IA 000: Welcome, What to Expect, About Kate

IA 000: Welcome, What to Expect, About Kate

Welcome to the Innovating Advice Show! Since this is our first session together, I share why I created the show, what to expect from future episodes and I introduce myself. Future episodes will be interview-style with rotating guests from all over the world and I am committed to featuring 50% women.

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Episode Transcript

Hello, hello. I’m Kate Holmes and I’m honored to have you here for the welcome episode of the Innovating Advice show. 

Since launching one of the first completely virtual, fee-only – no Assets Under Management, monthly retainer financial planning practices back in early 2013, I have had the pleasure of working with and getting to know practitioners and financial services professionals in over 35 countries and territories. 

Having seen the similarities, differences and innovations in practice and culture around the world, I believe we have a lot to learn from each other in this young profession and I’m excited to bring those stories to you here on the Innovating Advice show. 

A few things were really important to me in creating this show: 

  1. Geographic diversity of guests. As much as possible, guests will rotate between North and South America, Europe, Africa, Asia and Australia. Professionals often look to the most developed nations for inspiration, but there are a lot of great things happening in emerging and developing countries as well and I will be sharing those stories here. 

  2. Gender diversity. I have been pleasantly surprised by the number of smart, successful, wonderful women in leadership roles around the world, though I still don’t believe they’re as visible as they should be to inspire women all around to join or remain in this profession. So it’s my commitment that 50% of my guests will be women.  

  3. Topic diversity. There are six key areas that we’ll be discussing: 

  4. Technology – including back office and operational tools and I am obsessed with efficiencies so I’ll be sharing tools I use that can give you back more time in your day.

  5. Business models – We’ll be discussing evolving business models, fee structures and client-service models, including monthly retainer options, commissions, Assets Under Management … We’ll cover them all …

  6. Practice management – everything from how advisers run their practice to hiring, outsourcing, systems and processes 

  7. Practitioner and client diversity – Financial planning… Wealth management… Holistic advice… These terms are often associated with being provided to, and by, the wealthy but once you really start talking about helping people determine what they want their life to look like, and THEN working with them to create a plan to get there … That’s applicable to almost everyone and I’ll be featuring people that not only understand the importance of practitioner and client diversity, but are living it…

  8. Fintech or FPtech, which is specifically financial planning technology. This is a huge area of innovation worldwide and it’s happening at different paces and with varying solutions around the world. We’ll be looking at what’s happening where, what’s coming next, and where there are needs, but no solution yet. 

  9. And finally… As the world gets ever smaller and technology plays an increasing role in every aspect of our lives, we’ll look at ever-changing client expectations and how to attract – and retain – your ideal client. 

It’s an interview style show where I kick off every episode saying hello or good day in the guest’s local language or style. 

We then spend some time discussing their local financial services environment, usually tied to the topic we’ll be discussing … So an overview of the local adviser technology landscape for example. In the initial episodes, we’ll often be going broader, especially with the first guest from a country to provide a foundation. 

We’ll then learn a bit about them and their journey into the profession, then take a deep dive into one or more topics. 

Because the audience is global, I work hard to make sure acronyms and local terminology are explained but if I miss anything, please shoot me a message. 

As a lifelong world traveling aficionado, I have been to over 50 countries and have learned so much about people, culture, safety, stereotypes and having preconceived notions. And because I know we can sometimes get stuck in our bubble, and not everyone has opportunities to experience other cultures first hand, we’ll sometimes have potentially uncomfortable conversations to break down some of those misconceptions about people or their culture.

As a profession built on helping others achieve their best life, it’s imperative that we continually strive to be our best selves and understand others so that we can best serve all clients and fellow colleagues.  

So regardless of your role in financial services, if you’re someone that is excited for the future of financial advice, financial planning and the incredible impact they can have in client’s lives, this show is for you. 

The Innovating Advice show launches on Tuesday, the 25th of February, 2020 and will bring you new episodes every Tuesday and Thursday, all year long, with an occasional special series or bonus episodes, as I’m doing with the launch. 

That’s an overview of the show so now I should tell you who I am. 

As I mentioned, I started one of the first completely-virtual, monthly retainer practices – Belmore Financial – in 2013. I actually got my degree in photography from RMIT University in Melbourne, Australia. I’m originally from Seattle, Washington, but my love of adventure and travel – and thinking I wanted to be a travel photographer – found me on a one-way flight to Australia at age 19 which ultimately solidified both my love for travel and my lack of skills as a photographer. 

When the immigration process didn’t go my way, I returned to Seattle, joined the family investment advisory business and spent 7 years working my way up to becoming a Principal. I spent a lot of my time going into companies and sitting down 1:1 with every type of employee from the bottom to the top and time and again, their questions were about getting out of debt, getting married or divorced, having a child or buying a house … all of life’s major milestones. They really weren’t concerned about the stock market, they didn’t need products sold to them … They just needed advice, guidance and coaching. 

Unable to find a client-centric solution for them, I decided to put my Arts degree to use, get creative, and that’s how I came up with the virtual, fee-only, monthly retainer model. 

Being one of the first to do it led to a lot of great opportunities and working with companies and colleagues around the world. I soon realized that I felt I could have a bigger impact on the profession by working with organizations and practitioners to help propel the profession forward. 

After four years of running Belmore Financial, I took advantage of an incredible opportunity as Director of Stakeholder Engagement for Financial Planning Standards Board, owner of the international CERTIFIED FINANCIAL PLANNER certification outside the US. I spent three wonderful and adventurous years there, traveling around the world, working with the powerhouse team that seriously knows how to get stuff done and meeting so many more people doing amazing things all over the world … And creating more stories to share with you.   

Thank you for listening to this very first episode of the Innovating Advice show. For those I don’t yet know; I can’t wait to meet you. You can find me on LinkedIn, Twitter, Facebook and Instagram at Innovating Advice or through the links in the show notes. 

I’ll see you next time!

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