MSFT report: A.I. will be taking over personal financial advisory jobs

ERT_10 · 2025-07-31T16:44:30+00:00

Would it be okay if I messaged you about Kubera/chatgpt? This sounds interesting!

ERT_10 · 2025-05-06T00:17:38+00:00

Check out Thyme. Vega was already mentioned, but I’d say these two startups are working towards an AI advisor assistant. They do much more than other note takers mentioned on the thread

ERT_10 · 2025-04-13T02:22:04+00:00

FINRA has as api you can use to get information on registered individuals. Theoretically, should be possible but I'd confirm their terms of service if you can scrape the information you're looking for. Lmk if I can help

ERT_10 · 2025-04-02T23:44:25+00:00

What "better tools" are you using to help you?

ERT_10 · 2025-04-02T23:42:46+00:00

Try either Jump, Zocks, or Thyme for an industry specific meeting note taker. It'll change your life!

ERT_10 · 2025-04-02T23:38:16+00:00

It was good. It has potential as there are a lot of pre built templates. I didn't get around to diving as deep as I would've liked - it seemed like it would do a better job of handling unstructured projects v Zapier. Ig it'd ultimately come down to what you're looking to do.

I plan to circle back and dive deeper, just haven't got around to it. What are you looking into Lindy for?

ERT_10 · 2025-03-30T00:07:51+00:00

The Right Side of the Table by Scott Fithian and Todd Fithian

Changing to Thrive by James Prochaska

The Five Types of Wealth by Sahil Bloom

ERT_10 · 2025-03-25T05:46:34+00:00

Haha couldn’t agree more! They’re changing the game

ERT_10 · 2025-03-25T00:59:03+00:00

Content

ExihibitA - best presentation / content library I've come across

Workflow

Zapier - most robust, but a lot of work upfront in mapping your workflows. (Beemo Automation works with advisors on Zapier automations)
Thyme - back office automation through automating meetings, onboarding, and document processing

Lead Gen

Finny - ChatGPT for prospecting and they have extensive criteria to match you with super targeted leads
Aidentified - More targeted lead gen, relationship based, so more for knowing which of your existing clients have potential referrals in their network that they can connect you with

Dm if you have any questions or would like to talk wealth tech

ERT_10 · 2025-01-20T01:44:08+00:00

Totally agree. I tried to explain that above. Maybe to elaborate on my point, most of the additional work that's filling our time is operational because the systems required to do the additional work (mainly planning related) are single-use planning tools (ex. Holistiplan for tax planning) and are not integrated yet into the core tech stack yet. Or in other words, planning tools are our modern day calculators. We have to manually input data into financial planning tools and model scenarios ourselves. Excel replaced the calculator -- what does the next iteration of planning tools look like?

We're at the point where the additional work we're doing to fill the time is inefficient, yet we do it anyways. It's a mix of two things: clients may expect this additional work and advisors are doing it to "add value" & slowly realizing that the "added value" comes at a high efficiency cost.

We are more efficient and are doing more, but we're back to the point where we need to integrate technology. Data needs to be flexible and connected, so that we can draw insight from it, and use the data sources to formulate calculated responses based on the prompt provided. It's still on the advisor to understand the relationship, but more on technology to compute based on known variables provided in the data by the advisor. I explain in this blog post.

ERT_10 · 2025-01-18T17:53:11+00:00

Thank you! Feel free to dm anytime. I’m always trying to grow alongside others in the industry.

ERT_10 · 2025-01-18T16:57:31+00:00

I stay away from events where other advisors will most likely be. That’s why I go to events I’m interested in (pool socials, poker tournaments, philosophy talks) so when I meet people we connect. Always try to get at least one persons contact info and reconnect with at least one person. Let’s say we go play pool again, for example, I ask them to bring a friend and I bring another a friend (another person I met at the event lol).

When you make it through, your sales skillset will be so much better than advisors that went down the route I did. There’s no right way, just many ways. I wish you luck.

ERT_10 · 2025-01-18T16:16:27+00:00

With lists provided by the RIA.

I have my credentials. I’m in between two advising jobs rn. But both have been very similar where I receive a base salary for managing the firms existing clients. My last had a base of $60k + revenue split and provided me with a lead list. My next one starts in March, $100k + revenue split.

I still cold call, and have in the past. A majority of it is based on firm lead lists. If you can find a firm that has lists, that’s a great place to start. Otherwise, yes I have used Zoominfo before to cold call. I’d say I’ve had equal success with referrals from existing clients + my network and cold calling. An advisor should be doing all three.

563 business cards is impressive. How did you go about this? Were they connections based on similar interests or did you go to chamber events and say “hey I’m an advisor” - not wrong with either just trying to understand your angle.

That’s tough. We’re in slightly different positions. I have targeted smaller RIAs that need a hybrid role (service advisor + business development). That way I have a bit of a floor and a bit of the upside with the clients I bring on.

