Rethink. Financial Advice

With all the talk of companies investing in AI and a variety of asset classes we wanted to see what the biggest asset manager in the world is doing and what we can learn from them. Join us as we speak with Elizabeth Koehler, Managing Director at BlackRock and Head of Advisor Engagement, to learn about what she and her team are doing to support human advice.

• The growing importance of human and personalized advice
• The need for the human touch is growing
• Why empathy, active listening, problem solving and expertise in new areas like family dynamics and teaching teams is so important
• Developing people and talent on both a personal and professional level
• What Liz and her team are seeing and learning from working with thousands of top producing advisors across the country
• The need to evolve your approach for the client of tomorrow
• The growing expectations of clients
• And a lot more!

• Connect with Elizabeth Koehler on LinkedIn
• Check out the BlackRock Advisor Center
• Follow RethinkFA on LinkedIn
• Listen to RethinkFA on YouTube Podcasts
• Find us on Digital Wealth News
• Apply to be a guest on the RethinkFA Think Tank

• Schedule an Asset-Map Demo
• Asset-Map 
• LinkedIn: Adam Holt
• LinkedIn: Asset-Map
• Facebook: Asset-Map
• Twitter: Asset_Map

• Schedule a Call with Derek
• Couplr
• LinkedIn: Derek Notman
• LinkedIn: Couplr
• Twitter: Derek Notman

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With the recent release from Fidelity on how many 401k millionaires there are, and that the average account balance being just over 100k for over 45 million Americans and all the talk about AI in the wealth management space we were really keen to answer this question. Join us as we speak with industry and fintech veteran, Marc Butler, who was doing wealth tech before it even had a name, as we chat about the the use and importance of tech when it comes to the financial well-being of society on a whole.

In this episode Marc, Adam and Derek chat about:

• The enormity of the underserved markets
• 401k millionaires (or lack there of), running out of money, and how tech can help advisors help more people
• A boots-on-the-ground example of a potential retirement crisis for millions of people
• Advisors don't sign up to become technologists
• Is AI going to support or compete with Financial Advisors?
• What will be the regulatory response to AI advice, written, data security?
• What are the best use cases for GPT impact to advisors for now or in the future?
• And more!

Resources:

• Connect with Marc Butler on LinkedIn
• Check out Marc Butler Consulting
• Learn more about Wealth Management GPT
• Fidelity report courtesy of Morningstar
• Follow RethinkFA on LinkedIn
• Listen to RethinkFA on YouTube Podcasts
• Find us on Digital Wealth News
• Apply to be a guest on the RethinkFA Think Tank

Connect With Adam Holt:

• Schedule an Asset-Map Demo
• Asset-Map 
• LinkedIn: Adam Holt
• LinkedIn: Asset-Map
• Facebook: Asset-Map
• Twitter: Asset_Map

Connect With Derek Notman:

• Schedule a Couplr demo
• LinkedIn: Derek Notman
• LinkedIn: Couplr
• Twitter: Derek Notman

Hosted on Acast. See acast.com/privacy for more information.

How is our industry & profession changing? What can we learn from the medical field that will help us scale advice in a meaningful way? Join us as we chat with special guest Michael Lecours, a fellow advisor and co-founder of fpPathfinder to learn about what we're calling Financial Advice 3.0.

• Bedside Manner and Malpractice, Doctors leaving the clamp in the body.  
• Leveraging Processes despite our egos and familiarity with the job trying to get in the way
• Scale - delegation requires process when the expert is busy
• Showing our value in a competitive market/transparent at scale
• Advisor 3.0-... An Aspirational shift
• Financial Services 1.0. Agents and Reps: Solution sales with needs analysis
• Financial Planning 2.0. Product led Financial Planners (sales enablement) and Advisers
• Preventative Advice 3.0. Coaches and Collaboration, behavior, mindset, retainer, proactive
• The shift to multiple review meetings to spread out the focus over time

