081: Beyond Money Management: The Value of Personal Connection in Financial Advising with Urban Adams

The Influential Advisor

Episode Summary:

In a world dominated by digital platforms, Urban Adams offers a refreshingly human approach to financial advising. With 25 years in the industry and a philosophy grounded in stoicism, Urban helps clients balance enjoying the present while planning for the future. His new book, "Wealth Your Way," challenges traditional mindsets about wealth accumulation, advocating instead for an intentional, values-driven approach. Urban shares how he applies stoic principles to help clients navigate financial uncertainty, why he maintains a high-touch service model in the digital age, and how his experience as a father of three daughters has shaped his approach to serving women clients. From comprehensive planning strategies to emotional decision-making during market volatility, Urban offers insights that emphasize the human side of financial advising.

About the Guest:

• Urban Adams entered the financial industry in 1999, just before Y2K. After spending years in back-office operations for a large broker-dealer, he launched his own practice 13 years ago. Based in the Phoenix area, Urban serves clients across all U.S. time zones and has acquired two practices from retiring advisors, both of whom were women.

Key Concepts Explained:

Stoicism in Financial Planning: Urban applies stoic principles to help clients embrace financial uncertainty. Rather than fearing market volatility or unknown lifespans, he encourages clients to make peace with ambiguity while making intentional choices about their resources.

Present vs. Future Balance: One of Urban's core philosophies challenges the "unending accumulation of wealth" mindset. He shares a poignant story about clients who took a European vacation he helped plan, only for one spouse to pass away unexpectedly six months later - reinforcing the importance of not endlessly deferring life experiences.

Comprehensive Financial Planning: Urban defines this as going beyond investment management to include tax planning (current and future), estate planning, risk management (life and long-term care insurance), and income planning (Social Security and pensions). He notes that focusing solely on investments is like planning a trip without considering the mode of transportation or timeframe.

High-Touch Approach: Urban differentiates himself by being exceptionally accessible - answering his own phone during business hours and being willing to assist with decisions beyond strict financial matters. He's helped clients shop for electronics, asked tough questions about real estate transactions, and even supported widowed clients navigating the dating world.

Practical Takeaways:

Emotional Decision-Making: Urban prepares clients for market downturns at the beginning of relationships, telling them exactly what questions he'll ask when markets decline. This proactive approach helped his clients stay invested during COVID-19 market drops.

Tax Planning Strategy: Rather than focusing solely on current tax situations, Urban helps clients build tax-free wealth through Roth contributions and conversions. He explains to clients that a million-dollar traditional IRA isn't truly worth a million after taxes are considered.

Gender-Inclusive Advising: Drawing from his experience raising three daughters and coaching female athletes, Urban ensures both partners in couples are equally engaged in financial discussions. He also emphasizes helping clients (particularly women) achieve financial independence.

Connect with Urban:

• Website: urbanadams.com
• Book: "Wealth Your Way" (available on Amazon)

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Chapters

1. Personal Connection in Financial Advising (00:00:00)

2. Who is Urban Adams? (00:04:29)

3. Stoicism and Financial Planning (00:12:07)

4. Balancing Present Joy with Future Security (00:19:12)

5. High-Touch Client Approach (00:24:04)

6. Managing Emotional Financial Decisions (00:28:08)