Episode 22: Rebirth of the Proactive Advisor with Philipp Hecker and Dr. Meg Lurtz
The timing of advice matters!
While the industry has come a long way, and a lot has been accomplished, there’s still a lot to do.
Did you know that in a recent study, up to 68% of Americans pass away without a will? Approximately 64% don’t know about the 529 plan, let alone the tax advantages of this plan. And only 10-15% of those eligible to make catch-up contributions upon turning 50 actually make those payments. It’s clear as an industry, we can do better, and not just for our fellow Americans, but for the entire global financial industry.
There is a solution, and you can find out more in this episode, as Adam Holt and I are joined by Philipp Hecker, CEO of Bento Engine and Dr. Meg Lurtz, Ph.D. in Personal Financial Planning. They discuss the importance of being proactive in providing clients with financial advice.
To summarize, Meg and Philipp discuss:
- Being proactive with the timing of advice
- Why more advisors are focused on leading with advice than on selling products
- The Jerry Maguire standard of care for clients
- And More!
Connect With Derek Notman:
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Connect With Adam Holt:
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Connect With Philipp Hecker:
Connect With Dr. Meg Lurtz:
About Our Guests:
Meghaan R. Lurtz, Ph.D. is a writer and senior research associate with Kitces.com, a blog dedicated to the practice of financial planning. Meghaan is also an educator, serving as a professor of practice at Kansas State University in their advanced financial planning track and as an adjunct assistant professor within the University of Maryland system for undergraduate financial planning coursework. Meghaan is a past President of the Financial Therapy Association. She has been quoted in New York Magazine, New York Times, and Wall Street Journal, and presented for the BBC, CFPB, and MDRT. She co-authored two chapters in the CFP Board’s recent book, Financial Psychology. Her research has been published in the Journal of Financial Planning, Financial Planning Review, and the Journal of Consumer Affairs.
Meghaan earned her Ph.D. in Personal Financial Planning from Kansas State University, her M.S. in Industrial-Organizational Psychology from Capella University, and her B.A. in Psychology, Philosophy, and Spanish from Kansas University.
Philipp is CEO of Bento Engine, a FinTech at the intersection of technology and wealth management advice. Previously, he focused on defining and implementing client-centric growth strategies in the wealth and asset management industries. After completing his M.B.A. at Harvard Business School in 2002, he spent 5 years with the Boston Consulting Group in New York, before joining Deutsche Bank in 2007. At Deutsche Bank, he helped integrate and grow key U.S. acquisitions such as Bankers Trust, Alex Brown, and Scudder. Philipp joined J.P. Morgan in 2013, where he held several wealth management leadership positions through 2020, including Global Head of Strategy. He also launched and led J.P. Morgan’s Wealth Planning and Advice organization, which includes The Advice Lab, The Philanthropy Centre, and the firm-wide Goals-Based Advice teams.
Philipp is passionate about financial planning, behavioral finance, and teaching children about the important concepts of money and wealth. In his spare time, he enjoys German expressionist art, global travel, and squash, and he resides in CT with his wife, four young children, and black lab “Lou”.
You can listen the episode here.