• Connect with Mike Lecours on LinkedIn
• Learn more about fpPathfinder
• Follow RethinkFA on LinkedIn
• Listen to RethinkFA on YouTube Podcasts
• Find us on Digital Wealth News
• Apply to be a guest on the RethinkFA Think Tank

• Schedule an Asset-Map Demo
• Asset-Map 
• LinkedIn: Adam Holt
• LinkedIn: Asset-Map
• Facebook: Asset-Map
• Twitter: Asset_Map

• Schedule a Call with Derek
• Couplr
• LinkedIn: Derek Notman
• LinkedIn: Couplr
• Twitter: Derek Notman

Hosted on Acast. See acast.com/privacy for more information.

Is what you believe in actually true? Does your financial religion serve you and your clients? Is it better than all other religions? Join us as we dive into financial religion with special guest Josh Curtis who shares his experience of growing up in a cult and its many similarities to the financial services world. A thought provoking conversation sure to have you rethinking your own financial religion.

In this episode Josh, Adam and Derek chat about:

• Financial cults and why do they exist?
• Stigmas associated with the different financial religions
• Fee only vs. flat fee vs. commission vs. captive - which religion is best?
• Fighting between different religions
• Can a financial atheist provide long term value to clients?
• The importance of belief systems
• Leading with advice and connecting on a human level means listening first while not putting your beliefs on others
• The important differentiation between Educating and Serving clients
• Can you find principles to live by, just like in religion, and then serve others to live those principles?
• And lots more!

Resources:

• Connect with Josh Curtis on LinkedIn
• Download the Religious Financial Services PDF
• Learn more about the Portfolio Waterfall strategy
• Follow RethinkFA on LinkedIn
• Listen to RethinkFA on YouTube Podcasts
• Apply to be a guest on the RethinkFA Think Tank

Connect With Adam Holt:

• Schedule an Asset-Map Demo
• Asset-Map 
• LinkedIn: Adam Holt
• LinkedIn: Asset-Map
• Facebook: Asset-Map
• Twitter: Asset_Map

Connect With Derek Notman:

• Schedule a Call with Derek
• Couplr
• LinkedIn: Derek Notman
• LinkedIn: Couplr
• Twitter: Derek Notman

Hosted on Acast. See acast.com/privacy for more information.

What’s the biggest challenge in wealth management today? Is it just one thing? Join Adam and Derek as they ask 10 different thought leaders what they think the biggest challenge is and what they’re doing to overcome them. From bringing in the next generation of advisors to financial literacy we dig into the brilliant insights of our guests in this fast paced conversation to mark the release of our 50th episode of Rethink!

In this episode Adam and Derek speak with 10 thought leaders during the WealthStack conference and chat about:

• Bringing in new talent
• Deepening client relationships with Alternatives
• The importance of a holistic peace of mind process
• Distribution planning
• A lack of financial education
• Paying more attention to the digital client experience and AI
• Mentorship programs
• Accessing your data
• Realtime Wealth Management
• Differentiation as an advisor
• And lots more!

Resources:

• Follow RethinkFA on LinkedIn
• Listen to RethinkFA on YouTube Podcasts
• Apply to be a guest on the RethinkFA Think Tank

Connect With Adam Holt:

• Schedule an Asset-Map Demo
• Asset-Map 
• LinkedIn: Adam Holt
• LinkedIn: Asset-Map
• Facebook: Asset-Map
• Twitter: Asset_Map

Connect With Derek Notman:

• Schedule a Call with Derek
• Couplr
• LinkedIn: Derek Notman
• LinkedIn: Couplr
• Twitter: Derek Notman

Hosted on Acast. See acast.com/privacy for more information.

Bob in Idaho recently asked us via a community question “Why is it so hard for new innovation to break into enterprises?”.  Given our background as practicing financial advisors who became fintech CEOs we jumped at the chance to have a conversation about innovation in financial services to share our experience or should we say trials & tribulations when it comes to helping an old industry and profession innovate at a faster pace.  It can be frustrating as a financial advisor wanting the newest and best tech.  It can be frustrating as a fintech CEO to get your solution adopted by enterprise partners.  Join us to learn what it’s really like when trying to innovate in our industry.

