Philipp Hecker of Bento Engine - Advice Beyond Investing

May 30, 2023

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When it comes to wealth management, investment advice is just one piece of the puzzle. Financial advisors who focus on investing miss out on a key opportunity to provide comprehensive, holistic advice that can create real value for their clients. In fact, the importance of providing advice that goes beyond investing has been highlighted by recent research showing that many Americans are leaving significant amounts of money on the table by not optimizing their social security benefits.

In this episode, Rusty and Robyn talk with Philipp Hecker, Co-Founder and CEO of Bento Engine. Philipp is a Procter & Gamble trained Brand Manager, recovering BCG Consultant, and Wall Street veteran. He held several senior leadership positions at Deutsche Bank and J.P. Morgan. He is passionate about bringing better advice beyond investing to more American families and using technology to make human advisors more human more often.

Passionate about financial planning, behavioral finance, and teaching children about the important concepts of money and wealth, Philipp talks about what advisors need to know about advice beyond investing, why Americans need more advice than just investing, and what Bento's wealth program for children is all about.

Key Takeaways

[03:55] - Philipp's personal and professional background.
[06:36] - The why and how of Philipp's creation of the Bento Engine.
[09:15] - Why advisors should take their conversations beyond dollars and cents.
[14:49] - Bento Engine's programs for advisors.
[17:10] - The impact Bento Engine expects on its wealth and children's programs.
[19:47] - What drives the human side of giving advice?
[21:54] - How artificial intelligence could potentially impact financial advisors.
[23:44] - How Bento Engine provides holistic financial advice.
[28:13] - How Bento's technology and content help advisors increase engagement and client satisfaction.
[29:22] - Philipp's favorite investment idea.
[30:49] - How Philipp maintains his physical and mental health to perform at a high level.
[31:31] - The people Philipp is grateful for on a professional level.
[33:17] - Philip's recommendations for content.

Quotes

[10:12] - "Advisors have a unique opportunity to show how much they care by proactively advising clients and prospects on wealth management questions that create quantifiable after-tax value without necessarily having a solution or product to sell at the same point in time." ~ Philipp Hecker

[10:37] - "Leading with client-centric advice creates invaluable trust that matters greatly in any relationship." ~ Philipp Hecker

[11:57] - "Many Americans leave hard-earned social security benefit dollars on the table. The median lifetime benefit they leave on the table by making suboptimal decisions around social security benefit timing is a whopping $182,000. These are big opportunities where advisors can lead with advice and create real value for their clients." ~ Philipp Hecker

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1210-OPS-5/1/2023