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Ep. 21: Priya Malani: Playing the Long Game by Capturing NextGen Clients Now
17 Plays2 months ago
No longer recent college grads, Millennials are now entering their peak earning years, and research from Cerulli Associates shows that they are set to inherit $46 trillion over the next 25 years.1Building a service model for this next generation can help advisors prepare for the coming generational wealth transfer and serve clients who are still accumulating wealth, according to Priya Malani, Founder & CEO of Stash Wealth.In this episode of the Synergize podcast, Malani joins hosts Bill Coppel, Chief Client Growth Officer at TradePMR, and Ryan Neal, Senior Editor at TradePMR, to share her experience building a business focused on NextGen investors and advisors.Listen as they explore:- What makes HENRYs (High Earners Not Rich Yet) different from traditionalwealth management clients- Why smart technology can support client conversations but probably shouldn’t replace them- How RIAs may want to shift their approach to better connect with the nextgeneration of investorsSubscribe now, and connect with us on social media:- YouTube- LinkedIn- FacebookGet the transcript for this episode, with sources, at https://synergizepodcast.com/.About Priya Malani:Priya is the Founder & CEO of Stash Wealth, a registered investment advisor that specializes in working with NextGen clients.She began her career at Merrill Lynch and has been a personal finance contributor for The Wall Street Journal, CNBC, NerdWallet, BuzzFeed and other media outlets.Priya Malani and Stash Wealth are not affiliates of TradePMR.More About Priya:LinkedIn: https://www.linkedin.com/in/priyamalani/Website: https://www.stashwealth.com/aboutPodcast:https://podcasts.apple.com/us/podcast/the-f-word/id1793136198https://creators.spotify.com/pod/show/priya171/episodes/Ep-5--The-Key-to-Saving- Money-Its-Not-Budgeting-e2umbuohttps://www.youtube.com/watch?v=-dndMLlq_T4If you want to join the conversation or connect with us, please visit us atsynergizepodcast.com. This content is provided for general information purposes only.The views expressed by non-affiliated guest speakers are their own and do not necessarily reflect the opinion of TradePMR or its affiliates. TradePMR and its affiliates do not endorse any guest speakers or their companies and therefore give no assurances as to the quality of their products and services. This channel is not monitored by TradePMR. TradePMR does not provide investment advice, tax advice or legal advice. TradePMR is a member of FINRA and SIPC. TradePMR, Inc. is registered with the Securities and Exchange Commission {SEC) and the Municipal Securities Rulemaking Board (MSRB). TradePMR provides brokerage and account services to registered investment advisors. Custodial services provided by First Clearing. First Clearing is a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC, a registered broker dealer and non-bank affiliate of Wells Fargo & Company. Copyright 2025. TradePMR, Inc. For a transcript of this episode with sources, visit synergizepodcast.com.1 Cerulli Anticipates $124 Trillion in Wealth Will Transfer Through 2048, Cerullli Associates, Published Dec. 5, 2024.
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Transcript
Introduction: The Role of AI in Financial Advisory
00:00:01
Speaker
Welcome to Synergize, unscripted conversations where we explore the evolving role of the financial advisor in an emerging AI driven world.
00:00:11
Speaker
Join us as we bring together thought leaders across a range of disciplines and industry experts, sharing insights designed to help RIAs thrive in the industry of tomorrow.
Building Sustainable RIA Businesses
00:00:23
Speaker
Hi, I'm Bill Capelle, Chief Client Growth Officer at Trade PMR.
00:00:27
Speaker
And I'm Ryan Neal, Senior Editor at Trade PMR, and you're listening to the Synergize Podcast.
00:00:33
Speaker
So Ryan, today we're going to be having a discussion on what it takes to build a sustainable business and how it may require RIAs to shift their approach from a focus on clients with established wealth to one that recognizes the generational wealth transfer that's coming.
Generational Wealth Transfer: Challenges and Opportunities
00:00:49
Speaker
You know, our industry tends to be very reactive.
