It was a great week for podcast recording. I recorded several episodes with people from as far away as Sydney, Australia and as close as 30 minutes from my house. And each of them generated numerous insights and on today's show, I'm going to share 3 of them.
I close the show with a quote from Buckminster Fuller on how to make change. This quote is particularly relevant to the financial industry right now.
If you have any questions or comments, please email me. I'd love to hear what you like and what you'd like to see improved about the podcast. Thanks!
Can you get a true understanding of a client's risk tolerance and place them in a portfolio with the appropriate portfolio risk by asking a few simple subjective questions? Robo Advisors Betterment (see my interview with Betterment founder Jon Stein) and Wealthfront believe they can but today's guest, Aaron Klein, co-founder of Riskalyze, believes those firms have it all wrong.
Aaron's firm tackles the risk tolerance and portfolio risk challenge from a different angle by utilizing concepts borrowed from Prospect Theory. Prospect Theory was developed by Daniel Kahneman and Amos Tversky and essentially says, "People value gains and losses differently and, as such, will base decisions on perceived gains rather than perceived losses. Thus, if a person were given two equal choices, one expressed in terms of possible gains and the other in possible losses, people would choose the former." Source.
We had a fascinating discussion about how investors deal with risk and we capped it off with some thoughts about the future of the financial advice business. Aaron has strong opinions and he has the smarts to back them up. Don't miss this episode with Aaron Klein of Riskalyze.
We all love great stories and in today's podcast I share some insights on why stories are better than facts when it comes to influence. You'll also hear my conversation with academy-award winning producer Ed Saxon, as we discuss the power of story.
But wait, there's more! At the T3 Technology Conference I also talked to Jay Jay French, a founding member of the popular band Twisted Sister. And you'll hear our conversation on this podcast as we discuss four ways to deal with setbacks. He also shares a story about Keith Richards that you won't want to miss. Fun stuff!
Jay Jay is a columnist for Inc. Magazine so he knows more than just how to get a crowd rocking.
This is a jam-packed episode filled with my takeaways from the T3 Technology Conference as well as interview clips from six industry leaders. I cover four themes that emerged from the conference including: enhancing the client experience, offering a client portal, delivering a quality financial planning offering, and using big data to make better business decisions and personalize the client experience.
In today's show, you'll hear from:
I just got back from the TD Ameritrade National Conference and in today's show, I'll share a few quick comments from the event.
Yes, the conference covered the usual slew of technology sessions dedicated to robo advisors and scaling your business. But what I found most interesting was the theme of putting the "human" into finance.
TD Ameritrade clearly understands the importance of the "human" in the financial planning process and the importance of using story to connect with others.
I start the podcast by discussing an important insight from keynote speaker Sally Hogshead and then wrap up with on-site conversations I had with Matt Brinker of United Capital, Spencer Segal of ActifFi, and Matt Ackermann of Investment News.