Steve Lockshin Explained

Steve Lockshin
Nationality:American
Occupation:financial advisor, entrepreneur and financial author

Steve Lockshin is an American financial advisor, entrepreneur and financial author that has focusing on ultra high-net-worth clients and estate planning.[1] [2]

He is a founder of a number of companies, such as Fortigent (formerly Convergent Wealth Advisors and CMS Financial Services) in 1994, Advizent in 2012[3] (which shut down a year later),[4] [5] and Advice Period in 2013[6] [7] (which was named "Best Wealth Planning Firm" at Family Wealth Report Awards 2019).[8]

He is an early investor in a number of fintech firms, such as Betterment,[9] [10] [11] Quovo,[12] [13] Wealthbox,[14] and Advizr.[15] [16] He has appeared widely in the finance and business press,[17] and at conferences in the financial services and fintech industries.[18] [19] [20] He has served on CNBC's Digital Financial Advisor Council.[21]

Lockshin has criticized the financial services industry for its inherent conflicts of interest,[22] its over-reliance on active investing,[23] its low standards,[24] and its excessive fees.[25] [26] (He contends that estate planning and tax planning are much more important for clients.)[27] [28] He argues that many investment advisors should not be trusted.[29] He is critical of broker-dealers because they are not required to act in their clients best interests, unlike a registered investment advisor who is a fiduciary.[30] [31] [32]

Career

Lockshin was CEO for Convergent Wealth Advisors for 18 years (and chairman through 2014),[33] during which time the company became one of the largest RIAs in the industry.[34] In 2011, while he was at Convergent, he was named the "No. 1 Independent Financial Advisor" in the United States by the financial weekly newspaper Barron's.[35] Lockshin resigned as Convergent chairman in 2014, after the suicide of its CEO David Zier.[36]

Awards and Recognitions

Lockshin has been recognized repeatedly by Barron's for his excellence as a financial advisor, including as #1 in California twice and #1 nationally. His awards and recognitions include:

Barron’s Top Independent Advisors 2012 (#2 Nationally)[38] Barron’s Top Financial Advisors 2012 – State by State (#1 in California)[39] Barron’s Top Independent Financial Advisors 2011 (#1 Nationally)[40] Barron’s Top Independent Financial Advisors 2010 (#5 Nationally)[41] The Wealth Management Industry Award for RIA Thought Leader of the Year for 2019[42]

Writing

Lockshin has written articles for CNBC,[43] [44] and writes a regular column in Barron's called The Tech Whisperer.[45] [46] He wrote the book Get Wise to Your Advisor,[47] which exposes conflicts of interest in the financial advice industry,[48] and argues that individual investors, even very wealthy ones, are often not well-served by their advisors.[49]

He has made a number of predictions about the future of the financial services industry, including that over the next few years there will be a rapid evolution of fintech,[50] and that this will result an increased focus on and need for "unconflicted advice."[51] He predicts that investment automation will be disruptive,[52] [53] making it ever harder for investment advisors to compete with robo advice and AI, and the big financial firms who use them.[54] [55] He has said that the financial services industry is having a "Kodak moment,"[56] meaning that much of the industry, and especially individual investment advisors, are ignoring technological changes just like Kodak ignored the photography industry transitioning from film to digital.[57]

