Asset Allocation, Client Engagement, and Financial Wellness with Steve Zuschin

Oct 26, 2021

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In this episode, Jack talks with Steve Zuschin, Executive Vice President at LifeYield.

From years of experience in sales and finance management, Steve has mastered the art of client engagement and has a deep understanding of client needs and wants. Through technology and tools, he and his team at LifeYield create statistics that can help provide the best solutions for clients.

Steve talks with Jack about using tools to optimize asset allocation, engaging with clients efficiently for smooth coordination on assets, and getting better social security benefits

“Financial wellness is all about creating workflows. It's about leading people down a path, providing the level of information that's appropriate at the time, so you can almost think of it as leaving a trail of breadcrumbs where, maybe I can offer you some value to help you make a better decision or be more informed about when and how you file for social security. And at the same time, if you choose to, you can take it, go implement it and do that on your own.’” ~ Steve Zuschin

Main Takeaways

Even with solid aggregation of accounts from different custodians, coordination of information among them isn't necessarily assured. Getting insights from clients’ accounts and assets can create better outcomes (e.g. optimized asset allocation based on risk tolerance, reduced tax drag, etc).
Getting professional financial advice from many trusted advisors might create inefficiency. If this is the case, then the client's advisors must work together to gather valuable data, engage with the client, and achieve optimization in their accounts.
Using statistics from tools can also show if having your assets spread across multiple locations might be costing you. Achieving tax efficiency for two to three decades and maintaining a sustainable withdrawal rate for the client is the goal.
Defined contribution plans are beneficial in promoting financial wellness to the masses. This increases the number of people who push for social security benefits.

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