The Connected Advisor

Milemarker
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The Connected Advisor

The Connected Advisor is a podcast about bringing together the people and technology shaping the wealth management industry. Brought to you by Milemarker and Turncast.

  1. How to Attract Ultra-High-Net-Worth Clients with Jonathan Foster

    3 DAYS AGO

    How to Attract Ultra-High-Net-Worth Clients with Jonathan Foster

    Episode 071: Building a thriving business is about playing the long game—prioritizing sustainable value creation over fleeting, short-term wins. Organic growth strategies lie at the heart of this approach, leveraging the power of client referrals, collaborative partnerships, and the ability to craft compelling stories that resonate with clients. For advisors aiming to attract ultra-high-net-worth clients, focus on telling, not selling, and offer genuine value without the pressure of asking for referrals. In this episode, Kyle Van Pelt talks with Jonathan Foster, President adn CEO of Angeles Wealth Management. Jonathan is a senior leadership executive with experience in all three major wealth management channels: wirehouse, registered investment advisory, and independent representative marketplaces.  Kyle and Jonathan discuss the strategies and philosophies that drive long-term success in the RIA space. Jonathan shares the three ways to grow organically, how to attract ultra-high-net-worth clients, and the importance of long-term value creation. He also dives into the key factors driving RIA's valuation and the challenges of democratizing alternative investments. In this episode: [02:34] - Jonathan's money moment [03:54] - Founding Angeles Wealth Management [12:27] - Three ways to grow organically [15:44] - How to attract ultra-high-net-worth clients [18:19] - The importance of long-term value creation [22:31] - Leadership's role in nurturing team members' well-being and growth [26:06] - The challenges and rewards of entrepreneurship [27:47] - Key factors that drive the valuation of an RIA [30:38] - Flexibility and adaptability in business planning [36:16] - The future of the financial services industry [36:29] - Democratizing access to high-quality private investment [40:57] - John's Milemarker Minute Key Takeaways Building a successful business prioritizes long-term value creation over short-term gains. Organic growth strategies include referrals from happy clients, collaboration with colleagues, and hiring skilled storytellers. When attracting ultra-high-net-worth clients, it's important to "tell, don't sell" and focus on providing value rather than asking for referrals. Quotes [12:57] - "There are three ways that we've identified that could organically grow the business. The first is getting referrals from happy clients. The second one is being a good colleague with our sister company. The third way is hiring a good storyteller." ~Jonathan Foster [26:12] - "People always talk about the wins. They don't talk about the ones that didn't work. What you don't want to do is spend five or 10 years of your life on a bad idea." ~ Jonathan Foster [28:30] - "What makes a business valuable to own or valuable to sell is organic growth, high-quality people, and a high-quality process." ~ Jonathan Foster Links  Jonathan Foster on LinkedIn Angeles Investments E*Trade A Sense of Freedom Connect with our hosts Milemarker.co Kyle on LinkedIn Jud on LinkedIn Subscribe and stay in touch Apple Podcasts Spotify YouTube Produce game-changing content with Turncast Turncast helps your company grow by producing top-quality content and fostering transformative conversations. We specialize in content generation, podcasting, digital strategy, and audience growth for fintech and financial services companies. Learn more at Turncast.com.

