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Between Now and Success

We interview top financial advisors and visionary voices to bring you the strategies, tips, and tools you need to make a difference in people's lives. So rope up and get "On Belay" as we climb the summit to success with your host and Chief Belayer, Steve Sanduski.
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Now displaying: Page 7
Jan 29, 2018

With the accelerating pace of technological change, how can you be sure you are making the right technology choices? What should your tech stack look like?

One of the biggest changes in the financial advisory business over the past 10 years or so has been the rise of technology. Now, of course, technology has always been a part of the business -- as anyone who, like me, struggled with Advent Access performance reports in the 1990s can attest. But the accelerated rate of technology change in the last 10 years has been amazing. Unfortunately, for many financial advisors, the rate of change, and the number of choices available, has also been overwhelming.

My guest today, Matt Sonnen, is the founder and CEO of PFI Advisors. Matt's firm works with billion-dollar breakaway advisors who are looking to set up their own firms. In our conversation, Matt and I sorted through the tech stack that advisors need to run a top-notch firm and compete in today's marketplace. We "name names" to help you figure out which companies and products will offer the best solutions for your practice.

Jan 15, 2018

How long could your business survive without you?

For financial advisors, I think that’s really two questions in one. Part one is a question of scale. Part two is a question of how you want to connect with your clients, build a sense of community, and run a modern advisory practice.

Brighton Jones is one of the top fee-only wealth management companies in the country, and one of Washington’s 100 Best Companies to Work For seven years in a row. Brighton Jones also placed on Barron’s List of the Top 100 Independent Financial Advisors, and Forbes’ List of the Top 50 Wealth Advisors.

And they racked up these accolades, in part, while the CEO was on a year-long jaunt with his family that covered 35 countries.

My guest today, Jon Jones, is the CEO of Brighton Jones. We talked about how he prepared his company to run without him for a year, why financial advisors should put more focus on revenue and less on AUM, and how his firm divides up responsibilities between business development and advising clients to achieve scale without sacrificing the Life-Centered Planning experience.

Jan 1, 2018

If you could come up with 3 words for this year, that would drive your actions and keep you on track to make this your best year ever, what would those 3 words be?

For several years now, I’ve begun the year by identifying 3 words that will set the course, give me direction, and totally excite me as I move through the year. I write these words at the top of my Daily Focus sheet and look at them daily throughout the year.

The premise is simple. Pick 3 words that motivate you, remind you, and guide you on your road to making 2018 your best year ever.

I encourage all of my clients and I encourage all of you to do this same exercise as it will help you stay focused on the most important outcomes for the year.

In today’s post and podcast, I discuss my 3 words for 2018 as well as review my 3 words for 2017 and discuss how well I executed on them.

Dec 19, 2017

People often times know what they need to do to reach their goal, or know what the “right decision" is, but they still don’t do it. It’s that old knowing-doing gap idea. And much of the popular literature about how to create better habits and change your behavior, are, unfortunately, based on weak science.

The good news is, there is solid scientific research on how to change behavior and stick with this new behavior...and we're going to discuss it in today's podcast.

My guest, Sean Young, is on the leading edge of this research. Sean is Associate Professor at the School of Medicine at UCLA, a Wall Street Journal best-selling author, and Executive Director of the University of California Institute for Prediction Technology and the UCLA Center for Digital Behavior. Sean's new book, "Stick With It," details a "scientifically proven method for changing your life -- for good."

Dec 4, 2017

Can I interest you in my new cryptocurrency, BelayCoin?

You can use BelayCoin to pay for the services of my company, and every transaction is verified and recorded in the Ethereum blockchain. And over time, the value of BelayCoin may rise to reflect how in-demand my services are.

Now, don’t go running for your credit cards – I’m just kidding. I haven’t actually set up a system like this. But if I did, would I be crazy, or ahead of the curve?

On today's show, I sit down with Jim Dowd to find out.

Jim is the founder and managing director of North Capital, the leading provider of prime brokerage and technology application services to power financial marketplaces. North Capital also has a Reg D offering called Proof Ethereum, and they intend to invest most of its assets into Ether, which is the value token – the cryptocurrency – that is used on the Ethereum blockchain.

Nov 27, 2017

In the last 35 year, we’ve seen the following happen in the financial markets.

  1. The beginning of the great bull market in August 1982.
  2. The stock market crash on October 19, 1987.
  3. The technology bubble of 1995 – 2000.
  4. The bear market of 2000 – 2002.
  5. The real estate bubble of 2002 – 2007.
  6. The Great Recession of 2007 – 2009.
  7. The amazing, low-volatility bull market of 2009 – today.

