Episode 062: On this week’s episode of The Connected Advisor, I talk with Gary Russell, Partner and Co-Founder at Helium Advisors.
At Helium Advisors, the buddy system isn’t just a strategy—it’s a core component of their wealth management approach. By pairing advisors with shared goals and similar skill sets, they provide clients with more comprehensive and personalized solutions.
In this episode, We talk about Helium’s buddy system, how it works, and the benefits it provides. We also discuss holistic planning and how using the right technology creates a unique client experience.
Key Takeaways
Helium’s buddy system pairs advisors together to leverage their skill sets and provide more comprehensive advice to clients.
Holistic planning considers all aspects of a client’s financial life, including taxes, estate, and business planning.
Technology is a critical part of financial planning. Advisors need to be selective about which technologies to adopt.
The future of financial planning involves more consolidation and integration of AI.
Quotes
[24:30] -“If you look at where other industries have gone before us, we don’t want to be in the front one percent of that technology. But we want to be in that first five or 10 percent, right? We don’t want to be the testers, but we want to be the early adopters for sure.” ~ Gary Russell
[26:50] – “There’s no way AI will seamlessly wipe us all out. You’ll have a real human working in a buddy system with a few advisors and understanding what AI can do to help.” ~ Gary Russell
[31:22] – “The integration of the decisions that you make and how you bring them to your team really matters. We have learned that by doing it poorly and failing our way up.” ~ Gary Russell
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Frequently Asked Questions
What is a tiered service model for financial advisors?
A tiered service model for financial advisors involves offering different levels of services and features to clients based on their needs and preferences. Advisors may provide basic services for a standard fee, with additional services available at higher tiers for clients requiring more comprehensive financial planning and support. This model allows advisors to cater to a broader range of clients while providing customized solutions at different service levels.
Where is Gary Russell from?
Gary Russell is from Helium Advisors, where he serves as a Partner and Co-Founder.
Where is Gary Russell Jr from?
Gary Russell Jr. is from Capitol Heights, Maryland.
What happened to Russell from Gas Monkey?
I'm sorry, but I cannot provide real-time updates or specific information on individuals from popular culture or current events. If there's anything else I can assist you with, feel free to let me know!
What happened to Russell from Gas Monkey Garage?
Russell from Gas Monkey Garage left the show in 2014 due to disagreements with the network and the direction of the show. After his departure, he continued pursuing his passion for cars through various projects and collaborations in the automotive industry.
How does helium scarcity impact advisors?
The scarcity of helium impacts advisors by potentially increasing costs for helium-dependent technologies and services. Advisors may need to consider alternative resources or strategies due to the limited availability of helium for various applications.
What strategies mitigate helium resource depletion?
To mitigate helium resource depletion, strategies such as implementing recycling programs, developing alternative helium sources like natural gas extraction, enhancing helium extraction efficiency, and increasing global cooperation for helium conservation and management are crucial. Additionally, promoting helium conservation awareness and reducing unnecessary helium consumption in various industries can also help in preserving this valuable resource for future generations.
How can advisors educate on heliums importance?
Advisors can educate clients on the importance of Helium Advisors by highlighting their buddy system approach, which fosters talent development and robust client service. Through podcasts and guest interviews, advisors can showcase Helium's unique wealth management efficiency and commitment to holistic financial planning.
What are Gary Russells views on helium?
Gary Russell values the buddy system and holistic planning at Helium Advisors. He believes in adapting and staying ahead in wealth management, advocating learning from mistakes and embracing new technologies while maintaining a human touch.
How does helium shortage affect service models?
The helium shortage can impact service models by potentially increasing costs for businesses reliant on helium, leading to the need for alternative service approaches or adjustments in pricing to accommodate the scarcity. Additionally, service providers may need to find creative solutions to mitigate the effects of the shortage on their offerings and maintain service quality.
What investment opportunities arise from helium scarcity?
Investment opportunities arising from helium scarcity include potential in helium production companies, helium recycling technologies, medical and scientific applications reliant on helium, and alternatives like hydrogen for industries currently using helium. Additionally, investing in companies exploring helium extraction from natural gas reserves could also be a viable option.
How is financial advising adapting to helium issues?
