David Stryzewski, CEO of Sound Planning Group, joins Remy Blaire at Money20/20 USA in Las Vegas to discuss the often-overlooked aspect of business success: personal setbacks. David shares his harrowing experience from 2013, when he recommended an alternative investment to eight families, only to find out that the organization behind it was under investigation by the SEC.
As David recounts the unfolding events, he describes the shock and devastation he felt when he learned that the funds meant for his clients were unavailable for transfer. Faced with the potential loss of their investments, he reflects on the critical decision he made to step into the shoes of his clients. David emphasizes that his commitment to them transcended his role as a financial advisor; it was rooted in his values as a Christian and a leader. He takes on the financial burden himself, demonstrating integrity and compassion in a challenging situation.
Throughout the conversation, David discusses the key lessons he learned from this experience. He acknowledges that while hindsight offers clarity, one can only act on the knowledge available at the time. He highlights the importance of sincerity and ethical behavior, which ultimately led to personal and professional growth. Despite the challenges he faced, David’s firm thrived, and he achieved recognition as the number one independent financial advisor in America in 2018 and 2019.
As the discussion shifts to the role of technology in finance, particularly artificial intelligence, David expresses concerns about the potential for fraud and abuse in an increasingly digital landscape. He stresses the importance of ethical considerations in AI development and the need for robust training and awareness among financial professionals and their clients. The conversation also touches on the implications of borderless payments and the necessity of knowing your client (KYC) and knowing your business (KYB) to effectively combat fraud.
David’s insights into the evolving financial landscape, combined with his personal story of resilience, provide a powerful reminder of the importance of ethics, diligence, and compassion in business.