The Advice-Only Podcast

Today we welcome Ethan Bernhagen-Jung, CTO and co-founder of Abundo Wealth and the Advice-Only Network. Ethan’s story is one of necessity driving innovation. He started with an environmental science degree and a passion for the outdoors, but discovered the FIRE movement in his senior year and became obsessed with why financial literacy isn’t taught universally. After working briefly at a Fortune 500 broker-dealer (and realizing it wasn’t the kind of financial planning he wanted to do), he joined Abundo Wealth and hasn't looked back since.

What started as paraplanning evolved into something far bigger: observing the specific operational challenges of Advice-Only planning and building technology to help solve the unique challenges of this model. Seven years later, he’s architected an integrated tech stack that allows Abundo Wealth to deliver personalized advice at scale—and now Advice-Only Network is working to make similar tools accessible to other advisors.

Key Topics Covered:

• Building Before Coding - Ethan’s first iteration used Google Sheets, Google Finance, Zapier, and a WIX portal; proving the concept before investing time in custom code was smart product development
• The Integrated Tech Stack Imperative - Financial planning tools are fragmented; advisors need different systems to talk to each other (CRM, email, notes, investments, planning software); this becomes critical for AI integration
• AI Requires Complete Information - AI hallucinations (making things up) happen primarily when information is incomplete; if tools are disconnected, AI can’t access necessary context and will fabricate details
• Measure Everything to Make Better Decisions - Abundo Wealth discovered singles actually require more meetings than couples (overturning their pricing assumption)
• Meeting Cap Insights - Rather than implement a blanket meeting cap, Abundo Wealth’s data showed most clients are reasonable; a minority over-meet, suggesting targeted communication is better than broad restrictions

This episode is essential listening for advisors building tech stacks, considering AI adoption, or wanting to scale efficiently—and for anyone curious about how the infrastructure enabling Advice-Only planning actually works.

“We are living in a world of really high ability to leverage yourself. It has never been easier to leverage your knowledge and abilities as an amazing financial planner as it is now.” – Ethan Bernhagen-Jung

Today we welcome Amy Rosenow, founder of Bold Vision Financial in Chicago. Amy's career started on the floors of commodity and equity options exchanges, spent years at JP Morgan and Morgan Stanley advising, served as COO of a billion-dollar hedge fund for over a decade, then pivoted into software (founding Juggle, a tool for working parents). During COVID, she earned her CFP® and launched Bold Vision. She's also co-founder of the Josephine Collective (democratizing angel investing for women) and co-founder of the Advice Only Planners Association.

Her through-line isn't the roles themselves—it's the principle of optionality. At each career step, Amy asks not "Is this my final destination?" but "Does this give me optionality for multiple paths forward?" That mindset, combined with her unique vantage point across investment management, entrepreneurship, and financial planning, gives her a rare lens on what makes financial advice actually work for smart, accomplished people.

Key Topics Covered:

• Optionality as a Career North Star - Rather than chasing a single end goal, build skills and networks at each step that create multiple future pathways; this flexibility has enabled Amy's seemingly divergent career pivots
• The Conflict-Free Clarity of Advice-Only - When you're not managing assets or earning AUM fees, you sit on the same side of the table as clients; you can freely recommend rolling money out of accounts, owning concentrated stock, or not buying insurance without financial pressure
• The Cash Bias in Female Clients - Women clients hold significantly more cash than similarly situated men and more than they need; while feeling safe, this means missing years of taxable investing—a major wealth-building tool over the past decade
• Angel Investing as a Wealth-Building Tool (at the Top of the Pyramid) - Angel investments are high-risk, high-reward personal investments in early-stage startups; the Josephine Collective model lets accredited investors participate with as little as $1,000 per deal (vs. typical $10K-$50K minimums) by pooling capital; "power law" returns mean most wealth comes from a tiny fraction of companies

This episode offers insights for advisors on how to position advice-only as a trust mechanism and for clients on a counterintuitive barrier to wealth-building that many successful women share.

