{"id":22836,"date":"2024-11-27T22:45:00","date_gmt":"2024-11-27T22:45:00","guid":{"rendered":"http:\/\/www.thinkadvisor.com\/2024\/11\/27\/integrated-partners-ceo-sees-exciting-years-ahead-for-rias\/"},"modified":"2024-11-27T22:45:00","modified_gmt":"2024-11-27T22:45:00","slug":"integrated-partners-ceo-sees-exciting-years-ahead-for-rias","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2024\/11\/27\/integrated-partners-ceo-sees-exciting-years-ahead-for-rias\/","title":{"rendered":"Integrated Partners CEO Sees ‘Exciting’ Years Ahead for RIAs"},"content":{"rendered":"
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It depends. At the very beginning, we go through a bit of a diagnostic process where we look at everything they\u2019re doing.<\/p>\n<\/div>\n

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When we point out they\u2019re not doing the best they can possibly do for themselves and their families, they quickly become serious and want to learn more.<\/p>\n<\/div>\n

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What\u2019s key in coaching your advisors?<\/b><\/p>\n<\/div>\n

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When advisors walk in the door trying to present something without understanding exactly where the client is [in their lives], they\u2019re in a tough spot.<\/p>\n<\/div>\n

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Our process is all about understanding and diagnosing their current situation.<\/p>\n<\/div>\n

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A concept I use is the \u201ccomplexity curve.\u201d Clients have two levels of complexity: One is that their finances get more complex over time.<\/p>\n<\/div>\n

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The other is that so do their personal lives: Their children marry; and then they have grandchildren.<\/p>\n<\/div>\n

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We\u2019re most impactful and can make a big difference when their personal lives become more complex.<\/p>\n<\/div>\n

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What prompted you to launch the CPA Alliance?<\/b><\/p>\n<\/div>\n

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I was a financial advisor with Cigna Financial Advisors and working inside the wirehouse community [Morgan Stanley, Dean Witter, Smith Barney]. Advisors would bring me in to do all the planning for their wealthiest clients.<\/p>\n<\/div>\n

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The only challenge was that we couldn\u2019t manage the money. After we did the planning, the assets [stayed with] the wirehouse advisors.<\/p>\n<\/div>\n

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1996 was the first year that accounting firms in Massachusetts could share in revenue, with the approval of their clients. We were one of the first to dig into that.<\/p>\n<\/div>\n

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I saw the opportunity to do the same kind of financial planning with wealthy clients that I was doing at the wirehouses but also manage the assets. So I started my own firm and the CPA Alliance Program.<\/p>\n<\/div>\n

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What is the biggest challenge for financial advisors today?<\/b><\/p>\n<\/div>\n

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Understanding where they are along the continuum of the business life stages.<\/p>\n<\/div>\n

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The industry has advisors who are five to 10 years away from potentially retiring or selling their practice.<\/p>\n<\/div>\n

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So in coaching our advisors, I spend a lot of time talking about where they are and what they should be looking at going forward and making plans accordingly.<\/p>\n<\/div>\n

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Speaking of going forward, what are your thoughts about artificial intelligence in the advisory space?<\/b><\/p>\n<\/div>\n

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As a firm, we\u2019re embracing AI. At the end of this year and through next year, we\u2019ll be introducing the advisors to a new technology platform fueled by AI capabilities.<\/p>\n<\/div>\n

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We want to be at the forefront of AI integration in financial services. We\u2019re trying to think about the possibilities of using AI and then building our technology [to meet those needs].<\/p>\n<\/div>\n

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What\u2019s an example of how your advisors are using AI now?<\/b><\/p>\n<\/div>\n

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It\u2019s helping them answer questions on our tech platform, such as those around financial planning or running their practices more efficiently.<\/p>\n<\/div>\n

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Instead of having to search for the answers, our internal AI structure is there to help guide them along the way. It\u2019s been very popular.<\/p>\n<\/div>\n

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On what do you train your AI technology? That is, where do those answers come from?<\/b><\/p>\n<\/div>\n

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They\u2019re from our team. We\u2019re being very careful.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

It depends. At the very beginning, we go through a bit of a diagnostic process where we look at everything they\u2019re doing. When we point out they\u2019re not doing the best they can possibly...<\/p>\n","protected":false},"author":1,"featured_media":22837,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[1],"jetpack_featured_media_url":"https:\/\/blog.lifeinsurance-orleans.ca\/wp-content\/uploads\/2024\/11\/integrated-partners-ceo-sees-exciting-years-ahead-for-rias.jpg","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/22836"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=22836"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/22836\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media\/22837"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=22836"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=22836"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=22836"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}