External links

Notes and References

  1. Web site: How to attract UHNW clients — and charge a hefty flat fee. 2017-12-01. Financial Planning. en. 2019-08-25.
  2. Web site: Succeeding Serving Ultra-HNW Clients With Steve Lockshin. 2017-03-28. Nerd's Eye View Kitces.com. en-US. 2019-08-25.
  3. Web site: MarketCounsel - Steve Lockshin and Charles Goldman to unveil Advizent. en-US. 2019-08-25.
  4. News: Advizent will close its doors after a final flurry of negotiations. RIABiz. 2019-08-25.
  5. News: What led to Advizent's end and why Steve Lockshin is unfazed, even energized. RIABiz. 2019-08-25.
  6. News: Debriefing a post-Convergent Steve Lockshin as he once more builds a classic RIA -- or is it neo-classical?. RIABiz. 2019-08-25.
  7. Web site: AdvicePeriod Again Develops Technology for Firm of the Future. January 29, 2019. Business Insider. 2019-08-25.
  8. Web site: Family Wealth Report Awards 2019. Clearview Publishing. en-GB. 2019-08-25.
  9. News: The Computer as a Financial Planner. Sullivan. Paul. 2015-06-19. The New York Times. 2019-08-25. en-US. 0362-4331.
  10. News: Fidelity and Betterment sign a deal with Steve Lockshin and Marty Bicknell as groomsmen at the altar. RIABiz. 2019-08-25.
  11. Web site: Steve Lockshin: A Domino Effect. Britton. Diana. 2018-02-05. Wealth Management. en. 2019-08-25.
  12. News: Quovo rakes in $4.75 million from VC backers and a triumvirate of angel RIAs: Carson, Bicknell and Lockshin. RIABiz. 2019-08-25.
  13. Web site: Fintech Startup Quovo Acquired by Competitor Plaid for ~$200M. 2019-01-08. AlleyWatch. en-US. 2019-08-25.
  14. Web site: CRM startup Wealthbox earns financial backing from serial entrepreneur Steve Lockshin. Flowers. Bianca. September 30, 2014. Investment News. 2019-08-25.
  15. News: Advizr gets Series A $7-million investment in bid to create software with best of eMoney, MoneyGuidePro and Mint.com rolled into one. RIABiz. 2019-08-25.
  16. Web site: Steve Lockshin's view of Advizr on Kitces podcast. 2017-03-29. Advizr. en-US. 2019-08-25.
  17. Web site: Protecting your portfolio. www.cnbc.com. 2019-08-25.
  18. News: The 2013 MarketCounsel Summit is heavy on future shock. RIABiz. 2019-08-25.
  19. Web site: Tech and Wealth Management: Transformative or Disruptive? - CFA Society Los Angeles. www.cfala.org. 2019-08-25.
  20. Web site: The Future of Wealth Management: Taking Your Advisory Business to the Next Level - Investment Adviser Association. www.investmentadviser.org. 2019-08-25.
  21. Web site: Steve Lockshin on Advisor Council. www.cnbc.com. 2019-08-25.
  22. Web site: Independent Financial Advisors Should Voluntarily Raise the Bar on Standards: It's Right for Consumers and Good for Business. finance.yahoo.com. en-US. 2019-08-25.
  23. Web site: Active Investments: A Lot of Hope is Dangerous. 2017-03-06. IRIS. en-US. 2019-08-25.
  24. News: Lockshin: All advisors must deal with the threat of low industry standards -- before investors do it for them. RIABiz. 2019-08-25.
  25. Web site: Top Advisor Steve Lockshin: Here's How You Do Retainer Fees. www.barrons.com. en-US. 2019-08-25.
  26. Web site: Financial Advisors Who Protest Too Much Are Probably Overcharging Clients. Savitz. Eric. Forbes. en. 2019-08-25.
  27. Web site: Episode #117: Steve Lockshin, "We Think the Estate and Tax Planning Levers are the Most Important Levers to Push on for Clients". Faber. Meb. 2018-08-15. Meb Faber Research - Stock Market and Investing Blog. en-US. 2019-08-25.
  28. Web site: The Seven Deadly Sins of Estate Planning. Lockshin. Steve. August 2019. Wealth Management. August 24, 2019.
