Sometimes, your clients might get emotionally carried away and make irrational money decisions, especially during times of high market fluctuations. It is your responsibility, as their advisor, to remind them that money is not the end goal, but only the means to the goal — a joyful and meaningful life.
In this episode, David Armstrong is joined by author and founder of Shaping Wealth, Brian Portnoy. Brian explains why the true definition of wealth should be “funded contentment,” or the ability to live a life of purpose and meaning. He also reveals the tools and language that help financial advisors and clients with their subconscious biases.
How funded contentment helps underwrite a meaningful life
The right language to provoke conversations around money mindset with clients
Why financial advisors shouldn’t pathologize the human experience of money
How he works with financial advisors to promote financial well being
Brian is one of the world’s leading experts on the psychology of money. He has written multiple bestselling books, including The Geometry of Wealth, and has 20+ years of experience as investor and educator in the hedge fund and mutual fund industries. He is a CFA Charterholder and earned a PhD at the University of Chicago.
In this episode, David Armstrong is joined by Scott MacKillop, CEO of First Ascent to discuss TAMP services, differentiating themselves from the competition through the team they have and how their team works. Scott shares the benefits of technology within the business, both for the advisors they work with and within their own team, while revealing the problems that arise from a legal and fiduciary standpoint when advisors don’t understand the context surrounding TAMP and it’s uses with clients.
How First Ascent has adapted to a digital workspace and how they have benefited
Why they acquired a client onboarding technology to increase value
The value of TAMP for advisors and clients, including why advisors are looking for TAMP software, how it is implemented and what clients get out of the technology
The legal and fiduciary problems surrounding TAMP-based services used by advisors without consideration
Scott MacKillop is the founder and largest shareholder of First Ascent Asset Management, LLC. Prior to establishing First Ascent, Mr. MacKillop served for 8 years as the President of Frontier Asset Management. Mr. MacKillop has also served as President of US Fiduciary Services, President of Trivium Consulting, President and Executive Vice President and Chief Operating Officer of PMC International, Inc. and President and Senior Vice President of ADAM Investment Services. Mr. MacKillop also served as an independent trustee of First Western Funds Trust.