Ep 357: Building A High-Tech High-Touch Advisory Firm With The Modern Advisor Tech Stack With Jon Henderson
Oct 31, 2023
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Jon Henderson, Founder and CIO of Echo45 Advisors, discusses his journey from managing $1 billion in assets at Merrill Lynch to creating a high-tech high-touch advisory firm. Topics include integrating technology with personalized service, pursuing blockchain and digital asset knowledge, and the benefits of a high-tech advisory firm.
Integrating technology and personalized service is crucial for providing an exceptional client experience.
Having a specialized niche allows for building strong relationships within a specific community.
Incorporating tools like Advisor Referral Boost, Asset Map, and FP Pathfinder enhances client communication and supports efficient planning.
Utilizing technology such as Redtail Speak, Calendly, and Holistiplan improves client communication, streamlines processes, and enables personalization.
Deep dives
Utilizing a carefully vetted tech stack and high touch service
John Henderson of Echo 45 Advisors discusses how he has curated his technology stack to provide a strong high tech client experience while pairing it with a client concierge staff member for high touch service. The combination of technology and personalized service is vital in meeting clients' needs.
The importance of a niche and evolving client service
John emphasizes the importance of having a niche and how it allowed him to build relationships within that community. He discusses the shift from a sole focus on investment management to a more comprehensive planning approach, which includes tax planning, estate planning, and crypto investing.
Effective tools and services for the advisory firm
John shares the tools and services incorporated into his advisory firm. He highlights Advisor Referral Boost for better vetted introductory meetings with centers of influence, Asset Map for visualizing clients' finances, and FP Pathfinder for guiding conversations on financial planning topics. These tools enhance client communication and support efficient and effective planning.
The role of technology in client communication and service
John discusses the use of technology to enhance client communication and service. He highlights the convenience of Redtail Speak for compliant texting, Calendly for efficient scheduling, and Holistiplan for integration of tax planning into client interactions. These technologies improve client communication, streamline processes, and allow for a high level of personalization.
The Challenges of Starting a Business Amid Market Turmoil
The podcast episode begins by discussing the challenges the speaker faced when launching their own advisory firm in February 2020, right as the COVID pandemic hit the markets. The timing made it difficult to attract clients and navigate the volatile market conditions.
The Benefits of Custom Indexing and Direct Indexing
The speaker highlights the benefits of offering custom indexing and direct indexing to clients. They explain how these strategies can provide tax loss harvesting opportunities and the ability to customize portfolios to align with clients' values and preferences.
Building a Comprehensive Technology Stack
The podcast episode explores the importance of having a comprehensive technology stack in an advisory firm. The speaker discusses the various tools and platforms they use, including a planning software, record-keeping platform, and a digital asset management solution.
The Focus on Client Service and Support
The speaker emphasizes the importance of client service and support in their firm. They discuss the role of a client concierge, who serves as a central point of contact for clients and handles administrative tasks. They also highlight the importance of treating all clients with equal respect and ensuring a high level of client satisfaction.
Jon Henderson is the Founder and CIO of Echo45 Advisors. Based in Walnut Creek, California, Echo45 Advisors oversees $163 million in assets under management for more than 180 client households. What sets Jon apart is his meticulous approach to integrating technology and personalized service, culminating in a finely-tuned advisor tech stack and a dedicated "Client Concierge" team member armed with a series of checklists to ensure unparalleled client experiences.
In this episode, we delve deep into Jon's journey, from his transition to his own firm after he left his more-than-$1 billion AUM team serving 420 clients at Merrill Lynch to his strategic use of technology. You'll learn about his "high tech and high touch" mindset as he expertly navigates the dynamic landscape of financial advisory and hear insights on his holistic perspective on delivering financial services in the modern age. From his pursuit of blockchain and digital asset knowledge to his unique amalgamation of cutting-edge software and personalized service, Jon's story is a testament to the coexistence of technology and human interaction in the realm of wealth management.
