In this episode of the Next Gen AI Case Study Series, we are joined by
Mike Relyea, a seasoned financial advisor with over 25 years of
experience. Mike's journey from a wholesaler to running his own practice
highlights his expertise and dedication to helping clients navigate the
complexities of financial planning.
Mike begins by discussing his background and transition to managing
his own financial advisory practice. He shares his passion for working
with business owners and providing educational events that address
topics like succession planning and buy-sell agreements. These in-depth
sessions have been well-received and have fostered long-term client
relationships.
The conversation then moves to Mike's focus on retirement planning,
particularly for baby boomers. He explains the challenges and strategies
involved in ensuring clients do not outlive their savings, including
delaying Social Security benefits and employing bucketing strategies to
manage risk.
Mike also touches on his personal interest in helping
clients who have recently gone through a divorce. He describes the
unique financial challenges they face and his approach to providing
compassionate and effective financial planning during such transitions.
A key theme in the discussion is the importance of education in
financial planning. Mike emphasizes the need to explain financial
concepts in a digestible manner to ensure clients make informed
decisions. He shares his approach to building trust and understanding
through clear communication.
Mike highlights the role of technology
in his practice, from using AI tools for efficient communication to
exploring the potential of virtual client interactions. He acknowledges
the generational differences in technology adoption but sees a growing
acceptance of virtual meetings and digital tools, especially accelerated
by the pandemic.
He discusses the challenges of proactive marketing in the financial
advisory space, particularly when dealing with sensitive issues like
divorce. Mike shares his reliance on word-of-mouth referrals and
networking with professionals like estate and divorce attorneys to build
trust and gain new clients.
The episode concludes with Mike offering advice to fellow financial
advisors on embracing technology and being patient with the learning
curve. He encourages open communication with clients and continuous
adaptation to new tools and methods.
To connect with Mike Relyea, visit his LinkedIn profile or the Lake
Shore Financial Group website at https://lsgwkyc.com. Mike is open to
initial consultations at no charge to explore potential client-advisor
fit.
For more about our work, visit https://nextgengrowth.com.
