In this episode, Steve talks with Jeffrey Levine, Chief Planning Officer at Buckingham Wealth Partners.
Jeffrey is a lifelong learner who thrives in a book or a classroom or surrounded by seasoned professionals. Having grown up around the financial industry, he learned much of what he knows now through osmosis. It’s no surprise that when he chose to become an advisor, he immersed himself in learning wherever he could. Jeffrey recommends all new advisors have the same education-first approach to improve client outcomes and establish themselves as the go-to person for a given specialty.
While his day-to-day life no longer involves meeting with clients, Jeffrey focuses on rolling out wealth-planning conversations that allow advisors to address planning issues in a way that’s comprehensible and motivates client action.
Jeffrey and Steve discuss the importance of education, why timeliness is currency, and the no. 1 reason why technology can never replace human advisors.
“What may be mathematically best for clients is not always what is truly best for clients. And that’s because we have to take into consideration feelings and desires and goals, and then also, what is the client actually going to do and stick with? Because a financial plan is not worth the piece of paper it’s written on if the client doesn’t actually do what is suggested and implement. And that is where advisors provide unique value that I don’t see being able to be replicated by any software, by any computer, by any robot for at least the next few decades.”~Jeffrey Levine
- If you’re a new advisor, immerse yourself deeply in your specialty and take education seriously. Seek out sources wherever possible. Become the go-to person for a given specialty.
- But if you’re early in your career, also remember not to put too much pressure on yourself. There’s tremendous pressure in the financial services industry and success is a marathon, not a sprint. Focus on the long game.
- Timeliness is incredibly comforting for clients. If you see a headline on the news, follow up with your clients the following day with at least some indication that you’re on top of what’s happening.
- Social media has diluted information. There’s more information at your fingertips than ever before.
- People learn best when they’re interested and entertained. In-person presentations are incredibly impactful when it comes to educating both advisors and clients.
Links and Important Mentions
- Jeffrey on LinkedIn
- Ed Slott and Company, LLC
- Financial Planning
- Financial Times