“Your advice is not as good as you think.” - FinTech CEOs H.Adam Holt (Asset-Map) and Derek Notman (Conneqtor.co and Couplr.ai) have a unique debate on how we can rethink the advice profession even more. Do we have our titles right? Are 30-year retirement projections a righteous trick? Are financial professionals even listening? Join us for this fun, cheeky and insightful chat featuring Carl Richards’ insightful commentary on the state of the advice profession.
Carl, Adam & Derek discuss:
- How Carl got into the financial industry by mistake
- What is a real financial planner?
- The neverending alignment of your use of capital (time money energy and attention) with what’s important to your clients = real financial advice. Everything else is a righteous trick.
- Real financial advice is under no threat of fee compression or going away. Being more human = solution to perceived threat
- How to be curious longer to give better advice/solutions.
- Are your clients climbing the wrong ladder?
- And lots more!
A couple of key quotes:
“Financial planning has been overused and has been mis-valued to the technical and the mathematical value of projecting your life with some form of precision, which we know is not precise….It’s a nice guess. And it begs the question of How do we know if any of this advice is good advice?”
“As we all know, it’s about the journey, not the destination. As financial advisors, we have to make constant decisions, again and again and again, and sometimes the long-term plan is not relevant as episodic things happen in our lives…. So, the question is if financial planning unfortunately is being rooted in the technology idea of projections on Excel or the best planning tool out there, or is it in making long-term wellness decisions that serve the long-term goal.”
“My definition of the advice market, of what real financial advice means, is the never-ending alignment of someone’s use of capital (time, money, energy, and attention) with what is really important to them…Asset allocation or performance are just righteous tricks…Get to the Why questions underneath.”
Here is the link to this on-demand podcast episode: https://www.listennotes.com/podcasts/rethink-financial/does-your-advice-suck-xfXvKD7eimT/
With decades of real-world experience as veteran and actively practicing advisors and CFPs, they are rethinking what it takes to succeed as a financial advisor in the 21st century. Challenging the status quo, Holt and Notman examine practice management, technology, planning, products, delivery of advice, digital marketing, designations, compensation, licenses, types of advisors, mindset, and entrepreneurship – all thoroughly explored and debated. Starting, growing and running an advisory practice should no longer be done like it’s 1985. Notman and Holt ask the tough questions to get the answers no one else is telling you. Fresh, innovative, brutally honest, inspiring, tactical and a side of peaceful rebellion banter – just what you needed to learn something new and walk away with a smile.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
H. Adam Holt, CFP®️, ChFC®️
H. Adam Holt has been a financial advisor for over 25 years, during which he has helped build and manage his wealth management firm to over $1.2B in assets under management. Adam is known for his early adoption of technology to build trend-setting client experiences. This mindset led him to found Asset-Map, a financial technology firm dedicated to creating engaging visual communication tools used throughout the customer and advisor journey and now used by thousands of advisors worldwide and over 1M consumers.
Adam obtained his Bachelor of Science in Economics and Environmental Planning from Rutgers University in New Brunswick, an Executive MBA from Drexel University, a Certificate in Retirement Planning from Wharton School of Business at the University of Pennsylvania and is a Certified Holistic Financial Coach through Columbia University. Adam is a CERTIFIED FINANCIAL PLANNER® Practitioner and attended the American College where he earned his Chartered Financial Consultant® designation.