In an increasingly complex world, why should financial advisors be spared from escalating challenges? Indeed, they're not. Here's the scenario as seen by advisor and entrepreneur Matt Reiner:
"There's more noise. There are multiple opinions being thrown around. Sometimes advisors have to be on the defensive and become the psychologist more than ever because they're dealing with all these outside, uncontrollable influences," argues Reiner, the 36-year-old founder and/or partner of three financial firms, in an interview with ThinkAdvisor.
Included in that list are Benjamin, an artificial intelligence fintech company that Reiner co-founded and of which he is CEO, and Capital Investment Advisors, with $4.3 billion in assets under management, which is focused on "the millionaire next door" and of which Reiner is a managing partner.
The third firm is Wela Strategies, an RIA serving the mass affluent. Reiner, a chartered financial analyst and certified financial planner, is co-founder and managing partner.
In an interview, the winner of a ThinkAdvisor 2022 LUMINARIES award for Thought Leadership and Education holds that the biggest challenge facing advisors today is "redefining their value proposition for clients as we continue to evolve as an industry."
He devotes most of his time to Benjamin, but, boasting ace time-management skills, is able to give plenty of time and thinking to the two other firms as well. Reiner, who says he's "dedicated to helping the industry grow and evolve," would like to see a few changes made therein.
One is that advisors ought to "share what works and what doesn't work for them," he says. "The more we share our best practices, things we've learned and things that we've failed at, the better the industry."
The advisor started his career in 2009 at Atlanta-based Capital Investments Advisors, a family business founded by his father Mike Reiner, now chairman. Matt's brother Mitch is also an advisor and partner.
Matt has somehow made time to write a series of books about a fictional psychotherapist for RIAs. "Dr. Cole Cash Will See You Now: Cole and the Next Gen" (Redwood) was reissued last year. Cole (aka Reiner) helps advisors grapple with the worries and challenges of their job.
Then there's Reiner's interview podcast, "Bridging the Gap," found on www.MattReiner.com.
ThinkAdvisor recently held a phone interview with Reiner, speaking from Atlanta. The thought leader, who even blocks out "thinking time" on his calendar, self-describes as "a recovering perfectionist."
"I keep tinkering with my process. I'm trying to make it as perfect as I can, even though I know it will never be perfect."
Here are highlights of our conversation:
THINKADVISOR: You're an advisor and a founder and/or partner of three different financial services firms. What's the secret to your time management?
MATT REINER: I have very consistent routines in the morning and at night, because to have the brain power to focus on multiple different things, you need to have some standardization in your life.
When I'm not on calls, Zooming or in meetings, I spend time thinking. I structure my calendar so that I have thinking time throughout the week. I need to think about certain tasks with regard to my roles and responsibilities at each of the three businesses.
What's your morning routine?
I'm an early riser. I work out every morning. I meditate. I read. I spend a little time with my kids. I do some journaling. I read some more. Then I get into my day. It's two to three hours before I open my email.
What's your nightly routine during the week?
At the end of every day, I check off what I've done that day and set my agenda for the next day. I determine what my top three goals are for that day. This can expand or contract based on my calendar.
As many nights as I can, I have dinner with my family. I enjoy time with my kids. I put them to sleep and have personal time with my wife. I'm in bed pretty early.
Tell me about the "Dr. Cole Cash" book series for financial advisors that you author.
They're fun, light-hearted short-story business fables. Dr. Cash is a made-up character from South Carolina who's a therapist for financial advisors. They talk to him about their worries and concerns about the industry. His knowledge is my knowledge. The books cover some of the major concerns and challenges facing RIA firms.
Such as?
Their feelings that they aren't valued because of the advancements of technology; how to serve and deal with millennial clients and employees; how to build a next-gen practice.
Do you think it's more difficult to be an advisor today?
Yes. There's more access to information and more noise that advisors have to deal with than ever before. Clients are getting information from multiple sources. There are multiple opinions being thrown around. People are making decisions on incomplete information.