Two leading financial advisors have been through it all and on today’s podcast, we come to you live from Schwab Impact 2017.  We discuss what they’ve learned, share their insights on how to be successful going forward, and get the perspective from a Schwab executive on supporting and building excellent RIA firms.

For 30 years, Charles Schwab has been providing services to independent RIAs and I was pleased to host a panel discussion at Schwab Impact 2017 in Chicago.

Nov 20, 2017

Imagine you’re sitting down with a potential new client for the initial discovery meeting. What do you see sitting across from you?

Unfortunately, many advisors see a “prospect,” “dollar signs,” or perhaps “a million-dollar account.” The philosopher Martin Buber called this an “I-It Relationship,” in which one person objectifies the other.

On today's show, Ross Levin explains the importance of "I-You" relationships, how to master the "slow things," and the story behind building one of the industry's most iconic firms.

Ross Levin is the CEO and Founder of Accredited Investors Wealth Management, which is an RIA based in Minnesota, with approximately $2 billion in assets under management. Ross was the first recipient of the Financial Planning Association's Heart of Financial Planning Award, and the inaugural recipient of Financial Planning Magazine's Lifetime Achievement Award. He is truly an icon in our industry.

Nov 6, 2017

Financial advisors have a unique opportunity to make a real, immediate impact on people's lives -- if they're willing to break away from the old model that's only interested in improving return on investments.

On today's show, RIA leader Seth Streeter explains how his firm not only delivers a first-class planning experience, but also helps their top clients "redefine wealth" and develop their "inspired life purpose."

Seth Streeter is the CEO and founder of Mission Wealth, a leading wealth management company with about $1.6 billion in assets under management. Seth's team specializes in comprehensive financial planning and investment advisory services for high net worth clients around the country. Seth also helps people reframe their perspectives of wealth beyond just the financial so that they can enjoy a more balanced, impactful, and fulfilled life. And in 2016, Seth was asked to speak on the TEDx stage to share "an introspective approach to help you assess and transform your true wealth."

Oct 23, 2017

Mark Casady had a front row seat on the massive changes hitting our industry over the past 15 years of his tenure at LPL. Now that he's "retired," we discuss his career and the lessons he learned.

During his 30-plus years in financial services, Mark likes to think his job was to be a classic "change agent." As chairman of the board and CEO for LPL Financial, Mark led the company through its IPO and grew it into the fifth largest brokerage firm in the United States. Today, you might say Mark is "retired," but he prefers to think he's in the middle of "Life 2.0," which includes working as General Partner and Advisory Board Chairman for Vestigo Ventures, a fintech-focused venture capital firm.

Oct 16, 2017

"Compassionate" isn't necessarily the first word that springs to mind when you think about the traditional financial planning model. But that's just another way that the old model is outdated.

The shift in our industry from Return on Investment to Return on Life requires a new conversation between advisors and clients. Understanding your clients as people -- their goals, their fears, their perspectives, where they come from, where they want to go -- is the new step one in the discovery process.

My guest today, Kurt Rossi, another "40 under 40" honoree by Investment News, has already transformed his practice by adopting this new model. Kurt is a CFP and the founder of Independent Wealth Management out of Wahl, New Jersey. He's also an award-winning financial columnist for the Times of Trenton and nj.com. His column, Financial Focus, can be read every other Sunday in the business section. Kurt also blogs at his website, bringyourfinancestolife.com, where he uses this compassionate approach to financial writing and planning to empower his readers.

Oct 1, 2017

You can get the mechanics of a financial plan right, but if you miss the "life" part, you're shortchanging your clients.

A financial plan is a tool to help your clients live a happier, more fulfilling life. Consumers can easily get their money managed through the big national brands like Vanguard, Schwab, TD Ameritrade, Fidelity, and the Robo Advisors, without your help. A key value an advisor adds is in helping clients create a thoughtful financial plan, and understanding how they can use their money to live their best life possible. But you have to know the kind of life your clients want! That comes from engaging your clients in a robust discovery process like the kind offered by ROL Advisor.

We don't want our clients to feel like they're just winning at investing -- we want them to feel like their investments are helping them win at life.

My guest today, Lauryn Williams, is a four-time Olympic athlete, three-time Olympic medalist, and the first American woman to win medals in both the Winter and Summer Olympic games. After retiring from her track and field and bobsledding career, Lauryn founded her own advisory firm, Worth Winning, to help other athletes use Life-Centered Planning to transition to happy and fulfilling lives after sports.

