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Steve Lockshin

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Financial advisor and author
Steve Lockshin
Born1966 (age 57–58)
NationalityAmerican
Occupation(s)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.

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 (which shut down a year later), and Advice Period in 2013 (which was named "Best Wealth Planning Firm" at Family Wealth Report Awards 2019).

He is an early investor in a number of fintech firms, such as Betterment, Quovo, Wealthbox, and Advizr. He has appeared widely in the finance and business press, and at conferences in the financial services and fintech industries. He has served on CNBC's Digital Financial Advisor Council.

Lockshin has criticized the financial services industry for its inherent conflicts of interest, its over-reliance on active investing, its low standards, and its excessive fees. (He contends that estate planning and tax planning are much more important for clients.) He argues that many investment advisors should not be trusted. 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.

Career

Lockshin was CEO for Convergent Wealth Advisors for 18 years (and chairman through 2014), during which time the company became one of the largest RIAs in the industry. 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. Lockshin resigned as Convergent chairman in 2014, after the suicide of its CEO David Zier.

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

Writing

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

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, and that this will result an increased focus on and need for "unconflicted advice." He predicts that investment automation will be disruptive, making it ever harder for investment advisors to compete with robo advice and AI, and the big financial firms who use them. He has said that the financial services industry is having a "Kodak moment," 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.