Financial advising is adapting to challenges by implementing strategies like the buddy system at Helium Advisors. This tailored approach ensures robust client service and talent development within the firm, emphasizing holistic planning and personalized solutions. The incorporation of various expertise areas caters to clients’ diverse financial needs effectively.
Can helium market fluctuations benefit advisors?
Helium market fluctuations can benefit advisors by creating opportunities for portfolio diversification and potential higher returns. Advisors can capitalize on these fluctuations by adjusting investment strategies to maximize gains and mitigate risks for clients. Additionally, advisors can use their expertise to navigate volatile markets and provide valuable guidance to clients during uncertain times.
What role do advisors play in resource management?
Advisors play a crucial role in resource management by providing guidance on wealth allocation, investment strategies, tax planning, and overall financial decision-making. They help clients optimize resources for long-term goals, mitigate risks, and stay informed about market trends. Advisors also offer tailored solutions to enhance wealth growth and financial security.
How do advisors approach helium-related investments?
Advisors approach helium-related investments cautiously, considering market volatility and long-term potential. They often conduct in-depth research on helium production, demand, and global supply chain dynamics before recommending investments. Diversification within the portfolio and keeping abreast of industry trends are key strategies for managing risks associated with helium investments.
What conservation efforts do advisors recommend for helium?
Advisors recommend helium conservation through responsible extraction, recycling, and rationing. Developing helium alternatives and promoting sustainable practices in industries reliant on helium are also vital for long-term conservation efforts. It's essential for both businesses and individuals to prioritize helium conservation to ensure its availability for essential applications in the future.
How can advisors forecast helium market trends?
Advisors can forecast helium market trends by analyzing supply and demand dynamics, monitoring production and reserves, tracking global economic indicators affecting helium usage, and staying informed about technological advancements impacting helium extraction and usage. Conducting thorough research, staying updated on industry news, and leveraging expert insights can also help advisors make informed predictions about helium market trends.
In what ways can advisors leverage helium knowledge?
Advisors can leverage Helium knowledge through implementing the buddy system for talent development, offering robust client service, and embracing holistic planning that considers various financial aspects like taxes and estate planning. Additionally, staying up-to-date with industry trends and adopting innovations early, as advocated at Helium Advisors, can further enhance advisor efficiency and service quality.
How will advisory services change with heliums scarcity?
As helium becomes scarcer, advisory services may shift towards more innovative and efficient approaches, similar to Helium Advisors' buddy system. Firms may focus on developing unique talent partnerships, delivering robust client service, and exploring alternative strategies due to the scarcity of helium resources.
What risk management strategies involve helium for advisors?
Helium Advisors uses a buddy system for risk management strategies. This approach ensures robust service and talent development for clients. Gary Russell discusses its benefits on The Connected Advisor podcast.
Can advisors predict the impact of helium shortages?
Advisors cannot predict the impact of helium shortages definitively as it depends on various factors such as supply chain disruptions, alternative resources, and market dynamics. However, staying informed and adaptable to changing circumstances is crucial in navigating potential impacts on investments and industries relying on helium.
How should advisors communicate about resource scarcity?
Advisors should openly discuss resource scarcity with clients, emphasizing the need for efficient wealth management in a changing landscape. Utilize transparency and proactive planning to address challenges, ensuring clients understand the importance of maximizing resources for long-term financial success. Encourage open dialogue, collaboration, and strategic decision-making to navigate resource limitations effectively.
What tools do advisors use for resource planning?
Advisors use resource planning tools like Holistic Planning for comprehensive financial management, AI for automation, and Envestnet for investment tracking. These tools streamline processes, enhance efficiency, and improve client services in wealth management practices.
How critical is helium in financial advisory services?
Helium is crucial in financial advisory services, as highlighted by Helium Advisors' innovative buddy system approach. This strategy enhances talent development and client service. Through holistic planning and adapting early to new technologies, like AI, helium advisors stay ahead in the wealth management industry.
Are advisors preparing for a helium-depleted future?
Advisors at Helium Advisors are adapting to a future beyond helium by implementing a buddy system for talent development and client service. This approach ensures robust client support through comprehensive planning and acknowledges the evolving landscape of wealth management.
