The Future of Financial Planning, and Protecting Our Most Valuable Assets with John Phoenix

As advisors and entrepreneurs, we’re often laser-focused on the destination. But as most seasoned professionals wish their younger selves understood, the journey is more meaningful.

John Phoenix shares this sentiment. After years in the industry and multiple successful ventures under his belt, John believes in savoring the journey and pursuing what makes you happy above all else.

Following stints at various insurance companies, John founded his first company: Metamorphosis Money Management. He built one of the first tax overlay strategies and ultimately inked a deal with Envestnet in 2011. Over the years, John and partner Jay Hummel have continued forming entities like Wealth Advisor Growth Network and, most recently, AiK2 Insurance Services.

John talks with Craig about the life lessons and mentors that have shaped his lengthy career, and also describes his vision for the future of financial services and insurance, pinpointing the industry’s unique challenges and his recipe for investment success.

Key Takeaways

[02:56] - John’s career track.
[04:41] - What led John to start Metamorphosis Money Management
[09:50] - The evolution of the industry and where we’re headed.
[11:54] - The largest issue in the financial services industry.
[12:29] - What a successful acquisition looks like.
[14:58] - How to pick a service provider.
[16:49] - The Importance of educating underwriters.
[21:57] - What to worry about when it comes to cybersecurity.
[24:34] - How to protect your most valuable assets.
[25:12] - Is the fiduciary movement alive and well?

Quotes

[8:13] - “As an entrepreneur, what I’ve also learned, is, I think we’re all so focused in this business on the destination, whether that’s our clients focused on retirement or all of us focused on the number that can get us to a retirement, that you tend to not enjoy the journey. I think that that’s very hard as an entrepreneur and the end can really make the process painful and terrible as opposed to really keeping your mind open.” ~ John Phoenix

[9:27] - “The other thing that I’ve really grasped this time around is to really pursue in vigor things that make you happy. And that the whole goal of this really is to be happy and to be fulfilled.” ~ John Phoenix

[24:35] - “The insurance of all of our most valuable assets, which is our firms, has been a check the box exercise forever. I did it in my two firms, I was told what I needed to own, and I’d give very little thought to it and I’d check the box. But you can’t do that anymore. You really have to dig in and make sure you protect yourself. As a fiduciary, you owe it to your clients as well.” ~ John Phoenix

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The Future of Financial Planning, and Protecting Our Most Valuable Assets with John Phoenix

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