Mykolas Rambus, Co-Founder and CEO of Hush and Mike Langford discuss the scale of a high net worth client's digital footprint and the potential risks associated with it. They also talk about the creation of WealthX, a database of wealthy individuals, and how it led to the development of Hush, a tool that helps individuals protect their online privacy. The conversation covers topics such as cybersecurity, social engineering, and the risks posed by family members. The episode provides valuable insights and action items for financial advisors and their clients.

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Related To This Episode:

• Protecting Your Clients And Your Firm From Financial Fraud - Andrew Crowell of D.A. Davidson shared his perspective on protecting clients from financial fraud.
• Wealth-X - Mykolas and Mike mentioned Wealth-X multiple times in this episode.

Chapters

00:00 Introduction

02:44 The Scale of a High Net Worth Client's Digital Footprint

04:36 The Creation of WealthX and the Development of Hush

08:22 Finding Information and Building Dossiers

11:14 The Need for Hush and Protecting Online Privacy

17:20 Cybersecurity and Awareness for Financial Advisors

21:55 Risks Posed by Family Members and Precautions to Take

25:03 Conclusion and the Importance of Online Privacy

26:03 The Growing Threat of Extortion and Sex Extortion

28:01 The Rise of Sim Swapping and the Importance of Cell Phone Security

31:20 Protecting Personal Information with Hush

45:19 Advisors and Hush: Enhancing Security for High Net Worth Individuals

Larry Nisenson, Chief Commercial Officer at Assured Allies and Mike Langford discusses the need for financial advisors to have conversations about long-term care insurance with their clients. As Mike emphasizes in the episode's intro, the probability of clients needing long-term care is high, and the cost of securing long-term care is also high. Larry and Mike cover statistics on the need for long-term care, the challenges of discussing it with clients, and the importance of planning for long-term care in financial advice.

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Resources Mentioned In This Episode:

• "Is Your Home Ready to Age With You?" - Blog post on the Assured Allies with guidance on the steps your clients may need to take to ensure their house is ready to support their needs in the elder years.
• Modern Financial Advisor Podcast episode featuring Jay Zigmont of Childfree Wealth.
• goRIA with InvestmentNews - https://inpartners.investmentnews.com/goria/p/1
• Zvi Bodie's website. He was my favorite professor at Boston University.
• Agents.NeverStop.com - This is the site that Larry mentioned you should visit to learn more about Long-Term Care Insurance.

Chapters

00:00 The Need for Long-Term Care Insurance

03:45 The High Probability and Cost of Long-Term Care

09:22 Challenges of Discussing Long-Term Care with Clients

12:14 Including Long-Term Care Planning in Financial Advice

20:37 Building Relationships through Long-Term Care Conversations

26:06 Protecting Advisors from Potential Litigation

31:22 Planning for Long-Term Care

32:18 Aging in Place

40:29 Financial Tools for Long-Term Care Planning

49:00 Starting Early: Discussing Long-Term Care Options

52:25 Long-Term Care for Child-Free Clients

Tim Vorhoff, Vice President of CreoValo joins Mike Langford for an exploration of a growth strategy that many financial advisors are ignoring: helping private business owners sell their businesses to unlock their tied-up value. The conversation explores the opportunity for financial advisors to partner with investment banks to assist business owners in selling their companies. They discuss the scale of the opportunity, the average value of small businesses, and the importance of having conversations with business owner clients about their future plans for their businesses.

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Chapters

00:00 Introduction: Unlocking Tied-Up Value

02:25 The Opportunity for Financial Advisors

04:21 Partnering with Financial Advisors

09:31 Understanding the Scale of Small Businesses

17:45 The Benefits of Organizing a Competitive Process

23:23 Having Conversations with Business Owner Clients

25:19 Maximizing the Outcome of Selling a Business

35:27 The Importance of Succession Planning

41:34 Building Trust as a Resource for Business Owners