Tune in this week to learn more about Generative AI from Jason Pereira of Woodgate Financial. In particular, we will discuss how to counsel advisors on how to not let fear takeover when it comes to AI and how they can best implement AI-powered tools in their practice. In addition, we take a look at some of the unique risks that AI presents for the financial services industry, and beyond, as well as how we can best insulate ourselves and our practices from these risks.

Key Takeaways

• [05:22] - What got Jason interested in AI, and drew him in, originally?
• [06:16] - What are some of the reasons behind why some financial advisors are hesitant to adopt AI?
• [10:35] - What guidance would Jason give to advisors to not let their fear take over when it comes to AI?
• [13:28] - What other use cases, from an Assistive angle, does Jason see for AI in the financial services industry? Also, how does Jason see AI transforming the industry going forward?
• [20:23] - What can AI do, if anything, to deepen the level of personalization that advisors can implement for each of their clients?
• [27:27] - What are some of the downsides and risks of AI?
• [29:35] - Is there anything we can do as individuals, professionals or a society to insulate ourselves from the unique risks that AI presents?
• [35:56] - If Jason could give listeners one takeaway for how to start engaging with AI, what would it be?
• [37:08] - Should we be looking to other industries, and how they use AI, for inspiration?
• [40:13] - If Jason could snap his fingers and make it happen, what futuristic technology tool would he most wish for in the financial services industry?

Quote

[06:23] - "The one reason to be hesitant [about AI] is surrounding things like security and privacy. That should always be your first and foremost concern. I’ve seen advisors talk about things like ‘oh, I did this with my client’s information in ChatGPT.’ That’s an open protocol, that other parties have proven they can actually extract other peoples’ personal information from, so you should not be doing that flat out…If you are going to work with any kind of protocol…or any kind of AI, security has got to be a first and foremost, paramount concern especially when we are talking about client data." ~ Jason Pereira

Links

• Jason Pereira on LinkedIn
• Jason Pereira Website
• Woodgate Financial

Connect with Us

• Meet Natalie Wolfsen
• Meet Brian McLaughlin
• Check Out All of Orion’s Podcasts
• Power Your Growth with Orion

Compliance Code: 1066-OAT-4/30/2024

Tune in this week to learn more about innovation in BeFi from Orion's Chief Behavioral Officer, Dr. Daniel Crosby. In particular, learn why clients often overlook the value add of BeFi, how Orion integrates and embeds BeFi into the DNA of their tech, about Orion’s new tool “Pulse Check” and what the future of Behavioral Finance might hold.

Key Takeaways

• [08:08] - Statistics show that the majority of clients want a financial advisor “who gets them” and who has the same core values as them. Learn more about why this is and what we can do as advisors to achieve greater alignment with our clients.
• [13:55] - How has Dr. Crosby and the Behavioral Finance team at Orion helped meet the BeFi needs of their advisors?
• [18:21] - Where does Dr. Crosby get his ideas for Orion’s BeFi Tech integrations? Also, what is Orion’s new tool “Pulse Check” and what makes it such a unique offering?
• [20:02] - How do BeFi tools help us through moments that are geopolitically, or more broadly, tumultuous?
• [22:57] - How might advisors use Pulse Check in conversations with their clients?
• [30:22] - What theorists in the financial services space, or elsewhere, are really informing Dr. Crosby’s thinking at the moment?
• [35:27] - What is Dr. Crosby’s vision for Behavioral Finance in the industry going forward?

Quotes

[08:32] - "No one has done as much as Orion to integrate BeFi…nobody is doing it at the level that we are." ~ Dr. Daniel Crosby

[09:07] - "The integrated piece [of Behavioral Finance] is absolutely critical, and there are really two reasons why. The first reason is that we forget 90% of what we learn in three days if it’s not personalized, applied and integrated…The second piece is [that] people want Behavioral Finance, but they are not always asking for it." ~ Dr. Daniel Crosby

Links

• Meet Dr. Daniel Crosby
• Orion Advisor Academy
• Orion Behavioral Finance
• “Paranoid Android” by Radiohead
• BeFi20

Connect with Us

• Meet Natalie Wolfsen
• Meet Brian McLaughlin
• Check Out All of Orion’s Podcasts
• Power Your Growth with Orion

Compliance Code: 0725-OAT-3/25/2024

Many people increasingly recognize the importance of understanding their taxes thoroughly, not merely as an annual obligation but as a strategic tool for shaping their financial future. While tax planning is not intended to replace the comprehensive financial plan, it is a strategic piece to empower advisors to optimize their financial plan and fiscal outcomes.

In this episode, Ryan Donovan and George Svagera talk with Torie Happe, Head of Partnerships at Holistiplan, a tax planning software solution that helps financial planners drastically reduce the time it takes to provide tax planning for clients. With diverse work experience spanning multiple industries, Torie has extensive experience in the industry and is passionate about helping advisors leverage technology to provide better service to their clients.

Torie talks with George and Ryan about the future of financial planning and the role of tax planning in the overall planning process. Torie explains how Holistiplan empowers advisors and highlights the importance of tax planning in helping clients understand their taxes. She also emphasizes the need for advisors to choose technology strategically and not overwhelm themselves with too many options.

Key Takeaways

• [01:27] - Torie's background and journey in the financial planning industry.
• [08:02] - How Holistiplan empowers advisors in tax planning.
• [11:18] - How Holistiplan's tax planning process simplifies advisors' lives.
• [14:02] - Use cases of how tax planning adds value to advisors.
• [19:01] - How Holistiplan complements other financial technology firms.
• [20:03] - What advisors do wrong when it comes to technology.
• [25:28] - How Holistiplan integrates with other fintech companies.
• [31:07] - Torie's expectations for the coming year.

Quotes

[08:39] - "Tax planning is becoming really important for clients. They want to understand their taxes more, what they are paying for, why they are paying that, and what's going to happen with the following year." ~ Torie Happe

[10:29] - "Tax planning isn't going to replace your overall financial plan. It's just a tactical piece to add to that financial plan." ~ Torie Happe

[20:53] - "Advisors make huge mistakes when they feel they need to boil the ocean. Instead of looking inward and saying, 'This is my book of business, these are the clientele that I want to go after, and this is my goal at the end of the day, how does technology help me get there?' They are just like shiny new objects and pick every one item from each section. They pick too many." ~ Torie Happe

Links

• Torie Happe on LinkedIn
• Torie Happe on Twitter
• Holistiplan
• LPL Financial
• AXA
• Nitrogen Wealth
• Flyer Financial Technologies
• Onramp Invest
• eMoney Advisor
• MoneyGuidePro
• Asset-Map
• Michael Kitces
• Alison Susko

Connect with Us

• Meet Ryan Donovan and George Svagera
• Check Out All of Orion's Podcasts
• Power Your Growth with Orion

3312-OAT-12/15/2023