    46 min
  2. Succession Planning and Growth Strategies with Thomas Carroll

    DEC 3

    Succession Planning and Growth Strategies with Thomas Carroll

    Episode 070: Succession planning and growth strategies are critical considerations for RIAs seeking long-term sustainability. As firms evolve and leadership transitions occur, a well-defined succession plan ensures smooth handover and business continuity. Succession plans, coupled with strategic growth initiatives and investing in the right technology, allow RIAs to deliver better client service, attract top talent and potential leaders, and provide more sophisticated services. In this episode, Kyle Van Pelt talks with Thomas Carroll, CEO & President of Homrich Berg. Thomas has an extensive background in wealth management, both as an advisor to clients and as a leader of client service organizations. Kyle and Thomas discuss the importance of a well-defined succession plan and growth strategies, how RIAs can effectively plan succession, and how investing in technology improves client and advisor experiences. Thomas also talks about the trend of advisors and clients migrating to RIAs and the value of maintaining a culture and service model while scaling. In this episode: [02:05] - Thomas' money moment [07:05] - Homrich Berg's 12-year succession plan [10:07] - How RIAs plan for succession [13:39] - The emotional aspects of leadership transition [16:03] - Why advisors and clients migrate to RIAs [19:38] - The "Goldilocks" size for RIAs [21:59] - Maintaining the "Goldilocks" phase while scaling [25:10] - Technology investments at Homrich Berg [28:35] - Homrich Berg's philosophy for growth [30:20] - Trends in wealth management [34:05] - Thomas' Milemarker Minute Key Takeaways A well-defined succession plan is important for a smooth leadership and equity transition in RIAs. Clients are becoming more sophisticated and seeking fee-only advisors who prioritize their best interests—a trend that’s driving growth for independent RIAs. The "Goldilocks" size for RIAs balances scale and client service. It is big enough to offer scale, resources, and technology investments, yet nimble and client-centric. Strategic growth can enhance client experience when combined with technology investments.  Optimizing core technology systems is more effective than acquiring multiple-point solutions. Quotes [17:08] - "The only revenue we make as a firm is providing advice to our clients. They're paying us for advice. And you're going to see more and more clients gravitate to that business model because it's inherently unconflicted. We do whatever is in the client's best interest." ~ Thomas Carroll [22:50] - "We're here to provide a comprehensive fiduciary wealth management experience in a fee-only way on a chassis of service, not a chassis of sales." ~ Thomas Carroll [28:35] - "Our goal was not to get bigger for bigger's sake. Our goal was to continue to deliver the client experience that we are committed to delivering in a fee-only construct with a service-oriented approach." ~ Thomas Carroll Links  Thomas Carroll on LinkedIn Homrich Berg Truist Bank Andy Berg TPG Capital Connect with our hosts Milemarker.co Kyle on LinkedIn Jud on LinkedIn Subscribe and stay in touch Apple Podcasts Spotify YouTube Produce game-changing content with Turncast Turncast helps your company grow by producing top-quality content and fostering transformative conversations. We specialize in content generation, podcasting, digital strategy, and audience growth for fintech and financial services companies. Learn more at Turncast.com.

    40 min
  3. Financial Therapy with Emily Millsap

    NOV 19

    Financial Therapy with Emily Millsap

    Episode 69: Our relationship with money is often influenced by personal experiences, cultural upbringing, and deeply rooted beliefs. These invisible drivers shape our financial habits, decision-making, and overall well-being. Financial therapists understand that money decisions aren't just about numbers and logic—they're about people. By recognizing clients' emotional and psychological responses to money, financial therapists create holistic plans that align with each person's values and goals. In this episode, Kyle Van Pelt talks with Emily Millsap, Manager of Financial Planning at Avantax Wealth Management. Early in her financial services career, Emily discovered her passion for behavioral finance and how our core money beliefs are deeply rooted in our generational wealth stories and personal experiences. Kyle and Emily talk about financial therapy and its role in holistic planning. They discuss the key differences between traditional financial advice and financial therapy and how a holistic approach can lead to more effective and sustainable outcomes. Emily also shares the process of managing a centralized planning desk and future trends in the industry. In this episode: [02:41] - Emily's money moment [05:10] - What is financial therapy? [08:09] - Differences between financial therapy and financial advice [11:37] - What it takes to run a successful centralized planning desk [13:35] - Bringing together financial therapy and holistic planning [19:41] - Integrating tax planning into financial therapy [22:52] - Keeping up-to-date with holistic planning [24:47] - Future trends in financial planning [27:23] - Milemarker Minute Key Takeaways Financial therapy is a holistic approach to financial planning that considers both the emotional and logical aspects of money management. Understanding clients' emotional responses to financial decisions is essential for providing effective advice. A centralized planning desk streamlines the process for advisors and clients, allowing for a more efficient and effective approach. Emerging trends in the industry include the growing importance of holistic planning, the increasing role of women in wealth management, and the need to navigate the growing availability of financial information. Quotes [08:18] - "Most of us in this industry are problem solvers and solution bringers. But I think we have to get to a point where we humanize financial planning in many ways. And it's not just about getting to the solution but answering the question for the client." ~ Emily Millsap [23:27] - "If we continue to silo our financial lives, which is a very important part of our lives, how do we know the different pieces are working together and that we've got the best pieces in place? I would love to get to a point where this doesn't have to be a question anymore because everyone is doing holistic [planning]." ~ Emily Millsap [24:28] - "If we stay as a team and keep learning as a foundational part of our culture and what we do together, then we will be better positioned to stay on top and continue building an environment where it's okay for any one team member to not know something at any point." ~ Emily Millsap Links  Emily Millsap on LinkedIn Avantax eMoney Advisor MoneyGuidePro RightCapital Think Again Connect with our hosts Milemarker.co Kyle on LinkedIn Jud on LinkedIn Subscribe and stay in touch Apple Podcasts Spotify YouTube Produce game-changing content with Turncast Turncast helps your company grow by producing top-quality content and fostering transformative conversations. We specialize in content generation, podcasting, digital strategy, and audience growth for fintech and financial services companies. Learn more at Turncast.com.

