Share

cover art for Scaling Financial Advice 3.0 Featuring Michael Lecours

Rethink. Financial Advice

Scaling Financial Advice 3.0 Featuring Michael Lecours

Season 3, Ep. 52
Are financial advisors unknowingly committing malpractice?


How is our industry & profession changing? What can we learn from the medical field that will help us scale advice in a meaningful way? Join us as we chat with special guest Michael Lecours, a fellow advisor and co-founder of fpPathfinder to learn about what we're calling Financial Advice 3.0.


In this episode we discuss:


  • Bedside Manner and Malpractice, Doctors leaving the clamp in the body.  
  • Leveraging Processes despite our egos and familiarity with the job trying to get in the way
  • Scale - delegation requires process when the expert is busy
  • Showing our value in a competitive market/transparent at scale
  • Advisor 3.0-... An Aspirational shift
  • Financial Services 1.0. Agents and Reps: Solution sales with needs analysis
  • Financial Planning 2.0. Product led Financial Planners (sales enablement) and Advisers
  • Preventative Advice 3.0. Coaches and Collaboration, behavior, mindset, retainer, proactive
  • The shift to multiple review meetings to spread out the focus over time


Resources:


Connect With Adam Holt:



Connect With Derek Notman:

More episodes

View all episodes

  • 63. Are your estate documents in order? Featuring Cody Barbo

    39:29
    Are your and your clients estate planning documents in order?When was the last time you and your clients reviewed them? Upwards of 68% of Americans don’t have a will, yet we all are going to need one some day.  Whether you’re an advisor looking to expand your services and deepen your relationship with your clients, or you’re a consumer looking for a cutting-edge estate planning solution, this is an episode you won’t want to miss. Join us and serial entrepreneur and CEO and co-founder of Trust & Will, Cody Barbo, as we dive into all things estate planning.In this episode Cody, Adam and Derek chat about:The Full stack advisor - Advisors are uniquely positioned to help clients with all sorts of things including estate planningEstate planning is an Everybody problemWealth Transfer - a huge opportunity for estate planningExpanding your servicesDo advisors have their own estate planning done?When was the last time a client reviewed their estate planning they previously did?Can you help your younger clients with estate planning to get introduced to their older parents? The lack of education and good old procrastination - main reasons clients don’t have an estate plan.  And lots more!Resources:Follow Cody Barbo on LinkedInFollow Cody Barbo on X/TwitterCheck out the Trust & Will solution for Financial AdvisorsCheck out Trust & Will for consumersFollow RethinkFA on LinkedInListen to RethinkFA on YouTube PodcastsFind us on Digital Wealth NewsApply to be a guest on the RethinkFA Think TankConnect With Adam Holt:Schedule an Asset-Map DemoAsset-Map LinkedIn: Adam HoltFacebook: Asset-MapTwitter: Asset_MapConnect With Derek Notman:Schedule a Couplr DemoCouplrAILinkedIn: Derek NotmanLinkedIn: CouplrTwitter: Derek Notman
  • 62. Financial Advice in the convenience economy featuring Jamie Hopkins

    37:58
    What is the convenience economy and why should advisors care?  Advisors used to focus on the client experience but that has changed recently as the consumer is more concerned about convenience over experience. People love convenience, where it’s what movie to watch on Netflix or ordering a coffee on your phone, people want and seek out convenience in all aspects of their life. So naturally people will look for a convenient experience when it comes to their money. Join us as we explore this topic and many more with our friend, fellow REBL Dad, and industry expert Jamie Hopkins.In this episode Jamie, Adam and Derek chat about:Who’s going to come out ahead given the current convergence in our industry?Advisors are not unique. What are their differentiated services & value adds?3 Biggest needs the client is looking for: tax planning - Bill Harris (Ep. 59), estate planning with trust services, bank services)You need to know what your clients want & need.Wallet Share is not really known by advisors despite their confidenceConvenience economy over experience economyRIAs should not try to solve ALL problems/needs - do it, buy it, outsource itDigital assets conversation - value addAnd lots more!Resources:Follow Jamie Hopkins on LinkedInFollow Jamie Hopkins on X/TwitterCheck out Bryn Mawr Capital ManagementFollow RethinkFA on LinkedInListen to RethinkFA on YouTube PodcastsFind us on Digital Wealth NewsConnect With Adam Holt:Schedule an Asset-Map DemoAsset-Map LinkedIn: Adam HoltLinkedIn: Asset-MapFacebook: Asset-MapTwitter: Asset_MapConnect With Derek Notman:Schedule a Couplr DemoCouplrAILinkedIn: Derek NotmanLinkedIn: CouplrTwitter: Derek Notman
  • 61. The Struggles of Being a Dadpreneur

