Biography:Steve Lockshin

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Short description: Financial advisor and author
Steve Lockshin
NationalityAmerican
Occupationfinancial 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 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 Financial Advisors 2013 – State by State (#1 in California)[37]
  • 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]

References

  1. ↑ "How to attract UHNW clients — and charge a hefty flat fee" (in en). 2017-12-01. https://www.financial-planning.com/news/how-financial-advisors-can-attract-ultrahigh-net-worth-clients. 
  2. ↑ "Succeeding Serving Ultra-HNW Clients With Steve Lockshin" (in en-US). 2017-03-28. https://www.kitces.com/blog/steve-lockshin-advice-period-podcast-financial-advisor-serial-entrepreneur-ultra-hnw-clients/. 
  3. ↑ "MarketCounsel - Steve Lockshin and Charles Goldman to unveil Advizent" (in en-US). http://marketcounsel.com/blog/2012/04/10/steve-lockshin-and-charles-goldman-to-unveil-advizent/. 
  4. ↑ "Advizent will close its doors after a final flurry of negotiations". RIABiz. https://riabiz.com/a/2013/3/28/advizent-will-close-its-doors-after-a-final-flurry-of-negotiations. 
  5. ↑ "What led to Advizent's end and why Steve Lockshin is unfazed, even energized". RIABiz. https://riabiz.com/a/2013/5/15/what-led-to-advizents-end-and-why-steve-lockshin-is-unfazed-even-energized. 
  6. ↑ "Debriefing a post-Convergent Steve Lockshin as he once more builds a classic RIA -- or is it neo-classical?". RIABiz. https://riabiz.com/a/2015/1/8/debriefing-a-post-convergent-steve-lockshin-as-he-once-more-builds-a-classic-ria-or-is-it-neo-classical. 
  7. ↑ "AdvicePeriod Again Develops Technology for Firm of the Future". January 29, 2019. https://markets.businessinsider.com/news/stocks/adviceperiod-again-develops-technology-for-firm-of-the-future-1027907000. 
  8. ↑ "Family Wealth Report Awards 2019" (in en-GB). https://clearviewpublishing.com/events/family-wealth-report-awards-2019/. 
  9. ↑ Sullivan, Paul (2015-06-19). "The Computer as a Financial Planner" (in en-US). The New York Times. ISSN 0362-4331. https://www.nytimes.com/2015/06/20/your-money/the-computer-as-a-financial-planner.html. 
  10. ↑ "Fidelity and Betterment sign a deal with Steve Lockshin and Marty Bicknell as groomsmen at the altar". RIABiz. https://riabiz.com/a/2014/10/15/fidelity-and-betterment-sign-a-deal-with-steve-lockshin-and-marty-bicknell-as-groomsmen-at-the-altar. 
  11. ↑ Britton, Diana (2018-02-05). "Steve Lockshin: A Domino Effect" (in en). https://www.wealthmanagement.com/people/steve-lockshin-domino-effect. 
  12. ↑ "Quovo rakes in $4.75 million from VC backers and a triumvirate of angel RIAs: Carson, Bicknell and Lockshin". RIABiz. https://riabiz.com/a/2015/9/1/quovo-rakes-in-475-million-from-vc-backers-and-a-triumvirate-of-angel-rias-carson-bicknell-and-lockshin. 
  13. ↑ "Fintech Startup Quovo Acquired by Competitor Plaid for ~$200M" (in en-US). 2019-01-08. https://www.alleywatch.com/2019/01/fintech-startup-quovo-acquired-by-competitor-plaid-for-200m/. 
  14. ↑ Flowers, Bianca (September 30, 2014). "CRM startup Wealthbox earns financial backing from serial entrepreneur Steve Lockshin". https://www.investmentnews.com/article/20140930/FREE/140939996/crm-startup-wealthbox-earns-financial-backing-from-serial. 
  15. ↑ "Advizr gets Series A $7-million investment in bid to create software with best of eMoney, MoneyGuidePro and Mint.com rolled into one". RIABiz. https://riabiz.com/a/2017/6/22/advizr-gets-series-a-7-million-investment-in-bid-to-create-software-with-best-of-emoney-moneyguidepro-and-mintcom-rolled-into-one. 
  16. ↑ "Steve Lockshin's view of Advizr on Kitces podcast" (in en-US). 2017-03-29. https://www.advizr.com/blog/steve-lockshin-view-advizr-kitces-podcast/. 