    32 min
  4. Strategic Marketing Techniques for Financial Advisors with Samantha Russell

    NOV 12

    Strategic Marketing Techniques for Financial Advisors with Samantha Russell

    Episode 068: Marketing is about providing value, building relationships, and earning trust. Financial advisors who want to stand out focus less on selling and more on serving. One of the most effective ways to do this is by creating content people want to engage with, whether blog posts, newsletters, social posts, podcasts, or videos. In this episode, Kyle Van Pelt talks with Samantha Russell, Chief Evangelist at FMG Suite. Samantha teaches financial advisors how to utilize digital marketing strategies to produce exponential growth through website development, content marketing, SEO, social media, and video. Her cutting-edge thought leadership is recognized throughout the financial services industry and led to her being named to Investment News 40 Under 40, ThinkAdvisor "Luminary" and Wealth Management Top Ten to Watch. Kyle and Samantha talk about strategic marketing techniques for financial advisors. They discuss the power of content marketing, the importance of consistency in the marketing process, and the impact of providing value beyond financial advice. In this episode: [03:10] - Samantha's money moment [05:47] - Samantha's transition from sales to marketing [08:24] - How marketing tactics have changed over time [11:34] - How new RIAs can stand out [16:02] - How to scale marketing efforts [20:07] - Choosing the right CRM [22:22] - Effective marketing strategies [25:25] - The power of in-person events [28:02] - Samantha's outlook on the future of the industry [35:21] - Milemarker Minute Key Takeaways An effective marketing strategy offers value first before asking for anything in return. Marketing takes time and consistent effort, but when done right, it can lead to a steady stream of qualified leads. Content marketing is a powerful tool for attracting and nurturing prospects. Hosting in-person events that offer value creates meaningful connections on a personal level. Quotes [06:39] - "One of the biggest ways any firm can become a trusted source, where someone will take the phone call or the sales meeting first, is to give something of value away before you ask. I always say give, give, give, then ask." ~ Samantha Russell [09:45] - "AI has completely changed the game of how people get information. SEO is probably the thing that's Wild West the most, more than anything else." ~ Samantha Russell [28:33] - "Content is going to become even crazier, and the tools that we use to service clients are going to become so hyper-productive. We are going to go back to thinking about experiences because so many other things are going to become commodities, and the experiences are going to become crucial." ~ Samantha Russell Links  Samantha Russell on LinkedIn FMG Suite Salesforce Wealthbox  Redtail Technology Rubin Miller Peltoma Capital Partners How to Talk So Kids Will Listen & Listen So Kids Will Talk Connect with our hosts Milemarker.co Kyle on LinkedIn Jud on LinkedIn Subscribe and stay in touch Apple Podcasts Spotify YouTube Produce game-changing content with Turncast Turncast helps your company grow by producing top-quality content and fostering transformative conversations. We specialize in content generation, podcasting, digital strategy, and audience growth for fintech and financial services companies. Learn more at Turncast.com.

