In episode 84, host Jimmy Lee is joined by Tom Henske, CFP and founder of The Affluent Insurance Advisor, for a wide-ranging conversation on sudden wealth, financial literacy, and building a referral-driven practice. They discuss what sudden wealth syndrome looks like and why it isn't limited to lottery winners, how Tom built Total Cents to help parents teach kids about money, and how his Athlete Edge program is bringing financial education to college athletes navigating name, image, and likeness deals. They also cover the case for partnering with centers of influence like accountants and attorneys, and Tom's take on how AI is likely to reshape the wealth management business.
Tom Henske describes "sudden wealth syndrome" as a pattern that shows up whenever money arrives faster than someone is prepared for it, from a first bonus or tax refund to an inheritance or a sold business, not just lottery winnings.
He built his book and program "It Makes Total Cents" around short, question-based conversations parents can have with kids about money, after noticing how many clients complained that their kids didn't understand the value of a dollar.
Tom Henske's "Athlete Edge" program brings a financial literacy curriculum to college athletic departments navigating name, image, and likeness (NIL) deals, an area he says gained urgency after seeing athletes make costly spending decisions with new NIL income.
On practice growth, Tom Henske emphasizes building relationships with a client's other professional advisors, such as accountants and estate planning attorneys, as a way to earn referrals from a single relationship rather than one client at a time.
On AI, he expects it to compress advisory margins over time as clients get more from AI tools directly, but he doesn't expect it to replace high-end advisors who provide more than portfolio management.
Host: Jimmy Lee, Founder & CEO, The Wealth Consulting Group
Guest: Tom Henske, CFP, Founder, The Affluent Insurance Advisor.
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