Tag: financial planning

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16. Adam Holt on The Role of Technology for Advisors in Creating a Client’s Plan

16. Adam Holt on The Role of Technology for Advisors in Creating a Client’s Plan

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Winners of Wealth Management’s 2021 Best Financial Planning Technology, Asset-Map  has grown from personal use cases to helping thousands of financial advisors make meaningful decisions to grow their business. 

In this episode, David Armstrong is joined by the CEO and founder of Asset-Map, Adam Holt. Adam shares why he started Asset-Map, and how its success reflects the need for advisors to expedite the process of explaining each aspect of a client’s financial plan. He discusses how automation has entered the financial planning industry and the influence of technology for current and future financial advisors.

Adam discusses:

  • Why he started Asset-Map
  • How technology impacts how financial advisors deliver financial planning services to clients
  • How Asset-Map removes the “set it and forget it” expectation for a financial plan
  • What the six L’s are and how they pertain to a client’s plan
  • Expectations of the next generation of advisors

Connect With Adam Holt:

Connect With David Armstrong:

About Our Guest:

Adam Holt, Asset-Map’s Founder and CEO, was a financial planner frustrated by financial planning.

The long, research-packed reports he prepared for client meetings didn’t seem to engage clients or provide clarity. Adam realized that to better serve clients, he needed to help them focus on what matters most—making good financial decisions so they could reach their goals.

From that realization, Asset-Map was born. Created first as a tool used by Adam and his staff, his financial planning business became our software’s first success story as it grew by 300% revenue in three years and reached nearly $1 billion in assets in under a decade.

Today, Asset-Map is used by thousands of financial advisors across multiple currencies and languages to help families focus on what matters, make more engaged and confident decisions, and reach their financial goals.

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15. Ric Edelman Looks To the Future

15. Ric Edelman Looks To the Future

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In this episode, David Armstrong is joined by Ric Edelman, founder of Edelman Financial Services (now Edelman Financial Engines) and the Digital Assets Council of Financial Professionals. Edelman discusses how he founded his firm with a focus on middle class savers when every other advisory firm was only looking for HNW clients, and grew the business $22 billion in AUM before merging it with Financial Engines. Stepping away this year from the firm he founded, he is now focused on investments based around technologies that he says will transform our lives, including blockchain, genomics and artificial intelligence, and is on a mission to educate financial advisors about cryptocurrency.  

Ric discusses:

  • How his earlier career as a journalist helped set him up for success as an advisor and entrepreneur. 
  • His views on the “holier-than-thou” critics of advisory fees based on AUM. 
  • Why he thinks this is the right time to step away from Edelman Financial Engines, even as he remains the largest individual shareholder. 
  • Why he convinced Morningstar and Blackrock to partner with him in launching the iShares Exponential Technology ETF (ticker: XT), the first of the thematic ETFs focusing on transformative technologies. 
  • How most financial advisors are failing in their fiduciary duties by ignoring the rise of Bitcoin and other cryptocurrencies as a new asset class. 
  • Why he created the Digital Assets Council of Financial Professionals.

Connect With Ric Edelman:

Connect With David Armstrong:

About Our Guest:

Ric Edelman co-founded Edelman Financial Services with his wife Jean in 1986. He sold a majority stake to Sanders Morris Harris Group in 2005 and merged the firm with Financial Engines, to become Edelman Financial Engines, in 2018. He helped Morningstar create the Morningstar Exponential Technologies Index from which iShares launched the Exponential Technology ETF (ticker: XT). He founded the Digital Assets Council of Financial Professionals to educate the financial services industry about cryptocurrency and blockchain technology. 

 

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14. How To Invest Sustainably with Jay Lipman

14. How To Invest Sustainably with Jay Lipman

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Clients largely respond positively to values-based investing—when it can be explained to them. 

In this episode, David Armstrong is joined by Jay Lipman, co-founder of Ethic, a direct-indexing investment platform for advisors. Ethic can demonstrate to clients how to construct portfolios that reflect their values, or demonstrate how far their current portfolios are from their personal ideals. Jay shares how Ethic provides advisors with comprehensive data about each company’s impact on different social and environmental issues.

