EP 012: On this episode of The Retirement Success in Maine Podcast, we are thrilled to be joined by Michael DiJoseph, CFA. Mike is a Senior Advice Strategist in Vanguard’s Financial Advisor Services department. More specifically, Mike is also a thought leader behind the Advisor’s Alpha research. We really were interested to hear Vanguard’s thoughts on “how should retirees be using a financial advisor?” What are the other activities that Mike’s study says does NOT add value to clients? How long does Mike think it will take for Financial Advisors to abandon tasks that don't add value to their clients? In a way, we're talking about a financial advisor being a "retirement coach" or "behavioral coach" to help someone find their retirement success. Mike’s paper identifies the three P's of behavioral coaching - planning, proactivity, and positivity - does Mike find that these three elements are equally important to retirees? In his studies, is one element more impactful than others and why? Be sure to listen in to hear some great first-hand stories about the importance and impact of behavioral coaching.
Chapters
Introduction to Mike DiJoseph and his background [2:20]
Discussion about Mike’s first job in the financial industry and how he learned what he wanted, or didn’t want, in a career in financial services [8:10]
What makes Vanguard different? What does it mean to be client-owned? [14:15]
What is Advisor’s Alpha? What has Mike found in his research? [18:25]
There are seven key components to Advisors Alpha, what are they? [29:38]
How can someone in Maine use Advisor’s Alpha to find the right financial advisor for them? [55:12]
What do the next 30 years of financial advice look like? [60:13]
What is Retirement Success for Mike? [66:32]
Ben and Curtis wrap up the episode. [71:14]
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