- (1:30) – How Financial Advisors Guide Investors for Long-Term Planning
- (8:25) – What can crypto bear markets teach Gen Z about the stock market?
- (12:00) – Zechariah Schaefer’s approach to financial planning
- (20:15) – Fiduciary Duties of a Board Planner: Step-by-Step Process
- (34:40) – Lessons from the fictional Pan Ickseller (Panic Seller) on
- ICT Tac
- [email protected]
Welcome to Mind Over Money. I’m Kevin Cook, your field guide and storyteller for the fascinating field of behavioral economics.
Followers know I like Twitter TWTR. Not for political fights but for what I call “knowledge communities”. The platform creates a social conversation between experts from so many areas of interest, from finance, philosophy and science to fitness, nutrition and psychology.
Then there are the intertwining communities of startups, venture capitalists, and SaaS that I like to listen to to learn about the latest business trends as software continues to devour the world.
One niche that I haven’t discovered on Twitter to be as vibrant as on LinkedIn is the arena of financial advisors and their favorite topics about serving their clients and growing their practices.
The human side of money
Last year, I ran into a caring advisor named Brendan Frazier who became the epicenter of this group with his podcast The Human Side of Money and his relentless posting and sharing of great content on LinkedIn. Brendan is also another fan of behavioral economics and the cognitive biases that help or hinder us in long-term planning and decision-making.
But her podcast goes way beyond that with qualified and passionate guests who come to talk about their unique ways of serving customers. A common theme is that a good advisor walks clients through a structured, client-centric process based on lots of surveys, then listens carefully to the responses, then uncovers layers of answers with more questions.
Not only about clients’ goals, aspirations and dreams, but also about their conflicts, constraints and concerns. In other words, they all seem to have a powerful angle on emotional intelligence as a way to find out what customers want and what they need to change, possibly in their behavior, to get what they want.
Even if you’re not looking for a new financial advisor, you should check out Brendan’s stream on LI and his podcast to find out what your current advisor could do better for you and your money.
My customer life
Coincidentally, my morning email from WealthManagement.com contained a story about former NFL running back Vaughn Hebron who played for the Philadelphia Eagles and Denver Broncos in the 1990s, where he is went to two Super Bowls. This is part of their series of personal stories called My Life As a Client. Here’s how the room description reads…
Successful financial advisors know what their clients really think of them. Period. With that in mind, we spoke to Vaughn Hebron, a former running back for the Denver Broncos who runs VMS Movement Specialists, a fitness center and personal training studio in Newtown, Pennsylvania, about his experiences as a client.
In the podcast, I share more of Vaughn’s personal story because it fits so well with my guest on the show.
Money, crypto, and new experiences — like bear markets — for Gen Z
Today, I introduce Mind Over Money listeners to an up-and-coming financial advisor I found in the orbit of Brendan Frazier and The Human Side of Money crowd. Zechariah Schaefer’s LinkedIn profile describes him as an “advice-only financial planner for Gen Z and millennial investors,” with a focus on STEM and healthcare professionals.
He also emphasizes cryptocurrency advice, as he and his cohort are the first generation fascinated and interested in this new asset class since high school.
Zechariah is the founder and director of the consulting firm Ascent Personal Finance. In the podcast, I begin by asking him about several pieces of content he recently posted on LinkedIn that illustrate his approach to working with clients, including both rich and poor childhood experiences.
He also tells the stories of an early fascination with bitcoin where he made a small fortune (for him) and yet still wasn’t happy and how a chance finance class in college turned him away from becoming a geek. software into a dedicated financial trustee.
What I love about Zacharie’s passions and focus – did I mention he also loves hiking in the mountains and will be moving to Colorado soon? — is that he’s right at the heart of not only what fellow Gen Z professionals are going through in their working lives, but he’s also at the forefront of where the “ET economy” is heading.
The ET economy
In my 2017 podcast The ET Economy: Disruptive Technology and the Behavior of Shopping, I made ET the abbreviation of two great concepts about the emerging economy of the 21st century: exponential technology as highlighted by Peter Diamandis and Steven Kotler in their books. Plenty and Boldand Experience + Transformation, as we have seen all kinds of new disruptive technologies alter industries and consumer behavior with new types of services, entertainment, shopping, travel and mobile device capabilities.
In this article, I explain how Metaplatforms META has become such a digital advertising juggernaut to compete with Alphabet.
I also did several episodes on two favorite overlapping industries: gaming and artificial intelligence. Most people react “How does this overlap?” And then I just explain that the deep R&D that NVIDIA NVDA and Lisa Su Advanced micro-systems AMD doing with GPU semiconductors for gaming consoles and PCs has driven the deep learning and machine learning revolutions.
And NVIDIA’s Jensen Huang was building the architecture of the Omniverse long before Zuck dreamed up his Metaverse.
This is the world in which many Zechariah customers live. Either they grew up in the game or they now have creative software roles in industries ranging from large-scale AI data centers to SaaS startups. And that’s where the next big growth in the Technology Super Cycle is coming from.
Back in 2018, I talked about “The $100 Billion Cult: Video Gaming and Youth Culture” and now that market is approaching $200 billion this year. Microsoft thinks it’s such a big part of the economy AND they were willing to bet $68 billion to swallow ActivisionBlizzard ATVI.
Be sure to check out the podcast where we also get a great tutorial from Zechariah on how he works with his clients on a consultancy basis only. You can read more about the man and his practice on his LinkedIn profile.
Disclosure: I own shares of NVDA and AMD for the Zacks TAZR Trader wallet.
Zacks’ Top Picks for Leveraging Electric Vehicles
A lot of money has already been made in the electric vehicle (EV) industry. But the electric vehicle revolution has not yet reached full steam. There’s a lot of money to be made as the next push for future technologies gathers pace. Zacks special report reveals 5 top investors
See 5 EV stocks with extreme upside potential >>
Click to get this free report
Advanced Micro Devices, Inc. (AMD): Free Inventory Analysis Report
Activision Blizzard, Inc (ATVI): Free Stock Analysis Report
NVIDIA Corporation (NVDA): Free Stock Analysis Report
Twitter, Inc. (TWTR): Free Stock Analysis Report
Meta Platforms, Inc. (META): Free Stock Analysis Report
To read this article on Zacks.com, click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.