"The goal is not to be like Scrooge McDuck and die with a swimming pool full of gold coins in your backyard, but to really understand what makes a good life for you and align your financial life with that vision." – Amy Rosenow

Today we welcome Lucretia Ryan, founder of financialfreedomforwomen.org, educator, financial writer, and passionate advocate for Medicare transparency. Unlike most guests, Lucretia isn't a financial planner—she's a retired professional who discovered her calling when helping her mother navigate Medicare and uncovered the systemic dysfunction behind one of healthcare's most misunderstood decisions.

Key Topics Covered:

• The Two Fundamental Choices - Original Medicare (Part A, B + Supplement + Part D drugs) versus Medicare Advantage (complete replacement with network restrictions and prior authorization)
• The Hidden Incentive Structure - Insurance companies receive ~$1,200/month per Medicare Advantage enrollee from the federal government, regardless of care quality; this is why the plans feel "free"
• Prior Authorization as Profit Mechanism - How insurance companies deny, delay, or downgrade care to increase profits; original Medicare has no gatekeeping; a woman's million-dollar chemotherapy bill cost only $287 out-of-pocket with a supplement
• The Lock-In Trap - Once you choose Medicare Advantage at 65, you may never be able to switch to Original Medicare plus supplement due to preexisting conditions (except in Connecticut, New York, Massachusetts, and Maine
• AARP's $9 Billion Conflict of Interest - AARP receives $9 billion from UnitedHealthcare to use their name on Medicare Advantage plans; the organization couldn't financially survive without this payment, yet they market themselves as seniors' advocates

This episode offers critical information for financial advisors helping clients make Medicare decisions and anyone approaching 65 who's been told "all Medicare plans are basically the same."

"Don't choose Medicare Advantage. If you're driven me to the airport and spent an hour with me in the car, you know this is the message." – Lucretia Ryan

Today we welcome Rob Berger, a former securities lawyer, founding editor of Forbes Money Advisor, author of "Retire before Mom and Dad," and host of the Financial Freedom Show. Rob has spent decades simplifying the often-complicated world of investing and retirement planning for consumers.

During his career, Rob discovered the power of low-cost index investing and how fees erode wealth over time—whether from advisors' AUM charges or mutual fund expense ratios. That realization changed everything. Now, through YouTube videos, his podcast, and direct engagement with readers, he helps people overcome the intimidation that keeps them stuck with expensive advisors or paralyzed by inaction.

Key Topics Covered:

• The Fee Revelation - How understanding that fees come out of the same pot of money you're trying to grow fundamentally changed Rob's investing approach and sparked his mission to educate others.
• The Lighthouse Concept - Your portfolio should be like a lighthouse that doesn't move no matter what the weather is. It stays steady through good times and bad.
• Media Headlines Are Reactionary - Why you shouldn't try to predict interest rates, inflation, or market direction based on financial news; learning to ignore noise and stay the course
• Financial Independence Happens Before Retirement - The tangible benefits of pursuing financial freedom in your 30s and 40s through job flexibility and life choices, not just at age 65

This episode offers essential perspective for anyone intimidated by their finances or overwhelmed by contradictory advice—reminding us that curiosity, patience, and simple principles compound into real wealth over time.

Today we welcome Spenser Liszt, founder of Motif Planning, who brings a compelling origin story to the Advice-Only movement. Spenser's path from professional musician (performing with Aretha Franklin, the Temptations, and others) to self-taught personal finance enthusiast is both unconventional and inspiring.

Spenser's journey is ultimately about repeatedly choosing to evolve based on what brings fulfillment and serves others. Born into bankruptcy, he achieved mastery in music while living paycheck-to-paycheck. At age 26, returning from a tour to find just $67 in his bank account, he began a radical reinvention—teaching himself personal finance, transforming his relationship with money, and eventually building a practice that aligns with his values.

Key Topics Covered:

• The Ongoing-Only Model - Why one-time plans might become "useless" immediately after delivery and how ongoing relationships unlock discoveries that would never surface otherwise.
• Identity Can Change - You get to choose your identity so don't let others' perceptions lock you into a path that no longer serves you.
• Niche Evolution - Started with musicians and music executives, now serving dual-income families ages 30-50; constant evolution based on what's working and where value aligns

This episode captures the power of choosing evolution in life. Make sure to stay to the end to hear Spenser's parting inspirational wisdom.