Jay discusses:

  • How Ethic helps advisors dig deep into data based on the values and priorities of the client
  • The biggest hurdles advisors face when it comes to sustainable investing.
  • The trade-offs between “off-the-shelf” ESG portfolios and customizable portfolios when it comes to values-based investing.
  • The trouble with data and standardization when it comes to current ESG investing.
  • Why investment impact is an area where many investors want more information.
  • How Ethic’s founders started the company and the technology incubators and early investors that supported them.

Connect With Jay Lipman:

Connect With David Armstrong:

About Our Guest:

Jay Lipman seeks to understand and simplify sustainable investing, climate change, human rights and how investing can be a driver of positive change.

At Ethic, the mission is to accelerate the global transition to sustainable investing. Jay works closely with investors to help them understand and craft their unique approach to sustainable and impact investing.

Jay has been named to Forbes 30 Under 30.

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13. LPL’s Tom Murphy on the Firm’s Efforts Toward Modernizing the Advisor-Client Relationship

13. LPL’s Tom Murphy on the Firm’s Efforts Toward Modernizing the Advisor-Client Relationship

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In this episode, David Armstrong is joined by Tom Murphy, senior vice president of LPL’s advisory program. Tom discusses how LPL has augmented advisor services while the industry has evolved from facilitating transactional relationships with clients toward a more holistic planning approach, with all the inefficiencies and customization that requires. He gives an insider look into how LPL is arming advisors with investment and planning platforms to.

Tom discusses:

  • How LPL has helped advisors transition their relationships with clients.
  • What types of client investments fit best in a traditional brokerage service.
  • Why LPL’s model wealth investment platform is growing twice as fast as LPL overall.
  • How advisors are using LPL’s investment platform to customize portfolios for clients with a combination of sleeve-based models and the advisors’ portfolio decisions. 
  • LPL’s advice, and tool, for advisors looking to use digital marketing platforms for growth. 
  • How advisor technology does not have an innovation issue, but rather an adoption issue, and how it is incumbent on the platforms to help advisors better use the tools available to them.  

Connect With Tom Murphy:

Connect With David Armstrong:

About Our Guest:

Tom Murphy currently serves as Senior Vice President of LPL’s Advisory Programs within the Wealth Management Solutions team.  In this capacity he is responsible for the management and strategy of LPL’s fee based investment programs.  This includes the programs’ investment offering, technology capabilities and pricing.  Prior to this he has held a variety of investment product and advisory roles at LPL.
Mr. Murphy joined LPL Financial in 2006 from Wells Fargo where he held positions in both finance and investment product management.  He served on LPL’s Finance team for five years prior to joining the Wealth Management Solutions team ten years ago.
Mr. Murphy has a Master’s of Business Administration from the Walter A. Haas School of Business at the University of California at Berkeley.  He also has a Bachelor of Science in Commerce from Santa Clara University.

This podcast is sponsored by LPL.

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Episode 2 – The Evolution of LPL’s New Affiliation Models –– With Marc Cohen

Episode 2 – The Evolution of LPL’s New Affiliation Models –– With Marc Cohen

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In this episode, David Armstrong, editor in chief of WealthMangement.com, speaks with Marc Cohen, executive vice president of advisor business at LPL Financial in San Diego. 

David and Marc discuss how LPL Financial is enhancing the business to appeal to independent advisors, the expansion of their custodial platform and services for fee-only advisors, and the new affiliation models that challenge the notion of a traditional independent broker/dealer. 

You will learn:

  • Why Marc Cohen told his team they were retiring the term “independent broker dealer” to describe what they do.
  • The primary drivers that are shifting the way advisors do business and serve clients.
  • Why fee-only RIAs are increasingly finding a home at LPL Financial.
  • LPL’s new services around succession planning, business support and transition services.
  • LPL’s commitment to helping the independent advisor — not competing with them — in whichever business model the advisors’ choose.

Resources: WealthManagement.com| LPL Financial | Marc Cohen LinkedIn

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