Steve Lockshin

Steve Lockshin is an entrepreneur and financial advisor, focusing on ultra high-net-worth clients.[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]

Convergent Wealth Advisors

Lockshin was CEO for Convergent Wealth Advisors for 18 years (and chairman through 2014),[22] during which time the company became one of the largest RIAs in the industry.[23] In 2011, while he was at Convergent, he was named the “No. 1 Independent Financial Advisor” in the United States by the financial weekly newspaper Barron’s.[24] Lockshin resigned as Convergent chairman in 2014, after the suicide of its CEO David Zier.[25]

Awards and Recognitions

Lockshin has been recognized repeatedly by Barron’s for his excellence as a financial advisor, including as #1 in California twice and #1 nationally. His awards and recognitions include:

  • Barron’s Top Financial Advisors 2013 – State by State (#1 in California)[26]
  • Barron’s Top Independent Advisors 2012 (#2 Nationally)[27]
  • Barron’s Top Financial Advisors 2012 – State by State (#1 in California)[28]
  • Barron’s Top Independent Financial Advisors 2011 (#1 Nationally)[29]
  • Barron’s Top Independent Financial Advisors 2010 (#5 Nationally)[30]
  • The Wealth Management Industry Award for RIA Thought Leader of the Year for 2019[31]


Lockshin has written articles for CNBC,[32][33] and writes a regular column in Barron’s called The Tech Whisperer.[34][35] He wrote the book Get Wise to Your Advisor,[36] which exposes conflicts of interest in the financial advice industry,[37] and argues that individual investors, even very wealthy ones, are often not well-served by their advisors.[38]

He has made a number of predictions about the future of the financial services industry, including that over the next few years there will be a rapid evolution of fintech,[39] and that this will result an increased focus on and need for “unconflicted advice.”[40] He predicts that investment automation will be disruptive,[41][42] making it ever harder for investment advisors to compete with Robo-investing and AI and the big financial firms who use them.[43][44] He has said that the financial services industry is having a “Kodak moment,”[45] meaning that much of the industry, and especially individual investment advisors, are ignoring technological changes just like Kodak ignored the photography industry transitioning from film to digital.[46]


Lockshin has repeatedly criticized the financial services industry for its inherent conflicts of interest,[47] its over-reliance on active investing,[48] its low standards,[49] and its excessive fees.[50][51] (He contends that estate planning and tax planning are much more important for clients.)[52][53] He argues that many investment advisors should not be trusted.[54] 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.[55][56][57]