    42 min
  5. Overcoming Cultural Shifts and Communication Barriers with Paula Nangle

    NOV 5

    Overcoming Cultural Shifts and Communication Barriers with Paula Nangle

    Episode 067: Effective communication is the bridge that connects financial experts with clients who may feel overwhelmed by financial jargon. Translating financial concepts into clear, relatable language closes the gap between technical knowledge and client understanding, laying the groundwork for successful partnerships and empowering clients to make better financial decisions. This week, Kyle Van Pelt talks with Paula Nangle, President and Senior Wealth Advisor at Marshall Financial. Paula focuses on instilling the values that have guided Marshall Financial for more than 40 years. She talks with Kyle about how she transitioned from pharmaceuticals to financial services, and her experiences navigating cultural shifts, overcoming communication barriers, and building meaningful client connections. Paula also dives into her passion for teaching financial planning concepts, and shares her take on the industry's future. In this episode: [02:42] - Paula's money moment [05:37] - From pharmaceuticals to financial services [09:18] - Teaching financial concepts [10:49] - Qualities to look for in financial advisors [14:05] - The gap between academic knowledge and practical experience [16:14] - Using data to make strategic decisions [20:30] - Providing career transition services to clients [24:57] - What it takes to grow a financial advisory firm [27:36] - Paula's Milemarker Minute Key Takeaways Effective communication, free from industry jargon, is essential for building trust and helping clients make smart decisions. Data and analytics are essential for running a successful financial advisory firm and making informed strategic decisions. Providing personalized financial advice and addressing clients' unique needs is a key differentiator for financial advisors. AI is a whole new ballgame in the future of financial services. Advisors need to leverage technology to enhance client experiences and improve efficiency. Quotes [12:55] - "The RIA has evolved where there are more enterprise firms. So, not everyone needs to be a salesman to be successful as a financial advisor." ~ Paula Nangle [16:40] - "Every year, we get a valuation of our company to know what it's worth. So, it's very data-driven, and it comes from a lot of different sources. Milemarker helps clients pull all that complex data together." ~ Paula Nangle [25:47] - "AI is a whole new ballgame. I don't think we're going to see the obsolescence of human financial advisors. I think clients are going to crave human connection even more, and I believe these tools will allow us to deliver a more personalized experience." ~ Paula Nangle Links  Paula Nangle on LinkedIn Marshall Financial Group NYU The Women Connect with our hosts Milemarker.co Kyle on LinkedIn Jud on LinkedIn Subscribe and stay in touch Apple Podcasts Spotify YouTube Produce game-changing content with Turncast Turncast helps your company grow by producing top-quality content and fostering transformative conversations. We specialize in content generation, podcasting, digital strategy, and audience growth for fintech and financial services companies. Learn more at Turncast.com.

    33 min
  6. Transforming Wealth Management through Alternatives with Dick Pfister

