Orion's The Weighing Machine Orion Portfolio Solutions

When it comes to wealth management, investment advice is just one piece of the puzzle. Financial advisors who focus on investing miss out on a key opportunity to provide comprehensive, holistic advice that can create real value for their clients. In fact, the importance of providing advice that goes beyond investing has been highlighted by recent research showing that many Americans are leaving significant amounts of money on the table by not optimizing their social security benefits. 
In this episode, Rusty and Robyn talk with Philipp Hecker, Co-Founder and CEO of Bento Engine. Philipp is a Procter & Gamble trained Brand Manager, recovering BCG Consultant, and Wall Street veteran. He held several senior leadership positions at Deutsche Bank and J.P. Morgan. He is passionate about bringing better advice beyond investing to more American families and using technology to make human advisors more human more often.
Passionate about financial planning, behavioral finance, and teaching children about the important concepts of money and wealth, Philipp talks about what advisors need to know about advice beyond investing, why Americans need more advice than just investing, and what Bento's wealth program for children is all about.

Key Takeaways

[03:55] - Philipp's personal and professional background.

[06:36] - The why and how of Philipp's creation of the Bento Engine.

[09:15] - Why advisors should take their conversations beyond dollars and cents.

[14:49] - Bento Engine's programs for advisors.

[17:10] - The impact Bento Engine expects on its wealth and children's programs.

[19:47] - What drives the human side of giving advice?

[21:54] - How artificial intelligence could potentially impact financial advisors.

[23:44] - How Bento Engine provides holistic financial advice.

[28:13] - How Bento's technology and content help advisors increase engagement and client satisfaction.

[29:22] - Philipp's favorite investment idea.

[30:49] - How Philipp maintains his physical and mental health to perform at a high level.

[31:31] - The people Philipp is grateful for on a professional level.

[33:17] - Philip's recommendations for content.


Quotes
[10:12] - "Advisors have a unique opportunity to show how much they care by proactively advising clients and prospects on wealth management questions that create quantifiable after-tax value without necessarily having a solution or product to sell at the same point in time." ~ Philipp Hecker
[10:37] - "Leading with client-centric advice creates invaluable trust that matters greatly in any relationship." ~ Philipp Hecker
[11:57] - "Many Americans leave hard-earned social security benefit dollars on the table. The median lifetime benefit they leave on the table by making suboptimal decisions around social security benefit timing is a whopping $182,000. These are big opportunities where advisors can lead with advice and create real value for their clients." ~ Philipp Hecker

Links 

Philipp Hecker on LinkedIn

Philipp Hecker on Twitter

Bento Engine

Bento Engine on Twitter

Bento Engine on LinkedIn

One Tree Hill by U2

Procter & Gamble

Boston Consulting Group

J.P. Morgan

Rethink. Financial Advice Podcast

Kelly Corrigan Wonders


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1210-OPS-5/1/2023

Making financial decisions can be a stressful and emotional experience for clients. Plus, with the increasing complexity of financial markets and the growing diversity of clients' needs, financial advisors have to develop new skills to remain relevant in the industry. Beyond their traditional financial, technical, and legal knowledge, advisors have to incorporate emotional intelligence to provide better advice and create stronger relationships with their clients. But what exactly is emotional intelligence, and how can it help advisors create the most favorable outcomes for their clients?
In this episode, Rusty and Robyn talk with Jeff Strese, Principal at Jeff Strese Consulting Group. Jeff has over 25 years of experience working across industries in leadership development, organizational effectiveness, and family dynamics. He is passionate about helping family businesses and organizations create clarity out of the complex as well as inspiring leaders from all backgrounds to develop and master critical skills like coaching, communication, and emotional intelligence.
An executive coach and consultant to multi-generational family enterprises, corporations, and mission-driven nonprofit organizations, Jeff talks about what emotional intelligence is and why financial advisors need to understand it. He also discusses incorporating emotional intelligence, active listening, and other qualitative skills in financial services to improve practice and strengthen client relationships.

Key Takeaways

[04:33] - How Jeff got into leadership development and family advisory services.

