Category Archives: Uncategorized

Are you a Fake Fiduciary with Tom Hegna (Ep 21)



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:

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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.


The Risk of Advisor Complacency Featuring Aaron Klein (Ep. 20)



Today’s fintech solutions are improving financial professional productivity by rethinking how they integrate technology available.  And yet, advisors are telling us that they’re using legacy tools that are 5, 10 and 20 years old.  Consider how this complacency is going to snowball as we move into digital-first consumer expectations.  

In this episode, Adam Holt & Derek Notman welcome Aaron Klein into the Rethink tank. Aaron Klein is the CEO and cofounder of Riskalyze, a company that invented the Risk Number®. Aaron has incredible experience solving problems before they are broken.  We hear from Aaron on his perspective of the commitment to human advisors and their adoption of tech that really works in their practices.  

Aaron discusses:

  • The only strategy where human advisors beat robo advisors
  • The importance of discussing risk with new and current clients
  • The importance of finding the right tech, not all the tech
  • The number of important insights that are only one-tech integration away
  • And more

Resources:

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About Our Guest:

Aaron Klein is co-founder and CEO at Riskalyze, the company that invented the Risk Number® and empowers anyone to become a fearless investor. The company is headquartered in Auburn, California and serves many thousands of financial advisors.

He is husband to Cacey Steward Klein, and dad to Spencer (born in South Korea), and Emma and Teddy (born in Ethiopia). Aaron and Cacey cofounded Hope Takes Root, an initiative to use vocational training and life mentoring to change the future for orphans and at-risk kids in Ethiopia.

Previously, Aaron was elected as a Sierra College Trustee three times and served from 2004-2016. He consistently gives his PR people heart attacks by tweeting at @AaronKlein.




Rethinking the Significance of Advice in a Sustainable Sales Practice featuring Joe Jordan (Ep. 17)



Market-centric advisory practices are unsustainable. Developing a customer-centric model is therefore imperative to ensure long-term business sustainability.

In this episode, Adam Holt & Derek Notman rethink what it means to run a sustainable advisory practice. Adam and Derek bring Joe Jordan into the Rethink tank to share his profound vignette phrases and wealth of experience in the power of attitude and perspective in delivering financial guidance.

Joe Jordan discusses:

  • The power in taking a client-centric approach
  • The advisor evolution from a sales culture to a service culture
  • The importance of taking a story-first approach in advising
  • The value in helping your clients find vocation in retirement
  • And more

Resources:

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About Our Guest:

Joe Jordan, inspirational speaker, and behavioral finance expert is the author of the award-winning book Living a Life of Significance (Acanthus Publishing, 2013). Formerly, Joe ran insurance sales at Paine Webber and more recently was a senior vice president at MetLife. He was responsible for retail product development and started their fee-based financial planning program and behavioral finance department. Joe is also a founder of the Insured Retirement Institute and has been featured on the cover of Life Insurance Selling magazine.


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11. Rethink: Advisor vs. Entrepreneur featuring Robert Sofia



Do you consider yourself to be a financial advisor first or an entrepreneur?

In this episode, Adam Holt & Derek Notman rethink the financial industry with the help of Robert Sofia about whether or not advisors should be thinking with an entrepreneurial mindset. Adam and Derek speak to their own experiences and discuss how an entrepreneurial identity might be where the industry is headed.

Adam & Derek discuss:

  • If being a financial advisor the same thing as being an entrepreneur
  • Opportunities that advisors are missing
  • Things you can be doing to think of yourself as an entrepreneur
  • Lifestyle businesses versus enterprises and how to position yourself once you know what you want to be
  • And more

Resources:

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support@asset-map.com 

888-664-8850

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About Our Guest:

During the past decade, Robert has supported thousands of companies across the spectrum of financial services including solo advisers, ensembles, family offices, broker dealers, custodians, TAMPs, insurance companies, and others.

“I believe in putting people ahead of profits, obsessing over details, taking risks, working hard, and giving back.”

 


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10. Rethink: Moving Firms – Captive vs IBD vs RIA – featuring Ryan Shanks



A common question in the industry is what type of firm is best for a financial professional in today’s advisory world.

Is it captive or independent? Is it insurance, wealth management or registered investment advisor? Is it a hybrid? Is it some combination?
In this episode, Adam Holt & Derek Notman speak with Ryan Shanks, co-founder of FA Match, where they discuss what financial professionals are moving towards and leaving behind. The trio discuss the motivations for both firms and advisors to affiliate with modern practices and rebuilt legacy platforms.

