Ep 100:  What Have We Done?!

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:  FlexShares Exchange Traded Funds Connected Wealth Data Hub | Advisor360° Connect With Darren Tedesco: Advisor360° Darren Tedesco’s LinkedIn Darren Tedesco’s blog posts on AI Connect With  Laura Gregg:  Email Connect With  David Partain:  Email 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. 

Understanding the variety of healthcare plans available to consumers, the nuances of cost and coverage, and Medicare’s inexplicable geographic variations, is no small feat. Yet, when it comes to estimating healthcare expenses, advisors have had few, if any, solutions at their disposal.  In this episode, Laura Gregg and David Partain talk with Christine Simone, CEO of Caribou Wealth, about the challenge of integrating healthcare costs into a holistic financial plan as well as new resources and support available to advisors. Christine discusses:  The growing need to integrate healthcare into the planning process Optimizing key milestones to address clients’ evolving healthcare concerns Opportunities to engage the next generation in the healthcare conversation Healthcare planning as a differentiator in the advisory marketplace A new tool to identify optimal health insurance options  And more Resources:  Northern Trust Asset Management FlexShares Exchange Traded Funds  WealthManagement.com’s Ten to Watch in 2024 Connect With Christine Simone: Caribou Wealth Christine Simone’s LinkedIn Connect With Laura Gregg:  Email Connect With David Partain:  Email About Our Guest: Although she’s years away from her own retirement, Christine Simone is obsessed with helping current and future retirees plan for and optimize their healthcare costs. She’s held notable leadership positions within the healthcare industry working with key stakeholders from payers to providers to the Department of Veterans Affairs. Now, Christine is the CEO of Caribou Wealth, a software solution for the finance industry. 

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:  FlexShares Exchange Traded Funds Northern Trust 2024 Wealth Planning Outlook – Rethink Tomorrow Northern Trust’s Statement of Intent Workbook Wealth 3.0 by James Grubman PhD,  Dennis T. Jaffe PhD, and Kristin Keffeler MAPP Connect With Nikè Anani: Northern Trust Connect With  Laura Gregg:  Email – [email protected] Connect With  David Partain:  Email – [email protected] 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. 

The emerging generation of adults — particularly family business owners — are grapplingwith challenges and responsibilities their parents did not. In this episode, Laura Gregg speakswith Nikè Anani, Director of Next Generation at Northern Trust Wealth Management. Basedon personal experience running her own enterprising family office and finding her joy andpurpose in consulting with rising gen people like herself. Nike identifies strategies you can useto help empower these clients for ownership and leadership roles. See how targetedcommunication can uncover key generational differences, deepen trust, and retain and growassets. 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:  The Connected Generation with Nike Anani Lifetime to Legacy by Nikè Anani The Five Love Languages by Gary Chapman Northern Trust 2024 Wealth Planning Outlook – Rethink Tomorrow Connect With Nikè Anani: Northern Trust Email Connect With Laura Gregg:  Email: [email protected] Connect With David Partain:  Email: [email protected] About Our Guest: Nikè Anani is the Director of Next Gen Advisory for Northern Trust WealthManagement. In her role, she prepares next-generation family members for thecomplexities of wealth ownership. Her personal experience as a second-generationowner and family office founder is the inspiration behind her passion for helpingother next gens find their voice and become successful stewards.An accomplished speaker and author on wealth and values transfer strategies, Nikèis the host of “The Connected Generation” podcast and the author of “Lifetime toLegacy: A New Vision for Multigenerational Family Businesses.”Nikè earned an economics degree from University College London, is a charteredaccountant, and has a certificate in Family Business and Family Wealth Advisingfrom Family Firm Institute. She is a board member of YPO’s Global Family BusinessNetworks, where she champions initiatives to support education and peer learningof the next generation.

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) ofgenerative AI into context for advisors – and suggests how this “lazy intern” shouldbe 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 financialservices● 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 HasTo 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:● [email protected] ● Laura Gregg’s LinkedIn Connect With David Partain:● [email protected]● David Partain’s LinkedIn About Our Guest:John Prendergast is the co-founder and CEO of Blueleaf and is an active startupadvisor. He is also an experienced entrepreneur and senior executive. As part of 6founding teams, he has led the product management, marketing, and financefunctions. His background in banking and wealth management has shaped thevision for Blueleaf.

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:  FlexShares Exchange Traded Funds Ep 20: Coaching Clients in Volatile Times – With Morningstar’s Dr. Sarah Newcomb A Personal Note To All The Single Parents And Caretakers Trying To Make Ends Meet Wealth 3.0: The Future of Family Wealth Advising Connect With Sarah Newcomb: Thrive Financial Sarah Newcomb’s LinkedIn Connect With  Laura Gregg:  Email Laura Gregg’s LinkedIn Connect With  David Partain:  Email David Partain’s LinkedIn 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.

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:  FlexShares Exchange Traded Funds The Key to Gaining Wallet Share: Understanding How Clients Think Ep 98: Your Personal Brand: Capitalize on Your Strengths – With Susan Danzig Connect With Linda Willis: Career Management Advisors Linda Willis’ LinkedIn Connect With  Laura Gregg:  Email Laura Gregg’s Linkedin Connect With  David Partain:  Email David Partain’s Linkedin 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.

