The Focused Advisor Podcast

00:00 Introduction to Patrick Kennedy and His Journey

Kyril Asatur is the Co-Founder & CEO of Centerfin Capital, a platform for Independent Financial Advisors to help them get a better view of their alternative investments.

Connect with Kyril on Linkedin: https://www.linkedin.com/in/kyrill-asatur/

Connect with Ryan on Linkedin:

https://www.linkedin.com/in/ryanrossnow/

NAIFA’s Level Up conference was last week in New Jersey.

The conference was all about “leveling up”, and I believe that in order to level up, you need to know where that level is. You need to state your goal. 

So I asked a bunch of advisors there, what is your goal? 

I also asked them a few more questions: what is a book you’ve read that you enjoyed, and what is a tool that you use. 

Some of the answers were VERY surprising - and I’ve compiled them into this podcast. 

Take a listen. 

NAIFA website:

https://belong.naifa.org/

Get The Book On Internet Marketing:

https://go.ifamktg.com/book

Learn more here:

go.ifamktg.com

Google Notebook LM helps you create summaries of large files of text.

Lets see how it does with The Book On Digital Marketing For Independent Financial Advisors.

go.ifamktg.com/book

Carmine shares his journey from working in a constrained environment at an insurance company to establishing his own independent advisory firm. He discusses the importance of culture, coaching, and personal development in achieving success, as well as the impact of physical fitness on mental clarity. The conversation also touches on the challenges of attracting clients and advisors, the evolution of core values, and the significance of detaching from daily operations to foster breakthroughs.

00:00 Introduction and Background

03:01 Transitioning to Independence

06:34 Setting Goals and Measuring Success

09:21 Understanding Constrained Environments

11:58 Overcoming Inertia and Achieving Higher Goals

15:52 The Importance of Personal Development and Coaching

21:48 Taking Action and Implementing Ideas

24:34 Evolving Core Values for a Changing Industry

26:35 Effective Business Development Strategies

32:59 Changing Lives: Getting Advisors Out of Constrained Environments

35:43 Respecting the Work: Striving for Excellence in the Financial Industry

53:43 The Mental Benefits of Physical Fitness: Managing Stress and Maintaining Well-being

59:10 Podcast Thumbnail.mp4

I recently was a guest on another podcast called The Concierge Medical Marketing Podcast, and shared 5 tips for starting a podcast.

⁠If you're an Independent Financial Advisor with clients who might need some concierge medical attention, get in touch with Steve, he has a great network of Concierge Medical doctors. https://open.spotify.com/show/6yFIgLCz8AkyEt28viWxy3⁠

Paul Hatch has been in the advisory industry for over 40 years and has seen it from all angles. First as a wirehouse advisor, then in the highest levels of management and then the in the Independent space.

In this conversation, Paul Hatch discusses the changes in the advisory business over the years, the strengths and weaknesses of the independent and Wirehouse spaces, and the breakdown of the industry. He highlights the dynamic nature of the independent space, with numerous entrepreneurs creating innovative solutions. He also emphasizes the importance of the advisor-client relationship and the role of technology in improving the advisory business. Hatch predicts that the number of advisors in the broker dealer space will decrease while the RIA space will continue to expand, leading to parity between the two in the next 10 years. In this conversation, Paul H. discusses the future of the advisor space and the role of technology in the industry. He predicts that more advisors will move towards the independent space, where they have the freedom to make decisions that are important for their clients. He also highlights the challenge of the advisor shortage, with more advisors retiring than entering the workforce. Paul believes that younger clients are more likely to choose RIAs over wirehouses, as they are more comfortable with technology and prefer a younger advisor. He emphasizes the importance of trust and communication in building strong client relationships.

Find him on LinkedIn:

https://linkedin.com/in/paul-hatch-580a22a/

This week I speak with Alex Goldstein, Vice President of Wealth Management at Chesapeake Asset Management. Alex shares his journey in the industry and the differences between working at Wirehouses and being independent. He emphasizes the importance of having a targeted niche and a well-defined process to differentiate oneself in the competitive advisory business. Goldstein discusses the use of LinkedIn and AI technology for business development and staying competitive. They discuss various topics including staying in contact with clients, tools used in the business, attending conferences, determining client fit, and developing rapport. Alex emphasizes the importance of staying in touch with clients and providing personalized service.

This episode explores the history of registered investment advisors (RIAs) and how the RIA industry has evolved over the years. It starts with the early 20th century when investment advice was given informally and without much regulation. The pivotal moment came in 1940 with the passing of the Investment Advisers Act, which required RIAs to register with the SEC and introduced the fiduciary standard. The rise of the RIA model in the 1950s and 60s, the challenges and opportunities in the 80s and 90s, the disruption caused by robo advisors, and the impact of the 2008 financial crisis are also discussed. The episode concludes with the current state of the RIA industry, with RIAs known for their fiduciary commitment and personalized approach to financial advice.

00:00 The Birth of Registered Investment Advisors: The Investment Advisers Act of 1940

02:05 The Rise of the RIA Model: Personalized Advice and Professional Designations

03:04 Challenges and Opportunities: The 80s and 90s

04:30 Disruption and Regulation: Robo Advisors and the 2008 Financial Crisis

05:57 The Current State of the RIA Industry: Fiduciary Commitment and Holistic Financial Planning

get in touch:

https://go.ifamktg.com/