Barron's Advisor

Doug Messina, a seasoned private wealth advisor with over 20 years in investment management, emphasizes the power of authenticity in client relationships. He discusses the transition from transactional brokerage to holistic financial planning, advocating for simplicity in investments. Doug shares invaluable advice for new advisors, highlighting the importance of empathy and personal connections. He also illustrates how well-structured plans can enable significant life changes, like relocating for a job, and underscores that strong relationships can weather market volatility.

Sanctuary Wealth's chief investment strategist expects a “'reset year” with more modest gains, favoring growth over value and large-cap stocks over small-caps. Host: Greg Bartalos. Learn more about your ad choices. Visit megaphone.fm/adchoices

Troy Nelson, a seasoned Edward Jones private wealth advisor, shares his inspiring journey of overcoming a decade of personal trauma and burnout. He emphasizes how personal growth is essential for effective leadership, using a tree metaphor to illustrate resilience. Troy recounts his life-changing silent retreat and sabbatical, which reignited his passion for work and empathy for clients. He also discusses the innovative family-tree pricing model to help new-to-wealth clients and the importance of vulnerability in building authentic relationships.

Tony Carpentieri, a private wealth advisor at Merrill Lynch, discusses the journey into wealth management inspired by family influences. He emphasizes the need for a clear value proposition and a strong culture within teams. Carpentieri highlights the demands of today's clients for immediacy and intelligence, while predicting that AI will serve as a supportive tool for advisors. He also focuses on developing younger advisors through mentorship and underscores the importance of passion in enhancing productivity.

John Furey, founder and managing partner of Advisor Growth Strategies, discusses the critical timing for RIAs to consider rebranding. He shares insights on how market research can reveal that a brand no longer reflects true value. Furey outlines key signs it's time for a change, such as stagnant growth and outdated messaging. He emphasizes the importance of embedding brand strategy within team processes for consistency. The conversation also highlights tailoring communication to ensure clients feel understood, ultimately guiding RIAs toward innovative growth.

Debra Brennan-Tagg, president of BFS Advisory Group and a financial expert, shares her insights on advancing women in finance. She discusses the persistent underrepresentation of women in wealth management and how industry messaging deters their entry. Debra offers practical tips for closing the wage gap, including financial planning and negotiation tactics. She highlights challenges faced by female business owners and the funding disparities impacting their growth. Ultimately, she encourages women to leverage their strengths for success in the finance sector.

Heather Robison, a financial advisor at Fourstone Wealth Management, built a thriving practice in Bartlesville, Oklahoma, alongside her mother. She shares insights on transitioning client trust from parent to child, emphasizing authenticity and leveraging strengths. Heather highlights the synergy between tax planning and wealth management, showcasing strategies like net unrealized appreciation. She delves into effective client communication, using open-ended questions to uncover goals, and adapting her approach for technical clients, ensuring financial discussions are both clear and relatable.

Alison Dooher, Managing Director at Charles Schwab, shares her expertise in advisor technology and data strategy. She emphasizes that top advisory firms make data their core asset, not just software. The discussion highlights the evolution of advisor tech, the impact of AI on operations, and how it can enhance client interactions. Alison warns about potential risks of losing various training opportunities due to automation yet advocates for using AI insights to improve training. Ultimately, she believes future success lies with firms centered around client relationships.

John Nersesian, Head of Advisor Education at PIMCO, shares his expertise in financial planning. He dives into essential year-end strategies that go beyond simple tax planning, emphasizing the impact of recent tax law changes. Nersesian highlights managing income for maximum deductions and the complexities of itemizing and AMT exposure. He also discusses effective wealth transfer through gifting and 529 plans, along with the unique benefits of health savings accounts. Advisors will gain insights into strategic Roth conversions and the importance of Social Security and Medicare elections.

Nate Lenz, co-founder and CEO of Concurrent Advisors, shares insights on wealth management trends and the growth of his firm. He discusses the evolution of advisory roles and the importance of succession planning. Lenz emphasizes the need for patience in nurturing talent and the value of cultural fit among advisors. He also explores the risks roll-up aggregators pose to entrepreneurial spirit and outlines how his firm supports independent advisors through resources and minority investments.