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Many advisors typically face an unlucky fact: The choice-makers at a agency typically 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 constraints 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 business 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 few of the business’s largest impartial wealth administration and fintech companies, 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 not too long ago, 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 show 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 following large factor in wealth administration. It’s the notion of working exterior the traces to create distinctive options that drive enterprise development and enterprise worth.
On this episode, Steve discusses his extraordinary journey and shares recommendation with Louis Diamond, together with:
- The distinction between conventional and impartial companies—and the way independence affords the power to raised fulfill shoppers’ distinctive wants.
- Being in control of 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 truth of AI—and what position he sees it can have in wealth administration.
- Plus, Steve shares what it’s prefer 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 should you’re constructing your enterprise in a wirehouse, there’s lots to study from an business powerhouse who has discovered pathways to channel his entrepreneurial spirit towards success.
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