WealthTech on Deck

The Convergence Era: Advancing Advisor Technology and Client Experience with Bradley Kellum

Tue, 28 Apr 2026 07:00:00 -0000

This week, Jack Sharry talks with Bradley Kellum, Partner and Head of Wealth Management for North America at Oliver Wyman. Brad is a leader in wealth management technology focused on improving how advisors leverage systems to deliver better client outcomes. With deep experience across advisory platforms and digital transformation, Bradley brings a strategic perspective on how technology can unlock scale, efficiency, and more personalized client engagement.

Jack and Bradley explore the challenges firms face with fragmented systems and how integration is becoming essential to delivering a unified client experience. They discuss the shift toward more holistic advice, the role of data in driving better decisions, and how firms can position themselves for the next wave of innovation in wealth management.

In this episode:

(00:00) - Intro
(01:50) - Bradley's role at Oliver Wyman
(03:08) - What convergence means in the financial services industry
(05:53) - The target operating model: Data, technology architecture, and people
(07:33) - A customer-first approach to executing goals-based wealth management
(11:50) - Public and private investments: demand vs. operational reality
(16:24) - The role of AI in empowering advisors
(22:27) - How firms can navigate the convergence in financial services
(24:47) - Bradley's interests outside of work

Quotes

"The right product at the right time is a solution." ~ Bradley Kellum

"All things financial are expensive propositions to build and maintain. So, to feed that engine, you need primacy in a client's life." ~ Bradley Kellum

"If you're everything to everybody, that's a recipe for mediocrity. The winners will really serve the clients that they've chosen to go after better than others." — Bradley Kellum

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How Unified Managed Household Was Born with Len Reinhart

Tue, 21 Apr 2026 07:00:00 -0000

This week, Jack Sharry talks with Len Reinhart, President of Reinhart Consulting Group and a pioneer in fee-based advisory services. Len has spent decades shaping the evolution of wealth management, from his early days in large brokerage firms to helping build and scale some of the industry’s first fee-based advisory platforms.

Len and Jack take a walk down memory lane to discuss the origins of Unified Managed Household (UMH) and goal-based wealth planning, and how Len's prediction about UMH is finally taking root. From the early days of EF Hutton to the founding of Lockwood Advisors, Len shares the story of how the financial services industry transitioned from commission-driven transactions to the fee-based advisory model we know today and how he brought goal-based investing to everyday investors.

In this episode:

(00:00)- Intro
(02:06) - Len’s career journey and the origins of fee-based advisory
(06:08) - Early experience inside large brokerage firms
(07:40) - Transitioning from transactional business to fee-based models
(12:15) - The development of goal-based investing
(16:33) - Key ideas from “A Managed Account Odyssey”
(21:04) - Why change in financial services takes decades
(24:31) - The role of UMH and AI in the future of wealth management
(28:10) - Len's interests outside of work

Quotes

"The one thing that has bothered me over my years in this business is how slow change happens in the financial services industry. There's a lot of stuff going on with different types of investments, but the way to do business changes very slowly." ~ Len Reinhart

"One thing we realized about why change takes so long in this business is that the end advisor, you have to catch them at the right time. We didn't do it with the biggest producers. We did it with the wannabe producers, and we helped them become big producers." ~ Len Reinhart

"AI is coming. AI can take this technology and impact the advisor dramatically. And for an advisor to have the value add they need to retain a client, they've got to be doing UMH. If they don't, they're going to lose the client." ~ Len Reinhart

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Integrating Fee-Based Annuities into Household Wealth Management with David Lau

Tue, 14 Apr 2026 07:00:00 -0000

This week, Jack Sharry talks with David Lau, Founder & CEO at DPL Financial Partners. David is an innovator and disruptor in the financial services industry and one of the pioneers in fee-based annuities and in making annuities more accessible. His firm focuses on integrating innovative insurance products into a fee-based advisory practice, helping advisors deliver greater value and better outcomes for investors through transparent, cost-effective solutions.

David and Jack explore the transformation underway in how advisors integrate annuities into a fee-based, household-level practice. They discuss why commission-based annuities are giving way to low-cost, fee-based structures, how technology is making annuity analysis scalable across entire books of business, and why asset location within a household — including tax deferral through investment-only variable annuities — is the clearest path to better client outcomes.

In this episode:

(00:00) - Intro
(02:21) - DPL's role in the convergence of human and digital advice
(06:30) - Scaling annuity analysis from individual clients to entire books
(09:42) - Simplifying annuity analysis through technology and automation
(13:17) - How annuities make a difference to a portfolio
(18:31) - Leveraging structure to create better outcomes
(23:41) - David's outlook on the future of the financial services industry
(25:07) - David's key takeaways
(25:53) - David's interests outside of work

Quotes

"We build technology that commoditizes annuity knowledge. So now you don't need to be an advisor trying to figure out which annuity is best or which will suit your client. You just tell us about the client, and we give you the best annuity." ~ David Lau

"Working to bring capabilities together and being able to analyze the efficiency of asset location within a household is incredibly powerful." ~ David Lau

"You always have to stay on top of what's going on in the market because it's evolving quite a bit, not only from a technology point of view but also from a product point of view. And all of this convergence really makes a difference." ~ David Lau

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How AI-Native Platforms Transform Advisor Workflows with Bassam Chaptini and Rabih Ramadi

Tue, 07 Apr 2026 07:00:00 -0000

This week, Jack Sharry talks with the Co-Founders of Avantos, Bassam Chaptini and Rabih Ramadi. With deep experience in financial technology and enterprise systems, Bassam and Rabih are rethinking how advisors interact with data, clients, and the broader advisory ecosystem.

Bassam and Rabih discuss how they built an AI-native operating system that unifies client data, streamlines onboarding, and enhances how advisors service complex households. From UMH to real-time client assistance, they share how they moved beyond traditional CRM models to create "AI butlers" that advocate for clients and reduce advisors' administrative workload.

In this episode:

(00:00) - Intro
(01:45) - Career journeys and foundations in wealth technology
(03:53) - Transforming client onboarding through AI
(06:08) - Moving beyond traditional CRM to intelligent relationship management
(06:49) - Delivering a 360-degree view of client relationships
(10:12) - Advancing UMH in practice
(12:18) - Turning AI tools into a full operating system with Avantos
(18:08) - How AI enhances the delivery of better advice
(22:05) - Integrating Avantos capabilities into SEI
(23:31) - Bassam and Rabih's interests outside of work

Quotes

"To do proper client relationship management, you need to understand three dimensions: the clients, all the products that you own or don't own, and all the agents or advisors." ~ Rabih Ramadi

"Every engagement with SEI, we were impressed. We love the company's vision, and being part of it makes us super excited." ~ Rabih Ramadi

"We're creating AI butlers within your organization to make sure your clients are happy. At the end of the day, advisors are happy when their clients are happy." ~ Bassam Chaptini

"Having a 360-degree view of your clients as an advisor is absolutely key to deepening your relationship with them. This includes not just being able to service them in ways that weren't possible before, but also taking on the day-to-day administrative burden for advisors and making them more productive." ~ Bassam Chaptini

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How Edward Jones Scales Advice for High-Net-Worth Clients with Tom Lewandowski

Tue, 31 Mar 2026 07:00:00 -0000

This week, Jack Sharry talks with Tom Lewandowski, Principal and Leader of the High-Net-Worth (HNW) Segment at Edward Jones. Tom leads the development and execution of strategies to better serve HNW households, including defining a unique value proposition for clients and branch teams, product and service strategy, pricing, compensation, operations and infrastructure, integration, and internal and external communication.

Tom talks with Jack about how Edward Jones leverages its deep-rooted culture of trust to serve the HNW market. Tom explains how the firm's Generations Program provides branch teams with access to specialized expertise in estate planning, tax strategy, and business transitions, ensuring that complex client needs are met with the same personalized touch the firm is known for.

In this episode:

(00:00) - Intro
(01:10) - Tom's role at Edward Jones
(02:10) - Tom's journey in the wealth management industry
(03:42) - Why Edward Jones leaned into high-net-worth clients
(05:53) - The genesis of the Edward Jones Generations Program
(07:56) - How Edward Jones' home-office specialists support local branch teams
(11:43) - Latest updates on Edward Jones Generations Program
(15:25) - Helping families move from uncertainty to clarity
(17:10) - Edward Jones' future goals
(20:21) - Tom's key takeaways
(21:09) - Tom's interests outside of work

Quotes

"Trust is that gateway to the conversations that matter." ~ Tom Lewandowski

"We strongly believe that family conversations are the most important. If you want to remove that burden or turn it into something positive in terms of how that comprehensive plan can impact your family, we'd love you to consider an Edward Jones financial advisor, because we're the best in the business of driving those." ~ Tom Lewandowski

"If you can marry the best of both worlds—great advice, solid products and services—into a comprehensive financial planning conversation, that's what clients are really looking for." ~ Tom Lewandowski

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Adoption Over Hype: What Actually Drives Growth in Wealth Management with Scott Smith

Tue, 24 Mar 2026 07:00:00 -0000

This week, Jack Sharry talks with Scott Smith, Senior Director of Advice Relationships at Cerulli Associates. Scott leads research on financial advisor trends, client engagement, and the evolving wealth management landscape. In his role, Scott works closely with wealth management firms across the industry, helping them understand advisor behavior, emerging technology adoption, and the strategic forces shaping the future of advice.

Scott talks with Jack about the trends that actually drive growth in wealth management: organic growth, tax optimization, alternatives, AI, and Unified Managed Households (UMH). He also discusses the factors that affect clients' financial decisions and why the secret to winning the next decade is not about having the flashiest tech, but about creating the path of least resistance for advisors and clients alike.

In this episode:

(00:00) - Intro
(01:51) - Key trends and challenges shaping wealth management today
(06:11) - Why tax optimization and organic growth drive better outcomes
(08:37) - The reality of technology adoption in advisory firms
(11:15) - Understanding Unified Managed Household and its core capabilities
(15:06) - What investors actually prioritize when working with advisors
(20:27) - Scott's key takeaways
(21:39) - Scott's interests outside of work

Quotes

"People definitely want improved outcomes. When we ask affluent investors what is important to them? It's reducing their tax bill and simplifying their financial life." ~ Scott Smith

"AI does a great job solving logic and algorithms. But in wealth management, clients are almost 90% emotionally based. It's all about how they feel about money and their goals. People are not going to share their emotions with a machine." ~ Scott Smith

"The more you act like a fiduciary in spirit as well as the law, the better off you're going to be long term." ~ Scott Smith

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Modernizing Legacy Wealth Firms with John Yackel

Tue, 17 Mar 2026 07:00:00 -0000

This week, Jack Sharry talks with John Yackel, Executive Vice President and Head of Wealth Management at Janney Montgomery Scott. With more than three decades of experience across wealth management, financial services, and fintech, John has built a career focused on helping firms modernize their technology, scale advisor platforms, and deliver comprehensive advice to clients.

John joins Jack to discuss how long-established wealth firms can innovate while preserving the culture that defines them. He explores how Janney is investing in technology modernization, advisor productivity, and strategic expansion while maintaining its ownership-driven culture. John also shares how the firm’s “supported independence” model helps advisors grow their practices, unlock capacity, and build sustainable businesses for the future.

In this episode:

(00:00) - Intro
(01:13) - John’s career path across wealth management and fintech
(05:30) - How Janney’s ownership model shapes modernization and advisor focus
(08:01) - Expansion strategy: balancing growth, infrastructure, and culture
(10:16) - The “supported independence” model for financial advisors
(13:59) - Unlocking advisor capacity through practice management and succession planning
(17:49) - Janney’s service model for recruiting, integrating, and supporting advisors
(20:23) - John's interests outside of work

Quotes

"You need to make it easy for the advisor to do business, and you have to meet the advisor where they do that business." ~ John Yackel

"When we go out recruiting and speak with financial advisors, it's harder and harder to continue competing just by always articulating what product, service, or platform we have. The playing field needs to be leveled every day. You have to be innovative." ~ John Yackel

"If you lead with organic growth and help existing advisors in your network become more productive, provide them with greater capacity, and support their lead generation and business development programs, you will start to have organic growth within your current business model." ~ John Yackel

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Architecting the Future of Financial Advice with Amy Young

Tue, 10 Mar 2026 07:00:00 -0000

This week, Jack Sharry talks with Amy Young, Founder of Advice Architects. Amy Young is a longtime wealth-management strategist and former Microsoft managing director who has spent three decades at the intersection of capital markets, consulting, and technology partnerships. After working with major financial institutions on data and generative-AI initiatives, she founded Advice Architects, a consulting practice helping firms design the technology, workflows, and skills needed to deliver more effective, scalable financial advice.

Amy talks with Jack about how generative AI has evolved from a simple chat interface into a powerful, governed ecosystem capable of executing tasks, surfacing insights, and enabling mass personalization at scale. She discusses how wealth management firms can leverage these advancements to help advisors bridge the AI skill gap and move beyond portfolio talk into high-value, holistic advice.

In this episode:

(00:00) - Intro
(01:51) - Amy’s path into wealth tech and behavioral finance
(04:10) - Why Amy left Microsoft to start Advice Architects
(06:13) - How generative AI has evolved beyond chatbots
(08:54) - Building AI tools without being a developer
(12:07) - Why agents may define the next phase of AI
(19:15) - Turning financial advice into real-life problem solving
(24:47) - Amy's key takeaways
(27:22) - Amy's interests outside of work

Quotes

"The biggest challenge impairing the wealth industry's adoption of AI is that leaders have a skill gap. They have a huge learning curve to scale on AI. And maturing AI, like building a whole stack, a strategy, and a roadmap, really requires those leaders to upskill." ~ Amy Young

"Advice is absolutely central, but how we architect our stack is a critical success factor for the delivery of that advice." ~ Amy Young

"If advisors can't differentiate from what a consumer can get from ChatGPT, the industry is going to have a problem." ~ Amy Young

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2025’s Biggest WealthTech Shifts with Jack Sharry

Tue, 03 Mar 2026 08:00:00 -0000

In this year-in-review episode, Matt Nollman, Head of Product Marketing at SEI LifeYield and Producer of WealthTech on Deck, steps into the host chair and interviews Jack Sharry on the five defining WealthTech themes of 2025. From household-level tax optimization and AI-powered advisor capacity to the industry’s struggle with organic growth, the mainstreaming of alternatives, and the rise of human-centered advice, Jack connects the dots across 44 conversations and 80,000 downloads. Together, they explore how wealth-as-a-service operating models, integrated platforms, and scalable personalization are reshaping financial advice—offering a clear, practical blueprint for firms seeking sustainable growth in 2026 and beyond.

In this episode:

(00:00) - Intro
(01:48) - The five defining WealthTech themes of 2025
(03:58) - From accounts to households: the push for unified, tax-smart advice
(07:00) - AI as an amplifier: scaling personalized advice without replacing advisors
(09:51) - The organic growth dilemma facing the industry
(15:22) - Building a true growth engine: wealth as a service in action
(18:22) - Alternatives go mainstream: opportunity, risk, and execution challenges
(22:28) - Human-centered advice: longevity, purpose, and the next generation
(26:18) - Jack's key takeaways
(30:01) - Jack's interests outside of work

Quotes

"Better financial outcomes can be achieved for clients, advisors, and firms through household-level tax smart advice at scale." ~ Jack Sharry

"Organic growth is not achieved as a function of better salespeople or better sales tactics. Successful organic growth is achieved through a combination and coordination of highly competitive investment products, state-of-the-art, fully integrated technology and platforms, seamless coordinated digital operations, and savvy digital marketing." ~ Jack Sharry

"Human-centered advice conversations consistently reinforce that the endgame is about better human outcomes, with tech products, alts, and platforms as enablers." ~ Jack Sharry

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Designing the Next Wave of Technology-Driven Businesses with Sneha Shah

Tue, 24 Feb 2026 18:45:00 -0000

This week, Jack Sharry talks with Sneha Shah, Executive Vice President and Head of New Business Ventures at SEI. Sneha brings more than 25 years of global leadership experience across data, technology, and human-centered innovation.

Jack and Sneha explore how innovation actually takes root inside large financial services organizations. Sneha shares how SEI is incubating new ideas, empowering employees, and turning emerging technologies like AI and tokenization into real-world impact. The conversation spans mindset shifts, the role of community, generational and gender-based wealth transfer, and why partnerships—not ownership—will determine who wins in the next era of wealth management.

In this episode:

(00:00) - Intro
(01:35) - Sneha's global career journey and her role at SEI
(04:47) - How SEI sources ideas and turns them into new ventures
(07:39) - From idea to impact: real examples of innovation getting funded
(09:45) - How employees are responding to SEI’s innovation culture
(10:40) - Why personalized communication is key to leading organizational change
(14:46) - Sneha's outlook on the future of the financial services industry
(19:18) - Why partnerships matter more than ever in times of rapid change
(21:05) - Sneha's key takeaways
(22:08) - Sneha's interests outside of work

Quotes

"The largest obstacle to the emerging technologies is not the technology itself—it's often the mindset that will allow that technology to take root." ~ Sneha Shah

"Innovation cannot be impactful unless you actually bring people along. And I see that with AI and tokenization. The use, adoption, and scaling of it really depend on the human being feeling like it's something that's going to help transform that job." ~ Sneha Shah

"The failure of our ability to take advantage of technology is not going to be technology. It's going to be our lack of imagination. And so the more that you can excite people's imagination and get them to engage, the further you can really take these technologies." ~ Sneha Shah

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The Great Convergence in Wealth Management with Garrett Beam

Tue, 17 Feb 2026 08:00:00 -0000

This week, Jack Sharry talks with Garrett Beam, Head of Digital Solutions at Cetera Financial Group. Garrett drives the product vision, strategy, experience, design, and execution across various platforms and products to support Cetera's overarching strategic plan. He collaborates closely with the users and internal teams, including development and engineering, quality assurance, marketing, training, sales, and other groups, to deliver impactful solutions, go-to-market activities, adoption initiatives, and ongoing enhancements.

Garrett talks with Jack about how the asset and wealth management industry is moving toward the great convergence, where technology, operations, and investment solutions seamlessly blend to meet rising consumer expectations. He shares how firms can shift from siloed processes to integrated, user-centric experiences, and how AI enables these platforms and digital solutions to be simple, intuitive, and empowering.

In this episode:

(00:00) - Intro
(01:47) - Garrett's role at Cetera Financial Group
(04:45) - How the industry has evolved over the past 15 years
(08:50) - What the great convergence is all about
(12:40) - The own vs. rent strategy in fintech development
(14:30) - The role of human consultation and training in a digital-first world
(19:04) - Why client-service platforms should be intuitive
(22:23) - The power of AI in transforming financial services
(26:45) - Garrett's key takeaways
(29:15) - Garrett's interests outside of work

Quotes

"The need to respond to end consumers' expectations is why we, as businesses, exist. Without the end customer and the delivery of value, you don't have a viable business." ~ Garrett Beam

"Tech and AI are going to transform businesses, period. Wealth management and wealthtech are no different. Advisors and providers of capabilities must embrace tech and AI to better serve their clients and scale their businesses." ~ Garrett Beam

"From an industry and profession perspective, we have an opportunity to dramatically broaden access to high-quality financial advice. And that requires change. It requires being bold and innovative." ~ Garrett Beam

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Key Findings from the 2025 MMI Investment Advisory Pulse Survey with Tim Kresl and Ashley Wood

Tue, 10 Feb 2026 08:00:00 -0000

This week, Jack Sharry talks with Tim Kresl, Managing Principal & Head of US Client Success, and Ashley Wood, Managing Principal in Data & Analytics at Broadridge. Tim specializes in market strategy and quantitative analysis, while Ashley brings a strong background in client engagement and innovative financial solutions. Tim and Ashley team up to help asset managers create more data-driven distribution strategies.

Tim and Ashley talk with Jack about the key findings of the 2025 MMI Investment Advisory Pulse Survey. They discuss the alignment and gaps between asset managers and wealth managers and the rising demand for tax-optimized portfolios. Tim and Ashley also share insights on how technology is redefining the advisor value proposition and how AI is shifting from experimental curiosity to a core business priority.

In this episode:

(00:00) - Intro
(01:38) - Tim’s and Ashley's roles at Broadridge
(05:25) - Tim on the gaps and alignments between asset and wealth managers
(08:19) - Ashley's takeaway from the 2025 MMI Investment Advisory Pulse Survey
(11:12) - The shifting value proposition of financial advisors
(15:00) - Why tax optimization is a priority for wealth managers
(20:11) - The role of technology in managing multiple accounts efficiently
(21:54) - What it takes to manage multi-account, unified managed households
(25:05) - Ashley's key takeaways
(28:59) - Tim's key takeaways
(31:19) - Ashley's interests outside of work
(32:17) - Tim's interest outside of work

Quotes

"From a product perspective, we're actually seeing some alignment in the core needs that asset and wealth managers are expressing. And those really revolve around a couple of key themes: lower-cost solutions and tax-optimized solutions." ~ Ashley Wood

"Financial advisors are shifting from what was once a very investment management-heavy value proposition to being much more holistic financial planning. And holistic financial planning encompasses far more than just portfolio management and investment selection." ~ Tim Kresl

"The primary way that we've seen firms really managing portfolios from a tax-optimized perspective is obviously asset location and more dynamic tax optimization strategies like tax loss harvesting." ~ Tim Kresl

"Wealth managers are increasingly looking to do more with fewer asset manager partners. So, it's about leveraging technology to manage decreasing margins while providing increased customization and scale." ~ Ashley Wood

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Why the Future of Financial Advice Is Human-Led and AI-Enabled with Michael Liersch

Tue, 03 Feb 2026 08:00:00 -0000

This week, Jack Sharry talks with Michael Liersch, Chief Planning Officer at Edelman Financial Engines. Michael acts as the production arm at Edelman. He leads the firm's strategic agenda around the convergence of financial planning, advice, technology, operations, investment solutions, and user experience. With a distinguished career spanning academia and financial services, Michael is also known for integrating behavioral insights into financial strategy.

Michael talks with Jack about how artificial intelligence and automation are reshaping financial advice, not as a replacement for humans, but as a force multiplier for listening, building trust, and improving outcomes. He also discusses the phases of AI integration, the risks of "over-AI-ing" the client experience, and his vision for a future in which advice itself, rather than products, is the industry's core value proposition.

In this episode:

(00:00) - Intro
(02:18) - Michael's role at Edelman Financial Engine
(04:04) - Michael's psychological perspective on AI
(08:51) - Edelman's practical application of AI
(15:55) - How Edelman uses AI at scale
(21:49) - Protecting clients from “over-AI-ing”
(25:30) - Michael's outlook on the future of AI in financial services
(29:54) - Michael's goal for the financial industry
(34:37) - Michael's interests outside of work

Quotes

"We are in a truly new and unique era, recognizing that machines, you can call that AI, and humans can complement each other." ~ Michael Liersch

"What's interesting about the machine is that it doesn't really have any of its own feelings. But it really does a great job of giving itself entirely to the human and achieving a level of precision that humans find challenging." ~ Michael Liersch

"I really want to move the financial industry toward having advice be the actual product." ~ Michael Liersch

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Five Trends Reshaping the Future of Wealth Management with Chip Roame

Tue, 20 Jan 2026 08:00:00 -0000

This week, Jack Sharry talks with Chip Roame, Founder & Managing Partner of Tiburon Strategic Advisors & Tiburon CEO Summits. Chip is a leading strategic advisor to 700+ Tiburon corporate member firms and other clients, primarily advising CEOs, senior executives, and boards of directors of wealth and investment management firms. He is responsible for all of Tiburon's research and advisory activities, keeping him at the leading edge of strategic initiatives in the industry's fastest-growing businesses.

Jack and Chip break down the real forces shaping wealth management today. Chip shares insights from the latest Tiburon CEO Summit in Boston, covering shifting client segments, asset flows across channels, the dominance of ETFs and private credit, and why scale continues to win. They discuss lead generation as a defining competitive advantage, the accelerating pace of consolidation, and how AI may drive efficiency and personalization without replacing advisors.

In this episode:

(00:00) - Intro
(01:26) - Five major themes from the Tiburon CEO Summit
(02:38) – How investors are changing—and why the generational wealth transfer is overstated
(05:39) – Where the money is really flowing across wealth management channels
(08:37) – Cheap beta vs. private markets: the widening product divide
(11:05) – Why scale keeps winning and the biggest firms keep getting bigger
(13:07) – Business strategy today: lead generation, advisors, and growth models
(15:03) – What real organic growth looks like—and why it matters
(19:47) – Industry structure: consolidation, M&A, and what’s coming next
(22:10) – AI in wealth management: efficiency, personalization, and realistic timelines
(24:39) - Chip's key takeaways
(26:43) - Chip's interests outside of work

Quotes

"Private equity firms or the stock market value organic growth much higher than inorganic growth. And certainly, your cost to acquire a client will always be lowest in digital marketing, in social media, where you self-create the lead." ~ Chip Roame

"Don't get caught up in all the news that gets reported every day. Focus on which firms are actually gathering the most money because they're the ones that are doing something right." ~ Chip Roame

"Lead gen is a big deal right now, and I think those who figure it out are going to win. So if I were a wealth firm, I would be figuring out lead gen for my advisors at the home level." ~ Chip Roame

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Why Tax-Smart Infrastructure Is the Future of Wealth Management with Arthur Worthington

Tue, 13 Jan 2026 08:00:00 -0000

This week, Jack Sharry talks with Arthur Worthington, Managing Director of Strategic Business Development & Integration at SEI. With more than a decade of experience working directly with financial advisors, Arthur brings a rare blend of investment, technology, operations, and distribution expertise. In his current role, he leads the integration of major acquisitions—including LifeYield and Stratos—focused on helping wealth management firms scale, improve after-tax outcomes, and move from account-level to household-level implementation.

Jack and Arthur examine why organic growth remains elusive for most wealth management firms—even amid the largest wealth transfer in history. Arthur explains how household-level investing, asset location, and tax-aware withdrawals can unlock meaningful after-tax value for clients while driving retention, consolidation, and enterprise growth for firms. They explore the rising complexity of advice, the shrinking supply of advisors, and why scalable infrastructure—not just AI—will define the next generation of successful advisory businesses.

In this episode:

(00:00) - Intro
(02:03) - Arthur's role at SEI and building the platform of the future
(03:22) - Why organic growth is so hard for most advisory firms
(08:28) – The rising complexity of advice and what the future demands
(10:33) – Turning tax management into a true competitive advantage
(13:34) – How tax-smart investing can dramatically increase retirement income
(15:48) – Using asset location to drive consolidation and organic growth
(17:31) – Creating billions in enterprise value through smarter withdrawals
(22:58) – Scaling advisory businesses without forcing a one-size-fits-all model
(26:18) - Arthur's key takeaways
(28:11) - Arthur's interests outside of work

Quotes

"Today, firms create and build technology infrastructure and then integrate those pieces one-to-one. The future is creating a unified data structure where organic agentic workflows that dynamically move data create real scale." ~ Arthur Worthington

"Investing in the future is about creating outcomes at three different levels: how do we create a better experience for the investor with a better after-tax return, how do we create more scaled solutions, and how can we create more enterprise value." ~ Arthur Worthington

"Financial planning is a huge part of the industry. Leaning into tax management as a differentiator is a durable way to differentiate their service in the market." ~ Arthur Worthington

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Building the Bridge to a Better Retirement with David Goldman

Tue, 09 Dec 2025 08:00:00 -0000

This week, Jack Sharry talks with David Goldman, Chief Business Officer at Pontera. At Pontera, David leads strategy, partnerships, and the company’s mission to help Americans retire with greater security by giving financial advisors secure access to their clients’ held-away retirement accounts.

Jack and Dave discuss how Pantera is transforming the retirement landscape by empowering investors and their advisors to securely manage 401(k) assets. Dave discusses the firm’s public clash with Fidelity, the broader consumer-choice issues at stake, and why secure advisor access is essential for better outcomes. He also highlights Pantera’s new partnerships with major recordkeepers like John Hancock, the growing need for coordinated and tax-optimized household management, and how AI will enhance—not replace—human advice.

In this episode:

(00:00) - Intro
(01:28) - Security, consumer rights, and the Fidelity dispute
(04:52) - How Pontera enables advisors to manage held-away 401(k)s
(08:40) - David’s path from Google to fintech and financial literacy
(11:19) - Scaling Pontera: integrations, partnerships, and evolving client needs
(15:01) - The holy grail of unified, tax-optimized household management
(18:49) - How AI serves as a force multiplier for advisors
(21:29) - David's key takeaways
(23:59) - David's interests outside of work

Quotes

"The holy grail of wealth management is being able to collectively manage the entirety of a client's assets based on their risk profile, their preferences, and their needs on a personalized basis. You need one quarterback for that. You can't have siloed accounts with different managers and pull that off effectively." ~ David Goldman

"The convergence is no longer coming. It's here. The plan advisors are more and more helping their clients with wealth. The wealth advisors are more and more helping clients with their 401(k) plans. And we just needed somebody to build a bridge to connect them all." ~ David Goldman

"If you're a financial advisor and you're not offering holistic wealth solutions, including managing the 401(k), you're likely being left behind. You're disadvantaged as an advisor, and you're disadvantaging your clients." ~ David Goldman

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Empowering Advisors: Technology and Financial Psychology in Action with Morgan Bell

Tue, 02 Dec 2025 08:00:00 -0000

This week, Jack Sharry talks with Morgan Bell, Managing Director of Advisory at Constellation Wealth Capital. Morgan leads the firm's technology consulting efforts and focuses on helping advisors and firms optimize technology for efficiency and growth. As a CFP® with an MBA in financial psychology and behavioral finance, Morgan offers a distinctive perspective that merges technological expertise with a deep grasp of human behavior and the advisor-client relationship.

Jack and Morgan discuss the intersection of technology, AI, and financial psychology in wealth management. Morgan shares how technology can be used to drive organic growth, how to cut through the noise of endless vendor options, and why financial psychology remains at the heart of wealth management. From tech roadmaps and data integration to AI strategies and client relationships, Morgan brings her perfect mix of advisor experience, tech expertise, and behavioral finance insights to the conversation.

In this episode:

(00:00) - Intro
(01:42) - What Constellation Wealth Capital does and who they serve
(04:49) - How Morgan helps firms optimize technology
(07:56) - Bridging the gap between "tech geeks" and "business geeks"
(09:28) - How technology connects to organic growth strategies
(12:04) - How AI plays a role in wealth management
(14:03) - Morgan's career journey
(15:34) - The role of financial psychology in client relationships and tech adoption
(18:59) - Constellation's future and long-term goals
(22:47) - Morgan's key takeaways
(24:22) - Morgan's interests outside of work

Quotes

"The more clarity and understanding firms have around how they should be using a system and why they're using it, and the value it provides to them and the firm, the better adoption they have of the technology overall." ~ Morgan Bell

"The vast majority of the decisions that are being made related to technology tie back to either the client or the advisor experience. That's what fuels organic growth." ~ Morgan Bell

"Firms should strive to use AI to complement, not compete. AI is a skill, so results can certainly be improved based on human knowledge of AI." ~ Morgan Bell

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Enabling Advisors to Serve Aging Clients and Multigenerational Families with Suzanne Schmitt

Tue, 18 Nov 2025 08:00:00 -0000

This week, Jack Sharry talks with Suzanne Schmitt, Managing Director at Next Chapter. Suzanne brings a wealth of knowledge from her extensive career at firms such as Fidelity Investments, New York Life Insurance, Prudential Financial, and Lincoln Financial. At Next Chapter, Suzanne reframed and realigned needs to outcomes that benefited advisors and three generations of clients and their families. Today, she leads the NextGen engagement and growth strategies.

Suzanne talks with Jack about the implications of aging and its impact on consumers, advisors, and the industry as a whole. She shares key findings from Next Chapter's advisor study, which highlights the industry's need to better prepare advisors to navigate complex family dynamics, health events, caregiving challenges, and solo aging.

In this episode:

(00:00) - Intro
(01:49) - Suzanne's career background
(04:04) - Next Chapter's advisor study
(05:44) - Key findings from Next Chapter's advisor study
(08:54) - How Next Chapter addresses the aging population issue
(12:50) - Helping advisors connect with families during moments that matter
(18:11) - Age and gender weighted revenue
(21:57) - Highlights from the Next Chapter's white paper
(24:28) - Suzanne's key takeaways
(25:05) - Suzanne's interests outside of work

Quotes

"The industry is not adequately prepared to help advisors engage families on health and non-financial matters. The industry is also not adequately prepared to help advisors detect cognitive change in their clients." ~ Suzanne Schmitt

"Knowing the percentage of the current revenue in your book held by women is incredibly important, and engaging them on issues of caregiving is an absolute home run." ~ Suzanne Schmitt

"A lot of advisors don't start because they don't know where to start. Getting used to asking simply 'what has changed with your health since we last talked' is one of the best questions you can work into your repertoire." ~ Suzanne Schmitt

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From Wirehouse to Independence: Developing Complete Wealth Managers with John Amore

Tue, 11 Nov 2025 08:00:00 -0000

This week, Jack Sharry talks with John Amore, President of Kestra Financial. John is committed to building out capabilities that empower advisors and support the financial independence of their clients. He focuses on creating a thriving community of complete wealth managers. Before becoming President, John led Kestra's Wealth Management division, where he drew on his global leadership experience to drive growth, innovation, and advisor success.

John shares with Jack why he made the leap from wirehouse to the independent space, how Kestra is building out a holistic ecosystem for advisors, and what the firm is learning about one of the most critical issues facing the industry today—succession planning. John also discusses the recent industry study on succession planning and why it's a necessary and often deeply personal issue for financial advisors.

In this episode:

(00:00) - Intro
(01:25) - John's career journey
(05:10) - Lessons learned as president of Kestra
(06:27) - Kestra's ecosystem and wealth management capabilities
(10:03) - Why succession planning is important at Kestra
(13:46) - The personal side of business and relationships
(16:29) - How John operationalizes succession planning
(18:29) - Kestra's new ventures
(19:38) - John's key takeaways
(20:20) - John's interests outside of work

Quotes

"It's always been my goal to make sure that our advisors can be complete wealth managers, and that means meeting all the needs of their clients." ~ John Amore

"It's one thing to have the expertise. It's another thing to have it built into the platform so that it's easier for our advisors to use." ~ John Amore

"It's interesting to learn that only 6% of the advisors surveyed have a written succession plan, which is fascinating for an industry that gets paid to give financial planning advice." ~ John Amore

"Anyone who has been successful in this business, chances are they started because they were good or appreciate the power of relationships." ~ John Amore

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The Digital Advantage: Enhancing Client Engagement and Advisor Independence with Ritik Malhotra

Tue, 04 Nov 2025 08:00:00 -0000

This week, Jack Sharry talks with Ritik Malhotra, Founder & CEO of Savvy Wealth, a digital-first platform for financial advisors centered around modernizing human financial advice. Ritik shares how his frustration with outdated advisor technology pushed him to design an AI-powered platform that helps financial advisors grow, operate efficiently, and deliver better client experiences. He highlights how focusing on the advisor first, integrating AI into workflows, and reimagining client engagement can unlock scale and independence in wealth management.

In this episode:

(00:00) - Intro
(01:42) - Ritik's background and how he started Savvy Wealth
(04:43) - The business plan that launched Savvy in just three bullet points
(06:42) - How Savvy built and stress-tested the platform from the ground up
(11:34) - The $72 million Series B and what it means for Savvy
(13:43) - A look under the hood at how Savvy’s digital-first platform works
(16:18) - What’s next for Savvy
(19:58) - Ritik's key takeaways
(20:29) - Ritik's interests outside of work

Quotes

"The worst that you can do is try to build something for everyone. It just won't work." ~ Ritik Malhotra

"Listen to the feedback from the core user. Let's literally listen to customers and then build what they need." ~ Ritik Malhotra

"There's something really satisfying about enabling independence in any industry—especially one as important as wealth management. There's something nice about helping someone beat the rat race." ~ Ritik Malhotra

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Turning Conversations into Compliance-Ready Records with Parker Ence

Tue, 28 Oct 2025 07:00:00 -0000

This week, Jack Sharry talks with Parker Ence, CEO & Co-founder of Jump Advisor AI, a fast-growing startup that brings an AI-enhanced client meeting cycle to financial advisors. Parker is an entrepreneur and operator with 12 years of CEO/Co-founder experience across advisortech, data/DaaS, AI, SaaS, and insurtech.

Jack and Parker discuss how Jump helps RIAs and broker-dealers slash client meeting admin time by up to 90%. From real-time meeting prep and automated CRM updates to actionable insights and compliance-ready workflows, Parker shares how Jump revolutionizes the client meeting cycle for financial advisors. He also explores the company's rapid growth, significant enterprise partnerships, and his vision for the future of AI in financial services.

In this episode:

(00:00) - Intro
(01:39) - The origin of Jump Advisor AI
(03:30) - Jump's most popular product and what it does
(05:01) - Jump's enterprise-level partnerships
(06:18) - Parker's startup journey
(11:29) - Jump's three core products
(13:35) - Parker's outlook on AI in financial services
(15:29) - Parker's key takeaways
(17:34) - Parker's interests outside of work

Quotes

"What we're best known for is our AI meeting assistant that's made for advisors. And whatever the compliance team has approved, that's the most popular." ~ Parker Ence

"Don't worry so much about getting replaced by AI. Worry about getting outcompeted by other advisors who are adopting AI faster." ~ Parker Ence

"Everything that is inside the Jump product is there because an advisor requested it. So, we love partnering with RIAs, broker-dealers, solo advisors, and any of our customers to co-create the future." ~ Parker Ence

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From Spreadsheets to Smart Revenue Management with Pete Hess

Tue, 21 Oct 2025 07:00:00 -0000

This week, Jack Sharry talks with Pete Hess, President of PureFacts. Before joining PureFacts, Pete served as Chief Revenue Officer for Americas at InvestCloud, and earlier in his career, he was CEO of Advent Software. At PureFacts, Pete leverages the firm's revenue management solution for global wealth and asset management firms, helping clients unlock new revenue streams and uncover new avenues for growth.

Jack and Pete discuss revenue management, the limitations of spreadsheets, and the importance of back-office software in the wealth and asset management space. Pete shares how firms can stop revenue leakage, optimize compensation, and leverage data to make smarter business decisions, moving beyond outdated spreadsheets and into the future of automated, insightful financial operations.

In this episode:

(00:00) - Intro
(01:45) - Pete's career journey
(08:56) - How PureFacts helps firms
(12:06) - Harvesting data for business insights and anomaly reporting
(17:02) - How PureFacts uses AI in its products and services
(20:37) - Solving regulatory issues
(21:50) - Pete's key takeaways
(23:32) - Pete's interests outside of work

Quotes

"Anytime you find spreadsheets, you've got an opportunity to sell software." ~ Pete Hess

"Revenue management is often taken for granted. People are using spreadsheets and fingers to do it, which is not what you should be doing in a space that can be programmatically automated." ~ Pete Hess

"Don't take for granted all your back-office processes. When you see spreadsheets, there are probably errors being made, and time-to-money is being delayed." ~ Pete Hess

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The TurboTax for Financial Planning with Stephen Chen

Tue, 14 Oct 2025 07:00:00 -0000

This week, Jack Sharry talks with Stephen Chen, Founder & CEO of Boldin. Stephen is a classic entrepreneur who takes pride in creating innovative ways to help anyone achieve financial independence. He built the "TurboTax" for financial planning and has been creating platforms for SAAS, classes, coaching, and CFPs for consumers, advisors, and companies.

Stephen talks with Jack about how he makes retirement planning more accessible, collaborative, and user-friendly. He shares how he built a "TurboTax" for financial planning that resonates with DIY planners and high-net-worth individuals and how Boldin has evolved from a direct-to-consumer offering to a robust platform serving consumers, advisors, and large enterprises.

In this episode:

(00:00) - Intro
(01:39) - What Bolden does and why it matters
(03:12) - The growth in user adoption for financial planning
(06:23) - Stephen's career journey
(10:09) - Boldin's organic growth strategy
(13:14) - Stephen's plans and investment strategies
(15:54) - Creating a collaborative platform for advisors
(18:10) - The role of AI in Boldin's operations
(20:51) - Using simulations to optimize financial actions
(23:13) - Steve's key takeaways
(24:050 - Steve's interests outside of work

Quotes

"We want anyone to be able to build their own financial plan and, through planning, get literate, make good decisions, hopefully take action, and achieve better outcomes in their life." ~ Stephen Chen

"If financial advisors are aging out, how do we bridge that gap? I think it's going to be technology enabling advisors to serve more people." ~ Stephen Chen

"AI is real, and it's amazing how fast it's changing and what's possible. It's shocking, and it's a little scary." ~ Stephen Chen

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Turning AI Pilots into Enterprise Wins with Rob Pettman

Tue, 07 Oct 2025 07:00:00 -0000

This week, Jack Sharry talks with Rob Pettman, President of TIFIN. Rob brings more than 20 years of leadership experience across wealth management, investment platforms, and financial technology. Before joining TIFIN, Rob served as Executive Vice President of Wealth Management Solutions at LPL Financial, where he oversaw the firm's investment product distribution, retirement business, advisory platforms, and research organization, managing over $70B in AUM. During his 19-year tenure, he helped lead LPL through its rapid growth to $1.4T in assets and more than 22,000 advisors.

Jack and Rob talk about how AI is changing the way wealth and asset management firms grow and operate. Rob also shares how TIFIN uses AI to improve the overall growth of these businesses and how those who embrace AI as a growth engine are reaping the benefits through organic client growth, advisor enablement, and enhanced decision-making.

In this episode:

(00:00) - Intro
(01:49) - How advisory firms can use AI to their advantage
(04:22) - Strategic use cases for AI
(06:03) - The evolving results of AI implementation
(08:37) - How TIFIN uses AI for wealth and asset managers
(14:47) - The process of refining AI capabilities
(16:47) - The current state and future outlook for AI adoption
(20:12) - The characteristics of firms leading in AI adoption
(22:17) - Rob's key takeaways
(24:23) - Rob's interests outside of work

Quotes

"Just doing AI for better experiences doesn't create commercial value. And so actually having these specific problems to solve with the intended outcome in mind is really where it's at." - Rob Pettman

"Traversing multiple systems in financial services or wealth management is still a problem. There are solutions for this now where AI can actually straddle all of these disparate systems and put together a holistic view of the client relationship, the portfolio, and how they are doing relative to the plan." ~ Rob Pettman

"Some of the firms that are furthest ahead have the ability to operate with speed. They try to minimize distributed decision-making and have an accountability mindset that enables decisions to actually occur faster." ~ Rob Pettman

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In 2024, SEI made a strategic investment in TIFIN.

The Road to UMH: Why Tax Optimization Is the New Battleground with J. Womack

Tue, 30 Sep 2025 07:00:00 -0000

This week, Jack Sharry talks with J. Womack, Head of Asset & Income Optimization at SEI. In his role, J. drives revenue growth by helping investors keep more of what they earn by optimizing their household assets for tax and retirement income. He focuses on expanding SEI's ability to deliver differentiated, client-centric wealth solutions that improve financial outcomes at both the household and enterprise level.

Jack and J. explore the growing importance of tax management in wealth creation and how the industry is moving toward the UMH. J. also discusses the distinction between a multi-account UMA and a multi-account UMH, how the convergence of technology, operations, and products is setting a new standard for value delivery in the industry, and why tax optimization has become one of the most powerful differentiators in wealth management today.

In this episode:

(00:00) - Intro
(02:03) - J.'s background and career history
(08:09) - J.'s transition into fintech and his early days at SEI
(09:48) - From technology expert to investment strategist
(12:37) - The role of tax management in advisor value
(16:34) - The road to the unified managed household
(21:37) - Unlocking the value of tax through tech, product, and service delivery
(26:01) - Why tax smart strategies drive organic growth
(28:36) - Workplace insurance and annuities
(32:01) - J.'s key takeaways
(34:23) - J.’s interests outside work

Quotes

"UMH has the potential to play an integral role in the workplace as providers are looking at ways to deliver more value to plan sponsors and solve real problems for investors." ~ J. Womack

"Taxes are where all the action is. It's where the biggest misalignment between client expectations and advisor behavior is. If you solve that, you create a really compelling value proposition that will be attractive to people and create stickier relationships." ~ J. Womack

"Multi-account UMA is the foundation of getting to UMH. Closing that gap from a tax perspective, that's where you have the ability to actually deliver comprehensive tax management." ~ J. Womack

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Why Tax Optimization Is the New Alpha in Wealth Management with Scott Smith

Tue, 23 Sep 2025 07:00:00 -0000

Scott Smith is the Senior Director of Advice Relationships at Cerulli Associates, where he leverages deep research and analysis to define challenges and deliver solutions across the wealth management landscape. Known for his clear-eyed insights, Scott studies market trends, advisor behavior, and platform innovation to help firms navigate an increasingly complex industry.

This week, Jack talks with Scott about his latest research on U.S. managed accounts and why tax optimization has emerged as the top priority for firms, surpassing even portfolio construction. They dive into strategies like tax-loss harvesting, asset location, and tax-smart withdrawals, exploring both the progress being made and the challenges that remain. From compliance and legacy systems to advisor adoption and third-party solutions, Scott highlights what firms must do to make tax-smart investing accessible, effective, and essential for client success.

In this episode:

(00:00) - Intro
(01:56) - Cerulli’s latest research on managed accounts
(04:29) - Surprising findings from the study
(05:46) – Why asset location has seen little progress
(06:45) – The reasons asset location remains underused
(09:18) – Walking the fine line between tax planning and tax advice
(11:18) – Making tax optimization simple and straightforward
(12:38) – Tax-loss harvesting and transition management
(14:14) – Coordinating multi-account households for tax efficiency
(19:31) – The complexities of managing dynamic households
(21:14) – Scott’s recommendations for better tax planning
(24:42) - Scott's key takeaways for firms and advisors
(26:00) - Scott's interests outside of work

Quotes

"Our goal isn't to educate advisors on every line of the tax code. But letting them know what the fundamentals are, what each of these steps is doing, and then giving them the tool to do it is the most important part." ~ Scott Smith

"A lot of the advances in this industry are limited by advisor adoption. So it's most important to create this path of least resistance to tax optimization." ~ Scott Smith

"Trying to steer a legacy portfolio accounting or advisor workstation into a better place and redoing the whole thing on the way while still trying to do business is not easy for anyone. So the firm setting up systems to take care of this and making it as easy as possible for advisors to do that is the only way to compete long term." ~ Scott Smith

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The Hidden Costs of Caregiving—and How Advisors Can Help with Ken Dychtwald and Ken Cella

Tue, 16 Sep 2025 07:00:00 -0000

This week, Jack Sharry talks with Ken Dychtwald and Ken Cella. Ken Dychtwald is the Founder & CEO of Age Wave. He is a psychologist, gerontologist, and author of 19 books. For decades, Ken has been regarded as the nation's foremost thought leader on population aging and its profound business, social, financial, and cultural implications for the healthcare workforce.