  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 | 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 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”. 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”. Retrieved 2019-08-25.
  20. ^“The Future of Wealth Management: Taking Your Advisory Business to the Next Level – Investment Adviser Association”. Retrieved 2019-08-25.
  21. ^“Steve Lockshin on Advisor Council”. Retrieved 2019-08-25.
  22. ^“Steve Lockshin”. Retrieved 2019-08-25.
  23. ^“Steve Lockshin, Author at Betterment for Advisors”. Betterment for Advisors. Retrieved 2019-08-25.
  24. ^Advisors, Convergent Wealth (2011-08-31). “Convergent CEO Steve Lockshin Ranked No. 1 Independent Financial Advisor by Barron’s”. GlobeNewswire News Room. Retrieved 2019-08-25.
  25. ^“Latest RIA mega-deal is a tale of two firms”. Financial Planning. 2016-08-26. Retrieved 2019-08-25.
  26. ^“Barron’s Top Financial Advisor Rankings”. Retrieved 2019-08-25.
  27. ^“Barron’s Top Financial Advisor Rankings for 2012”. Retrieved 2019-08-25.
  28. ^“Barron’s Top Financial Advisor Rankings by State for 2012”. Retrieved 2019-08-25.
  29. ^“Barron’s Top Financial Advisor Rankings for 2011”. Retrieved 2019-08-25.
  30. ^“Barron’s Top Financial Advisor Rankings for 2010”. Retrieved 2019-08-25.
  31. ^“2019 Winners | Wealth Management Awards”. Retrieved 2019-11-16.
  32. ^Institutional, Steve Lockshin, founder and principal of AdvicePeriod and partner in Betterment (2015-08-10). “Tax-loss harvesting means not leaving money on the table”. Retrieved 2019-08-25.
  33. ^Institutional, Steve Lockshin, founder and principal of AdvicePeriod, investor in Betterment and partner in Betterment (2015-06-18). “Is your financial advisor stuck in the Stone Age?”. Retrieved 2019-08-25.
  34. ^Lockshin, Steve. “Tech Whisperer: How to Invest in FinTech”. Retrieved 2019-08-25.
  35. ^Lockshin, Steve. “Tech Whisperer: Don’t Fear Schwab’s $30 Advice”. Retrieved 2019-08-25.
  36. ^Lockshin, Steven D. Get wise to your advisor : how to reach your investment goals without getting ripped off. Hoboken, New Jersey. ISBN 9781118700778. OCLC 837924707.
  37. ^Says, Larry Elford (2013-10-22). “Interview with Steven D. Lockshin, author of Get Wise to Your Advisor | Daniel H. Pink”. Daniel H. Pink. Retrieved 2019-08-25.
  38. ^Brunel, Jean L. P. (2014-04-30). “BOOK REVIEW: Get Wise to Your Advisor: How to Reach Your Investment Goals Without Getting Ripped Off”. The Journal of Wealth Management. 17 (1): 89–91. doi:10.3905/jwm.2014.17.1.089. ISSN 1534-7524.
  39. ^Staff, W. S. J. (2018-12-07). “WSJ Wealth Adviser Briefing: Fintech Competition, Emerging Markets, Cross-Country Skiing”. WSJ. Retrieved 2019-08-25.
  40. ^Lockshin, Steve (November 5, 2013). “Three Trends That Will Change the Game for Advisors”. Advisor Perspectives. Retrieved August 24, 2019.
  41. ^Garmhausen, Steve. “Steve Lockshin: Fintech Is a Tidal Wave”. Retrieved 2019-08-25.
  42. ^Robles, Angelo (2016). “The Future of Finance: How Robo Advisors are Changing the World” (PDF). The Family Office Association. Retrieved August 24, 2019.
  43. ^Almazora, Leo. “Brace for fintech war against banks, wealth managers told”. Wealth Professional Canada. Retrieved 2019-08-25.
  44. ^“Artificial Intelligence: The Next Frontier in Planning”. Wealth Management. 2019-02-06. Retrieved 2019-08-25.
  45. ^Lockshin, Steve (2015-07-19). “Advisors, Kodak and the Road to Irrelevancy”. Medium. Retrieved 2019-08-25.
  46. ^“Steve Lockshin on the Impact of Digital Advice | Quovo”. Retrieved 2019-08-25.
  47. ^“Independent Financial Advisors Should Voluntarily Raise the Bar on Standards: It’s Right for Consumers and Good for Business”. Retrieved 2019-08-25.
  48. ^Contributor, Guest (2017-03-06). “Active Investments: A Lot of Hope is Dangerous”. IRIS. Retrieved 2019-08-25.
  49. ^“Lockshin: All advisors must deal with the threat of low industry standards — before investors do it for them”. RIABiz. Retrieved 2019-08-25.
  50. ^“Top Advisor Steve Lockshin: Here’s How You Do Retainer Fees”. Retrieved 2019-08-25.
  51. ^Savitz, Eric. “Financial Advisors Who Protest Too Much Are Probably Overcharging Clients”. Forbes. Retrieved 2019-08-25.
  52. ^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.
  53. ^Lockshin, Steve (August 2019). “The Seven Deadly Sins of Estate Planning”. Wealth Management. Retrieved August 24, 2019.
  54. ^“Wednesday Welcome: Finding an Investment Advisor You Can Trust”. Jean Chatzky – Making money make sense. 2013-10-02. Retrieved 2019-08-25.
  55. ^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.
  56. ^“Steve Lockshin: Fiduciary is the Future”. Retrieved 2019-08-25.
  57. ^“Questions You Should Ask A Financial Advisor”. Betterment. 2013-10-21. Retrieved 2019-08-25.

Ofer Abarbanel – Executive Profile

Ofer Abarbanel online library

Ofer Abarbanel online library

Ofer Abarbanel online library

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