"Your identity can change. You get to choose your identity, and honestly, your identity doesn't exist because it's only in your mind. Choose the life you want. You can always change it. It's okay to change." – Spenser Liszt

In this special meta-episode, Sarah Sprague Gerber and Eric Simonson debrief on the inaugural Advice-Only Conference held in Minneapolis in June, 2026.

The conference brought together an incredibly diverse group—from original Advice-Only pioneers to newly minted financial planners just starting their careers, to people considering whether to enter the field. What emerged was a powerful sense of community, genuine connection, and shared mission around transforming how financial planning works.

Next year's conference was also announced and planning has already started to make sure this this another amazing event for Advice-Only advisors.

2027 Conference Dates: May 11-12 in Denver, Colorado

Registration: www.adviceonlyconference.com

Today we welcome Rose Zealand, founder of Golden Thread Collaborative, who brings a uniquely integrated approach to one of life's most challenging transitions. With credentials as a CERTIFIED FINANCIAL PLANNER™, Certified Financial Transitionist, and End of Life Doula—a combination she believes she alone currently holds—Rose serves people in their 40s and 50s (and beyond) who have received a terminal or life-threatening diagnosis and want support navigating both the practical and existential dimensions of dying too soon.

Rose's path to this work is deeply personal. Her background spans pre-med biology, sustainability consulting, nonprofit work in community food systems, and an unexpected career in financial services. But the catalyzing moment came with her father's death four years ago. While present for his final six weeks, Rose experienced firsthand the gap between optimal planning windows and emotional readiness—and discovered an unexpected kind of magic in being present for death, much like being present for birth.

Key Topics Covered:

The Gap Between Urgency and Readiness - Why advisors' well-intentioned push to update beneficiaries, fund trusts, and complete documents often meets client resistance rooted in denial and emotional unreadiness

The Role of Presence Over Platitudes - What to actually say (and not say) when clients receive a diagnosis—avoiding "I'm sorry," silver-lining statements, and premature problem-solving

Death Doula as Planning Partner - How end-of-life doulas complement financial planners by providing deep discovery work, emotional regulation, and space to explore identity, meaning, and unfinished business

Hidden Assets and Undisclosed Information - How neutral, non-judgmental presence creates safety for clients to reveal financial details, family dynamics, and conflicts that formal planning conversations might miss

This episode offers profound insights for financial planners, financial coaches, and anyone navigating the intersection of money and mortality—one of life's most tender and transformative spaces.

"The more that you can just be the calmest, quietest person in the room, that can create kind of a refuge feeling with the individual, which again, can open up more productive conversations and the potential for planning."

Today we welcome Dale Hershman, founder of Florida-based Advice-Only firm Sick Advisory Services. Dale's path to advice-only planning is anything but conventional. While selling medical products by day, Dale built his own healthcare stock portfolio by night, eventually channeling that expertise into a blog (sickeconomics.com) and a series of books under his pen name. To his surprise, readers began purchasing his work and then calling him directly for advice. That unexpected demand led him to earn his Series 65 license—not to gather assets or sell commission products, but to serve the independent-minded entrepreneurs who naturally gravitated toward his philosophy.

Key Topics Covered:

• An Organic Evolution - How Dale moved from pharmaceutical sales to night-time author to licensed advisor, driven by a desire to own rather than just earn, and why he never wanted to build a traditional AUM practice
• The Independent-Thinker Niche - Why Dale attracts self-made business owners—the pool service operator with 200 employees, the entrepreneur with 10 dry cleaners—who want a "money buddy" rather than someone managing their money
• Three Flexible Service Models - His hourly option ($300/hour), starter package (four hours plus text follow-up for $918), and yearly subscription (~$2,900) designed to meet clients wherever they are
• Stock as Ownership - Dale's "deprogramming" approach to investing, reframing stocks not as widgets to be traded but as ownership stakes in companies with management already working on your behalf
• The Asset-Neutral Advantage - Why being a neutral player with no commissions or kickbacks resonates so strongly, allowing Dale to recommend real estate, annuities, or stocks without bias

Dale emphasizes that sound investing principles apply regardless of net worth—he serves clients ranging from $250,000 to over $25 million with similar advice—and pushes back against the myth that wealthy people need exotic, expensive investments. His core message centers on financial literacy, automated saving, and understanding that once you've accumulated assets, those assets work for you.