00:00:52
Speaker
Let me give you an example.
00:00:54
Speaker
Back in 2011, 10,000 baby boomers turned 65 every day.
00:00:59
Speaker
And I remember the industry being shocked that this had even started.
00:01:05
Speaker
Well, you only have to do some simple math to figure out that this was coming and there'd be this huge wave of people entering the retirement period of their life and that financial advisors would be needed to help them prepare for that.
00:01:20
Speaker
The same thing is shaping up with the looming wealth transfer that's coming.
00:01:24
Speaker
Yeah, I agree
Millennials and Financial Advice: Dispelling Myths
00:01:25
Speaker
completely.
00:01:25
Speaker
I think there's still a mentality among a lot of people in finance that millennials, my age cohort, are still just out of college, irresponsible of their money, and aren't earning enough to really be considered like a client yet.
00:01:40
Speaker
But that's just not true.
00:01:41
Speaker
We're definitely not college grads.
00:01:44
Speaker
We maybe can't even be considered Henrys anymore, the high earners, not rich yet, which is a term we're going to come back to.
00:01:51
Speaker
Millennials, for the most part, are in their late 30s and 40s.
00:01:54
Speaker
They are earning, they're getting into the peak earning years, they're having families, and many of us could definitely benefit from receiving financial advice and planning and the guidance that an advisor can give.
00:02:07
Speaker
So at the same time as that, you have all the research from folks like Cerulea Associates on the wealth transfer showing that millennials are going to inherit the most assets of any other generation over the next 25 years.
00:02:20
Speaker
They pegged that number at like 46 trillion, depending on what study you read.
00:02:25
Speaker
And then Gen X, the generation just above us, they stand to inherit the greatest portion over the next 10 years, an estimated 14 trillion compared to just 8 trillion of millennials, just.
00:02:38
Speaker
I mean, it's still an absolutely ton of money transferring to this next generation, and I feel like a lot of the industry still isn't really even thinking about it.
00:02:49
Speaker
Great.
00:02:50
Speaker
And with that as a backdrop, Brian, think about it this way.
00:02:53
Speaker
Given the industry's traditional emphasis on the near term, as I said earlier, focusing on families with established wealth, the question is how might RIA shift their focus to build enterprise value by taking a longer view of the business?
00:03:10
Speaker
Our guest today, Priya Malani, is here to share her journey as an advisor, including her pivot from sort of that traditional approach to really focusing on building a business for the future.
00:03:21
Speaker
What is that real conversation even going to be about?
00:03:24
Speaker
The same thing you've always talked about, investment management, because that's not really what this generation is looking for.
00:03:30
Speaker
They want a trusted partner.
00:03:32
Speaker
You can get investment management through ChatGPT.
00:03:35
Speaker
Like you don't need a financial advisor for that anymore when once upon a time you did.
00:03:39
Speaker
So like advisors need to up their game and realize that what they're offering needs to change.
00:03:45
Speaker
It can't just be let's babysit them with some robo solution until they're ready for the grownup conversations.
00:03:52
Speaker
Ryan, you've known Priya for a few years now.
00:03:54
Speaker
Tell us a little bit about her.
Targeting Younger Clients: The 'Henry' Concept
00:03:56
Speaker
So Priya is the founder and CEO of Stash Wealth, a registered investment advisor that specializes in serving the next generation of clients.
00:04:04
Speaker
I first met her about 10 years ago.
00:04:07
Speaker
I did a profile at her for Wealth Management Magazine, and I was struck by her approach.
00:04:14
Speaker
She was really a pioneer in this concept of the Henry, the high earner,
00:04:18
Speaker
not rich yet.
00:04:19
Speaker
And this was back when I think they were probably in their 20s, most for clientele, and almost like making an investment for the future.
00:04:25
Speaker
She really staked her claim on, I'm going to serve these clients now with the understanding that they're going to be wealthy later.
00:04:32
Speaker
So to learn more about Priya and her background and experience, you can refer to our show notes.
