Tune in this week to learn more about innovations in regulation from Ian Meiksins of Key Bridge Compliance. In particular, we will discuss what innovations are taking place at the SEC and what our clients can do about it.

Key Takeaways

• [02:00] - What makes Cincinnati unique and what are some fun things to do while visiting?
• [03:11] - Ian’s recommended books or movies for our listeners.
• [04:57] - Ian’s professional background and how he got involved with compliance, specifically.
• [07:42] - What are some of the SEC’s proposals related to ESG investing and what are they trying to achieve with these?
• [12:20] - How does Ian see the SEC’s AI rules shaping up and what might its implications be for the industry?
• [14:23] - How does the SEC try and keep with technology when, while they are proposing, the industry has already moved generations ahead?
• [16:30] - The SEC’s proposed cyber security enhancements and rules and where they might be going with that.
• [20:20] - How are upcoming regulations going to make it more difficult for firms to outsource their compliance due diligence?
• [24:16] - Is there anything we didn’t cover today that Ian would want advisors to know?
• [25:50] - If Ian could snap his fingers to bring forth a new tech innovation to help the industry, what would he choose?

Quotes

[07:57] - "Asset managers globally…are expected to double the size of their assets under management that are allocated to ESG funds. I mean, we are talking from 18 Trillion to over 30 Trillion, and I think that’s a really big piece of why the SEC…[is] so focused on ESG funds and strategies." ~ Ian Meiksins

[13:06] - "Really what [the SEC is] fearing is that AI models will suddenly be produced on just a few, foundational…models, and then obviously we are going to be producing similar outputs. [This] makes it more likely that, if we are using those outputs for investment methodologies and investment decisions, we are going to have concentrated risk…in our financial markets, for our investors and other folks. [At the core of it the SEC] fear that homogenous industry outcome which puts our financial markets at risk." ~ Ian Meiksins

Links

• Ian Meiksins on LinkedIn
• Key Bridge Compliance

Connect with Us

• Meet Natalie Wolfsen
• Meet Brian McLaughlin
• Check Out All of Orion’s Podcasts
• Power Your Growth with Orion

Compliance Code: 1365-OAT-5/30/2024

Tune in this week to learn more about Generative AI from Jason Pereira of Woodgate Financial. In particular, we will discuss how to counsel advisors on how to not let fear takeover when it comes to AI and how they can best implement AI-powered tools in their practice. In addition, we take a look at some of the unique risks that AI presents for the financial services industry, and beyond, as well as how we can best insulate ourselves and our practices from these risks.

Key Takeaways

• [05:22] - What got Jason interested in AI, and drew him in, originally?
• [06:16] - What are some of the reasons behind why some financial advisors are hesitant to adopt AI?
• [10:35] - What guidance would Jason give to advisors to not let their fear take over when it comes to AI?
• [13:28] - What other use cases, from an Assistive angle, does Jason see for AI in the financial services industry? Also, how does Jason see AI transforming the industry going forward?
• [20:23] - What can AI do, if anything, to deepen the level of personalization that advisors can implement for each of their clients?
• [27:27] - What are some of the downsides and risks of AI?
• [29:35] - Is there anything we can do as individuals, professionals or a society to insulate ourselves from the unique risks that AI presents?
• [35:56] - If Jason could give listeners one takeaway for how to start engaging with AI, what would it be?
• [37:08] - Should we be looking to other industries, and how they use AI, for inspiration?
• [40:13] - If Jason could snap his fingers and make it happen, what futuristic technology tool would he most wish for in the financial services industry?

Quote

[06:23] - "The one reason to be hesitant [about AI] is surrounding things like security and privacy. That should always be your first and foremost concern. I’ve seen advisors talk about things like ‘oh, I did this with my client’s information in ChatGPT.’ That’s an open protocol, that other parties have proven they can actually extract other peoples’ personal information from, so you should not be doing that flat out…If you are going to work with any kind of protocol…or any kind of AI, security has got to be a first and foremost, paramount concern especially when we are talking about client data." ~ Jason Pereira

Links

• Jason Pereira on LinkedIn
• Jason Pereira Website
• Woodgate Financial

Connect with Us

• Meet Natalie Wolfsen
• Meet Brian McLaughlin
• Check Out All of Orion’s Podcasts
• Power Your Growth with Orion

Compliance Code: 1066-OAT-4/30/2024

Tune in this week to learn more about innovation in BeFi from Orion's Chief Behavioral Officer, Dr. Daniel Crosby. In particular, learn why clients often overlook the value add of BeFi, how Orion integrates and embeds BeFi into the DNA of their tech, about Orion’s new tool “Pulse Check” and what the future of Behavioral Finance might hold.

Key Takeaways

• [08:08] - Statistics show that the majority of clients want a financial advisor “who gets them” and who has the same core values as them. Learn more about why this is and what we can do as advisors to achieve greater alignment with our clients.
• [13:55] - How has Dr. Crosby and the Behavioral Finance team at Orion helped meet the BeFi needs of their advisors?
• [18:21] - Where does Dr. Crosby get his ideas for Orion’s BeFi Tech integrations? Also, what is Orion’s new tool “Pulse Check” and what makes it such a unique offering?
• [20:02] - How do BeFi tools help us through moments that are geopolitically, or more broadly, tumultuous?
• [22:57] - How might advisors use Pulse Check in conversations with their clients?
• [30:22] - What theorists in the financial services space, or elsewhere, are really informing Dr. Crosby’s thinking at the moment?
• [35:27] - What is Dr. Crosby’s vision for Behavioral Finance in the industry going forward?

Quotes

[08:32] - "No one has done as much as Orion to integrate BeFi…nobody is doing it at the level that we are." ~ Dr. Daniel Crosby

[09:07] - "The integrated piece [of Behavioral Finance] is absolutely critical, and there are really two reasons why. The first reason is that we forget 90% of what we learn in three days if it’s not personalized, applied and integrated…The second piece is [that] people want Behavioral Finance, but they are not always asking for it." ~ Dr. Daniel Crosby

Links

• Meet Dr. Daniel Crosby
• Orion Advisor Academy
• Orion Behavioral Finance
• “Paranoid Android” by Radiohead
• BeFi20

Connect with Us

• Meet Natalie Wolfsen
• Meet Brian McLaughlin
• Check Out All of Orion’s Podcasts
• Power Your Growth with Orion

Compliance Code: 0725-OAT-3/25/2024