BEACON STRATEGIES, LLC // NEWSLETTER // September 1, 2023
Navigating Complexity to Simplify Wealth Management, a Conversion with Aaron Klein
The most successful advisors know that the ever-evolving world of wealth management is a people-driven business. With investors entrusting their life savings to their advisors, strong relationships are key.
“Some of the most successful advisors that I’ve seen really innately understand that clients are hiring them to take over the important and the complex, to really guide them past the complexity into the simplicity,” he said during a conversation with Beacon Strategies’ Managing Partner Chip Kispert during a recent Beacon Flash podcast episode
Chip and Aaron explored what that might look like for today’s advisor, including the impact of digital transformation and the potential of generative AI to automate tasks and streamline workflows for financial advisors.
According to Aaron, it’s the technology providers’ responsibility to offer seamless workflow integrations that go beyond simple data exchange and single sign-on. And no matter how big Nitrogen gets, Aaron said, the team will keep pushing to deliver excellent solutions and focused innovation.
As he explained, “I think what is so critical for wealth management firms and for advisors is that they focus on making sure that they pick great technology partners, with best-of-breed solutions, where you have the ability to own your own data.”
Navigating Longevity for Your Clients’ Financial Futures – A Conversation with Frank McAleer
We’re living longer these days. And as life expectancies increase, the concept of longevity planning becomes an increasingly important part of advisory services.
The question is, do clients understand how important longevity planning is? As Frank McAleer, Senior Vice President Wealth Planning, Global Wealth Solutions at Raymond James, explains, it’s about helping clients to “navigate all the blind spots that they’re not thinking about when they do a financial plan; health care, aging in place, Medicare, safety of information, protection from elder fraud.”
In the latest Beacon Flash podcast episode, Frank and Beacon Strategies’ Managing Partner Chip Kispert discuss how longevity planning differs from traditional financial planning, the challenges it addresses, and the gap it fills.
Of course, longevity planning also presents challenges for advisors, and Frank explores how this new approach requires empathetic communication to resonate with clients. It’s about the importance of planning for the inevitable changes in life and guiding clients through the complexities of healthcare and caregiving, ultimately enhancing the client-advisor relationship.
“If you offer this to your clients, you will differentiate yourself from the competition,” says Frank. “There’s a real, real opportunity to do that, and most importantly, provide peace of mind for your clients.”
Tune in to this episode of the podcast to hear more from Frank and Chip about longevity planning, its impact on financial strategies, and the value it brings to both advisors and clients. Check out the full episode here.
Check out our 2023 Roundtable Schedule
Are the Regulators asking for more and more information about your vendors and how you are managing that risk? As the industry outsources systems to the cloud, regulators are demanding a robust annual review of your mission critical vendors that host your client’s personal and private information.
At Beacon, we have developed a Vendor Management Toolkit to help address these and other issues. Automated questionnaires and scoring of submissions couple with a repository to house the responses can assist in your next audit or exam. Click here to learn more.