00:04:36
Speaker
But for now, Priya, thank you so much for joining the podcast.
00:04:41
Speaker
Thank you guys for having me.
00:04:43
Speaker
So Priya, as I mentioned in the introduction, you kind of made a pivot.
00:04:48
Speaker
You started out, I think, in a traditional format.
00:04:51
Speaker
I think you mentioned you were with Merrill Lynch at one point as an advisor, if I'm not mistaken.
00:04:57
Speaker
Tell us what led you to be the founder of Stash Wealth and what you see as the firm's mission going forward.
Journey from Merrill Lynch to Stash Wealth
00:05:08
Speaker
So I did start at Merrill Lynch over 2011.
00:05:12
Speaker
20 years ago, worked on an advisory team that our advisor, we had two advisors on the team.
00:05:19
Speaker
One was LOS, that's length of service, that's what Merrill refers to it as, LOS 43, and the other was LOS 3.
00:05:28
Speaker
And so you had this spectrum of clientele that we were trying to attract back then.
00:05:34
Speaker
But even though we were working with people supposedly newer wealth, they still had to have significant investable assets to really be considered a good client.
00:05:46
Speaker
Right.
00:05:46
Speaker
And that's generally what we see in the industry.
00:05:48
Speaker
Right.
00:05:49
Speaker
I cut my teeth there, learned a ton, but I was somewhat disenchanted by the fact that nobody was really giving support or service to people my age.
00:05:59
Speaker
And I want to take credit for the fact that I saw this huge opportunity with the wealth transfer, but it was really just more not wanting to work with old people and having the conversations with young people was so much more exciting because they were at this
00:06:16
Speaker
just very energizing stage in their life.
00:06:21
Speaker
Um, all like Ryan mentioned, there's, uh, having families and getting into serious relationships and buying their first home and starting to make good money that they don't want to mess up with.
00:06:33
Speaker
So really a lot of the impetus for me was just wanting to work with people my own age.
00:06:37
Speaker
Um, so I love the credit, but that was, that was how I set out.
00:06:42
Speaker
So now that you've been, you've been doing stash wealth for, for some time now,
00:06:46
Speaker
without giving away sort of your secret sauce as an advisor, what are some of the things you've recognized about the industry or clients or maybe other younger advisors like yourself that have maybe shaped your business model and how you offer service?
00:07:04
Speaker
So I was at Merrill during the crisis, the financial crisis, and
00:07:10
Speaker
Just a little bit of a personal story.
00:07:12
Speaker
I'm first generation.
00:07:14
Speaker
My parents are from India.
00:07:16
Speaker
And for those of you listening who know when you're the son or daughter of Indian parents, you need to be a doctor or a lawyer or an engineer or you're basically a failure.
00:07:26
Speaker
And I stepped into the financial services industry and was so proud to work at Merrill Lynch.
00:07:34
Speaker
and just work in this industry that I thought did such great work.
00:07:38
Speaker
And I believe that to this day, its value that we offer is tremendous.
00:07:43
Speaker
However, after the financial crisis, I was really hurt and sad that we had lost the trust of America.
00:07:57
Speaker
And part of it was me deciding to take it on my own.
00:08:04
Speaker
I'm going to figure out how to restore trust in this industry.
00:08:07
Speaker
And so for this clientele that we serve, a big part of our, not secret sauce, but our model is to earn their trust first.
Trust Issues and Opportunities Post-Crisis
00:08:18
Speaker
not enough is really truly understood by older generation industry of how much that impacted folks our age.
00:08:24
Speaker
Like I graduated college in 2009 and was looking to be, I was looking to become a journalist, which was a whole other set of mistakes on my part.
00:08:32
Speaker
But just how that impacted our trust.
00:08:36
Speaker
I know so many friends that will not work with any of the big name brands that are associated with quote unquote Wall Street.
00:08:45
Speaker
Um,
00:08:47
Speaker
There's just a lot of sort of a fear and mistrust and hurt there.
