May | 2022 | Rethink. The Financial Advisor podcast

Does timing matter when it comes to giving advice?

So much of our lives are defined by age and time-related milestones. However, it would seem a lot of advisors aren’t as focused on being proactive when it comes to providing financial advice to their clients as we would like or expect. Some guidance is more relevant to times-of-life (think retirement, or college, or having a family), whereas others are driven by tax or legal deadlines.

In this episode, Adam Holt and Derek Notman are joined by Philipp Hecker, CEO of Bento Engine & Dr. Meg Lurtz, Ph.D. in Personal Financial Planning. They discuss the importance of being proactive in providing clients with financial advice.

Meg & Philipp discusses:

Being proactive with the timing of advice
Why more advisors are focused on leading with advice than selling products
The Jerry Maguire standard of care for clients
And More!

Connect With Philipp Hecker:

Connect With Dr. Meg Lurtz:

Connect With Adam Holt:

Connect With Derek Notman:

About Our Guests:

Meghaan R. Lurtz, Ph.D. is a writer and senior research associate with Kitces.com, a blog dedicated to the practice of financial planning. Meghaan is also an educator, serving as a professor of practice at Kansas State University in their advanced financial planning track and as an adjunct assistant professor within the University of Maryland system for undergraduate financial planning coursework. Meghaan is a past President of the Financial Therapy Association. She has been quoted in New York Magazine, New York Times, Wall Street Journal, and presented for the BBC, CFPB and MDRT. She co-authored two chapters in the CFP Board’s recent book, Financial Psychology. Her research has been published in the Journal of Financial Planning, Financial Planning Review, and the Journal of Consumer Affairs.

Meghaan earned her Ph.D. in Personal Financial Planning from Kansas State University, her M.S. in Industrial-Organizational Psychology from Capella University, and her B.A. in Psychology, Philosophy, and Spanish from Kansas University.

Philipp is CEO of Bento Engine, a FinTech at the intersection of technology and wealth management advice. Previously, he focused on defining and implementing client-centric growth strategies in the wealth and asset management industries. After completing his M.B.A. at Harvard Business School in 2002, he spent 5 years with the Boston Consulting Group in New York, before joining Deutsche Bank in 2007. At Deutsche Bank, he helped integrate and grow key U.S. acquisitions such as Bankers Trust, Alex Brown, and Scudder. Philipp joined J.P. Morgan in 2013, where he held several wealth management leadership positions through 2020, including Global Head of Strategy. He also launched and led J.P. Morgan’s Wealth Planning & Advice organization, which includes The Advice Lab, The Philanthropy Centre, and the firm-wide Goals-Based Advice teams.

Philipp is passionate about financial planning, behavioral finance, and teaching children about the important concepts of money and wealth. In his spare time, he enjoys German expressionist art, global travel, and squash, and he resides in CT with his wife, four young children, and black lab “Lou”.

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Are you a fake Fiduciary?

The word “fiduciary” is thrown around a lot, but are advisors who use it, truly acting as fiduciaries or just marketing it?

In this episode, Adam Holt and Derek Notman are joined by Tom Hegna. One of the most prolific industry speakers, Tom is considered by many an expert in Retirement Income and Security common sense! He comes to Rethink Tank to shed some light on the irony of the current attitudes towards “fiduciary” and sees a huge hole in most professionals’ stories. He also provides some insight into the ins and outs of the financial advice market today and what consumers are really looking for from their professionals.

Tom discusses:

Where the financial service market is currently at
Why Fake Fiduciaries don’t look out for their client’s best interest
Addresses why advisors survive less than 5 years in the insurance industry
The Importance of knowing the product you’re promoting at the right time
And More!

Resources:

Connect With Tom Hegna:

Connect With Adam Holt:

Connect With Derek Notman:

About Our Guest:

Tom Hegna is an economist, author, and retirement expert. He has been an incredibly popular industry speaker for many years and is considered by many to be THE Retirement Income Expert!.

As a former First Vice President at New York Life, retired Lieutenant Colonel, and economist, Tom has delivered over 5,000 seminars on his signature “Paychecks and Playchecks” retirement approach, helping Baby Boomers and seniors retire the “optimal” way. He has condensed a large chunk of his considerable knowledge into 5 books.