Produced by the Investments & Wealth Institute, the goal of the Exceptional Advisor podcast series is to help financial professionals better serve their clients, differentiate themselves from the competition, and improve their ability to communicate the competencies that make them exceptional.
Retirement Trends and Challenges
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In this roundtable discussion, experts Anna Rappaport, Rob Austin, and Michael Doshier provide insights on key retirement issues including spending patterns, debt levels, housing costs, family support, and using products like annuities and reverse mortgages.
- Retiree spending declines on average 2% per year, but is often "lumpy" with large one-time expenses
- Housing represents the biggest expense for retirees, but many fail to incorporate home equity into financial plans
- More retirees carry debt and support adult children financially than in the past
- Annuities and reverse mortgages remain underutilized due to complexity, lack of advisor expertise
The experts emphasize the need for holistic planning that accounts for healthcare, housing, family obligations, and other qualitative factors - not just portfolio returns. They advise financial advisors to take an expansive view when working with retiree clients.
Transforming Wealth Management with Technology
Rashmi Badwe, COO of TIAA Wealth Management, discusses how technology like AI can enhance client service and the convergence of capabilities across financial domains.
What Financial Advisors Need To Know About 403(b) Retirement Plans
In episode 117 of the Exceptional Advisor Podcast guests Dan Otter and Scott Dauenhauer of 403bwise discuss the issues with 403(b) retirement plans commonly used by teachers and the opportunities for financial advisors to help teachers save adequately for retirement.
Why AI Poses a Mortal Threat to Financial Advisors
Bob Powell and David Alan Macchia discuss the implications of artificial intelligence (AI) for the financial advisory profession. Macchia highlights AI's potential advantages, such as cost-efficiency and a unique user experience, but also acknowledges its current limitations in providing accurate advice. He predicts the rise of "digital humans" that merge vast financial knowledge with a human-like interface. The conversation underscores the importance of trust in the advisory profession and debates whether AI can achieve a similar trust level. Both participants emphasize the need for human advisors to adapt and integrate AI into their practices to stay competitive in the future.
The Importance of Diverse Perspectives in Teamwork
In this podcast, content creator Shane Snow discusses the importance of diverse perspectives in teamwork. He shares insights from his book Dream Teams, which explores how cognitive diversity can lead to better decision-making and innovation.
Why Do People Hire Their Financial Advisor?
Danielle Labotka, a behavioral scientist with Morningstar, and Samantha Lamas, a senior behavioral researcher with Morningstar, discuss their latest research, "Why Do People Hire Their Financial Advisors?," which points to the importance of addressing a client’s emotional needs during beginning conversations. According to their research, how you explain your services can have an impact on a person’s hiring decision. And if you focus only on the cold, hard facts, you may be deterring some investors.
Great insights on the world of finance, wealth and retirement. I particularly like the episodes on behavioral finance. Would recommend this podcast to anyone in the financial industry.
So so performance from the host
“Um...ok”, the host said this probably 10 times in a 30 minute interview with Michael Kitces.