Between Now and Success

In the last 35 year, we've seen the following happen in the financial markets. The beginning of the great bull market in August 1982. The stock market crash on October 19, 1987. The technology bubble of 1995 – 2000. The bear market of 2000 – 2002. The real estate bubble of 2002 – 2007. The Great Recession of 2007 – 2009. The amazing, low-volatility bull market of 2009 – today. Two leading financial advisors have been through it all and on today's podcast, we come to you live from Schwab Impact 2017. We discuss what they've learned, share their insights on how to be successful going forward, and get the perspective from a Schwab executive on supporting and building excellent RIA firms. For 30 years, Charles Schwab has been providing services to independent RIAs and I was pleased to host a panel discussion at Schwab Impact 2017 in Chicago.

Imagine you're sitting down with a potential new client for the initial discovery meeting. What do you see sitting across from you? Unfortunately, many advisors see a "prospect," "dollar signs," or perhaps "a million-dollar account." The philosopher Martin Buber called this an "I-It Relationship," in which one person objectifies the other. On today's show, Ross Levin explains the importance of "I-You" relationships, how to master the "slow things," and the story behind building one of the industry's most iconic firms. Ross Levin is the CEO and Founder of Accredited Investors Wealth Management, which is an RIA based in Minnesota, with approximately $2 billion in assets under management. Ross was the first recipient of the Financial Planning Association's Heart of Financial Planning Award, and the inaugural recipient of Financial Planning Magazine's Lifetime Achievement Award. He is truly an icon in our industry.

Financial advisors have a unique opportunity to make a real, immediate impact on people's lives -- if they're willing to break away from the old model that's only interested in improving return on investments. On today's show, RIA leader Seth Streeter explains how his firm not only delivers a first-class planning experience, but also helps their top clients "redefine wealth" and develop their "inspired life purpose." Seth Streeter is the CEO and founder of Mission Wealth, a leading wealth management company with about $1.6 billion in assets under management. Seth's team specializes in comprehensive financial planning and investment advisory services for high net worth clients around the country. Seth also helps people reframe their perspectives of wealth beyond just the financial so that they can enjoy a more balanced, impactful, and fulfilled life. And in 2016, Seth was asked to speak on the TEDx stage to share "an introspective approach to help you assess and transform your true wealth."

Mark Casady had a front row seat on the massive changes hitting our industry over the past 15 years of his tenure at LPL. Now that he's "retired," we discuss his career and the lessons he learned. During his 30-plus years in financial services, Mark likes to think his job was to be a classic "change agent." As chairman of the board and CEO for LPL Financial, Mark led the company through its IPO and grew it into the fifth largest brokerage firm in the United States. Today, you might say Mark is "retired," but he prefers to think he's in the middle of "Life 2.0," which includes working as General Partner and Advisory Board Chairman for Vestigo Ventures, a fintech-focused venture capital firm.

"Compassionate" isn't necessarily the first word that springs to mind when you think about the traditional financial planning model. But that's just another way that the old model is outdated. The shift in our industry from Return on Investment to Return on Life requires a new conversation between advisors and clients. Understanding your clients as people -- their goals, their fears, their perspectives, where they come from, where they want to go -- is the new step one in the discovery process. My guest today, Kurt Rossi, another "40 under 40" honoree by Investment News, has already transformed his practice by adopting this new model. Kurt is a CFP and the founder of Independent Wealth Management out of Wahl, New Jersey. He's also an award-winning financial columnist for the Times of Trenton and nj.com. His column, Financial Focus, can be read every other Sunday in the business section. Kurt also blogs at his website, bringyourfinancestolife.com, where he uses this compassionate approach to financial writing and planning to empower his readers.

You can get the mechanics of a financial plan right, but if you miss the "life" part, you're shortchanging your clients. A financial plan is a tool to help your clients live a happier, more fulfilling life. Consumers can easily get their money managed through the big national brands like Vanguard, Schwab, TD Ameritrade, Fidelity, and the Robo Advisors, without your help. A key value an advisor adds is in helping clients create a thoughtful financial plan, and understanding how they can use their money to live their best life possible. But you have to know the kind of life your clients want! That comes from engaging your clients in a robust discovery process like the kind offered by ROL Advisor. We don't want our clients to feel like they're just winning at investing -- we want them to feel like their investments are helping them win at life. My guest today, Lauryn Williams, is a four-time Olympic athlete, three-time Olympic medalist, and the first American woman to win medals in both the Winter and Summer Olympic games. After retiring from her track and field and bobsledding career, Lauryn founded her own advisory firm, Worth Winning, to help other athletes use Life-Centered Planning to transition to happy and fulfilling lives after sports.

Curiosity. The best advisors have it. Hannah Moore's curiosity has led her down many roads and in today's podcast, she shares what she's learned about structuring the client meeting process, creating client personas, blogging to "just one person," using three words to define your business, succession planning, and much more. My guest today, Investment News "40 under 40" honoree Hannah Moore, is an expert on charting a course from young advisor to successful RIA. Hannah is a CFP® and owner of Guiding Wealth Management. She also hosts the podcast, "You're a Financial Planner, Now What?" where she tries to help young advisors with guidance on career paths, tips on research and client service, and explorations of the history of financial planning.

How do you go from a struggling, cash-strapped RIA to running a fast-growing, profitable top firm? Adopt Sten Morgan's 7 Mindsets and you'll be on your way. As the founder of Legacy Investment Planning, Sten Morgan has lived that dream, and overcome the obstacles that go with it. Sten was recently named one of the "40 Under 40" by Investment News, and his new book, "7 Mindsets of Success," challenges entrepreneurs to change their mindsets, and see their businesses, and the world, differently. On today's show, Sten explains how the mindsets that he had been developing from a young age allowed him to go from making nothing, to running a successful RIA firm in three short years.

By rethinking every aspect of how to price and deliver wealth management, AdvicePeriod has gone from a startup just a few years ago, to more than $6 billion in assets under advisement. We go under the hood to learn exactly how they did it. They're not shy about stating their take on the financial advisory business. "We're reinventing wealth management. The old model is totally outdated," says the bold headline at the top of their website. My guest today, Larry Miles, is a Principal and shareholder at AdvicePeriod, and as the company's proclamation about reinventing wealth management suggests, he isn't one to set the bar low. Larry's primary focus at AdvicePeriod is to provide strategic leadership for growth and profitability while maintaining a high standard of excellence, something all financial advisors should be thinking about as our industry evolves into Life-Centered PlanningTM.

The latest RIA Benchmarking Study from Charles Schwab contains surprising insights and contradicts some common industry beliefs. I always look forward to Schwab's annual Benchmarking Study because it's full of data that I enjoy digging into to uncover the health of our industry. This year's report is no exception as it contains some nuggets that may surprise you. On today's show, Jon Betty, Charles Schwab's Senior Vice President of Advisory Services, joins me to sort through the results of the latest Benchmarking Study. Jon brings 18 years of experience working with fee-based advisors to this discussion on "what success looks like across firm size as well as different life stages of an advisory firm."