Financial Advisors Who Embrace New Business Models and Adopt AI Today Will Be The Last Ones Standing
Description
In this episode of the Modern Financial Advisor Podcast, host Mike Langford engages in a thought-provoking conversation with Steve Lockshin, founder of AdvicePeriod and Vanilla Technologies.
Steve shares insights on the shortcomings of the traditional AUM model, the rise of AI in financial advising, and the potential of technology to revolutionize the industry. They discuss estate planning, the importance of serving high net worth clients, and practical applications of AI and tokenization. Steve also opens up about his personal life, including his passion for wake surfing as a morning routine.
Join us for a deep dive into the future of financial advising and what advisors should do to stay ahead.
Chapters:
00:00 Introduction and Personal Anecdote
01:20 Welcome to the Modern Financial Advisor Podcast
01:25 Guest Introduction: Steve Lockshin
03:00 Morning Routine: Wake Surfing
06:47 The Importance of Estate Planning
13:46 Vanilla: Revolutionizing Estate Planning
20:06 Challenges in the Financial Advisory Industry
26:58 The AUM Model: Pros and Cons
32:42 The Importance of Fee Negotiation
33:25 Client Scenarios and Advisor Conflicts
34:44 Structuring Advisory Fees
35:26 Fee Calculators and Transparency
36:46 Client Shopping Behavior
40:46 AI and Tokenization in Wealth Management
48:33 The Future of Financial Advisory
50:20 Advisors Adapting to Technological Changes
58:03 Final Thoughts and Advice for Advisors
United States
