Why Modern Financial Advisors Must Offer Comprehensive Banking Solutions and Advice or Risk Losing Clients

About this episode

Bob Clare discusses the importance of integrating banking solutions into financial advising to retain clients and serve their complete financial needs.

Bob Clare spent 25 years inside Bank of America and Merrill Lynch before founding Fispoke — a complete embedded banking and lending platform built specifically for independent RIAs and financial advisors. And what he saw from the inside is what drove him to build it: the big banks have a very deliberate strategy to cross-sell your clients every time they walk through their doors. Most independent advisors have no idea it’s happening. In this episode, Mike and Bob dig into why integrating banking into your practice is both an offensive and defensive strategy, what it really means to be a fiduciary when you’re only managing half of your client’s financial life, and how Fispoke is enabling advisors to offer $20.5 million in FDIC insurance and a 3.56% high-yield savings APY to their clients today. They also unpack a stat that should stop every advisor cold: 81% of heirs switch advisors after inheriting wealth. Bob explains how building a banking relationship with the next generation is one of the most powerful retention tools in an advisor’s arsenal. Chapters: 0:00 - Cold Open: Bob’s Warning to Advisors 0:30 - Episode Intro 2:00 - Welcome Bob Clare / The Journey from Terry’s Episode…

People in this episode

Guest: Bob Clare

Topics covered

• banking solutions
• fiduciary responsibility
• client retention
• financial advising
• high-yield savings

Keywords

• Fispoke
• FDIC insurance
• wealth management
• independent RIAs

Mentioned in this episode

Products: Fispoke

Books & works: Cold Open: Bob’s Warning to Advisors

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