Ep 216: The Financial Advisor As Curator And Redefining The Value Of Financial Expertise with Jason Zweig
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 16 February 2021
⏱️ 99 minutes
🧾️ Download transcript
Summary
Jason Zweig is a financial journalist who not only wrote one of the first books on behavioral finance neuroeconomics, but also writes “The Intelligent Investor” column for the Wall Street Journal. A senior writer for Money magazine and a guest columnist for Time magazine and CNN.com, Jason has a truly unique perspective on the financial services industry, having covered it for nearly 25 years.
Listen in as he shares his perspective on the financial services industry, including why the AUM model is outdated, how he views the evolution of the financial advice business, and why he sees the future of the industry as more curatorial. You’ll learn his take on where he believes new advisors should be focusing their energy for success and why it’s actually a good thing to admit when you don’t know the answer to a question.
For show notes and more visit: https://www.kitces.com/216
Transcript
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| 0:00.0 | Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with |
| 0:07.1 | financial planner, speaker, and consultant Michael Kitsis to hear stories of how leading |
| 0:12.4 | financial advisors navigated the inevitable challenges that arise on the path to success |
| 0:17.4 | and get insight from leading industry consultants about how to break through to the next |
| 0:22.2 | level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone. |
| 0:28.3 | Welcome to the 216th episode of the Financial Advisor Success Podcast. My guest on today's |
| 0:34.2 | podcast is Jason Zwe. Jason's a financial journalist who wrote one of the first books on behavioral finance and |
| 0:39.9 | neuroeconomics and writes the intelligent investor column for the Wall Street Journal. |
| 0:44.7 | What's unique about Jason, though, is his perspective on the financial services industry, |
| 0:48.9 | having covered it for nearly 25 years, and why he sees the future value proposition of financial advice as being |
| 0:55.5 | less of an expert and more about the advisor as curator who identifies the best solutions and |
| 1:01.5 | systems for clients to get the answers they need. In this episode, we talk in depth about |
| 1:07.2 | the parallels between the fiduciary ethics of financial journalism and financial planning, |
| 1:12.1 | the difficulties that consumers face in trying to determine who is a credible journalist or |
| 1:16.2 | credible financial planning expert, and why being able to say, I don't know in response to a |
| 1:21.2 | client's question, can actually be viewed as a litmus test for who is really a true expert in |
| 1:26.1 | the needs of their clients. |
| 1:32.5 | We also talk about the evolving value proposition of financial advisors themselves, |
| 1:36.9 | the behavioral value that advisors can add to their clients beyond just trying to get higher returns, why even the hand-holding value proposition of helping clients manage their behavior |
| 1:42.0 | could eventually be replaced by technology. |
| 1:45.0 | And Jason views on why the AUM model has been so stubbornly persistent despite decades of naysayers |
| 1:51.0 | calling for its demise. |
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