  29. Web site: Wednesday Welcome: Finding an Investment Advisor You Can Trust. 2013-10-02. Jean Chatzky - Making money make sense. en-US. 2019-08-25.
  30. Web site: Book Review of Get Wise to Your Advisor by Steven D. Lockshin. whatheheckaboom. 2015-11-01. Journeys of a Bumbling Trader. en. 2019-08-25.
  31. Web site: Steve Lockshin: Fiduciary is the Future. www.barrons.com. en-US. 2019-08-25.
  32. Web site: Questions You Should Ask A Financial Advisor. 2013-10-21. Betterment. en-US. 2019-08-25.
  33. Web site: Steve Lockshin. www.cnbc.com. 2019-08-25.
  34. Web site: Steve Lockshin, Author at Betterment for Advisors. Betterment for Advisors. en. 2019-08-25.
  35. Web site: Convergent CEO Steve Lockshin Ranked No. 1 Independent Financial Advisor by Barron's. Advisors. Convergent Wealth. 2011-08-31. GlobeNewswire News Room. 2019-08-25.
  36. Web site: Latest RIA mega-deal is a tale of two firms. 2016-08-26. Financial Planning. en. 2019-08-25.
  37. Web site: Barron's Top Financial Advisor Rankings. www.barrons.com. en. 2019-08-25.
  38. Web site: Barron's Top Financial Advisor Rankings for 2012. www.barrons.com. en. 2019-08-25.
  39. Web site: Barron's Top Financial Advisor Rankings by State for 2012. www.barrons.com. en. 2019-08-25.
  40. Web site: Barron's Top Financial Advisor Rankings for 2011. www.barrons.com. en. 2019-08-25.
  41. Web site: Barron's Top Financial Advisor Rankings for 2010. www.barrons.com. en. 2019-08-25.
  42. Web site: 2019 Winners Wealth Management Awards. en-US. 2019-11-16.
  43. Web site: Tax-loss harvesting means not leaving money on the table. Lockshin. Steve . 2015-08-10. www.cnbc.com. 2019-08-25.
  44. Web site: Is your financial advisor stuck in the Stone Age?. Lockshin . Steve . 2015-06-18. www.cnbc.com. 2019-08-25.
  45. Web site: Tech Whisperer: How to Invest in FinTech. Lockshin. Steve. www.barrons.com. en-US. 2019-08-25.
  46. Web site: Tech Whisperer: Don't Fear Schwab's $30 Advice. Lockshin. Steve. www.barrons.com. en-US. 2019-08-25.
  47. Book: Lockshin, Steven D.. Get wise to your advisor : how to reach your investment goals without getting ripped off. 9781118700778. Hoboken, New Jersey. 837924707.
  48. Web site: Interview with Steven D. Lockshin, author of Get Wise to Your Advisor Daniel H. Pink. Says. Larry Elford. 2013-10-22. Daniel H. Pink. 2019-08-25.
  49. Brunel. Jean L. P.. 2014-04-30. BOOK REVIEW: Get Wise to Your Advisor: How to Reach Your Investment Goals Without Getting Ripped Off. The Journal of Wealth Management. en. 17. 1. 89–91. 10.3905/jwm.2014.17.1.089. 155334928 . 1534-7524.
  50. Web site: WSJ Wealth Adviser Briefing: Fintech Competition, Emerging Markets, Cross-Country Skiing. Staff. W. S. J.. 2018-12-07. WSJ. en-US. 2019-08-25.
  51. Web site: Three Trends That Will Change the Game for Advisors. Lockshin. Steve. November 5, 2013. Advisor Perspectives. August 24, 2019.
  52. Web site: Steve Lockshin: Fintech Is a Tidal Wave. Garmhausen. Steve. www.barrons.com. en-US. 2019-08-25.
  53. Web site: The Future of Finance: How Robo Advisors are Changing the World. Robles. Angelo. 2016. The Family Office Association. August 24, 2019.
  54. Web site: Brace for fintech war against banks, wealth managers told. Almazora. Leo. Wealth Professional Canada. 2019-08-25.
  55. Web site: Artificial Intelligence: The Next Frontier in Planning. 2019-02-06. Wealth Management. en. 2019-08-25.
  56. Web site: Advisors, Kodak and the Road to Irrelevancy. Lockshin. Steve. 2015-07-19. Medium. en. 2019-08-25.
  57. Web site: Steve Lockshin on the Impact of Digital Advice Quovo. www.quovo.com. 2019-08-25.

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