Ken Cella is the Head of External Affairs at Edward Jones, where he is responsible for fostering strategic partnerships and expanding relations with policymakers, industry leaders, and other influencers to make a greater impact on society. He is also a member of the Edward Jones Enterprise Leadership Team, which guides the firm's strategy to grow its impact and create value for clients, colleagues, and communities today and into the future.

Together, they unpack one of the most overlooked and under-discussed financial issues in American households: caregiving. Drawing on insights from research commissioned by Edward Jones in partnership with Morning Consult and Age Wave, Ken Cella and Ken Dychtwald share the emotional, financial, and societal costs of caregiving. With nearly half of all Americans either serving as or expecting to become caregivers, this conversation sheds light on what it truly means to care for a loved one and what financial advisors can do to better support clients in navigating these challenges.

In this episode:

(00:00) - Intro
(02:29) - Edward Jones’ groundbreaking study on caregiving
(04:25) - The wide-ranging impact of caregiving on families and society
(06:57) - Why Edward Jones is investing in caregiving research
(11:06) - Caregiving’s reach: a reality for nearly everyone
(13:47) - Edward Jones’ transformation toward holistic financial wellness
(18:29) - Culture, community, and client well-being at the center
(21:18) - Balancing technology with timeless values
(23:59) - Building trust in the advisor–client relationship
(27:45) - Ken Cella on the emotional toll—and fulfillment—of caregiving
(30:05) - Ken Dychtwald’s key insights and takeaways
(32:30) - Ken Cella's interests outside of work
(33:25) - Ken Dychtwald's interests outside of work

Quotes

"Caregiving takes a toll beneath the surface, and a lot of times, people don't talk about it." ~ Ken Cella

"We're in the business of helping people feel competent and secure in their financial future. So, we want to improve retirement security for families and caregivers." ~ Ken Cella

"Edward Jones is really serving the fabric of America in a way that's unique. We want to be part of a solution where business and society come together to create better outcomes for families through financial wellness." ~ Ken Cella

"It's not just the super-wealthy who need someone in their corner. It's everyday folks who need a guide, someone to direct them and help them." ~ Ken Dychtwald

"I have never encountered a firm that I thought cared more about both its work, the people who work there, the population it serves, and the community. So, I've grown a lot of respect and affection for the people of Edward Jones, and I feel proud to be affiliated with Edward Jones." ~ Ken Dychtwald

"There's a lot of strain, disruption, and unhappiness that can come with seeing somebody you love struggle. But there was also a sense of honor and a sense of doing something good for a loved one. The fact that Edward Jones is taking the lead in representing the purpose of caregiving, its high intention, and the quality of life that comes from it is to be applauded." ~ Ken Dychtwald

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Curated Crowdsourcing: Rebuilding Trust in the World of Private Investing with Teddy Gold

Tue, 09 Sep 2025 07:00:00 -0000

Teddy Gold is the co-founder of 3i Members, a private, invite-only network for family offices, exited entrepreneurs, and active fund managers. With a background in investment and a passion for building communities rooted in trust, Teddy helped launch 3i to solve the problem of random deal sourcing by leveraging curated peer collaboration.

This week, Jack Sharry talks with Teddy about how 3i Members has grown into a thriving platform that facilitates smarter investing through crowdsourced expertise and strong relationships. They explore how the network vets opportunities, builds trust through shared values and non-solicitation, and helps members navigate everything from private deals to personal financial decisions. Teddy also shares why many successful investors are turning away from traditional wealth management models in favor of peer-driven, transparent support systems.

In this episode:

(00:00) - Intro
(01:58) – What is 3i Members?
(03:57) – Why investing benefits from qualified crowdsourcing
(05:30) – How the 3i crowdsourcing model actually works
(07:09) – The role of trust in successful peer investing
(08:50) – Community, credibility, and connection: the currencies of 3i
(14:03) – Core principles behind a trusted investment platform
(19:27) – The 3i business model: transparency over transaction fees
(21:16) – Teddy’s big takeaways on trust and network-driven decision-making
(24:13) - Teddy's interests outside of work

Quotes

"Deal sourcing is random, and we can make that process less random by creating a network of people we know and trust." ~ Teddy Gold

"There's no shortage of noise in the world, particularly around investments, and no shortage of new sources of information. What's hard is finding good, curated, quality voices." ~ Teddy Gold

"Investing is a good application of crowdsourcing as long as the crowd itself is qualified." ~ Teddy Gold

"The fundamental piece of building trust is giving in proportion to the amount you're taking in a relationship." ~ Teddy Gold

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Using AI and Blockchain to Build Custom FinTech Solutions with John Sweeney

Tue, 02 Sep 2025 07:00:00 -0000

John Sweeney is a seasoned financial services leader with a career spanning senior roles at Fidelity Investments to entrepreneurial ventures at the forefront of innovation. Over nearly two decades at Fidelity, he drove product and technology development across mutual funds, ETFs, managed accounts, and retirement solutions. After leaving Fidelity, he immersed himself in startups exploring blockchain, alternative investments, and AI. Today, as head of Praxis Solutions, he blends strategic insight with advanced technology execution, helping wealth and asset management firms harness AI and blockchain to improve efficiency, decision-making, and client outcomes.

This week, Jack talks with John about how Praxis Solutions uses AI and blockchain in concert to solve complex challenges in financial services. From dramatically reducing investment review times to enhancing compliance processes, John explains how his team builds custom, scalable tools that integrate into existing workflows. They explore blockchain as a “source of truth” and AI as a visible decision-making engine—technologies that together improve efficiency, reduce costs, and democratize access to institutional-grade advice while maintaining accuracy, transparency, and regulatory compliance.

In this episode:

(00:00) - Intro
(01:21) – John’s career journey: from Fidelity leadership to fintech innovation
(03:44) – Moving into the blockchain space and its early applications
(05:58) – Where smaller companies should begin their AI journey
(07:23) – How AI and blockchain work together
(09:18) – Inside Praxis Solutions: strategy, execution, and innovation
(12:07) – The types of clients Praxis serves best
(15:20) – AI as a powerful tool for building new solutions
(16:44) – Breaking down the Praxis business model
(18:34) – Front, middle, and back-office AI use cases in financial services
(21:41) – Streamlining compliance, policies, and procedures with AI
(24:15) – The future of AI in financial services
(26:19) – How AI is reshaping the cost of custom solutions
(28:02) – John’s top takeaways for financial leaders exploring AI
(29:41) - John's interests outside of work

Quotes

"AI, in general, is great at taking large, complex data sets that are today analyzed by expensive humans." ~ John Sweeney

"When we think about our aspirations as a firm and why we think AI is going to be a useful tool for financial advisors and their ecosystem that serves end investors, we think it democratizes a lot of access to institutional-grade theses." ~ John Sweeney

"The cost of custom software used to be very expensive, and AI development has changed that." ~ John Sweeney

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From Scarcity to Scale: Jamie Hopkins on Building a Better Financial Future

Tue, 26 Aug 2025 07:00:00 -0000

This week, Jack Sharry talks with Jamie Hopkins, Chief Wealth Officer at WSFS Bank and CEO of Bryn Mawr Capital Management. Before WSFS Bank, Jamie held various positions at Carson Group, including Managing Partner of Wealth Solutions, Managing Director of Carson Coaching, and Director of Retirement Research. Jamie is also the Founder of FinServ Foundation, a nonprofit dedicated to coaching and developing the next generation of financial professionals.

Jamie shares his journey from personal tragedy to industry leadership, highlighting how his mother’s experience inspired a lifelong mission to expand access to financial guidance. They explore the convergence of wealth management models, the future of trust and estate services, and why firms must invest in people over products. Jamie also discusses his work with the FinServ Foundation, advocating for a more inclusive and sustainable financial industry.

In this episode:

(00:00) - Intro
(02:20) – Jamie’s personal “why” for joining the financial industry
(06:13) – A career built on passion, scale, and purpose
(09:05) – How firm types are converging in today’s landscape
(13:38) – The challenge of defining and delivering differentiated service
(17:33) – What’s next: Trusts, estate planning, and digital disruption
(19:44) – Why estate planning is the industry’s overdue frontier
(22:00) – Jamie’s mission to give back and shape the next generation
(25:18) – Three takeaways for the future of financial advice
(27:08) - Jamie's interests outside of work

Quotes

"Great companies come down to great people. Try to find great people to surround yourself with. You're only as good as they are." ~ Jamie Hopkins

"I see firms that want to be everything to everybody, and realistically, you usually cannot be that. That holds you back from some of the growth and scale that you might be looking for." ~ Jamie Hopkins

"Wealth management services look more similar everywhere. It's your people for the next decade that are going to distinguish you from anywhere else. So, invest in your people, take care of them, hire great people, find great people, and keep them." ~ Jamie Hopkins

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Merging Vision with Scale: How SEI Is Reshaping WealthTech from the Inside Out with Perry Moutzouros & Mathew Dellorso

Tue, 19 Aug 2025 07:00:00 -0000

This week, Jack talks with Perry Moutzouros (Oranj) and Mathew Dellorso (Altigo) about how their companies joined SEI and are now driving innovation from within. Perry shares how Oranj reimagined advisor-facing technology, while Mathew explains how Altigo revolutionized access to alternative investments. Together with SEI, they’re building a unified, streamlined wealthtech ecosystem that enhances the advisor and client experience. The conversation explores scaling challenges, advisor education, the growing role of AI, and SEI’s broader strategy to deliver personalized, tax-smart, multi-account solutions.

In this episode:

(00:00) - Intro
(01:40) - The origin and evolution of Oranj
(04:31) - Matt’s journey to launching Altigo
(08:57) - Perry's role in SEI's long-term technology strategy
(11:15) - How SEI Access is transforming the alt investment experience
(15:30) - What’s next for SEI Connect
(18:10) - Scaling the marketplace
(23:29) - Why advisor education is the key to alt adoption
(25:11) - Can AI bridge the education gap?
(27:57) - Matt’s and Perry's interests outside of work

Quotes

" Alts in client portfolios can create good outcomes. They can create differentiation and be a good source of business for advisors." ~ Mathew Dellorso

"The world of alternative investments is very opaque, and it's hard to find certain products that produce yield, help with growth, or provide tax advantages. We create a nice marketplace that helps advisors find what they're looking for to help clients enhance their portfolios." ~ Mathew Dellorso

"A unified front office makes it a lot easier for people to engage, and working with SEI is probably one of the biggest goals that we have." ~ Perry Moutzouros

"AI is the great bridge that solves the education problem in alternative investments." ~ Perry Moutzouros

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The Alt Evolution: How Private Markets Are Reshaping Wealth Management with Tony Davidow

Tue, 12 Aug 2025 07:00:00 -0000

This week, Jack Sharry talks with Tony Davidow, Senior Alternative Investment Strategist at Franklin Templeton, about the rising importance of alternative investments. Drawing from decades of experience and his latest book, Private Markets, Tony breaks down how advisors can responsibly incorporate private equity, credit, and real estate into client portfolios. He discusses the evolution of the wealth channel, the challenges of advisor education, and the need for clear, jargon-free communication with clients. Together, they emphasize thoughtful allocation over hype, aiming to empower advisors to build stronger, more resilient portfolios in today’s changing financial landscape.

In this episode:

(00:00) - Intro
(02:08) - Tony’s unconventional path into alternatives
(04:58) - Tony's role at Franklin Templeton
(07:07) - Tony's book, Private Markets, and its early success
(13:54) - The liquidity trap: why alts don’t belong in ETFs
(16:33) - Concerns and opportunities in the growing alts market
(20:21) - Integrating alternatives within a portfolio
(22:38) - What’s next for alternatives?
(24:14) - Tony's key takeaways
(25:47) - Tony's interests outside of work

Quotes

"We need to make sure we can get clients comfortable with what these (alts) strategies are designed to do. If we use them the right way and clients and advisors have a good experience, the overall industry flourishes." ~ Tony Davidow

" This industry will always evolve. And that's what makes it so exciting, and it's why people of our generation are still excited about the industry every day." ~ Tony Davidow

"There's a lot of information available in the industry. Start on the journey, and wherever you are on the journey, keep on challenging yourself. You'll have a higher likelihood of achieving your client's goals by using alternative investments." ~ Tony Davidow

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The Shopify of Investing: How Apex Is Rebuilding Wealth Infrastructure with Connor Coughlin

Tue, 05 Aug 2025 07:00:00 -0000

This week, Jack Sharry talks with Connor Coughlin, Chief Commercial Officer at Apex FinTech Solutions. Connor shares Apex’s origin story and its mission to become the “Shopify of investing” through API-driven, modular tools. They discuss the convergence of fintech and traditional wealth management, the growing expectations of millennial investors, and how Apex is empowering firms to digitize at scale. Connor also dives into the firm’s cutting-edge AI initiatives, including a custom data lake and chatbot for clients.

In this episode:

(00:00) - Intro
(01:42) - The origin of Apex
(03:21) - The Shopify of investing
(05:40) - Apex's key initiatives and priorities
(09:18) - Connor's career journey
(15:56) - Apex's product roadmap
(18:20) - AI, data, and the future of advice
(20:54) - Connor's key takeaways
(22:16) - Connor's interests outside of work

Quotes

"On one end of the spectrum, we're helping to take sophisticated firms and digitize them. On the other end, we're giving digital firms the arsenal to compete upstream." ~ Connor Coughlin

"The next generation of advice is going to look different. AI is going to play a big role. The role of human advisors is going to change. And the tools and self-service around those platforms are going to change." ~ Connor Coughlin

"There's a tidal wave of change coming, and you need good partners to help you surf that wave instead of getting knocked out by it." ~ Connor Coughlin

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The $6 Trillion Strategy: How Morgan Stanley Is Reshaping Wealth Management with Jed Finn

Tue, 29 Jul 2025 07:00:00 -0000

Jed Finn is the Head of Wealth Management at Morgan Stanley, where he leads one of the world’s largest and most sophisticated wealth management platforms. Since joining the firm, he has played a central role in its strategic growth, spearheading large-scale integrations, key acquisitions like E*TRADE and Solium, and the adoption of cutting-edge technologies. Under his leadership, Morgan Stanley has expanded its client base from 2.5 million to over 20 million and grown assets under management from $2.5 trillion to $6 trillion. A strong advocate for data-driven strategy and advisor collaboration, Finn is helping redefine the future of wealth management.

This week, Jack talks with Jed about the firm’s evolution into a wealth management powerhouse. Jed details how Morgan Stanley has consolidated client relationships, embraced AI and global strategies, and built an ecosystem capable of delivering institutional-grade services to individual clients. He shares how early engagement, integrated capabilities, and relentless execution have positioned the firm as an industry leader—and how Morgan Stanley continues to push the boundaries of what’s possible in wealth management.

In this episode:

(00:00) - Intro
(02:23) - Morgan Stanley's growth strategies
(09:00) - Jed's continued pursuit of the new sales growth strategy
(10:20) - The three key trends shaping Morgan Stanley's future strategies
(16:10) - The pillars of how Morgan Stanley executes and delivers opportunities
(20:39) - Jed's interests outside of work

Quotes

"Wealth management is a scale business, and you need to have the scale to keep up with all the demands in terms of resources, whether it's changes in regulations, technology changes, product proliferation, or changing preferences of clients and advisors." ~ Jed Finn

"At Morgan Stanley, we want to give you an experience that builds trust and confidence so that when you're ready to establish an advice relationship, we make an introduction to a financial advisor." ~ Jed Finn

"If we listen to the best practitioners in the industry tell us what they need to serve their clients most effectively, and then deliver it to them, good things are going to happen." ~ Jed Finn

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How AI Helps Advisors Build Trust with Alicia Rich

Tue, 22 Jul 2025 07:00:00 -0000

In this episode, Jack Sharry talks with Alicia Rich. Alicia is the Head of Client and Advisor Digital Enablement at Broadridge, a global fintech company specializing in investor communications, wealth management, and digital transformation solutions. In her role, Alicia focuses on designing seamless, personalized experiences that empower financial advisors to work smarter and build stronger relationships with clients.

Jack and Alicia discuss how her team is transforming the advisor experience by integrating intelligent technology with human insight. They explore how personalized content, CRM integration, and AI can deepen client relationships, improve decision-making, and demonstrate ROI. Alicia also emphasizes the importance of understanding clients’ values—not just their data—and discusses how AI can help advisors connect on a more human level.

In this episode:

(00:00) - Intro
(01:56) - Alicia's role at Broadridge
(02:41) - Common pain points in the digital advisor-client experience
(04:07) - Broadridge's current and developing projects
(06:00) - Real-world examples of simplifying advisor workflows and boosting engagement
(09:31) - Connecting data and content to deepen client relationships
(14:23) - Why MarTech is becoming essential to the advisor experience
(16:44) - How AI is transforming wealth management
(19:15) - Giving advisors deeper, more human insights with AI
(23:02) - How AI and behavioral science help personalize financial conversations
(27:38) - Alicia's key takeaways
(28:48) - Alicia's interests outside of work

Quotes

"The more you engage with clients, the more business they're going to do with you and the more they're going to trust you." ~ Alicia Rich

"Advisors are in the people business. They're in a relationship business. It's not about the sale of a product. It's about really understanding people." ~ Alicia Rich

"Digital advice is not just about technology and technology replacing humans. We focus on removing the friction. We want humans to do the best work they can, and we do and enable that." ~ Alicia Rich

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The Five Drivers of Future-Ready Wealth Management Firms with Jeffrey Levi and Rafael Couto

Tue, 15 Jul 2025 07:00:00 -0000

This week, Jack Sharry talks with Jeffrey Levi and Rafael Couto for a deep dive into the future of wealth management. Jeffrey is a Principal at Casey Quirk Deloitte and leads the firm’s Strategy Offering for Financial Services. He advises wealth and asset managers on complex strategic challenges and spearheads research in areas like private credit, alternative investments, and evolving investment strategies.

Rafael, a Senior Manager at Deloitte, helps wealth managers and retirement providers navigate large-scale technology and operational transformations. He focuses on boosting efficiency and improving service delivery, particularly in the growing convergence of workplace and wealth management.

Together, they unpack Casey Quirk’s latest white paper, which outlines five key growth drivers for the wealth management industry over the next decade. They explore the critical capabilities top-performing firms are building—and how these firms are aligning strategy, technology, and operations to deliver stronger growth and better client experiences.

In this episode:

(00:00) - Intro
(02:37) - Why Deloitte is doubling down on wealth management research
(04:03) - Casey Quirk's research participants
(06:01) - The five core drivers of future growth in wealth management
(09:43) - How these capabilities show up across different channels
(11:00) - What it means to build a “transformative DNA” within a firm
(15:30) - The challenge of delivering a truly holistic client experience
(19:40) - How leading firms are earning and maintaining client trust
(24:30) - Why the core wealth platform is becoming a key competitive edge
(26:52) - Taking an end-to-end approach to platform design
(29:14) - What the future of work looks like in this space
(33:17) - Rafael’s and Jeffrey's interests outside of work

Quotes

"In our advisory work, we're seeing a widening gap in performance, growth, and advisor and client experience in the overall marketplace. Some firms are winning, some firms are clearly more stagnant, and in some cases, some firms are starting to decay." ~ Jeffrey Levi

"The ecosystem that exists today is going to look very different in five to 10 years because service providers are all evolving to become technology providers. We're seeing massive convergence across servicers, technology firms, clearing and custody firms, TAMPs. We’re seeing IBDs want to launch a platform as a service model to serve other parts of the landscape." ~ Jeffrey Levi

"When we looked at the characteristics of those that are growing faster, we really saw that they're shaping their services around financial advice and having that at the center of the journey." ~ Rafael Couto

"When we say end-to-end, it is what you put in front of the client that matters. But then you have to think all the way down to the operational component, and how you bring everything together. The value you bring to the client is what really makes you win in the market." ~ Rafael Couto

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Modernizing the Client and Advisor Experience with Colleen Bell

Tue, 08 Jul 2025 07:00:00 -0000

This week, Jack Sharry talks with Colleen Bell, President of Innovation and Experience at Cambridge Investment Research. Colleen is also a member of the Office of the CEO, the Board of Directors, and the Executive Council, and a part of Cambridge's Executive Administration team. She focuses on driving associate engagement and financial professional satisfaction while advancing and discovering new ways to meet ongoing client needs.

Colleen shares how she transforms client and advisor experiences by eliminating friction, digitizing legacy processes, and designing products that meet the increasingly complex needs of today's investors. From AI-powered solutions to driving paperless processes, Colleen walks us through the behind-the-scenes work that powers innovation at scale and how Cambridge is rethinking service models, collaborating across custodians, and pulling together fragmented account data.

In this episode:

(00:00) - Intro
(01:52) - Colleen's role at Cambridge Investment Research
(03:36) - Pain points advisors face around customer experience
(06:08) - Cambridge's technology solutions for advisors
(07:22) - Cambridge's "Paper Not Alive in '25"
(11:17) - The role of financial planning in providing comprehensive advice
(13:01) - The integration of non-traditional assets
(14:57) - Colleen's thoughts about the future of the industry
(17:01) - The current and future of AI in wealth management
(19:11) - AI adoption among advisors
(21:28) - The importance of human interaction and building relationships
(23:28) - Colleen's key takeaways
(24:14) - Colleen's interests outside of work

Quotes

"Anything that we can do to automate that experience, remove the need to provide information, or remove all paperwork from the industry is my goal, and that's what we're looking for." ~ Colleen Bell

"Artificial intelligence will completely transform the way that our advisors interact with the home office and how they interact with the clients." ~ Colleen Bell

"AI is never going to replace what we, as humans, and our advisors do. It's those advisors who don't adopt it who will be left behind because they're not taking the next step to become efficient and effective." ~ Colleen Bell

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From Broker-Dealer to Boutique RIA: Why Summit Wealth Made the Leap with Randy Morris

Tue, 24 Jun 2025 07:00:00 -0000

This week, Jack Sharry talks with Randy Morris, Founder & CEO of Summit Wealth Group, a boutique financial planning firm with 10 offices nationwide. With a career spanning more than three decades, Randy brings deep experience in entrepreneurial leadership, holistic planning, and building a stakeholder-driven culture.

Jack and Randy explore Summit’s path to independence and how a focus on culture, ownership, and intentional growth fueled the transition. Randy also shares the key reasons they chose SEI as a strategic partner—from cultural alignment to proactive tax strategies for high-net-worth clients—and what it takes to future-proof a boutique firm in today’s evolving wealth management landscape.

In this episode:

(00:00) - Intro
(01:16) - Summit’s history and foundational philosophy
(05:05) - Why Summit selected SEI as a strategic partner
(09:05) - Leveraging SEI’s proactive tax strategies
(10:23) - Building and protecting Summit’s company culture
(14:58) - Summit's organic growth and intentional M&A approach
(17:34) - Randy's key takeaways
(19:12) - Randy's interests outside of work

Quotes

"We wanted to continue growing. We felt that growth was paramount, not only to take care of our client's needs in the future, but also the team members that we would add." ~ Randy Morris

"Finding this partner to put on our platform and help us launch Summit 2.0, we found that in SEI." ~ Randy Morris

"What we're about is building a better business, and what better way to do that than to bring in partners who have already been doing this in their location? But we want them to be willing to come in and share best practices and share what's working for you and build a better practice." ~ Randy Morris

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Advancing Women in Finance with Kellan Brown

Tue, 17 Jun 2025 07:00:00 -0000

This week, Jack Sharry talks with Kellan Brown, Chief Operating Officer and Chief Development Officer at 100 Women in Finance. With an impressive resume that includes leadership roles at Income Lab, PrimeCo, and Finance of America’s Retirement Strategies Division, Kellan has also earned accolades like the Disruptor Award and Ascension Award from WealthManagement.com and was named one of InvestmentNews’ Women to Watch.

In their conversation, Kellan shares the remarkable story of her career journey—from her early days in sports marketing and commercial construction to discovering her passion for championing women in finance. She offers insight into how 100 Women in Finance supports women at every stage of their careers and why mentorship is essential to changing the face of finance, fintech, and investment leadership.

In this episode:

(00:00) - Intro
(01:53) - The mission and impact of 100 Women in Finance
(04:32) - Kellan's career journey
(07:34) - How the organization’s mentorship program is making a difference
(10:39) - Kellan's keynote at SEI
(13:28) - Programs and initiatives empowering women in finance
(19:25) - Advancing women in the finance industry
(23:30) - The transformative power of mentorship for women
(24:55) - Kellan's interests outside of work

Quotes

"I was awarded the Disruptor Award for a very clear reason. I believe in all of the work that we're doing, and we are not breaking any laws. Our partners are so committed to us, and we are not alienating anyone." ~ Kellan Brown

"Women elevate every single level of any organization when there's equality." ~ Kellan Brown

"In a male-dominated industry, we have to find someone that's going to break that barrier down, give us access, and have allyship." ~ Kellan Brown

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The Growth Potential of Bank Trusts and Private Banks with Allie Carey

Tue, 10 Jun 2025 07:00:00 -0000

In this episode, Jack Sharry talks with Allie Carey, Chief Strategy Officer, SEI Private Banking and Wealth Management. Allie focuses on strategic planning, global wealth management industry assessment, global go-to-market strategies, channel partnerships, and M&A opportunities.

Jack and Allie talk about the role of bank trusts and private banks in wealth management. Allie shares how banks can harness their vast client base to drive organic growth, the opportunities in private banking, and how technology and data transform how banks serve their clients.

In this episode:

(00:00) - Intro
(01:51) - Allie's role at SEI
(03:10) - The need for evolving skill sets in the industry
(04:19) - How SEI serves clients
(08:03) - Opportunities for wealth management in the bank channel
(13:00) - SEI's growth strategies
(16:45) - Allie's thoughts on UMH
(18:14) - The future of private banks
(24:25) - Allie's key takeaways
(25:08) - Allie's interests outside of work

Quotes

"Banks have a massive client base across their different business lines. A wealth management business inside a bank can work with its commercial colleagues. They can work with their retail colleagues and their lending colleagues." ~ Allie Carey

"We're getting to the point where we could have some real advice across the lifecycle of someone delivered via technology, where humans are curating that, not creating it." ~ Allie Carey

"Banks are well-positioned to win in wealth management. They have that near-end client base. They have the breadth of services to really serve the whole client." ~ Allie Carey

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Wealth as a Service: The Future of Wealth Management with Justin Singer

Tue, 27 May 2025 07:00:00 -0000

In this episode, Jack Sharry talks with Justin Singer, Partner at EY. Justin provides strategy and management consulting services to many top wealth management, asset management, insurance, and retirement firms to drive growth and retention, improve their offerings, and achieve stronger operating margins through strategic and tactical projects.

Jack and Justin discuss why WaaS (Wealth as a Service) is the future of financial services. Justin explores how financial institutions can use this integrated, cost-effective, scalable solution to drive efficiency and growth. He also dives into the key drivers behind this shift, the players involved, the exciting opportunities it presents, and the broader industry implications.

In this episode:

(00:00) - Intro
(02:23) - Wealth as a Service defined
(05:23) - Service providers in the wealth management space
(08:56) - The expected consolidation of broker-dealers and RIAs
(11:14) - Challenges for firms in operating wealth management businesses
(16:20) - How WaaS improves client outcomes and advisor efficiency
(18:51) - The industry's reaction to EY's Wealth as a Service research
(21:59) - Justin's key takeaways
(23:52) - Justin's interests outside of work

Quotes

"Wealth as a Service (WaaS) is an integrated, cost-effective, and scalable solution for financial institutions to deliver wealth management in a more turnkey way." ~ Justin Singer

"The assets we've built are really positioning financial institutions to be able to drive toward the outcomes that many of them are looking to achieve, which are growth, improved operating efficiency, and scale." ~ Justin Singer

"If we end up in a world where there's less broker-dealers, less RIAs, less trust companies, and a few providers that are supporting those entities that are left, I truly believe it's going to drive down costs and allow many firms to be able to go more down market to the mass affluent segment with a more scalable offering." ~ Justin Singer

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Alternative Investments: Trends, Challenges, and Opportunities with Neil Bathon

Tue, 13 May 2025 07:00:00 -0000

Alternative investments are surging in popularity, but how do distributors, asset managers, and advisors adapt? While the appetite for alternatives continues to rise, education remains one of the biggest hurdles to widespread adoption. Managing alternatives requires more than just a basic understanding. It demands deep, specialized expertise. Despite significant investments in training and educational initiatives, the need for deeper expertise remains critical.

In this episode, Jack Sharry talks with Neil Bathon, Managing Partner at FUSE Research Network, about the latest trends in alternative investments. Neil shares insights from FUSE's recent study on alternative distribution, diving into key findings on education gaps, sales strategies, and the importance of partnerships in alts adoption.

In this episode:

(00:00) - Intro
(01:47) - About FUSE Research Network
(04:54) - FUSE's alts distribution research findings
(06:09) - The importance of education in alts adoption
(07:38) - Neil's advice for firms entering the alts market
(09:04) - Why partnerships are critical
(11:33) - How alts can be incorporated into asset allocation
(12:58) - Managing client expectations
(16:48) - Neil's recommendations for investing in alts
(19:18) - How alternative assets benefit distributors, advisors, and asset managers
(20:00) - Neil's key takeaways
(21:13) - Neil's interests outside of work

Quotes

"Distributors are making clear that despite many educational initiatives for years, some of these traditional firms have big institutes or universities specifically to help bring advisors along, but there's still an enormous need for additional education." ~ Neil Bathon

"Some of these alternatives can get very complicated. You need to make a significant investment in educating your sales team and your marketing team. You really have to back them up with specialists who can go this third, fourth, or fifth level deep." ~ Neil Bathon

"Partnership of some form is the way to go for most firms if they're not already firmly in the alternative business." ~ Neil Bathon

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AI-Powered Meeting Management for Financial Advisors with Arnulf Hsu

Tue, 06 May 2025 07:00:00 -0000

In this episode, Jack Sharry talks with Arnulf Hsu, CEO of GReminders. Arnulf is a serial entrepreneur and has been leading and running B2B enterprise software companies for the last 20+ years as CEO, CTO, Product Leader, and Board Member. He has a strong background in technology and business development, focusing on building successful ventures and growing companies from the ground up.

Jack and Arnulf talk about why GReminders is one of the leading scheduling and meeting management platforms for professionals. They discuss how GReminders integrates with existing CRM systems to manage everything from scheduling and reminders to AI-generated meeting summaries and follow-ups. Jack and Arnulf also share the importance of deeply understanding customer needs and how AI can enhance personalization and efficiency in client relationships.

In this episode:

(00:00) - Intro
(00:59) - What GReminders is and how it works
(04:57) - The origin story of GReminders
(05:59) - Why Arnulf chose to focus on wealth management
(09:25) - Feedback from advisors and clients
(12:49) - How GReminders compares to Arnulf’s past ventures
(15:06) - Learning through listening
(17:57) - How AI empowers GReminders
(19:56) - What's next for GReminders
(21:50) - Arnulf's key takeaways
(23:34) - Arnulf's interests outside of work

Quotes

"In this area (wealth management), there were scheduling products that were installed in our customers that, to some degree, they were using, but they weren't very good." ~ Arnulf Hsu

"If you have a bunch of data islands everywhere, it's not going to do anybody any good. If you ever want to use AI and analytics on top of this stuff, you better have systems that talk to each other, and data must flow between them." ~ Arnulf Hsu

"Wealth managers aren't IT experts. And so, we believed pretty strongly in a smaller technology stack that has fewer moving parts. It's inherently a better system because you have less complexity." ~ Arnulf Hsu

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Building a Full-Service Wealth Management Platform with Mike Capelle

Tue, 29 Apr 2025 07:00:00 -0000

In this episode, Jack Sharry talks with Mike Capelle, Co-founder & Co-CEO of Modern Wealth Management. From his decades-long career in wealth management, Mike has experience building advisor-client platforms that drive continuous growth. He was part of the team that co-founded, scaled, and sold United Capital, a $25 billion RIA with 90 locations, to Goldman Sachs for $750 million.

Jack and Mike discuss how Modern Wealth Management provides a full-service wealth management platform, including tax planning, estate planning, and insurance. They address the challenges and opportunities of integrating legacy systems and the importance of creating a replicable model for national expansion.

In this episode:

(00:00) - Intro
(01:06) - How Modern Wealth Management reshaped financial planning
(06:02) - How to serve clients
(10:10) - The challenges and opportunities in acquisitions
(16:17) - The future of the wealth management industry
(18:56) - Mike's key takeaways
(22:00) - Mike's interests outside of work

Quotes

"We saw the need in the market and the opportunity because we felt there was a shift from going to investment to planning, where there was much more alignment between the advisors and the client." ~ Mike Capelle

"It's a great opportunity to really impact people's lives. They don't have all the resources to do everything they want. You have to help them understand what they want their future to look like, what things are important, and what trade-offs make sense to them." ~ Mike Capelle

"We certainly recognize the opportunity with the industry, and not only do you have an underserved market of people across the country who are developing wealth, but needing help in how they manage it and how they use it as the engine to get to the outcome they want to." ~ Mike Capelle

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Strategies for Sustainable Business Growth with Randy Lambert

Tue, 22 Apr 2025 07:00:00 -0000

In this episode, Jack Sharry talks with Randy Lambert, EVP and Head of RIA Solutions at Intention.ly. Randy shares how his experience scaling Orion informs his work helping FinTech and RIA firms streamline operations, align marketing, and enhance client engagement. He highlights the importance of eliminating silos, implementing intelligent automation, and transforming operations from a cost center to a strategic growth engine.

In this episode:

(00:00) - Intro
(01:39) - Randy’s journey at Orion
(07:10) - The transition to Intention.ly
(11:54) - Integrating marketing, sales, and operations
(14:41) - Growing and scaling RIAs
(18:43) - Bridging the gap between the marketing and operations
(19:57) - Building a customer success model
(22:40) - Randy's final thoughts
(24:02) - Randy's interests outside of work

Quotes

"One of the weakest links in the technology chain is the advisor using the technology." ~ Randy Lambert

"The better that an advisory team is able to systematize its operations, the better chance they have of being successful in scaling up." ~ Randy Lambert

"When a firm's data is clean, structured, and fully integrated, technology stops being a barrier. It starts to become an enabler." ~ Randy Lambert

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Delivering Alpha in Private Markets with Ryan VanGorder

Tue, 15 Apr 2025 07:00:00 -0000

In this episode, Jack Sharry talks with Ryan VanGorder, CEO at Opto Investments, about revolutionizing private markets for wealth managers. Ryan highlights how Opto’s technology simplifies complex private market strategies, helping advisors deliver tailored, scalable solutions to their clients. They discuss the shift from institutional to retail access in private investments and the importance of guided intelligence, customization, and automation. Ryan also shares his passion for adventure racing, drawing parallels between endurance sports and business, emphasizing discipline, adaptability, and teamwork as core values shaping Opto’s culture and approach to client success.

In this episode:

(00:00) - Intro
(01:18) - Exploring Opto’s mission and purpose
(02:09) - Ryan's career journey and the founding of Opto Investments
(06:33) - Building a business in the retail marketplace
(11:14) - Transitioning from institutional to retail private markets
(13:32) - Opto's approach to full portfolio analysis
(17:35) - Future trends and innovations shaping private markets
(18:48) - Ryan's key takeaways
(20:13) - Ryan's passion for adventure racing and interests outside of work

Quotes

"At Opto, we're engineering the future of private markets with a focus on client outcomes and driving capital to the best ideas." ~ Ryan VanGorder

"Opto is built and backed by operators who understand the potential in the private markets, not by AUM-focused mega funds or product pushers." ~ Ryan VanGorder

"The winners in our space, particularly our market, will heavily invest in technology-based solutions and solving for transparency, scale efficiency, and flexibility. And you're going to do all that while delivering on your client's demands." ~ Ryan VanGorder

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The Rise of Alternative Investments with Ryan Eisenman

Tue, 08 Apr 2025 07:00:00 -0000

This week, Jack Sharry is joined by Ryan Eisenman, Co-Founder and CEO of Arch—a platform built to streamline and standardize private investment operations. With a strong background in private markets, Ryan shares how Arch is leveraging technology to make alternative investing more secure, efficient, and accessible. Ryan breaks down the key trends fueling mainstream adoption and explains how Arch is helping family offices, RIAs, and institutional investors overcome the operational hurdles that come with managing alts. He also shares his perspective on where the market is headed—and how platforms like Arch are unlocking access to a broader range of investors

In this episode:

(00:00) - Intro
(02:13) – What Arch does and who it serves
(03:29) – Ryan’s journey: from Wall Street to startup founder
(05:29) – Why alternative investments are booming
(11:10) – The story behind Arch’s growth
(12:26) – What’s fueling Arch’s momentum
(17:42) – Building with feedback: how Arch develops its product
(19:22) – What’s next for Arch and the alts market
(23:20) - Ryan's interests outside of work

Quotes

"We want to unlock the ability to make, manage, and track alternative investments without the pain people are used to when they do make those investments." ~ Ryan Eisenman

"To work at Arch, you have to love clients and love learning. We want to be doing this for decades, and the way you do this for decades is you invest in customers because customers can be the best advocates for you." ~ Ryan Eisenman

"We're continuing to build the operations management automation tools that help people scale their alts businesses. And we're doing it increasingly in partnership with larger firms to support their offerings." ~ Ryan Eisenman

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Creating Purpose-Driven Leaders with Brooke Elliott

Tue, 01 Apr 2025 07:00:00 -0000

This week, Jack Sharry talks with Brooke Elliott, Dean of Gies College of Business at the University of Illinois Urbana-Champaign. Brooke leads the college in developing a compelling, strategic vision while continuing to build upon its distinctive brand and identity.

They discuss how the college empowers future leaders through transformative education, research, and innovation. Brooke shares how their purpose-driven approach is embedded in the curriculum, the impact of technology and AI in shaping this mission, and how experiential learning bridges the gap between classroom knowledge and real-world opportunities.

In this episode:

(00:00) - Intro
(02:27) - Helping students discover their purpose
(07:59) - Insights from students and alumni
(09:25) - Inside the Gies College online program
(11:41) - Lessons from teaching online
(16:27) - AI’s role in the future of education
(19:55) - Will avatars replace faculty?
(22:19) - The power of authenticity in teaching
(24:42) - What it means to prioritize learners
(26:43) - Brooke's interests outside of work

Quotes

"We want to create amazing leaders who move into business and really have an impact on their community, their state, and their nation." ~ Brooke Elliott

"We really believe in expanding access to high-quality education. We serve individuals from all types of different backgrounds. And so, it's diversity in its very broadest sense." ~ Brooke Elliott

"Our online programs were intentionally designed to be online. We did not take an existing program and move it to a remote environment. We started a new one and knew that we were going to offer these programs online and serve learners all around the world. And so, every single design choice was made with intention." ~ Brooke Elliott

"Education is still the greatest investment an individual can make in themselves and an organization can make in their employee." ~ Brooke Elliott

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Redefining Career and Purpose with Steven Miyao

Tue, 25 Mar 2025 07:00:00 -0000

In this episode, Jack Sharry talks with Steven Miyao, an Executive Coach at Coaching Metta. Steven equips executives, entrepreneurs, and startups with the skills, strategies, and mindset needed for sustainable success. He helps professionals navigate career transitions, balance family and personal goals, and discover lasting fulfillment.

Jack and Steven explore the challenges and opportunities of midlife career transitions, offering insights on how leaders can redefine their purpose and direction. Steven shares his coaching philosophy, the crucial role of understanding one’s ‘why’ before making a career shift, and how he helps financial services executives build a fulfilling second act in their careers

In this episode:

(00:00) - Intro
(01:15) - What is Coaching Metta?
(02:24) - Steven's career journey
(06:15) - Steven's nontraditional path to financial services
(08:19) - Why Steven shifted to healthcare
(11:52) - Steven's coaching practice and the challenges his clients face
(13:19) - Helping clients redefine their purpose
(17:30) - Steven's coaching process
(22:31) - The importance of authenticity in building trust
(24:19) - Steven's key takeaways
(25:30) - Steven's interests outside of work

Quotes

"The older I get, it’s more important for me to see other people succeed than myself. It's just so gratifying when you see the impact that you have on others." ~ Steven Miyao

"Most people are stuck in the hamster wheel, and they're running and running, but they don't even know why they're running. Oftentimes, it's because of the expectations that they have on themselves. But these expectations are often driven by society, their parents, or their peers." ~ Steven Miyao

"A lot of us are going through this midlife. Whenever that point comes where you say to yourself, 'Is this really it?', it's important to take a break and really think about what you want to do, identify your ‘why’, and then pivot if you need to." ~ Steven Miyao

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How Edward Jones is Redefining Financial Planning with Russ Tipper

Tue, 18 Mar 2025 07:00:00 -0000

Edward Jones is redefining what it means to provide personalized advice. The firm is creating a signature experience where personalized service is not a luxury but an expectation and where the best financial advisors have the tools, capabilities, and technology needed to provide a seamless, sophisticated, and impactful advisory experience.

In this episode, Jack Sharry talks with Russ Tipper, General Partner at Edward Jones. Russ leads more than 300 professionals across North America and drives the firm's advisory offerings, including SMAs and UMAs, alternatives, retirement products, and more.

Jack and Russ discuss how Edward Jones is doubling down on comprehensive, personalized financial planning, moving beyond point-in-time solutions to ongoing advice. Russ also talks about how the company strategically expands its product offerings, including alternative assets and retirement products, as well as its signature experience and future developments.

In this episode:

[01:12] - Russ' role at Edward Jones
[03:02] - Edward Jones's strategic ambition
[05:04] - Personalization at scale
[12:24] - Edward Jones' investment in alternative assets
[15:19] - Edward Jones' signature experience
[19:18] - Future developments and AI integration
[22:06] - Russ' career journey
[26:04] - Russ’ key takeaways
[27:13] - Russ's interests outside of work

Quotes

"We want to help make our clients’ needs, wants, and wishes a reality." ~ Russell Tipper

"Our goal is to help our clients move into an advisory perspective and never be stuck in a brokerage account or a legacy model where they can't move because of friction." ~ Russell Tipper

"We want to be a highly curated shelf, but we want to offer a choice. The last thing I want to do is for a client to leave their great financial advisor because of a lack of access to a product that would improve their outcome." ~ Russell Tipper

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Wealth as a Service: A New Era in Financial Strategy with Doug Fritz

Tue, 11 Mar 2025 07:00:00 -0000

In this episode, Jack Sharry talks with Doug Fritz, Founder & Executive Chairman of F2 Strategy. A seasoned veteran in the wealth management industry, Doug leads a team of experts at F2 Strategy and is a highly sought-after strategist, helping growth-focused advisory firms make informed decisions about their technology and client experience.

Jack and Doug discuss the confluence of marketing and technology in the wealth management industry. Doug talks about true innovation and how firms can implement meaningful technology and marketing solutions that deliver real value to advisors. He also discusses F2 Strategy's expansion and acquisitions, AI-powered efficiencies, and the rise of Wealth as a Service (WaaS) in wealth management.

In this episode:

(00:00) - Intro
(01:36) - Update on F2's recent expansion
(03:37) - The confluence of marketing and technology in wealth management
(06:27) - Aligning technology with business goals
(09:26) - How F2 helps firms with tech and marketing
(13:56) - The challenges of being a strategy partner
(17:54) - Mitigating risk and ensuring successful technology implementation
(19:49) - How F3 defines innovation
(21:42) - Wealth as a Service (WaaS)
(26:30) - Organic growth and its relationship to Wealth as a Service
(29:32) - Doug's interest outside of work

Quotes

"We're built to be like an advisor would be. We're going to help you build a portfolio of technology, and then we're going to be with you forever as your partner in the execution and implementation of that when you need us." ~ Doug Fritz

"It's fun to be helpful to great brands and great people that we work with in new ways and go deeper. Those relationships are everything to us, and they mean the world to us." ~ Doug Fritz

"Innovation means getting it done. It isn't about theoretically picking a vendor that's innovative. It's actually getting it done and getting it into production." ~ Doug Fritz

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The Convergence of Workplace and Wealth with Matthew Gray

Tue, 04 Mar 2025 08:00:00 -0000

The shift from pensions to 401(k)s, paired with uncertainty around Social Security, has left many retirees with less income and at risk of outliving their savings. Allianz, in partnership with Empower, is taking the challenge head-on.

In this episode, Jack Sharry talks with Matthew Gray, Vice President of Employer Markets at Allianz Life. Matt is responsible for the company's employer markets and defined contribution business. He oversees all aspects of the company’s strategy, distribution, marketing, product development, and more.

Jack and Matthew discuss the convergence of workplace and wealth, how 401(k) plans evolve to offer better financial guidance, and how Allianz makes guaranteed lifetime income simple and accessible. Matthew also shares the challenges of retirement planning and how Allianz addresses the growing concern of retirees making less of their income and outliving their savings.

