In a recent episode of the Adjusted for Risk Podcast, hosted by Ryan Nauman, listeners were treated to an enlightening conversation with Nate Lenz, co-founder and CEO of Concurrent. This episode, recorded at the Wealth Management Edge conference, delves deep into the evolution of the wealth management space, especially regarding the next generation of financial advisors.
Welcome to the Adjusted for Risk Podcast
Ryan Nauman starts the episode by setting the stage for an exciting discussion about market investment and economic trends. The primary focus is to prepare listeners for the upcoming week in the markets, with insights that are purely informational and should not be relied upon for investment decisions.
A Shift in Wealth Management
Nauman introduces the topic by addressing the significant changes in wealth management over the years, emphasizing the evolution of the next-gen financial advisor and how these changes have impacted the broader financial landscape. This episode's guest, Nate Lenz, is highlighted as someone perfectly suited to shed light on these trends and their future implications.
Introducing Nate Lenz
Nate Lenz brings a wealth of experience to the conversation, sharing insights into his journey as an entrepreneur and his role at Concurrent. With a background in practice management, business consulting, and succession planning with Raymond James, Lenz has built a strong foundation for Concurrent's innovative approach to independent wealth firms.
The Entrepreneurial Journey
Nate describes his entrepreneurial journey as anything but linear, highlighting the challenges and pitfalls faced along the way. He shares how the idea for Concurrent was born, focusing on a collaborative infrastructure that allows firms to maintain their independence while benefiting from shared resources.
Next-Gen Advisors and the RIA of the Future
Lenz covers the dynamics of the next-gen advisor and their technological proficiency, which is transforming how businesses operate. He discusses Concurrent's growth and how it has established itself as a strategic partner for independent wealth firms, poised to meet the evolving demands of the industry.
Investing in People and Technology
A significant part of Lenz's conversation revolves around the importance of investing in people and technology. He argues that what was once seen as an expense is now viewed as a crucial investment driving efficiency and sustainability. Concurrent's proactive approach to developing talent and harnessing technology underscores its commitment to future growth.
Future Trends in Financial Advice
The discussion extends into the future of financial advice, emphasizing the importance of serving niches, expanding services, and adopting new technologies. Lenz sees a future where face-to-face advice remains indispensable, even as digital tools become more entrenched in daily operations.
The Role of Women in Wealth Transfer
In a forward-thinking move, Lenz touches upon the fact that women are set to own the majority of financial assets in the near future. This makes it imperative for financial advisors to engage spouses in financial conversations, recognizing that their investment preferences may differ from traditional norms.
Conclusion
The episode wraps up with a look to the future, with Lenz extending an invitation to fellow professionals to explore collaborations or simply talk shop. His insights have resonated deeply with Nauman and the audience, highlighting the significant shifts poised to redefine the financial advisory landscape in the coming years.
To learn more, listeners are encouraged to subscribe to the Adjusted for Risk Podcast across various platforms and engage with Zephyr on LinkedIn. This series promises to keep delivering relevant and informative content for all those interested in the world of finance.
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