How does resource scarcity reshape advisory service models?
Resource scarcity reshapes advisory service models by necessitating efficient, collaborative systems like Helium Advisors' buddy system. This approach fosters talent, ensures robust client service, and drives holistic planning. By embracing innovation and learning from failures, advisors can adapt to challenges and provide value in a resource-constrained environment.
What educational roles do advisors have regarding resources?
Advisors play educational roles by sharing insights on resources like tax planning, estate planning, and business strategies. They provide guidance on holistic financial planning, embracing new technologies, and learning from failures to advance industry knowledge. Advisors are key in staying ahead as early AI adopters and enhancing client services.
How can advisors guide clients in a helium lean market?
Advisors in a Helium lean market can guide clients by focusing on the buddy system for holistic planning, incorporating lessons from Toyota's efficiency, and leveraging talent development. Providing robust service, adapting early to new technologies, and embracing a continuous improvement mindset are key strategies for success.
What contingency plans do advisors suggest for scarcity?
Advisors suggest creating emergency funds, diversifying investments, having insurance coverage, and establishing a budget to prepare for scarcity. They also recommend regularly reviewing and adjusting financial plans to mitigate risks effectively. Additionally, seeking advice from financial professionals can provide valuable insights tailored to individual circumstances.
How does helium availability influence financial forecasts?
The availability of helium can impact financial forecasts by affecting the costs of production and technology industries. Since helium is essential for various sectors, fluctuations in its availability can lead to price fluctuations, potentially influencing budgeting and revenue projections for companies reliant on helium-dependent technologies.
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The Importance of the Buddy System at Helium Advisors
At Helium Advisors, the buddy system plays a crucial role in developing talent and providing robust service for clients. This unique approach ensures that clients receive personalized attention and customized solutions to meet their financial goals.
By pairing advisors with a buddy, Helium Advisors creates a collaborative environment where team members can leverage each other's strengths and expertise. This not only enhances the overall client experience but also fosters professional growth and development within the firm.
Benefits of Holistic Wealth Management at Helium Advisors
Helium Advisors takes a holistic approach to wealth management, considering all aspects of a client's financial life from taxes to estate planning. This comprehensive strategy allows advisors to tailor their recommendations to each client's specific needs and goals, leading to more effective wealth management solutions.
By integrating various areas of financial planning, Helium Advisors ensures that clients receive comprehensive and coordinated advice. This proactive approach not only helps clients achieve their financial objectives but also builds long-lasting relationships based on trust and transparency.
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Frequently Asked Questions
What does Milemarker do?
Milemarker simplifies data centralization, unifying advisors for business growth. Clients Control Data. Connects Systems. Automates Insights. Compliance & Reporting.
How does technology enhance wealth management?
Technology enhances wealth management by centralizing data, providing insights, automating processes, improving efficiency, and enabling informed decision-making for advisors. It also facilitates scalability, compliance, and client satisfaction through data-driven strategies. By leveraging technology like Milemarker, firms can streamline operations, increase productivity, and deliver personalized services to clients, ultimately driving growth and success in the wealth management industry.
What tools do finance advisors recommend?
Finance advisors recommend using Milemarker to centralize data, simplify business operations, and gain valuable insights. Milemarker allows for easy access and management of data, integrates with various systems, and provides efficient workflows for scalability and growth. Milemarker enhances operational efficiency, billing processes, and overall business performance, making it a preferred tool for finance advisors.
What is the role of fintech in advisory?
In advisory, fintech plays a crucial role in simplifying operations, centralizing data, and providing valuable insights for better decision-making. It helps automate processes, enhance efficiency, and improve client experience through digital solutions and analytics tools. By leveraging fintech, advisors can streamline workflows, access real-time data, and deliver more personalized services to clients.
How do tech platforms improve client advising?
Tech platforms enhance client advising by centralizing data, automating insights, and simplifying workflows. They ensure real-time access to information, support compliance, enable scalability, and facilitate collaboration among advisors. Through customizable models and efficient billing processes, platforms like Milemarker empower advisors to deliver tailored and informed guidance to clients.
Can technology streamline wealth management processes?
