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Many advisors usually face an unlucky fact: The choice-makers at a agency usually know little or no about being an precise monetary advisor. Steve Lockshin has sat on either side of the proverbial desk, and he shares two distinctive vantage factors: The attitude of an advisor who acknowledges the restrictions at his present agency and the entrepreneur and downside solver who fills these gaps with new options.
Steve first realized his love for the wealth administration trade as an unpaid school intern at Legg Mason, later shifting his abilities to dealer after which on to monetary advisor. But he gained extra recognition as he flexed his entrepreneurial muscle groups, launching a number of the trade’s largest unbiased wealth administration and fintech corporations, together with: Convergent Wealth Advisors, an organization he based in 1994 and later offered to Metropolis Nationwide Financial institution; the consolidated efficiency reporting platform Fortigent, which offered to LPL; and extra lately, wealth administration agency AdvicePeriod, which merged with Marty Bicknell’s Mariner Wealth in the summertime of 2021 in a blockbuster transaction.
Featured a number of occasions in Barron’s Prime Advisors and even touchdown the primary spot within the nation, Steve’s accolades reveal his stature within the advisory house.
But it’s Steve’s prescience that’s the actual story right here: He appears to have the pure skill to see – and create – the subsequent large factor in wealth administration. It’s the notion of working outdoors the strains to create distinctive options that drive enterprise progress and enterprise worth.
On this episode, Steve discusses his extraordinary journey and shares recommendation with Louis Diamond, together with:
- The distinction between conventional and unbiased corporations—and the way independence provides the flexibility to raised fulfill purchasers’ distinctive wants.
- Being answerable for one’s future—and the way the inspiration he derives from working with others drives him.
- Updates on his newest endeavor, Vanilla—and what motivated him to construct a fintech platform that simplifies and standardizes the property planning course of.
- The fact of AI—and what position he sees it is going to have in wealth administration.
- Plus, Steve shares what it’s wish to be Michael Jordan’s monetary advisor—and far more.
It’s an episode with extraordinary worth for advisors, enterprise house owners, and everybody in between—as a result of even if you happen to’re constructing your online business in a wirehouse, there’s lots to be taught from an trade powerhouse who has discovered pathways to channel his entrepreneurial spirit towards success.
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