Guest: Matt Reiner, a CFA® Charterholder, CERTIFIED FINANCIAL PLANNER™ , and partner at Capital Investment Advisors, a $4.3B RIA in Atlanta, Georgia. Additionally, Matt is the managing partner of Wela Strategies, an RIA that deals with the investment needs of the mass affluent.
In a Nutshell: Nobody likes to fail, nobody likes to admit they failed, and nobody likes to publicly discuss their failure.
That’s why I have huge respect for Matt Reiner.
In early 2020, Matt made his first appearance on Between Now and Success to talk about Benjamin, his AI startup. Benjamin supplemented a traditional tech stack with workflow automation that took care of menial tasks so that advisors and support staff would have more time to work directly with clients.
Today, that company is dead. And, on today’s show, Matt is back to talk about what happened.
Matt is candid and real in this conversation, and his perspective on his entrepreneurial journey is something that I think you’ll relate to. We also discuss the broader implications of technology and AI in financial advising and a question I’ve been asking for a couple years now: Is technology actually increasing advisor productivity by a significant amount?
.Matt Reiner and I discuss:
- Honest insights into the challenges of introducing new technology in a risk-averse industry.
- Lessons learned from being an entrepreneur, including the importance of timing, market readiness, delegation, and a focused product vision.
- Matt’s blunt assessment of the mistakes he made and what he plans to do differently as a leader going forward.
- Maintaining a healthy balance between human interaction and automation in an advisory firm.
- How technology can enhance client relationships without replacing the personal touch.
- Appreciating the difference between “nice to have” and “essential.”
- The potential and limitations of AI and other technologies in enhancing the efficiency and scope of financial advising.
- Why Matt has pivoted to innovating within his firm and how he’s planning to deliver wealth management services more effectively.