In this episode:

[01:30] - Matthew's role at Allianz Life
[03:08] - How Allianz and Empower revolutionize retirement security
[04:49] - Key trends shaping the future of defined contribution plans
[09:13] - Allianz's guaranteed income solution
[16:35] - The future of guaranteed income solutions
[18:10] - The good news about lifetime income solutions
[19:25] - Matthew's interests outside of work

Quotes

"Retirement is about generating more income and generating that income for longer. Unfortunately, the trends from moving from defined benefit plans to defined contribution plans, combined with challenges with social security, all point to maybe people getting less or not getting it for as long." ~ Matthew Gray

"Our objective is to make guaranteed lifetime income more accessible and inclusive for a larger number of Americans who really depend on what they can generate from their employer-sponsored plan." ~ Matthew Gray

"Lifetime income solutions aren't coming sometime in the future. They're already here. They're already in plans helping people and are available for sponsors and advisors who want to help their participants better prepare for retirement." ~ Matthew Gray

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Integration of Annuities and Social Security Planning with Jan Buchsbaum and Mark Fitzgerald

Tue, 25 Feb 2025 08:00:00 -0000

In this episode, Jack Sharry talks with Jan Buchsbaum, Chief Product Officer, and Mark Fitzgerald, National Sales Manager at Nassau Financial Group. They discuss the integration of annuities and social security planning in creating guaranteed retirement income and Nassau's product development and solution design. From simplifying complex financial products and processes to a streamlined user experience and smart approach to partnerships and distribution, Jan and Mark explore Nassau's impressive growth trajectory and discuss the key elements driving their success.

In this episode:

(00:00) - Intro
(01:28) - Overview of Nassau Financial Group
(02:54) - Nassau's sales strength, growth, and momentum
(06:29) - Nassau's process for developing products
(09:22) - A collaborative approach to product development
(14:40) - Integrating annuities and social security planning
(20:26) - Educating clients and advisors on the value of annuities
(27:52) - Uncovering additional assets through social security optimization

Quotes

"We are hyper-focused on providing solutions for our partners and consumers that matter and enhance their lives. And we are constantly always trying to figure out how we can be better." ~ Jan Buchsbaum

"If you're having a conversation around social security, you're helping that individual maximize their lifetime income." ~ Mark Fitzgerald

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Disclosure

Nassau Life and Annuity Company, the Nassau Income Accelerator Annuity and the Nassau Flex-Forward Income Benefit rider are NOT connected with, recommended, or endorsed by any governmental program, agency, or entity, including the Social Security Administration. All social security and annuity income payment examples are for educational and illustrative purposes only. Individual results will vary. This information is not meant to provide investment, tax or financial planning advice. Nassau does not provide individual tax, financial or investment advice or act as a fiduciary in the sale or service of insurance contracts. Please consult your personal tax or financial advisor for assistance. Fixed annuities are insurance contracts and do not provide ownership of any stocks, bonds, index funds, or other securities. These products are not FDIC or NCUAA Insured and there are no Bank or Credit Union Guarantees. Lifetime payments and other contract guarantees are subject to the claims-paying ability of the issuing company. These annuities offer a Fixed Account and a variety of Indexed Accounts. The Fixed Account earns a specified rate of interest that is no less than 0 to 3% depending on the state and product. Contract growth is not guaranteed. Fees and restrictions apply. Withdrawals may be subject to charges, pro-rated fees and adjustments. Withdrawals (including income payments) are subject to ordinary income tax, and if taken prior to age 59½, a 10% IRS penalty may also apply. Please review the applicable product and rider disclosures for more information. Nassau Income Accelerator is a single premium deferred fixed indexed annuity issued on contract form 19FIA, ICC19EIAN, or 19ISN. This annuity is issued by Nassau Life and Annuity Company, Hartford, Connecticut, a subsidiary of Nassau Financial Group. In California, Nassau Life and Annuity Company does business as "Nassau Life and Annuity Insurance Company." Nassau Life and Annuity Company is not authorized to do business in Maine and New York. BPD42072

Helping Advisors Better Serve Women and Next-Gen Investors with Lacy Garcia

Tue, 11 Feb 2025 08:00:00 -0000

Many women and next-generation investors have struggled to find advisors who truly understand them. Finding the right fit, getting clear information, and building confidence to manage finances effectively are real challenges. However, the old-school client-advisor dynamic is changing, creating an era in which genuine human connections matter just as much as portfolio performance.

In this episode, Jack Sharry talks with Lacy Garcia, Founder and CEO of Willow. Lacy is a former financial services marketer turned financial advisor. She has spent her career at the intersection of financial services, women empowerment, and education. Lacy is passionate about helping advisors better serve women and the next generation of investors.

Lacy talks with Jack about how advisors can better serve women and next-generation investors. She discusses the importance of empathy, education, and empowerment and how the company's certificate programs empower advisors to meet clients' evolving needs. Lacy also shares her journey from educator and coach to a financial advisor and entrepreneur, highlighting how her experiences of feeling like an outsider in the financial world inspired Willow's creation.

In this episode:

[01:10] - Lacey's background and career
[03:22] - Turning challenges into opportunities
[05:40] - Willow's E3 model: empathy, education, and empowerment
[10:08] - Creating a business that helps women and next-generation investors
[13:54] - Willow's certificate programs
[19:54] - How Willow empowers women and next-gen investors
[26:01] - Lacy's key takeaways
[26:43] - Lacy's interest outside of work

Quotes

"I felt the challenge that so many women and so many next-gen clients and investors feel in terms of finding the right financial advisor and getting the information, the education, and the confidence they need to take control of their finances." ~ Lacy Garcia

"The client-advisor model is changing. Its demographic and wealth transfer shifts are ushering in a new era where it's equal parts investment and human understanding." ~ Lacy Garcia

"Women want to be advisor-dependent, and they are loyal. And if you care about them and you do a good job, then they're going to tell their friends and their family, and they're going to recommend you." ~ Lacy Garcia

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The Longevity Revolution: Rethinking Wealth and Health in Retirement with Ken Dychtwald

Tue, 04 Feb 2025 08:00:00 -0000

Retirement is no longer viewed as a single event marking the end of one's career, but rather as a chapter with multiple phases and possibilities. This shift has led advisors to rethink their approach to retirement planning, with a focus on balancing financial strategies, healthcare needs, and lifestyle choices.

In this episode, Jack Sharry talks with Ken Dychtwald, Founder and CEO of Age Wave. For 45+ years, Ken has been a leading visionary and original thinker regarding the lifestyle, marketing, health care, economic, and workforce implications of the age wave. Ken is a psychologist, gerontologist, and best-selling author of 19 books on aging-related issues.

Jack and Ken discuss the changes brought about by increased longevity and the aging population in the financial services industry. From financial readiness to the evolving role of financial advisors, Ken explores what it means to live longer, healthier, and more purpose-driven lives.

In this episode:

[01:26] - Meet Ken Dychtwald
[02:29] - Why people are rethinking their retirement plans
[07:00] - How longevity has redefined retirement
[11:15] - The importance of mentors and mentorship
[14:19] - The changing role of financial advisors
[19:04] - The need for advisors to be more holistic
[21:56] - A shift from accumulation to decumulation strategies
[25:29] - Ken's key takeaways
[28;43] - Ken's interests outside of work

Quotes

[07:43] - "Aging isn't what it used to be. More and more people today are realizing that they don't want to live a longer life just to be old longer. They want a more cyclic life. People increasingly refer to this new chapter of their lives as a time of freedom, not a time to decline." ~ Ken Dychtwald

[20:45] - "This age wave and this longevity revolution don't just mean that there'll be more older adults, but a new generation of older adults. These boomers are really demanding and want to be listened to and asked questions." ~ Ken Dychtwald

[25:04] - "The entire population needs to be better oriented towards the financial considerations of 'How do I live long, how do I live well, and how do I make sure my wealth span matches my lifespan?’” ~ Ken Dychtwald

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How SEI Is Setting New Standards for UMH with Michael Lane

Thu, 30 Jan 2025 08:00:00 -0000

The RIA industry is experiencing massive consolidation, driving demand for integrated solutions that unify technology, investment management, and professional services. With its extensive back-office expertise, technology, and investment solutions, SEI is well-positioned to meet this growing need.

In this episode, Jack Sharry talks with Michael Lane, EVP and Head of Asset Management at SEI. Michael is responsible for the business and growth strategy of SEI's advisor and institutional businesses in North America and for leading the firm's investment management teams globally.

Michael shares his career journey and why he joined SEI. He discusses the macro trends in the wealth management industry, SEI's unique position in the market, and its vast and often misunderstood capabilities. Michael also shares the exciting opportunities to bring together SEI's many capabilities and make them more visible to the market.

In this episode:

[02:26] - Michael's career journey
[05:46] - Why Michael joined SEI
[09:27] - SEI's unique positioning and capabilities
[13:45] - How SEI fills the gap in the wealth management marketplace
[19:34] - How SEI coordinates tax and asset location across multiple accounts
[23:26] - SEI's long-term goals
[27:09] - Michael's key takeaways
[28:16] - Michael's interests outside of work

Quotes

“ What gets me super excited is how we start thinking about the ‘what ifs’, documenting those ‘what ifs’, figuring out what we can actually do over the next 6, 12, 18, 24 months, and then bringing that story out into the marketplace.” ~ Michael Lane

“As you look around the marketplace, there are very few providers that exist out there that can do as many things as SEI can do.” ~ Michael Lane

"Whatever you thought SEI was, probably isn't what it is. I hope we have an opportunity to spend a lot more time with the advisor and institutional community to help them better understand who we really are." ~ Michael Lane

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Creating Impactful Narratives: Franklin Templeton's Storytelling Strategy with Jennifer Ball

Tue, 21 Jan 2025 08:00:00 -0000

At its root, marketing is about storytelling. As markets shift and client needs evolve, Franklin Templeton creates narratives that remain relevant and align with the firm's core mission. Listening to the market, using technology like AI, and collaborating across teams allows the company to maintain its relevance while staying true to its core values.

In this episode, Jack Sharry talks with Jennifer Ball, Chief Marketing Officer at Franklin Templeton. Jennifer is responsible for developing and implementing a global B2B marketing strategy, driving change, and defining positioning and messaging. She is also accountable for client experience across Franklin Templeton's US retail, private wealth, retirement, insurance, and institutional businesses. Jennifer is passionate about insight-driven marketing through analytics and powerful content marketing.

Jennifer talks about how Franklin Templeton creates and delivers narratives across the globe. She shares how the company uses advanced listening tools, social media, and AI to personalize messaging. Jennifer also highlights the importance of aligning internal voices, tailoring messages to diverse markets, and promoting collaboration in crafting cohesive and impactful narratives.

In this episode:

[02:05] - Franklin Templeton's acquisitions and strategic direction
[03:36] - The challenge of positioning and messaging for global audiences
[06:41] - Franklin Templeton's take on narrative economics
[13:26] - Launching new narratives and using social media
[16:22] - Franklin Templeton's social media strategy
[19:25] - Franklin Templeton's process for developing narratives
[22:59] - Jennifer's key takeaways
[24:30] - Jennifer's interests outside of work

Quotes

[11:32] - "As things change with your clients and the market, you can evolve your narratives to make sure they stay relevant and still support your overall mission and ambition for the company." ~ Jennifer Ball

[19:27] - "The whole process of listening to our internal employees, our clients, and our competition is absolutely the foundation of our work and what felt true to us in terms of where we're trying to go." ~ Jennifer Ball

[23:31] - "We all have to figure out how to use AI to transform our business. We're at an inflection point right now, and AI can play a huge role in personalizing storytelling." ~ Jennifer Ball

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Franklin Templeton has been a client of SEI LifeYield since 2014.

The Future of UMH with Scott Smith

Tue, 14 Jan 2025 08:00:00 -0000

UMH is changing the world of wealth management, helping clients earn more and keep more through tax-smart, multi-account coordination. Many advisory firms recognize the benefits of UMH but often face challenges with its adoption. Having access to the right tools and technology solutions, however, best positions firms and advisors to increase assets under management.

In this episode, Jack Sharry talks with Scott Smith, Director of Advice Relationships at Cerulli Associates and member of the CFP Board's Digital Advice Working Group. Scott has more than 20 years of experience in the financial services industry and leads Cerulli's research on investor behavior and advisory relationships. His research helps clients understand how to optimize their platforms.

Jack and Scott discuss UMH, its core elements, and how it revolutionizes financial advisory services. Scott also unpacks his findings on UMH adoption, the challenges advisors face in its implementation, and the innovative solutions paving the way forward.

In this episode:

[02:05] - Implementing UMH
[04:58] - The core elements of UMH
[07:19] - Research methodology and findings on UMH adoption
[13:09] - Asset location and its complexities
[16:02] - Identifying and addressing barriers to UMH implementation
[19:44] - The growing demand for retirement income solutions
[23:02] - The future of asset location and income generation
[25:31] - Scott's key takeaways
[28:32] - Scott's interests outside of work

Quotes

[14:25] - "People are just getting overwhelmed by the number of accounts they have and the number of passwords they have. Anything we can do to make a client's life easier, bring those things together, and not have them worry about is a compelling story." ~ Scott Smith

[25:43] - "Every tax optimization strategy is great, but it only matters if advisors use it. So, lack of adoption is the barrier to real impact." ~ Scott Smith

[26:14] - "It (tax optimization strategy) has to be easy to understand. It has to be easier for advisors to use than what they're doing right now. And it has to be easy to explain the benefits to clients." ~ Scott Smith

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Mapping the Future: Turning Financial Conversations into Action with Adam Holt

Tue, 07 Jan 2025 08:00:00 -0000

In this episode, Jack Sharry talks with Adam Holt, CEO and Founder of Asset-Map. Adam was a financial planner frustrated by financial planning. The long, research-packed reports he prepared for client meetings didn't engage clients or provide clarity. Adam realized that to serve clients better, he needed to help them focus on what matters most, making good financial decisions so they could reach their goals. This mindset led him to found Asset-Map.

Adam discusses how visualizing goals drives meaningful financial actions. He also highlights how financial advisors can prepare for major shifts in wealth transfer and client expectations in a tech-enabled era. From the great wealth transfer to the importance of engaging multi-generational households, Adam sheds light on how tools like Asset-Map can help advisors deepen client relationships and simplify financial planning.

In this episode:

[01:12] - Adam's background and the inspiration behind Asset-Map
[05:03] - How Asset-Map works
[08:21] - How Asset-Map integrates with other financial planning tools
[13:00] - The role of AI in financial planning
[16:32] - The great wealth transfer
[19:34] - Asset-Map's global adoption
[20:57] - Adam's key takeaways
[22:05] - Adam's interests outside of work

Quotes

[03:47] - "There are a lot of people that have created a significant amount of success. They weren't worried about whether they could meet their retirement goals. They worried about the complexity." ~ Adam Holt

[05:27] - "When you think about financial decisions, what's the most important thing? It's not the finances. It's the people." ~ Adam Holt

[14:23] - "Advisors who start to adopt these tools (technology and AI) and find ways to deliver more of themselves to their customers are going to dominate and gather more assets. They're going to scale, they might have margin compression, and they're going to win long-term." ~ Adam Holt

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2024 Year-End Wrap-Up: The Dawning of UMH

Tue, 17 Dec 2024 08:00:00 -0000

This week, WealthTech on Deck producer Matt Nollman takes over hosting duties to interview Jack Sharry about the podcast’s standout moments of 2024. They discuss the evolution and future of UMH, including the transformative impact of LifeYield’s recent acquisition by SEI. Jack highlights pivotal industry conversations with leaders advancing UMH capabilities, explores strategies for overcoming implementation challenges, and emphasizes the importance of innovation for financial advisors and firms. Jack also shares key career advice that has shaped his professional journey.

In this episode:

(00:19) - Year-end wrap-up and review
(00:58) - The dawning of UMH
(03:10) - Defining UMH and its importance
(04:41) - Key elements of UMH
(07:43) - UMA vs UMH
(09:15) - Memorable episodes from 2024
(13:25) - AI, research, and the digital frontier
(15:01) - Building multi-account UMH capabilities
(19:05) - Career advice and closing thoughts

Quotes

“Through this acquisition, SEI will be the first in the industry to provide real-time, automated, unified managed household or UMH capabilities in a cost-effective, fully bundled overlay solution.” ~ Jack Sharry

“The single biggest challenge we find is getting all the departments, all the silos to work together. And that is also why it is important to have a single executive sponsor or leader.” ~ Jack Sharry

“Improving after-tax returns and income is inherently a multi-account exercise.” ~ Jack Sharry

Links

SEI: https://www.seic.com
Morgan Stanley: https://www.morganstanley.com
MoneyGuide Pro: https://www.moneyguidepro.com
Tifin: https://tifin.com
Wells Fargo: https://www.wellsfargo.com
EY: https://www.ey.com
Franklin Templeton: https://www.franklintempleton.com
Matt Nollman: https://www.linkedin.com/in/mattnollman
Mark Hoffman: https://www.linkedin.com/in/mark-hoffman-16946359
Martin Cowley: https://www.linkedin.com/in/martincowley
WealthTech in the Weeds with Charles Smith: https://wealthtechondeck.com/episodes/wealthtech-in-the-weeds-with-charles-smith
WealthTech in the Weeds with Rose Palazzo: https://wealthtechondeck.com/episodes/wealthtech-in-the-weeds-with-rose-palazzo-and-mark-hoffman
WealthTech in the Weeds with Jeff Benfield: https://wealthtechondeck.com/episodes/wealthtech-in-the-weeds-with-jeff-benfield-and-martin-cowley
WealthTech in the Weeds with Eric Lori: https://wealthtechondeck.com/episodes/wealthtech-in-the-weeds-with-eric-lordi-and-martin-cowley
WealthTech in the Weeds with Roger Paradiso: https://wealthtechondeck.com/episodes/wealthtech-in-the-weeds-with-roger-paradiso
The Evolution and Resurgence of SEI with Ryan Hicke and Sean Denham: https://wealthtechondeck.com/episodes/the-evolution-and-resurgence-of-sei-with-ryan-hicke-and-sean-denham
The Age of the New Wealth Portfolio with Erich Holland: https://wealthtechondeck.com/episodes/the-age-of-the-new-wealth-portfolio-with-erich-holland
Unlocking the Potential of Generative AI in Asset and Wealth Management with Amy Young: https://wealthtechondeck.com/episodes/unlocking-the-potential-of-generative-ai-in-asset-and-wealth-management-with-amy-young
Unlocking AI’s Potential in Wealth Management with Rob Pettman: https://wealthtechondeck.com/episodes/unlocking-ais-potential-in-wealth-management-with-rob-pettman
WealthTech in the Weeds with Michael Liersch: https://wealthtechondeck.com/episodes/wealthtech-in-the-weeds-with-michael-liersch-and-harry-bartle
Scott Smith: https://www.linkedin.com/in/scott-smith-148360
Financial Advisor Magazine: https://www.fa-mag.com
Frances Frei: https://www.linkedin.com/in/francesfrei
Edward Jones: https://www.edwardjones.com
JP Morgan: https://www.jpmorgan.com
Merrill: https://www.ml.com
Harvard Business School: https://www.hbs.edu

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SEI Acquires LifeYield with Mark Hoffman and Paul Samuelson

Wed, 11 Dec 2024 14:00:00 -0000

This week, Jack Sharry is joined by LifeYield co-founders Mark Hoffman and Paul Samuelson to discuss SEI's acquisition of LifeYield. They explore the strategic implications for LifeYield, the integration of multi-account management, and the potential benefits of Unified Managed Household for clients and the broader industry. They also discuss the comprehensive service capabilities the SEI-LifeYield partnership provides, focusing on improving financial outcomes through advanced tax optimization and holistic portfolio management.

In this episode:

(01:18) - What LifeYield's acquisition means for the industry
(02:24) - Understanding UMH
(10:08) - The importance of tax alpha
(15:29) - Product and capability enhancements
(17:14) - Distribution and operational capabilities
(21:30) - Final thoughts and acknowledgments

Quotes

“For LifeYield, [the aquisition] means unequivocal validation of the premise that my partners and I founded LifeYield to begin with—that only in managing an investor's coordinated accounts together can one provide the best outcome for those investors.” ~ Mark Hoffman

“In order to have success, you need investment software and you need the whole support of onboarding accounts and connecting accounts to just be in the game at all. I can look back at the mistakes I've made, and if I'd had the right advisor equipped with what SEI-LifeYield is going to be equipped with, it would've been much better.” ~ Paul Samuelson

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Leading with Purpose: Championing Growth and Advocating for Health with Tina Powell

Tue, 03 Dec 2024 08:00:00 -0000

Growth isn't just about numbers. It's about driving change, creating meaningful connections, and making a purposeful impact. It comes from challenging the status quo and aligning with partners who understand the journey ahead. Whether championing innovation in the financial sector, cultivating a culture of resilience in businesses, or advocating for health, growth depends on clarity of purpose and bold, intentional steps.

In this episode, Jack Sharry talks with Tina Powell, Partner & Chief of Community at Intention.ly. Tina is a trailblazer in the digital marketing industry, with more than 20 years of experience driving growth for financial services companies. They discuss community building, championing growth, and advocating for health. Tina shares her advocacy for health awareness following her battle with lung cancer, Intention.ly's approach to growth marketing, and how modern marketing strategies drive impactful growth.

In this episode:

[01:52] - Tina's professional journey
[05:04] - A life-changing diagnosis
[10:17] - Tina's advocacy and life work
[14:03] - How Tina's story inspires people and her team at Intention.ly
[19:14] - Client success stories and strategies
[28:50] - Tina's key takeaways
[30:55] - Tina's interests outside of work

Quotes

[13:23] - "I see myself as a vehicle of service, a conduit of information. And if there's any way I can bridge the hope that's in my heart to the people who need it most, utilizing the tenets of modern marketing media to help provide hope and information to the people who need it most, then that's my legacy." ~Tina Powell

[27:59] - "We are not afraid to challenge and to ask the tough questions. We already know what those questions should be. And it's coming from a place of service to the FinTech platforms and the FinTech leaders we serve." ~ Tina Powell

[30:11] - "Don't continue doing the same thing because it will just get you the same results. Align yourself with people who truly understand where you want to go." – Tina Powell

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Turning Advisors into Trusted Business Partners with Jason Early

Tue, 19 Nov 2024 08:00:00 -0000

For decades, financial planning has focused on individuals and families, often overlooking the unique needs of business owners. However, the need for expert financial advice has become more significant as boomers become more involved in business and the trend toward private company ownership grows. Recognizing this demand, RISR seeks innovative solutions to empower business owners and the financial advisors who serve them.

In this episode, Jack Sharry talks with Jason Early, Founder of RISR. They discuss how RISR empowers and deepens the relationships between business owners and financial advisors. They explore how the company provides a comprehensive solution for business owners and uses technology and human advice to enhance the advisor-client relationship.

In this episode:

[00:52] - Introduction to RISR and its mission
[03:25] - How RISR helps advisors
[05:17] - Understanding a business' dream value
[08:12] - Empowering advisors to become trusted advisors
[09:33] - How RISR impacts the financial industry
[12:04] - What inspired Jason to build RISR
[13:23] - The convergence of technology and human advice
[17:07] - Providing financial advice for business owners
[19:31] - Jason's key takeaways

Quotes

[01:01] - "We've got this deep-seated belief that owners of private companies need better advice and that the advisors who serve them need better tools and technology." ~ Jason Early

[13:06] - "For decades, advisors have had the tools and technology to serve the executive, the family, or the household, but the business is largely ignored." ~ Jason Early

[14:31] - "Business owners are complex, and they have complex issues and challenges, so there are a lot of problems to solve. We want to surround every conversation the advisors have with the business owner so that the owner can make more informed decisions and exit the way they want to." ~ Jason Early

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The Rise of Private Markets and Alternative Investments with Steve Zuschin

Tue, 12 Nov 2024 08:00:00 -0000

The shift towards private ownership and alternative assets presents opportunities for investors and advisors. However, operational efficiency, including data accessibility, streamlining operations, and automating processes, often burdens advisors when navigating this space. Having innovative solutions and a team specializing in private markets and alternative investments makes it easier for advisors to create and manage these assets with speed and scale.

In this episode, Jack Sharry talks with Steve Zuschin, Chief Revenue Officer at Mammoth Technology, about the growing interest in private markets and alternative investments. Steve explores the challenges advisors and firms face in navigating the complexities of these investments, including operational hurdles, data management, and client experience. He also shares insights on how to streamline processes, leverage technology, and position firms as leaders in the private market space.

In this episode:

[01:27] - Steve's background and role in the industry
[03:51] - Key issues in the advice-tech marketplace
[06:48] - The operational challenges of private investment
[09:39] - Growing interest in private markets
[12:17] - Factors driving the shift toward private ownership
[15:18] - How Mammoth Technology helps advisors manage alternatives
[17:48] - The future of wealth management and private markets
[20:01] - Steve's key takeaways
[21:14] - Steve's interests outside of work

Quotes

[11:15] - "At large, our economy is becoming privately held. To diversify these investments, we have to access them in private markets." ~ Steve Zuschin

[16:44] - "We really want to remove that burden from the operations team and create a better experience for the field of advisors to learn about new deals that are available to them, that their compliance team and due diligence have gone through, as well as a standardized transaction process for them to go through on behalf of the clients." ~ Steve Zuschin

[20:42] - "If you don't have a team in place that's looking at the innovations around private markets, try and get someone, whether it's a consultant or somebody else who's out there looking at the markets. Because whether you're curious or interested in making these deals for your clients, if you're working with high-net-worth clients, they're going to make these deals with or without you." ~ Steve Zuschin

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Tax-Smart Strategies for Maximizing Retirement Income with Paul Samuelson and Mark Hoffman

Tue, 05 Nov 2024 08:00:00 -0000

Taxes are a major concern for both investors and advisors. As such, minimizing tax liability is a priority in wealth management. Asset location, a strategy that places assets in the most tax-efficient accounts, can significantly enhance a portfolio's overall efficiency. While this approach can be a multi-account exercise, having a modern portfolio management system equipped with tax-smart technology can streamline this process and effectively coordinate unified managed household accounts.

In this episode, Jack Sharry talks with LifeYield's Founder and Chief Investment Officer, Paul Samuelson, and CEO, Chairman, and Founder Mark Hoffman. Paul has written algorithms that power investment software for more than four decades. He’s spent the past 16+ years devising algorithms around minimizing taxes and maximizing retirement income, all part of a robust asset location process. Mark turns Paul's algorithms into industrial-strength software used by many of the largest financial institutions in the world.

They discuss asset location and tax-smart strategies to minimize tax liabilities and maximize retirement income.

In this episode:

[01:46] - Asset location explained
[03:05] - The evolution of holistic wealth management
[04:36] - What inspired Paul to help advisors produce better outcomes
[08:00] - Harnessing the potential of asset location
[11:50] - LifeYield's capacity to scale and operationalize asset location
[14:08] - The difference between single-account and multi-account tax-loss harvesting
[15:44] - The benefits of modern portfolio management systems
[17:29] - The model portfolio in wealth management
[18:50] - The importance of asset location to boomers
[22:35] - Key takeaways and final thoughts

Quotes

[04:08] - "Financial planning systems are one good way to look at multiple accounts. And then, to have the financial plan implemented, you really need to consider asset location." ~ Mark Hoffman

[06:56] - "Certain assets are likely to be more tax-inefficient, but they don't always land the way you would expect. So, for investors who happen to hold low turnover stock portfolios, you can effectively have quite tax-efficient equity investing as long as you're willing to pay great attention to sales of stock." ~ Paul Samuelson

[22:57] - "Asset location, placing the most tax-efficient assets in your taxable accounts and the least tax-efficient assets in the qualified accounts, raises the after-tax return of your portfolio. That means you'll get more balance, which can create more income. Asset location is the dominant form of tax alpha you'll get." ~ Mark Hoffman

[23:50] - "The real opportunity in looking at all the household assets is that you're going to be able to pick up some of the client accounts that have been unmanaged or very poorly managed. It's an opportunity for the advisors and a real service to the clients." ~ Paul Samuelson

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The Evolution and Resurgence of SEI with Ryan Hicke and Sean Denham

Tue, 29 Oct 2024 07:00:00 -0000

In this episode, Jack Sharry talks with SEI’s CEO, Ryan Hicke, and CFO, Sean Denham, about SEI’s strategy and vision for the future. Ryan, who has been with SEI for 26 years, discusses the company’s renewed focus on innovation, re-engagement with the market, and the importance of client experience. He highlights three major trends SEI is focusing on: alternatives, industry consolidation, and digital assets.

Sean, new to SEI, talks about his transition from public accounting to his role as CFO and his focus on growth. He stresses the importance of using data to educate clients and drive business decisions. Sean also touches on SEI’s unique market position, combining technology, operations, and asset management.

In this episode:

(02:54) - SEI’s market engagement and internal culture
(05:19) - Trends and innovations in wealth management
(08:10) - Building a winning team at SEI
(10:17) - SEI’s future vision and market positioning
(13:51) - Challenges and opportunities in the financial industry
(20:25) - Sean Denham’s journey to SEI
(22:36) - Growth mindset and strategies
(26:56) - Leveraging data for market education
(34:10) - Tax efficiency and future plans

Quotes

“If you believe that talent is going to win the day, you can’t just focus internally. There’s arrogance if we think we have all the answers ourselves. I think if we can truly create a diverse team, both in terms of experience and perspective, we won’t end up with group think.” ~ Ryan Hicke

“People ask me a lot how I measure engagement at SEI. And I sincerely answer, by how many people walk the halls with a smile on their face.” ~ Ryan Hicke

“When I think opportunity, it’s not just earnings per share opportunity, it’s really growth. The opportunity to really maximize, to become more efficient as an organization. That’s what I’m really focused on—top-line revenue growth, optimizing the business, and really that return to investors.” ~ Sean Denham

“No one in today’s society wants to be sold to. They want to be educated. So how do we use data? How do we craft storytelling around that to go educate the market? Not just with us, but also our competitors. That’s the opportunity sitting in front of us.” ~ Sean Denham

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Public Relations and Credibility Marketing with Jimmy Moock and Elena Krasnow

Tue, 22 Oct 2024 07:00:00 -0000

Public relations is an integral part of any marketing strategy. It plays an important role in enhancing credibility and driving business growth. Successful PR firms understand that building a reputation and lasting relationships with clients, stakeholders, and the media requires strategic thinking and planning.

This week, Jack Sharry talks with StreetCred's Managing Partner, Jimmy Moock, and Marketing Manager, Elena Krasnow, about public relations and credibility marketing in financial services. They discuss the key elements of successful PR strategies, the value of authenticity and active listening in building connections, and StreetCred's partnership with Future Proof, the world's largest wealth festival.

In this episode:

[01:21] - Jimmy's background and career path
[07:30] - What brought Elena to StreetCred
[10:41] - The Future Proof festival
[12:43] - The relationship between authenticity and active listening
[14:57] - The growth of Future Proof
[16:51] - What makes Future Proof special
[20:51] - Key factors for effective PR
[24:40] - Final thoughts and key takeaways

Quotes

[20:59] - "We take our clients and the work that we do for them personally. We leave it all out on the field. We bleed for them." ~ Jimmy Moock

[21:16] - "We believe that PR is a contact sport, meaning you need to be out on the field. Every one of us is doing every portion of client work because the minute we give that up is the minute our skills become rusty." ~ Jimmy Moock

[22:03] - "Being authentic is so critical, and being unafraid to connect business goals and personal stories and share vulnerable moments is something we encourage our clients to do." ~ Elena Krasnow

[22:29] - We all have money stories and ways money has shaped our belief systems. The more we bring those things and the human element to the surface, the more we can really drive success." ~ Elena Krasnow

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WealthTech in the Weeds with Eric Lordi and Martin Cowley

Tue, 15 Oct 2024 07:00:00 -0000

WealthTech in the Weeds is a series covering the broad yet critical path to financial services. The goal is to get together with industry experts and get into the details of building an effective, productive, coordinated, and comprehensive advice system.

Comprehensive advice platforms have been a significant development in wealth management. They streamline portfolio management, optimize returns, and enhance investors' financial efficiency. However, implementing these platforms has its challenges. As technology continues to reshape the industry, the lessons and experiences learned from early adopters provide invaluable insights that significantly impact the industry's future and empower investors to achieve their financial goals.

In this episode, Jack is joined by Eric Lordi and Martin Cowley. Eric is the Managing Director at J.P. Morgan and has extensive experience in wealth and asset management. He builds modern wealth management systems that deliver better client outcomes and embraces goals-based investing.

Martin is the Chief Product Officer at LifeYield and has more than 14 years of experience building comprehensive wealth management platforms. In his role, Martin oversees product strategy for portfolio rebalancing, tax optimization, and retirement income, using LifeYield's API-first product suite to address a wide range of client needs. Martin has worked with numerous firms to help them integrate and optimize their systems for improved user experience and financial outcomes.

Eric and Martin talk with Jack about the challenges, benefits, and lessons learned from building comprehensive advice platforms. They dive into the importance of multi-account management, asset location, and tax optimization in improving clients' financial outcomes. The conversation also touches on the operational aspects of implementing these platforms and the need for integration and coordination across different systems.

In this episode:

[02:25] -The challenges and goals of building a modern wealth management system.
[04:27] - Lessons Martin learned during the early days of LifeYield.
[06:17] - The dynamics of multi-account management.
[09:22] - How LifeYield coordinates and optimizes multiple accounts.
[12:50] - Asset location and its importance in generating tax efficiency.
[15:55] - How asset location adds tax efficiency across different account programs.
[20:05] - The operational challenges of implementing asset location.
[22:20] - The three types of withdrawals and how they need to operate.
[29:22] - The purpose of tax management systems.

Quotes

[02:54] - "We're currently in a world where lots of products and programs have been built vertically over time. How do you start to think horizontally from an advisor standpoint? The biggest mental shift is just moving from an account-based structure to a relationship-based one." ~ Eric Lordi

[10:17] - "Coordinating isn't just about getting the sum of the parts and then working with them. It's about recognizing that some parts fit together better than others." ~ Martin Cowley

[14:08] - "Tax management isn't just tax slots. It's the location and having a machine that is not dependent on underlying trading systems but looks across all these things as holdings that we can score anywhere." ~ Eric Lordi

[30:47] - "Everything we've done has to be flexible because we are looking across multiple companies and client firms. It doesn't have to all be stitched tightly on day one. Those walls aren't going to break down overnight. So, we're building little tunnels between the silos." ~ Martin Cowley

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WealthTech in the Weeds with Ted Dimig and Mark Hoffman

Tue, 08 Oct 2024 07:00:00 -0000

WealthTech in the Weeds is a series in which we talk to industry experts about the details of building an effective, productive, coordinated, and comprehensive advice system.

In this episode, Jack Sharry talks with Ted Dimig, Global Head of Wealth Management Advisory Solutions at J.P. Morgan, and Mark Hoffman, CEO, Chairman & Founder at LifeYield.

They discuss trends like tax optimization and the role of modern technology in enhancing advisory practices. They explore the challenges and strategies involved in operationalizing these innovations, emphasizing the necessity of embracing technology to improve client outcomes. They also touch on advisor adoption, the benefits of models-based practices, and the industry's trajectory toward increasingly personalized financial services.

In this episode:

[02:05] - Major trends in asset management
[03:56] - Ted's role in fintech
[06:11] - The importance of tax optimization in the investment ecosystem
[09:29] - Ted's operational approach to tax management
[11:41] - How LifeYield helps clients manage their taxes
[13:51] - Why tax matters to clients and advisors
[16:31] - How firms can get started with tax management
[20:43] - What drives advisors to adopt tax-smart technologies
[25:15] - Ted's outlook on the future of wealth management
[27:14] - Ted's key takeaways
[28:23] - Ted's interests outside of work

Quotes

[02:22] - "The first big trend in asset management is the importance and the need to personalize investments. The more you can get a client's goals to match their investment solutions, the higher the probability that they're going to stick with their investments over the long run." ~ Ted Dimig

[11:42] - "You want to build your ecosystem in a way that is easy to explain to the client. Being able to explain to them the savings and why you're doing certain things reduces the trading that you have to do." ~ Mark Hoffman

[17:11] - "Technology allows you to be more holistic. It allows you to make all the connections and to do things right. And that frees up the advisor to have a conversation at the client's own level." ~ Mark Hoffman

[26:06] - "You need to embrace technology if you want to be a winner in the personalization space, in the end-to-end client investment journey, and in the tax space. So those who don't adopt will be left behind." ~ Ted Dimig

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Building a Winning Culture with John Drahzal

Tue, 01 Oct 2024 07:00:00 -0000

Leadership is more than titles and responsibilities. It involves building a winning culture—a culture that isn't just a tagline or value statement but a living, breathing system encompassing a firm's operations. It is a culture where individuals collectively achieve extraordinary results. Organizations that embrace this kind of culture promote honesty and transparency, empower employees to contribute their unique perspectives, and are united by a shared vision.

In this episode, Jack Sharry talks with John Drahzal, President and CEO at Horizon Investments. John oversees the company's growth and acquisition initiatives and all aspects of the company's operations, which includes investment management, consulting, sales and marketing, technology, finance, and legal. He joined Horizon Investments in 2017 and previously served as President.

John and Jack discuss leadership and how a winning culture drives success. John talks about how Horizon Investment builds its culture and operating principles and the importance of the human element in wealth management.

In this episode:

[02:19] - How John got into financial services
[08:55] - John's transition to CEO
[10:39] - Horizon Investment operating principles
[17:34] - How a winning culture drives innovation
[19:41] - John's thoughts on the future of the industry
[21:25] - John's key takeaways
[22:09] - John's interests outside of work

Quotes

[13:04] - "Leadership is about building a winning culture. It's a culture that drives success and where people will work together." ~ John Drahzal

[16:29] - "If you instill this culture of coaching and winning through culture, and the employees develop in that culture, it is amazing to see what they can do. Watching that development is amazing." ~ John Drahzall

[20:56] - "While the firm will drive efficiencies with technology, I firmly believe that this will continue to be a people-led business and that humans need that because these are really important decisions. We're responsible for their dreams. And that requires the human element." ~ John Drahzal

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Navigating the Future of Wealth Tech: Insights from 150+ Industry Leaders with Jack Sharry

Tue, 24 Sep 2024 07:00:00 -0000

Over the past three years, Jack Sharry has hosted the WealthTech on Deck podcast, featuring interviews with some of the best and brightest financial services leaders. Through these conversations, Jack has learned valuable lessons that will shape the future of the retirement industry.

In this episode, we flip the script as Jack takes the guest seat, and Matt Nollman, VP of Marketing at LifeYield, hosts the show. They discuss the evolution of the retirement industry, reflecting on 150+ episodes of the podcast. They cover key lessons such as the rise of Unified Managed Households (UMH), the critical importance of tax management, and strategies for organic growth. They also discuss the transformative potential of AI in wealth management, and share valuable career advice, emphasizing the power of deep, intentional listening.

In this episode:

[02:33] - Five lessons from 150+ wealth tech leaders
[05:33] - Unified Managed Household (UMH) Explained
[10:25] - Why firms invest so much in tax management technology
[15:41] - Four factors consumers look for when planning their finances
[18:12] - Top firms that grow organically and how they do it
[23:22] - The role of technology and AI in financial services
[31:14] - Jack's key takeaways
[34:58] - Jack's advice for aspiring industry leaders

Quotes

[10:49] - "Studies show that the biggest cost investors incur is taxes. So, if you're going to improve outcome, you have to figure out how to minimize tax and maximize outcome, whether for accumulation or income." ~ Jack Sharry

[15:45] - "The top four things consumers are looking for are tax planning, retirement planning, investment management, and cash flow planning. So, what they're looking for is to reduce paying taxes." ~ Jack Sharry

[16:11] - "If you're going to improve the outcome, it's a multi-account exercise. You can't improve one account at a time. You need to do it in a coordinated fashion." ~ Jack Sharry

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The Legends of WealthTech with Paul Hatch

Tue, 17 Sep 2024 07:00:00 -0000

The Legends of WealthTech is a series about the history and evolution of the advisory business, featuring professionals who have powerfully shaped the industry.

This week, Jack talks with Paul Hatch, Founding Partner and CEO at Vestria Capital. Paul oversees the firm's strategic vision, operations, and growth. Before becoming an entrepreneur, Paul held senior leadership roles at Citibank, UBS, and Morgan Stanley, responsible for developing and managing a wide range of investment products, services, and markets for the wealth management divisions.

Jack and Paul talk about the history of managed money, its growth from a niche offering to a cornerstone of modern wealth management, and how it drove the evolution of industry giants. They also discuss the cultural integration challenges during mergers and acquisitions and how client-centric advisory services overcome these hurdles.

In this episode:

[01:28] - How Paul got started in the advisory industry
[04:01] - Paul's transition to managed money
[10:27] - The evolution of managed money
[16:15] - Cultural challenges
[20:09] - Paul's career transition from large firms to independent ventures
[24:44] - Vestria Capital's role in the advisory space
[27:33] - Paul's key takeaways
[28:49] - Paul's interest outside of work

Quotes

[11:34] - "UMAs showed they were a better solution for the clients. It brought costs down, and most importantly, it meant that you were managing as a portfolio, not as a series of asset classes." ~ Paul Hatch

[17:55] - "When you raise your right hand and swear that you are going to do what is best for the client, that's really what advisory business is all about." ~ Paul Hatch

[22:46] - "I don't think it's enough that you service clients. You have to show them the results." ~ Paul Hatch

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WealthTech in the Weeds with Jeff Benfield and Martin Cowley

Tue, 10 Sep 2024 07:00:00 -0000

In this episode, Jack talks with Jeff Benfield, Head of Advisor Solutions at SEI, and Martin Cowley, Chief Product Officer at LifeYield. Jeff leads the strategic vision, roadmap, and execution of the financial advisor technology suite of solutions for SEI's independent advisor business. With a focus on relationship-centric platform architecture, Jeff has been instrumental in developing SEI's Wealth Platform, leading the charge in building a multi-account, multi-relationship approach to empower advisors.

Martin brings vast experience working with various firms to build comprehensive and coordinated platforms. With a focus on API-first architecture, he helps firms integrate seamlessly and avoid the pitfalls of disparate systems.

Jack talks with Jeff and Martin about building multi-account, multi-factor relationship platforms for advisors. Jeff and Martin highlight the challenges and importance of operationalizing complex systems at scale and their strategies for connecting and empowering advisors with more innovative tools and platforms.

In this episode:

[02:17] - SEI's approach to building a multi-account UMH platform
[06:02] - How SEI helps advisors achieve better results
[08:32] - How LifeYield uses technology to enhance the user experience
[11:15] - The importance of partnerships in building platforms for advisors
[14:47] - How LifeYied addresses multicurrency and tax in the US and UK
[17:26] - How SEI overcomes the challenge of scaling and operationalizing UMH
[19:40] - LifeYield's approach to operationalizing UMH
[21:52] - Jeff's key takeaways
[24:23] - Martin's key takeaways

Quotes

[22:16] - "Tax is the center of what we do. Our ability to lean into that to make sure that we're the platform best suited to solve that problem of the household balance sheet and how we're able to solve the tax problem is where we're going." ~ Jeff Benfield

[22:30] - "Utilizing and leveraging the technology that's built and currently coming out to make those smart tools, make them intelligent, and give that personalized feel is where we're leaning into." ~ Jeff Benfield

[24:23] - "The move towards householding is happening, and it's widespread. SEI is far ahead in that front just with the new system being built, and the fact that it's multicurrency, multi-jurisdiction is just icing on the cake. It's very powerful." ~ Martin Cowley

[25:46] - "It's always good to pick something that's valuable, focus on that, and support people in using it, so they understand the incremental benefit they're getting." ~ Martin Cowley

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The Legends of WealthTech with Arlen Oransky

Tue, 03 Sep 2024 07:00:00 -0000

In this episode, Jack talks with Arlen Oransky, Executive Vice President and Chief Membership Officer at Money Management Institute (MMI). With more than 30 years of experience in the financial industry, Arlen has been instrumental in shaping its growth and evolution. He has significantly contributed to expanding MMI's membership and programs and is known for his behind-the-scenes influence and dedication to promoting industry collaboration and education.

Jack and Arlen talk about the historical development of separately managed accounts (SMAs). He shares how MMI grew from a small group of SMA advocates to a robust institution representing the broader advisory solutions market. Arlen also discusses the firm's educational efforts to prepare the next generation of industry leaders and the collaborative approach MMI fosters among asset managers, wealth managers, and solutions providers to drive industry growth and innovation.

In this episode:

[03:35] - The evolution of separately managed accounts (SMAs)
[06:56] - How MMI has fueled SMA growth
[08:37] - Growth and Evolution of MMI
[13:41] - MMI's initiative for engaging and educating asset managers
[15:44] - Reflections and personal stories
[18:32] - The evolution of comprehensive advisory services
[21:48] - Arlen's key takeaways and interests outside of work

Quotes

[07:13] - "MMI's mandate expanded just above and beyond what we were doing back in the day. It was all around enabling and facilitating industry dialogue and industry growth. And that's at the forefront of where we are now." ~ Arlen Oransky

[20:44] - "We want to help create a legacy not only for the Money Management Institute but, more importantly, for individuals who are going to carry this industry forward." ~ Arlen Oransky

[22:05] - "Stay educated. Feel free to get outside your comfort zone. That's the only way that you're going to advance and learn." ~ Arlen Oransky

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Developing the Future Leaders of Wealth Management with Tim Williams

Tue, 20 Aug 2024 07:00:00 -0000

In this episode, Jack talks with Tim Williams, Executive Vice President of Education Initiatives at the Money Management Institute (MMI). Tim is a seasoned business strategist with a proven track record in steering cross-functional teams to deliver innovative solutions. With more than three decades of experience in wealth and asset management, he brings deep expertise in business strategy, innovation, change management, and professional development.

Jack and Tim discuss MMI’s professional development programs, highlighting initiatives designed to sharpen leadership skills and open doors for career advancement within the industry. Tim also shares his insights on cultivating a growth mindset, the importance of continuous learning, and the value of building a strong network of industry experts.

