Steve Lockshin

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.[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's 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]

  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.