[06:27] - The meaning of emotional intelligence and why advisors should have it. 

[09:32] - Why active listening is important in today's advisory practice.

[10:49] - What emotional hijacking is all about.

[12:36] - What overgeneralization and labeling mean in organizations.

[14:43] - The blame game and personalization in organizations.

[16:38] - What discounting the positive means.

[17:28] - The concept of Wealth 3.0 and how advisors can put it into practice.

[21:11] - Jeff's favorite investment idea.

[22:55] - How Jeff maintains his ability to perform at his best.

[25:40] - People to whom Jeff is grateful on a professional level.

[27:49] - Jeff's recommendation for content.

[30:07] - Jeff's insights on AI in financial advice.


Quotes
[06:45] - "In the financial advising space, having a baseline of financial, technical, and legal skills is an incomplete package in this day and age. When you begin adding other kinds of qualitative skills like emotional intelligence and active listening, you have a very well-rounded, seasoned advisor." ~ Jeff Strese
[11:00] - "The first and basic line of emotional intelligence is around self-awareness. That's the ability to understand how your communication style impacts other people, particularly under stress or tension." ~ Jeff Strese
[14:08] - "Advisory firms need to see themselves as learning organizations. If the insides and culture of the organizations do not match the outsides, it ultimately will dumb down the effectiveness of the overall firm and its growth and potential." ~ Jeff Strese

Links 

Jeff Strese on LinkedIn

Jeff Strese on Twitter

Jeff Strese Consulting Group

Cullen Funds

Dark Star by Crosby, Stills & Nash

Richard Joyner

Tolleson Wealth Management

Emotional Intelligence by Daniel Goleman

Start with Why by Simon Sinek

Family Office Exchange


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1157-OPS-4/24/2023

Registered Investment Advisors (RIAs) have become popular for individuals and businesses seeking personalized investment advice. They have won the trust and loyalty of clients who value tailored investment strategies with their direct and personalized approach. While the current economic environment presents its fair share of challenges, many experts believe the industry is well-positioned to navigate these obstacles and continue its growth trajectory. RIAs remain confident about the future of their industry and are expected to be vital players in the financial services industry for years to come.
In this episode, Rusty and Robyn talk with Bryan Keller, Chief Strategic Officer at Dakota Wealth Management. In his role, Bryan focuses on the firm's merger & acquisition efforts, creating strategic opportunities with industry partners, Dakota's investment policy and portfolio management, custodian and trading platforms, and ensuring a superior client experience. 
Skilled in managing the mechanical details of investment management offerings and strategically developing customized client portfolios, Bryan talks about the future of Registered Investment Advisors (RIAs), the ins and outs of the RIA landscape, and how mergers and acquisitions (M&A) are playing out in the RIA industry today.

Key Takeaways

[03:54] - Bryan's career history.

[06:56] - How Bryan began working with Dakota Wealth Management.

[09:02] - What a typical day for a Chief Strategic Officer is like.

[10:58] - How M&A plays out in the RIA industry today.

[13:51] - How high-interest rates and volatility in equity markets impact M&A activity.

[15:54] - Factors that can make RIAs ineffective at selling their businesses.

[18:06] - How advisors can sift through the overwhelming information involved in M&A.

[21:24] - How likely are smaller RIAs to succeed in the future?

[22:46] - The top challenges and needs of advisors in the future.

[24:52] - How generative AI can impact financial services.

[27:13] - What a snowflake investor and a snowflake market are.

[31:11] - What advisors should consider when building portfolios in the current economic climate.

[36:25] - Bryan's outlook for inflation and economic growth.

[37:52] - How Bryan maintains his ability to perform at a high level.

[39:59] - The people Bryan is grateful to on a professional level.

[43:46] - Bryan's recommendations for content.


