Category Archives: Uncategorized

Episode 227 – Inside a Century of Wealth Stewardship with Matt McCarte

August 26, 2024Advisorpedia, Finance, Industry Innovators, Power Your Advice, Uncategorized#Advisorpedia, #DougHeikkinen, #FamilyOffice, #FinancialAdvisors, #FinancialLiteracy, #GenerationalWealth, #Investors, #LegacyPlanning, #MattMCarte, #Pitcairn, #PowerYourAdvice, #WealthManagementJulia Smollen

Matt McCarte is the Managing Director and Head of Wealth Management of Pitcairn: a century-old family office located in suburban Philadelphia with $8.3 billion in assets under advisement.

In this episode, we explore Pitcairn’s approach to wealth management and the strategies behind guiding ultra-high net worth families in preserving their legacy.

Topics Discussed:

The history of Pitcairn and its century-old roots.
The unique shared single-family office model of Pitcairn, emphasizing holistic wealth management with services like investment advisory, estate planning, and family engagement.
The firm’s approach centered on educating families about financial literacy and preserving their legacy across generations, focusing on transparency and personalized estate planning.
Engaging the rising generation within families to ensure a smooth transition of wealth and values.
Pitcairn’s ownership structure, being owned by the Pitcairn family, employees, and a client family, which aligns the firm’s interests closely with those of its clients.
Hiring at Pitcairn focusing on finding employees with both technical expertise and high emotional intelligence, essential for building long-term, trusted relationships with clients.

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Pitcairn

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Episode 226 – How Hybrid RIAs Can Position Themselves for the Future and Attract Top Talent with Jeff Gonyo

August 16, 2024Advisorpedia, Finance, Industry Innovators, Power Your Advice, Uncategorized#Advisorpedia, #Culture, #DougHeikkinen, #Equity, #FinancialAdvisors, #Investors, #JeffGonyo, #PowerYourAdvice, #StewardPartnersJulia Smollen

Jeff Gonyo is the Senior Divisional President of Steward Partners Global Advisory. Steward Partners is an employee-owned, full-service partnership that caters to family, institutional, and multi-generational investors.

In this podcast, Jeff Gonyo discusses the shift to independent advisory models, entrepreneurial freedom, and the firm’s unique equity ownership structure that fosters growth and collaboration.

Also discussed:

The evolving landscape for financial advisors, highlighting the shift from traditional wirehouses to independent advisory models.
The focus Steward Partners has on helping advisors transition to independence with strong infrastructure support, allowing them to manage client assets in diverse ways.
How the firm offers a unique entrepreneurial environment where advisors can pursue creative marketing and business growth strategies, free from the constraints of large parent companies.
The flexible affiliation options Steward Partners provides, including W2 and 1099 models, catering to advisors’ varying needs and goals.
The firm emphasizes a culture of collaboration and alignment, fostering a supportive community where every member’s growth contributes to the overall success of the organization.
The significant growth Steward Partners is poised for, both organically and through acquisitions, with plans to double the size of the business in the coming years.

Resources:

Steward Partners

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Episode 225 – Engaging Clients Across Generations with Eliot Weissberg

August 12, 2024Advisorpedia, Finance, Industry Innovators, Power Your Advice, Uncategorized#Advisorpedia, #ClientRelationships, #EliotWeissberg, #FinancialAdvisors, #LongevityPlanning, #PowerYourAdvice, #SteveGresham, #TheInvestorsCenter, #WealthManagementJulia Smollen

Eliot Weissberg is the President of The Investors Center, a financial and longevity planning firm that guides clients to discover and leverage their capacity to live and age confidently.

In this podcast, Eliot and hosts, Steve Gresham and Suzanne Schmitt, discuss the importance of longevity planning in financial advising, with insights on building long-term client relationships and the practical strategies for engaging multiple generations in the planning process.

Topics discussed:

The evolution of Weissberg’s practice, focusing on longevity planning as a core aspect of his client service.
Building long-term relationships with clients, starting with a rigorous screening process to ensure compatibility and trust.
Eliot’s practice which prioritizes working with clients who are willing to delegate, as this allows his team to provide the best service by focusing on planning and execution.
Involving the entire family from the start, requiring both spouses to be present in initial meetings and gathering information about their family dynamics to better tailor their financial strategies.
How the financial success of the practice is closely monitored through various metrics, with a focus on profitability per client and efficient systematization of investment management tasks to free up time for deeper client relationships.
Eliot also shares his commitment to supporting his team, ensuring they benefit from the practice’s success, and highlights the importance of capacity management to maintain the high-quality service his clients expect.

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Eliot Weissberg, CFP® is a Branch Manager with Raymond James Financial Services and President of The Investors Center.

He can be reached at 860-677-8808 / 70 E Main St. Ste 5, Avon CT, 06001.

Securities offered through Raymond James Financial Services, Inc., member FINRA / SIPC.

Investment advisory services offered through Raymond James Financial Services Advisors, Inc.

The Investors Center is not a registered broker/dealer and is independent of Raymond James Financial Services.