In this episode:

[01:30] - Tim's career path in asset and wealth management
[06:09] - How Tim transitioned into the development side of wealth management
[07:41] - Tim's current projects at MMI
[10:42] - MMI's mentorship program
[14:30] - MMI's upcoming development program
[17:13] - How Tim turns innovative ideas into practical, actionable strategies
[21:47] - Tim’s perspective on leadership within wealth management
[27:43] - Tim's key takeaways
[32:25] - Tim's interests outside of work

Quotes

[12:51] - “The number one lesson I’ve learned from participants is how much this program gives them awareness that they’re not in this alone.” ~ Tim Williams

[29:50] - "We are so focused on the process that we have forgotten that the best way to innovate, get organic growth, and move the ball forward is a growth mindset—meaning, fail early, fail fast, test, and learn." ~ Tim Williams

[31:57] - "We are getting a new era of leaders. We have to embrace them and support them. We can learn a lot from them." ~ Tim Williams

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Unlocking AI's Potential in Wealth Management with Rob Pettman

Tue, 13 Aug 2024 07:00:00 -0000

The integration of artificial intelligence is poised to significantly transform wealth management. AI's true value lies in its ability to solve complex business challenges. By understanding the industry's specific pain points, AI can be used strategically to drive growth, boost profitability, and deliver exceptional client experiences.

In this episode, Jack talks with Rob Pettman, President & Chief Revenue Officer at TIFIN. In his role, Rob oversees revenue generation strategies, forges strategic partnerships, and drives the company's growth initiatives.

Rob talks with Jack about the types of AI used in managing wealth and the efficiency and growth potential it brings. He also shares how TIFIN helps wealth management firms implement AI into their practices.

In this episode:

[01:30] - Rob's role at TIFIN
[03:57] - Two types of AI that can be applied to wealth management
[06:59] - How AI supercharges organic growth
[13:20] - How Rob helps wealth management firms implement AI
[15:25] - AI decision-makers
[17:27] - Rob’s thoughts on the future of the industry
[19:14] - Rob's key takeaways
[20:22] - Rob's interests outside of work

Quotes

[03:11] - "I met with a lot of technology firms, and everybody will tell you what the technology does. But very rarely does anybody really help you understand the business problems that the technology could solve for you." ~ Rob Pettman

[05:04] - "Think about some of the commercial applications for [AI]. It can help with predictive growth. It can help with predictive risk management, whether in a portfolio context or a compliance context. We have massive sums of data in wealth management. And so the ability to be able to train these algos on them and then essentially leverage them to get additional horsepower creates operational efficiency in our decision-making process" ~ Rob Pettman

[15:45] - "Supervised AI is an algorithm that learns over time. The sooner I start, the smarter it is over time. So if I start earlier than my competitors, my stuff's going to be a lot smarter than their stuff when they start late." ~ Rob Pettman

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The Evolution of Goals-Based Investing with Robbie Cannon

Tue, 06 Aug 2024 07:00:00 -0000

For decades, the financial world focused on investments. But, eventually, that focus shifted to planning. It wasn't just about the “what” of investing but the “why”. This evolution changed wealth management, and represents a move away from a one-size-fits-all strategy and toward a more flexible, client-driven approach.

In this episode, Jack talks with Robbie Cannon, a Board Member at Founders Financial. He is also the Founder of Horizon Investments and a Board Member of the Money Management Institute (MMI). With a background in quantitative finance and goals-based investment strategies, Robbie has made Horizon a leader in the industry. His passion for innovation and client outcomes has driven his success as a leader and influencer in the wealth management sector.

Robbie talks with Jack about how he built Horizon Investments from the ground up, the evolution of goals-based investing, and the importance of personalized advice. Robbie also shares his latest venture with Thrive by Money Management Institute, and how AI, blockchain, and quantitative finance is driving a new era of financial planning.

Key Takeaways

[01:58] - Robbie's journey in wealth management
[03:28] - How goals-based investing evolved
[07:30] - What the green line represents in wealth management
[10:41] - Horizon Investments' approach to achieving client goals
[12:12] - How Horizon provides guidance to advisors
[13:55] - What it takes to be in the outcome space
[15:55] - What Thrive by Money Management Institute is all about
[20:06] - Robbie's thoughts on the future of the industry
[22:28] - Robbie's key takeaways
[24:29] - Robbie's interests outside of work

Quotes

[09:26] - "Entrepreneurship is about weathering the markets and being able to pivot and navigate. At Horizon, flexibility is built inside. It comes with smart individuals wrapped around a singular goal — client outcomes." ~ Robbie Cannon

[10:10] - "Advisors enter the business to help people. As asset managers, our job is to help advisors help their clients weather the market." ~ Robbie Cannon

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WealthTech in the Weeds with Michael Liersch and Harry Bartle

Tue, 30 Jul 2024 07:00:00 -0000

In this episode, Jack talks with Michael Liersch, Head of Advice & Planning at Wells Fargo, and Harry Bartle, Executive Vice President of Enterprise Sales at LifeYield. At Wells Fargo, Michael leads a team that delivers comprehensive planning services and growth strategies. He is responsible for developing research-based methods to help advisors and clients productively collaborate around their money decisions. As EVP of Enterprise Sales, Harry is responsible for developing relationships with the largest financial services firms in the world. He has more than 20 years of experience driving revenue for many innovative companies across the financial industry.

Jack talks with Michael and Harry about LifeSync, a groundbreaking tool that provides clients with a hyper-personalized financial planning experience. They discuss how LifeSync connects and coordinates the many systems at Wells Fargo so they can turn guidance into actions that improve results. They also share the importance of understanding consumer needs, data-driven insights, and how LifeSync offers digital comfort to consumers.

Key Takeaways

[02:58] - Michael's role at Wells Fargo.
[05:43] - How LifeYield serves its clients.
[08:27] - LifeSync's founding principle.
[09:28] - LifeSync's key features.
[16:13] - How LifeSync transforms financial advice.
[20:19] - Hyper-personalization and why it matters.
[25:12] - How LifeSync addresses personalization.
[28:50] - What personalization is like from the customer's standpoint.
[30:41] - LifeSync’s three main areas of focus.
[34:10] - Michael’s and Harry's key takeaways.

Quotes

[03:45] - "When we think of clients and institutions we work with at Wells Fargo, we want to come to them as one organization that meets their needs, either personally or professionally." ~ Michael Liersch

[08:36] - "We want LifeSync to be a real conduit for an actual human being to represent themselves as they are. Our customers and clients want to reflect themselves as individual human beings on their own terms." ~ Michael Liersch

[17:14] - "With LifeSync, you can really talk to your advisor, be more transparent, and have a unique approach where the customer is upfront and communicated. And Wells Fargo is building a technology around that, which is revolutionary." ~ Harry Bartle

[29:06] - "We don't need to be everything for everybody. Consumers want to see the different options and what's recommended, but they want to choose based on their beliefs." ~ Harry Bartle

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Execution, Transformation, and Democratization of Wealth Management with Mike Lee

Tue, 23 Jul 2024 07:00:00 -0000

From growing private markets to the increasing influence of artificial intelligence and higher expectations for client experience, the wealth management industry is evolving at an unprecedented pace. While these trends present exciting opportunities, navigating them requires a targeted focus on strategy execution and innovation. Simplifying complex processes and making things more digestible allow everyone to participate in the evolving financial landscape.

In this episode, Jack talks with Mike Lee, the Global Leader of Wealth and Asset Management at EY. With more than 30 years of industry experience, Mike has served as the lead client service partner to many well-known traditional and alternative wealth and asset management firms. He travels the world to help clients address new questions, devise and execute smart strategies, and optimize their capabilities in times of exponential change.

Mike talks with Jack about some key themes and trends in the wealth management industry, including the growth of private markets, the impact of AI and data, industry transformation, and client experience. He emphasizes the importance of execution and cultural change in driving successful strategies. Mike also discusses the industry's future, highlighting the need for greater inclusion, access, and education around financial literacy.

Key Takeaways

[01:27] - Mike's career journey in the wealth management industry.
[03:08] - What Mike is currently working on at EY.
[06:34] - How successful firms differentiate themselves from their competitors.
[10:46] - The challenges involved in executing solutions in the industry.
[13:51] - How Mike transforms organizations effectively.
[16:26] - How targeted focus can reshape organizations.
[19:14] - Mike's take on the future of the industry.
[22:03] - Mike's three key takeaways.
[23:59] - Mike's interests outside of work.

Quotes

[07:30] - "Short-term things happen, and you need to make adjustments. That's just part of doing business—it's part of life. But it's the ability to stay within the purpose of the strategy as your guiding light that enables you to execute." ~ Mike Lee

[09:38] - "It's about transparency, openness, understanding, and the ability to make things more digestible for a broader group that garners the trust you need to do whatever you do, whether you're a wealth manager, an asset manager, a bank, or an insurance company." ~ Mike Lee

[21:07] - "There are a number of macro trends out there, but they all intersect eventually. And the more we elevate, with a consistent understanding, the greater progress we make in private markets, disruptive technology, ongoing transformation, or digitalization." ~ Mike Lee

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The Intersection of Healthcare and Finance with Christine Simone

Tue, 16 Jul 2024 07:00:00 -0000

Healthcare is a top financial concern for most Americans, yet few financial planning strategies exist to optimize healthcare costs. This gap creates an opportunity for advisors to strengthen their service offerings, deepen client relationships, and drive positive outcomes. By integrating healthcare planning software that gives a custom analysis of client's current and future healthcare costs, advisors can offer a truly comprehensive financial plan that allows clients to navigate the healthcare system with peace of mind.

‍In this episode, Jack talks with Christine Simone, CEO and Co-Founder of Caribou. Christine has extensive knowledge about health insurance, incentives, and payment structures. Her goal is to provide financial clarity for clients by optimizing healthcare planning and helping them make smarter decisions about their healthcare costs.

Christine talks about how she helps clients optimize their healthcare plans and the importance of realigning healthcare needs, especially during major life events. She also shares how healthcare is important to comprehensive financial planning and how Caribou provides unbiased advice to advisors and clients.

Key Takeaways

[01:53] - How Caribou serves clients
[03:45] - How Christine helps advisors
[07:27] - Christine's journey to becoming an expert in healthcare and finance
[09:27] - Caribou's role in the rapidly aging baby boomer population
[12:39] - How Caribou helps advisors navigate healthcare planning
[15:05] - An example of how Caribou provides value to its clients
[18:19] - Caribou's business model
[20:08] - Christine's thoughts about the future of healthcare in financial services
[21:24] - Christine's key takeaways
[23:21] - Christine's interests outside of work

Quotes

[02:32] - "It's really important to realign your needs with the health plans offered in the market. Even if your needs haven't changed, it's possible that the plan that you're on changes every single year." ~ Christine Simone

[08:17] - "We truly believe that the financial advisor is best positioned from an incentive structure to help clients understand their healthcare costs and support them through this decision." ~ Christine Simone

[20:58] - "As an advisor, it's your role to help clients make smarter decisions, reevaluate and optimize their costs, save money, and make smarter financial decisions related to their healthcare, just as you help them with their investments." ~ Christine Simone

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How to Boost Organic Growth the Right Way with Tom Rieman

Tue, 09 Jul 2024 07:00:00 -0000

For advisors to stand out in the marketplace, they need to provide highly valuable, compelling, and differentiated offerings that fulfill their clients' unique needs. Organic growth flourishes when there's product-market fit, and the value proposition resonates deeply with clients. This shift toward a client-focused approach, fueled by data and decision science, is revolutionizing the way advisors build lasting and impactful relationships with their clients.

In this episode, Jack talks with Tom Rieman, CEO and Founding Partner at Practice Intel. Tom has decades of experience in the wealth management industry, asset management distribution, and the broker-dealer ecosystem, with a primary emphasis on process and performance improvement. Before founding Practice Intel, Tom held executive roles in leading financial companies such as J. D. Power, Brinker Capital, and J.P. Morgan Asset Management. Tom is a relentless advocate for great financial advice and a believer in the profound power of the truth.

Tom talks with Jack about the power of data-driven platforms, client-focused strategies, and decision science to unlock the full potential of client-advisor relationships. He shares insights on how firms can differentiate themselves in the marketplace to drive organic growth and enhance client relationships.

Key Takeaways

[01:01] - What Practice Intel is all about
[02:30] - Tom's journey into financial services
[05:06] - How Practice Intel serves its clients
[08:38] - The shift from selling to understanding customers' needs and wants
[13:46] - What it takes to generate organic growth
[17:37] - The importance of listening in giving advice
[19:51] - Understanding the Relationship Quality Index (RQI)
[22:19] - Tom's advice to financial advisors
[23:50] - Tom's interests outside of work

Quotes

[14:48] - "In any industry, if you have a highly valuable, compelling, and differentiated offering that really meets a need, you get growth." ~ Tom Rieman

[15:18] - "Organic growth is driven when you have a great product-market fit, when there's a lot of value created, and when there's something that is actually compelling." ~ Tom Rieman

[17:37] - "The best client-advisor relationship is not where the advisor is trying to get the client to act on their recommendation, but helping clients make good decisions that align with their values, goals, and aspirations." ~ Tom Rieman

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The Qualities of Highly Effective Leaders with Danielle Learned

Tue, 25 Jun 2024 07:00:00 -0000

Leadership is a journey of continuous learning and personal growth. It's a muscle that gets stronger through experience and reflection on the lessons learned. This growth mindset, driven by active listening, genuine care for people, and intellectual curiosity, results in a dynamic leadership style. Such leaders adapt to new challenges and inspire teams to contribute their best work, leading to more effective decision-making, stronger collective vision, and remarkable outcomes.

In this episode, Jack talks with Danielle Learned, Chief of Staff and Head of Sales Execution at Horizon Investments. In her role, Danielle is responsible for leading the planning and execution of the firm's various strategic initiatives and helping translate the firm's mission and vision into action. Danielle is known for her grit and entrepreneurial spirit, and she is dedicated to empowering financial advisors and equipping them with the tools they need to succeed.

Danielle talks with Jack about her career journey and the lessons she has learned about leadership and execution. She shares insights on leadership, the art of listening, the value of empathy and genuine care for people, and the power of grit and perseverance in achieving success. Danielle also discusses Horizon Investments' unique value proposition and the industry's future, emphasizing the importance of personalization and transparency in financial advice.

Key Takeaways

[02:15] - How Danielle got into financial services.
[05:54] - How Horizon Investments serves its clients.
[07:25] - Danielle's journey to Horizon Investments.
[09:46] - How Danielle became part of Horizon Investment's growth.
[14:28] - What it takes to lead a growing wealth management firm.
[18:21] - Danielle's thoughts on the future of the industry.
[22:16] - How grit defines Danielle's leadership style.
[24:55] - Three key takeaways from Danielle.
[26:35] - Danielle's interests outside of work.

Quotes

[14:34] - "Leadership is learned. It's not taught. My advice to new leaders or anyone who has to influence and lead a team that doesn't directly report to them is to shut up and listen." ~ Danielle Learned

[17:08] - "To care about people, you really have to care about people. You have to make investments, learn about them, and understand what makes them tick. And that's more than just giving them feedback about their work product. It's really getting to know what motivates them and why they're here." ~ Danielle Learned

[17:24] - "Some of the best ideas around our sales team, how we execute them, and the tools we use have come by asking people questions and giving them permission to share their opinions and come up with new ideas. There are a lot of really smart people around us, and we should leverage them and listen to them." ~ Danielle Learned

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Embracing Change and Innovation in Wealth Management with Jay Link

Tue, 18 Jun 2024 07:00:00 -0000

In wealth management, innovation, disruption, and change are accelerating at an unprecedented rate. For bold and curious advisors, this era presents a great opportunity to redefine the future of wealth management. By embracing new technologies and fostering a spirit of change, wealth management can transform into a destination for the next generation and solidify advisors' role as navigators and trusted guides for people seeking a secure financial future.

In this episode, Jack talks with Jay Link, Managing Director and the Head of Fiduciary Programs and Platforms at Bank of America Merrill Lynch. Jay is a wealth management executive with broad experience and success at top global Fortune 50 organizations. He currently leads a dynamic team responsible for all aspects of a $1.2 trillion multi-channel investment advisory business with an annual revenue of $10+ billion.

Jay shares his background and career journey with Jack, from his humble beginnings to his current role at one of the leading advisory firms in the industry. He discusses the initiatives and innovations his team is working on to support advisors and enhance client experience. Jay also shares his insights on the future of the wealth management industry, the evolving role of advisors, and the exciting opportunities and advancements happening in the industry.

Key Takeaways

[01:21] - Jay's background and career journey.
[05:55] - Innovating financial services through technology and client value.
[10:04] - Embracing change and innovation in wealth management.
[11:56] - Leadership, listening, and team development in the workplace.
[15:58] - The future of the wealth management industry.
[20:07] - Jay's three key takeaways.
[22:02] - Jay's passion outside of work.

Quotes

[10:33] - "Think about the pace of wealth creation, wealth transfer, Peak 65, and longevity challenges, all of which point to a massive opportunity and arguably the biggest bull market for advice. People need us, and we have the unique ability to help them navigate all of this. Wealth management can and will become a destination for young people entering the workforce." ~ Jay Link

[16:20] - "No matter where they practice, the role of the advisor will continue to evolve well beyond investments. That's going to drive the formation of large, sophisticated teams. To stay competitive, advisors need specialization and capacity to grow to serve more family households and diversity to better address the multi-generational wealth transfer and societies we serve." ~ Jay Link

[20:22] - "There's never been a better time to be in the wealth management industry. And there's so much change, creating compelling opportunities for the bold and the curious." ~ Jay Link

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WealthTech in the Weeds with Roger Paradiso

Tue, 11 Jun 2024 07:00:00 -0000

The wealth management industry is moving away from individual products and strategies and shifting toward a more coordinated approach with comprehensive advice systems that incorporate the entire scope of investors' household accounts. Firms like Franklin Templeton and LifeYield are at the forefront of this evolution, leveraging technology and partnerships to provide better financial outcomes for clients and advisors.

In this episode, Jack talks with Roger Paradiso, Global Head of Advisor Portfolio & Technology Solutions at Franklin Templeton and Executive Chairman at O'Shaughnessy Asset Management, and Mark Hoffman, Co-Founder and CEO of LifeYield. They discuss the shift in the wealth management industry toward a more coordinated approach to improving financial outcomes for clients. Roger highlights Franklin Templeton’s comprehensive advice capabilities, focusing on personalization, customization, and curation of solutions. Mark talks about LifeYield’s role in connecting and optimizing various capabilities to create better portfolios and solutions.

Key Takeaways

[02:34] - Franklin Templeton's asset management strategies and solutions.
[06:00] - The acquisition of O'Shaughnessy Asset Management.
[07:29] - Investing in Eaglebrook Advisors.
[08:49] - Franklin Templeton's innovative investment strategies.
[10:57] - Franklin Templeton's technology integration.
[14:02] - Franklin Templeton's collaborative solutions across financial networks.
[22:06] - Optimizing investment strategies to improve client outcomes.
[27:54] - Franklin Templeton's custom wealth solutions.
[33:49] - How LifeYield helps partners generate tax alpha.
[36:07] - Roger and Mark's key takeaways.

Quotes

[03:18] - "While our core belief in business is always around the manufacturing of great investment solutions and products, if you really want to remain relevant in the industry going forward, you need to do more than that. You always need to have core products, great investment performance, and a broad swath of solutions." ~ Roger Paradiso

[08:49] - "Franklin Templeton has assembled all the right pieces to create customized strategies and advice for financial advisors." ~ Mark Hoffman

[36:07] - "Our business is evolving fast. Technology is becoming more powerful, and clients demand a much higher level of relationship and solution." ~ Roger Paradiso

[36:34] - "We see the retirement market evolving at a hastened pace. This retirement advice, the wheel of wealth, and the client's choices to customize their solution to get a better outcome is the key for any firm in the wealth management space to be aware of." ~ Mark Hoffman

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The Next Frontier in Financial Advice with Darren Tedesco

Tue, 04 Jun 2024 07:00:00 -0000

Advisor360° believes that the future of financial planning is creating an exceptional client experience. This means investing in strategies that directly involve clients in the planning process. By co-planning and leveraging the right technology, advisors can unlock a new level of client satisfaction and loyalty, ultimately leading to happier, more engaged individuals willing to invest in their financial well-being.

In this episode, Jack talks with Darren Tedesco, President of Advisor360°. Darren began his career at Commonwealth Financial Network, where he played a key role in building their technology platform. In 2019, he helped spin off Advisor360° as a separate company focused on providing innovative technology solutions to wealth management firms. Darren has been part of the software development since its inception, bringing together the thinkers, creators, and visionaries who help power clients' productivity, profitability, and growth.

Darren talks with Jack about the evolution of Advisor360° and discusses the importance of data, co-planning, and the role of AI in the future of wealth management.

Key Takeaways

[01:24] - Darren's journey into wealth management.
[05:27] - The birth of Advisor360°.
[09:27] - Advisor360°'s current initiatives.
[13:38] - Revolutionizing data management and tech automation.
[17:05] - The future of financial advice.
[22:56] - Darren's three key takeaways.
[24:31] - Darren's passions outside of work.

Quotes

[11:05] - "If you can create an amazing client experience, they're going to be happy. A happy client means a happy advisor." ~ Darren Tedesco

[16:33] - "Data is essential. And if you've got faulty data, your software is built on a house of cards. You have to have good, clean data to drive the future of where the whole industry is going." ~ Darren Tedesco

[23:22] - "Scaling the planning process is going to be mission-critical in the next six to seven years. The firms that can figure out how to do that in the best way are going to likely win the hearts and minds of the advisors and, ultimately, the clients." ~ Darren Tedesco

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AI-Powered Marketing for Financial Advisors with Robert Sofia

Tue, 28 May 2024 07:00:00 -0000

In today’s world, traditional marketing tactics are often ineffective in capturing clients' attention. Organic growth in financial services lies at the intersection of content, delivery, and personalization. By using AI to generate personalized content, advisors can create meaningful connections and engage clients more effectively. AI-powered marketing is promising, as it has the potential to deliver unique and tailored content that resonates with individual clients at scale.

In this episode, Jack talks with Robert Sofia, Founder and CEO of Snappy Kraken. Robert has served thousands of companies across the spectrum of financial services, including RIAs, family offices, broker/dealers, TAMPs, IMOs, custodians, insurance, and investment companies. With a background in marketing, Robert is passionate about helping advisors forge meaningful connections with their clients and prospects. He is dedicated to leveraging technology, including AI, to create engaging and personalized content.

Robert talks with Jack about how Snappy Kraken helps financial advisors drive organic growth through content, automation, and AI. He shares insights from their recent marketing study, highlighting the importance of SEO, text messaging, and video content in driving engagement and conversions. Robert also emphasizes the evolving role of advisors in providing holistic financial advice and using generative AI to personalize content.

Key Takeaways

[01:06] - Snappy Kraken’s role in the financial services industry.
[02:31] - Empowering financial decisions through content and automation.
[04:34] - Insights from Robert's recent marketing study.
[10:28] - The highest-converting lead magnet.
[13:29] - Empowering advisors to step out of their comfort zones.
[15:04] - How Snappy Kraken works with large enterprises.
[17:48] - How Robert uses generative AI for marketing.
[22:39] - The future of financial advice.
[26:15] - Strategies for driving organic growth.
[27:39] - Robert's interests outside of work.

Quotes

[11:01] - “The number one highest-converting lead magnet was tax-related. So, the top-performing campaign, bar none by a huge margin, was hidden tax opportunities for high-net-worth investors. And that campaign outperformed all others.” ~ Robert Sofia

[21:18] - “The future of AI in our business, as far as marketing is concerned, is at the intersection of content, content delivery, and personalization with generative AI.” ~ Robert Sofia

[27:12] - “If you're already out there marketing and already have a website, why not make it perform twice as well with an SEO strategy? If you already have opt-in on your website, why not make them convert 400% better using text messages? If you're already sending out communications, why not record them as videos instead of text and get 120% better engagement?” ~ Robert Sofia

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Aligning Employee and Employer Expectations in the American Workplace with Jacquelyn Reardon

Tue, 21 May 2024 07:00:00 -0000

This year's Voice of the American Workplace Survey sheds light on the challenges employers and employees face in today's American workplace. The report underscores the challenges employers face, employee concerns and workplace expectations, and the gap between employer resources and employee needs. By understanding these gaps, the industry can develop innovative solutions that redefine retirement and deliver stronger financial outcomes for US workers.

In this episode, Jack talks with Jacquelyn Reardon, Head of US Marketing at Franklin Templeton, about the results of the survey, some key takeaways, and its implications for the future.

Key Takeaways

[01:17] - What the Voice of the American Workplace Survey is all about.
[02:08] - Key takeaways from this year's survey.
[18:24] - The need for hyper-personalized employee benefits and engagement.
[19:47] - How employers can address issues and concerns in the workplace.
[22:38] - Enhancing employee benefits and personalized financial advice.
[24:17] - Jacquelyn's interests outside of work.

Quotes

[02:42] - "Employees are significantly under stress when it comes to their financial health, and they're specifically looking to their employer to help them address those issues and concerns." ~ Jacque Reardon

[09:34] - "Financial independence is the north star people are working towards versus traditional retirement. People are feeling less and less likely to be able to meet these key milestones because of the financial stress that they're feeling today due to a whole slew of factors." ~ Jacquelyn Reardon

[18:24] - "The number one benefit that people are requesting is personalized benefits. The appetite's there, and the expectation is there from a societal standpoint. So people are absolutely expecting that." ~ Jacquelyn Reardon

[23:00] - "We have to come together and figure out how to plug in the best way and do it in a way that will be super user-friendly both for the employer and the employee. We can build this phenomenal tool and resource, but if it's not something that the employer can easily put into their ecosystem and that the employee can easily use and see the benefit of, then there is no point in building these tools." ~ Jacquelyn Reardon

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The Age of the New Wealth Portfolio with Erich Holland

Tue, 14 May 2024 07:00:00 -0000

The age of the new wealth portfolio ushers in an era of customization and optimization. Investors today demand a diversified array of investment options and a better user experience, requiring a powerful connection between technology and investment solutions. This integration empowers advisors to leverage tax optimization strategies, explore new product structures, and become true partners in achieving their clients' financial goals.

In this episode, Jack talks with Erich Holland, Executive Managing Director and Head of Sales & Experience at SEI. In his role, Erich leads the go-to-market strategy for sales and distribution for SEI's advisor business, executing the independent advisor experience and leading efforts for continued growth and new market expansion. His team helps advisors more intelligently deploy their capital to run more efficient advice businesses and serve their clients more effectively. Since joining SEI in 2010, Erich has gained broad experience across most areas of the firm's advisor business—new business development, relationship management, practice management, and advisor business planning.

Erich talks with Jack about SEI's history as a pioneer in the wealth management industry and its recent tech-enabled initiatives. He highlights SEI's investment management offerings, including its SMA and UMA platforms, tax optimization, and integrated custodial and technology solutions. Erich also emphasizes the need for advisors to specialize, leverage partnerships, and seek progress to succeed in the evolving wealth management industry.

Key Takeaways

[02:04] - Erich's role at SEI.
[05:47] - How SEI began.
[10:41] - The growth of SEI's Investor Manager Services business.
[13:02] - SEI's new CEO.
[16:26] - How SEI participated in the Schwab Impact Conference in Philadelphia.
[19:36] - The future of wealth management technology.
[24:02] - Challenges and opportunities in the growing financial services sector.
[28:36] - Erich's three key takeaways.
[30:14] - Erich's interests outside of work.

Quotes

[20:33] - "If advisors aren't pushing themselves to learn more about new product types, whether that's passive or active ETFs, the individual security structure, the benefits of tax optimization, and then household overlay, then they're leaving the potential for value on the table in a big way for clients." ~ Erich Holland

[21:22] - "Investments are a matter of opinion. Taxes are a matter of fact. SMAs, UMAs, and tax optimization are ways to bring those facts to life." ~ Erich Holland

[28:50] - "The most successful advisors I've ever met have emotional intelligence, a connection to individuals and families, human elements, confidence, courage, and conviction in their planning." ~ Erich Holland

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Redefining Innovation in Wealth and Management with Matt Reiner

Tue, 07 May 2024 07:00:00 -0000

Innovation in wealth management is more than just creating the next big tech tool. It's also about mindset shift and redefining processes to unlock groundbreaking possibilities. Embracing a mindset-centric approach to innovation and technology as an amplifier empowers human advisors to deliver an even more personalized and impactful experience for their clients.

In this episode, Jack talks with Matt Reiner, Managing Partner & Senior Investment Advisor at Capital Investment Advisors. Matt has a passion for innovation and technology in the wealth management industry. He has developed a program called The Circle, a community of growth-oriented wealth management professionals looking for ways to grow, create scalability, and consistently deliver value to clients. At Capital Investment Advisors, Matt provides people with an investment plan that helps them attain their goals before and during retirement.

Matt talks with Jack about his journey in wealth management and how he discovered his passion for innovation and technology. He discusses the importance of an innovative mindset and how it can drive organizational change. Matt also emphasizes the value of human financial advisors and how technology can empower them to serve more clients more deeply.

Key Takeaways

[01:33] - Matt's role at Capital Investment Advisors and The Circle.

[06:07] - The kind of innovation Matt focuses on.

[10:21] - How Capital Investment improves its processes through its innovation lab.

[14:38] - Exploring the potential of generative AI.

[17:27] - How Matt develops Capital Investment's business model.

[19:22] - Future trends in wealth management.

[21:58] - Matt's key takeaways.

[23:05] - Matt's interest outside of work.

Quotes

[04:45] - "My mission is to help every family across this country have access to a human financial advisor because I think the human-advisor relationship is pivotal and game-changing." ~ Matt Reiner

[07:21] - "Our goal within innovation is not just to build technology. It's to change mindsets, to change processes, and then also technology." ~ Matt Reiner

[22:04] - "The human advisor is the most valuable person in a financial relationship. Independent of what technology innovations happen, the human advisors never go away." ~ Matt Reiner

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Celebrating 150 Episodes of WealthTech on Deck with Jack Sharry

Tue, 30 Apr 2024 07:00:00 -0000

WealthTech on Deck has become a go-to podcast for industry professionals seeking insights and perspectives on the future of financial advice. In the first 150 episodes, the podcast has featured a wide range of guests from across the wealth management industry, and provided listeners with valuable insight into the changing landscape of financial services.

In this episode, Jack Sharry, EVP and Chief Growth Officer at LifeYield, reflects on the first 150 episodes of the show. He highlights five important themes shaping the future of financial services: the rise of the Unified Managed Household (UMH), tax optimization, retirement planning, organic growth, and the impact of AI in wealth technology. Jack also shares lessons learned from the show’s guests, who are a fascinating collection of strategists, disruptors, thinkers, doers, innovators, and business leaders who chart the future of their companies and the industry.

Key Takeaways

[02:26] - The most intriguing themes in financial services today.
[03:59] - Why Unified Managed Household [UMH] is the top trend in financial services.
[07:31] - The shift to multi-account tech smart management.
[08:39] - A list of past and upcoming guests on WealthTech on Deck.
[12:07] - Why tax is one of the most important aspects of portfolio management.
[15:51] - How large wealth management firms reshape retirement planning.
[18:52] - Modernizing annuities.
[21:19] - The role of organic growth in an advisory firm’s success.
[25:10] - The impact of AI on financial services.
[30:34] - Jack's passions outside of work.

Quotes

[04:23] - "The UMH (Unified Managed Household) is what investors want and need. The UMH premise is simple, but the execution is hard." ~ Jack Sharry

[12:45] - "Clients have given up on beating the market. They learned the hard way that buying high and selling low doesn't work. Now, it's about how much they keep. They're concerned about protecting what they've built." ~ Jack Sharry

[14:26] - "Taxes are the single biggest cost investors incur, and they're complicated. The biggest impact of improving outcomes comes from minimizing taxes. The more accounts you manage tax efficiently, the better the client's results—that's tax alpha." ~ Jack Sharry

[29:27] - "AI leads to an easy button for financial advisors. It will optimize their clients' portfolios to address risk, minimize their taxes, and optimize their retirement income, combined with social security. It will coordinate with their workplace retirement accounts and all their other accounts and holdings." ~ Jack Sharry

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How Innovation and Disruptive Technology Is Reshaping Asset and Wealth Management with Sandy Kaul

Tue, 23 Apr 2024 07:00:00 -0000

The future of wealth management technology is centered around personalization, client-centricity, and the integration of emerging technologies. Recognizing this revolution, Franklin Templeton is at the forefront of disruption, actively transforming the delivery of financial services and developing market-leading technology solutions. They are dedicated to building trusted partnerships by harnessing technology to deliver tailored investment strategies that align with individual goals.

In this episode, Jack talks with Sandy Kaul, SVP at Franklin Templeton. Sandy is also part of the Franklin Templeton Institute, delivering actionable intelligence and insights on the future of the investment and wealth management industry. She has differentiated her career by building a macro-level understanding of how the financial services industry evolves and how this evolution affects investor allocations, specific trading strategies, products, operational practices, and supporting technologies.

As a thought leader in investment and wealth management, Sandy talks about the future of wealth management technology and the role of Franklin Templeton in shaping the industry. She discusses the evolving role of wealth advisors and the shift toward a more client-centric approach. Sandy also explores the future of retirement planning, the changing work patterns of younger generations, and the integration of new technologies like AI and blockchain in the wealth management industry.

Key Takeaways

[01:41] - Sandy's role at Franklin Templeton.
[04:10] - The early years of Sandy's career.
[07:48] - Franklin Templeton's approach to digital and human advice.
[09:43] - Franklin Templeton's development of portfolio customization.
[12:20] - Future trends and advancements in the retirement industry.
[18:55] - Token wrappers, smart contracts, and personal data monetization.
[22:23] - AI's role in the future of asset and wealth management.
[25:57] - Sandy's key takeaways.
[27:57] - Sandy's interests outside of work.

Quotes

[08:25] - "We've been slowly moving away from the idea of advisors being the investment expert to being more of a fiduciary, really helping the client think about their overall financial life, their overall set of goals and responsibilities, and thinking about a financial plan that’s going to help them get there." ~ Sandy Kaul

[09:49] - "Wealth advisory firms have been moving away from the investment side and moving toward the client-centric understanding and profiling side. They are focusing a lot on behavioral profiling." ~ Sandy Kaul

[17:39] - "It's not enough to just be a product manufacturer anymore. It's really about being a service partner. And we act as a service partner by providing technology." ~ Sandy Kaul

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WealthTech in the Weeds with Charles Smith

Tue, 16 Apr 2024 07:00:00 -0000

WealthTech in the Weeds is a new series covering the broad yet critical path to financial services. The goal is to get together with industry experts and get into the details of building an effective, productive, coordinated, and comprehensive advice system.

Jack is joined by Charles Smith, a partner in EY's Wealth and Asset Management Consulting, and Mark Hoffman, CEO and Co-Founder of LifeYield. Charles has extensive experience in strategy, product management, client experience, business process redesign, and senior client management. He incorporates the latest product, digital, and tech solutions to drive growth, productivity, and profitability. Mark and his team at Lifeyield have helped build comprehensive platforms for firms in the industry. They specialize in coordinating data, financial planning proposals, portfolio management, rebalancing, transitions, income generation, and more.

Charles and Mark discuss the challenges and benefits of building comprehensive advice platforms. They explore the importance of coordinating data, financial planning, portfolio management, and tax optimization to improve financial outcomes for clients. The conversation highlights the need for firms to provide holistic advice considering all aspects of a client's financial situation. Charles and Mark also discuss the operational challenges of implementing comprehensive platforms and the role of technology in streamlining processes.

Key Takeaways

[02:50] - The growing demand for advice among millennials.
[05:13] - Building the advice system of tomorrow.
[08:06] - Coordinating various elements and tools in the industry.
[13:14] - Optimizing tax returns.
[14:38] - The challenges and opportunities of operationalizing asset location.
[17:02] - Operational challenges and benefits of asset location strategies.
[19:41] - Designing an end state and overcoming legacy platform issues.
[22:01] - How to create a plan that achieves a desired outcome.
[24:55] - The dynamics of working across different departments in a firm.
[27:41] - Improving income through systematic withdrawals.
[32:40] - Charles' key takeaways.
[34:07] - Mark's key takeaways.

Quotes

[06:50] - "Unfortunately, most of those tools in the industry now, financial planning and investment proposal, don't have tax awareness. And when you're operating and trying to put all the different pieces together, that can cost the client between 30 and 100 basis points after tax return." ~ Mark Hoffman

[09:51] - "There's often a big gap between what a client thinks they're getting when they get advice from their advisor and what they're actually getting operationally. In the case of financial planning systems, ultimately, they're not connected to trading systems or the managed programs necessary to implement their advice." ~ Mark Hoffman

[12:40] - "Taxes aren't just a transactional aspect of managing investment. It's about location as well. So, having the ability to set the accounts up, bring them all together, and align the assets properly to both tax-deferred and tax-free accounts is critical." ~ Charles Smith

[31:05] - "Tax is an important part of wealth, and a lot of advisors don't know enough about it." -Charles Smith

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Unlocking the Potential of Generative AI in Asset and Wealth Management with Amy Young

Tue, 09 Apr 2024 07:00:00 -0000

The future of wealth management technology is intertwined with the power of generative AI. Microsoft's strategic partnerships with industry leaders and the development of Microsoft Teams as a platform for collaboration and data aggregation demonstrate the practical applications of this technology. With generative AI, firms can unlock valuable insights, streamline processes, and deliver personalized advice beyond managing investment portfolios.

In this episode, Jack talks with Amy Young, Director of Strategic Partnerships at Microsoft's Financial Services business. Amy uses her capital markets, wealth management, and consulting background to ignite and structure innovative strategic partnership opportunities with Microsoft's largest financial services customers worldwide. These partnerships focus on using generative AI to monetize data and enhance experiences.

Amy talks with Jack about generative AI and its impact on wealth management technology. She highlights the importance of product partnerships, co-innovation, and joint go-to-market strategies in building true partnerships. Amy also explores the potential of Microsoft Teams as a platform for aggregating data and streamlining communication between advisors and clients.

Key Takeaways

[01:00] - Amy's role at Microsoft.
[02:22] - Developing strategic partnerships with Microsoft.
[03:23] - How Amy got into wealth and asset management.
[06:17] - Microsoft's work with generative AI in the financial services industry.
[08:59] - The impact of generative AI on investment research and alpha generation.
[10:53] - Microsoft Teams as a distribution channel for financial services.
[14:23] - Collaboration, communication, and automation with Microsoft Teams.
[20:33] - Amy's three key takeaways.
[24:38] - Amy's interests outside of work.

Quotes

[19:22] - "Microsoft prides itself on not competing in many of the spaces that other players do. They have done a masterful job of not competing with their key customers, and that strategy has made many large enterprises beat a path to our door." ~ Amy Young

[21:22] - "The insights from data are going to unlock a whole new realm of financial advice. When we understand more about people's lives and what matters to them, we can help to make better trade-offs." ~ Amy Young

[21:53] - "Having all this data, unquestionably, is going to remove a ton of friction from the entire advice process, making things way more efficient, whether that's onboarding, client review, or compliance." ~ Amy Young

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The AI-Augmented Advisor with Jonathan Michael

Tue, 02 Apr 2024 07:00:00 -0000

Artificial intelligence (AI) has become a buzzword in the financial industry, with many claiming it will revolutionize wealth management. However, there is often a need for more clarity about what AI can do and how it can benefit financial advisors. How can advisors use AI to attract quality leads, streamline marketing workflows, and provide personalized advice to clients?

In this episode, Jack talks with Jonathan Michael, Founder & CEO of Wealth I/O. With a marketing and sales background, Jonathan deeply understands how AI can be leveraged to enhance marketing strategies and drive business growth. He works closely with advisors to help them generate quality leads, streamline their marketing workflows, and provide personalized content to clients.

Jonathan talks with Jack about AI in wealth management marketing. He discusses how AI can augment advisors' capabilities, allowing them to function as super advisors. Jonathan also delves into how AI helps advisors generate quality leads, streamline workflows, automate compliance, create hyper-personalized content, and scale their business.

Key Takeaways

[01:33] - The best way to describe AI.
[03:28] - What Wealth I/O is all about.
[04:12] - Lead magnets: what they are and how they work.
[05:49] - How Jonathan got into wealth management marketing.
[12:28] - The process of converting leads into clients with Fin-Path.
[16:35] - Jonathan's career path after moving to the US.
[19:15] - How Jonathan helps advisors get the right clients.
[22:44] - How Wealth I/O makes advisors super effective.
[26:52] - Jonathan's thoughts on the future of AI in marketing.
[29:19] - Jonathan's key takeaways.
[32:06] - Jonathan's interests outside of work.

Quotes

[01:53] - "AI is a set of tools that can augment your capabilities for certain tasks. With the current state of AI, we can expect advisors to start functioning like super advisors, like having a bunch of superpowers to augment their capabilities." ~ Jonathan Michael

[08:09] - "When clients jump on their first call, it's important to understand how the advisor can add value to their lives. It removes the advisor from the selling process and catapults them into the advice process." ~ Jonathan Michael

[24:05] - "We want to make the process of converting advisors into sophisticated thought leaders more and more feasible because that's what they should be doing. They should be able to save time writing rich content, post consistently, and then spend most of their time understanding needs, wants, and desires." ~ Jonathan Michael

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The Evolution and Growth of Annuities with Tim Seifert

Tue, 26 Mar 2024 07:00:00 -0000

The annuity industry is experiencing a surge in popularity, with experts buzzing about its record sales growth and advisor and consumer adoption. But what's driving this growth? It all boils down to the industries' ability to tap into the deepest desires and concerns of consumers and financial professionals. As annuities address the anxieties and aspirations of individuals in today's uncertain world, they are positioned to continue their upward trajectory, providing generations with the financial security and peace of mind they need.

In this episode, Jack talks with Tim Seifert, Senior VP and Head of Retirement Solutions Distribution at Lincoln Financial Group. Tim is a leader in the annuity industry with a strong track record of driving organic growth and building strong teams. He is passionate about helping others succeed and dedicated to developing the financial services industry. Tim is a proven growth leader, an exceptional communicator, and a mentor.

Tim talks with Jack about the evolution of annuities, their current popularity, and the industry's future. He shares insights on how Lincoln Financial Group drives growth and momentum in the annuity business. Tim emphasizes the importance of communication, education, and activating annuity solutions to provide financial protection and security to clients and their families.

Key Takeaways

[01:24] - Tim's career background and role at Lincoln Financial Group.
[02:24] - How Tim got into financial services.
[04:07] - The role PLANCO played in Tim's career.
[05:28] - The growth in the annuity industry.
[06:39] - Lincoln Financial Group's approach to driving growth.
[11:00] - Tim's innovative approach to engaging advisors and teams.
[16:54] - Areas where the annuity industry needs to improve.
[21:11] - The three habits of highly successful professionals.
[23:45] - Tim's interests outside of work.

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The views expressed in the referenced article are those of the guest speaker only and not necessarily those of any Lincoln Financial Group® affiliate. Neither the information, nor any opinion expressed herein shall be construed as a recommendation to buy, or as an offer to sell, any securities or insurance product, a forecast of future events, a guarantee of future results or investment advice.

Lincoln Financial Group® affiliates, their distributors, and their respective employees, representatives and/or insurance agents do not provide tax, accounting or legal advice. Please consult an independent professional as to any tax, accounting or legal statements made herein.

Lincoln annuities are issued by The Lincoln National Life Insurance Company, Fort Wayne, IN, and distributed by Lincoln Financial Distributors, Inc., a broker-dealer. The Lincoln National Life Insurance Company does not solicit business in the state of New York, nor is it authorized to do so. Contracts sold in New York are issued by Lincoln Life & Annuity Company of New York, Syracuse, NY, and distributed by Lincoln Financial Distributors, Inc., a broker-dealer.

Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates, including broker-dealer/distributor Lincoln Financial Distributors, Inc., Radnor, PA, and insurance company affiliates The Lincoln National Life Insurance.

WealthTech in the Weeds with Rose Palazzo and Mark Hoffman

Tue, 19 Mar 2024 07:00:00 -0000

In the past, financial services focused on managing individual accounts in silos. This fragmented approach limited advisors' ability to minimize tax burdens and convert assets into sustainable income streams, especially in retirement. However, as the industry evolves, advisors and investors recognize the importance of creating comprehensive advice platforms. The challenge lies in operationalizing these platforms to allow advisors to translate financial plans into actionable strategies.

In this episode, Jack talks with Rose Palazzo. Rose is the Group President of Envestnet | MoneyGuide and has extensive experience building comprehensive advice platforms. She previously led financial planning at Morgan Stanley and played a key role in developing the firm's industry-leading comprehensive advice platform. Rose is known for her expertise in personalized advice and coordinating planning conversations with technology platforms.

Mark Hoffman, CEO, Chairman, and Founder at LifeYield, joins Jack and Rose. Mark has more than 25 years of experience as an executive at public organizations, including State Street, Fiserv, and Colonial Management. He is also the founder of three financial technology firms: LifeYield, Upstream Technologies, and Lattice Trading.

Jack talks with Rose and Mark about the role of financial planning in building comprehensive advice platforms. They discuss how to turn a financial plan into actions that improve results and the challenges that come with it.

Key Takeaways

[03:09] - How Rose develops comprehensive advisory platforms for firms.
[05:54] - Mark's view on financial planning.
[09:34] - The challenge of turning a financial plan into actionable strategies.
[10:41] - Turning a comprehensive financial plan into action.
[11:54] - The importance of considering tax in executing a financial plan.
[13:18] - Two factors to consider when executing a financial plan.
[16:00] - The dynamics between asset accumulation and decumulation.
[21:09] - What it takes to operationalize a comprehensive advice platform.
[25:32] - Prioritization and starting with the end goal in mind.
[30:27] - What Morgan Stanley's Intelligent Withdrawals is about.
[34:08] - Rose’s and Mark's key takeaways.

Quotes

[04:19] - "We no longer see planning as a one-time event that advisors engage in. It really is more of an ongoing planning where you're having that initial conversation, understanding a client's goals, and connecting that to all the conversations folks are having." ~ Rose Palazzo

[23:52] - "It [operationalizing a comprehensive advice platform] is like putting together a puzzle. It doesn't really matter where you start or what pieces you find that go together. It's all going to be complementary to the end goal." ~ Mark Hoffman

[34:17] - "There's this increased focus on personalized advice, which starts with the client's objectives. The coordination between platforms is what's really required to get to that next level of advice." ~ Rose Palazzo

[35:12] - "If you're coordinating all the client's accounts and assets and focus on understanding that client's goals, then you get to do asset location. And asset location is a dominant part of tax alpha." ~ Mark Hoffman

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Understanding Financial Health for Better Financial Planning with Reese Harper

Tue, 12 Mar 2024 07:00:00 -0000

Elements breathes life into financial analysis, generating comprehensive diagnostic reports that reveal the health of clients' portfolios. Imagine a detailed MRI for the client's financial well-being, highlighting strengths, weaknesses, and potential areas for improvement. This transparency empowers advisors to move beyond surface-level analysis and craft strategies that address specific needs and aspirations.

