In this episode of the Elite Financial Advisor Podcast, Sten Morgan, CFP®, ChFC®, sits down with two of the most thoughtful voices in the profession - Carl Richards, CFP®, creator of the Sketch Guy column and founder of The Society of Advice, and Steve Sanduski, CFP®, founder of Belay Advisor and host of the Between Now and Success podcast - to war-game how financial advice will change over the next ten years.
They dig into the two layers of every advisory practice: the execution layer that AI is rapidly automating, and the human layer it cannot touch. As the technical work becomes table stakes, the floor for what counts as a great advisor rises, and Carl and Steve make the case that the future advisor has to be bilingual: fluent in money and fluent in humans.
They also get practical about where the business is headed - whether AUM and commission comp survive, why clients pay for trust and outcomes rather than process, and how a young advisor can intentionally build the craft of curiosity instead of waiting for life to humble them.
As Carl puts it: "AI is not a threat. It is a reminder of the deeply human work we do."
In This Episode
- Every practice has two layers: the execution layer AI is automating, and the human layer it cannot. The human layer is where advisors win.
- The floor is rising. A great financial plan is becoming table stakes; the EQ to sit with clients in their hardest moments is the real edge.
- Be bilingual. Major in money and major in humans. The messy intersection of the two is where the value lives.
- Greet clients at the "presenting problem" with empathy, then watch for the "crunchy bits" that open the door to deeper work.
- The way you get paid tells a story. If any part of it is something you would not be comfortable explaining to a client's face, change it.
Episode Timestamps
00:00 - Introduction: sailing, motorcycles, and catching up
04:30 - The war game: what should advisors be ready for?
05:45 - Carl: the deeply human craft AI is pointing us back to
09:00 - Steve: the execution layer versus the human layer
11:00 - Will AI actually increase an advisor's capacity?
13:00 - Advice to the next generation of advisors
16:00 - Be bilingual: major in money and major in humans
19:00 - Why life planning is a small market at any given moment
20:30 - Greet clients at the presenting problem
23:30 - Will AUM and insurance comp survive?
29:00 - Carl: the way you get paid tells a story
31:20 - From stockbrokers to goal-based planning
35:00 - Process versus outcome in the age of AI
38:40 - You cannot market trust, you can only build it
43:30 - A practical path to the craft of curiosity
48:00 - What has these two most excited right now
Get the Free Episode Companion Guide:
Want the cheat sheet for this episode? We turned the biggest ideas into a one-page companion guide - the two layers of an advisory practice, key takeaways, and three action steps.
Grab your free copy here:
https://gobeelite.com/elite-advisor-podcast-companion-page?utm_source=shownotes&utm_medium=podcast&utm_campaign=ep_248_richards_sanduski
Free Resources for Financial Advisors:
Want to become a more elite advisor? Get our free course on how to become an Elite Advisor, plus training videos that show you how to whiteboard ideas with clients using real examples.
Get the free resources here:
https://gobeelite.com/elite-advisor-path-resources?utm_source=shownotes&utm_medium=podcast&utm_campaign=ep_248_richards_sanduski
Get the Free Book: Value First Prospecting
Most advisors were trained to sell first and hope trust shows up later. Value First Prospecting shows you how to create demand, lead with ideas, and turn first meetings into strategy conversations instead of sales meetings. You can claim a free copy of Sten Morgan's book, Value First Prospecting. Just cover shipping.
Get the book here:
https://gobeelite.com/free-book?utm_source=shownotes&utm_medium=podcast&utm_campaign=ep_248_richards_sanduski
Attend Elite Advisor Live:
Elite Advisor Live is our in-person training where advisors get the reps, feedback, and proven system to start charging for advice and clearly communicate their value.
Learn more about Elite Advisor Live here:
https://www.eliteadvisorlive.com?utm_source=shownotes&utm_medium=podcast&utm_campaign=ep_248_richards_sanduski
Join Elite+:
Elite+ is for advisors who are done dabbling and ready to become Elite. Inside Elite+, you get proximity, accountability, real-time coaching, and a complete operating system to help you remove resistance and grow at a higher level.
Join Elite+ here:
https://eadvisornetwork.com/join-ean?utm_source=shownotes&utm_medium=podcast&utm_campaign=ep_248_richards_sanduski
Connect With Elite Advisor Network
Website: https://www.eliteadvisornetwork.com?utm_source=shownotes&utm_medium=podcast&utm_campaign=ep_248_richards_sanduski
Podcast: https://podcasts.apple.com/us/podcast/the-elite-financial-advisor-podcast-with-sten-morgan/id1601321140
LinkedIn: https://www.linkedin.com/company/elite-advisor-network
YouTube: https://www.youtube.com/@EliteAdvisorNetwork
Subscribe
Subscribe for more conversations, training, and practical ideas to help financial advisors reject average and become elite.
#EliteAdvisorNetwork #FinancialAdvisor #StenMorgan #FinancialPlanning #AdvisorGrowth #ArtificialIntelligence #FutureOfAdvice
