Tag: Financial Planning
Generative AI in Finance – With Darren Tedesco (Ep. 107)

Generative AI in Finance – With Darren Tedesco (Ep. 107)

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How can financial advisors embrace generative AI?

Today on The Flexible Advisor, Laura Gregg and David Partain welcome Darren Tedesco, President of Advisor360°, to explore generative AI’s impact on the financial services industry. They talk about how most advisors see AI as an opportunity, not a threat, with the potential to serve more clients efficiently. However, data quality and compliance are significant concerns. Darren highlights AI’s current use in client communication and process automation, and its capacity to aid in making decisions that involve processing large amounts of data.

Darren discusses: 

  • Overview of Advisor360°, a wealth tech company
  • Generative AI’s impact on the financial services industry
  • Findings of Advisor360°’s research study on AI
  • Current use of AI in client communication and task automation
  • The potential of AI to help advisors serve more households
  • Challenges and compliance issues in adopting AI for advisors
  • And more

Resources: 

Connect With Darren Tedesco:

Connect With  Laura Gregg: 

Connect With  David Partain: 

About Our Guest:

Darren Tedesco, President, Advisor360°

Darren is one of Advisor360°’s founders and is responsible for guiding the vision of the platform, technology strategy, and company direction. Darren focuses on elevating the customer experience through the application of new technologies to solve client pain points. He has been part of the software development since its inception, bringing together the thinkers, creators, and visionaries that help power our clients’ productivity, profitability, and growth.

Darren began his career at Commonwealth Financial Network in 1994, starting as a member of the finance team and transitioning to the company’s newly formed technology department in 2000 where he became Managing Principal of Innovation and Strategy. He regularly speaks at conferences and is often quoted in industry publications for his FinTech expertise in the financial advisor community. Darren received his MBA from Bryant University and a BS from the University of Connecticut. 

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Trust Strategies that Build Client Trust — With Nikè Anani (Ep. 105)

Trust Strategies that Build Client Trust — With Nikè Anani (Ep. 105)

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Amid the Great Wealth Transfer, advisors are seeing a paradigm shift in the way clients are approaching their wealth and legacy strategies. In the second of a two-part series with Nikè Anani, Director of Next Generation for Northern Trust Wealth Management, The Flexible Advisor podcast looks at some ways in which advisors can help satisfy the objectives of a new, Rising Generation.

Nikè discusses: 

  • Incorporating the values and the aspirations of both the grantor and the recipients in wealth transfer planning
  • How you can help to empower Rising Generation clients 
  • The benefits of facilitating open, cross-generational communication
  • Alternative trust structures that may better align with your clients’ evolving priorities 
  • And more

Resources: 

Connect With Nikè Anani:

Connect With  Laura Gregg: 

Connect With  David Partain: 

About Our Guest:

Nikè Anani is the Director of Next Gen Advisory for Northern Trust Wealth Management. In her role, she prepares next-generation family members for the complexities of wealth ownership. Her personal experience as a second-generation owner and family office founder is the inspiration behind her passion for helping other next gens find their voice and become successful stewards.

An accomplished speaker and author on wealth and values transfer strategies, Nikè is the host of “The Connected Generation” podcast and the author of “Lifetime to Legacy: A New Vision for Multigenerational Family Businesses.”

Nikè earned an economics degree from University College London, is a chartered accountant, and has a certificate in Family Business and Family Wealth Advising from Family Firm Institute. She is a board member of YPO’s Global Family Business Networks, where she champions initiatives to support education and peer learning of the next generation. 

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Helping a New Generation – and Your Practice – Ascend – with Nikè Anani (Ep. 104)

Helping a New Generation – and Your Practice – Ascend – with Nikè Anani (Ep. 104)

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The emerging generation of adults — particularly family business owners — are grappling
with challenges and responsibilities their parents did not. In this episode, Laura Gregg speaks
with Nikè Anani, Director of Next Generation at Northern Trust Wealth Management. Based
on personal experience running her own enterprising family office and finding her joy and
purpose in consulting with rising gen people like herself. Nike identifies strategies you can use
to help empower these clients for ownership and leadership roles. See how targeted
communication can uncover key generational differences, deepen trust, and retain and grow
assets.

Nikè discusses: 

  • How the dynamics of her family helped her create the path she’s on today
  • What differentiates “rising generation” from “next generation”
  • The unique experiences and concerns facing the rising generation
  • How to deepen trust with these clients to retain and grow assets
  • Key aspects of a productive family meeting
  • And more

Resources: 

Connect With Nikè Anani:

Connect With Laura Gregg: 

Connect With David Partain: 

About Our Guest:

Nikè Anani is the Director of Next Gen Advisory for Northern Trust Wealth
Management. In her role, she prepares next-generation family members for the
complexities of wealth ownership. Her personal experience as a second-generation
owner and family office founder is the inspiration behind her passion for helping
other next gens find their voice and become successful stewards.
An accomplished speaker and author on wealth and values transfer strategies, Nikè
is the host of “The Connected Generation” podcast and the author of “Lifetime to
Legacy: A New Vision for Multigenerational Family Businesses.”
Nikè earned an economics degree from University College London, is a chartered
accountant, and has a certificate in Family Business and Family Wealth Advising
from Family Firm Institute. She is a board member of YPO’s Global Family Business
Networks, where she champions initiatives to support education and peer learning
of the next generation.