Adam, Derek & Ryan discuss:

  • The typical profiles of advisors who are looking to make a move
  • Things advisors tend to consider before making a move
  • Solidifying your brand vs your firm
  • Steps you should consider before making a move
  • And more

Resources

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About Our Guest:

Ryan has over 21 years of experience in financial services. Prior to FA Match, he served in a leadership role for two Independent Broker Dealers where he managed national recruiting and internal succession strategies. Since 2000, he has managed and helped negotiate the transition of more than $200M in commission and advisory revenue.


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9. Rethink: Advisor, Adviser or Advicer – featuring Michael Kitces



As you likely know, the financial services business is changing in the way advice is delivered to clients, so this begs the question, is a professional’s identity best defined by being a “financial advisor, adviser, or advicer”? 

In this episode, Adam Holt & Derek Notman invite the renowned Michael Kitces to the Rethink Tank to debate professional identity, practice investments and regulation given the direction of the profession.  

Adam, Derek and Michael discuss:

  • How the financial professional community is changing, and what it could look like in the future
  • The key differences between a financial advisor, financial adviser, and financial “advicer”
  • The importance of brand-labeling yourself in the financial space, and how that plays a key role in your identity
  • Takeaways that you can implement to get ahead on the changing industry
  • Our guest question on the difference one the pressures of independence and firm affiliation
  • And more

Resources:

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About Our Guest:

Michael E. Kitces, MSFS, MTAX, CFP®, CLU, ChFC, RHU, REBC, CASL, is the Head of Planning Strategy for Buckingham Wealth Partners, a private wealth management firm located in St Louis, Missouri, that oversees approximately $50 billion of client assets. In addition, he is the co-founder of the XY Planning Network, AdvicePay, fpPathfinder, and New Planner Recruiting, former practitioner editor of the Journal of Financial Planning, and the publisher of the e-newsletter The Kitces Report and the popular financial planning industry blog Nerd’s Eye View through his website dedicated to advancing knowledge in financial planning.

 


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8. Rethink: Paid vs Organic Digital Marketing



When building your marketing brand – what should you pay for and what should you not pay for?

When you chose to get into the financial advice industry, marketing was probably the last thing on your mind, however, it is a critical part of your brand awareness today.

In this episode, Adam Holt & Derek Notman rethink digital marketing as a financial advisor and what you need to know to implement it into your business. Adam and Derek attempt to simplify four categories of digital marketing and what makes sense to pay for or do yourself.

Adam & Derek discuss:

  • SEO, SEM, SMM, CTAs and content gen and understanding what they mean to you
  • How you can best leverage social media for your business and tell your story
  • Finding your prospects online and how to reach out to them
  • What to prioritize, what to postpone – what to pay for and what do yourself
  • And more

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7. Rethink: Marketing Vs. Prospecting



As a financial advisor it’s important to figure out how you’re going to generate more leads and customers — are you going to cold call potential clients or create an online presence? 

In this episode, Adam Holt & Derek Notman rethink the idea of prospecting in the financial industry and how (digital) marketing might change what has been the norm for so many years. Adam and Derek speak about how marketing can fit into your personal identity and help you stand out from the crowd.

Adam & Derek discuss:

  • The effectiveness of prospecting and marketing
  • The consumer reactions to prospecting and how marketing fits in
  • How you could leverage both prospecting and marketing as a younger advisor
  • Things you can take away and start implementing into your practice
  • And more

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6. Rethink: Are You a Star Player or Team Coach?



On a sports team, every role is important to reaching a goal, and the financial space is no different.

The question is, are you one of the star players or are you the head coach?

In this episode, Adam Holt & Derek Notman discuss how your identity plays a key role in determining how you assist clients and use the analogy of sports to help you understand it better. Adam and Derek speak about how each role is equally as important, but knowing where you fit in can take your client services to the next level.

Adam & Derek discuss:

  • The financial roles on a team and how they compare to their sports analogy
  • How to coordinate your team around different types of clients
  • How to use your identity to lay out expectations for yourself and your clients
  • What you can do to define yourself as a player or coach and how to build the perfect team around you
  • And more

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5. Rethink: Financial Advice a Luxury or Necessity?



There is a common phrase that indicates the luxuries of one generation will become the necessities of the next.

But how does this age-old concept relate to the financial industry? 

In this episode, Adam Holt & Derek Notman rethink the financial industry in terms of luxuries versus necessities. The duo dissect how services once seen as luxuries for wealthy individuals are now becoming more common to the mass market, and how advisors should respond to the change.

Adam & Derek discuss:

  • The shift to financial services becoming more common to the mass market
  • Services that the wealthiest clients once used and what is happening with those services today
  • What financial advisors should be doing so they continue to add value while luxuries become necessities 
  • How advisors should add human value – especially when working with a team of professionals 
  • And more

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