• How moving fast is hard in an established superstructure given the built bureaucratic processes to ensure safety of the overall firm
• What motivates enterprises to bring in new innovation?
• The disruption of tech/event by competitor and out innovating them
• Recommendations from the Trusted Consultant - says you have to do this or else!
• What new leadership did it at their last firm (change management)
• The field force is measurably demanding at volume
• An influential group in the org is demanding it (management, compliance, etc. )
• The power of innovation sandboxes like Mass Challenge, Fintech Incubators, and Innovation teams
• Change management requires getting momentum with people
• And lots more!

Resources:

• Follow RethinkFA on LinkedIn
• Listen to RethinkFA on YouTube Podcasts
• Apply to be a guest on the RethinkFA Think Tank

Connect With Adam Holt:

• Schedule an Asset-Map Demo
• Asset-Map 
• LinkedIn: Adam Holt
• LinkedIn: Asset-Map
• Facebook: Asset-Map
• Twitter: Asset_Map

Connect With Derek Notman:

• Schedule a Call with Derek
• Couplr
• LinkedIn: Derek Notman
• LinkedIn: Couplr
• Twitter: Derek Notman

Hosted on Acast. See acast.com/privacy for more information.

Are financial advisors addressing their client’s financial vulnerabilities? In order for your clients to truly understand and make progress on their financial and life goals we have to help them break through any vulnerabilities they may have when it comes to their money. Join us as we speak with special guest Michael Liersch as we muse about how difficult it is to talk to clients about their money and how to connect it with great advice engagement and ultimately product placement.

Michael, Adam, and Derek chat about:

• Vulnerability of financial conversations (shame/embarrassment/hiding/discomfort/confidence/bias/fear)
• The role of deliberative thinking and the important role advisors play
• The best definition of what an advisor does for clients
• A time tested repeatable process
• Speaking a language clients can understand in jobs to be done
• And lots more!

Resources:

• Connect with Michael Liersch on LinkedIn
• Check out LifeSync by Wells Fargo
• Follow RethinkFA on LinkedIn
• Listen to RethinkFA on YouTube Podcasts
• Apply to be a guest on the RethinkFA Think Tank

Connect With Adam Holt:

• Schedule an Asset-Map Demo
• Asset-Map 
• LinkedIn: Adam Holt
• LinkedIn: Asset-Map
• Facebook: Asset-Map
• Twitter: Asset_Map

Connect With Derek Notman:

• Schedule a Call with Derek
• Conneqtor
• LinkedIn: Derek Notman
• LinkedIn: Conneqtor 
• Twitter: Derek Notman
• Twitter: Conneqtor
• Facebook: Conneqtor 

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Derek N.H. Notman, CFP® & H. Adam Holt, CFP®, ChFC® asked industry legend Mark Pfaff how & what Agency can do to thrive in the future. Mark Pfaff started as an agent at New York Life Insurance Company, worked really hard, and ultimately climbed the ranks to become Executive Vice President in charge of Agency. If there ever was someone who could give us an idea of where the industry has been, where it's going, and how to help both consumers and advisers thrive, Mark Pfaff is definitely on the short list.

Mark, Adam, and Derek chat about:

• The insatiable marketplace for the work & products financial advisors provide - need for planning is greater than it’s ever been
• 3 Things Advisors, Companies, and both together don’t see coming
• Where are advisors in their career and how to they adjust/pivot given the changing world we’re in?
• How and where do advisors upgrade their skills?
• Companies - how do you bring in, comp, and train new advisors in the numbers needed to have a future generation of advisors?
• How does a company navigate the best tools for their field force?
• Needs to be better synergy between HO and field to find the best tools to empower advisors
• And lots more!