Quotes
[16:40] - "Every seller wants to get everything they want as part of a deal. They want the highest price, they want the loosest terms, and they want it all. But if the buyer is doing the same thing for every transaction they're doing, what they end up getting at the end is just an aggregated business." ~ Bryan Keller
[21:28] - "RIAs are phenomenal businesses. The clients like them more because they're getting that direct, customized approach." ~  Bryan Keller
[37:29] - "We have a challenging economic environment at the headline level, but it's navigatable. I don't see it as something I'm particularly worried about." ~ Bryan Keller

Links 

Bryan Keller on LinkedIn

Dakota Wealth Management

Jigsaw Falling Into Place by Radiohead

Peter Raimondi

BlackRock

Dance of the Cranes

Monday Morning Bullets

Jeff DeMaso

What You Do Is Who You Are

The Hard Thing About Hard Things


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1100-OPS-4/18/2023

The current state of the market and economy is a topic of great concern for many people. With inflation still on the rise, interest rates increasing, recession risk looming, and banking crises, it is understandable that individuals and businesses alike are left uncertain about their future.
In this episode, Rusty and Robyn talk with Phil Voelker, Chief Investment Officer at Advanced Asset Management Advisors (AAMA). In his role, Phil directs and manages AAMA's investment policy strategy. Throughout his career, Phil has pursued and secured a broad spectrum of objectives, from short-term cash management to aggressive growth of investments. Before joining AAMA, Phil served as Chief Investment Officer for a large regional investment firm, directing its multi-billion dollar investment portfolio.
With over 40 years of experience managing securities portfolios, Phil answers the top questions and concerns about the market and how it compares to historical experience. He also shares his view on inflation, interest rates, recession risk, and the banking crisis.

Key Takeaways

[03:03] - Phil's career history in investment management.

[03:51] - The role AAMA plays in the industry.

[04:52] - Phil's assessment of the current banking situation.

[06:09] - Phil's take on the current inflation environment.

[10:06] - Are we heading for a recession?

[11:54] - What Phil thinks about the current volatility in the stock market, the economy, and corporate earnings.

[17:25] - How the current inflation compares with the long-term experience.

[19:34] - One of the key points to remember in 2023.

[21:42] - How AAMA positions its portfolios in response to market and economic conditions.

[22:44] - Phil's favorite investment idea.

[24:14] - How Phil maintains his energy to perform at a high level.

[25:08] - The people Phil is grateful to on a professional level.

[26:34] - Phil's recommendations for content.


Quotes
[09:47] - "There's a disconnect between what the Fed's saying and what the market is expecting. Unless something major breaks, we don't expect a pivot." ~ Phil Voelker
[19:08] - "From a historical perspective, today's interest rates are not excessive, certainly not relative to inflation. They're not excessive relative to long-term averages. And it would be nice for everyone if the Fed would stay away from trying to control interest rates and let the market figure it out." ~ Phil Voelker
[20:49] - "It's sad that when the Fed's done fighting inflation and it drops back to 2%, that doesn't mean anybody recovers their dollars' purchasing power. It means that they're losing it more slowly than they had before." ~ Phil Voelker

Links 

Phil Voelker on Advanced Asset Management Advisors

Advanced Asset Management Advisors

Beethoven Fur Elise

AAMA Market Commentary – Q1 2023

AAMA Advisor Kit


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0960-OPS-4/4/2023

In a dynamic field such as financial advisory, becoming successful takes more than technical knowledge and expertise. It also requires a unique combination of qualities that enable advisors to connect with clients on a deeper level, understand their unique circumstances, and ultimately help them achieve their financial goals. 
In this episode, Rusty and Robyn talk with Steven Atkinson, Executive Vice President at Buckingham Strategic Partners. In his role, Steve leads a team committed to providing a transformational experience to investment advisors who have chosen to partner with their firm. His team proactively and reactively works with advisors, ensuring they understand their goals, obstacles, and business plans.
Having a passion for helping advisors do more, Steve talks about what makes a good advisor, the qualities of a successful and admired financial advisor, and how to build good relationships and get fans.

Key Takeaways

[03:12] - How Steven got into investing.

[04:56] - How Buckingham Strategic Partners serves financial advisors.

[06:40] - What it's like to be Buckingham's Vice President.

[08:05] - The key qualities that make the best advisors.

[11:25] - What the best advisors do to build relationships.

