Mark Miller is a career journalist who digs deep into the world of retirement planning, social security, medicare and the state of retirement “readiness” among people nearing the goal line. Miller has written regularly for The New York Times, Reuters, Morningstar and has been a long-standing columnist for Wealth Management magazine and WealthManagement.com. He is the author of the recently published Retirement Reboot: Commonsense Financial Strategies for Getting Back on Track. In this episode, Wealth Management editor David Armstrong speaks with Miller about the challenges of retirement planning from both an advisor’s and client’s perspective.
Why for many, but certainly not all, clients, social security should be considered longevity insurance, and delayed for as long as possible.
What advisors get wrong about advising clients on Medicare choices, and where to go for unbiased, objective advice.
Helping clients do the math around long-term care insurance and LTC riders.
How new research models suggest a higher allocation to equities does not help a retirement portfolio in draw-down mode.
What many get wrong in the debate around the financial sustainability of Social Security and Medicare.
Mark Miller is a journalist, author and podcaster specializing in coverage of retirement and aging. He contributes regularly on retirement to The New York Times, and writes columns for Reuters, Morningstar.com and WealthManagement.com. He is the author of Jolt: Stories of Trauma and Transformation (Post Hill Press) and The Hard Times Guide to Retirement Security (Wiley).
In this episode, David Armstrong is joined by Founder and CEO of Altruist, Jason Wenk, to talk about the state of advisor technology and the move toward consolidation of onboarding, custodial services, trading, account management and portfolio reporting with digital applications. Wenk explains why the current state of advisory technology needed a kick to bring it closer to what advisors, and clients, expect. He shares his journey as an advisor and an entrepreneur, why he started Altruist, how it has evolved, and where it is aiming to go in the next few years.
The problems with the current slate of advisor technology that Wenk set out to solve with Altruist (hint: Smooth, free-flowing integrations between separate components in a tech stack is largely a myth.)
Why custodial services cannot scale by charging advisors a basis point fee—and in fact why that kind of structure, advocated by some RIAs, would hinder custodial innovation and the democratization of financial services.
How an ability to sustain lower margins than other custodial services in the market allows him and his team to continue innovating new features on the platform.
Why Altruist charges new advisors nothing until they reach 100 accounts, and how the platform is designed to help advisors scale their practice alongside the platform.
How Altruist is misperceived by some as a tech platform for new advisors launching practices, when in fact it has multi-custodial capabilities and advisors at RIAs with over $10 billion serving HNW clients just as efficiently—In fact, Wenk still advises 11 HNW clients himself.
Wenk’s experience starting his first RIA, and building the technology he needed when he couldn’t get it from the marketplace—and his current relationship with FormulaFolios after the merger with Brookstone Capital Management.
Jason Wenk is a fintech executive, writer, self-proclaimed math geek, and investment systems developer. He began his career at Morgan Stanley in NYC at age 20 as one of their youngest professional employees, working on investment research and asset management systems development. Jason entered the industry with a technology background, and one of his first experiences was to watch the stock market implode following 9/11.
The modern advisor is not just a financial advisor to their clients, they are also business owners. LPL, with their Business Solutions Suite, helps advisors with everything from office administration to real estate needs.
How comfortable are you with hiring new staff or handling all the office administration within your practice?
In this episode, David Armstrong speaks with Matthew Enyedi, managing director at LPL Financial, about the many ways in which LPL assists their advisors to run their businesses more efficiently.
David and Matt discusses:
A deep dive into LPL’s business support services for advisors
How hundreds of LPL advisors are using LPL employees as administrative assistants.
The assistance LPL gives advisors when it comes to mergers and acquisitions
An explanation of the business service support subscription fees
How LPL’s support for advisors will evolve in the future
Matthew Enyedi has served as managing director, business solutions of LPL Financial since November 2020. He is responsible for developing and deploying a suite of automated professional services to LPL advisors, and aligning them with the firm’s other programs that support advisors as business owners. Prior to his promotion to managing director, Matt served as executive vice president, national sales from March 2015 to January 2020. In that role, he led the firm’s data analytics and business intelligence efforts, and oversaw a team focused on providing front‐ and middle‐office capabilities to help advisors grow their businesses and reach new segments of clients.
Clients aren’t leaving their financial advisors because of performance issues. They’re leaving because of communication and service issues with their current advisors.
What are you doing to prevent your clients from switching advisors?
In this episode, David Armstrong talks with Gavin Spitzner, president of Wealth Consulting Partners, about the many ways in which financial technology is growing and changing the financial world. They also discuss what you can do to ensure you aren’t underutilizing what strategies and technology is available to you as an advisor.
David and Gavin discusses:
How most advisors are underutilizing the technology they have.
How the long-term bull market in equities has made many advisors complacent and masks problems around organic growth and client expectations.
Why advisors should expect companies like Amazon or Apple to enter the wealth management industry, and how to prepare..
When every aspect of wealth planning is built around algorithms, what’s left for the human advisor?
Gavin Spitzner founded his company Wealth Consulting Partners six years ago. They help wealth managers (banks, RIAs, broker dealers) design and execute profitable revenue growth strategies based on enhancing client and internal associate experiences and leveraging modern, integrated technology, professional development and process re-engineering. Some areas of focus include digital advice, portfolio management, reporting and CRM systems, client portals, data aggregation tools and other systems of engagement capabilities as well as emerging AI/machine learning capabilities.