Today on the podcast, Rusty and Robyn are joined by serial entrepreneur and strategic advisor Scott MacKillop. Scott MacKillop, the former CEO of First Ascent Asset Management, serves as strategic advisor to GeoWealth, an enterprise technology firm and TAMP that serves the needs of RIAs. He is a 40-year veteran of the financial service industry.

Key Takeaways

• [03:56] - Scott’s professional background and why he is a self-described “creative adventurer”
• [07:40] - What are the guiding principles that have helped shape Scott’s leadership journey?
• [09:51] - Are there any particular lessons, in business or in life, that stand out for Scott?
• [10:53] - How has Scott’s personal philosophy evolved over time and what experiences have shaped it the most?
• [11:56] - If Scott could give his younger self one piece of advice, what would it be?
• [12:45] - If Scott could write a manifesto for financial advisors, what 10 things would make it on that list?
• [18:34] - Where does Scott see the financial services industry excelling now and where does it still have some work to do?
• [23:07] - What does Scott think the financial advisor of the future should look like?
• [25:53] - What motivates Scott to innovate, disrupt and keep pushing for positive change within the industry?
• [28:13] - How does Scott see the principle of “keeping it simple” evolving as new products and strategies emerge?
• [29:57] - How does Scott think advisors should think about succession planning?
• [32:37] - What is a lesson that too many advisors have learned the hard way?
• [35:31] - If Scott could give one piece of advice for financial advisors looking to strengthen their client relationships, what would that be?
• [37:57] - What parallels does Scott see between hiking and the financial services world and how does time in nature influence his perspective on markets and decision making?
• [41:36] - Was there a particular hike that taught Scott something new about his personal leadership style?
• [46:43] - Are there any particular books that have greatly influenced the way Scott thinks about the world?
• [49:26] - Currently, what is Scott’s favorite investment idea?

Quotes

[23:09] - “[Going forward advisors] are going to be more and more managers of outside vendors rather than cobblers at the bench making shoes. I think this is going to be more and more a part of what they do.” ~ Scott MacKillop

[32:40] - “I think that [some advisors] have learned the hard way that…the financial services world is a sales culture…and that, as I mentioned before, it sometimes takes advisors awhile to realize that people who look like they’re friends and look like objective sources of information are not, they’re selling something. So, that sort of skepticism and due diligence mindset…is really important, and I think a lot of advisors have learned that the hard way.” ~ Scott MacKillop

Links

• Scott MacKillop on LinkedIn
• “Sugar Magnolia” by The Grateful Dead

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