Updated: Feb 22, 2020
Reflections on the first 100 episodes of The Resilient Advisor Podcast.
I was fortunate in that I was early to the podcast game in our industry. It enabled me to connect with experts and thought leaders that otherwise would not have returned my call! Our syndication on AdvisorHub.com further expanded the audience and now we are broadcasting live on LinkedIn, Twitter, Facebook and Youtube. The goal of each episode has always been the same; Deliver high value content in about the same amount of time as the average commute or workout. I have learned a great deal from some of the industry's top thought leaders and performers. I hope that you have as well.
Some of the highlights to me include:
Sean Brown, CEO of YCharts reported the results of a client communications strategy that his firm conducted. The biggest takeaway for me is that our clients don’t feel like that they are receiving enough communications….and they would like it to be personalized. In addition, clients still care about investments and the markets.
Ed O'Brien who is the CEO of eMoney Advisor, shared his thoughts on what he The Future of the Financial Advisor looks like. He explained how AI and robo-type discussions should always be human first….but leverages technology that is easy to use and creates collaboration with the client. This was a common theme with guests from the fintech space.
Aaron Klein, CEO of Riskalyze, and I discussed the application of behavioral science in our industry. He called being a financial advisor the most noble profession in the world….because we live our clients financial stress. I could not agree with him more. In the interview he went deep of the applications of behavioral science in our industry.
Fintech expert Bill Winterberg came on at the perfect time. Amazon had just launched the Alexa 'Skills' platform and he walked advisors through how they can build their personal and professional brand with what was at the time a new technology. There are two key takeaways. 1st, follow Bill so social media and you will always be informed of the most up to date trends in fintech. Secondly, to stand out from your competition you need to experiment with new marketing technologies as they come out.
Brad Johnson of Advisors Excel and host of the excellent podcast, The elite advisor Blueprint, can on for an interview to discuss a controversial topic, Fixed Index Annuities and their applications. We went through a role-play where he laid out the case for adding FIA’s into the investment solution mix and advisor offers. The bottom line…….FIA’s can help diversify fixed income exposure for some retirees. They should not be overlooked.
Clint Sorenson, the CIO of WealthShield, came on to discuss the death of a the traditional 60/40 allocation. Because of the global central banks systematic destruction of the markets, investor may struggle going forward with a 60/40 portfolio due to expected forward returns. The answer is Trend Following. I hope that you, as an advisor, have looked into expanding your portfolio arsenal to include trend following strategies.
Regular guests include Chris Versace and Lenore Hawkins of Tematic Research. The come on and share timely data, strategies and unique perspectives on the micro and macro economy.
Carol Lee Roberts, who is the President of the Institute for Divorce Financial Analysts, came on to discuss the major Pitfalls advisors need to consider when a client is going through a divorce. My biggest take away for advisors is the absolute home run of a niche that Divorce experts can build. The specific details and requirements around divorce cases require niche expertise and unfortunately…..there will always be a market due to the divorce rate.
Tom Lydon of ETFTrends.com was one of my first guests in 2017. It was a great get for the show in it’s early days. We discussed what was going on the ETF markets but one timeless piece of advice Tom offered was to encourge listeners to do a deep dive on the differences of Smart Beta and Factor Strategies as they are sometimes mistaken as the same type of strategy.
My very first, and most controversial podcast was with olympian Suzy Favor Hamilton. If you are not familiar with Suzy’s story, she is a three-time olympic track and field star. She went on to become a spokeswoman for Disney and then started moonlighting as a high priced escort in Las Vegas. Once she was exposed it became tabloid fodder and her career appeared ruined. It is a story of pure resilience and one of my most downloaded episodes.
Financial Advisors and NFL players have one thing in common: STRESS. 10 Year NFL veteran Jon McGraw was living his childhood dream, playing for his hometown Chiefs......and he was miserable due to the stress of the job. After he retired he focused his attention on finding out why and more importantly, how to change that mindset. Jon came on the podcast to discuss success, happiness and building a 'Performance Mindset.'
Behavioral Finance expert Dr. Daniel Crosby joined me to discuss how financial advisors can leverage a 'Third Way' of looking at investing through a behavioral lens. There are granular applications that you can implement in your practice today. I encourage advisor to buy a copy of his book ‘The Behavioral Investor’ and send to your clients. He teached advisor how to focus on results-based behavioral investing that leverages the best aspects of passive investing with behavioral science.
Larry Miles of AdvicePeriod came on to discuss how advisors can build enterprise value in their business and he breaks it down into 3 simple things: People, Proprietary and Process. I appreciated the content in this podcast but my number one takeaway is that advisors first need to recognize that they need to build enterprise value!
Bitcoin came up on several episodes. Mark Yusko, who is the CEO and CIO of Morgan Creek Capital Management. He is quickly become a thought leader on Blockchain and all its applications. My biggest takeaway from the interview is his assertion that Blockchain ETF’s may not provide the exposure that you are looking for so, as always, the devil is in the details.
Some of the best guests over the year have been the ones who change my thinking on long held beliefs. Professor Jamie Hopkins came on and explained how reverse mortgages are not what they used to be. This episode is very informative for any financial advisor or financial planner who is stuck in the dogma that the industry has around these tools. You owe it to your clients to understand how these work and how they can help your clients have better outcomes in retirement. He has now moved on to work with The Carson Group and they are fortunate to have him in the organization!
Dr. Wade Pfau discussed managing sequence of returns risk in retirement planning using his 4 Approaches:
Maintain Flexible Spending
Reduce Volatility….when it matters most
Buffer Assets ----> This is a contrast to the ‘Bucket System’ and can include tools such as a reverse mortgage.