    OCT 29

    Transforming Wealth Management through Alternatives with Dick Pfister

    Episode 066: Traditional wealth management often focuses on stocks and bonds, potentially leaving investors vulnerable during market downturns. AlphaCore believes there's a better way. By marrying alternative investments and traditional asset classes, advisors can bridge the gap between traditional wealth planning and the world of alternatives. Breaking down barriers to alternative investments allows investors to diversify and build more resilient portfolios, enhance returns, and mitigate risks. In this episode, Kyle Van Pelt talks with Dick Pfister, CEO and Founder of AlphaCore Wealth Advisory. Dick has more than 25 years of experience in diversifying traditional portfolios with alternative strategies. Kyle and Dick talk about alternative investments and how AlphaCore democratizes access to these strategies. Dick also discusses the categories of alternative investments, the role of education in driving accessibility and adoption, upcoming trends in wealth management, and the importance of technology and artificial intelligence in the development of the industry. In this episode: [02:04] - Dick's money moment [06:39] - AlphaCore's mission [10:35] - The categories of alternative investments [13:45] - AlphaCore's organic growth strategies [16:37] - Business development and team structure [20:43] - Prioritizing culture fit during acquisitions [24:20] - Technology's role in scaling businesses [26:59] - Future trends in wealth management [29:29] - Future trends for alternative investments [31:26] - Dick’s Milemarker Minute Key Takeaways AlphaCore aims to democratize access to alternative investments to enable retail investors to build diversified and more resilient portfolios. Alternative investment adoption in retail wealth management is still in the early stages. Education for both advisors and clients is crucial for broader acceptance. The future of wealth management will likely see alternative investment become mainstream, and artificial intelligence will play a crucial role in their adoption. Quotes [09:34] - "Coming from the world of alternative strategies, I thought you should have stocks and bonds. But you should have this other instrument called alternatives. Let's make that the third leg of the stool, and that will give you the diversification needed to make it not only in bull markets but in bear markets when you don't have those opportunities in equities." ~ Dick Pfister [14:33] - "The number one value is, 'do what's right for the client.' And when you do what's right for the client, even if it's more expensive for you as a wealth advisor, more difficult, or operationally inefficient, you're going to get good organic growth because you're putting their interests first." ~ Dick Pfister [27:57] - "You have to make sure you're embracing artificial intelligence in a way you can utilize to help scale and be more efficient. That's going to become more and more a part of what we do. Not to replace but to enhance what we do." ~ Dick Pfister Links  Dick Pfister on LinkedIn AlphaCore Wealth Advisory CME Group Morgan Stanley Altegris iCapital CAIS Docusign CAIA Association The Obstacle Is the Way Connect with our hosts Milemarker.co Kyle on LinkedIn Jud on LinkedIn Subscribe and stay in touch Apple Podcasts Spotify YouTube Produce game-changing content with Turncast Turncast helps your company grow by producing top-quality content and fostering transformative conversations. We specialize in content generation, podcasting, digital strategy, and audience growth for fintech and financial services companies. Learn more at Turncast.com.

    36 min
  7. Building Relationships: The Role of COI Networks in Organic Growth with Seth Merrill

    OCT 22

    Building Relationships: The Role of COI Networks in Organic Growth with Seth Merrill

    Episode 065: In this episode, Kyle Van Pelt talks with Seth Merrill, Partner at The Norden Group. They discuss the challenges and strategies involved in scaling a financial advisory firm, the importance of building strong COI relationships, and the evolving landscape of the advisory industry. Seth shares his unique path into the industry, insights on building study groups with CPAs and attorneys, and the growth trajectory of The Norden Group, including onboarding 11 advisors and managing a team of 22 employees. They also explore the role of technology in managing growth, the balance between personal practice and firm management, and Seth's vision for the future of financial advisory. In this episode: [02:03] - Seth's money moment [06:47] - How Seth develops relationships with COIs [09:27] - The Norden Group's organic growth strategies [14:32] - The Norden Group's advisor acquisition [17:50] - What sets The Norden Group apart from other firms [21:24] - The Norden Group's recruitment and talent development practices [25:53] - The challenges of balancing client service with firm management [28:29] - The Norden Group's tech stack [31:17] - Seth's take on the future of the industry [35:11] - Seth's Milemarker Minute Key Takeaways Building strong relationships with COIs is a strategic organic growth channel for financial advisors. The Norden Group has focused on building deep relationships with COIs, like CPAs and legal teams, through study groups and collaborative efforts. Creating study groups as a platform for knowledge sharing, relationship building, and generating referrals is an effective growth strategy. Managing a growing firm is complex. It needs to balance client service with operational demands. Quotes [13:30] - "Our firm is really based on education, and we need to be better. We feel you can help us improve through the study group format." ~ Seth Merrill [31:34] - "At this point, one-man shops are going to be really difficult to continue to operate. So, it's going to become more paramount that you surround yourself with a team of competent people." ~ Seth Merrill [34:23] - "I truly feel we are in the relationship business, and that is our number one job. Most of the time, we are managing emotions and people. That's why we feel it's super important to treat the relationship and bring the party to the initial consultation." ~ Seth Merrill Links  Seth Merrill on LinkedIn The Norden Group Garen Winn TownSquare Capital Kurt Brown Wealthbox eMoney Advisor Holistiplan Nitrogen Unreasonable Hospitality Atomic Habits Connect with our hosts Milemarker.co Kyle on LinkedIn Jud on LinkedIn Subscribe and stay in touch Apple Podcasts Spotify YouTube Produce game-changing content with Turncast Turncast helps your company grow by producing top-quality content and fostering transformative conversations. We specialize in content generation, podcasting, digital strategy, and audience growth for fintech and financial services companies. Learn more at Turncast.com.