00:08:52
Speaker
And I think RIAs have an opportunity to maybe put a face to the name and be that independent person that comes and helps us.
00:09:01
Speaker
And I don't know if they've gotten there yet, but I think it's something that's really a huge force going forward.
00:09:07
Speaker
You know, Ryan, I agree.
00:09:08
Speaker
I think that there's, you know, let me jump in for a second, Priya.
00:09:12
Speaker
You know, as I think about this trust factor that you're bringing up, it's a very, very good point.
00:09:17
Speaker
Part of it was that we'd set an expectation as an industry that probably was unrealistic in some ways, right?
00:09:24
Speaker
Because, you know, no one anticipated this kind of an event.
00:09:28
Speaker
And I agree that your generation watched my generation
00:09:34
Speaker
navigate a lot of these over the years from 1987's crash to the tech wreck in 2000 and other anomalies that affected how we lived and so forth.
00:09:44
Speaker
And so I think it left a very meaningful impression on your generation.
00:09:50
Speaker
You know, what I really wanted to get from you around, you know, following that line of thought
00:09:56
Speaker
What are you seeing that's different in terms of sort of the needs and aspirations between the two generations?
00:10:04
Speaker
Are your clients looking for something that you weren't serving up before to dealing with older clients?
00:10:12
Speaker
Or is there a very uniquely different need that they are expressing?
The Demand for Personalization in Financial Services
00:10:17
Speaker
They need answers, clear answers to their biggest life questions first.
00:10:26
Speaker
not investment management services.
00:10:29
Speaker
And so that has certainly shaped and impacted how we've thought about how we serve them.
00:10:36
Speaker
So I guess you're doing a lot more listening than we traditionally do in our business today.
00:10:41
Speaker
Totally.
00:10:42
Speaker
And it's not really a joke.
00:10:44
Speaker
Half of what we do is therapy.
00:10:46
Speaker
Just helping them overcome these major milestones in, or what's the word?
00:10:54
Speaker
Like just,
00:10:55
Speaker
manage and transition into these major milestones that life offers, we've earned their trust.
00:11:05
Speaker
That makes sense.
00:11:06
Speaker
One of the sort of talking points in this story is around personalization and this theory that the next generation puts a high value on personalization, something they want to see going forward.
00:11:17
Speaker
What's your experience with that?
00:11:19
Speaker
How does personalization play a factor in your firm and what your clients expect?
00:11:24
Speaker
Yeah, they don't have this generation.
00:11:27
Speaker
They don't have wealth yet, but they do make great money, to your point.
00:11:32
Speaker
They are now in their late 30s, early 40s, and they're used to being able to buy premium personalized experiences.
00:11:42
Speaker
It can be something as simple as upgrading from an UberX to an UberBlack, but if they want a more luxe service, a more luxe offering, they can just upgrade for that.
00:11:52
Speaker
Or...
00:11:53
Speaker
It's kind of a joke, but many people in our generation don't go to their local town gym.
00:11:57
Speaker
They want to be part of Equinox, a spa, a club.
00:12:00
Speaker
They're used to being able to upgrade the service offering, except when it comes to wealth management.
00:12:09
Speaker
They are completely locked out of the service tier that is available to really, really rich people.
00:12:15
Speaker
They can't buy their way in to an advisor treating them like a millionaire.
00:12:21
Speaker
And that's a big area where they're not able to get the personalized service that they're used to getting everywhere else.
00:12:26
Speaker
Well, that's interesting because it leads me to this question.
00:12:32
Speaker
Your generation, the investors you're serving are digital natives.
00:12:38
Speaker
And a lot of what you just described can be done on your smartphone.
00:12:43
Speaker
Talk to us a little bit about what you're experiencing in terms of where does technology fit into your relationship with these clients?
Balancing Technology and Human Interaction
00:12:52
Speaker
It's so funny because technology, of course, let's embrace it.
00:12:56
Speaker
That's why you're not successful is because you haven't embraced technology.