  17. ↑ "Protecting your portfolio". https://www.cnbc.com/video/2013/09/11/protecting-your-portfolio.html. 
  18. ↑ "The 2013 MarketCounsel Summit is heavy on future shock". RIABiz. https://riabiz.com/a/2013/12/16/the-2013-marketcounsel-summit-is-heavy-on-future-shock. 
  19. ↑ "Tech and Wealth Management: Transformative or Disruptive? - CFA Society Los Angeles". https://www.cfala.org/i4a/pages/index.cfm?pageid=5069. 
  20. ↑ "The Future of Wealth Management: Taking Your Advisory Business to the Next Level - Investment Adviser Association". https://www.investmentadviser.org/events/webinars/past-iaa-webinars/past-other-webinars/past-other-webinars-2015/future-wealth. 
  21. ↑ "Steve Lockshin on Advisor Council". https://www.cnbc.com/steve-lockshin/. 
  22. ↑ "Independent Financial Advisors Should Voluntarily Raise the Bar on Standards: It's Right for Consumers and Good for Business" (in en-US). http://finance.yahoo.com/news/independent-financial-advisors-voluntarily-raise-150619971.html. 
  23. ↑ "Active Investments: A Lot of Hope is Dangerous" (in en-US). 2017-03-06. https://www.iris.xyz/network/active-investments-a-lot-of-hope-is-dangerous. 
  24. ↑ "Lockshin: All advisors must deal with the threat of low industry standards -- before investors do it for them". RIABiz. https://riabiz.com/a/2012/8/17/lockshin-all-advisors-must-deal-with-the-threat-of-low-industry-standards-before-investors-do-it-for-them. 
  25. ↑ "Top Advisor Steve Lockshin: Here's How You Do Retainer Fees" (in en-US). https://www.barrons.com/articles/top-advisor-steve-lockshin-heres-how-you-do-retainer-fees-1520441730. 
  26. ↑ Savitz, Eric. "Financial Advisors Who Protest Too Much Are Probably Overcharging Clients" (in en). https://www.forbes.com/sites/ciocentral/2012/05/08/financial-advisors-who-protest-too-much-are-probably-overcharging-clients/. 
  27. ↑ Faber, Meb (2018-08-15). "Episode #117: Steve Lockshin, "We Think the Estate and Tax Planning Levers are the Most Important Levers to Push on for Clients"" (in en-US). https://mebfaber.com/2018/08/15/episode-117-steve-lockshin-we-think-the-estate-and-tax-planning-levers-are-the-most-important-levers-to-push-on-for-clients/. 
  28. ↑ Lockshin, Steve (August 2019). "The Seven Deadly Sins of Estate Planning". https://secure.viewer.zmags.com/publication/a8f6fbfc#/a8f6fbfc/14. 
  29. ↑ "Wednesday Welcome: Finding an Investment Advisor You Can Trust" (in en-US). 2013-10-02. https://www.jeanchatzky.com/wednesday-welcome-finding-an-investment-advisor-you-can-trust/. 
  30. ↑ whatheheckaboom (2015-11-01). "Book Review of Get Wise to Your Advisor by Steven D. Lockshin" (in en). https://whatheheckaboom.wordpress.com/2015/11/01/book-review-of-get-wise-to-your-advisor-by-steven-d-lockshin/. 
  31. ↑ "Steve Lockshin: Fiduciary is the Future" (in en-US). http://www.barrons.com/articles/steve-lockshin-fiduciary-is-the-future-1484029684. 
  32. ↑ "Questions You Should Ask A Financial Advisor" (in en-US). 2013-10-21. https://www.betterment.com/resources/questions-you-should-ask-a-financial-advisor/. 
  33. ↑ "Steve Lockshin". https://www.cnbc.com/steve-lockshin/. 
  34. ↑ "Steve Lockshin, Author at Betterment for Advisors" (in en). https://advisors.betterment.com/resources/author/slockshin/. 
  35. ↑ Advisors, Convergent Wealth (2011-08-31). "Convergent CEO Steve Lockshin Ranked No. 1 Independent Financial Advisor by Barron's". http://www.globenewswire.com/news-release/2011/08/31/455157/230986/en/Convergent-CEO-Steve-Lockshin-Ranked-No-1-Independent-Financial-Advisor-by-Barron-s.html. 
  36. ↑ "Latest RIA mega-deal is a tale of two firms" (in en). 2016-08-26. https://www.financial-planning.com/news/latest-ria-mega-deal-is-a-tale-of-two-firms. 