Sep 18, 2017

Curiosity. The best advisors have it. Hannah Moore's curiosity has led her down many roads and in today's podcast, she shares what she's learned about structuring the client meeting process, creating client personas, blogging to "just one person," using three words to define your business, succession planning, and much more.

My guest today, Investment News "40 under 40" honoree Hannah Moore, is an expert on charting a course from young advisor to successful RIA. Hannah is a CFP® and owner of Guiding Wealth Management. She also hosts the podcast, "You're a Financial Planner, Now What?" where she tries to help young advisors with guidance on career paths, tips on research and client service, and explorations of the history of financial planning.

Sep 3, 2017

How do you go from a struggling, cash-strapped RIA to running a fast-growing, profitable top firm? Adopt Sten Morgan's 7 Mindsets and you'll be on your way.

As the founder of Legacy Investment Planning, Sten Morgan has lived that dream, and overcome the obstacles that go with it. Sten was recently named one of the “40 Under 40” by Investment News, and his new book, “7 Mindsets of Success,” challenges entrepreneurs to change their mindsets, and see their businesses, and the world, differently.

On today’s show, Sten explains how the mindsets that he had been developing from a young age allowed him to go from making nothing, to running a successful RIA firm in three short years.

Aug 20, 2017

By rethinking every aspect of how to price and deliver wealth management, AdvicePeriod has gone from a startup just a few years ago, to more than $6 billion in assets under advisement. We go under the hood to learn exactly how they did it.

They're not shy about stating their take on the financial advisory business. "We're reinventing wealth management. The old model is totally outdated," says the bold headline at the top of their website.

My guest today, Larry Miles, is a Principal and shareholder at AdvicePeriod, and as the company's proclamation about reinventing wealth management suggests, he isn't one to set the bar low.  Larry's primary focus at AdvicePeriod is to provide strategic leadership for growth and profitability while maintaining a high standard of excellence, something all financial advisors should be thinking about as our industry evolves into Life-Centered PlanningTM.

Aug 6, 2017

The latest RIA Benchmarking Study from Charles Schwab contains surprising insights and contradicts some common industry beliefs.

I always look forward to Schwab's annual Benchmarking Study because it's full of data that I enjoy digging into to uncover the health of our industry. This year's report is no exception as it contains some nuggets that may surprise you.

On today's show, Jon Betty, Charles Schwab's Senior Vice President of Advisory Services, joins me to sort through the results of the latest Benchmarking Study. Jon brings 18 years of experience working with fee-based advisors to this discussion on "what success looks like across firm size as well as different life stages of an advisory firm."

Jul 23, 2017

Gail Graham is one of those rare people who have worked in the top echelon of two major companies--Fidelity Investments and United Capital--and helped shaped their strategies that led to massive growth and industry accolades.

Today, Gail is the founder of Graham Strategy, and works with companies to figure out where the gaps are between their strategy and how they're running their company.

On today’s show, Gail and I discuss the evolution of advisor marketing and offer some advice on how to fill the gaps in your marketing, content, and advisory strategies to grow your business. It’s going to be more and more important that advisors build not just a practice, but a distinct brand that communicates who they are and what kind of services they offer (i.e., messaging). Gail’s tips will help you stand out in the crowd, generate more leads, and endear clients to your firm.

Jul 9, 2017

The science of wealth is in Sarah Fallaw’s DNA. Her father, the late Dr. Thomas Stanley, literally wrote THE book on how and why affluent people accumulate wealth, "The Millionaire Next Door" (1996). Today, Sarah is using her doctorate in applied psychology to create analytics and metrics that carry on Dr. Stanley’s study of wealth-building habits at the company she founded, DataPoints. The proprietary assessment technology Sarah has developed can analyze individual wealth behaviors and reveal the activities that are scientifically proven to impact people's ability to generate wealth over time.

On today’s show, Sarah discusses the psychology behind wealth, and how her assessment technology can help financial advisors identify and work well with prospective clients who have strong wealth-building habits.

Jun 21, 2017

The resurgence of analog products in our digital advisor world has profound implications for both consumers and businesses, which author David Sax details in his new book, “The Revenge of Analog: Real Things and Why They Matter.”

As financial advisors get caught up in trying to “digital advisor everything,” it’s important to remember that there are many times when human to human contact is the best strategy to please the client and deliver the best client experience.

On today’s podcast, David and I discuss how digital advisor and analog technologies can both complement and disrupt one another, and how striking the right balance between digital and analog experiences is key to your future success as a financial advisor.

Jun 7, 2017

If you're still stuffing mailers, making cold calls, and tweeting the occasional Warren Buffet interview to a handful of followers, it's time to upgrade your marketing strategy and let data driven content drive some foot traffic through your front door.

