Tag: Financial Planning

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

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

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.

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.

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.

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

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

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.

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

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

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.

 

 

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

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

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

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.

Ep 93: Two Pages That Can Elevate Your Clients’ Experience – with Brad Connors of iWealth

Ep 93: Two Pages That Can Elevate Your Clients’ Experience – with Brad Connors of iWealth

Clients who feel engaged in the planning process are more likely to have a positive experience. But how do you better engage clients in the process?

In this episode, Laura Gregg and David Partain speak with Brad Connors, CEO of iWealth. Brad talks about iWealth’s proprietary software, FDC Plan on Purpose, which helps advisors demonstrate their value and elevate the client experience through client meetings that begin with visualization rather than investment portfolio reviews.

Brad discusses: 

  • Why so many clients are unprepared for retirement (it’s not about money)
  • The power of visuals when talking with clients
  • How a two-page document can elevate your practice 
  • How FDC Plan on Purpose can complement an existing tech stack
  • And more

Resources: 

Connect With CEO, iWealth Companies:

Connect With  Laura Gregg: 

Connect With  David Partain: 

About Our Guest:

Brad Connors is the founder and CEO of iWealth and the founder of the FDC Plan on Purpose tool for advisors. Brad is also the author of “Fish Don’t Clap: Planning For A Purposeful Retirement” and has been advising individuals, corporations, and institutional investors for over 29 years. His work has been recognized by many and he has received numerous awards including LPL Financial’s “2019 Chairman’s Award” and Investment Centers of America Inc.’s “2014 Spirit of ICA” Award. Brad has been named a Twin Cities Five Star Wealth Manager Award Winner every year from 2012 to 2018, and one of the 2007 Top 50 Bank Advisors in the Nation by Bank Investment Consultant Magazine.

EP 92: The Financial Coach Can Use A Coach – With Lacy Garcia of Willow

EP 92: The Financial Coach Can Use A Coach – With Lacy Garcia of Willow

It’s not just you. Most advisors face the same challenge. Your client base is broadening and diversifying. You need to provide more sophisticated, more personalized solutions but where do you find the right resources?

In this episode, Laura Gregg and David Partain speak with Lacy Garcia, Founder and CEO of Willow, an award-winning financial technology and guidance platform. Her mission: To equip advisors with practical resources to engage with women and an overall rapidly changing wealth demographic.

Lacy discusses: 

  • The New Majority investor and their growing wealth ownership
  • How advisors can address the unique needs of their changing client base
  • Tactical solutions that can be put in place quickly 
  • How coaching from Willow can help advisors create a meaningful client experience 
  • And more

Resources: 

Connect With Lacy Garcia:

Connect With Laura Gregg: 

Connect With David Partain: 

About Our Guest:

Lacy Garcia is the founder and CEO of Willow. Willow is an award-winning financial technology and guidance platform that helps financial institutions better engage and serve women and the new majority of investors. Lacy and Willow have been featured on Yahoo Finance, Business Insider, Wealth Management, and more. Most recently, Lacy has appeared on the Today Show on NBC to help explain some important financial concepts and applications.

Ep 91: Going Solo: Making a Leap of Faith — with Kaysian Gordon

Ep 91: Going Solo: Making a Leap of Faith — with Kaysian Gordon

Building a practice from scratch after years in a large-team environment may not be easy, but it can be immensely rewarding.

In this episode, we invited Kaysian Gordon, Founder and Wealth Advisor at Kaysi Gordon Financial Planning, to talk about how she came to that decision, and the lessons she has learned that can benefit any advisor no matter what their career plan. 

Kaysian discusses: 

  • Her professional journey leading up to her decision to step out on her own.
  • How she integrated her personal passion and professional skills. 
  • Her philosophy for investing and life
  • Practical advice for those who choose to run their own business
  • And more!

Resources: 

Connect With Kaysian Gordon:

Connect With Laura Gregg: 

Connect With David Partain: 

About Our Guest:

Kaysian Gordon is a Valley Stream, NY fee-only financial planner. Kaysi Gordon Financial Planning provides comprehensive and objective financial planning and investment management to help women of faith who are going through transitions organize, grow, and protect their assets through life’s changes. As a fee-only, fiduciary, and independent financial advisor, Kaysian Gordon is never paid a commission of any kind, and has a legal obligation to provide unbiased and trustworthy financial advice.