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FEATURE BBLBRY
Ep 103: Meet Your New Intern: Generative AI – With John Prendergast

Ep 103: Meet Your New Intern: Generative AI – With John Prendergast

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How generative AI could transform your practice.


In this episode, Laura Gregg and David Partain talk with John Prendergast, co-
founder and CEO of Blueleaf. John puts the strengths (and shortcomings) of
generative AI into context for advisors – and suggests how this “lazy intern” should
be managed.


John discusses:
● What generative AI is, how it evolved, and what it’s capable of
● Some concerns and potential risks associated with generative AI in financial
services
● Why advisors need to learn about generative AI before using it with clients
● And more


Resources:
● FlexShares Exchange Traded Funds
● The Augmented Advisor
● How Financial Advisors Are Leveraging Outsourcing And What The SEC Has
To Say About It
● The New York Times: Artificial Intelligence
● ChatGPT
● The Imitation Game


Connect With John Prendergast:
● Blueleaf
● LinkedIn: John Prendergast


Connect With Laura Gregg:
● lg79@nrts.com
● Laura Gregg’s LinkedIn


Connect With David Partain:
● dbp2@ntrs.com
● David Partain’s LinkedIn


About Our Guest:
John Prendergast is the co-founder and CEO of Blueleaf and is an active startup
advisor. He is also an experienced entrepreneur and senior executive. As part of 6
founding teams, he has led the product management, marketing, and finance
functions. His background in banking and wealth management has shaped the
vision for Blueleaf.

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FEATURE BBLBRY
Ep 102: Coaching Parents Through Some Tough Lessons – With Sarah Newcomb, Ph.D.

Ep 102: Coaching Parents Through Some Tough Lessons – With Sarah Newcomb, Ph.D.

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Helping clients address multiple objectives can be fraught with any number of misconceptions, ingrained assumptions, and fears. Laura Gregg and David Partain talked with Sarah Newcomb, Ph.D., founder of The Thrive Financial Empowerment Center, to talk about balancing the desire to finance children’s higher education with the need to work toward a secure retirement. Leaning into core tenets of behavioral investing, Sarah helps to clarify some of the psychological hurdles parents face in this situation and shares practical strategies to help advisors add value to the decision-making process.

Listen in as Dr. Newcomb discusses:

● Common preconceptions that may not serve the client or the children.

● Key points that can shift the narrative in the advisor/client dialogue

● The importance of including the child in the college finance discussion

● The opportunity for parents to model financial problem-solving

● How behavioral investing concepts are becoming core competencies in the advisory industry

● And more

Resources: 

Connect With Sarah Newcomb:

Connect With  Laura Gregg: 

Connect With  David Partain: 

About Our Guest:

Sarah Newcomb, Ph.D. is a behavioral economist and Founder of the Thrive Financial Empowerment Center. Through writing, speaking, and coaching, she teaches people of all stripes to build lives they love with the resources they have. As a subject matter expert, Dr. Newcomb has worked with corporate behavioral science teams at HelloWallet, Morningstar, and Edward Jones, where she helps financial advisors understand and respond to aspects of psychology that affect financial decisions. In all her roles, Sarah aims to adapt the findings of academic research to practical use in the financial lives of ordinary people, and to ground innovative approaches to financial advice in well-established psychological theory.

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FEATURE BBLBRY
Ep 101:  Why Succession Planning Is Essential – With Linda Willis

Ep 101:  Why Succession Planning Is Essential – With Linda Willis

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Many advisors have yet to move beyond a vague idea of what a succession plan might look like, let alone formalizing one. While the concept of succession should be considered in every stage of your business, it becomes critical in the later stages.

In this episode, Laura Gregg and David Partain talk with Linda Willis, founder and CEO of Career Management Advisors Consulting (CMA) about the importance of succession planning and how to start the process. Linda discusses key considerations, timeframes and the price of procrastination.

Linda discusses: 

  • Why many advisors avoid actively creating their exit strategies
  • The importance of an emergency exit strategy at every stage of a practice.
  • How far in advance of your exit the planning should begin
  • Starting the process 
  • And more

Resources: 

Connect With Linda Willis:

Connect With  Laura Gregg: 

Connect With  David Partain: 

About Our Guest:

Linda Willis is a top-performing, outcome-driven financial services professional.  With a proven track record of leading global financial services businesses, she has held senior positions at major financial institutions and distinguished herself as an astute business leader and tenacious and accomplished recruiter of top talent. A former securities litigator with experience in corporate and employment law, Linda built a business career at global investment firms as well as launched and scaled her own independent RIA.  Linda’s experience across the landscape of the financial services industry, coupled with her proficiency as a skilled negotiator and over-all business manager, ensures superior results for clients seeking an M&A, succession or transition advisor. A graduate of Mercer University with a J.D., LAW, Linda has completed advanced educational and leadership programs at both Harvard University as well as the Wharton School at the University of Pennsylvania.  Her thought leadership and insightful counsel provide CMA clients with a comprehensive and holistic engagement.

