Teaching Money Accountability and Navigating AI in Wealth Management, with Kristen Schmidt of RIA Oasis

Johnny Sandquist
Founder & CEO, Three Crowns Copywriting & Marketing
Sep 28, 2023

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As individuals in the wealth management industry, we excel at advising people what to do with their money. But how did we get here? Money Chronicles aims to personalize the industry with featured guests sharing their unique stories and experiences with money, from piggy banks to 401(k)s. 

“Are you ready to order?”

The common exchange between waiters and customers stymied Kristen Schmidt’s 17-year-old son.

He elbowed his mom. It was a shy, almost embarrassed gesture that translated to “please talk for me.” 

“No, go ahead,” Kristen prodded. The shyness resurged.

This interaction is one of many Kristen recognizes as teachable moments for her 17- and 19-year-old sons. Encouraging her son to open his own bank account when he turned 18 was another.

Kristen, who calls herself a “tough cookie” at home and work, talks about the differences between her instilled money values and how she introduces money accountability and responsibility to her kids in a recent episode of Money Chronicles.

“I have a parenting approach and a money approach where I am not here to be your best friend,” she said. “And it’s okay if you don’t like me because I got your back, and it’s my job to protect you and teach you.”

Kristen is a technology strategist, speaker, consultant and founder of RIA Oasis who has held a variety of roles in the financial industry since the early 2000s. 

She joins co-hosts Johnny Sandquist of Three Crowns Marketing and Torie Happe of Holistiplan to discuss the double-edged sword of digital – how it’s made transactions easier, but encourages less accountability for consumers. How will it impact the advisor-client relationship that’s so integral in our industry?

Click “play” above to listen to the full episode. For more personal money stories from more industry friends and experts, subscribe to Money Chronicles wherever you listen to podcasts. 

Key Takeaways

  1. With the instant access to information and transaction gratification, parents feel like they’re already playing catch up to what other parents are doing. Money experiences teach important lessons like accountability and responsibility. 
  2. Advisors should pivot to an “I’m here to help” approach rather than hang their livelihood on the validation of being needed.
  3. Making technology and process changes in wealth management is like trying to steer a ship — it takes time and the effect is often minute. 
  4. Even with AI knocking on the door, the service and human element of the industry will remain integral. 

Key Timestamps and Topics

  • 00:01:59 – Kristen Schmidt explains her background in compliance and best practice initiatives in various industries gives her a different lens through which she views the financial industry. She focuses on the process of financial planning and managing relationships.
  • 00:03:57 – It’s commendable that RIA owners wear a lot of hats, but sometimes they forget to put on the glasses and look at their business from different lenses.
  • 00:04:42 – Mentorship is invaluable in the financial industry, as many of us studied an unrelated educational degree in college.
  • 00:09:16 – Younger generations have instant access to resources, information and gratification and parents feel like they’re playing catch up regarding conversations about money. 
  • 00:16:22 – Kristen shares a story about a seemingly minute interaction with her teenage son in a restaurant that highlights the importance of accountability and responsibility surrounding money.
  • 00:19:32 – The wealth management industry is deeply rooted in advisor-client relationships — how does this relationship change with AI entering the picture?

Relevant Links

About Three Crowns

Three Crowns is a full-service marketing partner, providing the financial industry with high-quality custom blogs, website design, branding, podcast production and more. We help financial advisors and fintech companies find their message and amplify their voice. From strategy to click-worthy content, to SEO optimization and social media promotion, our team is ready to help you feel confident in your communication. Click here to connect with a member of the Three Crowns team today.