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Michael Kitces – The Past, Present & Future of Financial Advice - [Invest Like the Best, E…

1:15:05

Episode description

My guest this week is Michael Kitces, who is one of our industries go-to experts on all things financial advise and financial planning.

We discuss the past, present, and future of financial advise, financial technology, and investing. If you are a financial advisor or use one, this conversation is full of great history and perspective. Please enjoy.

For more episodes go to InvestorFieldGuide.com/podcast.

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.

Follow Patrick on Twitter at @patrick_oshag

 

Show Notes

1:08 - (First Question) – History of financial planning/advice model

5:26 – Fee changes in the 1970’s

10:01 – The start of the AUM model

10:44 – Value proposition for financial advisors beyond trading vs robo-advsiors

            11:49 – Why Robo-Advisors Will Be No Threat To Real Advisors

18:20 – Why are humans still dominating the space

23:58 – Future of advisor fees

32:50 – Viability of the human driven flat fee model

37:50 – The dominance of flat fee models

43:13 – What services are financial advisors offering to justify their fees

47:17 – Dimensions to divide potential customers

52:20 – Exciting updates on the investment side that will help differentiate managers

55:37 – Any investment function beyond the basics that is intriguing to him

58:45 – Most interesting problems to be solved on the investing and non-investing sides

1:04:52 – Advice for young advisors

1:09:24 – How does he invest his own money

1:11:31 – Kindest thing anyone has done for Michael

 

Learn More

For more episodes go to InvestorFieldGuide.com/podcast

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub

Follow Patrick on twitter at @patrick_oshag

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August 15th, 2017

1:14:49

My guests this week are both veterans of the podcast, Jason Zweig and Morgan Housel. They are two of the best in the world at making the complicated simple, and in that spirit, I’ll keep this introduction short. Morgan …

Brad Stulberg - Just Manageable Challenges - [Invest Like the Best, EP.49]

August 8th, 2017

1:01:53

This week's conversation is about performance. More specifically, it is about the ins and outs of steady progress and growth. My guest is Brad …

Leigh Drogen - Sink or Swim--How to Combine Quant and Traditional Asset Management Techniques - Invest Like the Best, EP.48]

August 1st, 2017

1:05:05

Several weeks ago my conversation with Leigh Drogen on quant investing proved timely and popular--because everyone in asset management is facing the …

Wes Gray - Compound Your Face Off - [Invest Like the Best, EP.47]

July 25th, 2017

1:21:58

My guest this week is a version of me—a funnier, cooler version who has a PhD and served as an active duty marine. Lots of you will already be …

Rishi Ganti - Esoteric Assets - [Invest Like the Best, EP.46]

July 18th, 2017

1:18:27

My guest this week is Rishi Ganti, who invests in what he calls esoteric assets. I'm not sure what to do other than laugh in amazement at his professional credentials -- PhD in economics, CFA, CPA, lawyer, speaks six …

Jerry Neumann - The Deployment Age, Power Laws, and Venture Capital - [Invest Like the Best, EP.45]

July 11th, 2017

1:28:27

I am drawn to a group of investors that I call practitioner philosophers. These are people who have gotten their hands dirty in their respective fields, but despite being doers, they still often sit back and ponder the …

Top Ten Lessons After Almost a Year - [Invest Like the Best, EP.44]

July 5th, 2017

19:10

A future guest just told me, every band has a song about being in a band, so today I give you my version. I won’t do this often, and only do it this …

Scott Norton - Seek to Learn That Which Cannot be Taught - [Invest Like the Best, EP.43]

June 27th, 2017

1:05:36

If you told me a year ago that I’d be learning critical life and business lessons from the founder of a ketchup company, and that thirty to fifty …

Andy Rachleff - Building Something People Want to Buy - [Invest Like the Best, EP.42]

June 20th, 2017

46:49

My guest this week is Andy Rachleff, who is the CEO of the automated investing platform Wealthfront. Andy was also a co-founder and long-time partner …

