Jason talks to Steve Sanduski, Co-founder of ROL Advisor. ROL Advisor is an online platform that helps advisors or helps coach advisors through a process to help clients focus on return on life as opposed to returning on their investments.
Episode Highlights:
- 0.54: Steve explains that they decided to create a new legal entity, hired some developers, and created digital tools that they call the ROL advisor, which stands for return on life. And the focus is really on helping financial advisors become life advisors essentially.
- 1.50: Jason says that the returns are one thing, but at the end of the day, one thing matters are getting what you want out of life.
- 2.13: What we are doing here at ROL advisor revolves around the discovery process. We think of discovery not as a one-and-done process but as an ongoing process throughout the life of the relationship, says Steve.
- 7.06: There is a series of 20 statements in the ROL index. These twenty statements are divided into ten categories, such as whether or not a person is getting a return on his/her schooling, housing, or accomplishments.
- 8.20: The ten aspects are broken down into three categories, and then we give a score on a scale of 1 to 100 for each of those three categories, well-being, progress, and freedom, says Steve.
- 10.19: When advisors are working with a client not as an asset under management or not as dollar signs but working with them one on one as a human being for whom you can add some value and for someone that you care about, and at the end of the day that is what the client’s going to remember, says Steve.
- 12.07: We have six broad categories of life transitions, and within each of these six categories, we have anywhere from maybe five to ten life transitions related to each of those categories, explains Steve.
- 26.32: Steve wants to have a superpower of taking in all of the information from many different areas and sources so that he can synthesize and reconfigure it and communicate it back out in such a way that many people can understand it and benefit from it.
3 Key Points
- Often, financial advisors get a little frustrated when they see the behavior of their client, and they can’t understand why the client is doing this thing or why they are not doing something that they know is good for them, says Steve.
- Technology can augment the conversation like our tools are doing, but ultimately it is about the advisor and the depth of the connection, empathy, and understanding they have with clients, says Steve.
- Most financial advisors have been successful over the past few years because the markets have been good, so getting them to try and adopt a new way of doing business has been a little bit difficult because they are happy with what they are doing.
Tweetable Quotes
- “So much of our current behavior is influenced and derived from our formative years’ experiences.” – Steve
- “It is just human nature that we want to keep doing what we are doing, particularly if we are successful.” - Steve
Resources Mentioned:
Hosted on Acast. See acast.com/privacy for more information.