In this episode, Jack talks with Reese Harper, CEO of Elements. Reese developed the Elements Financial Planning System to simplify how financial advisors organize and evaluate their clients' comprehensive financial data at a glance–enabling them to focus on the functional and emotional jobs that drive results for their clients. Reese is also an educator at heart, a renowned author, speaker, podcast host, and a trusted advisor for a select book of high-net-worth professionals.

Reese talks with Jack about how Elements is changing the way financial planning is done. He discusses how providing diagnostic reports helps financial advisors assess the financial health of their clients. Tracking the 12 financial vital signs allows advisors to have more meaningful conversations with their clients and make targeted recommendations.

Key Takeaways

[01:08] - How Elements is different from other financial services tools.
[07:33] - How advisors use Elements.
[14:15] - Successful use cases of Elements.
[17:47] - The idea behind the foundation of Elements.
[21:04] - The shift towards organic local brands.
[22:41] - Why Dentist Advisors was founded.
[33:03] - Reese's take on the future of the industry.
[37:37] - Reese's passions outside of work.

Quotes

[01:34] - "Elements is a financial vitals software. It happens like a diagnostic report, blood pressure, or cholesterol readings in a doctor's visit. Think of it as financial vital signs that we use to assess the present-day financial health of an individual." - Reese Harper

[34:07] - "When you deploy a strategy where you're having a conversation that is coming before the product or the planning conversation, make sure that the first conversation feels safe. Make sure it doesn't feel like there's a product in it. Make sure it feels valuable." ~ Reese Harper

[36:29] - "If the value proposition you sold to your client was about the investments, the insurance, or the annuity, you might have a functional relationship that could be displaced. But if you start the relationship with an emotional job, meaning support, confidence, reassurance, or a deep relationship, you'll never get displaced." ~ Reese Harper

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Making Retirement Easier Through Lifetime Income Solutions with David Blanchett

Tue, 05 Mar 2024 08:00:00 -0000

Defined contribution plans have been instrumental in helping people save for retirement. However, these plans often fail to protect individuals against longevity risk. Incorporating lifetime income solutions like annuities can help people prevent outliving their savings during retirement.

In this episode, Jack talks with David Blanchett, Managing Director, Portfolio Manager, and Head of Retirement Research at PGIM DC Solutions. In this role, David develops solutions to help improve retirement outcomes for investors with a specific focus on defined contribution plans. He is also responsible for the portfolio management of the PGIM Target Date Funds. Before joining PGIM, David was the Head of Retirement Research for Morningstar Investment Management LLC and the Director of Consulting and Investment Research for the Retirement Plan Consulting Group at Unified Trust Company.

David joins Jack to discuss various aspects of retirement planning and how the industry can operate better to improve retirement outcomes for clients, participants, and advisors. David shares his insights on three key areas: improving defined contribution plans, enhancing financial plans, and making retirement easier through lifetime income solutions. He emphasizes the importance of access to retirement savings plans, the need for comprehensive financial planning, and the role of annuities in providing longevity protection.

Key Takeaways

[01:55] - David's thoughts on improving defined contribution plans for retirees.
[03:03] - David's role at PGIM DC Solutions.
[04:04] - How to improve contribution plans and in-plan retirement solutions.
[08:29] - The need for a financial plan and the different avenues for receiving advice.
[10:39] - The confluence of digital and human advice.
[13:17] - The shift from investment-focused planning to holistic planning.
[15:56] - Understanding annuities and their potential benefits for clients.
[20:50] - Overcoming operational roadblocks to utilizing annuities.
[22:11] - David's key takeaways.

Quotes

[09:48] - "If you can't get advice and you do it yourself, you'll make mistakes. These can be very expensive mistakes. So, giving individuals access to advice the way they want will have a huge long-term success." ~ David Blanchett

[11:34] - "The fundamental value of an advisor is not the investments. It's more of the behavioral financial planning coach." ~ David Blanchett

[19:16] - "There are very good annuities out there your clients could use. You have to learn how they work and how to identify them. Doing that can create better client outcomes than just focusing on the portfolio alone." ~ David Blanchett

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The Challenges of Generating Organic Growth in Wealth Management with Steve Gresham

Tue, 27 Feb 2024 08:00:00 -0000

Organic growth in asset and wealth management is experiencing a slowdown, leaving behind a trail of passive assets and declining client numbers. The tide is turning as baby boomers are retiring with their wealth poised to flow toward a new generation with vastly different priorities and expectations.

In this episode, Jack Sharry talks with Steve Gresham, Managing Principal at Next Chapter. Steve is also a Senior Education Advisor to the Alliance for Lifetime Income. Steve is a dedicated disruptor, and before founding Next Chapter, he held several senior leadership positions in the wealth management industry.

Steve talks with Jack about the current state of the asset and wealth management industries and the challenges they face in achieving organic growth. He highlights the decline in organic growth and the need for firms to adapt to the changing landscape. They also discuss the best remedies for resolving these problems and the four ways firms can prepare for the future.

Key Takeaways

[01:25] - Steve's latest project.
[02:21] - Organic growth in wealth management at present.
[03:56] - What it means when money leaves the industry.
[04:35] - How firms can adjust to the flow of money out of the industry.
[07:03] - Steve's best remedies for resolving the industry's money flow problems.
[12:24] - How the industry can better understand its customers.
[17:04] - Why organic growth in the industry has declined.
[21:52] - What it takes to build for the future.
[31:05] - The challenge of generating organic growth.
[35:46] - Steve's passion outside of work.

Quotes

[01:48] - "Asset management has lost its organic growth primarily to passive, and wealth management has screeched to a halt. The culprit there is demography." ~ Steve Gresham

[08:26] - "You have to be fully invested in the arms race with the consumer. The consumer is calling all the shots. They always win. They may be delayed or distracted and think things are better than they are for a while, but when they bite, they bite hard." ~ Steve Gresham

[32:56] - "The industry has to understand where the money is because if it's not growing in the aggregate, it becomes a fairly zero-sum game of competition." ~ Steve Gresham

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The Growth Formula for Wealth Management Firms with Craig Clark

Tue, 20 Feb 2024 08:00:00 -0000

The future of wealth management involves embracing technology and adopting scalable business practices. Having a growth platform that enhances client satisfaction, retains and attracts clients, streamlines processes, and stays compliant helps advisors and wealth management firms succeed.

In this episode, Jack talks with Craig Clark, Chief Marketing Officer at Nitrogen (formerly known as Riskalyze). In this role, Craig leads the firm's brand team, product positioning, thought leadership, and sales pipeline creation in the wealth management marketplace. A marketing and sales development veteran of the SaaS industry, he has seen success putting companies on a strong growth trajectory, aligning brands and positioning for successful financing and strategic exits.

Craig talks with Jack about the company's rebranding from Riskalyze to Nitrogen, and how Nitrogen focuses on providing a growth platform for wealth management firms. Craig highlights the importance of having scalable and repeatable business practices that allow advisors to be more productive and effective, and the need for firms to adopt software that supports their growth goals.

Key Takeaways

[00:54] - Backstory of Nitrogen and the company’s rebrand.
[09:16] - Craig's background and how he got into wealth management.
[11:56] - What's next for Nitrogen.
[15:06] - The dynamics between marketing, product, and operation.
[16:52] - The growth formula for wealth management firms.
[21:25] - How wealth management can prepare for future growth.
[23:17] - Craig's three key takeaways.
[24:26] - Craig's interests outside of work.

Quotes

[13:27] - "For investors to invest fearlessly, they need human advice." ~ Craig Clark

[21:47] - "There's a lot of industry consolidation happening. And there's a lot of pressure to do things in a more predictable and repeatable way. There's no way to do that other than having software embedded in how you work to enforce that repeatable practice." ~ Craig Clark

[23:28] - "Whether you've just started an RIA, you've broken away, or you're the head of wealth management, everybody's going to be watching you develop and adopt scalable and repeatable business practices. So, look for your technology vendors to help you do that. Look for ways to get adoption from your advisors to follow those processes because that is going to define the successful firms over the next decade." ~ Craig Clark

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Modern Marketing Strategies for Financial Services with Kelly Waltrich

Tue, 13 Feb 2024 08:00:00 -0000

With digital disruptions and shifting customer expectations defining the financial landscape, achieving sustainable growth demands a strategic approach that transcends traditional marketing tactics. For forward-thinking financial services firms, the challenge lies in creating a framework that seamlessly integrates marketing and growth strategies, prioritizing brand differentiation and customer-centric value creation.

In this episode, Jack talks with Kelly Waltrich, Co-Founder & CEO of Intention.ly. For years, Kelly has been championing the role of marketing in the financial services industry. She designed the strategy behind several successful rebrands, acquisitions, and product launches, including spearheading the development of two advisor marketing products while creating unmatched overall brand visibility and helping to turn company executives into industry thought leaders. Through forward-thinking demand generation, PR, and product marketing, Kelly created a consistent inbound pipeline for both firms, driving CAC down and SOV up.

Kelly talks with Jack about modern marketing and growth strategies in the financial services industry. She shares how Intention.ly helps firms build growth engines and differentiate themselves in a crowded market. Kelly emphasizes the need for firms to have a strong brand and messaging that resonates with their target audience.

Key Takeaways

[01:09] - Kelly’s role in the financial services industry.
[02:52] - Kelly's growth strategy.
[04:52] - How Kelly got started in financial services.
[08:30] - The importance of understanding the nuances of the industry.
[10:02] - What Intention.ly is currently working on.
[11:42] - Marketing in its truest sense.
[15:17] - How Kelly and her team deliver quality services consistently.
[16:54] - Kelly's three key takeaways.
[22:20] - Kelly's life outside of work.

Quotes

[11:53] - "Everybody thinks marketing is sexy and creative. But at the end of the day, it's taking complex things and trying to make them simple." ~ Kelly Waltrich

[16:58] - "Because we live in this loud, noisy, content-crazy world, your brand has never been more important. People need to understand the experience they will get when they read about or see you." ~ Kelly Waltrich

[19:54] - "Marketing is something that you have to put time, energy, and emotion into, and you have to be willing to do it consistently. You have to be willing to invest in it, whether money, resources, or people." ~ Kelly Waltrich

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A Practical Approach to Innovation with Michael Liersch

Tue, 06 Feb 2024 08:00:00 -0000

The wealth management industry is synonymous with high-touch, personalized service. Clients and advisors seek intuitive tools, seamless experiences, and a clear roadmap to achieving their financial aspirations. While keeping pace with client expectations and market demands requires constant innovation, some may envision grand, disruptive technologies. However, it's the simple and practical innovations that often have the most transformative impact.

In this episode, Jack talks with Michael Liersch, Head of Advice & Planning at Wells Fargo. In this role, Michael leads a team that delivers comprehensive planning services and growth strategies. Before joining Wells Fargo, Michael held leadership positions in companies such as JPMorgan Chase, Merrill Lynch, and Barclays Wealth. He was also a faculty member at New York University, where he taught management and organizational analysis.

A real champion and maker of innovation, Michael talks with Jack about the practical approach to innovation and improving the advisor, client, and consumer experience. He shares insights into the development of LifeSync, a practical and user-friendly tool that allows clients to articulate their financial goals and track their progress. Michael also discusses the importance of simplicity and authenticity in innovation and the challenges and obstacles faced in the process.

Key Takeaways

[02:54] - LifeSync and its core features.
[07:32] - LifeSync's practical use of data.
[09:40] - Michael's motivation for creating practical innovations.
[15:03] - How to build trust in the advisory space.
[17:37] - The obstacles to innovation.
[21:14] - What's next for LifeSync and Wells Fargo.

Quotes

[11:57] - "People didn't want this notion of, 'Well, there are three simple ways to get rich. There are three simple ways to invest. There are three simple ways to save.' What they wanted was to be very authentic." ~ Michael Liersch

[15:07] - "Trust is built via listening. But not only reflecting on what you hear, it's also doing something about it." ~ Michael Liersch

[19:08] - "Often, you think of innovation as this big disruptive moment. Well, real innovation is bite-sized incremental change." ~ Michael Liersch

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The Dynamics of Innovation in Wealth Management Technology with Reed Colley

Tue, 30 Jan 2024 08:00:00 -0000

Driven by technological advancements and evolving client expectations, the industry is witnessing a shift from traditional methods to a data-driven, tech-fueled future. At the heart of this evolution lies the development of robust wealth operating systems and platforms that empower advisors with holistic financial insights, streamline workflows, and personalize client experiences.

In this episode, Jack talks with Reed Colley, Co-Founder & CEO at Summit Wealth Systems. With years of experience in the wealth management technology industry, Reed has a proven track record of innovation and disruption. He has founded, invested in, and advised multiple technology companies, including Black Diamond Performance Reporting, which revolutionized advisor operations and is now part of SS&C Advent. Reed's passion lies in helping advisors and their clients by creating innovative solutions that enhance the client experience and streamline internal processes.

Reed talks with Jack about the importance of understanding the needs of advisors and their clients, the process of turning ideas into tangible solutions, and the role of innovation in driving better client experiences. He also highlights the value of listening to advisors and digging deeper to solve their pain points, ultimately creating a platform that combines digital and human advice to empower advisors and enhance client outcomes.

Key Takeaways

[01:41] - The creation of Black Diamond and Summit Wealth Systems.
[04:26] - Reed's motivation for developing innovative systems.
[07:56] - The power of listening and asking the right question.
[10:59] - Connecting clients' wealth with their values.
[13:30] - Overcoming obstacles and using them as fuel for innovation.
[16:59] - The importance of being nimble and agile in building systems for advisors.
[20:37] - How Summit Wealth Systems provides human and digital advice.

Quotes

[05:52] - "Advisors are happiest when they can efficiently help their clients solve things they need. That's when the best advisors are most fulfilled." ~ Reed Colley

[21:17] - "When you have an efficient, appropriate technology foundation that interfaces well with the humans inside the organization and then delivers the right outcomes for your clients, that is absolutely the mix needed for understanding what a modern practice looks like." ~ Reed Colley

[22:05] - "The robo advisor has a place and will continue to evolve. But it will not replace what a human advisor does for a client. It's all about empowering, and that's what we love doing. We love using technology to empower humans." ~ Reed Colley

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The Difference Between Hyper-Personalization and Digitization with Nalika Nanayakkara

Tue, 23 Jan 2024 08:00:00 -0000

The financial industry, anchored in data and figures, can sometimes overlook the fundamental truth that clients are emotional beings. Regardless of how carefully crafted wealth portfolios, diverse investments, and comprehensive plans for estates or retirement are, their effectiveness hinges on what the client values most.

In this episode, Jack talks with Nalika Nanayakkara, Managing Partner for the Americas Financial Services Operations at EY. In her role, Nalika leads the wealth and asset management (WAM) consulting business for EY in the U.S. She is also responsible for the EY financial services consulting organization and the execution of their NextWave strategy.

Nalika talks to Jack about the difference between hyper-personalization and digitization in wealth management. She goes deeper into the importance of listening and understanding clients' personal needs and values. She also discusses the concept of money scripts and how they shape financial decisions. Nalika highlights the significance of trust, marrying financial planning with purpose, and incorporating emotional needs into segmentation models.

Key Takeaways

[01:51] - The difference between hyper-personalization and digitization.
[04:41] - Money scripts and the unconscious biases towards money.
[09:15] - Integrating emotional understanding in client interactions.
[14:16] - The importance of understanding what matters to clients.
[18:25] - Why advisors need to connect with clients personally.
[21:55] - Key recommendations for creating personal client experience.
[24:09] - The power of listening and understanding in financial services.
[27:23] - Nalika's interests outside of work.

Quotes

[02:53] - "Our industry is very numbers focused. We talk about portfolio returns and the probability of meeting a financial plan. Money, particularly wealth, is highly personal. But financial services are highly impersonal." ~ Nalika Nanayakkara

[09:47] - "Don't expect your clients to always be rational. You can have the most comprehensive wealth offer that's priced fairly, investments, estate, or retirement. But it's only as good as your client's willingness to consume it." ~ Nalika Nanayakkara

[19:21] - "If you want to be successful as an advisor, you have to make that human connection. To do that, you have to really care about what matters to the person." ~ Nalika Nanayakkara

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Making Investing Simple and Accessible with Bill Capuzzi

Tue, 16 Jan 2024 08:00:00 -0000

Investing is not an exclusive club for the affluent but a pathway open to all, regardless of age or economic background. As an industry, the responsibility lies not only in managing portfolios but also in educating, simplifying, and making investing accessible to all.

In this episode, Jack talks with Bill Capuzzi, CEO of Apex Fintech Solutions and Partner at PEAK6 Investments. Bill has been in trading, clearing, custody, and the finance industry for years. He is proud to run a company that offers digital clearing and custody solutions to fintech disrupters, global banks, RIAs and other advisory firms, online trading platforms, community banks, and credit unions. Bill has been leading Apex in revolutionizing the industry and making investing accessible to everyone.

Bill talks with Jack about how Apex is disrupting wealth management technology. He emphasizes the company's mission to help everyone invest in their future. Bill also speaks about the convergence of digital and human advice, the importance of lowering barriers to entry in the advisory world, and the role of workplace solutions in transforming the industry.

Key Takeaways

[02:03] - Bill's mission to change the world with Apex.
[03:48] - Bill's background and how he got into fintech.
[06:47] - Transition from Pershing to founding Apex.
[08:52] - What Apex offers to investors.
[13:39] - The opportunity for advisors to expand to a mass affluent market.
[20:08] - Workplace and wealth management convergence.
[27:13] - Challenges facing wealth management.
[32:02] - Bill's final thoughts.
[33:22] - Bill's interests outside of work.

Quotes

[24:15] - "As an industry, we need to do a better job of educating people, especially those who don't have a lot of money." ~ Bill Capuzzi

[29:58] - "If we don't lean in to create better interoperability, that convergence, you're ending up with an incomplete solution." ~ Bill Capuzzi

[32:53] - "We're helping people invest in their future, whether they're young or old. There's a ton of people out there that need us to do our jobs better than we've been doing." ~ Bill Capuzzi

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The Legends of WealthTech with Paul Samuelson

Tue, 09 Jan 2024 08:00:00 -0000

Paul Samuelson's rich experiences with many of the great investors of his time have provided him with valuable wisdom for the wealth management industry. From the birth of modern finance to the nuances of tax management, his journey highlights the need for innovative solutions and tax-smart technologies that empower financial advisors and firms to minimize tax burdens and optimize retirement income strategically.

In this episode, Jack talks with Paul Samuelson, Chief Investment Officer at LifeYield. Paul comes from an extended family of prominent economists and advisors to presidents. He has carried on the Samuelson tradition, writing the complex algorithms at the core of LifeYield technology that empowers financial advisors and firms to minimize clients' taxes and maximize their retirement income.

Paul talks with Jack about the notable investors he spent time with, including his father, the first American to win the Nobel Prize in Economics. He shares the lessons he learned from those experiences and how he put them into practice. Paul also discusses the need for software solutions to manage taxes and optimize investment portfolios effectively.

Key Takeaways

[01:33] - Paul's experience with great investors.
[08:26] - The evolution of the economics department at MIT.
[10:37] - The first American to receive a Nobel Prize in Economics.
[15:20] - Paul's colleagues at the Ford Foundation.
[19:33] - Lessons Paul learned from great investors.
[25:14] - The birth of LifeYield.
[26:45] - The importance of tax software.
[29:03] - What motivated Paul and his father to develop tax software.
[31:13] - Lessons learned from engaging with highly intelligent economics experts.

Quotes

[31:33] - "If investing is not your expertise and doesn't necessarily help you, it may hurt you to be an expert in other areas of economics." ~ Paul Samuelson

[31:53] - "You need software for everything because everything depends on the exact numbers. And you need good tax calculating software to know what brackets you're going to use." ~ Paul Samuelson

[35:46] - "The academic finance profession has let people down because they haven't looked at taxes very seriously. There should have been better formulations of tax calculations and different ways to manage taxes before and after retirement." ~ Paul Samuelson

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WealthTech on Deck Year-End Review of Innovators and Disruptors in Wealth Management with Jack Sharry and Matt Nollman

Tue, 19 Dec 2023 08:00:00 -0000

The wealth management industry is evolving rapidly, driven by innovation and disruption. The insights and experiences shared by the brightest and best leaders have shed light on the industry's future and its exciting developments. The dedication and passion of the individuals leading the charge in disrupting the industry pave the way for a more efficient, accessible, and inclusive environment.

In this episode, the script is flipped as Jack Sharry, EVP and Chief Growth Officer of LifeYield, takes the guest seat, and Matt Nollman, VP of Marketing, steps in as host. Jack reflects on the past year of the WealthTech on Deck podcast and highlights the key guests and topics discussed. He discusses the Legends of WealthTech series, featuring industry leaders who significantly contribute to the advisory business. From CEOs to innovators, these guests shared their perspectives on the future of the industry and its exciting developments. Jack highlights noteworthy innovations and disruptions and shares the advances made around platforms, tech stacks, and financial ecosystems.

Key Takeaways

[01:46] - How the idea of the Legends of WealthTech series came about.
[03:19] - Why the first Legends episode featured female industry leaders.
[07:29] - Highlighting other favorite episodes from the Legends series.
[09:04] - Guests who stood out in the areas of disruption and innovation.
[12:27] - Innovations that are noteworthy.
[14:42] - Lena Haas and Ken Dychtwald's work at Edward Jones.
[18:28] - Jack's three key takeaways.
[19:52] - Jack's passions outside of work.

Quotes

[08:37] - "What all these legends did was make big disruptive bets that changed the industry forever and for the better." ~ Jack Sharry

[18:44] - "Innovation and disruption are interesting and fun. But if you can't execute, make it happen, and grow your business, who cares?" ~ Jack Sharry

[19:10] - "I can't help but note how much I love this business and the people in it, good people doing good work for the benefit of so many. I am so fortunate and grateful to work with the people I work with and make all of people's lives better." ~ Jack Sharry

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How Technology Drives Annuity Sales Growth with Harry Bartle and Jeff Quigley

Tue, 12 Dec 2023 08:00:00 -0000

The intersection of market dynamics and technological advancements has not only heightened the value of annuities but also revolutionized how financial advisors and clients approach retirement planning. This shift from traditional methods to tech-driven solutions has streamlined processes and facilitated more meaningful conversations between advisors and clients regarding their retirement income needs.

In this episode, Jack is joined by LifeYield's Executive Vice President of Enterprise Sales, Harry Bartle, and Senior Vice President of Enterprise Sales and Relationships, Jeff Quigley. At LifeYield, Harry helps enterprises build complete household wealth management platforms. Jeff helped launch LifeYield's direct-to-advisor business, which includes Social Security+, the LifeYield API-based tool for optimizing Social Security benefits. Jeff also demonstrates the benefits of our other solutions for tax efficiency and retirement income maximization.

Harry and Jeff talk to Jack about the reasons behind the booming sales of annuities, what they see as the contributing factors driving this trend, and where they and their clients see the future of annuities. They also emphasize the importance of social security as a starting point for retirement income discussions and how technology can help advisors maximize social security benefits.

Key Takeaways

[01:04] - Harry's take on why the annuity industry is booming.
[02:54] - How technology simplifies social security and retirement income discussions.
[05:57] - Statistics on the usage and benefits of LifeYield's software.
[09:15] - How social security conversations lead to annuity discussions.
[11:41] - Innovations and new functions of social securities.
[14:33]- Seamless transition in the social security experience.
[16:22] - Advisors' feedback on LifeYield's social security planning technology.
[18:44] - Harry and Jeff's key takeaways.

Quotes

[02:16] - "Annuities have been so successful due to market volatility and the need for some guarantees. Technology has also given advisors and clients the ability to model things easier than we ever used to." ~ Harry Bartle

[04:47] - "A lot of advisors, wholesalers, and annuity distributors are using social security as the starting point to create the conversation to move into retirement income, add tremendous value for investors, and then drive revenue for their practices and their firms." ~ Jeff Quigley

[18:54] - "Social security discussion is a common thread throughout all Americans. When you're able to show the value in the discussion, it leads to more assets, income discussions, and clients looking to advisors to provide holistic solutions." ~ Jeff Quigley

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The Five Areas of Evolution in the Wealth Management Industry with Chip Roame

Tue, 05 Dec 2023 08:00:00 -0000

As financial markets continue to evolve, so does the way individuals and institutions navigate the world of asset allocation, investment strategies, and financial planning. This dynamic shift goes beyond mere adaptation. It represents a proactive response to evolving client needs, a strategic embrace of the demands imposed by the digital age, and a seamless integration of innovative technological solutions designed to revolutionize the fundamental processes of growing, protecting, and distributing wealth.

In this episode, Jack talks with Chip Roame, Founder and Managing Partner of Tiburon Strategic Advisors and Tiburon CEO Summits. Chip is a strategic advisor to over 600 Tiburon corporate member firms. He has also served as an industry-experienced board member for numerous Tiburon member firms and currently serves on 10 boards.

Having a good vantage point on where the industry is headed, Chip talks about the five areas of evolution in the wealth management industry — the evolving clients, products and services, markets and distribution channels, marketing and technology tactics, and industry structure. He highlights the dominance of Fidelity, Schwab, Morgan Stanley, and Vanguard in the industry and the growth of discount brokerage firms. Chip also debunks some misconceptions about product data and emphasizes the importance of coordinated approaches in wealth management.

Key Takeaways

[01:23] - The five key wealth and management industry themes.
[03:22] - Why Fidelity, Schwab, Morgan Stanley, and Vanguard remain the dominant and strong firms.
[06:38] - Potential contenders to top wealth management firms.
[08:26] - Other interesting trends in the industry.
[10:07] - The move towards a coordinated pro-solutions approach.
[11:33] - The emergence of "supermarket" companies in the financial industry.
[14:46] - The changing landscape of platforms and the rise of proprietary technology.
[16:25] - Chip's thoughts on the future of the wealth management industry.
[20:19] - The shift to digital marketing and technology-driven marketing strategies.
[22:08] - Chip's key takeaways.
[23:08] - Chip's favorite activities outside of work.

Quotes

[07:59] - "If you think about those three trends, workplace, retail, and RIAs, those four firms (Fidelity Investments, Schwab, Morgan Stanley, and Vanguard) are positioned for the future. I don't see anyone else is in the right spot for those three trends going forward." ~ Chip Roame

[13:17] - "The idea of a mutual fund supermarket was a big aha. And now we're going to have a cash supermarket, a lending supermarket, and a no-load annuity supermarket. You're going to have an estate planning supermarket someday. These are good for customers, and the rest of the world works this way." ~ Chip Roame

[20:41] - "The old ways of marketing have died off. And digital marketing or technology-driven marketing is here to stay." ~ Chip Roame

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Empowering Investor Success with Cindy Galiano

Tue, 28 Nov 2023 08:00:00 -0000

Morningstar is committed to creating a comprehensive wealth management platform. The company is on an accelerated path to modernizing its U.S. wealth platform tailored to create an exceptional investor experience.

In this episode, Jack talks with Cindy Galiano, Managing Director of the U.S. Wealth Platform at Morningstar Wealth. In her role, Cindy is responsible for product development, sales, marketing, and operations efforts supporting financial advisor-oriented products. That includes Morningstar's Turnkey Asset Management Platform (TAMP) and Morningstar office, which is the portfolio management and accounting system that's mainly geared towards independent RIAs and RIA aggregators. Cindy is also responsible for Morningstar's managed portfolio and investment strategies, which include mutual fund and direct indexing solutions.

With a focus on becoming a leading wealth platform provider, Cindy talks with Jack about how Morningstar creates a comprehensive wealth management platform for wealth and financial advisors. They are also working on developing an exceptional individual investor experience and delivering compelling investment portfolios. The goal is to empower investor success and provide a seamless and personalized experience for advisors and their clients.

Key Takeaways

[01:37] - An overview of Cindy's role at Morningstar.
[02:42] - Morningstar's focus on creating a comprehensive wealth management platform.
[05:00] - Morningstar's progress in modernizing the U.S. wealth platform.
[07:53] - How Morningstar starts modernizing its wealth platform.
[10:40] - How Morning creates a frictionless advisor experience.
[13:07] - Building interfaces and integrating workflows based on advisor needs.
[15:20] - What Cindy views as the future of wealth technology.
[19:53] - Making financial information accessible and understandable.
[20:48] - Cindy's career journey in financial services.
[25:03] - Cindy's three key takeaways.
[26:57] - Hobbies and activities Cindy enjoys outside of work.

Quotes

[08:22] - "We consider direct indexing workflow and solutions a big building block for a more sophisticated tax management capability. Not only across separately managed accounts or single strategies but across a unified managed account comprised of underlying model portfolios, mutual funds, ETFs, including separately managed accounts." ~ Cindy Galiano

[15:51] - "For us to become more efficient and predictive or more analytical and more savvy in how we support the advisor, that could happen across the way we support our advisors." ~ Cindy Galiano

[25:17] - "We empower investor success, and that really underpins everything we do at Morningstar. It's guided by our unique heritage of data and research and helps deliver that investor-first approach in whatever we do." ~ Cindy Galiano

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Building Custom Model Portfolios with Amanda Robinson

Tue, 14 Nov 2023 08:00:00 -0000

In this episode, Jack talks with Amanda Robinson, VP of Portfolio Solutions at Fidelity Investments. Amanda leads a team responsible for delivering support for Fidelity's portfolio solution capabilities.

Amanda discusses hyper-personalization and the need for customizable solutions with user-friendly interfaces. She highlights the role of technology in streamlining operations to free up time for client relationships.

Key Takeaways

[01:33] - Amanda's journey.
[07:39] - Importance of hyper-personalization.
[09:34] - Fidelity's user interface.
[10:47] - Future of customizable solutions and managed account platforms.
[12:23] - Importance of advisor and teammate relationship.
[17:24] - What advisors say about model portfolios.
[20:20] - Amanda's takeaways and interests.

Quotes

[21:02] - "Investors want their advisors to meet them where they want to do business. And emerging generations want scale, personalizable investments, which they want in a really easy-to-digest way." ~ Amanda Robinson

Disclosure

Information provided in, and presentation of, this document are for informational and educational purposes only and are not a recommendation to take any particular action, or any action at all, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Fidelity does not provide legal or tax advice.

Before making any investment decisions, you should consult with your own professional advisers and take into account all of the particular facts and circumstances of your individual situation. Fidelity and its representatives may have a conflict of interest in the products or services mentioned in these materials because they have a financial interest in them, and receive compensation, directly or indirectly, in connection with the management, distribution, and/or servicing of these products or services, including Fidelity funds, certain third-party funds and products, and certain investment services.

Views expressed are those of the speaker through October 10, 2023 and do not necessarily represent the views of Fidelity Investments. Views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views.

LifeYield is an independent entity and is not affiliated with Fidelity Investments. Listing them does not suggest a recommendation or endorsement by Fidelity Investments.

Fidelity Model Portfolios are provided to financial intermediaries (“Intermediary”) on a non-discretionary basis by Fidelity Institutional Wealth Adviser LLC (“FIWA”), a registered investment adviser. Information about the Models may be provided by representatives of FIWA, or its broker-dealer affiliates Fidelity Distributors Company LLC (“FDC”), Fidelity Brokerage Services LLC (“FBS”), and/or National Financial Services LLC.

Fidelity Institutional Wealth Adviser LLC (“FIWA”) is a registered investment adviser and an indirect, wholly owned subsidiary of FMR LLC. FIWA provides customized separately managed account portfolios that consider tax effects for taxable clients. FIWA has retained the services of its affiliate, Fidelity Management & Research Company LLC (“FMR”), to manage these accounts subject to FIWA's supervision and oversight.

Fidelity Investments® provides investment products through Fidelity Distributors Company LLC; clearing, custody, or other brokerage services through National Financial Services LLC or Fidelity Brokerage Services LLC, Members NYSE, SIPC; and institutional advisory services through Fidelity Institutional Wealth Adviser LLC.

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Strategic Partnerships in FinTech and InsurTech with Chad Virgin

Tue, 07 Nov 2023 08:00:00 -0000

Strategic partnerships and investments with innovative fintech and insurtech have emerged as key strategies, empowering financial institutions and insurance companies to harness cutting-edge technology and drive transformative change. Allianz's investments in financial and insurance technologies open up a world of possibilities, allowing the company to develop innovative products and services while leveraging its networks and resources.

In this episode, Jack talks with Chad Virgin, Managing Director at Allianz Life Ventures. Since 2018, Chad has been part of Allianz Life Ventures, the corporate venture arm of Allianz Life Insurance Company of North America. As managing director, he is responsible for the program's strategic direction and seeking opportunities for strategic partnerships with innovative startups.

With a focus on the fintech landscape, venture capital, impact investing, and corporate innovation, Chad talks with Jack about the role of venture capital in fueling growth and innovation in the insurance and financial industries. He emphasizes the importance of personalization and customization in meeting client demands and highlights the need for defined outcomes in retirement planning.

Key Takeaways

[01:23] - An overview of Chad's role at Allianz.
[03:42] - What Allianz believes to be the current wealth management trends.
[05:21] - The partnerships Allianz has with other companies.
[08:18] - Allianz's process for discovering and evaluating investment opportunities.
[10:22] - The opportunity generative AI brings to the industry.
[12:44] - Chad's unique path to becoming a venture capital guy.
[14:29] - What Chad perceives as the future of the wealth management industry.
[15:30] - Chad's key takeaways.
[18:00] - Chad's interests outside of work.

Quotes

[04:32] - "Personalization means something different to everybody. But here at Allianz Life, we are passionate about creating defined outcomes for clients." ~ Chad Virgin

[04:39] - "Clients have experienced volatile markets over the last 10 to 15 years. With the financial crisis and then coming out of COVID and in the market we're in today, people need defined outcomes when investing for retirement." ~ Chad Virgin

[10:57] - "Being open-minded to the change and the disruption is going to be critical. With generative AI, the world's going to be completely different. But we believe that the human is definitely going to continue to be at the center of the equation." ~ Chad Virgin

Disclosure

Guarantees are backed by the financial strength and claims-paying ability of Allianz Life Insurance Company of North America. Variable annuity guarantees do not apply to the performance of the variable subaccounts, which will fluctuate with market conditions.

Products are issued by Allianz Life Insurance Company of North America. Registered index-linked annuities are distributed by its affiliate, Allianz Life Financial Services, LLC, member FINRA, 5701 Golden Hills Drive, Minneapolis, MN 55416-1297. 800.542.5427 www.allianzlife.com

Allianz Life Insurance Company of North America is an investor in LifeYield.

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Creating a Modern Wealth Management Platform with Reed Colley

Tue, 31 Oct 2023 07:00:00 -0000

Summit Wealth Systems is at the forefront of transforming the wealth management industry. The company's commitment to collaboration and innovation positions it to have an influence on the future of the industry and support advisors as they navigate an ever-changing landscape.

In this episode, Jack talks with Reed Colley, Co-Founder and CEO of Summit Wealth Systems. Reed is passionate about helping people be happy and fulfill their goals. At Summit, he helps advisors and their clients focus on an abundance mindset by using modern and innovative technology to keep them on track and move forward. He founded, invested in, and advised multiple technology companies, including Black Diamond Performance Reporting, a cloud-based portfolio management system he started and coded.

Reed talks with Jack about his current project, Summit Wealth Systems, which aims to provide a comprehensive platform for advisors to unlock the full potential of their practice. The platform focuses on unifying data, automating processes, and delivering a world-class solution to clients. Reed also emphasizes the importance of humanizing the advisor-client relationship and helping clients connect their wealth to their values.

Key Takeaways

[01:31] - An overview of Reed's career journey.
[03:04] - What Summit Wealth Systems is all about.
[07:22] - How Summit Wealth Systems creates a better user experience.
[12:07] - What the user experience looks like at Summit Wealth Systems.
[15:36] - Humanizing the financial planning process.
[18:14] - The integration process of Summit Wealth Systems with other platforms.
[19:52] - What Summit Wealth Systems will look like in the future.
[24:39] - Reed's three key takeaways.
[25:55] - The thing Reed enjoys most outside of work.

Quotes

[11:14] - "Each advisor has a slightly different approach to how they want to communicate with a client. And instead of saying, as a software company, 'No, you should do it our way.' We said, 'Well, we embrace that.' And we built an engine we called our abundance engine." ~ Reed Colley

[20:50] - "Working with great advisors and working on the things that are most important to them gives us the best fuel for our innovation to continue to build the platform in a way that is going to be incredibly impactful for them and their clients." ~ Reed Colley

[23:03] - "We love the idea of humanizing the wealth management space, unifying all this data, bringing it together, and then moving the space forward to where the advisors want the conversations to be, where their clients want the conversations to be, and connect everybody to their wealth to their values." ~ Reed Colley

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The Value of Adding Annuities to a Portfolio with Mark Paulson

Tue, 24 Oct 2023 07:00:00 -0000

Annuities have long been acknowledged as valuable financial instruments that provide the opportunity to effectively manage risks, making them a cornerstone in a well-rounded retirement strategy. By incorporating annuities into a portfolio, individuals can help mitigate their exposure, thereby enhancing their financial security.

In this episode, Jack talks with Mark Paulson, VP of Global Hedging Business Development at Allianz Investment Management U.S. LLC. In his role, Mark leads the development of global fixed index annuities, registered index-linked annuities, and fixed indexed universal life insurance businesses from a hedging perspective. He leads the interaction with global clients, translates client business goals into projects for the various Allianz Investment Management (AIM) hedging functions (strategy, systems, portfolio management, and trading), and oversees AIM hedging's involvement in global business development.

Mark talks with Jack about dynamic hedging strategies and the value of adding annuities to a portfolio. He discusses the concept of the efficient income frontier and how adding an annuity can shift this frontier, allowing for more efficient income generation in retirement. Mark emphasizes the importance of risk management and the need to shift the mindset from accumulation to decumulation when planning for retirement.

Key Takeaways

[01:03] - Mark's role at Allianz Investment Management U.S. LLC.
[05:46] - How Mark became knowledgeable in all things hedging.
[07:02] - Mark's role as an educator.
[10:42] - What the portfolio impact report is and how it works.
[13:41] - Changing the definition of risk and reward in retirement planning.
[18:09] - Mark's three key takeaways.
[19:28] - Mark's interests outside of work.

Quotes

[08:40] - "People who are familiar with annuities already understand the value of adding them to a client's portfolio." ~ Mark Paulson

[17:36] - "As we see this generational shift from baby boomers hitting their peak retirement years, the mindset needs to shift from accumulation to decumulation. And making some small tweaks to the efficient income frontier framework can change the mindset as to how we're looking at retirement." ~ Mark Paulson

[18:34] - "An annuity can really help manage a lot of risks. It can help reduce your exposure to longevity risk, reduce your exposure to inflation risk, and reduce your exposure to market returns and market shocks." ~ Mark Paulson

Disclosures

Products are issued by Allianz Life Insurance Company of North America, 5701 Golden Hills Drive, Minneapolis, MN 55416-1297. 800.542.5427. www.allianzlife.com. In New York, products are issued by Allianz Life Insurance Company of New York, 1633 Broadway, 42nd Floor, New York, NY 10019-7585. www.allianzlife.com/new-york Variable products are distributed by their affiliate, Allianz Life Financial Services, LLC, member FINRA, 5701 Golden Hills Drive, Minneapolis, MN 55416-1297. Only Allianz Life Insurance Company of New York is authorized to offer annuities and life insurance in the state of New York.

Allianz Investment Management U.S. LLC is a subsidiary of Allianz Life Insurance Company of North America and provides investment management and hedging services for the broader Allianz Group.

Allianz Life Insurance Company of North America is an investor in LifeYield, LLC.

For investment professional use only.

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Achieving Peace of Mind and Confidence in Retirement with Scott Stolz

Tue, 17 Oct 2023 07:00:00 -0000

As people reach their senior years, the support of a social security payment brings a sense of security and stability. People understand the tangible nature of this income and the reliability of its timely arrival. Yet, just beyond this familiar territory lies an opportunity for an enhanced sense of financial security – a supplement to the social security or pension check.

In this episode, Jack Sharry talks with Scott Stolz, Managing Director at iCapital. Scott has been in the annuity business for 40 years, making him one of the top authorities on annuities and retirement income planning. Over his career, he has run life insurance and annuity operations for three separate insurance companies and served as the President of Raymond James Insurance Group for over 15 years.

With an extensive background in the annuity and insurance industry, Scott talks to Jack about the challenges facing the annuity industry today, how annuity products fit into an overall portfolio, and how the industry can help advisors discuss annuities with clients.

Key Takeaways

[00:49] - An overview of iCapital and its role in the alternative investment space.
[03:13] - How Scott began his career in the annuity industry.
[04:40] - The challenges facing the annuity industry today.
[07:51] - Different types of annuity products and how they fit into an overall portfolio.
[09:46] - Where the industry is headed in terms of retirement.
[13:30] - How the industry can help advisors discuss annuities with clients.
[21:36] - Scott's three key takeaways.

Quotes

[05:07] - "Technology has come a long way in the annuity space. But the challenge is that every time there's a technology solution, there's another piece that needs to be done because of the regulatory part." ~ Scott Stolz

[13:59] - "People understand social security, the check that arrives. And if we can get clients to understand that what we're talking about is providing a supplement to their social security or pension, people will accept that." ~ Scott Stolz

[22:13] - "Try to look at annuity income and retirement as a means to make things simpler and a peace of mind and making sure that the check is there." ~ Scott Stolz

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The Power of Data and Analytics in Financial Services with Laura Varas

Tue, 10 Oct 2023 07:00:00 -0000

Markets thrive on the pulse of data, relying on its flow to maintain balance and informed choices. As data and analytics are catalysts driving the transformation and innovation of the financial landscape, companies that leverage comprehensive research and analysis are better positioned to drive growth and deliver exceptional value to their clients.

In this episode, Jack talks with Laura Varas, Founder and CEO of Hearts & Wallets, an independent research and benchmarking firm specializing in saving, investing, and financial advice. At Hearts & Wallets, Laura applies her experiences participating in markets worldwide to create stronger connections between financial solutions and consumer needs. She bridges the investing and marketing worlds with over 25 years of experience in retail finance, consumer packaged goods, and strategy consulting.

A thought leader who combines an in-depth knowledge of financial services with a proven ability to predict future trends, Laura talks with Jack about the importance of high-quality research in wealth management and how Hearts & Wallets' data has helped their clients achieve growth and success. Moreover, Laura describes their framework for identifying different financial advice options and how workplace and wealth intersect in the industry.

Key Takeaways

[01:07] - What Hearts & Wallets is all about.
[02:11] - Examples of how Hearts & Wallets has helped clients.
[05:08] - What high-quality research looks like in wealth management.
[08:00] - How Hearts & Wallets turns research findings into actionable insights.
[10:05] - A shift toward a solution-oriented approach in wealth management.
[14:49] - How clients use the Hearts & Wallets framework to understand financial advice options.
[20:09] - The convergence of workplace and wealth.
[21:56] - Laura's three key takeaways from the conversation.
[22:59] - Laura's passions and interests outside of work.

Quotes

[08:24] - "You've got to make things that solve actual problems in the ways that the people you're trying to help want them to be solved." ~ Laura Varas

[09:02] - "Being able to frame your solutions in terms of actual problems and position and price them in a way that makes sense enables people to buy them and your distribution partners to sell them more effectively." ~ Laura Varas

[22:05] - "Market information works. Markets need information to function. And when people and their firms have more information, it works better for them. And when consumers have more information, it works better for them." ~ Laura Varas

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The Legends of WealthTech with Edmond Walters

Tue, 03 Oct 2023 07:00:00 -0000

With an innovative approach to financial planning and a commitment to providing clients with a holistic and interactive experience, Edmond's journey is legendary. The genesis of his brainchild, eMoney, unveils a story of innovation, inspiration, and perseverance, illustrating how a groundbreaking idea can transform into a pioneering company. His journey from concept to industry-altering reality illuminates the boundless possibilities at the intersection of financial expertise and technological acumen.

In this episode, Jack talks with one of the legends in wealthtech, Edmond Walters, Founder and CEO at VillanovaTech. VillanovaTech is a next-generation financial planning experience for financial advisors to use alongside their clients. Edmond was the CEO and Founder of eMoney Advisors, going back to when financial planning tools took off as a crucial and critical driver in helping advisors help their clients make better decisions using the most up-to-date financial planning, guidance, and technology tools. InvestmentNews recently recognized Edmond as one of the "20 People Who Helped Shape the Financial Planning Industry."

Known for his innovative approach to financial planning and focus on delivering a holistic and interactive client experience, Edmond shares with Jack how the idea for eMoney came about and how he built the company from the ground up. He also talks about the evolution of the wealth management industry and how his innovations revolutionized financial planning. He emphasizes the importance of the advisor-client relationship and the role of technology in enhancing that relationship.

Key Takeaways

[01:24] - The origins of eMoney Advisor.
[06:00] - How eMoney has evolved to provide clients with a holistic service.
[09:30] - What the eMoney Client Vault is all about.
[11:48] - Edmond's philosophy on financial planning
[14:05] - Edmond's current work in advanced planning tools and interactive experiences.
[19:28] - Other projects Edmund is working on, including retirement and trust tools.
[21:04] - The work that Edmond is most proud of.
[22:52] - The things Edmond enjoys doing outside of work.

Quotes

[05:08] - "The advisor is the catalyst in the relationship and also the person that keeps you from making bad decisions. In bad markets, they're underpaid, and in good markets, they may be perceived as overpaid, but they're crucial in the relationship." ~ Edmond Walters

[10:54] - "Planning is about the experience you're delivering. It's not about the calculators. That's why it should never be a giveaway. The way the client interfaces with the advisor is the battleground, not the calculator." ~ Edmond Walters

[21:56] - "The thing I am most proud of is how many of the people that were with me at eMoney are so successful now at other companies. They were just kids when I hired them." ~ Edmond Walters

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The Legends of WealthTech with Roger Paradiso

Tue, 26 Sep 2023 07:00:00 -0000

Innovation has been a critical driver of progress in wealth management. As a result, various innovative investment strategies have emerged and been adopted. These vehicles offer customization, transparency, and flexibility, giving investors more control over their portfolios and aligning investments with their unique financial objectives.