Leigh Drogen - Quant vs Traditional Investors and How Alphas Become Betas - [Invest Like the Best, EP.41]

June 13th, 2017

1:16:44

I’ve often joked that this show should be called “this is who you are up against,” because I am so often having conversations with brilliant people …

Ira Judelson - Bail Street, with NYC's Leading Bail Bondsman - [Invest Like the Best, EP.40]

June 6th, 2017

1:15:53

This week’s episode is very unique. It is the first episode devoted to bonds, just not the kind of bonds you are used to. My guest is Ira Judelson, who is the leading bail bondsman in New York City. I met Ira through my …

David Chilton - The Human Blitzkrieg - [Invest Like the Best, EP.39]

May 30th, 2017

1:36:18

This week's conversation was especially fun. I have a long history with my guest, Dave Chilton, but this was the first time we'd met in person. I'd heard stories about him from people I work with for twenty years, so …

David Salem - The Art of Asset Allocation - [Invest Like the Best, EP.38]

May 23rd, 2017

1:26:26

My guest this week is David Salem. David was the founding president and CIO for The Investment Fund for Foundations, which served 800 endowed charities under David’s 18-year tenure. He's now the CIO of the Windhorse …

Michael Mauboussin - Man + Machine, Moats, and Power of the Outside View - [Invest Like the Best, EP.37]

May 16th, 2017

1:29:41

My guest today is Michael Mauboussin, who is the head of global financial strategies at Credit Suisse and is on my short list of must read writers on all things investing. If you read his entire catalogue, Howard …

Will Thorndike - How Skilled Capital Allocators Compound Capital - [Invest Like the Best, EP.36]

May 9th, 2017

1:09:38

This week’s guest is Will Thorndike, an author and investor whose book The Outsiders is an all-time favorite of mine. Our conversation is in two parts. First, we dive deep into the lessons of his 8-year research project …

Ted Seides - The Bet with Buffett – Hedge Funds vs. The S&P 500 - [Invest Like the Best, EP.35]

May 2nd, 2017

1:09:53

This coming weekend is the annual Berkshire Hathaway shareholder meeting in Omaha. That means this week is the perfect opportunity to discuss a topic …

Danny Moses - The Big Short and Beyond - [Invest Like the Best, EP.34]

April 25th, 2017

1:10:34

My guest this week is Danny Moses, who was directly in the middle of the biggest trades in market history, chronicled by Michael Lewis in his book the Big Short. Danny was the head trader on the Frontpoint team led by …

Royce Yudkoff and Rick Ruback – REALLY Private Equity - [Invest Like the Best, EP.33]

April 18th, 2017

1:22:27

In this episode, I continue to pull on one of the most interesting threads that I have uncovered while producing this podcast: the world of permanent …

SPECIAL EPISODE: Introducing Capital Allocators Podcast with Host Ted Seides

April 13th, 2017

1:12:31

SPECIAL EPISODE: Introducing Capital Allocators Podcast with Host Ted Seides This is a special episode to premiere a new podcast from my friend, Ted Seides. In this show, Capital Allocators, Ted will feature a broad …

Boyd Varty – The Art of Tracking - [Invest Like the Best, EP.32]

April 11th, 2017

1:22:07

This week’s episode is the most unique to date. My guest is Boyd Varty, who grew up in the South African Bush, living among and tracking wild leopards. The main theme of our conversation is tracking, and how the same …

Khe Hy – Quant Hedge Funds and the Fear of Death - [Invest Like the Best, EP.31]

April 4th, 2017

1:44:48

My guest this week is Khe Hy. Khe has a very interesting, two-part story. We start with Khe's career at Blackrock, where he rose to be one of the youngest MDs at the firm, specializing in quantitative hedge funds. Khe …

Ted Seides and Brent Beshore – The Future of Asset Management - [Invest Like the Best, EP.30]

March 28th, 2017

1:31:27

This week, my good friends Ted Seides and Brent Beshore join me to discuss the future of asset management and a ton of fun side topics. While we are all passionate about investing, we’ve had very different careers: Ted …