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The Investors Center

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Episode 224 – Why Marketing is Crucial for Advisors Seeking Practice Growth with Greg Banasz

August 8, 2024Advisorpedia, Finance, Industry Innovators, Power Your Advice, Uncategorized#Advisorpedia, #Culture, #DougHeikkinen, #FinancialAdvisors, #Greg Banasz, #Investors, #Marketing, #PowerYourAdvice, #StewardPartnersJulia Smollen

Greg Banasz is the Managing Director, founding partner, and Chief Marketing Officer at Steward Partners. Steward Partners is an employee-owned, full-service partnership that caters to family, institutional, and multi-generational investors.

In this podcast, Greg and Doug discussed the key factors contributing to Steward Partners’ success, as well as customization and flexibility in creating effective marketing strategies for financial advisors.

Also discussed:

The focus Steward Partners has on independence, culture, and giving everyone a voice – the principles that have guided them for the past decade.
The firm’s growth from 12 people to 550, maintaining its core values and building a supportive culture.
Advisors at Steward Partners benefitting from customizable marketing resources, digital tools, and a strong online presence.
How marketing strategies should be tailored to individual advisor goals, whether it’s improving digital presence or engaging in media outreach.
The continuous evolution of Steward Partners, recently becoming a multi-chassis platform and incorporating next-gen digital tools for tracking and marketing.

Resources:

Steward Partners

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Episode 223 – HR’s Crucial Role of Cultivating a Strong and Enduring Company Culture with Kirstie Eustace

July 30, 2024Advisorpedia, Finance, Industry Innovators, Power Your Advice, Uncategorized#Advisorpedia, #Culture, #DougHeikkinen, #FinancialAdvisors, #HumanResources, #KirstieEustace, #Partnership, #PowerYourAdvice, #StewardPartnersJulia Smollen

Kirstie Eustace is the Chief Human Resource Officer at Steward Partners Global Advisory. Steward Partners is an employee-owned, full-service partnership that caters to family, institutional, and multi-generational investors.

In this podcast, Kirstie discusses the evolution of the HR profession, the crucial role of cultivating a strong and enduring company culture, and her personal experiences and growth within the firm.

Also discussed:

The transformation of HR from tactical to strategic, emphasizing its role in shaping organizational culture and leadership.
How she joined Steward Partners to take a bet on herself, finding the firm to be exactly as represented by its founders.
The evolution of Kirstie’s role from handling everything herself to leading a specialized team.
The importance of maintaining a strong company culture and ensuring it transcends throughout the organization.
The culture at Steward Partners, anchored in partnership and ownership, which has evolved but remains core.
Kirstie’s focus on the future of the firm, emphasizing growth, scalability, and preserving culture.

Resources:

Steward Partners

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Episode 222 – Inside the Decision to Become a Board Member of a Newly Developed Firm with Janet Robinson

July 23, 2024Advisorpedia, Finance, Industry Innovators, Power Your Advice, Uncategorized#Advisorpedia, #DougHeikkinen, #FinancialAdvisors, #Investors, #JanetRobinson, #Journalism, #PowerYourAdvice, #StewardPartners, #TheNewYorkTimesJulia Smollen

Janet Robinson is a Board Member for Steward Partners. Steward Partners is an employee-owned, full-service partnership that caters to family, institutional, and multi-generational investors.

In this podcast, Janet shares her journalistic background as CEO of The New York Times Company, highlighting the commitment to quality journalism and the importance of culture and values in a growing media company. She also explains what attracted her to Steward Partners, highlighting her desire to be part of a culture that prioritizes partnership and high performance.

Also discussed:

Janet’s career transitioning from a public school teacher to a media executive at The New York Times Company, driven by her passion for publishing, media, and digital formats.
The Times’ commitment to quality journalism and integrity which was both an attraction and a core value.
Challenges faced with the digital shift and introducing a pay model.
Concerns about declining media standards, stressing the importance of factual reporting and education.
Joining the Steward Partners board because of their unique business model and experienced leadership, valuing their culture of partnership and high performance.
How maintaining founding values and providing quality journalism are essential for media companies’ success in today’s world.

Resources:

Steward Partners

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Episode 221 – Global Markets: Why Japan and India Are Standing Out with Jeremy Schwartz

July 12, 2024Advisorpedia, Finance, Industry Innovators, Power Your Advice, Uncategorized#Advisorpedia, #DougHeikkinen, #FinancialAdvisors, #Hedge, #India, #InternationalMarkets, #Investors, #Japan, #JeremySchwartz, #PowerYourAdvice, #WisdomTreeJulia Smollen

WisdomTree works to create a better way to invest, offering a leading product range that offers access to an unparalleled selection of unique and smart exposures.

In this podcast, we are joined by Jeremy Schwartz, the Global Chief Investment Officer at WisdomTree. Jeremy and Doug discuss international investment opportunities, with a focus on the promising markets of Japan and India, and strategies to effectively navigate and hedge risks in these regions.

