Modern Financial Advisor Podcast

Jon Randall of XFA.COACH joins Mike Langford for an innovative discussion on how financial advisory firms can grow their business without adding new clients. Chances are, you have a lot of untapped growth potential within your existing client roster. Relevant Mentions and Related Episodes - Aaron Hasler of SkyView Partners - Jon was a guest on an episode of the Advisor Financing Forum Podcast with Aaron and Mike. - Kieran Bol, CFA of PriceMetrix by McKinsey - Kieran's research on the state of the wealth management industry reveals a shocking lack of organic growth at most wealth management firms. - Oechsli - Jon referred to one of their studies on the performance of financial advisory firms. Catch the full episode and show notes here: https://lnkd.in/gAtCuPhY #Podcast #FinancialAdvisor #RIA #CFP #Growth #ClientManagement #PracticeManagement #Coaching

Katie Hendrix, Vice President and Director of Asset Allocation Research at Dimensional Fund Advisors joins Mike Langford to discuss how financial advisors can leverage UMAs to scale their business while offering clients increased customization. Sound Bites - "SMAs and UMAs are making investment solutions available to a wider range of people, not just the ultra high net worth individuals." - "Dimensional's UMA platform has allowed the firm to scale and serve a larger number of accounts with a small increase in headcount." - "The UMA platform allows advisors to offer customized solutions while also having scalability and operational efficiency." Relevant Mentions and Related Episodes - Bennett Griesmer - Thank you for suggesting Katie as a guest. - Adam Nash and Daffy - Katie highlighted one of the key benefits of the Dimensional UMA solution is prompt for charitable giving. Check out the episode with Adam on the topic. - The Augmented Advisor with John Prendergast - Katie and Shawn Jaberzadeh joined John and Mike Langford for an episode back when Dimensional rolled out the SMA solution mentioned in this episode. Catch the full episode and show notes here: https://lnkd.in/gbC8SSD6 #podcast #FinancialAdvisors #AssetManagers #UMA #SMA #PortfolioModels #CFP #RIA

"There are two types of companies: those that have been hacked, and those who don't know they have been hacked." ~ John Chambers Michael Cocanower, CEO of AdviserCyber joins Mike Langford this week to remind RIAs that it is not "if" your firm gets hacked it's "when" your firm gets hacked that you need to be prepared to respond. Michael and Mike dive deep into what RIAs can do to protect their firms and recover when the inevitable cyber attack happens. Catch the full episode and show notes here: https://lnkd.in/gyr9XuPv Also mentioned on this episode: - Mykolas Rambus of Hush - CrowdStrike - Microsoft Key Takeaways From This Episode: - The SEC and other regulators are increasingly focused on cybersecurity for financial advisory businesses. - Most RIAs are not equipped internally to protect against cyber attacks. - New SEC rules include revisions to Reg SP and new disclosure requirements. - Cybersecurity efforts should focus on prevention, detection, mitigation, and remediation. - Email-based compromise is a common type of attack, emphasizing the importance of cybersecurity training and multi-factor authentication. Multi-factor authentication (MFA) is crucial in preventing email-based attacks and should be implemented by all users. - Being cautious when clicking on suspicious links and verifying the sender's email address can help identify phishing attempts. - Ransomware attacks have evolved to include data exfiltration, making prevention and detection even more critical. - A proactive approach to cybersecurity, including detection, mitigation, and remediation, is necessary to combat cyber threats. - Engaging in ongoing education and staying updated on cybersecurity trends and best practices is essential for protecting sensitive information. #Podcast #FinTech #Cybersecurity #RIA #FinancialAdvisor #FinancialAdviser