Jim O’Shaughnessy - Premeditated Success - [Invest Like the Best, EP.29]

March 21st, 2017

1:05:48

My guest this week is my father, Jim O’Shaughnessy. He was a pioneer in quantitative equity research, part of an early group of explorers who combed through data to find factors which predicted future stock returns. …

Trish and James Higgins of Chenmark Capital - Permanent Equity - [Invest Like the Best, EP.28]

March 14th, 2017

1:01:58

My guests this week are Trish and James Higgins, who run Chenmark Capital Management.  In this episode we continue to explore a style of investing I call Permanent Equity.  Returns in permanent equity come first from …

Peter Attia, M.D. - How to Live a Longer, Higher Quality Life - [Invest Like the Best, EP.27]

March 7th, 2017

1:27:26

My guest this week is Peter Attia, M.D., whose mission is to understand and improve human lifespan and healthspan (or quality of life).  Reading Peter’s research, you find that there are many similarities between health …

John Rogers – Slow and Steady Wins the Race - [Invest Like the Best, EP.26]

February 28th, 2017

1:02:10

My guest this week is John Rogers, founder, CEO and CIO of Ariel investments, one of the longest standing asset management businesses still in existence.  John has a very impressive resume.  In addition to his success …

Ian Cassel – Investing In Tiny Stocks - [Invest Like the Best, EP.24]

February 14th, 2017

1:05:53

My guest this week is Ian Cassel, a microcap investor who is always on the lookout for small companies which are run by men and women who are what he calls intelligent fanatics. Ian’s livelihood is based on the success …

Joe Mansueto – Lessons From the Founder of Morningstar - [Invest Like the Best, EP.23]

February 7th, 2017

1:09:43

My guest this week is Joe Mansueto, the founder, longtime CEO and current executive chairman of Morningstar, Inc.  Joe is an entrepreneur at heart. He has the gene for spotting good business ideas and building them out …

Brent Beshore Returns – Private Equity, Venture Capital, and the Future of Money Management - [Invest Like the Best, EP.22]

January 31st, 2017

1:58:59

Brent Beshore and I spoke for 10 hours about all things investing and business, and decided to record a 2-hour chunk of our conversation. We start by discussing private equity, venture capital, and the importance of …

Brian Koppelman – Chasing Curiosity - [Invest Like the Best, EP.21]

January 24th, 2017

1:01:31

My guest this week is writer, director, producer, and podcast host Brian Koppelman, who’s film credits include ‘Rounders’, ‘Oceans 13’, and ‘

Jeremiah Lowin – Machine Intelligence and Risk Management - [Invest Like the Best, EP.20]

January 17th, 2017

1:23:50

Jeremiah Lowin is probably the smartest guy I know, and that is saying something. He is an expert in the fields of statistics, artificial intelligence, and risk management—among many other things.  He is currently the …

Lauren Loktev, Kanyi Maqubela, & Craig Shapiro - Watching a Venture Fund at Work - [Invest Like the Best, EP.19]

January 10th, 2017

1:08:59

This week’s episode features the partners of the Collaborative Fund, a venture-capital firm based in New York City.  This is a unique, group …

Dan Egan – Designing Better Decisions - [Invest Like the Best, EP.18]

January 3rd, 2017

1:06:58

My guest today is Dan Egan, who is the managing director of Behavioral Finance and Investing at Betterment.  In this wide-ranging role, Dan has his …

Shane Parrish – Mastering Mental Models - [Invest Like the Best, EP.17]

December 27th, 2016

53:23

My guest this week is Shane Parrish, who created the extremely popular Farnam Street—a website dedicated to understanding the world by mastering the …

Jeff Ptak – The Prospects for Active Management - [Invest Like the Best, EP.16]

December 20th, 2016

1:05:45

Joining me on the podcast this week is Jeff Ptak, head of global manager research at Morningstar.  Jeff’s role puts him in the unique position to …

Eric Maddox – The Ace of Spades - [Invest Like the Best, EP.15]