    40 min
  8. Delivering Reliable Value in Financial Services with Mark Weiskind

    OCT 15

    Delivering Reliable Value in Financial Services with Mark Weiskind

    Episode 064: Traditionally, value propositions are centered on beating the market and outperforming benchmarks. However, these factors often fail to deliver consistent and reliable results for investors. To address this challenge, Fairway Wealth Management aims to provide reliable results by focusing on factors investors can control. These include tax efficiency, cost management, and behavioral guidance. This week, Kyle talks with Mark Weiskind, Founding Partner and President at Fairway Wealth Management. Mark helped found the firm in 2002 to provide clients with world-class, high-touch, completely independent, and objective advice. Kyle and Mark discuss delivering reliable value, how smaller firms can provide comprehensive financial planning without joining big platforms or consolidators, and how technology is essential in streamlining processes and enhancing client experience. In this episode: [03:03] - Mark's money moment [07:02] - How Mark defines reliable value [10:20] - Tax alpha [16:11] - Fees and holistic advisory services [19:39] - How Fairway provides comprehensive service without joining big platforms [25:24] - The challenges of small boutique firms [31:55] - Mark's thoughts on the future of the RIA industry [35:29] - Mark's Milemarker Minute Key Takeaways Reliable value is built on factors that are controllable and consistent, such as tax efficiency, cost reduction, and behavioral guidance. Tax optimization is a key area where advisors can provide significant client value. Technology is a valuable tool but should be used strategically to enhance efficiency and client experience. Smaller firms can compete with big names in the industry by offering personalized service, building strong relationships, and investing in employee development. Quotes [07:07] - "For most firms in our industry, the value proposition is based on aspirational concepts and predictions and things investors and advisors don't have any control over. We focus on things that are controllable, where the value is reliable and consistent." ~ Mark Weiskind [21:16] - "I think the way to succeed is by being hands-on and really just serving the heck out of your clients. As a small boutique firm, if you can do that in an exceptional way, you can truly differentiate yourself as an advisor." ~ Mark Weiskind [26:04] - "One of the challenges of being a smaller firm is that we don't always spend enough time or don't have the resources to really focus on that tech stack. As more and more technologies emerge, it's hard to keep up." ~ Mark Weiskind Links  Mark Weiskind on LinkedIn Fairway Wealth Management Deloitte Connect with our hosts Milemarker.co Kyle on LinkedIn Jud on LinkedIn Subscribe and stay in touch Apple Podcasts Spotify YouTube Produce game-changing content with Turncast Turncast helps your company grow by producing top-quality content and fostering transformative conversations. We specialize in content generation, podcasting, digital strategy, and audience growth for fintech and financial services companies. Learn more at Turncast.com.

    41 min
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About

The Connected Advisor is a podcast about bringing together the people and technology shaping the wealth management industry. Brought to you by Milemarker and Turncast.

Information

  • Creator
    Milemarker
  • Years Active
    2023 - 2024
  • Episodes
    72
  • Rating
    Clean
  • Copyright
    Copyright © Milemarker Inc.
  • Show Website
    The Connected Advisor

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