00:13:00
Speaker
Yes.
00:13:02
Speaker
And it has a place.
00:13:06
Speaker
Obviously, like you said, this is a generation that's very comfortable with software and in fact expects it.
00:13:13
Speaker
It's definitely a non-negotiable.
00:13:14
Speaker
But where it fits in, I think, is something that's still up for debate quite a bit.
00:13:23
Speaker
But clearly, it hasn't replaced the need for that conversation, that personalization that Ryan mentioned.
00:13:34
Speaker
You're still having lots of deep conversations with people, and that can't be replaced by the latest AI fad.
00:13:42
Speaker
That is our point of view at Stash Wealth, yes.
00:13:45
Speaker
And I think that actually keeps us very competitive and very unique because so many people in the industry are running to buy off-the-shelf tech products and think that that is going to be the key.
00:13:56
Speaker
But it is my opinion that the best service in this industry, the best type of service that you can buy when it comes to advisory is still that human-to-human trust, that human-to-human connection, and
00:14:11
Speaker
those conversations.
00:14:12
Speaker
You can have conversations with AI, we're all doing it, but there is nothing that replaces the kind of conversation you can have with a human.
00:14:19
Speaker
And I think it's partially because it's very unique to a human to be able to address the mindset, to address the coaching that's needed, to address the emotional aspect.
00:14:31
Speaker
And I really, really don't think, not that that can't be augmented by technology, but I don't think it should be.
00:14:41
Speaker
Yeah, from my perspective as a fellow millennial, where I think technology can be the best is A, like communication, right?
00:14:49
Speaker
Like I want to be able to check my portfolio, my assets on my phone if I want to.
00:14:54
Speaker
But also, like maybe even just on the investment side, getting some of that human error, some of the stuff that maybe caused or was a part of 2008 with like choosing investments or managing the money.
00:15:07
Speaker
I mean, can't an algorithm do some of that?
00:15:09
Speaker
And then I can work with my advisor on answering my questions and the human, the human relationship and let technology just handle, you know, the ones and zeros.
00:15:19
Speaker
Right, exactly.
00:15:20
Speaker
So to Bill's point earlier, that's exactly where technology should be utilized is in creating efficiencies for the client and the advisor that free up their time to have better conversations.
00:15:32
Speaker
So when it comes to investment management, absolutely.
00:15:35
Speaker
In fact, we joke with our clients, investing, investment management, that's the easiest part of what we do.
00:15:40
Speaker
We're not billing you really for that.
00:15:43
Speaker
I mean, that's actually just smoke and mirrors then if you really think about it.
00:15:49
Speaker
So we're very clear up front that the value is in the fact that we take you seriously and
00:15:55
Speaker
We will have conversations with you.
00:15:57
Speaker
We will personalize all the advice and guidance.
00:15:59
Speaker
We'll treat you like a millionaire before you're a millionaire.
00:16:02
Speaker
So I want to bring this over to like the other side of the equation, the next gen advisor.
00:16:08
Speaker
So I know a lot of our listeners are
00:16:10
Speaker
you know, work at firms and they're thinking, how do I bring in next generation talent like Apriya Malani to my team?
00:16:17
Speaker
How do I get younger advisors to work with us to help bridge that gap and maybe serve younger clients?
00:16:23
Speaker
What's your take on that?
00:16:25
Speaker
What should firms out there, RIAs, be thinking about in order to make their firm a more appealing place for someone like you to come work?
00:16:34
Speaker
I think those RIAs need to get very clear on what type of talent they need and then provide the opportunity accordingly.
00:16:45
Speaker
So what I'm specifically referring to is there's a big distinction in our industry between a sales-oriented professional and a service-oriented professional.
00:16:55
Speaker
And I think a lot of these advisors who are –
00:16:59
Speaker
succession planning and thinking about who they're going to bring in are stepping in a little bit of a mess because they're bringing in maybe younger bulldogs who can do the sale but don't necessarily like the service.