    44:27
    What is a REBL Dad? What are the struggles of being a dadpreneur? These are the questions that took an idea and turned it into an epic experience on Necker Island. Being a dad can be really challenging. Being an entrepreneur can also be really hard. Trying to balance being the best you can be at both is a whole different type of challenge.  In this episode we dive into what the REBL Dads community is, how it came to be, and the deep and meaningful experience shared by a group of dadpreneurs on Necker Island. There’s so much here, time to dive in!In this episode Adam and Derek chat about:What is a REBL Dad?How to balance being a great dad and entrepreneurThe Epidemic of fatherhood - given the remote nature of work from anywhere, people who want to be better leaders at home and work.Amazing takeaways and insights from a group of REBL DadsInsights from OG REBL Dad Sir Richard BransonAnd lots more!Resources:Following REBL Dads on LinkedInCheck out the REBL Dads websiteFollow RethinkFA on LinkedInListen to RethinkFA on YouTube PodcastsFind us on Digital Wealth NewsApply to be a guest on the RethinkFA Think TankConnect With Adam Holt:Schedule an Asset-Map DemoAsset-Map LinkedIn: Adam HoltLinkedIn: Asset-MapFacebook: Asset-MapTwitter: Asset_MapConnect With Derek Notman:Schedule a Couplr DemoCouplrAILinkedIn: Derek NotmanLinkedIn: CouplrTwitter: Derek Notman
  • 60. Do you have partners or vendors? Featuring Brad Johnson

    43:57
    Should financial advisors expect more from the vendors they partner with?  Advisors tend to be bombarded from vendors with all types of solutions, products, and so on, but are the vendors acting like a true partner to the advisor?  Join us as we explore this interesting topic with experienced industry veteran Brad Johnson to learn more about the difference between a vendor and partner and what advisors should be thinking about when it comes to who they end up working with.In this episode Brad, Adam and Derek chat about:How the Industry is focused on selling ingredients instead of productWhy deep partnerships cannot serve the masses (McDonalds vs Local High end Steak house)Why Advisors love the Industrialized model until they don’t - once they have personalized their firm, brand, offerings, etc. the FMO/Industrialized model is less attractive.Advisors are using a Do business Do Life values/mission to drive who they partner withThe definition of success for Financial Advisors is broken.  “Redline behavior burnout” is celebrated which is so messed up, an “entrepreneurial lie”And lots more!Resources:Follow Brad Johnson on LinkedInCheck out Brad’s Do Business Do Life podcastLearn more about Triad PartnersFollow RethinkFA on LinkedInListen to RethinkFA on YouTube PodcastsFind us on Digital Wealth NewsApply to be a guest on the RethinkFA Think TankConnect With Adam Holt:Schedule an Asset-Map DemoAsset-Map LinkedIn: Adam HoltLinkedIn: Asset-MapFacebook: Asset-MapTwitter: Asset_MapConnect With Derek Notman:Schedule a Couplr DemoCouplrAILinkedIn: Derek NotmanLinkedIn: CouplrTwitter: Derek Notman
  • 59. Insights from the former CEO of TurboTax, PayPal, and Personal Capital featuring Bill Harris