As The Flexible Advisor marks its 100th episode, content marketing strategist Matt Halloran joins hosts Laura Gregg and David Partain to discuss the podcast’s genesis, evolving scope, and most impactful topics. Originally focusing on proprietary research, The Flexible Advisor has become a dynamic forum exploring multiple aspects of many topics concerning financial advisors and planners  In this episode, Laura, David, and Matt discuss: How The Flexible Advisor has come to be one of the top podcasts in the financial services industry.   How COVID became an unlikely catalyst for the platform’s development Notable guests and topics  And more! Resources: FlexShares Exchange Traded Funds  Special Episode 18 – Serving Medical Professionals During COVID-19 –– With Lauren Oschman Episode 21- Strategies for Advancing Racial Equity and Diversity – With Connie Lindsey Episode 24- Leadership and Diversity –– With Shundrawn Thomas Episode 45- Women and Financial Wellness – With Heather Ettinger Episode 46- Why Advisors Should Consider Outsourcing Investment Management —  With Paul Binnion Episode 48- How to Achieve Advisor Wellness and Prevent Burnout — With Dr. Jack Singer Episode 49- Conquering Stress: Harnessing the Power of Your Anxiety — With Dr. Chloe Carmichael Episode 55-  Consumer Preferences In Hiring a Financial Planner — With Dr. Miranda Reiter, CFP®, Texas Tech University Episode 57- Guiding Suddenly Single Women – With Steph Wagner Episode 58- Disrupting With Purpose — With Dana Wilson Episode 62- Developing and Retaining Next Gen Talent — With Yonhee Gordon Episode 67- GenX. They Need You. Now. – With Michael Labos Episode 68- I’m Not a Therapist! When Clients Bring Up Emotional Issues – With Dr. Chloe Carmichael Episode 73- Use ESG as a GPS Tool, Not a Moral Compass — With Jeff Gitterman Episode 75- ESG Investing: “This is where people are” – With Jon Hale Episode 84- Why Settle for “Satisfied” Clients? —  Brendan Frazier on the Value of Emotional Connection Episode 85- The New Rules Of Growing Wallet Shares With Barnaby Riedel, PhD Connect With Matt Halloran: Matt Halloran’s LinkedIn Matt Halloran’s Twitter ProudMouth PodRocket Influence Academy Connect With  Laura Gregg:  Email Laura Gregg’s Linkedin Connect With  David Partain:  Email David Partain’s Linkedin About Our Guest: Matt Halloran is a co-founder of ProudMouth, the world’s leading influence accelerator for financial advisors.  An in-demand speaker, he’s appeared on over 1,000 podcasts. As well, Matt is the host of ProudMouth’s Top Advisor Marketing Podcast, where he and industry leaders empower advisors to become trusted, recognized authorities.  Matt is the author of “The Social Media Handbook for Financial Advisors,” the first social media book for financial services.

Limited access and chronic under-saving continue to leave many Americans ill-equipped for retirement. New legislation may have a meaningful impact in getting more people access and saving in workplace sponsored retirement plans. In this episode, Laura Gregg and David Partain are joined by Lee Freitag, former practice lead of the Retirement Solutions Group at Northern Trust Asset Management to discuss how Secure Act 2.0 stands to benefit individuals as well as small plan sponsors and administrators.   Lee discusses:  Five key provisions addressing issues such as accessibility, portability, and penalty relief for emergency expenses.  How Secure Act 2.0 helps individuals balance student loan debt and retirement plan contributions.  The latest on the treatment of catch-up contributions Important provisions to help part-time workers access employer-sponsored retirement plans Penalty relief for distributions related to emergency expenses And more Resources:   FlexShares Exchange Traded Funds  Connect With Lee Freitag: LinkedIn: Lee Freitag Connect With  Laura Gregg:  Email LinkedIn: Laura Gregg Connect With  David Partain:  Email LinkedIn: David Partain About Our Guest: Lee Freitag is the Practice Lead of Retirement Solutions at Northern Trust Asset Management. He is responsible for the development and distribution of investment solutions and research content designed for the institutional and intermediary retirement markets  And, as our regular listeners know, David and I have been conducting investor research for many years, but Lee, I think your tenure as a research leader may eclipse us!   Lee is a return guest to The Flexible Advisor. He joined us early  in the pandemic to speak about the Secure Act, so I’m thrilled he’s back to educate us on the revised legislation.

Creating a distinct personal brand may be the most important (and underestimated) thing you can do to attract ideal clients and enhance your practice.  In this podcast episode, Laura Gregg and David Partain invite Susan Danzig, a certified business development coach, to discuss how your brand can help clients and prospects understand who you are and what you can provide.   Susan discusses:  The value of establishing a market niche in today’s environment  How personal and corporate branding can work in tandem Using your personal interests to connect with your ideal clients  Why taking stock of who you serve, how you stand out, and what you offer is an ongoing process And more Resources:  FlexShares Exchange Traded Funds  Financial Advisor Success Quiz Connect With Susan Danzig: LinkedIn: Susan Danzig Susan Danzig, LLC Connect With  Laura Gregg:  Email Laura Gregg’s Linkedin Connect With  David Partain:  Email David Partain’s Linkedin About Our Guest: Susan Danzig has been consulting with financial services professionals since 1997. She helps her clients understand and clarify their true value, define their specialization and create effective marketing strategies. Susan’s specialty is brand refinement, messaging and strategic marketing to enhance a business’s market value for growth and sale. Susan is a graduate of the University of Colorado in Boulder, a Certified Business Development Coach and a Certified Master Neuro Linguistic Programming Practitioner. A strong contributor to the financial services community, Susan has served as a National Board Member of the Financial Planning Association.