00:17:13
Speaker
And I've found in my own hiring that
00:17:18
Speaker
that service-oriented professionals prefer, at least, again, in my experience, they prefer to work with people their own age.
00:17:27
Speaker
So that's going to be a huge challenge because a lot of the conversation around hiring next-gen financial planners has been, I don't want to just help someone who's already rich stay rich or help them buy their next boat.
00:17:43
Speaker
That's not exciting to me.
00:17:45
Speaker
I want to help someone with
00:17:48
Speaker
like the real exciting stuff that I'm going through.
00:17:51
Speaker
So I think it's definitely a challenge.
00:17:53
Speaker
I think it's really hard, but I think you need to start by understanding what type of talent you're looking for.
00:18:00
Speaker
Well, you know, I think it also goes back to something you said earlier, Priya, which I think is really important.
00:18:05
Speaker
We do often act as a therapist.
00:18:08
Speaker
I mean, part of what we do is listen, hopefully.
00:18:12
Speaker
And, you know, the controversy around sales versus service, you know, I look at it this way.
00:18:19
Speaker
Um, someone who's successful at influencing another human being in the correct way, in a positive way to establish a deep and trusting relationship is really serving that client appropriately.
00:18:33
Speaker
Right.
00:18:34
Speaker
So, um, the thing that I, you know, I wanted to really kind of drill down on for a moment is, uh,
00:18:40
Speaker
And I agree with you, except for, I'll give you one exception of where I don't want to deal with someone my age.
00:18:46
Speaker
You know, the choice between having a 65-year-old surgeon or a 45-year-old surgeon, I'm going to take the 45-year-old surgeon every time.
00:18:54
Speaker
No offense to my listeners who are physicians at the age of 65.
00:18:58
Speaker
That's interesting because I feel like a lot of people would want the 65-year-old surgeon that's done like thousands of more surgeries.
00:19:04
Speaker
Yeah.
00:19:05
Speaker
Yeah, you know, you think so, but the way I look at it is that the technology is changing so rapidly in every aspect of our professional lives, regardless whether you're a doctor or a lawyer or an accountant or whatever it is, as Priya mentioned earlier.
00:19:18
Speaker
It's shifting the definition of value to a large degree.
00:19:22
Speaker
So yes, I want someone that understands what's going on.
00:19:26
Speaker
I'd be, even as a boomer, I'd be attracted to working with a younger advisor because of that reality.
00:19:33
Speaker
Well, one of the things I asked it earlier, and I want to ask it again and see if we can get a little bit more specific here, Priya, is that those life stages you mentioned, those life milestones you mentioned, you're sharing them with your clients because you're going through them also.
00:19:50
Speaker
How is that different than my generation?
00:19:55
Speaker
Or is it?
00:19:55
Speaker
You're saying that at once upon a time, the advisors were young serving.
00:19:59
Speaker
Well, it depends who they were going after.
00:20:01
Speaker
Were they starting with clients who were younger with less net worth?
00:20:05
Speaker
Because that is the long game that we're looking to play as well, is we're starting out with people, we're investing in them and sticking with them for the long term.
00:20:14
Speaker
Yeah.
00:20:16
Speaker
The way I'm thinking about the growth of our company is that we will continue to hire younger and younger advisors to match with the life stage of the demographic we are looking to attract and then allow them to age together very nicely.
00:20:32
Speaker
Well, you know, you're absolutely right.
00:20:33
Speaker
When I started out in the business, I had a lot of young clients.
00:20:38
Speaker
But we were in a very different business.
00:20:39
Speaker
We were selling people stuff, right?
00:20:42
Speaker
And if you had $100 to buy or $200 to invest in a low-priced stock, fine, because that's what we did.
00:20:51
Speaker
But it's different today, right?
00:20:53
Speaker
It is what you pointed out.
00:20:56
Speaker
It's that conversation that takes place that can empathize with someone where they are in their life stage.
00:21:02
Speaker
So I appreciate you sharing that.