In this episode, Jack talks with a legend in wealthtech, Roger Paradiso, Global Head of Product Solutions at Franklin Templeton and Executive Chairman of O'Shaughnessy Asset Management. With every merger, acquisition, and sale in the past 30 years, Roger has seen problems and changes as opportunities. In 2014, Roger was bestowed the Money Management Institute's Advisory Solutions Pioneer Award, and in 2016, the All-Star Achiever Award.

An advisory solutions industry leader with expertise in innovation, transformation, business enhancement, and strategy, Roger talks to Jack about how he created the concept of multiple-discipline accounts, commonly known as MDAs. Roger also shares how he moved the industry from mutual funds to separately managed accounts (SMAs) to multiple-discipline accounts (MDAs) to unified managed accounts (UMAs) and beyond.

Key Takeaways

[01:59] - Roger’s impact in developing separately managed accounts (SMAs).
[09:05] - The evolution of the multiple-discipline account (MDA).
[13:08] - How Roger's multiple-discipline account gained significant traction.
[19:15] - The transition from separately managed accounts to multi-discipline and unified managed accounts.
[23:50] - The creation of unified managed accounts (UMAs).
[29:01] - Franklin Templeton's efforts to fuel wealth management growth.
[34:27] - Roger's take on the future of wealth management.
[37:07] - Roger's three key takeaways from the conversation.
[38:57] - Surprising facts about Roger.

Quotes

[05:11] - "I remember, at the time, all the information was on the one hard drive of one computer. The problem they had was because all this information was on one hard drive, all the information was incorrect over time. They were not getting good information in, and thus they had bad information going out." ~ Roger Paradiso

[28:00] - "Franklin Templeton is now thinking about using technologies through acquisitions, deals, partnerships, or building ways we can continue to progress what the asset management industry looks like in the future." ~ Roger Paradiso

[38:13] - "If you hire the smartest, brightest people around you in every job function, you're going to continue to win and support everyone because it's all about the people." ~ Roger Paradiso

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Financial Wellness in the Workplace with Aaron Schumm

Tue, 19 Sep 2023 07:00:00 -0000

Retirement planning and wealth management are becoming synonymous with financial wellness. It encompasses not just monetary security but also the tools and knowledge to navigate the intricate pathways of personal finance. As financial wellness takes center stage in retirement planning, interwoven with coordination and strategic technology integration, advisors and individuals can maximize their financial outcomes and achieve long-term peace of mind.

In this episode, Jack talks with Aaron Schumm, Founder and CEO at Vestwell. Aaron founded Vestwell in 2016 to close the American savings gap by modernizing how individuals and small businesses save. Before Vestwell, Aaron co-founded FolioDynamix, which is now part of Envestnet. Aaron brings over 20 years of fintech and finserv experience from industry-leading companies, including Northern Trust, Citigroup, and Fiserv.

Dedicated to serving millions of undersaved Americans, Aaron talks to Jack about the vital role the workplace retirement business is playing in bringing on new investors, helping them with the tools and capabilities they need to make their retirement savings journeys as productive as possible, as well as showing them how to maximize their financial results and peace of mind.

Key Takeaways

[01:27] - How Vestwell addresses financial wellness in the workplace.
[06:19] - How Vestwell provides personalized recommendations for individuals.
[08:20] - What the future holds for integration and coordination in wealth management.
[12:46] - Vestwell's expansion of pooled and multiple employer solutions.
[13:47] - How Vestwell addresses the retirement needs of workers with multiple jobs and rollovers.
[16:11] - Exciting developments and plans for Vestwell.
[17:53] - Aaron's three key takeaways.
[19:52] - Aaron's interests and activities outside of work.

Quotes

[06:05] - "Our role is to help facilitate and guide that next best dollar and provide the experience to the end user that allows them to know what they're doing and how they can best optimize to save for their future." ~ Aaron Schumm

[18:11] - "Expanding into the workplace offering is a core anchor for anyone who wants to engage in a future wealth program." ~ Aaron Schumm

[18:24] - "The demand we're seeing on the financial wellness side, where people are just saying, ‘Hey, help me work through this or help me think through this and create an actionable result’, is really important. And the key is that last piece, making it actionable." ~ Aaron Schumm

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The AI Revolution in Wealth Management with Jud Mackrill

Tue, 12 Sep 2023 07:00:00 -0000

Finance and wealth management are rapidly evolving fields, and embracing artificial intelligence (AI) isn't just a choice. It's a transformative journey that promises to redefine how professionals conduct business. This technological leap isn't designed to replace human expertise but to elevate it, guiding individuals toward optimal capacities.

In this episode, Jack talks with Jud Mackrill, Co-Founder at Milemarker and General Partner at Mammoth. Jud has spent his career making technology and data more useful and accessible to financial advisors, their clients, and the firms they work with. He is well versed in helping companies dramatically increase value with his portfolio of experience as a founder, chief marketing officer, or consultant accompanying business exits or recapitalizations of over $1.9 billion.

Passionate about modernizing independent wealth management and helping make private investing more accessible and transparent, Jud talks to Jack about artificial intelligence (AI) in wealth management. He emphasizes the importance of embracing AI and incorporating it into our personal and professional lives. Jud also discusses the role of AI in data analysis and how it can automate processes, allowing financial advisors to focus on delivering personalized advice to their clients.

Key Takeaways

[01:22] - Jud's role at Milemarker and Mammoth and how he helps advisors and clients achieve better financial results.
[03:50] - The influence of AI on the financial advisory industry.
[05:23] - How AI impacts businesses in the future.
[09:01] - Jud's thoughts on how large companies can implement AI.
[13:30] - Why using AI benefits both advisor and client.
[15:48] - How AI can help advisors make more informed decisions for clients.
[18:54] - Jud's three key takeaways.
[21:46] - What Jud loves doing outside of work.

Quotes

[04:06] - "AI is the next way to work. We could put it on a platform or pedestal, and it's the next best thing ever. To some degree, it will redefine how work happens." ~ Jud Mackrill

[10:03] - "A lot of things are going to get automated. Not to replace jobs but to help people get to that continually highest and best use." ~ Jud Mackrill

[19:08] - "You need to make AI a part of your personal life and then a part of your work life. It will enhance your curiosity and understanding and ultimately transform your client and advisor experience." ~ Jud Mackrill

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The Longevity Revolution with Ken Dychtwald

Tue, 05 Sep 2023 07:00:00 -0000

The world is experiencing a profound demographic shift that is transforming how we think about aging. With people living longer and healthier lives, the traditional concept of old age is being redefined. The longevity revolution presents a unique opportunity for the financial services industry. As individuals seek guidance on how to fund their long lives and find purpose in their later years, financial advisors have the potential to make a profound impact on their clients' lives.

In this episode, Jack talks with Ken Dychtwald, Founder and CEO of Age Wave. In his memoir, Radical Curiosity, Ken examines the arc and legacy of his own life through stories, adventures, and encounters with many of the world's leaders and influencers to provide his keys to a meaningful, magical, and purposeful life.

A leading authority on longevity and how it's changing the world, Ken talks to Jack about the demographic shifts and the implications of the longevity revolution. He discusses Age Wave's recent study, "The New Age of Aging," which highlights the changing perceptions of old age and the desire for purpose and meaning in the later years of life.

Key Takeaways

[01:39] - What Ken's study, “The New Age of Aging”, is all about.
[03:27] - Ken's key takeaways from his study.
[08:53] - How purpose fits into retirement.
[13:54] - What Ken's book, Radical Curiosity, is about.
[17:54] - The value of curiosity and continuous learning throughout life.
[20:52] - The power of listening and storytelling as a financial advisor.
[23:51] - Ken's advice for the financial services industry.
[26:08] - What Ken enjoys doing outside of work.

Quotes

[02:31] - "What's happening all around us is that because we are having fewer kids, people are living longer, and the migration of the baby boom generation from youth to maturity, what we're seeing is the center of gravity of the world, America specifically in this study, is shifting and it's creating all sorts of changes." ~ Ken Dychtwald

[03:53] - "The need to help people make sense of how to fund a long life has never been more robust, and there probably has never been a better time to be in the financial services sector." ~ Ken Dychtwald

[25:05] - "We've got to learn how to save people's lives. We have to learn how to explain things in a way that they can understand without using financial jargon that nobody understands. And we have to learn how to let people know we care. Because at the end of the day, we're going through a rocky time in history, and people want someone in their corner who they know has their back."~ Ken Dychtwald

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Debunking Common Myths About Annuities with Thomas Buckingham

Tue, 29 Aug 2023 07:00:00 -0000

In retirement planning, annuity often raises mixed feelings among individuals. Some may shy away from it, while others might be skeptical due to misconceptions. But, it could be the missing puzzle piece to secure one's golden years. It bears striking similarities to cherished pillars of financial security such as social security and pensions, capturing the essence of a reliable and steady income stream during retirement.

In this episode, Jack talks with Thomas Buckingham, Chief Growth Officer at Nassau Financial Group. Tom joined the company as an actuarial assistant in 1999 and served in increasingly senior corporate, product development, and operational positions. In his current role, Tom is responsible for developing and executing Nassau's sales strategy for its insurance business, including all product development, distribution channels, marketing, branding, and leveraging digital tools to enable quick, easy, and simple sales.

With 25 years of innovative development, operations, and financial management responsibility, Tom discusses with Jack how Nassau Financial Group serves the middle market and mass affluent pre-retirees and retirees. He shares how the company incorporated technology into its solutions and what drives Nassau to partner with LifeYield to help clients with social security benefits.

Key Takeaways

[00:55] - Tom's role at Nassau Financial Group and how the firm serves the market.
[02:55] - A look at Tom's career journey in wealth management.
[07:13] - The benefits of annuities for retirees.
[11:17] - Nassau's business growth strategy.
[15:20] - What drives Nassau to partner with LifeYield?
[20:17] - Tom's three key takeaways.
[24:24] - The things Tom enjoys outside of work.

Quotes

[07:54] - "Annuity is not a four-letter word. If you look at it from a customer's perspective, they love social security and pensions. Annuity products can provide the same benefit." ~ Tom Buckingham

[16:49] - "For most individuals, the longer they can wait to delay social security, the more retirement security they can have. The additional benefits they will get provide much more of a safety net." ~ Tom Buckingham

[20:27] - "Annuities can and should play a key role in retirement for most individuals. And that's probably something they can't do on their own. So they should talk to a professional who can sell annuities and potentially other services." ~ Tom Buckingham

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About Nassau Financial Group

Based in Hartford, Connecticut, Nassau Financial Group is a growth focused and digitally enabled financial services company with three distinct and closely connected businesses: insurance, reinsurance, and asset management. Nassau was founded in 2015 and has $22.1 billion in assets under management, approximately $1.4 billion in total adjusted capital, and about 378,000 policies and contracts. Nassau fixed annuity products are issued by Nassau Life and Annuity Company (Hartford, CT) or Nassau Life Insurance Company (East Greenbush, NY), subsidiaries of Nassau Financial Group. For more information, visit nfg.com. BPD41472

Unlocking the Power of Marketing in Financial Services with John Wernz

Tue, 22 Aug 2023 07:00:00 -0000

Marketing in financial services has transitioned to being a strategic imperative. Financial firms are now recognizing the power of marketing to drive organic growth, capture new markets, and capitalize on untapped opportunities. As the industry explores the potential of marketing, they unearth the chances for exponential growth and enhanced brand recognition. The journey may have started later for financial services, but they are undeniably on their way to realizing the transformative potential of effective marketing.

In this episode, Jack talks with John Wernz, Executive in Residence at Great Hill Partners. John has spent over 20 years as a leader in financial services marketing with a specific focus on driving accountable organic growth. His work with firms like Fisher Investments and Wealth Enhancement Group has contributed to the fastest-growing and most successful players in the financial services sector. John is an investor and advisor to many Fintech firms, including LifeYield. Having led marketing for fast-growing financial firms for the last 20+ years, John experienced the power of showing a client tangible and holistic solutions.

A leader in brand storytelling and helping colleagues position themselves for success, John talks with Jack about marketing in financial services. He dives deeper into the importance of organic growth, how he creates effective marketing strategies, and his secret to staying on top of his marketing game.

Key Takeaways

[01:26] - How John started his marketing career.
[04:45] - How Datalign Advisory serves clients.
[06:44] - What makes Wealth Enhancement Group (WEG) a unique firm?
[09:16] - Why John's conversations are always centered around growth.
[11:55] - How John creates effective marketing strategies for wealth management firms.
[16:40] - John's secret to staying sharp in marketing.
[18:52] - How has marketing evolved in the RIA space?
[20:30] - John's three key takeaways.
[22:55] - John's favorite thing to do outside of work.

Quotes

[10:43] - "If you want to be a marketer and you want a seat at the head table, you have to be ROI driven. Otherwise, it's table stakes. And when you think of the RIA market, that is, programmatic, repeatable, systematic growth programs." ~ John Wernz

[12:39] - "One of the basic things for any well-differentiated product is your value proposition. Can you do something others can't do? Can you move the needle in a way that no one else is moving it?" ~ John Wernz

[20:58] - "Marketing is in its infancy in all financial services. So, it is a great time for all firms to look at their opportunities in this area. Financial services are a little late to the party, but they're getting there." ~ John Wernz

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The Tech Stack Revolution with Craig Iskowitz

Tue, 15 Aug 2023 07:00:00 -0000

In pursuing an optimized tech stack, wealth management firms are engaged in a relentless game of integrating and coordinating their operating systems. From sophisticated analytics tools to artificial intelligence-driven platforms, these advancements hold immense potential for both financial advisors and their clients. As the trend gains momentum, firms realize the need for comprehensive and strategic approaches to their technological infrastructure.

In this episode, Jack talks with Craig Iskowitz, Founder and CEO of Ezra Group, a strategy consulting firm providing technology and business advice to banks, broker-dealers, asset managers, private equity, and fintech firms. In addition to providing customized solutions to the wealth management industry, Craig publishes WTToday, a blog offering the latest insight on technology for wealth, asset, and investment management professionals. Craig also hosts the WealthTech Today podcast, where he discusses, dissects, and debates the latest news and trends in wealth management technology.

A business and technology strategy consultant, Craig talks to Jack about the latest trends in wealth management technology and the challenges that firms face in implementing new technology. He also shares his insights on the shift toward more advanced wealth management platforms and how the game is on for integrating and coordinating wealth advisor operating systems.

Key Takeaways

[01:21] - What makes up the Ezra Group?
[02:25] - Craig's backstory and experience in the wealthtech industry.
[04:14] - The impact of COVID on Ezra Group.
[07:41] - An introduction to Pershing's Wove platform.
[10:14] - Craig's advice for legacy firms with tech debt.
[11:19] - The trend toward more advanced wealth management platforms.
[15:03] - The importance of coordinated capabilities in improving user experience.
[17:25] - What the future holds for the wealthtech industry.
[21:07] - How the game is on for integrating and coordinating wealth advisor operating systems.
[22:12] - Craig's three key takeaways.
[26:23] - Craig's interests outside of work.

Quotes

[22:32] - "If you're an enterprise wealth management firm, we always recommend setting up an annual tech stack review. Get the stakeholders from across the company and go top to bottom through your tech stack." ~ Craig Iskowitz

[23:40] - "Most wealth management firms barely use 20% of the feature functionality of the software they're using. But they're paying for 100%." ~ Craig Iskowitz

[24:39] - "Do not put your private company data into ChatGPT or any other GPTs. If you let your internal company documents, spreadsheets, or even client PII paste into ChatGPT, they own that data and can use it to generate new content for someone else." ~ Craig Iskowitz

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Increasing Retirement Security with Neal Ringquist and Spencer Williams

Tue, 08 Aug 2023 07:00:00 -0000

In today’s mobile workforce, Americans are chasing new challenges, higher salaries, and better benefits by switching jobs. According to the Employee Benefit Research Institute (EBRI), the typical 401K plan participant will have 9.9 jobs throughout their professional journey, equating to approximately 14.8 million workers with retirement savings finding new jobs each year. While transitioning to a new role sounds appealing on paper, what happens to the 401K plan that employees spent so much time contributing to when they leave their former employer?

This week, Jack talks with Neal Ringquist, Chief Revenue Officer for Retirement Clearinghouse, and Spencer Williams, President and CEO, about increasing retirement security and ensuring that your previous 401K plan doesn’t get left behind. Auto portability is the routine, standardized and automated movement of an inactive participant’s retirement account from a former employer’s retirement plan to their active account in a new employer’s plan. Auto portability is a convenient choice for both employees and advisors because it preserves retirement savings automatically.

In this episode, Neal and Spencer talk to Jack about how auto portability benefits retirees and advisors alike, four major hurdles of auto portability, and the future of preserving retirement savings.

Key Takeaways

[01:37] - What sparked the creation of Retirement Clearinghouse and how did it turn into Portability Services Network?
[04:29] - What is auto portability?
[07:20] - What are the major hurdles of auto portability?
[11:54] - Why did industry players come together to support auto portability?
[14:22] - When will auto portability become the norm?
[18:10] - Where does Neal see auto portability going over time?
[20:16] - The convergence of workplace and wealth.
[24:20] - Spencer’s key takeaways.
[25:31] - Neal’s key takeaways.
[27:07] - Spencer and Neal’s hobbies outside of work.

Quotes

[19:12] - “The network effect, over time, can be huge and can be leverageable to solve many problems beyond the portability issue.” ~ Neal Ringquist

[21:29] - “If you think about the benefits down the road from an industry perspective, there shouldn't be an advisor on the planet who is against auto portability. It simply creates better customers for them later, and they don't have to lift a finger.” ~ Spencer Williams

[24:26] - “Create an infrastructure that enables the free flow of a worker's savings to follow them to their new employer plan. With the right communication, it’ll just happen automatically. Otherwise, there’s no compounding, there’s no advantage in investing in the U.S. economy.” ~ Spencer Williams

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Annuities Made Smarter, Faster, and Better with Rich Romano

Tue, 01 Aug 2023 07:00:00 -0000

The evolution of annuities within the wealth management advisory space exemplifies a commitment to elevating the client experience. Through technological advancements, data analysis, and streamlined processes, annuities have emerged as an essential building block in portfolios. This transformation not only benefits clients but also empowers financial advisors to deliver comprehensive and fiduciary-guided solutions that truly align with their client's best interests.

In this episode, Jack talks with Rich Romano, Chief Executive Officer and Co-Founder of FIDx. In his role, Rich is responsible for the company's strategy, vision, and growth. With 30 years of financial services consulting experience and expertise in the brokerage and insurance industries, Rich has built and managed IT consultancies and provided enterprise consulting services and subject matter expertise to the industry leaders in insurance, retirement, and asset management.

Passionate about helping advisors deliver better outcomes to their clients, Rich talks about the motivation behind the FIDx foundation, how FIDx's partnership with other investment platforms plays out, and how annuities can be made smarter, faster, and better.

Key Takeaways

[01:01] - The motivation behind the FIDx foundation.
[02:56] - FIDx and Envestnet partnership.
[04:20] - The story behind the creation of FIDx.
[06:29] - How FIDx's partnership with other investment platforms plays out.
[08:04] - Why FIDx and SIMON Markets make a great combination.
[11:23] - What the future holds for annuities.
[13:38] - How FIDx develops its service model framework.
[17:44] - Rich's outlook for the wealth management industry over the next few years.
[20:40] - Rich's three key takeaways.
[21:38] - The things Rich enjoys outside of work.

Quotes

[01:19] - "End clients should have access to every product and service that will let them achieve their goals, handle generational planning, and take care of all of their needs." ~ Rich Romano

[17:32] - "The industry has moved to understand that you couldn't just take a commission-based annuity, strip off the commission and say you have a fee-based annuity. It has to act and feel like a very fiduciary-managed product." ~ Rich Romano

[20:45] - "We're making everything smarter, faster, and better. So we are simplifying access and making access consistent to annuities inside the wealth management advisory space, minimizing and eliminating errors, and accelerating processes." ~ Rich Romano

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How Collaboration Drives Innovation with Denise Wypiszenski

Tue, 25 Jul 2023 07:00:00 -0000

Financial services have seen connectivity and collaboration emerge as game-changers, transforming the way advisors engage with valuable resources and reshaping their practices. Contrary to popular belief, it became evident that technology itself was not the sole innovation; instead, the art of collaboration stood as the true catalyst for change. This revelation shifted the focus from a mere pursuit of technological prowess to a quest for a seamless and collaborative connection between financial professionals and their clients.

In this episode, Jack talks with Denise Wypiszenski, Founder & Co-CEO of 4U, the financial services industry's first real-time digital partnership platform for investment and wealth management firms. In her role, Denise leads business development and partner success for the company. Inspired by transformational technology platforms like Amazon and Netflix, Denise and the 4U team have created a digital engagement and analytics platform -- an industry-wide technology solution to the age-old industry problem of billions spent. Too much noise. Too little engagement.

Having an understanding of the challenges and untapped opportunities within the financial services industry, Denise talks with Jack about the power of the 4U platform, why collaboration is the future of financial services, and how 4U guides some of its investment companies.

Key Takeaways

[01:23] - What 4U is all about.
[02:58] - The power of 4U Engage.
[06:40] - What Denise and her team did to build 4U.
[08:54] - What the 4U business model looks like.
[09:49] - The story of how 4U started.
[11:25] - The key to 4U's success.
[14:35] - Why collaboration is the future of wealth management.
[15:26]- Where 4U is at this point in their journey.
[18:11] - How 4U sustains collaboration with clients.
[21:53] - What 4U has in store for the future.
[23:47] - How 4U guides some of its investment companies.
[25:59] - Denise's four key takeaways.
[27:52] - Denise's passions and interests outside of work.

Quotes

[05:31] - "We know at 4U that advisors engage with value-add content two times more than product content. That's just one tidbit where never before have wealth management home offices had that purview across all of their advisors about what product and marketing resources are important to them. They do now." ~ Denise Wypiszenski

[12:05] - "We continued to talk to people and take their feedback. It's interesting because it sounds like technology isn't our innovation, the collaboration is the innovation." ~ Denise Wypiszenski

[24:26] - "We keep showing these investment companies that they keep submitting product content. Yet what advisors are searching for is predominantly practice management, value add type content. So, there's this definite disconnect. It's not about more content. It's about the right content." ~ Denise Wypiszenski

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Creating a Meaningful and Fulfilling Retirement with Lena Haas and Ken Dychtwald

Tue, 18 Jul 2023 07:00:00 -0000

Retirement is no longer considered an endpoint but rather a gateway to a new chapter brimming with purpose. Gone are the days when it was synonymous with endless leisure and idle relaxation. Today's retirees and pre-retirees are embracing a paradigm shift where health, family, purpose, and finances are the cornerstones for a thriving retirement.

In this episode, Jack Sharry talks with Lena Haas, General Partner and Head of Wealth Management Advice and Solutions at Edward Jones, and Ken Dychtwald, Founder and CEO of Age Wave. Lena is passionate about helping individuals make smart financial decisions that better their lives. She aims to help millions of clients and their families understand lifelong behaviors for financial success, develop and follow a personal plan, and invest their hard-earned money for the most impact. Ken Dychtwald is a renowned psychologist, gerontologist, researcher, speaker, and best-selling author. He has received the distinguished American Society on Aging Award twice for outstanding national leadership.

Lena and Ken talk to Jack about the new research Edward Jones has released, Resilient Choices — Trade-Offs, Adjustments, and Course Corrections to Thrive in Retirement. This study examines the key findings around how Americans overwhelmingly see course corrections as essential to thriving retirement as they move from full-time work and consider what Edward Jones calls the pillars of the new retirement — health, family, purpose, and finances.

Key Takeaways

[02:13] - The role Lena and Ken play at Edward Jones.
[04:06] - What Edward Jones' age wave research, Resilient Choices, reveals.
[05:37] - Health
[06:29] - Family
[08:06] - Purpose
[09:10] - Finances
[10:43] - Ken's thoughts on Edward Jones' research.
[14:55] - How Edward Jones recognizes the need to educate women about investing.
[16:36] - What Edward Jones means by cannonballs, curve balls, and windfalls in the new retirement.
[20:40] - Ken's take on creating a more productive and satisfying client and advisor experience.
[24:00] - How Edward Jones builds the infrastructure to provide holistic advice.
[26:09] - How Edward Jones provides tools and processes that resonate with financial advisors.
[28:44] - What Ken has to say about the people at Edward Jones.
[31:04] - Lena's key takeaways.
[33:27] - Ken's key takeaways.
[35:21] - What Lena loves to do outside of work.
[36:07] - Ken's interests outside of work.

Quotes

[04:44] - "Our study shows that when today's retirees and pre-retirees feel that they're getting derailed across any of the four pillars of retirement, they are willing to take action. They have a huge appetite for making trade-offs, making adjustments, and getting educated about the right course corrections." ~ Lena Haas

[31:24] - "Retirees and pre-retirees are looking at what it means to be successful in retirement and in life differently. For them, success is not about having lots of time for leisure. It's truly about thriving across all four pillars of health, family, purpose, and finances." ~ Lena Haas

[33:36] - "I was troubled that so many people have not learned the basics of personal finance management. And we see people in their forties, fifties, and sixties manifesting an absence of good training." ~ Ken Dychtwald

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The Legends of WealthTech with Len Reinhart and Jim Seuffert

Tue, 11 Jul 2023 07:00:00 -0000

Pioneers in financial technology have reshaped the industry with their visionary ideas and relentless dedication. Among these legends of wealthtech, Len Reinhart, President of Reinhart Consulting Group, and Jim Seuffert, Former Chairman of the Board of Envestnet Institute on Campus, stand tall. They revolutionized fee-based investment management. Len and Jim embarked on a mission that changed how wealth management was perceived.

In this episode, Jack talks with Len and Jim, who were co-founders of Lockwood Advisors. Lockwood was the first investment advisory firm to provide a turnkey investment consulting platform to independent broker-dealers, consultants, investment advisors, and financial planners. Len and Jim were early-stage developers and promoters of this newfangled way of doing business called “managed accounts or managed money”, now called “advisory”. They were among the first folks who came up with the idea of charging an advisory fee rather than a commission. In 2003, Len and Jim joined forces with Pershing to form one of the industry's largest providers of managed account solutions to financial organizations and registered investment advisors for a discussion.

As legends of wealthtech, Len and Jim talk about how they developed and promoted fee-based investment management from the ground up. They also share their thoughts on the future of managed money, their advice for future leaders in the industry, and the work they are most proud of.

Key Takeaways

[02:23] - How Len became head of the world's largest money management company.
[04:37] - Jim's story of how he got into wealth management.
[07:51] - The evolution of fee-based business.
[12:25] - The beginning of Jim's wealth management career.
[18:45] - How Len and Jim built a firm from the ground up.
[22:22] - How Len and Jim are part of the evolution of independent advisory services.
[27:01] - The results Len and Jim achieved in the early part of their business.
[30:19] - Len and Jim's experience working with Pershing.
[33:26] - Among the work Len is most proud of.
[36:47] - Len's thoughts on the future of managed money.
[39:20] - Jim's advice for future wealth management leaders.
[42:47] - What Len and Jim do in retirement that they enjoy and are passionate about.

Quotes

[08:29] - "No one understood what we did over the years when we found our business. We kept merging and merging or getting bought. But nobody knew what we were doing. No one understood what this fee-based business was." ~ Len Reinhart

[21:00] - "We learned how hard it was to recruit brokers, and we didn't have money to give them. So, we changed how and who we were targeting and switched to independent advisors with whom it was so much easier to do business." ~ Len Reinhart

23:44 - "If you're doing the right thing for the client and being as honest and transparent as possible, the next thing you know, you are training hundreds and hundreds of advisors at a time." ~ Jim Seuffert

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Tax-Efficient Investing System for High-Earning Millennials and Gen Z with David Hegarty

Tue, 27 Jun 2023 07:00:00 -0000

For high-earning millennials and Gen Z, financial success often comes hand in hand with a perplexing challenge — how to make the most of their income. With their eyes set on the future, they know that making smart choices can make their hard-earned money work for them. By harnessing the power of a tax-efficient investment system, this young and savvy generation can pave the way toward a future with financial security, opportunity, and the freedom to live life on their own terms.

In this episode, Jack talks with David Hegarty, Founder & CEO of Playbook, the app for growing money with tax advantages and automation. From his own experiences, David realized that higher-earning millennials and Gen Z earn good money but need to figure out what to do with it. These younger generations also recognize a gap in their financial knowledge and understand that taxes are important to a financial plan. David created Playbook to help this group of individuals automatically put their money in the right places and pay fewer taxes legally.

Recognizing that money stuff can feel hard for most young investors, David talks about why Playbook chose to serve higher-earning millennials and Gen Z, the discoveries David made while building the app, and what Playbook solutions look like.

Key Takeaways

[01:03] - What Playbook is all about.
[04:06] - Why Playbook chose to serve higher-earning millennials and Gen Z.
[06:39] - How Playbook has evolved over time.
[09:33] - The discoveries David made while building Playbook.
[12:17] - What Playbook solutions look like.
[17:29] - Why taxes are the biggest expense investors incur.
[21:05] - How David's daughter nailed Playbook's social media campaign.
[23:11] - What's next for Playbook.
[26:34] - The heart of financial services.
[28:40] - David's three key takeaways.
[31:03] - What David enjoys doing outside of work.

Quotes

[01:24] - "It's hard to beat the market, but it's easy to beat the tax man. And the best way to build wealth is not to overpay the taxes on your investments." ~ David Hegarty

[19:16] - "There are two things certain in life — death and taxes. So it's really important to figure out how to minimize the taxes you pay." ~ David Hegarty

[30:23] - "The option to retire early doesn't mean that you will necessarily retire. But when you have the option to retire, that's when you are fully empowered. That's when you have freedom." ~ David Hegarty

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Simplifying Private Investments Through Technology with Steve Zuschin

Tue, 20 Jun 2023 07:00:00 -0000

As the demand for private investments continues to rise, bridging the gap between technology and client servicing has become essential. However, the current state of technology in this industry remains fragmented, hindering the realization of a truly streamlined and efficient process. How can advisors break the barrier to unlocking opportunities in private investing?

In this episode, Jack talks with Steve Zuschin, Chief Revenue Officer at Mammoth Technology. Steve has experience in sales leadership and business development with a demonstrated history of success in FinTech and financial services. He is skilled in executive leadership, team building, strategy, sales management, project management, and collaboration.

A contributor to many big-name firms in wealth management, Steve talks about what led to the creation of Mammoth Technology and how the firm delivers seamless client experience through technology and makes private investments easier for investors.

Key Takeaways

[01:03] - The value Mammoth Technology provides to investors.
[02:07] - What led to the creation of Mammoth Technology?
[06:52] - What sets Mammoth apart from other investment platforms?
[08:49] - A fascinating story about Steve getting into financial services.
[12:09] - An overview of Steve's professional career.
[15:24] - Steve's work at LifeYield that he is proud of.
[17:23] - What it's like to build a unified managed household for big-name firms.
[20:14] - What the future looks like for the financial services industry.
[23:45] - Steve's key takeaways.
[24:22] - What Steve likes to do outside of work.

Quotes

[04:18] - "The technology to improve the experience of helping service clients who have made private investments is so fragmented. At Mammoth, we understand the technology they use, the hurdles they face, and the fiduciary model. If we bring all that together and offer a better experience, we can provide tremendous value and clarity to something that's been rather opaque." ~ Steve Zuschin

[21:14] - "Twenty years ago, if you wanted to invest in large-cap equity in the United States, 70 or 80% were available on public markets. Today it's less than 10%. So, to have true diversification and to be invested in those markets, you have to go the private route." ~ Steve Zuschin

[23:56] - "The advisor-client relationship should be at the center of every financial decision today. At Mammoth Technology, we're designing a tool to sit at the crossroads of advice in private investing. And we believe that every interaction should build trust and create a delightful experience." ~ Steve Zuschin

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Five Key Wealth and Investment Management Industry Trends with Chip Roame

Tue, 13 Jun 2023 07:00:00 -0000

Conferences are a wonderful way to expand your network, explore industry trends, and enhance your skills. The most natural networking is hard to replicate over Zoom. It is the small talk in between speaker sessions, quick chats while refilling coffee, or conversations happening in the hallways.

This week, Jack speaks with Chip Roame, Founder and Managing Partner of Tiburon Strategic Advisors, about the bi-annual Tiburon CEO Summit. This exclusive event allows executive-level clients to discuss a myriad of topics in the wealth and investment management world.

In this episode, Chip talks to Jack about the evolution of target markets, offerings, distribution channels, tactics, and industry structure across wealth management and investment businesses.

Key Takeaways

[01:45] - Key themes at the Tiburon CEO Summit.
[02:25] - How target markets are evolving.
[03:05] - How offerings (products and services) are evolving.
[05:15] - How distribution channels are evolving.
[06:35] - How Morgan Stanley rose to prominence as a distribution channel.
[07:50] - How tactics (marketing, lead generation, technology) are evolving.
[11:29] - How technology is evolving (personalization, AI, virtual delivery).
[12:44] - How the industry structure is evolving.
[16:35] - How firms are adapting to the learning curve.
[17:22] - Key takeaways from the conference.
[19:17] - What the Tiburon CEO Summit looks like.

Quotes

[08:02] - “The old methods have died. These models are not scalable. The scalable models appear to be paid lead gen, digital marketing of all forms, and the workplace.” ~ Chip Roame

[09:18] - “We need to move away from our opinions sometimes and look at the data. Schwab, Fidelity, Morgan Stanley, and Vanguard are getting the flow. What are they doing is the question.” ~ Chip Roame

[18:31] - “COVID has lessened the need for local proximity. Now your advisor can be anywhere, and you can work on Zoom, and that’s perfectly fine. That changes the game quite a bit.” ~ Chip Roame

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Leveling up Financial Benefits in the Workplace with Brian McDonald

Tue, 06 Jun 2023 07:00:00 -0000

Businesses are often focused on client retention, but employee retention is equally as important. In order to retain top talent, employers need to support employees' financial needs and offer them holistic financial benefits, regardless of their stage of life or current career trajectory.

Brian McDonald, Head of Morgan Stanley at Work, is committed to bringing employees comprehensive solutions that give them financial security and confidence. His mission is also to help employers invest in and retain their top talent. Morgan Stanley has been a key player guiding businesses for over 85 years, but their customized solutions have recently reached the next level through guidance, education, and technology.

This week, Brian talks to Jack about Morgan Stanley’s wealth management strategy, why employees are seeking holistic financial benefits, and what’s next for Brian and Morgan Stanley.

Key Takeaways

[01:24] - An overview of Morgan Stanley’s wealth management strategy.
[03:15] - What differentiates Morgan Stanley from its competitors?
[04:28] - What Brian is working on at Morgan Stanley.
[14:08] - Brian’s experience building the infrastructure of comprehensive workplace business.
[20:36] - Morgan Stanley’s involvement in the private markets landscape.
[24:40] - What’s next for Morgan Stanley?
[29:07] - Brian’s key takeaways.
[30:37] - How Brian spends his time outside of work.

Quotes

[03:20] - “We believe what differentiates us from our competitors is we have the intellectual capital, our product suite, an offering with the ability to do alts, all the way down now to the self-directed investor that might just be getting started.” ~ Brian McDonald

[21:23] - “Private market clients are staying private for about 12 years now, which used to be two or three years just 10 years ago. Because of that, they still have to attract and retain talent. One way you need to do that is to be able to provide liquidity to those employees that you have on staff, as well as your investors.” ~ Brian McDonald

[29:11] - “The workplace is the key story to watch over the next five years in wealth management, in the industry at large, and certainly within Morgan Stanley.” ~ Brian McDonald

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Democratizing Financial Advice with Yaqub Ahmed

Tue, 30 May 2023 07:00:00 -0000

Financial advice plays a key role in making informed decisions about how to meet your current needs and how to reach your long-term goals, but most U.S. workers don’t have access to this type of information. Without proper guidance to navigate complex financial decisions, U.S. workers risk making uneducated decisions that could negatively impact their financial well-being for years to come. Is there a way to make financial advice accessible to everyone, not just affluent Americans?

This week, Jack talks with Yaqub Ahmed, Head of U.S. Investment-Only at Franklin Templeton about the democratization of financial advice. With over 25 years of experience in financial services, Yaqub is an expert in strategic partnerships, M&A, fintech, and regulation in the U.S. retirement and insurance markets. Jack and Yaqub discuss how Yaqub’s role fits into Franklin Templeton’s overarching strategy, how Franklin Templeton became involved in the financial advice industry, and why Franklin Templeton has prioritized collaboration with other businesses.

In this episode, Yaqub talks to Jack about the financial advice gap that plagues the wealth management industry, Franklin Templeton’s goal to democratize financial advice for underserved markets, and the role of strategic alliances in driving this mission.

Key Takeaways

[02:06] - An update on what’s happening at Franklin Templeton.
[03:30] - What areas Franklin Templeton focuses on.
[08:11] - How Yaqub’s business fits into Franklin Templeton’s overarching strategy.
[12:43] - How Franklin Templeton fits into the financial advice business.
[17:03] - How Franklin Templeton’s holistic approach works.
[21:02] - Franklin Templeton’s focus on strategic partnerships and collaboration.
[21:29] - Yaqub’s key takeaways.
[23:14] - What does Yaqub do with his free time?

Quotes

[02:44] - “The industry's obviously changing very, very fast. Franklin, I think, is staying way ahead of that and identifying blind spots, but also identifying areas of opportunity just from a sizing and scales perspective.” ~ Yaqub Ahmed

[08:31] - “We're solving some of the biggest financial planning needs for U.S. workers or households and individuals across wealth management. And those goals are saving for retirement, saving for education, and protecting those savings as well.” ~ Yaqub Ahmed

[11:18] - “It's the top 5% of wealth in the U.S. that wealth managers are attracted to because that's where the money is. But there's a major advice gap with this mass underserved marketplace. And we need to find a way to get advice to them and make sure that advice is informed with data.” ~ Yaqub Ahmed

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Reframing the Client-Advisor Relationship with Matt Belnap

Tue, 23 May 2023 07:00:00 -0000

According to Cerulli’s research, “22% of wealth managers said consolidating to a unified managed household (UMH) is a significant priority, with half reporting it as a moderate priority for their firm moving forward.” This discovery is aligned with wealth managers shifting away from transactional brokerage relationships and prioritizing fee-based assets. The Unified Managed Household (UMH) goes further than the Unified Managed Account (UMA), which aggregates accounts at an individual level. The UMH takes into account not only the client's financial situation but also that of their entire household.

This week, Jack Sharry talks with Matt Belnap, Associate Director of Retail Distribution at Cerulli Associates, about the latest research in household-level management. Cerulli is a financial services industry leader providing market intelligence and strategic business recommendations. Matt is involved in the development of research across various aspects of retail financial services, including wealth management, managed accounts, and product development. He is involved in creating nine Cerulli reports spanning three research practices and oversees The Cerulli Edge—U.S. Advisor quarterly publication.

In this episode, Matt talks with Jack about key challenges managed account sponsors face, why clients should seek more holistic financial advice, and why the household-level approach will take time.

Key Takeaways

[01:18] - What does the research show about unified managed households?
[03:42] - Cerulli’s research philosophy.
[07:57] - Key challenges managed account sponsors face.
[11:53] - Points of entry for account openings.
[16:03] - What will progress look like?
[20:35] - What will it take for clients to seek more holistic advice?
[23:57] - The power of tax-deferred.
[25:25] - Matt’s key takeaways.
[27:33] - How Matt spends his time outside of work.

Quotes

[06:11] - “It’s a complete reframing of the advisor-client relationship, and it’s something that is going to be pretty important for these advisors as they look to differentiate their practices going forward.” ~ Matt Belnap

[20:39] “I think there's questions for some of the firms that haven't begun anything yet of, ‘Where do we start? How do we even begin to begin? To move into doing something like this? How do you eat an elephant? One bite at a time, but where does that first bite go?’ And I think that’s something that a lot of firms are grappling with in terms of, ‘how does this happen?’” ~ Matt Belnap

[26:56] - “Don't wait for the perfect time to completely flip to a household-level approach because it's not going to be there. It’s going to have to be piece by piece.” ~ Matt Belnap

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The Legends of WealthTech with John Thiel, John Connors, and Rich Aneser

Tue, 16 May 2023 07:00:00 -0000

The wealth management industry has changed tremendously over the last 20 years, and it’s difficult to remember that what we now consider the norm developed over time. Merrill Lynch’s shift towards goal-based wealth management transformed the industry and moved beyond a narrow focus on ROI. This new approach better-served clients by prioritizing their actual goals such as supporting family members, buying homes, or securing a comfortable retirement. The firm gained a substantial edge in an industry characterized by uniformity.

The people behind this approach are three wealthtech legends: John Thiel, Executive Advisor and Board Director and former Head of Merrill Lynch Wealth Management, Rich Aneser, Chief Strategy Officer at Envestnet, and John Connors, CEO and Co-Founder of Boathouse. The three discuss their tactics to shift advisors' perspectives in an industry averse to change.

In this episode, the three guests talk with Jack about how Total Merrill got started, how they successfully shifted advisors’ perspectives, and the challenges of building a business in the wealth management space.

Key Takeaways

[02:28] - How Total Merrill got started.
[07:02] - The challenges of building a business in a well-established industry.
[10:03] - How Rich deployed marketing in a meaningful way.
[12:35] - How John Connors built Total Merrill’s strategy.
[17:08] - James Gorman’s bright idea.
[22:35] - Tactics used to shift advisors' perspectives.
[25:26] - How to get people behind embracing a new business strategy.
[33:16] - What John Thiel, Rich Aneser, and John Connor are most proud of.
[42:22] - John Thiel, Rich Aneser, and John Connor’s key takeaways.

Quotes

[42:22] - “People really want to do something with their money. Their performance is important, but it's only in the context of what they're trying to accomplish. We have to continue to leverage technology capabilities that can better understand risk, especially as things evolve.” ~John Thiel

[43:33] - “You can only be a part of something really extraordinary when you're with an extraordinary group of people working towards the same end, and it never gets done alone.” ~ Rich Aneser

[44:02] - “There's a lot of incrementalism in today's world, and a lot of people play it conservative and safe. The boldness that the Merrill team exhibited to put the client's interest first to make a big move, to try and change the game. There's not as many opportunities to change the game anymore.” ~ John Connors

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Leveraging Innovation with Brian Moran

Tue, 09 May 2023 07:00:00 -0000

Innovation is often accompanied by a fear of failing, and many industry leaders perceive change as a threat rather than an opportunity for progress. This is especially true of the asset and wealth management industries, which are both rooted in tradition and predictability. So what happens when a company serving asset managers, wealth managers, and financial advisors adopts new approaches and leverages innovation?

This week, Jack talks with Brian Moran, Founder and CEO of FLX Networks. Brian launched FLX Networks in December 2019 to modernize and simplify the asset and wealth management industries, delivering a holistic one-stop destination to drive more meaningful and effective engagement. Prior to FLX, Brian led financial teams at Neuberger Berman and AMG, resulting in over $100 billion in sales. With 20+ years of experience in various roles in wholesaling, national accounts, and sales management, Brian brings a broad perspective to the distribution ecosystem.

In this episode, Brian talks to Jack about the lessons he learned from building his own business, the problems wealth managers face today, and what drives FLX Networks’ success.

Key Takeaways

[01:16] - How Brian ended up where he is today.
[04:41] - Brian’s business inspiration, evolution, and implementation.
[07:28] - An overview of Brian’s business model.
[09:44] - What is FLX Networks’ goal?
[12:05] - What FLX Networks looks like in practice.
[17:17] - Lessons Brian learned from building his own business.
[18:28] - What makes FLX Networks successful, even during a pandemic?
[22:40] - Brian’s key takeaways.
[23:54] - How Brian spends his time outside of work.

Quotes

[17:31] - “You've got to be so tenacious, persistent, passionate, and confident that what you're building is going to help others and relieve pain points, or help people capitalize on opportunities. You can’t ever let that down.” ~ Brian Moran

[18:28] - “I think what really does make us different and what has made us successful is we're operators. We're not academics. We're not technologists. I think we need to have all of those, but we're operators who understand this space.” ~ Brian Moran

[22:50] - “Leverage innovation. Don't run from it. Similar to how the calculator replaced long division on paper, leverage innovation so that you can become more productive with your time.” ~ Brian Moran

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Driving Disruption in the Insurance Industry with David Lau

Tue, 02 May 2023 07:00:00 -0000

Comfort is the enemy of progress, especially in business. Adapting to new models and driving change is frightening, due to fear and risk of failure. Some industries are better than others at embracing disruption, but the insurance industry often needs to catch up. When systems are working well enough, not everyone sees value in taking a different approach. Change may be uneasy, but it also brings the possibility to improve, grow, and advance.

This week, Jack talks with David Lau, Founder and Chief Executive Officer of DPL Financial Partners about disrupting the insurance industry. David has been an innovator for every business he has built, with extensive experience dating back to his role as the Chief Marketing Officer of E*Trade Bank, and its predecessor TeleBank. David has been at the forefront of developing products, platforms, and distribution systems that allow RIAs to implement commission-free annuities into their clients’ portfolios.

In this episode, David talks to Jack about how DPL drives change in the insurance industry by offering commission-free annuities. They discuss how annuities can enhance outcomes, which mistakes financial advisors should avoid with their clients, and where David sees the industry going.

Key Takeaways

[01:36] - An introduction to David.
[05:53] - What does DPL Financial Partners do?
[08:23] - The powerful combination of technology and human interaction.
[10:38] - How annuities can enhance outcomes.
[14:39] - An exciting project David is working on.
[19:28] - Why retirees seek stability.
[23:27] - David’s predictions for the future of the industry.
[27:17] - How David spends his time outside of work.