This episode offers a fresh perspective for advisors considering individual stock recommendations and consumers looking to overcome the activation energy of getting started with investing.

"If you want to earn, you gotta learn. Hit the books. Knowledge is power."

Today we welcome McKenzie Kleinhenz, a hiring specialist at Simply Paraplanner who brings a unique perspective to the talent challenges facing Advice-Only firms. McKenzie's own career journey as a financial planner gives her deep insight into both sides of the hiring equation.

Key Topics Covered:

• The Remote Revolution - How COVID accelerated demand for flexible, remote positions and why this model particularly benefits advice-only firms that value efficiency and intentional growth
• First Hire Strategy - Why Advice-Only firms tend to be more thoughtful about capacity and planning-focused roles, and how to identify whether your bottleneck is planning work versus administrative tasks
• Hiring Intentionally vs. Reactively - The critical difference between hiring when you're overwhelmed ("I need them to start tomorrow") versus planning ahead and finding the right cultural and skill fit
• Job Description Excellence - Specific tactics for creating compelling job postings that reflect your personality and firm culture while clearly articulating both current responsibilities and long-term growth opportunities
• The Personality Factor - Strategies for assessing cultural fit in remote hiring, including involving trusted mentors in interviews and asking candidates to describe their professional personality in three words
• Part-Time to Full-Time Growth - How flexible arrangements can start small (5-10 hours/week) and scale with both firm growth and individual capacity, creating win-win scenarios

This episode provides essential insights for any Advice-Only advisor contemplating their first hire or looking to scale their practice thoughtfully.

"There's not one right way to build a financial planning firm or career. The most successful firms are the ones that build something that aligns with how they want to work with the clients they want to serve."

Today we're joined by Jon Luskin, a San Diego-based financial planner who has built his entire practice around one simple philosophy: give clients everything they need to know in one comprehensive plan, then let them implement it themselves. Jon serves on the board of the John C. Bogle Center for Financial Literacy and co-hosts the Bogleheads on Investing podcast, bringing his passion for low-cost index fund investing to everything he does.

Jon's journey to Advice-Only planning began in traditional high-fee AUM shops before taking an unconventional detour—a sabbatical with his wife that involved converting a cargo van and traveling to America's best barbecue spots. When Rick Ferri, his investing hero, reached out and suggested he start his own Advice-Only practice, Jon couldn't say no. Nearly five years later, he's completed almost 500 one-time financial plans using a systematic approach that's become a model for other advisors.

Key Topics Covered:

• The One-Time Model - How Jon's one-time comprehensive planning works, from 15-minute screener calls to 50-page deliverable write-ups that clients implement independently
• Template-Driven Excellence - The evolution of Jon's 200-page planning template, refined through hundreds of client engagements and now available to other advisors looking to systematize their processes
• The Bogleheads Connection - His role in the Bogleheads community, co-hosting their investing podcast, and how that platform has shaped his marketing
• Business Model Trade-offs: The realities of always needing new clients with a one-time model versus the freedom from ongoing handholding and follow-up accountability

Jon emphasizes that complexity doesn't guarantee better results, whether you're a DIY investor or an advisor. His systematic approach allows him to serve clients efficiently while maintaining the detailed, comprehensive planning that empowers people to take control of their financial lives. He's also working on a consumer book based on his template and building more community around his planning methodology.

This episode offers valuable insights for advisors considering one-time planning models and anyone interested in how systematic processes can create both efficiency and excellent client outcomes.

"Complexity rarely guarantees better results, especially for do-it-yourselfers because they're going to have a much harder time managing it themselves. Keep it simple, and that's going to increase your odds of success."