Adam Nash, CEO of Daffy joins Mike Langford to explore how financial advisors can use donor-advised funds to build deeper relationships with their client households. It turns out... planning for and talking about the impact clients and their family members want to make on the world is a great way for advisors to engage. Huge thanks to Hannah Rauch for connecting us with Adam. Also mentioned on this episode: - Wealthfront - Adam was the CEO of Wealthfront. He shares how that experience informed his approach to building Daffy in this episode. - Acorns and LinkedIn - Adam also mentioned his experience as a board member of Acorns and former product lead at LinkedIn. The influence of both can be seen in Daffy's embrace of small contributions and community. - Mykolas Rambus of Hush - Andrew E. Crowell of D.A. Davidson Companies - Peter Krull, CSRIC® of Earth Equity Advisors, A Prime Capital Financial Company Key Takeaways From This Episode - Donor advised funds are a powerful tool for charitable giving and tax planning. - Financial advisors should incorporate charitable giving into their clients' financial plans and understand their clients' values. - Daffy offers a family plan that allows multiple generations to participate in charitable giving and have meaningful conversations about their values. - Technology can make it easier for people to give to charity and automate their giving goals. Daffy offers features for financial advisors to use with their clients, including multi-user support and the ability for advisors to perform financial actions on behalf of their clients. - Advisors are encouraged to talk to their clients about their charitable giving goals and help them create a plan. - Daffy provides content and tools to support advisors in these conversations. - The surprising benefits of Daffy include the support and collaboration from other donor advised funds and the ability to offer integrated charitable matching programs for companies. Catch the full episode and show notes here: https://lnkd.in/gDDXPM8H #Podcast #FinancialPlanner #FinancialAdvisor #WealthManagement #Charity #Giving #DonorAdvisedFund #FinTech

Mykolas Rambus, Co-Founder and CEO of Hush is one of the World's foremost experts in cybersecurity and privacy for high net worth and ultra high net worth individuals and families. Before he launched Hush he founded Wealth-X, a company that pioneered the concept of creating dossiers on the publicly discoverable information on the HNW and UHNW segments. And as you are about to learn in this episode... most of your clients have much larger digital footprints than they realize and that can put their security, privacy, and reputation at risk if not managed correctly. Key Takeaways From This Episode: - It is important for financial advisors to help their clients keep their personal information private and secure in the digital age. - High net worth clients have a significant digital footprint, and there is a lot of information about them available online. - Cybersecurity threats often start with social engineering or phishing attacks, so it is crucial to be aware of these risks. - Family members can be a common vector for digital attacks, so it is important to educate clients and staff about the risks and precautions to take. - Tools like Hush can help individuals protect their online privacy and erase their digital footprint. Extortion, particularly sex extortion targeting teenagers, is a growing threat. Criminals impersonate young girls online and convince young boys to send explicit photos, which they then use to extort money. - Sim swapping, where criminals intercept two-factor authentication codes sent via text message, is increasing in prevalence. It is important to protect personal information and secure cell phone accounts. - Hush is a platform that helps individuals remove their personal data from the internet. It can be used to protect against identity theft and maintain online privacy. - Advisors can recommend Hush to their clients as an additional layer of security and peace of mind. It is particularly relevant for high net worth individuals and those going through liquidity events. Click here for the full episode: https://lnkd.in/gv-pTPGq #Podcast #FinancialAdvisor #WealthManagement #HighNetWorth #UltraHighNetWorth #CyberSecurity #Privacy #ReputationManagement #CFP #RIA

Larry Nisenson, Chief Commercial Officer at Assured Allies and Mike Langford discuss the need for financial advisors to have conversations about long-term care insurance with their clients. As Mike emphasizes in the episode's intro, the probability of clients needing long-term care is high, and the cost of securing long-term care is also high. Key Takeaways From This Episode: - The probability that clients will need long-term care is high, and the cost of securing long-term care is also high. - Financial advisors often shy away from discussing long-term care insurance due to headline risk and negative perceptions of the product. - Having conversations about long-term care insurance is crucial for financial advisors to provide holistic financial advice and plan for potential long-term care needs. - Including long-term care planning in financial advice can help retain assets and build relationships with clients and their beneficiaries. - Financial advisors should document discussions about long-term care insurance to protect themselves from potential litigation. Long-term care is an important consideration in financial planning, and it is crucial to plan for the potential costs involved. - Aging in place is a desirable option for many individuals, but it requires modifications to homes and additional expenses. - Financial advisors can use projection tools and financial planning software to help clients prepare for long-term care expenses. - It is never too early to start discussing long-term care options, and advisors should consider the needs of family caregivers as well. - For child-free clients, long-term care insurance can still be a valuable asset to protect their legacy and ensure their desired level of care. Huge props to Jay Zigmont, PhD, CFP® at Childfree Wealth to teeing up this topic. Special thanks to Lisa Levy for recommending Larry for this episode. Also mentioned in this episode: Zvi Bodie, Professor Emeritus at Questrom School of Business, Boston University Catch the full episode and show notes here: https://lnkd.in/gxW9FZim #FinancialAdvisor #FinancialPlanner #FinancialPlanning #LongTermCare #LongTermCareInsurance #Insurance #CFP

