The Augmented Advisor

Live From RIA Summit 2022 with Aaron Klein, Co-Founder and CEO of Riskalyze.

Aaron joined John Prendergast and Mike Langford for an expansive conversation about the inflection points that lead to the innovations advisors rely on today and those that are set to propel the innovations of the future.

Aaron also shared some details about the plans for rebranding Riskalyze as the company looks to grow beyond the perception that they are only "risk tolerance questionnaire" provider.

Also mentioned in this episode is a conversation John and Mike had with Kieran Bol from PriceMetrix by McKinsey on the company's study that echoed Aaron's comments about the lack of growth for most of today's financial advisors.

Jeff Benjamin, Senior Columnist at Investment News and Chuck Failla, Founder and CEO Sovereign Financial Group joined John Prendergast and Mike Langford from RIA Summit 2022 in Boston for a fascinating conversation about the current state and future of the RIA business.

This is the first in a series of bonus episode recorded at RIA Summit 2022.

Episode Guests:

• Katie Hendrix,  Senior Researcher and Vice President at Dimensional Fund Advisors
• Shawn Jaberzadeh, Vice President at Dimensional Fund Advisors

Historically, it has been incredibly labor intensive for financial advisors to deliver bespoke investment management to their clients. Until recently, even large companies like Dimensional Fund Advisors (DFA) required a minimum account balance of $20 million for their separate managed account (SMA) offering.

However, advances in technology and a shift in demand from clients has led DFA to create a solution that is set to democratize SMAs for the average investor.

You can learn more about the new SMA solutions offered by DFA here. Or simply email [email protected]

Michael Lane, Head of US Wealth Advisory at iShares by BlackRock shares his unique perspective and insights on how financial advisors can better serve their clients during this time of high inflation, increased market volatility, and great uncertainty.

The core of Michael’s approach is simple… and that’s just what we need in this uncertain time. Clients will tell you who they are and what they need if you approach them with the right mindset. From there you will likely discover not only how to help your clients more effectively, but also a new world of opportunities to grow your business.

Andrew Crowell, Vice Chairman, Wealth Management, D.A. Davidson & Co explains that the path to growth and long-term success for most financial advisors is sitting right in front of them. The children, grandchildren, and other members of the extended families of your clients are the surest path to growing a thriving business. 

In this episode, Andrew shares several strategies and simple techniques that financial advisors can use to attract and retain new business sourced from the family networks of your existing client roster.

Henry Yoshida, CEO of Rocket Dollar shares the untapped potential of self-directed IRAs for today’s financial advisor. While most advisors are aware that self-directed IRAs exist, relatively few are leveraging them to help their clients invest in the growing universe of alternative assets such as crypto, NFTs, angel investments in startups, real estate, or… wait for it…. COWS! 

In this episode, you will learn how easy it is to set up and manage a self-directed IRA for your clients and how to get paid for the new wealth management offering.

Lacy Garcia, Founder and CEO of Willow offers some brilliantly simple ideas for financial advisors looking to grow their business while securing the legacy of the firm they have built to date. By going beyond financial advice and creating new, opportunities for your clients, prospects, and referral partners to interact, Lacy says you can create a unique, growth-oriented community that will thrive for generations to come.

Your ability to deliver high-quality financial advice to your clients depends greatly on the completeness and quality of the information you have about their financial lives. As Jason O’Shaughnessy, Head of International Business at Envestnet | Yodlee explains, the Open Finance movement is creating new opportunities for financial advisors and clients alike. 

Once a clunky and manual process, account aggregation is now moving to a system that is more reliable and more accurate. And this same connectivity, made possible by companies like Envestnet | Yodlee is opening the door for new services.

Younger investors are critical to the future of your business as a financial advisor. According to our guests, Runik Mehrotra and Samir Vasavada, Co-Founders of Vise, members of the Millennial and Gen-Z generations are set to inherit $68 trillion in the coming years while they also build their own wealth. Yet, these younger investors have dramatically different expectations than their Gen-X and Boomer counterparts.

In this episode of The Augmented Advisor Podcast, we hear how the team at Vise is leveraging artificial intelligence and machine learning to help advisors build hyper-personalized portfolios for their clients.

John Merante, Chief Economist at SkyView Partners offers a deep dive into the economic impact of the COVID-19 pandemic. What happened? How the U.S. Government responded? And what does this all mean for financial advisors and their clients?