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Steve Lockshin

7 Podcast Episodes

Latest 8 Jan 2022 | Updated Daily

Weekly hand curated podcast episodes for learning

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Fiduciary Responsibility and Why FinTech is the Future with Steve Lockshin

Framework with Jamie Hopkins & Ana Trujillo Limón

This week, Jamie Hopkins talks with Steve Lockshin, the founder and principal at AdvicePeriod about how he ended up in the financial industry and his business ventures along the way. He also shares his critiques of the industry and the future of digital frameworks for financial services. You can find show notes and other information at CarsonGroup.com/Framework.


31 Aug 2020

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MarketCounsel Summit: Creating a Failure Budget with Steve Lockshin

Permission To Succeed Podcast

If you’re looking for permission to take that next step, this is it. Meet Steve Lockshin, founder of AdvicePeriod. Steve is a believer in getting out there and risking failure. In this episode, he talks to hosts, Doug and Matt, about his mission to reinvent wealth management, the value of finding truth-tellers, and why he … Continue reading MarketCounsel Summit: Creating a Failure Budget with Steve Lockshin →


13 Jan 2019

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#117 - Steve Lockshin - We Think the Estate and Tax Planning Levers are the Most Important Levers to Push on for Clients

The Meb Faber Show

In Episode 117, we welcome entrepreneur and wealth advisor, Steve Lockshin. At Meb’s request, Steve walks us through his professional background in the financial services industry. It’s an interesting story, reflecting how wealth management has changed over the decades. Meb picks up on a term Steve used in describing his early years – “producer” (referencing an advisor) – making the point that if advisors were expected to produce revenue to the degree that “producer” was their name, it pointed toward a potential conflict with the client’s goals. Steve agrees, noting that the conflicts of interest in the business are challenging. He offers us an example using a mortgage payment scenario. If a client allocated capital toward paying down a high-rate mortgage rather than toward funding his equity portfolio, that debt paydown would benefit him, yet would decrease the advisor’s AUM, hurting the advisor’s personal revenue. Given this, the advisor may not be incentivized to make recommendations that are always in the best interest of the client. Meb asks for more details about Steve’s fee structure at AdvicePeriod, and why it was set up that way. Steve walks us through the details, noting that their fee structure largely emanates from the value they bring. So, their fees are always clear and capped. This bleeds into a conversation about an advisor’s biggest value add. Meb wonders if it’s estate planning and tax issues, or if it varies. Steve answers by first referencing portfolio construction, asking a question – if we take the top quartile of advisors, what does Meb think they’d produce, over a 20-year period, in true alpha above the market? Meb answers, basically 0%. Steve agrees, noting portfolio construction is not the real source of advisor alpha. Instead, he points toward taxes as a huge source of real value. He concludes saying “Turning that tax dial is a huge return for clients” and “We think the estate planning and tax planning levers are the most important levers to push on for clients”. The guys bounce around a bit here, discussing high advisor fees, and how the industry was able to hide them for years… the biggest problems Steve sees with new clients when they bring over their portfolios… and how the general advisor/client process works. But from here, the conversation turns toward how one might find a great wealth manager. It’s challenging, as laws prohibit client testimonials, and as Steve says, most clients don’t know which questions need to be asked. He gives us a few examples of good questions: What will your fees be if I tell you that you can’t use any of your own funds? How often would we meet? What software will you use? How much access to information will I have? What’s your transparency level? Next, Meb asks how things look going forward on the investment advisor side. Steve tells us that as soon as info becomes accessible and digestible by investors, we’ll see people behave differently. We’ll keep seeing fees come down, and transactional fees will go away. And when moving your entire account from one group to another becomes a matter of just a few mouse clicks, we’ll see a massive shift. Meb asks when we’ll see an “automated Lockshin”, meaning when will wealth management become automated? Steve thinks it’s far closer than people think. He references Google Duplex, which is basically a computer speaking to us, yet fooling the human on the other end of the phone into believe he/she is conversing with another real human. There’s way more in this episode: Steve’s favorite private investment right now… how tax planning is the biggest alpha generator out there but doesn’t receive the emphasis is deserves… how the industry goes out of its way to complicate things for investors… Vanguard Life Strategy Funds… and of course, Steve’s most memorable trade. What was it? Find out in Episode 117.

1hr 4mins

15 Aug 2018

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Ep 013: Succeeding As A Serial Financial Advisor Entrepreneur Serving Ultra-HNW Clients With Steve Lockshin

Financial Advisor Success

As a serial entrepreneur, Steve Lockshin has founded several businesses in the advisory industry. Listen to this week’s episode to learn how he got started as a financial advisor without any experience in the field and how he created and sold a software company without a background in programming. Steve shares his journey from insurance into financial advising and how he got started. You’ll hear the lessons he’s learned from selling companies, his entrepreneurial successes (and failures), and growing his revenue 100% every year. Get the full show notes and transcript for this episode at: https://www.kitces.com/13

1hr 17mins

28 Mar 2017

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FinTech Entrepreneur Steve Lockshin Shares Unorthodox Business Strategies That Drive His Success

CEO Coaching International Podcast

Steve Lockshin founded several FinTech companies including a multi-billion dollar registered investment advisory firm, a wealth management reporting solutions company, and his newest company, AdvicePeriod, which is redefining what it means to be a wealth management firm in the age of FinTech. Along the way he was named the #1 independent financial advisor in the United Sates by Barron’s Magazine in 2011, and he became an investor is several hot startups. In today’s podcast, Steve shares some of the key lessons and insights he learned on the road to becoming a top entrepreneur.


2 Feb 2016

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Ep #16: The Rise Of The Robo Advisors - Interview with Steve Lockshin

XYPN Radio

Steve joins us today to share an insider's perspective on technology in the financial planning space that you are not going to want to miss. You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/16


21 Oct 2015

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Steve Lockshin on what it takes to become the #1 Ranked Independent Financial Advisor in the country. He knows because he did it.

Between Now and Success

As the #1 Independent Financial Advisor in the U.S. in 2011 and a serial entrepreneur, Steve has some great lessons to share. I call him the "Uncola" of the financial industry because he is truly a maverick. We delve into how he built his businesses, how he serves clients, and what he does differently from everybody else that helped him reach the top. He even shares how he recently brought on two new clients with $100 million in assets without ever having met them in person! All done on the phone and online. A great lesson for how business is being conducted these days.    


19 Jan 2015