Tim Vorhoff, Vice President of CreoValo joins Mike Langford for an exploration of a growth strategy that many financial advisors are ignoring: helping private business owners sell their businesses to unlock their tied-up value. Key Takeaways From This Episode: - Many wealthy individuals in communities are private business owners with a significant portion of their net worth tied up in their businesses. - Financial advisors have the opportunity to partner with investment banks to help business owners sell their companies and unlock their tied-up value. - Having conversations with business owner clients about their future plans for their businesses is crucial for advisors to understand their clients' needs and provide relevant advice. - Organizing a competitive process to sell a company can result in better valuations and terms for business owners. Financial advisors can help business owners maximize the outcome of selling their businesses by providing education and guidance. - Building a strong network of professionals who can solve business owners' problems is crucial for advisors. - Succession planning and creating a transferable business are important for attracting potential buyers. - Advisors should focus on solving business owners' problems and building trust to establish themselves as a resource in the community. Catch the full episode and show notes here: https://lnkd.in/gmZZv-KJ #FinancialAdvisors #BusinessOwners #InvestmentBanking #WealthManagement #FinancialPlanning #MergersAndAcquisitions

Andrew E. Crowell, Vice Chairman of Wealth Management at D.A. Davidson Companies returns to the show to chat with Mike Langford about a fresh new perspective on estate planning. As you'll hear Andrew and Mike discuss, today's clients are looking for more than a plan for "Who gets what?" Below are a few things financial advisors should explore with their clients during the estate planning process: - What decisions do you want to pre-make for your loved ones and heirs? - How do you want to handle your digital assets? - Who should have access to your email and social media accounts? Where is the password? - What should happen to your journal or diary? - How and when to identify the "sentimental things" folks might want when you pass? - The concept of an "Ethical Will" - How will getting remarried later in life impact your estate planning goals? - The challenges faced by individuals with no biological heirs. Catch the full episode and show notes here: https://lnkd.in/gBb_eTJT #RIA #CFP #EstatePlanning #FinancialAdvisors #FinancialPlanning #WealthManagement

Charles "Chuck" Failla, CFP®, Founder and CEO of Sovereign Financial Group, Inc returns to the podcast to share how the goRIA initiative he launched with InvestmentNews has evolved over the past 3 years. Chuck and Mike Langford cover a lot of ground in this episode: - The value of networking and learning from other advisors at conferences - The need for integration and future-proofing technology in the RIA industry. - The RIA industry's need of improved training programs to better prepare new advisors for the job. - The importance of succession planning and ownership transition considerations for RIAs. - The growing interest in RIAs advising on alternative investments beyond marketable securities. - How AI can be used to streamline processes in the RIA industry, such as portfolio analysis, speeding up the compliance approval process, and presentation creation. Catch the full episode and show notes here: https://lnkd.in/gTascP6X #RIA #CFP #FinancialAdvisors #FinancialPlanners #WealthManagement

Jay Zigmont, PhD, CFP®, Founder and CEO of Childfree Wealth shares some mind blowing insights about both the scale of the population of American adults who do not (and will not) have children and the ways in which their needs are not being met by traditional financial planning methods. Get the full episode, show notes, and additional resources here: https://lnkd.in/g5Zekvqw #podcast #FinancialPlanning #FinancialAdvisor #CFP #RIA #Childfree #LongTermCare #EstatePlanning