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FEATURE BBLBRY
Ep 97: The Art of the Nudge – With Patrick Fagan

Ep 97: The Art of the Nudge – With Patrick Fagan

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We know that internal biases form specific client personas which, in turn, shape a person’s approach to making financial decisions. Financial professionals can use those biases as a “nudge” rather than an obstacle to build more productive client relationships. 

In this episode, Laura Gregg and David Partain speak with Patrick Fagan, Chief Scientific Officer at Capuchin Behavioral Science, about using clients’ underlying biases to your advantage. 

Patrick discusses: 

  • How and why we all use cognitive shortcuts 
  • How to use those shortcuts as a “nudge” to build trust   
  • Helping clients accept advice that may seem contradictory to their beliefs
  • Applying nudges with different client personas
  • Focusing on emotional and functional outcomes
  • And more

Definition:  The term Alpha is used in finance as a measure of performance, indicating when a strategy or portfolio manager has managed to beat the market return or other benchmark over some period. 

Resources: 

Connect With Patrick Fagan:

Connect With  Laura Gregg: 

Connect With  David Partain: 

About Our Guest:

Patrick Fagan is the Chief Scientific Officer at Capuchin. Patrick is a behavioral scientist and lecturer with a decade of experience applying that scientific approach for organizations around the world, and a Sunday Times bestselling author. Previously the lead psychologist at Cambridge Analytica, Patrick is a co-founder and the Chief Scientific Officer at Capuchin Behavioural Science.

 

 

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Ep 95: Clients Want More Than Advice; They Want A Plan – With Chazz Logue

Ep 95: Clients Want More Than Advice; They Want A Plan – With Chazz Logue

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Why pay a financial advisor for services available on a host of digital platforms?  Today’s clients expect more from a paid financial professional than a diversified investment portfolio. They appreciate advice, but they expect a plan. 

In this episode, Laura Gregg speaks with Chazz Logue, Regional Director and Business Development Team Lead of Advice and Financial Planning at MassMutual, about the trends pushing advisors toward full-service planning models. 

Chazz discusses: 

  • What is driving advisors toward financial planning 
  • Why a one-and-done advisory approach often falls short 
  • The case for creating ongoing financial planning relationships 
  • Actionable ideas to make planning a larger part of your practice
  • And more

Resources: 

Connect With Chazz Logue:

Connect With Laura Gregg: 

Connect With  David Partain: 

About Our Guest:

Charles (Chazz) Logue is the Regional Director and Business Development Team Lead of Advice and Financial Planning at MassMutual. Through a deep understanding and in-depth knowledge of tools and options available, he and his experienced team partner with advisors to help clients articulate their goals and then develop a plan of action to make achieving their goals inevitable, including short-term liquidity needs, longer-term retirement or purchase goals and even leaving a legacy. Outside the office, Charles can be found volunteering as a Wildlife Rescuer, instructing drivers at various racetracks, working with venomous reptiles, surfing, volleyball, and enjoying theatre and the arts. 

*Basis Point definition: “A basis point is a common unit of measure for interest rates and other percentages in finance. Basis points are typically expressed with the abbreviations bp, bps, or bips.” (Fernando). 

Fernando, Jason. “Basis Points (BPS).” Investopedia, 2019, www.investopedia.com/terms/b/basispoint.asp.

*Alpha definition: “Alpha measures the amount that the investment has returned in comparison to the market index or other broad benchmark that it is compared against.” (Banton, 2022) Banton, C. (2022, May 13). Alpha vs. Beta: What Is The Difference? Investopedia. https://www.investopedia.com/ask/answers/102714/whats-difference-between-alpha-and-beta.asp

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Ep 94: When Children Are Not Part of the Plan – With Pamela Lucina

Ep 94: When Children Are Not Part of the Plan – With Pamela Lucina

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The new generation of investors includes a growing and influential population: childless/child-free clients. They present a distinctly unique set of priorities, objectives, concerns, and expectations. 

In this episode, Pamela Lucina, President of the Northern Trust Institute and Head of Trust and Advisory Practice, talks with Laura Gregg and David Partain about this demographic, and why advisors should recognize and rethink some long-standing biases and assumptions.

Pamela discusses: 

  • How unconscious biases can undermine client conversations, particularly with women
  • Rephrasing discovery questions for more productive conversations
  • Key considerations when estate planning for clients without children
  • And more 

Resources: 

Connect With Pamela Lucina:

Connect With  Laura Gregg: 

Connect With  David Partain: 

About Our Guest:

Pamela Lucina is the President of The Northern Trust Institute, Chief Fiduciary Officer and Trust & Advisory Practice Executive. She leads a national team of trust and estate professionals to help clients achieve their goals through the use of world-class tools and techniques, with an eye toward the human element of wealth and family dynamics. She is a recognized leader and speaker within the trust and estate legal community and a strong advocate for women in the industry.

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