

[29:39] - What are people doing with asset classes these days?

Quotes

“Reporting is important because that is how we are communicating the value we bring to our clients. It's our report card to them of how we're doing as an advisor.” ~ Scott Klaassen

“When everything is getting more commoditized, it makes our value seem less on the wealth management side, so reporting is a great opportunity for us to uniquely tell the story that actually matters to your client.” ~ Jud Mackrill

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Episode 027: In wealth management, data is paramount. But it's not just about the data itself. It's about how people present, digest, and ultimately act upon it. That's where the user experience (UX) revolution in wealth management takes center stage. Today's investors, from seasoned veterans to tech-savvy millennials, demand clarity, personalization, and a seamless digital journey. They want information that's visually appealing, readily digestible, and actionable.

In this episode of The Connected Advisor, Kyle talks with Clifton Schaller, Chief Growth Officer at FutureVault. Clifton has a passion for customer-driven insights, striving to identify the biggest trends, pain points, and opportunities for innovation across the entire financial services ecosystem and then looking for people or technology best positioned to address them. With a corporate development, product management, and strategic partnerships background, Clifton drives the intersection of top-line growth and product strategy.

Clifton talks with Kyle about the importance of user experience (UX) in the wealth management industry. He emphasizes the importance of UX design and how it can impact client retention and acquisition. Clifton also shares his insights on retirement readiness, access to private markets, generational wealth transfer, and the changing preferences of millennials and Gen Z. He believes that the industry is well-positioned to address these challenges and adapt to clients' changing needs.

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Key Takeaways

Quotes

"People process information in different ways, but they process it very quickly. If you're showing something that looks crisp, easy to process and go through, you have a higher likelihood of retaining or gaining a client." ~ Clifton Schaller

"Our industry will be well-positioned for those who transform and change to meet the needs of the next generation. This is going to have an impact not just on individuals but on our economy macro-wise as well." ~ Clifton Schaller

"People who are willing to roll up their sleeves — it inspires people. Knowing how to lead from the front, lead from the rear, and lead from the field —people are able to inspire others through selfless leadership." ~ Clifton Schaller

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