December 13th, 2016

58:22

This week we explore a rare and underappreciated skill through the lens of an incredible story. My guest is Eric Maddox, whose name you probably don’t know but won’t soon forget. Just trust me that you need to listen to …

Josh Brown – The Reformation - [Invest Like the Best, EP.14]

December 6th, 2016

56:47

My guest this week is one of the reasons that this podcast exists.  Josh Brown is a financial advisor and the CEO of Ritholtz Wealth Management. He …

Christopher Cole – Small Bets, Huge Payoffs - [Invest Like the Best, EP.13]

November 29th, 2016

1:03:31

My guest this week is Christopher Cole, founder and managing partner at Artemis Capital Management. Chris’s specialty is in long volatility …

Kevin Simler – Exploring the Frontier - [Invest Like the Best, EP.12]

November 22nd, 2016

1:09:34

Today’s episode features one of my favorite thinkers and writers: Kevin Simler.  Kevin has a background in technology and was one of the earliest …

Craig Shapiro – Better for You, Better for the World - [Invest Like the Best, EP.11]

November 14th, 2016

54:35

This week Patrick takes a deep dive in the world of Venture Capital with Craig Shapiro, founder and CEO of the New York based Collaborative Fund, …

Brent Beshore – Cultivating a Disaster Resistant, Compound Interest Machine - [Invest Like the Best, EP.10]

November 8th, 2016

1:36:00

This week’s guest is Brent Beshore, Founder and CEO of adventur.es, a family of companies that invests in family-owned companies. Brent has a very …

Jon Stein – The State of Automated Investing - [Invest Like the Best, EP.09]

November 1st, 2016

40:14

Would you be comfortable with a robo-advisor running your entire investment portfolio?  That’s the hope of our guest this week, Jon Stein, founder …

Kiley Adams – An Internal Locus of Control - [Invest Like the Best, EP.08]

October 28th, 2016

36:37

This episode is a major departure from the norm.  My guest, Kiley Adams, is only 21 years old. She has crammed more learning and adventure into two …

Ted Seides – A Deep Dive into Hedge Funds - [Invest Like the Best, EP.07]

October 25th, 2016

1:16:48

This week’s guest has forgotten more about hedge funds than most people will ever know. This episode will appeal to managers, allocators and any investor interested in the world of hedge funds.  Ted Seides worked under …

Humble Giants – Vanguard’s Gerry O’Reilly and Jim Rowley - [Invest Like the Best, EP.06]

October 18th, 2016

59:09

There is a good chance that this week’s guests manage your money. This episode is a rare and fascinating look into the world’s largest asset manager. …

Christian Rudder – The Quantified Self - [Invest Like the Best, EP.05]

October 11th, 2016

1:01:58

In this episode Patrick talks to Christian Rudder, who is the co-founder of dating service OK Cupid, a NY Times best-selling author, data and math junky, and musician. Patrick and Christian discuss interesting trends in …

Morgan Housel – Walking and Thinking - [Invest Like the Best, EP.04]

October 4th, 2016

1:12:15

In this week’s episode, Patrick and Morgan Housel explore the differences between private and public market investing, how to foster innovation and creativity, how businesses are structured and organized, and how Morgan …

Jason Zweig – The Power of Serendipity - [Invest Like the Best, EP.03]

September 27th, 2016

1:19:11

In this episode, Patrick and Jason Zweig reflect on investing, financial advice, books, and life in general. The method for living discussed in the …

Michael Mauboussin – Active Asset Management - [Invest Like the Best, EP.02]

September 20th, 2016

1:34:09

Michael Mauboussin, Managing Director and Head of Global Financial Strategies at Credit Suisse, joins Patrick to discuss the current state of the asset management business, explore all of the stages of the investment …

Jeff Gramm – Activist Investing - [Invest Like the Best, EP.01]

September 12th, 2016

1:25:16

Hedge Fund Manager and author Jeff Gramm talks with Patrick O'Shaughnessy about the history and current state of shareholder activism and discusses …

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