    43:16
    What can advisors learn from the former CEO of TurboTax, PayPal, and Personal Capital?For over 25 years Bill Harris has been at the intersection of money, taxes, and digital technology. As a pioneer in financial technology Bill brings unique and extensive insights into how technology is changing our interactions with money and what advisors, and their clients, should be thinking about. Bill provides invaluable insight into how technology can revolutionize the financial advisory industry. A key takeaway is that financial advisors should leverage technology to facilitate a greater human connection with their clients. Bill also unveils his new book, which simplifies tax strategy for investors. Join us for this one of a kind conversation!In this episode Bill, Adam and Derek chat about:How the industry is stuck in the past using outdated technologyThe entire business model can be revolutionizedReplacing manual intervention with technologyHow Advisors should be doing the things a client isn’t forced to doAdvocating for tech within your firm and actually using itChanging the pace of your practice with technologyA greater digital/virtual experienceBill’s new book, Investment Tax GuideResources:Follow Bill Harris on LinkedInFollow RethinkFA on LinkedInListen to RethinkFA on YouTube PodcastsFind us on Digital Wealth NewsApply to be a guest on the RethinkFA Think TankConnect With Adam Holt:Schedule an Asset-Map DemoAsset-Map LinkedIn: Adam HoltLinkedIn: Asset-MapConnect With Derek Notman:Schedule a Couplr DemoCouplrAILinkedIn: Derek NotmanLinkedIn: CouplrTwitter: Derek Notman
  • 58. Client Engagement Is the New Alpha Featuring Craig Martin

    37:48
    What’s the best way to add alpha to your practice?Is it tech? Your brand? Some special sauce? Or is it as simple as improving your client engagement experience? Join us as we chat with Craig Martin, Executive Managing Director, Global Head of Wealth & Lending Intelligence for the J.D. Power wealth management division to gain some very valuable insights into what he and his team are learning from their research driven data.In this episode Craig, Adam and Derek chat about:Evolving Financial Advice and Client ExperienceFinancial Advisors' Value Demonstration ChallengesTechnology's Role in Financial Advice EvolutionDigital Advice Preferred, Human Advice Still NeededTechnology's Impact on Financial Services Client InteractionsEnhancing Client Interactions: Tech and Communication StrategiesData-Driven Client Engagement StrategiesAnd actionable steps you can implement today!Resources:Connect with Craig Martin on LinkedInCheck out the J.D. Power Wealth Intelligence website and dataCheck out some interesting data from the AdviceTechLive/J.D. Power Advice 3.0 PresentationFollow RethinkFA on LinkedInListen to RethinkFA on YouTube PodcastsFind us on Digital Wealth NewsApply to be a guest on the RethinkFA Think TankConnect With Adam Holt:Schedule an Asset-Map DemoAsset-Map LinkedIn: Adam HoltLinkedIn: Asset-MapFacebook: Asset-MapTwitter: Asset_MapConnect With Derek Notman:Schedule a Call with DerekSchedule a Couplr DemoCouplr AILinkedIn: Derek NotmanLinkedIn: CouplrTwitter: Derek Notman
  • 57. The Age of Digital Intimacy featuring Jason Pereira