On today's show, Justin Wisz, the co-founder and CEO of Vestorly, talks about how automated content and advanced AI can provide "delightful digital experiences" that will engage your client base beyond their balance sheets and, potentially, streamline your entire practice.

May 18, 2017

What if you had more than 20 years of financial services experience, then decided to start over and build a new RIA from scratch? Do you think you could take those decades of experience and build a new RIA in tune with the times? That's exactly what Stephanie Sammons is doing with her new RIA, SammonsWealth.

Talk about a multi-hyphenate: Stephanie Sammons is the Founder and CEO of SammonsWealth, a best-selling author, a Certified Financial Planner, a speaker, a business coach ... and a singer-songwriter who just released a new EP in April! And for good measure, her 20+ years of financial advisory experience also includes successful runs at Merrill Lynch and UBS.

On today's show, Stephanie explains how she drew on her wide variety of experience to go independent, and create a new RIA with a personalized approach.

May 3, 2017

Michael Nathanson is the chairman, CEO, and president of the Colony Group, a multi-billion dollar wealth management company with offices across the United States. But Michael thinks his most important title is one that isn't listed on his business card: CIO.

"I sometimes joke that I'm CIO of this organization -- the Chief Inspiration Officer," says Michael. "I consider that to be one of my top functions. What's the key to our success? It's to attract, develop, engage and retain the best people in the business. That only comes with inspiration."

On today's show, Michael offers some tips on creating inspiration, innovation, and growth in your business, and also shares memories of a couple of his Harvard Law School classmates whose names you'll definitely recognize (hint: think President and Supreme Court Justice).

Apr 19, 2017

There's never been a more exciting time to be a financial advisor, or a more challenging one. The Baby Boomer generation is keeping advisors busy as they age into retirement. A new generation of internet-savvy millennials is beginning to consider their investment opportunities. Competition is everywhere. Technology is both disrupting the RIA landscape, and giving advisors new opportunities to retool and expand their businesses, while staying independent.

Dyanasty Financial Partners is one of the companies that's providing RIAs with a modern platform to differentiate and grow. On today's show, Dynasty's founder, Shirl Penney, discusses the core services that RIAs have to provide their clients to remain independent, and how a company like Dynasty can help.

Apr 1, 2017

As the co-founder of multi-billion dollar RIA Beacon Pointe in Newport Beach, CA, Matt Cooper has a unique, in the trenches view of trends that are sweeping the financial advisory industry, on both the client and advisor side.

In addition to his original, $7-billion-plus RIA, Matt founded a sister company, Beacon Point Wealth Advisors, which partners with smaller RIAs around the country so they can enjoy the benefits of working with a larger firm. Beacon Point Wealth Advisors includes eight other RIAs, representing more than $2 billion in assets under management.

On today's show, Matt addresses a variety of issues including technology, demographics, minimum account sizes, competitive threats, and much more. Learn from one of the best about how you can keep pace with the trends buffeting our industry.

Mar 18, 2017

Erin Botsford is one of the top financial advisors in the country. She is the founder and CEO of the Botsford Financial Group, which has nearly $1 billion in assets under management. She has appeared on Barron’s list of the Top 100 Women Financial Advisors and Top 100 Independent Financial Advisors multiple times. And she’s also an author who just released her second book, “Seven Figure Firm.”

But maybe more impressive than Erin’s resume is the hardship she had to overcome to get where she is today.

Erin was only 11 when her father died of a heart attack. The small life insurance policy he left behind made life very hard for Erin, her mother, and her five siblings. A car accident in her teenage years and a bad investment with a stockbroker in her early 20s put further strain on Erin’s family life and finances. These experiences taught Erin the value of comprehensive financial planning and asset protection, lessons she continues to impart to her clients.

On today’s show, Erin discusses her compelling story, the personal and financial lessons she took away from her adversities, and how she built her own seven figure firm from scratch.

Mar 3, 2017

Once upon a time, financial planners met with clients annually, showed them a printout of how all their investments were performing, shook hands, and moved on to the next annual appointment with the next client.

Smart advisors know those days are over. Many investors are already monitoring their portfolio online, often for free. Fees are compressing across the financial advisory industry. A younger, more connected, generation is starting to decide how much money, and how much spare time, they want to invest in planning for their futures.

On today's show, I talk with Ben Jones, Managing Director of Intermediary Distribution for BMO Global Asset Management and host of BMO's excellent Better Conversations Podcast. We discuss how financial advisors can engage in better conversations that lead to better outcomes for your clients.

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