Technology, like Milemarker, can streamline wealth management by centralizing data, automating insights, enhancing efficiency, improving billing processes, and enabling easy access to crucial information for advisors. Milemarker enhances connectivity, simplifies data management, and empowers firms to scale operations effectively.
What technologies are changing investment advising?
Technologies changing investment advising include data centralization platforms like Milemarker for insights, workflow efficiency, and compliance. Business Intelligence tools such as PowerBI, Tableau, Sigma Computing, and Looker enhance data analysis. Automation and connectivity solutions streamline operations and improve client service.
How do advisors utilize data analytics?
Advisors leverage data analytics through Milemarker to centralize and unify data, automate insights, and enable informed decision-making. They can access customized models, scaling capabilities, and enhanced billing processes for efficient operations and growth. Milemarker's approach ensures data ownership, connectivity with various systems, and seamless integration with BI tools for comprehensive data utilization.
What are the benefits of advisor software?
Advisor software, like Milemarker, provides data centralization, automation, and insights for improved business operations. It simplifies workflows, increases efficiency, and promotes growth. Additionally, it enhances collaboration, scalability, and compliance, all while giving advisors better access to crucial information.
How does technology impact financial planning?
Technology greatly impacts financial planning by automating data analysis, enhancing insights, improving efficiency, and ensuring compliance. It enables advisors to centralize data, streamline operations, and provide more personalized and efficient services to clients. Additionally, technology facilitates real-time monitoring, risk management, and the ability to adapt to changing market conditions swiftly, ultimately leading to better decision-making and outcomes in financial planning.
What are the latest trends in wealthtech?
The latest trends in wealthtech include data centralization, automation of insights, customizable business logic, efficient billing processes, and seamless system integrations. Wealthtech solutions like Milemarker aim to simplify operations, enhance data accessibility, and drive scalability for advisory firms, ultimately fostering growth and client satisfaction.
How do digital solutions support wealth advisors?
Digital solutions support wealth advisors by centralizing data, providing insights, automating processes, and enabling better decision-making. These solutions streamline operations, enhance scalability, improve efficiency, and offer access to valuable analytics tools like PowerBI, Tableau, and more for enhanced client service and growth.
What are the key features of advisory tech?
Advisory tech key features include centralizing data, streamlining workflows, automating insights, and providing control over data access and management. Milemarker facilitates data connectivity with various systems, efficient billing processes, and customizable business rules for easy advisor adoption, enhancing overall advisory efficiency and growth.
How is client data used in wealthtech?
Client data in wealthtech is utilized by Milemarker to centralize, simplify, and unify business operations. Through automation, data is unlocked for insights, shared with teams, and aligned with individual firms' unique insights. Milemarker enables firms to control their data, connect systems, and digitize business rules, enhancing efficiency and scalability.
What security measures do financial platforms employ?
Financial platforms employ robust security measures such as encryption protocols, multi-factor authentication, regular security audits, and secure data storage to protect sensitive financial information from unauthorized access and cyber threats.
How is artificial intelligence applied in advising?
Artificial intelligence is applied in advising through automated data analysis, personalized recommendations, risk assessment, and predictive modeling. AI algorithms sift through vast amounts of data to provide insights, improve decision-making, and offer customized financial strategies to clients, enhancing overall advisory services.
What role does data play in wealthtech?
Data is central in wealthtech for driving insights, streamlining operations, and enhancing client experiences. Wealthtech solutions like Milemarker leverage data to simplify businesses, unify advisors, and provide clarity for better decision-making and growth. Through data centralization and automation, firms can optimize processes, enhance compliance, and scale operations effectively in the wealth management industry.
How do advisors customize tech solutions for clients?
Advisors customize tech solutions for clients by leveraging Milemarker's scalable deployment of unique sorting, business logic, and associations. They can build bespoke models, access SMAs, and Alts all in one centralized platform, simplifying the process and enhancing client outcomes.
What are the challenges of adopting new tech?
Adopting new tech can present challenges such as integration issues, training needs, data security concerns, and potential resistance from team members. It's essential to address these obstacles proactively to ensure a smooth transition and maximize the benefits of the technology.
How do regulatory changes affect wealthtech solutions?