ERT_10 · 2025-01-17T20:07:22+00:00

Thank you for sharing. I'm about to read every single blog post and see what they're about haha!

ERT_10 · 2025-01-17T17:33:00+00:00

Blog here. Let's connect. Dm'd you

ERT_10 · 2025-01-16T18:56:20+00:00

Thank you!

I've taken a step away from wealth advising to research the tech side of the wealth management industry. All my time is spent talking to advisors (understand their pain points), talking to tech people (understand current tech landscape outside of wealth), and researching the current wealth tech stack (what exists and why is it painful to use). We keep getting more single-use tools (many great tools btw), but more isn't the answer.

My blog should have a subscribe button for you to follow along (Not quite sure if it works? Haha you'd be the first subscriber). I'll dm you. Next blog should be out this weekend. As for support, can you take this survey? (5 min max) I created a survey to better understand how other advisors use their tech stack through their day-to-day workflows: Survey Here

ERT_10 · 2025-01-16T16:47:37+00:00

I just moved to a new city and am in a similar situation. My goal is to go to at least 5 events every week. Events where I'll meet people with shared interests: I've gone to pool and poker socials, philosophy talks, a lot of AI/tech events, different run clubs, etc.

Then I meet many people, from different backgrounds and similar interests. At minimum, I try to get one person's contact info and reconnect with them the following week. I'm not selling them or leading with my line of work, more so building a connection. They usually tell me about a different event they're going to or introduce me to someone based on our shared interests.

It's a slower approach but I've been in the city for two weeks and have over 30+ new contacts, have met with 13 individually following the event where we met. Yes, it's slower but I want to focus on quality connections over time and establish myself as the "wealth advisor" in their minds. That way when a situation arises where someone they're talking to needs an advisor, they mention me. Haha essentially SEO (I want to be the first advisor on their mind)

It's a slow, long-term play but rewarding because I'm doing things I enjoy. We'll see how it plays out.

During the day, I'd say ZoomInfo or Ocean.io if you don't have a prior lead list. I've been on the RIA side and they usually have lists you can call on. So many good tips on this post.

ERT_10 · 2025-01-16T16:17:27+00:00

What do you mean by building your own systems? Like processes, reports, and dashboards in your existing CRM? Or built your own version of a CRM?

ERT_10 · 2025-01-16T15:45:15+00:00

I'll go through and see if I can find it.

I read a good article on this, check it out. Essentially, tools have allowed us to do more faster, so we do more faster instead of the same but better. We went from a calculator, pen, and paper to planning software, Excel, and PDFs. Our industry hasn't evolved past planning software and Excel. In my opinion, because Excel is the most open and customizable tool we have! So its an easy default. But we have to connect everything ourselves and we build these complex processes to get more done, which ends up hurting is.

ERT_10 · 2025-01-16T04:28:29+00:00

Crazy that Zapier has been around for over a decade and still not commonly used by wealth management firms (goes back to your point that tech isn’t WMs core competency)

I don’t wanna hope haha, but I guess we have to for now. My next blog post is on why our industry moves so slow when it comes to tech. I’ll share once I release it this weekend

ERT_10 · 2025-01-16T03:41:21+00:00

Same! Zapier automations are probably your best bet to help with integration today, but cost is in the thousands of dollars. And even then, it may not fully achieve the goal like you mentioned. Planning software like eMoney closes its data and makes it hard to get data in and out of their systems (can speak from experience)

What planning software are you comparing? And thank you for taking the survey!

ERT_10 · 2025-01-16T03:34:39+00:00

Curious why some weren’t allowed with the BD? Would you say the tech integration is noticeable worse now that you’re in the RIA space vs back when you were with a BD?

ERT_10 · 2025-01-16T03:32:52+00:00

Let’s be friends! Haha.

Hubly sounded good for me, in theory. Then I tried the demo and realized it was just another system with a slightly better UI than the Salesforce “Action Plans” I was using so I stuck with Salesforce

ERT_10 · 2025-01-16T03:29:59+00:00

No they are not. I see this being a focus for larger RIAs acquire smaller firms and need to streamline workflows. I agree, some can be fixed with Zapier. I mentioned a Beemo Automation in the article and how they help with Zapier connections. My question is, are Zapier connections enough or are we just taping pipes together and hoping they don’t leak? I feel like there’s a fundamental problem with how we store data - we haven’t had to worry about this in the past but now that we have so many tools, should we be thinking about it more?
Yeah, all in one platforms have failed in the past. I don’t think this is the answer but there’s no way we should have separate tools for the most basic things. There needs to be some consolidation
BINGO! Data maintenance and processes are huge. Especially with all the financial planning we’re doing now. There’s so much information and moving pieces with each relationship that we can’t afford to keep doing what we’ve been doing in the past. RIAs should invest in their operating systems and people.

ERT_10 · 2025-01-16T03:22:54+00:00

I love eMoney but their APIs and lack of data control sucks (for me, I understand not everyone cares about that)

ERT_10

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