References

  1. "How to attract UHNW clients — and charge a hefty flat fee". Financial Planning. 2017-12-01. Retrieved 2019-08-25.
  2. "Succeeding Serving Ultra-HNW Clients With Steve Lockshin". Nerd's Eye View | Kitces.com. 2017-03-28. Retrieved 2019-08-25.
  3. "MarketCounsel - Steve Lockshin and Charles Goldman to unveil Advizent". Retrieved 2019-08-25.
  4. "Advizent will close its doors after a final flurry of negotiations". RIABiz. Retrieved 2019-08-25.
  5. "What led to Advizent's end and why Steve Lockshin is unfazed, even energized". RIABiz. Retrieved 2019-08-25.
  6. "Debriefing a post-Convergent Steve Lockshin as he once more builds a classic RIA -- or is it neo-classical?". RIABiz. Retrieved 2019-08-25.
  7. "AdvicePeriod Again Develops Technology for Firm of the Future". Business Insider. January 29, 2019. Retrieved 2019-08-25.
  8. "Family Wealth Report Awards 2019". Clearview Publishing. Retrieved 2019-08-25.
  9. Sullivan, Paul (2015-06-19). "The Computer as a Financial Planner". The New York Times. ISSN 0362-4331. Retrieved 2019-08-25.
  10. "Fidelity and Betterment sign a deal with Steve Lockshin and Marty Bicknell as groomsmen at the altar". RIABiz. Retrieved 2019-08-25.
  11. Britton, Diana (2018-02-05). "Steve Lockshin: A Domino Effect". Wealth Management. Retrieved 2019-08-25.
  12. "Quovo rakes in $4.75 million from VC backers and a triumvirate of angel RIAs: Carson, Bicknell and Lockshin". RIABiz. Retrieved 2019-08-25.
  13. "Fintech Startup Quovo Acquired by Competitor Plaid for ~$200M". AlleyWatch. 2019-01-08. Retrieved 2019-08-25.
  14. Flowers, Bianca (September 30, 2014). "CRM startup Wealthbox earns financial backing from serial entrepreneur Steve Lockshin". Investment News. Retrieved 2019-08-25.
  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. Retrieved 2019-08-25.
  16. "Steve Lockshin's view of Advizr on Kitces podcast". Advizr. 2017-03-29. Retrieved 2019-08-25.
  17. "Protecting your portfolio". www.cnbc.com. Retrieved 2019-08-25.
  18. "The 2013 MarketCounsel Summit is heavy on future shock". RIABiz. Retrieved 2019-08-25.
  19. "Tech and Wealth Management: Transformative or Disruptive? - CFA Society Los Angeles". www.cfala.org. Retrieved 2019-08-25.
  20. "The Future of Wealth Management: Taking Your Advisory Business to the Next Level - Investment Adviser Association". www.investmentadviser.org. Retrieved 2019-08-25.
  21. "Steve Lockshin on Advisor Council". www.cnbc.com. Retrieved 2019-08-25.
  22. "Independent Financial Advisors Should Voluntarily Raise the Bar on Standards: It's Right for Consumers and Good for Business". finance.yahoo.com. Retrieved 2019-08-25.
  23. "Active Investments: A Lot of Hope is Dangerous". IRIS. 2017-03-06. Retrieved 2019-08-25.
  24. "Lockshin: All advisors must deal with the threat of low industry standards -- before investors do it for them". RIABiz. Retrieved 2019-08-25.
  25. "Top Advisor Steve Lockshin: Here's How You Do Retainer Fees". www.barrons.com. Retrieved 2019-08-25.
  26. Savitz, Eric. "Financial Advisors Who Protest Too Much Are Probably Overcharging Clients". Forbes. Retrieved 2019-08-25.
  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"". Meb Faber Research - Stock Market and Investing Blog. Retrieved 2019-08-25.
  28. Lockshin, Steve (August 2019). "The Seven Deadly Sins of Estate Planning". Wealth Management. Retrieved August 24, 2019.
  29. "Wednesday Welcome: Finding an Investment Advisor You Can Trust". Jean Chatzky - Making money make sense. 2013-10-02. Retrieved 2019-08-25.
  30. whatheheckaboom (2015-11-01). "Book Review of Get Wise to Your Advisor by Steven D. Lockshin". Journeys of a Bumbling Trader. Retrieved 2019-08-25.
  31. "Steve Lockshin: Fiduciary is the Future". www.barrons.com. Retrieved 2019-08-25.
  32. "Questions You Should Ask A Financial Advisor". Betterment. 2013-10-21. Retrieved 2019-08-25.
  33. "Steve Lockshin". www.cnbc.com. Retrieved 2019-08-25.
  34. "Steve Lockshin, Author at Betterment for Advisors". Betterment for Advisors. Retrieved 2019-08-25.
  35. Advisors, Convergent Wealth (2011-08-31). "Convergent CEO Steve Lockshin Ranked No. 1 Independent Financial Advisor by Barron's". GlobeNewswire News Room. Retrieved 2019-08-25.
  36. "Latest RIA mega-deal is a tale of two firms". Financial Planning. 2016-08-26. Retrieved 2019-08-25.
  37. "Barron's Top Financial Advisor Rankings". www.barrons.com. Retrieved 2019-08-25.
  38. "Barron's Top Financial Advisor Rankings for 2012". www.barrons.com. Retrieved 2019-08-25.
  39. "Barron's Top Financial Advisor Rankings by State for 2012". www.barrons.com. Retrieved 2019-08-25.
  40. "Barron's Top Financial Advisor Rankings for 2011". www.barrons.com. Retrieved 2019-08-25.
  41. "Barron's Top Financial Advisor Rankings for 2010". www.barrons.com. Retrieved 2019-08-25.
  42. "2019 Winners | Wealth Management Awards". Retrieved 2019-11-16.
  43. Lockshin, Steve (2015-08-10). "Tax-loss harvesting means not leaving money on the table". www.cnbc.com. Retrieved 2019-08-25.
  44. Lockshin, Steve (2015-06-18). "Is your financial advisor stuck in the Stone Age?". www.cnbc.com. Retrieved 2019-08-25.
  45. Lockshin, Steve. "Tech Whisperer: How to Invest in FinTech". www.barrons.com. Retrieved 2019-08-25.
  46. Lockshin, Steve. "Tech Whisperer: Don't Fear Schwab's $30 Advice". www.barrons.com. Retrieved 2019-08-25.
  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.
  48. Says, Larry Elford (2013-10-22). "Interview with Steven D. Lockshin, author of Get Wise to Your Advisor | Daniel H. Pink". Daniel H. Pink. Retrieved 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. 17 (1): 89–91. doi:10.3905/jwm.2014.17.1.089. ISSN 1534-7524. S2CID 155334928.
  50. Staff, W. S. J. (2018-12-07). "WSJ Wealth Adviser Briefing: Fintech Competition, Emerging Markets, Cross-Country Skiing". WSJ. Retrieved 2019-08-25.
  51. Lockshin, Steve (November 5, 2013). "Three Trends That Will Change the Game for Advisors". Advisor Perspectives. Retrieved August 24, 2019.
  52. Garmhausen, Steve. "Steve Lockshin: Fintech Is a Tidal Wave". www.barrons.com. Retrieved 2019-08-25.
  53. Robles, Angelo (2016). "The Future of Finance: How Robo Advisors are Changing the World" (PDF). The Family Office Association. Retrieved August 24, 2019.
  54. Almazora, Leo. "Brace for fintech war against banks, wealth managers told". Wealth Professional Canada. Retrieved 2019-08-25.
  55. "Artificial Intelligence: The Next Frontier in Planning". Wealth Management. 2019-02-06. Retrieved 2019-08-25.
  56. Lockshin, Steve (2015-07-19). "Advisors, Kodak and the Road to Irrelevancy". Medium. Retrieved 2019-08-25.
  57. "Steve Lockshin on the Impact of Digital Advice | Quovo". www.quovo.com. Retrieved 2019-08-25.

External links

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