    42:58
    How digitally intimate are you with your potential and current clients?What kind of digital intimacy experience are you creating for them? Join us as we discuss this fun yet compelling topic with fellow advisor and fintech expert, Jason Pereira. We cover everything from how advisors should consider clients' preferences and needs to the importance of collaboration, the role of artificial intelligence, and adapting processes to meet evolving demands. Here we go!In this episode Jason, Adam and Derek chat about:Digital Engagement in Financial AdviceThe need for better digital engagement with clientsUsing diversification to reduce your earning risk, and conflicts of interest, as an advisorThe shift of advisors focusing on delivering expertise to that of delivering to meet the client's preferences and needsDigital Engagement: Transparent, Visual, EfficientThe Future of Financial Planning: Collaboration and AIDocumenting Processes and Modern Client ExperienceTrust, Alignment, and Digital Intimacy in Advisor-Client RelationshipsAnd more!Resources:Connect with Jason Pereira on LinkedInCheck out Jason on jasonpereira.caLearn more about the Advisor Tech ExpoFollow RethinkFA on LinkedInListen to RethinkFA on YouTube PodcastsFind us on Digital Wealth NewsApply to be a guest on the RethinkFA Think TankConnect With Adam Holt:Schedule an Asset-Map DemoAsset-Map LinkedIn: Adam HoltLinkedIn: Asset-MapFacebook: Asset-MapTwitter: Asset_MapConnect With Derek Notman:Schedule a Call with DerekSchedule a Couplr DemoCouplrLinkedIn: Derek NotmanLinkedIn: CouplrTwitter: Derek Notman
  • 56. Insights from an outsider turned industry insider featuring Eric McDermott

    39:24
    The outsider that became an insiderSometimes the best way to see what’s broken and figure out how to fix it is to take an outside looking inside approach. That’s just what our guest did when we left a long career in marketing to become a financial advisor. Let’s face it, it’s easy to put blinders on as a financial advisor given how much we have to learn while at the same time building our business, so it can be years before coming up for air only to realize that maybe there are things we can do better or differently. Join us as we unpack this and other Eric-ism’s in this fun and thought provoking episode.In this episode Eric, Adam and Derek chat about:Transplants from other industries see more clearlyTwo camps of biases both built around productsUsing diversification to reduce your earning risk, and conflicts of interest, as an advisorHow the Compensation issue can be solved by DiversificationHow the solopreneur is an endangered speciesBecoming compensation agnostic to be able to offer Financial Advice 1.0, 2.0, 3.0.And more!Resources:Connect with Eric McDermott on LinkedInCheck out Eric on Social via NēXTpectations®Follow RethinkFA on LinkedInListen to RethinkFA on YouTube PodcastsFind us on Digital Wealth NewsApply to be a guest on the RethinkFA Think TankConnect With Adam Holt:Schedule an Asset-Map DemoAsset-Map LinkedIn: Adam HoltLinkedIn: Asset-MapFacebook: Asset-MapTwitter: Asset_MapConnect With Derek Notman:Schedule a Call with DerekSchedule a Couplr DemoCouplrLinkedIn: Derek NotmanLinkedIn: CouplrTwitter: Derek Notman
  • 55. Is Goldman Sachs supporting independent advisors? Featuring Richard Lofgren

    38:19
    Who’s better equipped to serve clients; independent financial advisors or large established companies?With the recent sale of United Capital there’s been a lot of talk about what Goldman Sachs is focusing on. Turns out quite a bit including serving independent financial advisors. Join us as we chat with Goldman Sachs Managing Director and US Navy Captain Richard Lofgren to learn what they are doing to support advisors and what advisors should be thinking about to stay relevant and continue to grow.In this episode Richard, Adam and Derek chat about:Planning is critical for the marketAutomating to get speed to marketTech ignorance is a career warning lightTech still has no empathyGoldman Sachs as a Service (GSaaS)The similarities between military planning and financial planningThe enemy always gets a voteAnd more!Resources:Connect with Richard Lofgren on LinkedInFollow RethinkFA on LinkedInListen to RethinkFA on YouTube PodcastsFind us on Digital Wealth NewsApply to be a guest on the RethinkFA Think TankConnect With Adam Holt:Schedule an Asset-Map DemoAsset-Map LinkedIn: Adam HoltLinkedIn: Asset-MapFacebook: Asset-MapTwitter: Asset_MapConnect With Derek Notman:Schedule a Call with DerekSchedule a Couplr DemoCouplrLinkedIn: Derek NotmanLinkedIn: CouplrTwitter: Derek Notman

Comments