Quotes

[04:48] - “It's easy to become beholden to your existing distribution, but anybody could see that the way the world was going and continues to go, is away from commissions and towards fees.” ~ David Lau

[09:14] - “The ultimate value proposition we're delivering to an RIA is we're giving you the ability to grow. We're gonna help you bring in held-away assets. We're going to help you get more wallet share. We're gonna help you attract new customers.” ~ David Lau

[14:28] - “We’re solving problems, not selling products.” ~ David Lau

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How to Build a Unique Client Experience with Douglas Fritz

Tue, 25 Apr 2023 07:00:00 -0000

Satisfied customers are the foundation of any successful business. Keeping customers satisfied means that every interaction must be positive, from the first contact to closing a deal. Positive client experiences build loyalty and retention, while negative client experiences damage a company’s reputation. By prioritizing the client experience, companies differentiate themselves in a crowded marketplace.

This week, Jack talks with Douglas Fritz, Founder and CEO of F2 Strategy. With experience in improving financial outcomes for clients and advisors, Doug has led F2 Strategy's outsourced CTO business model and strategy consulting services. Notably, he was awarded the 2021 ThinkAdvisor Thought Leader Luminary Award for his contributions to the field.

In this episode, Doug talks to Jack about the significance of decision-making and strategy in establishing and sustaining a successful, unique client experience. They discuss what inspired Doug to create F2, how to avoid a disjointed client journey, and Doug’s predictions for the future of the wealthtech industry.

Key Takeaways

[01:23] - Doug’s background and the formation of F2.
[03:37] - The role of decision-making in F2’s strategy.
[09:19] - Connecting trends and products in wealth and technology.
[13:36] - How to enhance the client journey.
[16:50] - Why clients choose to work with you.
[19:18] - The power of strategy.
[21:15] - Doug’s predictions for F2 and the wealthtech industry.
[27:08] - Doug’s key takeaways.
[28:33] - How Doug spends his time outside of work.

Quotes

[04:07] - “Really good decisions start with knowing yourself, knowing who you are as a firm, and what your strengths are.” ~ Douglas Fritz

[19:48] - “Depending on where you are in the firm, what you believe is broken is almost always different.” ~ Douglas Fritz

[27:29] - “If you're not already thinking about or bringing your data together and really building a useful set of owned data, your future is based on that. If you plan to be in business in 10 years, you’ve got to start working on that right now.” ~ Douglas Fritz

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Elevating Trust and Credibility with Mike Saunders

Tue, 18 Apr 2023 07:00:00 -0000

In today's competitive business landscape, it feels daunting and nearly impossible to gain the attention of prospects. Everyone is selling something, and potential clients are inundated with marketing messaging that all blurs together. It’s no longer enough to have a website, write a blog post, or have a social media presence. How can you stand out in the sea of sameness?

Mike Saunders, President and CEO of Marketing Huddle is committed to positioning his clients as authorities in the financial services industry to gain their trust and credibility organically. Far too often, salespeople push too hard for a sale and end up losing prospects in the process. By becoming an educator and advocate in your target audience’s industry, you establish authority with your clients and stand out against your competitors.

In this episode, Mike talks to Jack about how to amplify your marketing message, elevate trust, and gain credibility with advisor clients.

Key Takeaways

[01:51] - How Mike helps his advisor clients differentiate themselves.
[05:52] - How to amplify a firm’s message.
[11:25] - How to establish authority and credibility.
[14:08] - How Mike teaches and implements authority positioning.
[17:27] - How Mike helps advisors build trust.
[19:53] - Where Mike envisions the industry going.
[21:48] - Mike’s key takeaways.
[22:51] - Mike’s passions outside of work.

Quotes

[08:35] - When we become an educator and an advocate for our target audience, trust is increased because they see you as that expert, not as some pushy salesperson.” ~ Mike Saunders

[12:25] - “People like to buy, but they don’t like to be sold.” ~ Mike Saunders

[18:28] - “It takes five to seven to 10 times more money to get a new client than to maintain your current clients. So with all of this marketing and authority positioning and increased trust, don't forget your clients that you currently have because those clients already gave you their level of trust at a certain time. You have to maintain that.” ~ Mike Saunders

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How to Make Investing Engaging Using AI with Vinay Nair

Tue, 11 Apr 2023 07:00:00 -0000

ChatGPT may have recently taken the world by storm, but artificial intelligence is not new. AI’s greatest strength has always been its ability to personalize information in seconds. With the advancement and accessibility of technology, these AI solutions have become popularized, even in the financial services sector.

Vinay Nair is the Founder, Chairman, and CEO of TIFIN, a company that makes investing engaging by using investment intelligence, data science, and technology. With TIFIN, Vinay hopes to manifest the future at a faster pace and build a collaborative experience between humans and AI.

In this episode, Vinay talks with Jack about how TIFIN is disrupting wealth tech, Vinay’s predictions for the industry’s future, and the importance of innovation even in times of financial hardship.

Key Takeaways

[01:30] - An introduction to Vinay’s background.
[03:00] - Vinay’s role at TIFIN.
[04:53] - What is “tech debt”?
[06:17] - An overview of TIFIN’s point solutions.
[09:16] - How to build a problem-solving product with AI.
[14:23] - What is holistic wellness?
[17:27] - Where does Vinay see the industry going from here?
[20:14] - Opportunities in the insurance and annuity space.
[22:45] - Vinay’s key takeaways.
[25:49] - How Vinay spends his time when he’s not working.

Quotes

[03:54] - “We believe we are helping the future manifest at a faster pace.” ~ Vinay Nair

[22:31] - “I think a lot of what we are talking about at the end of the day will be a human-AI collaborative experience.” ~ Vinay Nair

[22:55] - “I think we are in a fascinating phase of innovation. If you're running a business, it's sometimes tough to allocate capital to innovation, especially in moments when you feel like you have to survive. But that's a little bit like cutting down on internet spending in 2001 if you want to build a longer-term business. So the ability to reallocate to innovation from other things is going to be a key differentiator of firms that thrive and firms that don't.” ~ Vinay Nair

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The Voice of the American Worker with Jacquelyn Reardon

Tue, 04 Apr 2023 07:00:00 -0000

With economic uncertainty on the horizon, employees are feeling more anxious than ever about job stability, inflation, and their retirement plans. It wasn’t too long ago that employees had the upper hand during the Great Resignation, but it seems as though the power dynamic has shifted out of employees’ favor.

Jacquelyn Reardon, Head of Client Experience for Retirement, Insurance, 529, and Wealth Management at Franklin Templeton, reveals recent research on how the American worker is being affected by the economy, including their overall well-being, their desire for holistic guidance, and their desire for personalized retirement solutions.

In this episode, Jacquelyn talks with Jack about how the current economic climate affects American workers, their retirement plans, and the expectation of support from their employers.

Key Takeaways

[01:24] - What is the Voice of the American Worker Research Study?
[05:52] - How the current economic climate is accelerating financial stress.
[09:03] - The concept of well-being in the workplace – physical, mental, financial.
[11:02] - How the current economic climate affects American workers’ retirement plans.
[14:54] - Why American workers are seeking holistic advice and guidance.
[18:08] - The timeline of the American Worker Research Study.
[22:08] - How personalized solutions will be provided to American workers.
[25:09] - Current innovations in the retirement space.
[28:03] - Jacquelyn’s key takeaways.

Quotes

[10:17] - “I think sometimes it's just as simple as acknowledging that people are going through stress versus trying to pretend like that's a different part of your life.” ~ Jacquelyn Reardon

[22:40] - “For us, personalization is really taking into account what your individual goals are, and then how do we manage to those goals versus managing to the wider range of other things that you could manage to: volatility, market happenings, etc. Let's really think about your goals first and foremost.” ~ Jacquelyn Reardon

[28:30] – “We really have to, as an industry, embrace people holistically and think about our solutions, not just in one bucket. So, it can't just be about retirement. It has to be how do we fully support folks across the full spectrum of needs so that we can improve all areas of well-being.” ~ Jacquelyn Reardon

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What COVID-19 Taught Us About the Future of Financial Advice with Jack Sharry

Tue, 21 Mar 2023 07:00:00 -0000

The COVID-19 pandemic changed the way we think about everything - the way we work, the way we interact, the way we approach safety, healthcare, and even grocery shopping. COVID-19 forced many people to reflect on the state of their finances and underscored the importance of planning for unforeseen circumstances. The ability to lean on trusted financial advisors proved to be more crucial than ever.

In this episode, Jack Sharry, LifeYield's EVP, Chief Growth Officer, takes the spotlight and is joined by Matt Nollman, VP of Marketing, as host. Jack shares what investors should focus on when faced with uncertainty and why human connection is vital even in a digital world. COVID-19 showed us that the unknown could and will happen, whether it’s an unexpected medical bill or a global pandemic.

Jack speaks with Matt about what COVID-19 taught us three years later: why purpose, control, human connecting, and comprehensive wealth management matter.

Key Takeaways

[02:14] - An overview of lessons learned from COVID.
[04:06] - Why financial planning matters.
[06:30] - What is the purpose of your wealth?
[09:09] - What investors should focus on in uncertain times.
[12:07] - Why people prefer humans over bots.
[15:20] - Why clients need a comprehensive wealth management approach.
[18:35] - How is this quarter different?
[20:44] - Jack’s key takeaways.

Quotes

[09:32] - “Taxes are the most considerable and controllable expense in retirement.” ~ Jack Sharry

[13:03] - “Everyone I speak with agrees: financial advisors won't be replaced with AI or robots. Yes, they'll be enhanced by those capabilities, but they won't be replaced.” ~ Jack Sharry

[21:10] - “Managing assets, liabilities, and life decisions in a comprehensive way, matters.” ~ Jack Sharry

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Combining Digital Capabilities with Human Interaction with Michael Liersch

Tue, 14 Mar 2023 07:00:00 -0000

As financial services advance, people increasingly use digital tools and platforms to manage their finances. While these tools can be highly effective, they may not always align with the person's values and aspirations. How can people utilize new technologies and platforms while ensuring that their financial decisions align with their values and aspirations rather than simply following algorithms or generic advice?

In this episode, Jack talks with Michael Liersch, Head of Advice & Planning for Wealth and Investment Management at Wells Fargo. In his role, Michael is responsible for developing and propagating research-based methods to help advisors and clients productively collaborate around their money decisions. Before joining Wells Fargo, Michael held executive roles in companies such as JPMorgan Chase, Merrill Lynch, and Barclay's Wealth Americas, where he developed a deep understanding of people and money and how to help advisors provide clients with a better experience.

With a mission of helping people make better money decisions, Michael speaks to Jack about LifeSync, the new tool he and his team have developed that leads the way to a compelling future for the advice experience.

Key Takeaways

[02:01] - What Wells Fargo's LifeSync is all about.
[09:32] - The inspiration behind LifeSync's foundation.
[15:52] - How LifeSync works.
[21:23] - How the many changes in the way things are going are wearing people out.
[24:17] - How LifeSync facilitates human collaboration.
[29:06] - LifeSync's approach to money management.
[34:04] - How LifeSync makes sophistication and complexity work together.
[36:22] - Michael's three key takeaways.

Quotes

[12:02] - "People don't tell their advisors as much as they want to about their purpose for their money, whether it's their work life or family, but they are much more willing to give personal information to their mobile devices. And that was the inspiration behind LifeSync." ~ Michael Liersch

[28:31] - "LifeSync creates a much more fluid and normalized way of talking about money. That's where we want to take this — normalizing money conversation and the connection between money and meaning." ~ Michael Liersch

[30:51] - "Clients put their money where the value and experience give them the most. It's not about account aggregation and asset location. It's about putting everything together and the value of the advice provided." ~ Michael Liersch

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The Legends of WealthTech with Noreen Beaman, Lori Hardwick, and Cheryl Nash

Tue, 07 Mar 2023 08:00:00 -0000

A startling 6.6% of Fortune 500 companies have women as their CEOs and only 23% of C-Suites are made up of women. Such statistics show that gender bias is prevalent despite increased traction and awareness around diversity, equity, and inclusion. While progress is slow, thankfully, it is not stagnant. Many businesses receive questions about the lack of diversity within their organization and what they are doing to fix it.

In this episode, Jack speaks with three wealthtech legends: Noreen Beaman, Vice Chair Board of Directors at Orion Advisor Solutions, Lori Hardwick, Board Director at Cetera, Orion, and Cerity Partners and Board Chair at Vestwell and Docupace, and Cheryl Nash, Chief Executive Officer of Financial Supermarket at InvestCloud. The three discuss important themes that have led to their professional wins: embracing challenges, trusting your instinct, working hard, and surrounding yourself with a strong support system.

Lori, Cheryl, and Noreen talk with Jack about the evolution of their careers, their advice for women in wealthtech, and their thoughts on where the industry is headed.

Key Takeaways

[02:47] - An introduction to Lori Hardwick.
[04:01] - An introduction to Noreen Beaman.
[05:39] - An introduction to Cheryl Nash.
[07:43] - The evolution of Noreen’s career.
[10:02] - How taking chances benefitted Cheryl’s career.
[12:03] - An overview of Lori’s career.
[15:10] - Cheryl’s advice for women in wealthtech.
[17:02] - Lori’s professional pearls of wisdom.
[19:15] - Noreen’s sage words for women in wealthtech.
[24:31] - The importance of building your network to solve problems.
[27:20] - Lori’s view of the future of the business.
[28:47] - Cheryl’s thoughts on the potential of the wealthtech industry.
[30:18] - Noreen’s view on the innovation and digitization of wealthtech.
[32:34] - Cheryl’s key takeaway: find a support system.
[33:20] - Lori’s key takeaway: be brave.
[34:21] - Noreen’s key takeaway: be resilient.
[35:21] - How Lori spends her time outside of work.
[36:22] - How Noreen spends her time outside of work.
[37:48] - How Cheryl spends her time outside of work.

Quotes

[09:15] - “You need to take chances and try different things. It doesn’t mean you’ll always be successful at them, but without having those experiences, you will not really be able to move along in your career like you need to.” ~ Noreen Beaman

[16:01] - “What gets measured really gets done. You should ask that your firms are measuring diversity, not just gender, and that you reward those who take it seriously and do the right things to keep women and diverse candidates and grow them.” ~ Cheryl Nash

[33:24] - “I had someone tell me just a couple months ago, ‘you wrote your own story. You didn't let anybody else be the author of your story.’ I really appreciated that and I want to make sure I encourage other women and men to do that as well.” ~ Lori Hardwick

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Using FOMO to Your Advantage with Rod Sayegh

Tue, 28 Feb 2023 08:00:00 -0000

Technology is an agent of innovation and a driver of the digital world, where everything is smarter, searchable, and instantaneous. Gone are the days when you had to sift through hundreds of papers in a briefcase, send off important documents in the mail, or find contact information using a Rolodex. We typically think of digital natives as the main adopters of tech, but tech enthusiasts can be found in any age group.

Rod Sayegh, Head of Digital Strategy at Fiduciary Trust International, has seen this technological adoption first-hand with some of his ultra-high-net-worth individual (UHNWI) clients, who average 66 years old. In the past, clients received their financial data annually or quarterly, but they now have the power to view their information in real time whenever they log into their client portal. Rod recognizes that financial services err on the side of caution when it comes to change. Still, he remains passionate about improving client experiences and always strives to challenge the norms.

In this episode, Rod talks with Jack about making the user experience attractive to all ages, bringing tactile experiences to clients’ finances, and embracing change by “reveling in the crazy.”

Key Takeaways

[01:18] - An introduction to Fiduciary Trust International.
[03:28] - Rod’s career journey.
[06:56] - Factors Rod considers before taking on a new role.
[09:29] - What excites Rod about digital strategy.
[10:10] - The importance of “adaption” - adoption and adaptability.
[12:48] - Bridging the gap for clients who aren’t tech-savvy.
[13:17] - Misconceptions about older people and technology.
[17:40] - Using FOMO to your advantage.
[20:06] - Different ways to connect to a client.
[21:33] - What is Punks & Pinstripes?
[24:01] - Rod’s key takeaways.
[24:40] - Rod’s hobbies outside of work.

Quotes

[09:41] - “Clients come to us for advice, not the amount of paper we hand them during a quarterly meeting. They come to us to help solve problems, and I believe that digital technology has made some of the complex issues that clients deal with in their finances a lot more tactile.” ~ Rod Sayegh

[12:50] - “We have to give options to everyone. And I'm not expecting 100% adoption in any way, shape, or form from advisors or clients. I try to challenge and give credible challenge to anyone who pushes back.” ~ Rod Sayegh

[17:20] - “We are creatures of adoption.” ~ Rod Sayegh

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Bringing Protective Equity Investing to Retail Wealth with Joanna Kanakis

Tue, 21 Feb 2023 08:00:00 -0000

Technology has been changing the way we do business for years, and its impact will continue to affect our business outcomes as tech gets smarter. Still, no matter how good tech gets, human connectivity is irreplaceable in building a strong business. The combination of tech and human connectivity can be doubly powerful when executed properly.

Enter Halo Investing, a platform that provides access to protective investment solutions that sits at the intersection of human connectivity and tech. Jack talks with Joanna Kanakis, Executive Vice President and Head of Institutional Business Development at Halo Investing. Joanna recounts her experience joining Halo as one of their earliest hires and leaving her investment banking job to transform the way Americans can invest. She speaks about the benefits that financial advisors experience using Halo’s platform, strategic partnership initiatives that have expanded the business, and the role of field engagement in building trusting relationships.

In this episode, Joanna talks with Jack about what drew her to Halo Investing’s team, how to embrace the power of technology, and where Halo Investing is going in the future.

Key Takeaways

[01:10] - An introduction to Halo Investing.
[04:39] - Joanna’s origin story.
[09:37] - How Halo Investing entered the annuity product space.
[14:14] - How Halo Investing is applied in portfolio construction.
[15:59] - How financial advisors get the most out of Halo Investing.
[16:56] - How field engagement propels Halo’s success and conversion rate.
[17:35] - Halo Investing’s strategic partnership strategy.
[19:30] - Where Halo Investing is going next.
[22:03] - Joanna’s key takeaways.
[24:49] - Joanna’s hobbies outside of work.

Quotes

[22:49] - “I truly believe that the wealth firms that survive this explosion of innovation in the wealth management ecosystem will be those that have solved the tech Rubik's cube the most efficiently.” ~ Joanna Kanakis

[23:21] - “There are solutions that are available and out in the ecosystem where you can be managing your client fears, still exposed to equities, but have that level of protection and safety on the downside.” ~ Joanna Kanakis

[24:13] - “This is an absolutely critical time of rejuvenation, rebirth, and innovation in this space, and it is thrilling to be here.” ~ Joanna Kanakis

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Personalized Financial Planning for Physicians with Bill Martin

Tue, 14 Feb 2023 08:00:00 -0000

Physicians are some of the nation’s highest earners, but they are not without their own unique financial challenges. By the time physicians earn their MDs, several factors work against them: the time value of money, delayed earnings, and substantial debt. Compared to their corporate peers who have been working for 10+ years, there is a compressed number of years to accumulate wealth. Most financial advisors do not consider all of the specific needs or unique risks of this group, which complicates financial planning.

Bill Martin seeks to alleviate the burden of financial planning for this group as Chief Wealth Officer of Forme Financial, a tech-led wealth management practice tailor-made for residents, fellows, and practicing physicians. Bill discusses how he ended up at Forme Financial, the powerful tech partnerships that enhance the platform, and how Forme Financial helps aspiring medical professionals build wealth. Furthermore, Bill highlights the importance of data-driven decision-making, the democratization of advice, and decumulation in the tech-led wealth management space.

In this episode, Bill talks with Jack about the power of personalization in financial planning, the unique financial challenges faced by physicians, and the factors that are driving the future of tech and wealth management.

Key Takeaways

[01:21] - What is Forme Financial?
[03:55] - How Bill ended up where he is today.
[10:07] - Forme Financial’s tech partnerships that have shaped the platform.
[13:40] - The aspiring physician’s financial dilemma.
[18:34] - Where Bill sees Forme Financial going in the future.
[19:12] - How data drives the future of tech-led wealth management.
[22:48] - Bill’s key takeaways.
[25:50] - How Bill spends his time outside of work.

Quotes

[04:13] - “What I had intended and where I am at today is very different, and I'm actually much more pleased with how life has kind of taken its course than what I could have ever imagined. But be prepared. Part of that is doing the hard work, investing in education, learning from really great mentors, and continuing to find added value to the clients that you're serving and the rest falls into place.” ~ Bill Martin

[18:39] - “The speed of innovation, having been in this industry for some time, it’s just fascinating for me to watch. I feel like in many ways it's just exploding. There's some great opportunity in that and there's also a lot of challenges.” ~ Bill Martin

[22:52] - “Data-driven decision-making allows us to have more personalization and better advice.” ~ Bill Martin

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The Paradigm Shift in Retirement with Ken Dychtwald

Tue, 07 Feb 2023 08:00:00 -0000

The word "retirement" is often associated with images of white sand beaches, golf courses, and senior discounts. However, the reality of retirement is changing. The traditional retirement model is no longer feasible for many people. No longer is it about sitting back and stopping work altogether. It's about living a life of purpose and meaning, finding new and creative ways to work, or staying active and engaged while simultaneously preparing for the unexpected.

In today's episode, Jack talks with Ken Dychtwald, Founder and CEO of Age Wave. Ken is a psychologist, gerontologist, researcher, speaker, and best-selling author of 19 books on aging-related issues. Over the past 40 years, Ken has become a thought leader regarding the lifestyle, marketing, health care, economic, and workforce implications of the age wave.

An acclaimed think tank focusing on the social and business implications and opportunities of global aging and rising longevity, Ken talks with Jack about the five forces shaping the new retirement journey, the four pillars of the new retirement, and what financial services need to improve to serve clients better.

Key Takeaways

[01:35] - Ken's journey in understanding the effects of the aging population.
[03:22] - The five forces shaping the new retirement journey.
[04:13] - Longevity
[05:19] - The boomer generation
[06:12] - Healthcare
[07:29] - Pension is not guaranteed
[08:43] - Choosing to live a purposeful life
[10:41] - How COVID and inflation changed the way people think about retirement.
[16:58] - Where financial services are headed in the future.
[19:47] - The four pillars of the new retirement.
[20:09] - Health
[21:58] - Family and Finances
[23:04] - Purpose
[25:22] - What financial services need to improve to serve clients better.
[33:37] - What people need to have when they're frightened of inflation.
[38:52] - Why Ken is optimistic about the future.
[43:24] - Ken's three key takeaways.
[46:06] - Ken's interests outside of work.

Quotes

[02:28] - "Our lives had been shaped around the form and fit of youth. But due to declining fertility, the aging of the boomer generation, and rising longevity, everything from the auditory range in our telephones to how people have to save for a longer life was going to be transformed." ~ Ken Dychtwald

[04:13] - "Demography, psychology, medicine, and economy bang together, and out of that rises a new stage of life for a new set of circumstances." ~ Ken Dychtwald

[11:41] - "Today's success model is not people who stop working and go off to the sidelines but rather people who either reinvent themselves, do something different, or scale back their work." ~ Ken Dychtwald

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The New Retirement Journey with Ken Cella and Ken Dychtwald

Tue, 31 Jan 2023 08:00:00 -0000

In this episode, Jack talks with Ken Cella, Principal of Branch Development at Edward Jones. In his role, Ken empowers nearly 19,000 financial advisors and their branch teams to serve 8 million clients across North America.

Also joining the conversation is Ken Dychtwald, Founder and CEO of Age Wave. Ken is a psychologist, gerontologist, researcher, speaker, and best-selling author.

Ken Cella and Ken Dychtwald talk with Jack about the new retirement journey, how Edward Jones plans to manage the full household portfolio, and how the firm's leadership team commissioned Ken Dychtwald and the Age Wave team to conduct research on the changing face of retirement and specifically, what clients are looking for in terms of advice and guidance through their retirement journey.

Key Takeaways

[01:46] - What led Ken Cella to a career in financial services.
[02:56] - What brought Ken Dychtwald and Ken Cella together.
[05:34] - The new retirement journey.
[09:45] - How Edward Jones applies the new retirement journey in their retirement planning.
[14:51] - How Edward Jones helps advisors adapt to people's changing retirement needs.
[17:59] - Why Edward Jones consistently receives high ratings from advisors and clients.
[20:21] - How Edward Jones plans to manage the full household portfolio.
[25:20] - What sets Edward Jones apart from the other asset managers.
[27:38] - What Ken Dychtwald learned from Edward Jones.
[31:30] - Ken Cella's three key takeaways.
[33:37] - Interesting things Ken Cella does outside of work.

Quotes

[05:02] - "People care about four things. They care about their health, family, purpose in life, and what they stand for, and how their financial situation could support the first three." ~ Ken Cella

[07:03] - "More and more people say they're getting wind of the idea that they may outlive what their parents or grandparents thought retirement was. So the idea of planning for three, four, or five years is over." ~ Ken Dychtwald

[12:42] - "Partnering with Age Wave would be one of our best sources of high EQ knowledge. It helps our financial advisors do their job even better in connecting with their clients, understanding their concerns and their financial realities, helping them to navigate challenging times, and to remain steadfastly focused on their financial goals." ~ Ken Cella

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Rethinking Retirement with Steve Gresham

Tue, 24 Jan 2023 08:00:00 -0000

The demographic shift toward an older population, concerns about the financial sustainability of traditional pension systems, and lengthening life expectancies are just a few of the challenges facing retirement systems today. While having human and digital advice connected and coordinated is key to the wealth management ecosystem, how can financial advisory firms accelerate the development of wealth management platforms to meet the needs of the retiring age wave?

In this episode, Jack talks with Steve Gresham, Chief Executive Officer of The Execution Project. Steve is also the managing partner of the premier executive community in the financial services industry, Next Chapter, and a senior education advisor to the Alliance for Lifetime Income. For nearly 40 years, Steve has been an asset and wealth management leader and a pioneer of managed accounts and advisor practice management. Today, Steve focuses on improving retirement solutions for a historic demographic wave of retiring clients.

Steve talks with Jack about the challenges of combining human and digital advice to create a personalized client experience, how he sees advisor adoption being solved, and the importance of a connected and coordinated wealth management ecosystem.

Key Takeaways

[01:50] - The key role Steve plays in wealth management.
[05:03] - A look at some of the findings of age wave research.
[08:33] - The challenges of combining human and digital advice to create a personalized client experience.
[12:26] - How Steve sees advisor adoption being solved.
[17:24] - Creating a coordinated ecosystem of wealth management.
[23:43] - The challenges AUMs face today.
[28:05] - One of the biggest lessons Steve learned from Fidelity.
[29:23] - Steve's three key takeaways.
[31:30] - Activities Steve engages in outside of work.

Quotes

[03:38] - "Two-thirds of America are connected in one way or another to an aging and retirement life. And retirement is not the first word that most of them use. It is the next chapter because there is, in many cases, the desire to do something different, and sometimes there is the need to continue working depending on their circumstances." ~ Steve Gresham

[10:47] - "Innovation is very difficult because when the components are owned by different players with different levels of self-interest, motivation, and speed to action, it is extremely difficult to find the ringleader that will pull them together." ~ Steve Gresham

[12:39] - "I'm not sold on the idea that the advisor should be the one that is driving the solution all the time. That seems like a gating mechanism. We're never going to grow and engage with the number of people we need to if we have to wait for a human to prioritize that in their day." ~ Steve Gresham

[20:43] - "If you can solve the needs of those people and you don't get hung up in connecting a product to them immediately, you will become that person, that firm that can connect with them." ~ Steve Gresham

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Providing Easy Access to Workplace Savings with Michelle Tran

Tue, 17 Jan 2023 08:00:00 -0000

A secure retirement doesn't just happen. It needs to start with planning and saving early. People are becoming increasingly aware of the importance of retirement savings as they age but still fail to save enough. While there are several reasons for this, others simply do not have easy access to a retirement savings plan at work.

In this episode, Jack talks with Michelle Tran, SVP & Head of Enterprise Sales at Vestwell. Passionate about all things fintech and wealthtech, Michelle is a growth and sales leader with success in growing businesses and teams. She is a fintech and wealthtech leader supporting women in the industry and helping end investors and small business owners fulfill their financial legacies.

As one of the top 100 women in fintech, Michelle talks with Jack about the important role that workplace retirement business plays in educating and guiding new investors, the convergence of workplace retirement and wealth management, and her commitment to empowering women in fintech.

Key Takeaways

[01:09] - Michelle's personal and professional background.
[04:19] - The secret to Vestwell's phenomenal growth.
[06:56] - How Vestwell enables participants to save.
[08:58] - The various technologies Vestwell uses to make saving easier.
[10:34] - The convergence of workplace retirement and wealth management.
[16:14] - How partnerships between wealth management firms benefit advisors.
[17:01] - The role Michelle plays for women in fintech.
[20:07] - What the future holds for fintech, retirement, and women in fintech.
[24:59] - The things that interest Michelle outside of work.

Quotes

[03:45] - "Not a lot of America has access to savings. If you think about the 401k space, there are 32 million small businesses in the U.S., and less than a million have actual workplace savings." ~ Michelle Tran

[05:02] - "When you think about access and helping people save, you don't want people trying to save that extra hundred dollars to go through 10 different steps. You want to make it as easy as possible. That's how individuals will save for the long-term." ~ Michelle Tran

[20:46] - "Modern user experience is so important. It is how you continue to build a user experience that will effectively and efficiently engage users. And that's always going to be at the core of how businesses need to think about building their platform." ~ Michelle Tran

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Bringing Together Assets, People, and Processes with Edmund Murphy

Tue, 10 Jan 2023 08:00:00 -0000

One of the most important aspects of digital transformation is the need to bring together assets, people, and processes. The merging and acquisition of the best wealth management platform can bring together the best of all three. This strategy brings together the best of what each company has to offer— award-winning asset management, an industry-leading client experience, and the scale to service even the most complex client needs.

In this episode, Jack talks with Edmund Murphy, President and Chief Executive Officer of Empower. Edmund brings decades of broad leadership experience to his role. He was appointed as the inaugural President of Empower upon its formation in 2014. Since then, he has led the organization through a period of strong and sustained growth, positioning the firm as the go-to provider of financial services for more than 17 million investors. Under his leadership, Empower has grown into a national leader serving working Americans through all sectors of the U.S. economy and wealth segments.

Edmund talks with Jack about his journey to the merging and acquisitions of the best wealth management platforms in the industry. He also shares how Empower values user experience, why client engagement is so important, and the silver bullet every wealth management company needs to consider.

Key Takeaways

[01:27] - What Edmund has been up to over the past couple of years.
[03:43] - Edmund's strategy for managing multiple financial companies.
[09:02] - Edmund's organic growth strategy.
[13:03] - The importance Empower places on user experience.
[15:59] - Why client engagement is so important.
[18:59] - The silver bullet every wealth management company needs to consider.
[22:57] - How Edmund helps investors navigate the challenges COVID brings to portfolio management.
[27:21] - Edmund's key takeaways.

Quotes

[05:04] - "Acquisitions are hard. Most mergers and acquisitions fail to deliver on the stated objectives. Often, it's around financial or operational targets not being met. Usually, a cultural issue prevents the acquisition from being successful and delivering those results." ~ Edmund Murphy

[27:58] - "Over the next 20 years, with the transformational wealth occurring in this country, the wealth management business, however you want to define it, will be one of the greatest industries in America." ~ Edmund Murphy

[28:21] - "The appetite for advice is unabated. It can't be understated. As providers of products and services, you've got to be able to do that and do it well." ~ Edmund Murphy

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The Best Marketing Tool with Kimberly Beck

Tue, 03 Jan 2023 08:00:00 -0000

Nowadays, marketing is about more than just advertising. It's about creating a connection with your customers and giving them a positive experience that will make them want to return for more. In financial services, happy customers are worth their weight in gold.

In this episode, Jack talks with Kimberly Beck, Chief Marketing Officer at YieldX. Kimberly has nearly 25 years of experience in the fintech and asset management industries. Before joining YieldX, Kimberly was Head of Wealth Marketing at Envestnet. She also held marketing leadership roles at both BlackRock and Nuveen. At YieldX, Kimberly is responsible for increasing brand awareness and generating revenue.

Kimberly talks with Jack about how she helps advisors deliver better investment outcomes and helps firms deliver improved revenue. She also speaks about the importance of working alongside great people, the value of mentorship, and why happy customers are the best marketing tool.

Key Takeaways

[01:38] - Kimberly's history in asset management.
[07:39] - What motivated Kimberly to move to start-ups.
[08:41] - What YieldX can offer clients.
[10:28] - Why YieldX is appealing to advisors.
[12:11] - How Kimberly tells YieldX's story that resonates with the market.
[14:29] - How Kimberly continuously advances financial services.
[17:08] - Why mentorship means a lot to Kimberly.
[21:10] - Kimberly's perspective on where wealth management is going.
[24:52] - Kimberly's three key takeaways.
[28:00] - Interesting things Kimberly does outside of work.

Quotes

[21:30] - "There's this tremendous shift in our industry that's needed to happen. It's been in the works for a while, but I finally see it coming to fruition. And that's the shift in our industry from advisors delivering products to delivering quality advice." ~ Kimberly Beck

[22:55] - "I see more and more firms are helping people shape their financial lives for the better and helping make wealth more accessible to more people. It's not the same industry that I started in the 90s. It's changed and has this deep sense of purpose now." ~ Kimberly Beck

[27:31] - "Every company has challenges and problems. But if you're working alongside great people to solve them and with people who make you excited, who make you do better at your craft and give you energy, 90% of the battle is with the people you work with." ~ Kimberly Beck

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WealthTech on Deck Year-End Review with Jack Sharry and Matt Nollman

Tue, 20 Dec 2022 08:00:00 -0000

It’s been an amazing year for WealthTech on Deck podcast. Jack Sharry interviewed some inspiring and successful thought leaders in the financial services industry.

In this year-end edition of the WealthTech on Desk podcast, Jack Sharry, LifeYield's EVP, Chief Growth Officer, and show host, takes the spotlight as Matt Nollman, VP of Marketing, takes the host seat. WealthTech on Deck is the perfect podcast to get up to speed on the latest developments in the wealth management industry and learn about the people shaping its future.

After hearing a lot of interesting ideas, strategies, and important advances from leaders across the financial services industry, Jack shares his insights and lessons learned from leading industry figures in financial services.

Key Takeaways

[01:42] - The guests Jack describes as “sage implementers”.
[03:35] - The wise observers and consultants.
[04:51] - What makes Morgan Stanley a leading provider of comprehensive advice.
[07:26] - How Jed Finn and Ben Huneke make a difference in the financial industry.
[10:29] - Why Amanda Lott is regarded as one of the best asset managers.
[11:56] - What sage implementer means.
[14:22] - Why Martin Cowley's interview is interesting.
[17:11] - Among Jack's favorite episodes in the category of wise observers and consultants.
[23:11] - Jack's key takeaways from all the podcast episodes of 2022.
[25:49] - The advocacy Jack engages in outside of work.

Quotes

[09:22] - "A strategy without implementation is just a strategy, and both Jed Finn and Ben Huneke execute it thoughtfully and deliberately. They get things done in a very smart way." ~ Jack Sharry

[21:18] - "Retirement is no longer about couples walking hand in hand on the beach or playing their daily round of golf in a warm climate. When people think of retirement, it isn't about checking out. It's about engaging, embracing, and seeking out financial independence." ~ Jack Sharry

[23:45] - "The future of advice will play out on comprehensive wealth management platforms. A comprehensive and coordinated ecosystem is table stakes for firms to build, refine, and compete. In the coming years, that will be the competitive battleground." ~ Jack Sharry

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Building a State-Of-The-Art Comprehensive Advice Platform with Deep Srivastav and Martin Cowley

Tue, 13 Dec 2022 08:00:00 -0000

In this episode, Jack talks with Deep Srivastav, Senior Vice President and Head of Digital Investment Solutions for Franklin Templeton Investment Solutions. Joining them is Martin Cowley, Executive Vice President and Head of Product at LifeYield.

In his role, Deep is responsible for the development and deployment of Franklin Templeton's investment solutions through digital channels. It involves leveraging financial technologies, data science capabilities, and investment capabilities related to goals-based wealth management to bring Franklin Templeton's personalized investment solutions to market. On the other hand, Martin Cowley is an expert at building platforms across the wealth management ecosystem. At LifeYield, Martin and his team focus on finding the client's unique circumstances and determining the best way to serve them.

Deep and Martin talk with Jack about the collaboration between Franklin Templeton's Goals Optimization Engine (GOE®), AdvisorEngine, and LifeYield's tax-efficient planning and income sourcing to build and expand a state-of-the-art comprehensive advice platform.

Key Takeaways

[01:19] - Deep's role at Franklin Templeton and his work with AdvisorEngine.
[03:48] - How Martin works with Deep to expand the comprehensive advice platform.
[07:44] - GOE® (Goals Optimization Engine) at its core.
[11:00] - Martin's involvement with how wealthtech capabilities are integrated.
[13:44] - A look at where portfolio optimization is headed.
[17:04] - The dynamic nature of improving outcomes.
[22:17] - The future of optimized portfolios.
[24:35] - Martin's three key takeaways.
[27:08] - What Deep and Martin are passionate about outside of work.

Quotes

[14:22] - "When you change the nature of the portfolio advice, it has implications on the whole value chain of advice. Traditional systems have always considered investments a static entity within this whole value chain and all its planning elements. For good investment outcomes to align with those goals, the portfolios and the portfolio risks are more dynamic." ~ Deep Srivastav

[25:19] - "Tax strategies are easy to overlook, but they make a big difference, whether tax loss harvesting, asset location, or withdrawal sequencing. Some things that aren't always part of a plan can kick that plan into the next level of sophistication." ~ Martin Cowley

[25:43] - "We see a lot of value in bridging the gap between planning and execution. That's where some underlying algorithms drive the execution side of things. Much of the work we've done at LifeYield in conjunction with GOE® and AdvisorEngine has been focused on bringing that consistency to the process." ~ Martin Cowley

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Making Authentic Connections Through Storytelling with Meghan McCartan

Tue, 06 Dec 2022 08:00:00 -0000

The art of storytelling is one of the oldest and most powerful tools in the human toolbox. For centuries, stories have been used to teach, entertain, and connect people from all walks of life. In recent years, storytelling has made a comeback in the business world as a powerful marketing tool. But what makes a good story? And how can you use stories to connect with your audience in a way that feels authentic and genuine?

In this episode, Jack talks with Meghan McCartan, Chief Marketing Officer at Hightower Advisors. In her role, Meghan oversees advisor-facing marketing, thought leadership and events, and corporate/M&A initiatives. Meghan was the architect of their OCMO (Outsourced Chief Marketing Officer) initiative, through which marketing works hand-in-hand with advisory teams to develop and execute strategic marketing and communications plans unique to their firm. For her work on the OCMO initiative, Meghan was recognized as one of the "Ten to Watch for 2020" in Wealth Management magazine.

A big believer in personal marketing efforts to drive growth, Meghan talks with Jack about the power of active listening in storytelling and marketing, how the Hightower brand story translates to individual advisors, and how she consistently supports the teams she works with.

Key Takeaways

[01:56] - Why storytelling is becoming more important today.
[03:04] - The power of active listening to transform into storytelling.
[04:44] - How to translate listening into marketing.
[05:58] - How Meghan got into marketing.
[09:52] - The rebranding of Hightower's marketing initiatives.
[11:43] - How the Hightower brand story translates to individual advisors.
[18:34] - How Meghan consistently supports the teams she works with.
[22:30] - What the future holds for the Hightower wealth concept.
[25:19] - Meghan's three key takeaways.
[26:00] - Meghan's interests outside of work.

Quotes

[05:39] - "Marketing is knowing what you want to talk about. You'll be more genuine when you are talking about it and being able to tell that story and why you care about it. That's where you make connections. Storytelling equals connections." ~ Meghan McCartan

[20:41] - "We're putting value-added content out there so people can leverage it however they want. That's a lot more valuable than if we said, here's a 401K guide or your tax prep. We have those resources, but we want to enable connection at a much higher level." ~ Meghan McCartan

[25:40] - "Know who you are and be genuine. You don't need to give every detail, but a little bit of vulnerability drives connection." ~ Meghan McCartan

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Transforming Research Into Practical Investment Strategies with Kaitlin Hendrix and Shawn Jaberzadeh

Tue, 29 Nov 2022 08:00:00 -0000

In this episode, Jack talks with Kaitlin Hendrix, Senior Researcher and Vice President at Dimensional Fund Advisors, and Shawn Jaberzadeh, Vice President on the Global Client Group at Dimensional Fund Advisors. In her role, Kaitlin conducts research and analyses to evaluate and enhance Dimensional's investment strategies. She focuses on asset allocation research to develop value-added investment solutions that meet clients' needs, goals, and preferences in a systematic, reliable, and cost-efficient manner.

Shawn has been with Dimensional Fund Advisors for 16 years. He has worked closely with RIAs in the Enterprise Group, which partners with the largest U.S.-based national RIA and intermediary clients. He works with firms to address their most significant issues, from developing investment solutions to thinking through strategic business initiatives.

Kaitlin and Shawn talk with Jack about how the team at Dimensional Fund Advisors transforms research into practical investment strategies, their unique approach to asset management and distribution, and how technology has made financial services more accessible.

Key Takeaways

[01:07] - Kaitlin and Shawn's roles at Dimensional Fund Advisors.
[04:28] - How investments and distributions have changed over time.
[10:22] - How Dimensional Fund Advisors can serve a growing client base.
[13:20] - The impact of technology on portfolio management, research, and after-tax returns.
[19:01] - What led Kaitlin and Shawn into wealth management.
[22:10] - What the future holds for the wealth management industry.
[23:10] - Kaitlin's perspective on how tax impacts wealth management.
[26:21] - Three key takeaways from Kaitlin and Shawn.
[28:02] - Kaitlin and Shawn's interests outside of work.

Quotes

[05:06] - "What we've seen a lot of change recently is having much more demand for investors' specific investments, customization around their portfolios, and especially around their tax management." ~ Kaitlin Hendrix

[10:01] - "Financial professionals all have unique businesses. We need to take everything we have at our disposal and tailor a client support mechanism that helps them have the most success." ~ Shawn Jaberzadeh

[17:16] - "When you talk about technology, having a platform that can take thousands of data points across thousands of organizations and then tease out information has been something we have invested heavily in. Technology's been a big part of how Dimensional can continue pushing the boundaries of being a better partner to firms than ever before." ~ Shawn Jaberzadeh

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Helping Every Client to Maximize Their Orion Experience with Greg Menefee

Tue, 22 Nov 2022 08:00:00 -0000

Over the years, businesses have focused on providing the best products and services. While this is still important, it's no longer enough. Client experience is the new battleground in today's business environment and will only become more important in the years to come.

In this episode, Jack talks with Greg Menefee, Senior Vice President of Consulting & Implementation at Orion Advisor Tech. As a leader, Greg has built and led new, diverse teams by strategically establishing and cultivating a positive, productive, and inclusive cultural foundation. In his role, Greg leads a team that supports independent financial advisors in incorporating tech into their business, enhancing the practice management of their business and their client's experience.

As a leader of teams that excel at elevating the client experience, Greg talks with Jack about the importance of client experience in financial services and how he helps every client maximize their Orion experience.

Key Takeaways

[01:10] - What it's like to work at TD Ameritrade.
[06:34] - How Orion creates the best client experience.
[10:54] - How Greg and his team use technology to elevate client experiences.
[13:53] - Why client experience is important in financial services.
[17:40] - How Greg got into the fintech industry.
[21:18] - What client experience truly is.
[29:04] - What the future holds for the advisory industry.
[31:55] - Greg's key takeaways.
[35:59] - Greg's favorite things to do outside of work.

Quotes

[13:06] - "Client experience is the right competitive strategy for this industry, and more and more advisory firms are catching onto that. Client experience is going to be the big differentiator in the future." ~ Greg Menefee

[15:16] - "A world-class client experience starts with a world-class associate experience. An organization has to focus and invest time thinking about what their associate experience will look like to support their clients' experience and feel about their organization. If the advisor doesn't believe the client's experience is important, they will not make the connection." ~ Greg Menefee

[22:21] - "Client experience isn't an event. It's not a department, and it's not a person in your organization. It's a strategy. So, you will either compete based on your product, price, or experience. That's it."~ Greg Menefee

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Getting the Most Out of Social Security with Alyson Dorosky and Jeff Quigley

Tue, 15 Nov 2022 08:00:00 -0000

Since its inception, the Social Security program has been a cornerstone of retirement planning. Though most people think of social security as a retirement program, it is much more than that. There are many ways to maximize Social Security benefits people don't realize.

In this episode, Jack talks with Alyson Dorosky, Marketing Manager and Head of Social Security Support at LifeYield. Also joining them is Jeff Quigley, Vice President of Enterprise Sales and Relationships at LifeYield.

In her role, Alyson is a key member of the Marketing and Advisor Success Teams at LifeYield. She's been supporting advisors using Social Security Advantage, which makes her an important Social Security author to watch. She writes monthly about Social Security secrets, niche cases, and lessons learned supporting clients in the digital era. Jeff is responsible for working with existing clients to increase advisor adoption and effectiveness and identifying opportunities to expand relationships that bring added value to customers. In addition, Jeff engages with prospective clients to drive new revenue to the firm.

Alyson and Jeff talk with Jack about how they help advisors navigate social security, how LifeYield and Franklin Templeton work together to bridge the gap between planning and implementation, and how LifeYield Social Security+ improves retirement income outcomes for advisors and clients.

Key Takeaways

[01:13] - A partnership between LifeYield and Franklin Templeton.
[04:21] - How the Goals Optimization Engine bridges the gap between planning and implementation.
[06:37] - How LifeYield Social Security+ enhances retirement income outcomes for advisors and clients.
[08:49] - An update on the Cost of Living Adjustment (CoLA).
[11:43] - How Alyson helps advisors with Social Security.
[14:43] - What financial services providers think of LifeYield's Social Security tool.
[18:41] - Alyson's approach to helping advisors navigate social security.
[21:39] - A look at where social security is heading.
[23:58] - Alyson and Jeff's key takeaways.
[26:51] - The things Alyson and Jeff enjoy outside of work.