[18:14] - The key principles of a good leader.

[20:10] - Steve's take on how AI could impact financial advisors.

[21:43] - What inspired Steve to create the Admired Advisor podcast.

[23:17] - What Steve's book, “27 Principles Every Investor Should Know”, is about.

[29:41] - Steve's favorite investment idea.

[30:28] - How Steve maintains his ability to perform at a high level.

[31:46] - The people Steve is thankful for professionally.

[34:00] - Steve's recommendation for content.


Quotes
[14:24] - "Every single client views you as a leader. You're handling their financial future, and they're trusting that you know the pathway and how to get there." ~ Steven Atkinson
[18:33] - "There's no better time to show up as a leader than during times of crisis, and some of the best advisors lean into those crisis moments. They grow their reputation and their business when things go wrong. They show up, and they're present for their clients." ~ Steven Atkinson
[21:24] - "If you're in the people business, you'll always have to spend time with people. That's one of the things you can't outsource. I don't think you can outsource the human element of making that connection and having those real conversations." ~ Steven Atkinson

Links 

Steven Atkinson on LinkedIn

Buckingham Strategic Partners

Standing Outside The Fire

CLS Investments

27 Principles Every Investor Should Know

Triumph of the Optimists

Strategic Coach

Dan Sullivan

Alex Potts

The JOLT Effect

The Admired Advisor Podcast


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0891-OPS-3/29/2023

Creating personalized investment portfolios tailored to individual clients' unique needs and preferences has gained traction in the financial industry in recent years. As investors become increasingly savvy and demand more control over their investments, traditional approaches to portfolio management are no longer enough. Custom indexing is a powerful strategy that financial advisors can use to differentiate themselves and build stronger, more loyal client relationships.
In this episode, Rusty and Robyn talk with Andrew Rosenberger, Head of Custom Indexing at Orion. In this role, Andrew oversees the management and monitoring of all investments under Orion's custom indexing offering. He is focused on delivering tax-optimized solutions to help financial advisors build customized client portfolios, emphasizing tax efficiency and tax transitions. Before joining Orion, Andrew served as a Senior Portfolio Manager for Brinker Capital's Wealth Advisory Team, where he was responsible for portfolio management, strategy planning, and communication of multi-asset class portfolios for high net-worth clients and institutions.
Recognizing that custom indexing solutions are an effective means for financial advisors to solve clients' complex problems, Andrew talks about why custom indexing has gained popularity over the past few years, how it differs from other solutions, and why it works for investors.

Key Takeaways

[03:47] - A brief history of Andrew's career in wealth management.

[06:34] - How custom indexing differs from direct indexing.

[07:42] - What clients gain from custom indexing.

[11:16] - What makes tax harvesting a value-add for clients.

[13:34] - Why custom indexing isn't right for all investors.

[15:17] - A few examples of custom indexing being used successfully.

[18:47] - Why direct indexing has gained popularity over the past few years.

[22:14] - The biggest challenges direct indexing faces in the future.

[23:32] - What investors are most concerned about with custom indexing.

[24:51] - How custom indexing affects active management.

[26:36] - Andrew's favorite investment idea.

[30:00] - How Andrew maintains his ability to perform at a high level.

[32:30] - Andrew's recommendation for content.


Quotes
[19:28] - "Many asset managers left out of the ETF renaissance are looking at direct indexing as a way where they don't have to be just a commoditized ETF but can now add some value to a client." ~ Andrew Rosenberger
[25:22] - At Orion, we're trying to help change the narrative that custom indexing is just another version of an ETF that we have to compete against, but rather as a partnership." ~ Andrew Rosenberger
[26:23] - "As we continue evolving the custom indexing narrative, people will think of it more as a technology rather than a replacement or substitute for traditional active managers." ~ Andrew Rosenberger

Links 

Andrew Rosenberger on LinkedIn

Misirlou by Dick Dale

Brinker Capital

Stephen Wolfram

What Is ChatGPT Doing… and Why Does It Work?

Orion Custom Indexing


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0739-OPS-3/14/2023