They also discussed:

Japan and India as promising markets, noting their favorable economic fundamentals and significant growth potential.
Japan is identified as a strong investment prospect due to the benefits of currency hedging, robust corporate governance, and dividend growth.
India stands out with its rapid economic expansion, large population, and pro-business reforms under Prime Minister Modi’s leadership.
Schwartz emphasizes the importance of currency hedging to mitigate the risks associated with fluctuating foreign currencies, which can significantly impact investment returns.
The pivotal role of technology in driving economic growth in India, especially in enhancing financial inclusion and efficiency.
Using ETFs like DXJ for Japan and EPI for India to effectively capture growth opportunities while managing associated risks

Resources:

WisdomTree

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Episode 220 – Model Portfolios for Modern Investing with Kunal Shah

July 8, 2024Advisorpedia, Finance, Industry Innovators, Power Your Advice, Uncategorized#Advisorpedia, #Alternatives, #Architect, #DougHeikkinen, #FinancialAdvisors, #iCapital, #KunalShah, #ModelPortfolios, #PowerYourAdviceJulia Smollen

Kunal Shah is the Managing Director and Head of Private Asset Research and Model Portfolios at the Global FinTech firm – iCapital.

In this podcast, Doug and Kunal explore the rising interest in alternative investments, emphasizing the importance of education, data-driven model portfolios, and technological advancements to simplify and optimize advisor investment strategies.

Topics discussed:

The abilities of alternative investments, citing their capabilities to provide lower correlation, enhanced returns, and different income sources compared to traditional public markets.
Educational barriers and structural challenges advisors face when incorporating alternative investments.
Introduction to a new model portfolio focusing on alternative investments, which provides guidance on allocation among different asset classes such as private equity, private credit, and real assets.
The development of the model portfolio which involved extensive data analysis, performance review, and optimization to ensure high risk-adjusted returns through a diversified and balanced approach.
The model portfolio availability on the iCapital marketplace for all advisors, with plans to introduce more portfolios targeting different outcomes and allowing for customization based on client needs.
How model portfolios simplify the integration of alternative investments, helping advisors meet client demands, diversify portfolios, and potentially attract more clients.
Upcoming technology enhancements, including a multi-investment workflow, and the launch of the new portfolio analytics solution, Architect, aimed at making the investment process more efficient and seamless for advisors.

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iCapital

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Episode 219 – The Impact of Digital Innovation and the Future of Fintech with Mohan Gurupackiam

July 1, 2024Advisorpedia, Finance, Industry Innovators, Power Your Advice, Uncategorized#Advisorpedia, #DougHeikkinen, #FinancialAdvisors, #fintech, #Investors, #MohanGurupackiam, #PowerYourAdvice, #StewardPartners, #TechnologyJulia Smollen

Mohan Gurupackiam is the Chief Information Officer at Steward Partners Global Advisory: an employee-owned, full-service partnership that caters to family, institutional, and multigenerational investors.

In this podcast, Doug and Mohan discuss the latest technological advancements in the financial industry, talking through the impact of digital innovation and the future of fintech.

Topics discussed:

Mohan’s extensive 25-year career in the finance industry, including roles at E-Trade, Cetera, and AssetMark.
The significant technological advancements in the financial industry, such as the rise of FinTech and the shift towards a paperless office.
Tailoring technology solutions to meet the unique needs of individual advisors rather than adopting a one-size-fits-all approach.
The potential of artificial intelligence to enhance efficiency in areas like client meetings, portfolio construction, and investment management.
How technology benefits investors by improving efficiencies and enabling more sophisticated investment management and seamless interactions.
Gurupackiam praises the collaborative and partnership-driven culture at Steward Partners, which fosters open and respectful conversations and includes everyone as a partner.
The critical importance of cybersecurity infrastructure in protecting firm data and assets from increasing cyber threats.

Resources:

Steward Partners

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Episode 218 – Identifying Advisor Pain Points with Adam Holt

June 27, 2024Advisorpedia, Finance, Industry Innovators, Power Your Advice, Uncategorized#AdamHolt, #Advisorpedia, #AssetMap, #FinancialAdvisors, #Holistic, #Investors, #PowerYourAdvice, #SurveyJulia Smollen

Adam Holt is the CEO and Founder of Asset Map, a platform providing interactive financial overviews for informed and empowered decision-making.

Asset Map surveyed 175 advisors on challenges like accessing next-gen clients, the role of technology, and the industry’s current state. On this episode, Adam breaks down the data and offers his insights into their future impact on advisors and the industry.

Topics discussed:

The need for financial advisors to improve communication and demonstrate their value to younger generations, who often mistrust or do not understand the benefits of financial advising.
Leveraging technology and modern tools to enhance client engagement and financial literacy, aligning with evolving client expectations.
AI’s potential impact on the financial services industry with a focus on how it could transform tasks like communication, workflow management, and possibly even the advisor-client dynamic.
Asset Map’s integration with Holistiplan, a tool that helps advisors quickly analyze tax returns, enhancing the platform’s capability to offer comprehensive financial insights on a single screen.
Asset Map’s strategic vision to provide a holistic view of clients’ financial situations by layering various types of data, enabling more interactive and insightful financial planning sessions.