Resources:

• Follow RethinkFA on LinkedIn
• Listen to RethinkFA on YouTube Podcasts
• Apply to be a guest on the RethinkFA Think Tank

Connect With Adam Holt:

• Schedule an Asset-Map Demo
• Asset-Map 
• LinkedIn: Adam Holt
• LinkedIn: Asset-Map
• Facebook: Asset-Map
• Twitter: Asset_Map

Connect With Derek Notman:

• Schedule a Call with Derek
• Conneqtor
• LinkedIn: Derek Notman
• LinkedIn: Conneqtor 
• Twitter: Derek Notman

Hosted on Acast. See acast.com/privacy for more information.

How well do you communicate your higher calling as a financial advisor? Communication is an art form that starts when we seek to understand ourselves and those we are talking with. Join us as we chat with master communicator Chuck Garcia who spent many years on Wall Street as well as leading communications for global companies like Bloomberg. Chuck tells us how what happened on 9/11 changed his life and his journey as a mountaineer that helped him find understanding. Learn how to become a better communicator with not just your clients, but friend and family too.

Chuck, Adam, and Derek chat about:

• How you can't change the circumstances in front of you, but you can change yourself
• How most people don't really understand "financial advice" and the importance of educating before advising
• Slowing down to seek understanding and that you don't have to agree, or get louder, to have an understanding
• Communicating your higher calling as a financial advisor with your clients
• Gratitude for life, experiences, and survival
• And a lot more!

Resources:

• Connect with Chuck Garcia on LinkedIn
• Follow Chuck Garcia on Twitter
• Check out Chuck’s website
• Get Chuck’s book
• Follow RethinkFA on LinkedIn
• Listen to RethinkFA on YouTube Podcasts
• Apply to be a guest on the RethinkFA Think Tank

Connect With Adam Holt:

• Schedule an Asset-Map Demo
• Asset-Map 
• LinkedIn: Adam Holt
• LinkedIn: Asset-Map
• Facebook: Asset-Map
• Twitter: Asset_Map

Connect With Derek Notman:

• Schedule a Call with Derek
• Conneqtor
• LinkedIn: Derek Notman
• LinkedIn: Conneqtor 
• Twitter: Derek Notman
• Twitter: Conneqtor
• Facebook: Conneqtor

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We are on the cusp of major change. Is virtual reality, AI or Amazon part of your future business plans? Ian’s unique perspective is global in nature and arguably one of the most diverse given his extensive travels around the world to see what people are doing, (or not), in our industry. Join us as we chat with futurist Ian McKenna and discuss the future of financial advice delivery and what advisors need to think about to stay relevant today.

Ian, Adam & Derek discuss:

• One of the hardest things an advisor needs to do is help clients visualize the lifestyle their preparing for (VR can help do this very easily)
• A lot of advisors and the companies they represent are not adapting their commercial models to stay in business 5-10 years from now - it’s time to consider reinventing how we charge clients (especially the younger generation)
• why is the US life insurance industry is 40 years behind the rest of the world
• A symbiotic relationship between regulation and tech needs to exist to really achieve the highest levels of regulation with the latest tech
• Amazon insurance already happening in UK (we discussed this over a year ago, it’s coming to a computer near your clients)
• AI financial advice will be here in less than a decade AND using VR Glasses
• And lots more!

Resources:

• Connect with Ian McKenna on LinkedIn
• Follow Ian McKenna on Twitter
• Learn more about the Financial Technology Research Centre
• Check out AdviserSoftware.com
• Learn more about ProtectionGuro
• Follow RethinkFA on LinkedIn
• Apply to be a guest on the RethinkFA Think Tank
• Rethink Podcast on YouTube

Connect With Adam Holt:

• Schedule an Asset-Map Demo
• Asset-Map 
• LinkedIn: Adam Holt
• Facebook: Asset-Map
• Twitter: Asset_Map

Connect With Derek Notman:

• Schedule a Call with Derek
• Conneqtor
• LinkedIn: Derek Notman
• LinkedIn: Conneqtor 
• Twitter: Derek Notman

Hosted on Acast. See acast.com/privacy for more information.