00:21:04
Speaker
So Priya, what do you see as the competitive environment relative to what's happening with technology and particularly as it relates to the financial world?
Critique of Tech-First Financial Models
00:21:12
Speaker
How do you frame your competition today?
00:21:15
Speaker
Who is your competitor?
00:21:16
Speaker
So we started touching on this before, but I find that a lot of the newer firms are jumping very quickly to offering a tech first model.
00:21:30
Speaker
And that is, again, putting us in a very unique spot.
00:21:35
Speaker
We always say smart technology supports our conversations.
00:21:38
Speaker
It doesn't replace them.
00:21:40
Speaker
But for those looking to attract next gen, they're not thinking about bringing the same level of handholding that's available to really, really rich people to young people.
00:21:48
Speaker
They're thinking about how can I implement some AI or DIY or robo solution in my existing practice to be able to
00:21:59
Speaker
I don't even know, maybe like half earn their trust or half pique their interest or half get them just remotely interested.
00:22:07
Speaker
I don't, it's not the approach I believe in.
00:22:09
Speaker
So it's, it doesn't feel very much.
00:22:12
Speaker
It doesn't feel like competition to me.
00:22:14
Speaker
Gotcha.
00:22:14
Speaker
Yeah.
00:22:15
Speaker
I think the idea is like, uh, like get them in the door.
00:22:19
Speaker
Um, you know, start, start doing a little bit, but then, you know, later on, then I'll come have a real conversation with them.
00:22:24
Speaker
Right, but what is that real conversation even going to be about?
00:22:27
Speaker
The same thing you've always talked about, investment management?
00:22:31
Speaker
Because that's not what earns this, that's not really what this generation is looking for.
00:22:36
Speaker
They want a trusted partner.
00:22:38
Speaker
You can get investment management through ChatGPT.
00:22:41
Speaker
Like, you don't need a financial advisor for that anymore when once upon a time you did.
00:22:45
Speaker
So like advisors need to up their game and realize that what they're offering needs to change.
00:22:51
Speaker
It can't just be let's babysit them with some robo solution until they're ready for the grownup conversations because they don't want to have that investment management conversation with you when so-called their wealth has been – you're ready for them.
00:23:06
Speaker
Well, I love it.
00:23:06
Speaker
Priya, it's always great to talk to you.
00:23:08
Speaker
I love how much passion you bring to this topic.
00:23:11
Speaker
It's so refreshing and it's so great.
00:23:14
Speaker
So one thing we like to do on the podcast when we sort of wrap up here is we like to give our listeners like three actionable items that they can take with them.
Advice for Advisors: Modernize and Build Trust
00:23:23
Speaker
It could be three skills or
00:23:26
Speaker
or three lessons you'd like to impart.
00:23:28
Speaker
So maybe like for our advisors out there that are looking to either build business with the next generation or bring in next generation talent, what are three pieces of advice that you would give them that they could maybe take back?
00:23:40
Speaker
Sure.
00:23:41
Speaker
So the first is, I can say this in a slapsticky way, stop using jargon.
00:23:47
Speaker
Essentially, master the art of translating financial concepts into plain English.
00:23:54
Speaker
That is,
00:23:56
Speaker
surefire way to begin building and earning the trust of next gen.
00:24:00
Speaker
I think I'm just going to talk one more on this point, just one more second, that we've been in an era of don't worry, you're in good hands, leave it up to me.
00:24:14
Speaker
And that doesn't fly with this next gen.
00:24:17
Speaker
They don't want to feel like they're handing their shit over and not involved.
00:24:23
Speaker
So if you're going to take an approach of, don't worry, you're in good hands, I don't really think.
00:24:29
Speaker
You have to learn how to explain these concepts to them and get their buy-in, get them on board.
00:24:34
Speaker
Stop the jargon.
00:24:37
Speaker
Consider a more modern business model.
00:24:40
Speaker
If you're just doing AUM, and I'm sure this has come out already in what I've spoken about, but if you're just doing AUM, you can't really...