  37. ↑ "Barron's Top Financial Advisor Rankings" (in en). https://www.barrons.com/report/top-financial-advisors/1000/2013. 
  38. ↑ "Barron's Top Financial Advisor Rankings for 2012" (in en). https://www.barrons.com/report/top-financial-advisors/independent/2012. 
  39. ↑ "Barron's Top Financial Advisor Rankings by State for 2012" (in en). https://www.barrons.com/report/top-financial-advisors/1000/2012. 
  40. ↑ "Barron's Top Financial Advisor Rankings for 2011" (in en). https://www.barrons.com/report/top-financial-advisors/independent/2011. 
  41. ↑ "Barron's Top Financial Advisor Rankings for 2010" (in en). https://www.barrons.com/report/top-financial-advisors/100/2010. 
  42. ↑ "2019 Winners | Wealth Management Awards" (in en-US). https://events.wealthmanagement.com/2019-winners/. 
  43. ↑ Lockshin, Steve (2015-08-10). "Tax-loss harvesting means not leaving money on the table". https://www.cnbc.com/2015/08/10/tax-loss-harvesting-means-not-leaving-money-on-the-table.html. 
  44. ↑ Lockshin, Steve (2015-06-18). "Is your financial advisor stuck in the Stone Age?". https://www.cnbc.com/2015/06/17/is-your-financial-advisor-stuck-in-the-stone-age.html. 
  45. ↑ Lockshin, Steve. "Tech Whisperer: How to Invest in FinTech" (in en-US). https://www.barrons.com/articles/tech-whisperer-how-to-invest-in-fintech-51565104167. 
  46. ↑ Lockshin, Steve. "Tech Whisperer: Don't Fear Schwab's $30 Advice" (in en-US). https://www.barrons.com/articles/schwabs-30-advice-are-you-scared-51555957400. 
  47. ↑ Lockshin, Steven D.. Get wise to your advisor : how to reach your investment goals without getting ripped off. Hoboken, New Jersey. ISBN 9781118700778. OCLC 837924707. https://www.worldcat.org/oclc/837924707. 
  48. ↑ Says, Larry Elford (2013-10-22). "Interview with Steven D. Lockshin, author of Get Wise to Your Advisor | Daniel H. Pink". https://www.danpink.com/2013/10/interview-with-steven-d-lockshin-author-of-get-wise-to-your-advisor/. 
  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" (in en). The Journal of Wealth Management 17 (1): 89–91. doi:10.3905/jwm.2014.17.1.089. ISSN 1534-7524. https://jwm.pm-research.com/content/17/1/89. 
  50. ↑ Staff, W. S. J. (2018-12-07). "WSJ Wealth Adviser Briefing: Fintech Competition, Emerging Markets, Cross-Country Skiing" (in en-US). https://blogs.wsj.com/moneybeat/2018/12/07/wsj-wealth-adviser-briefing-fintech-competition-emerging-markets-cross-country-skiing/. 
  51. ↑ Lockshin, Steve (November 5, 2013). "Three Trends That Will Change the Game for Advisors". https://www.advisorperspectives.com/articles/2013/11/05/three-trends-that-will-change-the-game-for-advisors. 
  52. ↑ Garmhausen, Steve. "Steve Lockshin: Fintech Is a Tidal Wave" (in en-US). https://www.barrons.com/articles/steve-lockshin-fintech-is-a-tidal-wave-51549583894. 
  53. ↑ Robles, Angelo (2016). "The Future of Finance: How Robo Advisors are Changing the World". https://familyoffice-wpengine.netdna-ssl.com/wp-content/uploads/2016/01/audio_lockshin.pdf. 
  54. ↑ Almazora, Leo. "Brace for fintech war against banks, wealth managers told". https://www.wealthprofessional.ca/market-talk/brace-for-fintech-war-against-banks-wealth-managers-told-251643.aspx. 
  55. ↑ "Artificial Intelligence: The Next Frontier in Planning" (in en). 2019-02-06. https://www.wealthmanagement.com/industry/artificial-intelligence-next-frontier-planning. 
  56. ↑ Lockshin, Steve (2015-07-19). "Advisors, Kodak and the Road to Irrelevancy" (in en). https://medium.com/@slockshin/advisors-kodak-and-the-road-to-irrelevancy-1f7859f8871a. 
  57. ↑ "Steve Lockshin on the Impact of Digital Advice | Quovo". https://www.quovo.com/finserv-blog/wealth-management/steve-lockshin-on-the-impact-of-digital-advice/. 

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