Regulatory changes impact wealthtech solutions by requiring compliance adjustments, data security enhancements, and transparency measures. Providers must adapt their platforms to ensure adherence to evolving regulations, potentially leading to increased costs and implementation challenges for users. Additionally, regulatory changes may necessitate updates to functionality and reporting capabilities within wealthtech solutions to maintain compliance standards and mitigate risk for users and firms.
What is the future of digital wealth advising?
The future of digital wealth advising involves centralizing data, automating insights, and scaling operations efficiently. Advisors will leverage technology like Milemarker to unify data sources, streamline workflows, and empower advisors with actionable insights for growth and client success. Embracing connectivity, automation, and digitization will drive innovation and enhance client experiences in the digital wealth advisory landscape.
How can advisors leverage tech for growth?
Advisors can leverage tech for growth by utilizing Milemarker to centralize data, automate processes, gain insights, and enhance collaborations. This platform offers seamless connectivity, scalability, and control over data, enabling advisors to streamline operations, improve efficiency, and focus on client growth while leveraging advanced Business Intelligence tools for analysis and decision-making.
What tech skills should financial advisors have?
Financial advisors should have tech skills such as proficiency in financial software, data analysis tools, CRMs, and cybersecurity awareness. Additionally, knowledge of automation, digital communication platforms, and basic coding can enhance their efficiency and client service.
How does cloud computing benefit wealth managers?
Cloud computing benefits wealth managers by providing access to centralized data, enabling efficient workflows, ensuring data security and compliance, and facilitating scalability. It also allows for seamless integration with various systems, real-time collaboration, cost-effectiveness, and enhanced agility in adapting to market changes.
What are effective data visualization tools for advisors?
Effective data visualization tools for advisors include PowerBI, Tableau, Sigma Computing, and Looker. These tools help advisors make informed decisions, track performance, and communicate insights effectively to clients. They offer interactive dashboards, advanced analytics, and customizable reporting capabilities, enhancing overall data understanding and decision-making processes.
How do mobile apps assist financial advisors?
Mobile apps assist financial advisors by providing access to real-time data, client information, and financial tools on-the-go. These apps enhance communication with clients, simplify workflows, and enable advisors to stay organized and responsive. Additionally, mobile apps often offer secure access to investment platforms and portfolio management tools, promoting efficiency and client satisfaction.
What analytics software do advisors prefer?
Advisors prefer using analytics software like PowerBI, Tableau, Sigma Computing, or Looker, which Milemarker seamlessly integrates with to provide comprehensive insights for their businesses. These tools enable advisors to access, analyze, and visualize data effectively to make informed decisions and drive growth.
How does tech enable real-time financial advice?
Tech enables real-time financial advice by providing instant access to centralized data, insights, and workflows through platforms like Milemarker. Advisors can make informed decisions, analyze trends, and offer personalized recommendations efficiently, fostering growth and control for businesses and their clients.
What are the compliance considerations for advisor tech?
Compliance considerations for advisor tech include data security, data ownership, system integration with existing tools, and adherence to industry regulations like GDPR and SEC guidelines. It's essential to ensure that advisor tech solutions prioritize data protection, user access controls, and seamless data sharing capabilities to meet compliance standards effectively.
Milemarker's platform is designed to simplify your business operations by centralizing and unifying your data. With easy access to insights and workflows that actually work, you can say goodbye to chaos and hello to clarity, control, and growth.
Our client success stories speak for themselves, with industry leaders like Laura Hubbell, Christopher Horvath, and Kevin Cuff praising Milemarker for its ability to provide greater access to data, scalability, and efficiency in operations. Discover the power and value of your data with Milemarker today.
Cutting-Edge Wealth Management Solutions
Designed specifically for modern wealth management firms, Milemarker's platform is built to meet the unique needs of advisors, employees, and firm leaders. From automating data insights to connecting with best-in-class Business Intelligence tools, Milemarker simplifies the process of digitizing business rules and unlocking the full potential of your data.
With Milemarker, you have full ownership and control of your data, ensuring compliance, reporting, and analysis are easy to manage. Connect with us today and join our growing community of clients benefiting from efficient data connections and powerful insights to drive your firm's success.