00:24:48
Speaker
begin to consider these people because it doesn't pay you.
00:24:50
Speaker
So you have to think about how to modernize your business model to attract them sooner rather than later.
00:24:56
Speaker
AUM first does not work.
00:24:59
Speaker
And then, Bill, you talked about this a little bit, and I definitely think we see eye to eye.
00:25:04
Speaker
Is this a short game or is this a long game for you?
00:25:06
Speaker
But if you don't start thinking about this as a long game, I don't think you're going to be able to
00:25:12
Speaker
do the things that earn a relationship that keep your business in business 10, 15, 20, 30 years from now.
00:25:19
Speaker
So you can't lead.
00:25:20
Speaker
We've gotten so many clients because they bumped into some Northwestern mutual insurance person who put them into something and they're like, I don't understand this.
00:25:29
Speaker
I feel like I was just sold something.
00:25:31
Speaker
And that feels like that person approached it just for that one sale rather than building a relationship for the longterm.
00:25:38
Speaker
So
00:25:39
Speaker
Build for the long term.
00:25:40
Speaker
Fantastic.
00:25:41
Speaker
Well, all right, I'm going to do a quick summary.
00:25:43
Speaker
So one, stop using jargon.
00:25:44
Speaker
Two, consider your business model.
00:25:47
Speaker
AUM doesn't have to be the end-all, be-all.
00:25:50
Speaker
And three, think about the long game.
00:25:52
Speaker
Does that sound good?
00:25:54
Speaker
Great.
00:25:56
Speaker
Fantastic.
00:25:56
Speaker
Well, we hope you enjoyed today's conversation.
00:25:59
Speaker
I know I did.
00:26:00
Speaker
If you like what you heard, please take a moment to like and subscribe and follow us on social media.
00:26:06
Speaker
I believe Priya has a new podcast out.
00:26:08
Speaker
Maybe check out.
00:26:09
Speaker
We'll give you a chance to plug that real quick.
00:26:11
Speaker
What's it called?
00:26:12
Speaker
It's called The F Word.
00:26:14
Speaker
So check that out wherever you get your podcasts as well.
00:26:18
Speaker
And thanks for being on with us.
00:26:20
Speaker
Thank you.
00:26:21
Speaker
Yeah, Priya, I'd also like to say thank you.
00:26:24
Speaker
It's very, very enjoyable to talk to you today.
00:26:28
Speaker
I think you represent the future of the business and we wish you a lot of luck with Stash Wealth.
00:26:33
Speaker
It's certainly, you know, one of the things I was going to point out was that it's remarkable in this country.
00:26:37
Speaker
You can get all the way through a graduate degree in some cases and never take a class in personal finance.
00:26:45
Speaker
And I applaud your generation because they're asking the questions that my generation was embarrassed to ask often, right?
00:26:53
Speaker
Simple things.
00:26:54
Speaker
And, you know, this is what's going to, I think, really catapult what you do up to the top of the competitive environment.
00:27:02
Speaker
So good luck to you.
00:27:04
Speaker
I appreciate that.
00:27:05
Speaker
My pleasure.
00:27:06
Speaker
To our audience, thanks for listening and watch for our next episode where we'll bring even more insights and actual ideas to help you grow your business.
00:27:14
Speaker
And remember, the challenge is yours to capitalize on what the future offers.
00:27:21
Speaker
Want to join the conversation or connect with us?
00:27:24
Speaker
Please visit us at synergizedpodcast.com.
00:27:27
Speaker
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00:27:31
Speaker
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00:27:39
Speaker
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00:27:48
Speaker
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00:27:50
Speaker
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Speaker
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00:27:58
Speaker
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00:27:59
Speaker
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00:28:06
Speaker
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Speaker
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Speaker
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00:28:18
Speaker
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00:28:23
Speaker
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00:28:27
Speaker
For a transcript of this episode with sources, visit synergizedpodcast.com.