Quotes

[02:40]- "It's great to have a plan. And it's great to have that dialogue with clients, but it's difficult to implement that advice in many cases." ~ J eff Quigley

[13:00] - "Many people find a lot of misconceptions and a great deal of confusion around survivor benefits and divorced benefits. Using a tool like LifeYield is always super impactful." ~ Alyson Dorosky

[26:27] - "Leverage Social security as a springboard to whatever kind of conversation or path you want with prospects or clients. Whether that's leveraging a high-level conversation about retirement income, using income layers, or whether you're diving into a full financial plan."~ Jeff Quigley

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Providing Best-In-Class Advice and Best-In-Class Technology with Jed Finn

Tue, 08 Nov 2022 08:00:00 -0000

Many individuals and families face financial challenges that require professional assistance to navigate. These challenges can range from investment planning and portfolio management to retirement planning and tax optimization. With the best financial planning tools and investment strategies, financial advisors can provide investors with the best-in-class financial advice.

In today's episode, Jack talks with Jed Finn at the Next Chapter Rockin' Retirement Conference. Jed is the COO and Managing Director for Morgan Stanley Wealth Management. In his role, Jed often has to make tough decisions about budgets and strategies and work with the leadership team to optimize resource allocation in pursuit of the overall strategy.

Jed talks with Jack about how Morgan Stanley achieved strong asset growth, how the company integrated and coordinated wealth management and retirement platforms, and Morgan Stanley's comprehensive approach to serving clients.

Key Takeaways

[01:37] - The key role Jed plays at Morgan Stanley.
[03:06] - How Morgan Stanley achieved strong asset growth.
[08:15] - How Morgan Stanley integrated and coordinated wealth management and retirement platforms and strategies.
[18:27] - What Morgan Stanley does regarding tax issues.
[22:02] - Morgan Stanley's comprehensive approach to serving clients.
[27:55] - What the category of one means in wealth management.

Quotes

[03:20] - "We always thought that the future of wealth management would be the combination of best-in-class advice and best-in-class technology. We are proud of how our advisors perform on the various rankings and, most importantly, how they serve their clients." ~ Jed Finn

[14:01] - "What we've put together is differentiated because we're the only firm that can deliver cradle-to-grave corporate services where we can grow with a company at every step in its life cycle." ~ Jed Finn

[24:24] - "People have different preferences for advice consumption with different risk budgets, and we need to be able to deliver all of it, or somebody else is going to. From a service perspective, we make sure we can meet clients where they are across that entire spectrum." ~ Jed Finn

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Developing and Executing Platform Strategies for Wealth Management with Kabir Sethi

Tue, 01 Nov 2022 07:00:00 -0000

Digital transformation is inevitable, and financial services companies have to be nimble and adapt to the changing landscape. They need to find ways to capitalize on opportunities to remain relevant. As the world ages and demographics change, client and advisor relationships continuously evolve.

In this episode, Jack talks with Kabir Sethi, Managing Director and Chief Product Officer at LPL Financial. In his role, Kabir oversees advisor and end client experience and investment solutions and platforms. He is responsible for investment, banking and lending products, research, core advisor operating platform, end investor experience, third-party and fintech partnerships, and enterprise data and analytics.

With a track record of building and growing award-winning businesses and platforms, Kabir talks with Jack about how he got his start in wealth management, his strategies for creating a better wealth management system, and what he sees as the future of wealth management.

Key Takeaways

[01:04] - An overview of Kabir's role at LPL Financial.
[02:53] - What it's like to move from a major wirehouse to a leading independent firm.
[05:57] - How Kabir got his start in wealth management.
[11:48] - Kabir's strategy for creating a better wealth management system.
[16:56] - How Kabir develops a comprehensive and personalized advice platform.
[21:08] - What Kabir sees as the future of wealth management.
[24:42] - The challenge of creating a comprehensive wealth management strategy.
[28:37] - Kabir's three key takeaways.
[30:22] - Interesting things Kabir does outside of work.

Quotes

[12:39] - "This idea of making the experience easier will always be fundamental to our industry. There is no end to the opportunities to take the friction out and find new ways to do things. There are always new ways to try and make the experiences more efficient." ~ Kabir Sethi

[21:56] - "As this country ages and demographics change, you have generations of investors who have grown up digitally. Wealth management will always be a combination of a human and digital relationship. The nature of that relationship and how that relationship gets executed is going to keep changing." ~ Kabir Sethi

[28:45] - "I believe that true success and the people who will succeed will have advisors at the center of their strategy. If you can figure out and keep working at making financial advisors successful, their clients will benefit." ~ Kabir Sethi

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Investment Strategies to Live an Intelligent Financial Life with Rose Palazzo

Tue, 25 Oct 2022 07:00:00 -0000

Most people would agree that financial planning is an important part of life. After all, who doesn't want to be able to retire comfortably and have enough money to live the life they want? However, financial planning needs to be much more than just a plan. It needs a clear understanding of the current financial situation and a roadmap to achieve future goals. How can investors create a financial plan that helps them live an intelligent financial life?

In this episode, Jack talks with Rose Palazzo, Group Head of Envestnet Money Guide. Before joining MoneyGuide, Rose was the Head of Financial Planning for Morgan Stanley Wealth Management, responsible for managing the development, implementation, and support of the firm's financial planning offering. Having hands-on experience designing financial planning software, Rose was also an architect of Morgan Stanley's proprietary goals-based wealth management platform, Goals Planning System (GPS).

Having extensive experience in the financial industry, Rose speaks with Jack about some of the exciting things she is working on at MoneyGuide, what she sees as the future of financial planning, and how she helps clients achieve their financial goals.

Key Takeaways

[02:34] - How Rose launched Intelligent Withdrawals while setting up for MoneyGuide.
[04:47] - What inspired Rose to join MoneyGuide.
[07:55] - Some of the exciting things Rose is working on at MoneyGuide.
[14:06] - An inside look at Rose's financial services journey.
[15:21] - What Rose sees as the future of financial planning.
[20:52] - How Rose helps clients achieve their financial goals.
[23:41] - Where Envestnet MoneyGuide is heading in the future.
[25:01] - Rose's three most important takeaways.
[26:36] - The things that Rose enjoys doing outside of work.

Quotes

[05:35] - "This idea of intelligent financial life is that all components of a client's financial life are connected. And that requires technology to help execute and to enhance clients' lives by providing better advice and helping them to attain what they want." ~ Rose Palazzo

[17:14] - "Clients have complex financial lives, which means they use different advisory products. But all the things that come together help them achieve what they want. There's been so much work done to have platforms inform each other to enhance the advice." ~ Rose Palazzo

[21:36] - "Planning is getting an understanding of why you were investing in the first place. If we invest for you and provide solutions to you, we should know what the objective is." ~ Rose Palazzo

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Advisor Education, Tax Efficiency, and Integrated Technology with Amanda Lott

Tue, 18 Oct 2022 07:00:00 -0000

Many investors are looking for more integrated solutions to help them manage their portfolios more efficiently. The goal is to minimize the overall tax burden while maximizing after-tax returns. With tax playing a significant role in investment portfolio performance, what can investors do to minimize taxes and transaction costs to achieve their desired investment results?

In this episode, Jack Sharry talks with Amanda Lott, Head of Wealth Planning Strategy at J.P. Morgan Private Bank. In this high-impact role, Amanda drives the firm's training, content, and strategic approach to help clients articulate their most meaningful intentions and align their resources to these priorities. She believes that helping individuals with sound decision-making gives them financial peace of mind and the freedom to live their best lives.

Amanda talks with Jack about how she works on the key areas of financial planning, why smart asset location is important, and how she helps advisors embrace complex planning techniques.

Key Takeaways

[00:58] - Why Amanda chose to study financial planning.
[02:17] - How Amanda got into J.P. Morgan Private Bank.
[05:40] - How Amanda works on the key areas of financial planning.
[07:05] - Amanda's high-impact role at J.P. Morgan Private Bank.
[10:18] - What goes into developing a J.P. Morgan Private Bank training program.
[12:11] - Why tax efficiency is more achievable than tax alpha.
[16:48] - How Amanda gets advisors to embrace complex planning techniques.
[21:37] - Some of the big projects J.P. Morgan is working on.
[27:31] - Three key takeaways from Amanda.
[29:22] - Amanda's interests outside of work.

Quotes

[13:55] - "With the evolution of the annuity space, being able to offer a low-cost option, and get more of your taxable dollars into a tax-deferred environment, presents a tremendous opportunity for advisors to deliver smart asset location advice to ultra clients." ~ Amanda Lott

[27:54] - "We need to make sure there’s a baseline planning knowledge for all advisors, so they can deliver consistently and ultimately add value because that's where the industry is headed." ~ Amanda Lott

[28:29] - "Technology is never going to replace the advisor. But it's got to complement them, making them more efficient and effective." ~ Amanda Lott

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Maximizing Your Retirement Income with Mark Hoffman

Tue, 11 Oct 2022 07:00:00 -0000

The investment advisory industry focuses on asset accumulation and allocation as primary drivers of investor outcomes, leaving out opportunities to enhance returns. Taxes are the biggest expense that investors incur throughout their lives, more than everything else combined.

In this episode, Jack talks with Mark Hoffman, CEO, Chairman, and Founder at LifeYield. Mark and his longtime business partner, Paul Samuelson, founded LifeYield to facilitate tax-smart, risk-smart household portfolio management solutions. Mark has over 25 years of experience as an executive at public organizations, including State Street, Fiserv, and Colonial Management. He is also the founder of three financial technology firms: LifeYield, Upstream Technologies, and Lattice Trading.

Mark talks with Jack about the lessons learned over the past 14 years of building comprehensive advice platforms, the importance of tax-smart implementation in financial planning, and how LifeYield simplifies portfolio management while maximizing returns.

Key Takeaways

[01:38] - How LifeYield was founded.
[06:33] - The key lessons Mark learned over the course of his career.
[10:12] - Mark's research on the importance of tax-smart implementation.
[14:39] - How retirement income sourcing fits into portfolio management.
[17:42] - Mark's thoughts on the future of financial planning.
[20:42] - How LifeYield simplifies portfolio management while maximizing returns.
[27:33] - Why wealth management firms should be the primary advisors for their clients.
[31:35] - Why LifeYield's partnership with Franklin Templeton could be groundbreaking.
[36:11] - Interesting things Mark does outside of work.

Quotes

[18:03] - "At LifeYield, we see financial planning as finally becoming the central pillar supporting how advisors engage with their clients. But financial planning has not been tax aware. Without tax awareness, financial planning cannot provide implementable advice." ~ Mark Hoffman

[28:30] - "Tax alpha is often the largest benefit we've talked about in these bad markets. And for any firm in the wealth management industry to be successful, they certainly need a tax alpha strategy." ~ Mark Hoffman

[28:58] - "Wealth management firms need to become the primary advisor for their clients, particularly when somebody's transitioning into retirement. It's a natural asset consolidation point because the client wants uniform advice." ~ Mark Hoffman

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Shifting Wealth Management From Investment Products to Investment Processes with Randy Bullard

Tue, 04 Oct 2022 07:00:00 -0000

Wealth management has long been focused on investment products – stocks, bonds, and mutual funds – but there is a shift taking place in the industry. A growing number of wealth management firms are seeing the value in shifting their focus from investment products to investment processes.

In this episode, Jack Sharry talks with Randy Bullard, Global Head of Wealth at Charles River Development. Before joining Charles River Development, Randy served as General Manager of Wealth Management at SigFig. At Charles River, Randy leads the Charles River Wealth Management business globally. He is responsible for the firm's wealth product strategy and growth of the business with a heavy focus on client satisfaction.

Randy talks with Jack about the secular shift from investment products to the investment process in wealth management. He also speaks about the current state of wealth management in the digital age, the future of comprehensive advice platforms, and coordinating wealthtech capabilities.

Key Takeaways

[01:06] - What Charles River Development has to offer its clients.
[03:10] - How Randy got into wealth management.
[05:10] - A look back at Placemark Investments.
[09:23] - What Randy brings to Charles River Development.
[12:12] - The current state of wealth management in the digital age.
[14:59] - The future of comprehensive advice platforms.
[18:09] - Coordinating wealthtech capabilities.
[23:03] - What's next for portfolio personalization?
[25:51] - Randy's top three takeaways.

Quotes

[13:32] - "Direct indexing, hyper-personalization, increased focus on tax optimization, and ESG application at an individual investor level are all manifestations of this transition from product to process, which we're undergoing in the industry right now." ~ Randy Bullard

[16:08] - "UMH is a process. It's a way of collecting disconnected things and making decisions at a client level that span all the stuff the client has. And so it's a process, not a product." ~ Randy Bullard

[26:08] - "Most asset managers are not doing well in this transition from an investment product to an investment process. We have to find ways to turn their value add and value proposition into data and information they can sell." ~ Randy Bullard

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Bringing Innovation to Hartford's Thriving Ecosystem with Laura Dinan Haber and Paul Tyler

Tue, 27 Sep 2022 07:00:00 -0000

Attracted by the city's educated workforce and growing reputation as a hub for tech and entrepreneurship, many innovative companies have made Hartford their home. With the city's rich insurance history and a center for many resources, how can a new generation of insurtech talent find the best resources, mentorship, and networking opportunities to thrive in the city?

In this episode, Jack talks with Laura Dinan Haber, Innovation Program Manager at Nassau Financial Group, and Paul Tyler, Chief Marketing Officer at Nassau Financial Group. In their roles, Laura and Paul work with startups and scale-ups worldwide. They help foster connections, make introductions, and open doors for the new generation of insurtech talent to the city and state.

Dedicated to accelerating insurtech innovation, Laura and Paul talk with Jack about Hartford as a hub for innovation, the exciting projects they are working on, and where the world is going regarding technology and solutions.

Key Takeaways

[01:08] - Laura and Paul's roles at Nassau Financial Group.
[03:24] - How Hartford is a hub for innovation.
[05:50] - What inspired Paul to create an ecosystem of businesses.
[11:04] - Exciting projects Laura and Paul are working on.
[14:06] - How accelerator programs have helped Laura and Paul's company.
[16:17] - Laura's current clients' successes.
[18:38] - What's next for Nassau Financial Group.
[20:26] - Where the world is going in terms of technology and solutions.
[22:53] - Paul and Laura's key takeaways.
[25:50] - A few things Paul and Laura like to do outside of work.

Quotes

[13:12] - "We want to be a place for people to come up with their ideas and stories, and we want to help tell those things. I like to think of us as day 91, where we can help you figure out what's next and be there for you." ~ Laura Dinan Haber

[17:58] - "Watching people progress, not only as founders but as leaders themselves, and then watching their work become more fundamental to our bottom line and helping our team out, has been exciting. And it's fun to see what we can find next." ~ Laura Dinan Haber

[24:01] - "Whatever place you're at in business or life, surround yourself with a community, whether online or in person, where you can be authentic, engage, and share messages." ~ Laura Dinan Haber

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The Top Three Trends Shaping Financial Services Today with Jack Sharry

Tue, 20 Sep 2022 07:00:00 -0000

Today, we're seeing three major trends shaping the financial services industry - the retirement of baby boomers, taxes, and the popularity of financial advice platforms. As these trends significantly impact how financial services companies deliver their products and services, what do these trends mean for the future of investors and the industry?

In this episode, we flip the script as Matt Nollman, VP of Marketing at LifeYield, takes the host chair to talk with Jack Sharry as the guest. As Jack speaks with industry leaders on what they're working on to move the industry forward and their businesses weekly, he assesses the top trends in the financial services industry.

Jack talks with Matt about his takeaways from his conversations with industry leaders and the top three trends shaping financial services today. Jack speaks about how retirement has changed over time, why financial services place so much emphasis on tax alpha, and how financial advice platforms are increasingly becoming customized.

Key Takeaways

[01:30] - The three most significant trends in financial services today.
[03:02] - How retirement has changed over time.
[04:10] - Jack's key takeaways from previous episodes on retirement.
[06:48] - Why financial services place so much focus on tax alpha.
[09:20] - Eight ways to improve after-tax returns.
[11:52] - How financial advice platforms are increasingly becoming customized.
[17:50] - Key takeaways Jack wants to share regarding tax alpha.
[20:37] - What Jack enjoys doing outside of work.

Quotes

[03:33] - "The increased inflation and market volatility, plus the threat of higher taxes, have caused many people who are considering retiring to become unsettled and insecure about when and how to retire." ~ Jack Sharry

[07:23] - "The most prominent issue in light of tough markets and inflation concerns are taxes. Taxes are the biggest cost investors incur and are more than their expenses combined." ~ Jack Sharry

[07:55] - "Tax efficient asset management is the cornerstone of a successful retirement accumulation and de-accumulation plan. The more efficiency that you can obtain, the better." ~ Jack Sharry

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Solving Data and Integration Problems in Financial Services with Kyle Van Pelt

Tue, 13 Sep 2022 07:00:00 -0000

Data is at the heart of every organization, and the ability to effectively collect, store, and analyze data is critical to success. Yet, for many financial firms, data is scattered across different silos, making it difficult to get a comprehensive view of their customers and business operations. While data can only be useful if properly organized and accessible, how can financial services integrate data to power applications, analytics, and decision-making?

In this episode, Jack talks with Kyle Van Pelt, Chief Executive Officer at Milemarker. Kyle joined Milemarker through Skience, where he was the Executive Vice President of Sales. Before his role at Skience, Kyle was a Solutions Manager at SS&C Advent and the Vice President of Partnerships at Riskalyze. His wealth of knowledge in the financial services industry and his passion for technology position him as the right leader to take Milemarker into its next era of growth and development.

Kyle talks with Jack about how he developed expertise in financial services, what sets Milemarker apart from other advisory platforms, and how to make multi-account unified managed households a reality.

Key Takeaways

[01:03] - How Milemarker helps clients and advisors.
[02:57] - How Kyle developed expertise in financial services.
[06:23] - The source of Kyle's motivation and enthusiasm.
[08:55] - What sets Milemarker apart from other advisory platforms.
[12:20] - Milemarker's ideal clients.
[15:25] - What Milemarker has in store for the future.
[19:22] - Kyle's thoughts on the trends to pay attention to for financial firms.
[21:47] - Making multi-account unified managed households a reality.
[28:59] - Kyle's three key takeaways.
[31:09] - How Kyle serves his community.

Quotes

[08:13] - "I have a thirst for learning about things. I have an addictive personality, and once something gets into my brain, I have to know as much about it as possible. And that's the DNA inside of me." ~ Kyle Van Pelt

[09:29] - "There's about 80% that every firm shares in common. And then there's this 20% of an advisory firm's business that makes the firm unique." ~ Kyle Van Pelt

[20:20] - "You can't have personalization without proper data. If the data are in different silos and all over the place, it's hard to do any level of personalization." ~ Kyle Van Pelt

[24:04] - "The best thing that can happen for unified managed household, personalization, etc., is for people to pick their core competency, the thing they’re really great at, the part of the stack they want to own, and own it.” ~ Kyle Van Pelt

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Multi-Account Unified Managed Account (UMA) with Harry Bartle

Tue, 06 Sep 2022 07:00:00 -0000

As the world of wealthtech continues to evolve, so do the products and services financial advisors use to manage their client's portfolios. The multi-account unified managed account is one of the exciting developments in the industry. While UMAs are the backbone of the wealth management industry, what does it take to implement multi-account UMAs?

In this episode, Jack talks with LifeYield colleague Harry Bartle. Harry is the Executive Vice President of Enterprise Sales. In his role, Harry helps enterprises build complete household wealth management platforms. Having seen all the positives and negatives of piecing together a new wealthtech platform, Harry has become a resource for current and future clients looking to build household wealthtech platforms.

Harry talks with Jack about improving financial outcomes and increasing overall tax efficiency at the household level. He also discusses the evolution of the unified managed account (UMA), how the multi-account UMA came to be, and what it takes to implement multi-account UMAs.

Key Takeaways

[01:01] - The evolution of the unified managed account (UMA).
[05:46] - The impact of asset location on tax results.
[06:37] - Maximizing the after-tax return on household accounts.
[09:26] - Managing portfolios on the decumulation side.
[14:05] - How the multi-account UMA came to be.
[16:13] - What it takes to implement multi-account UMAs.
[18:49] - How LifeYield provides solutions to major companies.
[20:29] - Harry's three key takeaways.
[22:35] - What Harry does outside of work.

Quotes

[06:30] - "You can't do tax management effectively unless you're doing it across all your accounts in concert with each other." - Harry Bartle

[16:27] - "Anybody that's ever gone from a single account system to UMA knows how painful that process is. It's very painful, very expensive, and has years of work." - Harry Bartle

[20:45] - "Everybody's talking about multi-account management and multi-account implementation household. You don't need to replace UMA. You can create household multi-account implementation capabilities while still having the backbone of your firm." - Harry Bartle

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Making a Secure Retirement Possible with Jason Fichtner

Tue, 30 Aug 2022 07:00:00 -0000

According to Alliance for Lifetime Income research, The Peak 65 Generation: Creating a New Retirement Security Framework, "With the U.S. experiencing the greatest retirement surge in its history, the country's public and private sector retirement systems have become obsolete. The old metaphor of the three-legged stool of retirement planning — employer pensions, personal savings, and Social Security — no longer holds. These demographic changes will have major implications for the country's fiscal finances and the retirement security for the boomer generation and the generations that follow."

In this episode, Jack talks with Jason Fichtner, Vice President and Chief Economist at Bipartisan Policy Center and Senior Research Fellow at Alliance for Lifetime Income. Jason's research focuses on Social Security, federal tax policy, federal budget policy, retirement security, and policy proposals to increase savings and investment.

Jason talks with Jack about the Alliance for Lifetime Income research, The Peak 65 Generation: Creating a New Retirement Security Framework, how the demographic trends impact the retirement industry, and why now is the time to adopt a new retirement security framework.

Key Takeaways

[01:28] - An overview of Jason's professional background.
[04:14] - What Jason's research, The Peak 65 Generation: Creating a New Retirement Security Framework, is about.
[07:12] - How people can achieve retirement security.
[08:02] - What the public-private partnership looks like.
[12:25] - How the great resignation is changing the great reset.
[16:47] - How industries are helping people plan for retirement.
[25:23] - Jason's perspective on how technology is transforming retirement.
[29:31] - Jason's three key takeaways.
[30:46] - Jason's interests outside of work.

Quotes

[04:59] - "Retirement is not a one size fits all model. The idea that my parents and grandparents, who worked primarily for one job, one company, their entire life, turned 65, got the gold watch and retired isn't necessarily the standard model anymore. " - Jason Fichtner

[05:42] - "Social security is technically OASI, the Old Age and Survivor's Insurance program. It is an insurance program. It is not designed to be a retirement program. It was designed to insure you against old age." - Jason Fichtner

[06:17] - "The three-legged stool is now wobbly. The social security trust funds are projected to be insolvent around the mid-2030s, 2034 for OASI, and if you include DI, the Disability Insurance program, it's 2035. So that's kind of shaky. And if we don't do anything to support it, benefits could get cut by the 25%." -Jason Fichtner

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Redefining Unified Managed Accounts Technology with Evan Rapoport

Tue, 23 Aug 2022 07:00:00 -0000

Technology has transformed the financial advisory industry in recent years. Financial advisers now have access to a range of tools and platforms to help them provide a better service to their clients. While adopting new technologies is not always easy, the advantages of doing so are clear.

In today's episode, Jack talks with Evan Rapoport, Founder and CEO of SMArtX Advisory Solutions. Building on years of experience in the institutional asset management segment, Evan pioneered managed accounts technology that allows wealth managers of all types to access the same strategies typically only available to the largest investors. Before forming SMArtX, Evan created a comprehensive financial data marketplace for hedge funds, HedgeCo.Net, which still exists today.

Evan talks with Jack about how SMArtX Advisory Solutions helps to redefine managed accounts technology and how it integrates technology to bring the financial advisory industry into the modern day.

Key Takeaways

[01:05] - Evan's role at SMArtX Advisory Solutions.
[02:08] - How SMArtX was born.
[07:35] - How SMArtX fits into Morningstar's ecosystem.
[12:33] - Evan's perspective on hyper-personalized asset management.
[16:02] - How SMArtX integrates and coordinates technology to improve outcomes.
[22:27] - What the future holds for SMArtX.
[28:26] - Evan's interests outside of work.

Quotes

[03:14] - "As a broker, it is tough to do two things well: raise money and manage money." - Evan Rapoport

[10:47] - "The opportunity with Morningstar is not only working with great people and great culture but also a tremendous business opportunity for us strategically in both powering their TAMP and now building out their direct indexing platform, which they've gone live in beta." - Evan Rapoport

[20:40] - "We are more focused on expanding the general integrations within SMArtX and creating those partnerships more broadly. We let the advisor come to SMArtX and choose what they want, not just tell us what they have." - Evan Rapoport

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Creating Solutions That Help Advisors Compete and Succeed with Natalie Wolfsen

Tue, 09 Aug 2022 07:00:00 -0000

Advisors are constantly looking for ways to best serve their clients. However, with the fast-paced and ever-changing landscape of the industry, it can be difficult to keep up. Advisors are expected to deliver the highest level of client experience while growing their business and managing time-consuming tasks.

In this episode, Jack talks with Natalie Wolfsen, Chief Executive Officer at AssetMark. Prior to AssetMark, Natalie held product management and marketing roles in firms such as First Eagle Investment Management, Pershing, Charles Schwab, and American Express. She took the reins at AssetMark a year ago and has spearheaded the company’s strategic direction, which encompasses its platform of curated investment and technology solutions, business consulting and operations support, and strategic acquisitions that serve the best interests of financial advisors and their investors.

Natalie talks with Jack about what AssetMark offers advisors, how asset management and planning are integrated into its distribution model, and why outsourcing is key to helping advisors serve their clients better.

Key Takeaways

[01:11] - What AssetMark is and how Natalie plays a key role in the business.
[03:14] - What Natalie finds exciting about the future of wealth management.
[05:39] - AssetMark's approach to personalizing its products and services.
[07:33] - How their acquisition of Voyant has enabled clients to achieve financial wellness.
[11:33] - What makes Voyant a popular wealth management software provider.
[13:22] - How AssetMark integrates asset management and planning into its distribution model.
[16:08] - How planning and proposals are translated into the portfolio.
[18:48] - What AssetMark's distribution model looks like.
[23:05] - Why outsourcing is key to helping advisors serve their clients better.
[27:48] - Natalie’s three main takeaways.
[28:49] - What Natalie enjoys doing outside of work.

Quotes

[04:08] - "In the pandemic, we all became much more reliant on technology. And also, the benefits of technology became so clear to so many for the first time. As a result, demands for advice and technology have changed. And one important way it's changed is personalization." - Natalie Wolfsen

[08:15] - "From my perspective, what financial wellness ultimately does is it brings together the goals, dreams, and aspirations that live in a financial plan with the investments that advisors and their clients make to bring that financial plan to life." - Natalie Wolfsen

[14:11] - "Financial wellness is the combination of ongoing communications between the advisor, their clients, goal setting, goal management, risk management, and investments." - Natalie Wolfsen

[20:16] - "One of the reasons that AssetMark advisors grow so quickly and at the heart of that is a concept of outsourcing. If you outsource your investment management, if you outsource your technology, or if you outsource key parts of your operational processes, your number of clients grows, your revenue grows, your profitability grows as does your client satisfaction and your own quality of life." - Natalie Wolfsen

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Diversity and Inclusion in Wealth Management with Craig Pfeiffer

Tue, 02 Aug 2022 07:00:00 -0000

As the demographics of investors continue to change, the wealth management industry is starting to pay attention to inclusion and diversity. Many firms hire, prepare, and advance underrepresented talents throughout the financial services industry and create programs to best serve an increasingly diverse clientele. This positive trend leads to more equitable and representative services for all investors.

In this episode, Jack talks with Craig Pfeiffer, President and CEO of Money Management Institute (MMI). Craig is a senior financial services executive, following 29 years with Morgan Stanley Smith Barney and its predecessor firms. He transitioned from MSSB in 2012, where he was Vice Chairman and a member of the Executive Committee. From 2003 to 2011, he held a progression of senior positions, including the National Sales Group, responsible for marketing strategy and client communications, desktop technology, and brokerage-based banking. Additionally, Craig has been responsible for businesses, including retirement services and corporate equity solutions.

Craig talks with Jack about his current projects and programs, why diversity and inclusion are becoming an area of focus in wealth management, and his outlook on where wealth management is headed in the future.

Key Takeaways

[01:08] - What Money Management Institute offers in the investment advisory industry.
[03:11] - A list of Craig's current projects and programs.
[08:31] - Wealth management as a people's business.
[11:02] - Craig's outlook on where wealth management is headed.
[15:48] - What Craig looks forward to over the next few years.
[20:01] -The history of MMI's innovation in wealth management.
[24:29] - Craig's three key takeaways.
[26:08] - Craig's interests outside of work.

Quotes

[03:54] - "For the last number of years, there have been challenges around dealing with accumulated wealth and retirement assets, not only the income but doing so smartly around taxes, risk around location, etc." - Craig Pfeiffer

[07:04] - "We have to go outside our industry, find people of color, and bring them into middle-level jobs. Fill out that sophomore, junior class, so the freshmen have an aspiration." - Craig Pfeiffer

[22:06] - "There was no opponent to the SMA business other than a lack of awareness. You can't come to an MMI event without putting your gun down. You're coming to share best practices. You're coming to share ideas. You're coming to learn. And people have had that structural fiber that allows people to enjoy it." - Craig Pfeiffer

[25:36] - "Being a leader in this business is rewarding. But you're only a leader if you have followers, and followers will only follow if they think they're listened to." - Craig Pfeiffer

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Why Americans Are Re-Evaluating Work with Jacquelyn Reardon

Tue, 26 Jul 2022 07:00:00 -0000

In a recent study by Franklin Templeton, U.S. workers are re-evaluating their relationship with their employers and the benefits they receive at work. The study found that workers are increasingly interested in non-traditional benefits and the need across the full spectrum of financial resources.

In this episode, Jack talks with Jacquelyn Reardon, Head of Retirement & Insurance Marketing at Franklin Templeton. In her role, Jacquelyn manages a team of marketing specialists to implement strategies for distribution channels associated with U.S. retirement and insurance businesses. She also deploys resources that drive marketing results while reinforcing process best practices, developing talent, and managing the budget.

Jacquelyn talks with Jack about Franklin Templeton's Voice of the American Worker survey, its outcome, and how the company responded to its results.

Key Takeaways

[00:51] - Jacquelyn's role at Franklin Templeton.
[01:43] - What the Voice of the American Worker survey is about.
[03:35] - The four key takeaways from the Voice of the American Worker study.
[04:40] - Why American workers are re-evaluating their work and expectations of employers.
[09:47] - How workers are focusing more on financial independence than traditional retirement.
[12:51] - What respondents think about hyper-personalization.
[14:56] - Workplace as the lobby for wealth management.
[16:12] - Why workers seek to improve their financial wellbeing.
[18:58] - A need for financial health improvement.
[22:25] - How Franklin Templeton responded to the survey results.
[24:50] - Jacquelyn's three key takeaways from the research on American workers.
[25:59] - What interests Jacquelyn outside of work.

Quotes

[06:16] - "Fifty-five percent of people have said it's not just that they've left or considered leaving, but seeing other colleagues consider leaving or leaving has made them reassess what they want from employers." - Jacquelyn Reardon

[18:13] - "Seventy-six percent of people, as it relates to student loan debt, said that they would've made different educational choices if they had realized how much debt they would get into." - Jacquelyn Reardon

[20:30] - "There's an opportunity for employers to take that holistic view of wellbeing and put some incentives and resources in place." - Jacquelyn Reardon

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Enhancing Business Growth Through Strategic Partnerships with Mark Spina

Tue, 19 Jul 2022 07:00:00 -0000

Strategic partnerships between businesses can be a powerful way to enhance growth and achieve goals that would be difficult to attain independently. By forming mutually beneficial relationships with asset managers and professionals, wealth management businesses can gain access to new ideas, strategies, and technology platforms, enabling them to focus on what they do best: providing high-quality service to their clients.

In today’s episode, Jack talks with Mark Spina, Chief Operating Officer and President at FLX Networks. Mark has over two decades of experience managing sales, national accounts, product, data, and marketing teams around the globe. His current responsibilities include developing and delivering cost-effective solutions to FLX members.

Mark talks with Jack about FLX Networks' approach to helping asset managers and management firms scale their businesses, how having a network can be leveraged to build capabilities that resonate across the community, and how technology plays a crucial role in enabling their business model.

Key Takeaways

[00:51] - How Mark got his start at FLX Networks.
[04:41] - How Mark works with asset managers and management firms.
[11:46] - FLX Networks' growth over time.
[16:55] - The company's approach to helping asset managers and advisors grow their businesses.
[19:32] - How FLX Networks enables advisors to deliver products and services effectively.
[21:15] - What role digital technology plays in the company’s business model.
[25:42] - Mark's top three key takeaways.
[27:49] - What interests Mark outside of work.

Quotes

[07:30] - "It's kind of amazing when you think about how modern all other sales engagements have become. Most of the selling experiences, it's better targeted. There's more data flowing into it. You can be more precise. But at the point of sale, it still looks and feels very similar to the way it did 30 years ago." - Mark Spina

[19:42] - "Being in the network of networks, we are able to source a combination of componentry. We are able to source practice management capabilities from external providers. We've built in-house capabilities in some of the areas that we think resonate across that community." - Mark Spina

[26:00] - "In a business and industry that requires scale to succeed, managers have to think about how they can creatively and collaboratively create that scale. And it's unlikely for the vast majority of asset managers to be able to create the requisite scale by themselves." - Mark Spina

[27:02] - "The concept of wholesaling products has to evolve in the next three to five years. It has to look more like everything else that an advisor or person does in their day-to-day life of buying and selling product." - Mark Spina

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Effectively Running a Models-Based Practice with Robert Pettman

Tue, 12 Jul 2022 07:00:00 -0000

Leading a financial advisory firm is a challenge. The goal is to provide sound and objective financial planning advice to clients but to do so profitably and at scale is an uphill battle.

In today’s episode, Jack talks with Robert Pettman, EVP, Wealth Management Solutions at LPL Financial. Robert is responsible for leading the advisory and brokerage platforms, investment products, and relationships with asset managers, insurance companies, and wealth tech providers. In addition to his role, he also heads the research department, a new component that is essential to a comprehensive wealth management strategy.

Robert talks with Jack about LPL Financial's spectrum of products, solutions, and opportunities, how they enable advisors to run a models-based practice more efficiently and effectively, and what his outlook is for the future of the financial advisory business.

Key Takeaways

[02:03] - How Robert got his start in the financial services industry.
[05:53] - What LPL Financial is working on right now that Robert is excited about.
[07:59] - How LPL Financial empowers advisors.
[13:31] - How Robert handles the many tasks involved in serving advisors.
[17:20] - Robert's outlook for the future of the financial advisory business.
[22:55] - Robert's three key takeaways.
[23:49] - Interesting facts about Robert.

Quotes

[14:18] - "It's really important to have great talent, creative and innovative, and client-centric that understands the issues, that's focused on solving problems for the clients and essentially bringing forward those ideas to actually help propel the company in doing the best that it can in serving advisors." - Robert Pettman

[17:34] - "A product really exists as a vehicle of convenience. And it so happens that with the evolution of technology, we're actually getting to a place where that's not actually the most efficient and effective way to deliver solutions." - Robert Pettman

[23:02] - "That theme of technology attacking the product wrapper is not something that's scary. It's something to be embraced and that can provide extra features and benefits for advisors and investors." - Robert Pettman

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Tax-Efficient Strategies for Maximizing Investor Returns with Martin Cowley

Tue, 28 Jun 2022 07:00:00 -0000

Taxes are a reality for all investors. Their effects can significantly affect financial outcomes and take a big bite out of investment returns. In response, advisors look for strategies that minimize tax liabilities while maximizing returns. As tax alpha may be the holy grail for many investors, what investment strategies can they use to maximize their financial outcomes?

In this episode, Jack talks with Martin Cowley, Executive Vice President of Product Development at LifeYield. As one of the pioneers in building UMH solutions in the industry, Martin is an expert at building platforms across the wealth management ecosystem. At LifeYield, Martin and his team focus on finding the client's unique circumstances and then determining the best way to serve them.

Martin talks with Jack about five ways to achieve tax alpha through a comprehensive advice platform. He discusses how these strategies work and how advisors utilize them to help clients reach their financial goals.

Key Takeaways

[01:11] - An overview of Martin's key role at LifeYield.
[05:58] - Tax harvesting as a means of improving tax alpha.
[08:40] - How single-account management differs from coordinated multi-account management.
[11:38] - The importance of asset allocation when it comes to taxes.
[19:04] - How rebalancing and income generation can work together.
[21:16] - What asset allocation and rebalancing can do for income sourcing.
[28:53] - Martin's three key takeaways.
[31:30] - What Martin likes to do outside of work.

Quotes

[10:16] - "The fact that you can see multiple tax lots across more than one account gives you more room for efficiency. It gives you more tax lots to pick from." - Martin Cowley

[17:53] - “Tax harvesting is good, it's a part of our toolkit. But asset allocation does mitigate the need for tax-loss harvesting, especially considering it dissipates over time.” - Martin Cowley

[18:42] - "A transition from an existing set of assets over to a new model can be made a lot more efficient by putting controls on gain realization and potentially breaking up the move over a year or more depending on what works for the clients and their appetite for taxes." - Martin Cowley

[29:07] - "Tax harvesting is well-established and it's a vulnerable exercise, but it's more valuable when you spread it across multiple accounts to the extent that you can." - Martin Cowley

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The Top Five Trends Impacting Wealth Management Today with Jack Sharry

Tue, 21 Jun 2022 07:00:00 -0000

The wealth management industry is constantly evolving with new trends. These trends are driving significant changes in the wealth management industry, prompting firms to adopt new strategies and technologies in order to meet investor demands. How can advisors make the most of these trends and make a significant impact on their clients?

This week, we flip the script as Jack Sharry takes the guest chair and Matt Nollman, VP of Marketing at LifeYield, hosts the show. As Executive Vice President, Chief Growth Officer, and Principal at LifeYield, Jack helps industry leaders, platform builders, advisors, and investors understand UMH platforms and the advantages they create.

As a leading industry voice on wealthtech, Jack shares his insights on the top five trends in wealth management, how these trends are impacting the industry, and how the combination of platform and advisor makes the biggest difference in client relationships.

Key Takeaways

[01:20] - The key role Jack Sharry plays at LifeYield.
[02:33] - What Jack sees as the top five trends in wealth management.
[06:23] - The impact of retiring baby boomers on wealth management.
[07:33] - How advisors can effectively manage the influx of money from next-generation investors.
[09:39] - The impact of technology convergence on wealth management.
[11:48] - Why the combination of platform and advisor makes the biggest impact on clients.
[15:52] - How advisors with the best soft skills have a competitive advantage in managing wealth.
[19:39] - Jack's three key takeaways.
[21:07] - What Jack enjoys outside of work.

Quotes

[05:41] - "At the end of the day, an advisor and a client need to talk. Algorithms aren't human beings. They just tell you how to optimize what's going on. You’ve got to ask them questions and you have to have a real dialogue often with clients that don't fully understand what it is they're trying to solve." - Jack Sharry

[20:02] - "More people are retiring today with more money and more complexity than at any point in history. So, a tidal wave of assets and complexity are driving our business for the foreseeable future." - Jack Sharry

[20:13] - "Digital and human advice are coming together on comprehensive advice platforms. And the job of the underlying algorithms is to identify the next best actions. Strategy is a start, but the ultimate job of these platforms is to coordinate implementation across the household and to determine the next best thing to do to improve financial outcomes." - Jack Sharry

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Achieving Financial Wellness Through Digitization and Personalization with Nalika Nanayakkara

Tue, 14 Jun 2022 07:00:00 -0000

Digitization and personalization are two emerging trends in asset and wealth management. With financial wellness also becoming an important factor in overall portfolio management, the convergence of digital advice and concierge services has grown more complex. How can advisors cope with the rapid changes in the asset and wealth management industries?

In today’s episode, Jack talks with Nalika Nanayakkara, Managing Partner Americas, Financial Services Consulting Leader, EY. A leader in EY's Wealth and Asset Management (WAM) Consulting business, Nalika advises many of the world's leading WAM organizations on strategy, growth, efficiency, and innovation.

Nalika talks with Jack about the recent changes in the asset and wealth management industry, how financial leaders are coping with digitization and concierge services, and why complexity is an opportunity.

Key Takeaways

[01:11] - Nalika's role in the asset and wealth management services.
[03:02] - The recent changes in the asset and wealth management industry.
[08:08] - How financial leaders are coping with digitization and concierge services.
[14:22] - Why complexity is an opportunity.
[18:11] - The convergence of retirement and wealth management businesses.
[21:43] - How to keep up with retirement and wealth management services in the future.
[23:13] - What interests Nalika outside of work.

Quotes

[04:39] - "Clients are becoming a bit more self-directed, but it doesn't mean the value of advice goes away. It's really how the advisor's role changes from financial advisor to a life coach." - Nalika Nanayakkara

[14:22] - "Complexity is a threat but it's also an opportunity. I think if things are easy, then everything could be automated and everything would be free." - Nalika Nanayakkara

[20:19] - "I think retirement is also becoming a part of the wellness agenda, like how do I get financial peace of mind? And retirement is a big piece of it." - Nalika Nanayakkara

[22:08] - "You can't be all things to all clients. So, you have to figure out how to balance digitization with the human touch. You have to figure out how to use tech and data to provide differentiated experience and build trust." - Nalika Nanayakkara

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Using Technology to Deliver Comprehensive Advisory Services with Rich Cancro

Tue, 07 Jun 2022 07:00:00 -0000

Technology has always been a driver for change, and the financial sector is no exception. Driven by clients who are looking for more holistic advice, financial advisors are now leveraging technology solutions to provide a higher level of service. With the development of comprehensive advisory platforms, advisors can offer better advice and outcomes to their clients.

In today’s episode, Jack talks with Rich Cancro, Founder and CEO at AdvisorEngine. Rich brings more than 25 years of experience building wealth management technology. Prior to founding AdvisorEngine, he served as a Managing Director at Bank of America Merrill Lynch, and created industry-leading solutions for J.P. Morgan, Bear Stearns and DLJDirect.

Rich talks with Jack about how he helps advisors provide better advice and outcomes for their clients, how he built AdvisorEngine to be a comprehensive advice platform, and what the future looks like for the financial advisory industry.

Key Takeaways

[01:08] - What AdvisorEngine has to offer clients.
[01:51] - An overview of Rich's career in the financial advisory.
[05:56] - Why Rich started his own business despite working for one of the largest firms.
[10:42] - How Rich built AdvisorEngine to be a comprehensive advice platform.
[15:14] - Rich's perspective on the future of the industry.
[21:50] - What prompted AdvisorEngine to acquire Junxure.
[25:41] - Interesting things Rich does outside of work.

Quotes

[02:30] - "I am absolutely passionate about fiduciary advisors. I love the fact that fiduciary advisors are fully aligned with the client's interests. They're small businesses. How they get service and how they service their clients, every moment matters." - Rich Cancro

[18:03] - "I think advisors really have to evolve from relationship building. They're great at it, that's where they build their trust. But they have to pivot from that perspective into becoming great marketers. A vast majority of independents are not great at marketing" - Rich Cancro

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Data And Technology: The Keys to Providing Comprehensive Wealth Advice with Paula Nelson

Tue, 31 May 2022 07:00:00 -0000

Data and technology are critical when it comes to providing holistic wealth advice. They are two essential resources that can help advisors gain a deeper understanding of their clients' financial situations, enabling them to offer more tailored recommendations.

In today’s episode, Jack talks with Paula, Managing Director & Head of Growth Strategy at Global Atlantic Financial Group. Prior to joining Global Atlantic Financial Group, Paula served as CEO and President of Transamerica Capital, and Managing Director for Aegon Financial Services Group. In her current role, Paula's primary focus is on growth that involves bringing insurance strategies and alternative asset options to financial professionals.

Paula talks with Jack about the role technology plays in the insurance industry, how Global Atlantic applies innovative approaches to offer better services to financial professionals, and how data and technology are key to providing holistic wealth advice.

Key Takeaways

[01:26] - What Global Atlantic Financial Group is and how it serves its clients.
[02:50] - Paula's professional history and her hopes for the wealthtech industry.
[05:53] - Two important ways technology contributes to the insurance industry.
[08:01] - Paula's role in the growth of Global Atlantic Financial Group.
[13:06] - Global Atlantic's innovative approach to serving advisors.
[19:02] - What the future looks like for the insurance industry.
[22:52] - How technology and data are key to providing holistic wealth advice.
[23:42] - What Paula does outside of work.

Quotes

[13:44] - "The ability and the key that technology will allow is these products to sit alongside other things that advisors and clients can work with much more seamlessly than a standalone package product." - Paula Nelson

[16:02] - "What [technology] can provide to financial professionals who really want to expand what they do for clients is critically important to how they become more than just a money manager. And I don't know how they do it without technology." - Paula Nelson

[22:58] - "If your organization is not investing in digital data analytics, you should be asking why. Why aren't we making those investments? Technology and data are key to really providing holistic wealth advice." - Paula Nelson

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Disclosure

This podcast is intended for Financial professional use only. The opinions expressed are those of the opinions of the speakers as of May 2022 and may not come to pass. Nothing said should be considered a recommendation to buy, sell or hold any security product.

Annuities issued by Forethought Life Insurance Company, Indianapolis, Indiana. Global Atlantic Financial Group (Global Atlantic) is the marketing name for The Global Atlantic Financial Group LLC and its subsidiaries, including Forethought Life Insurance Company and Accordia Life and Annuity Company. Each subsidiary is responsible for its own financial and contractual obligations. These subsidiaries are not authorized to do business in New York.

The Narrative of Trust in Advisory Services with John Connors

Tue, 24 May 2022 07:00:00 -0000

Trust is the cornerstone of a successful advisor-client relationship. And earning that trust starts with empathy – the ability to have a complete understanding of clients' situations and concerns. Having a clear understanding of what drives clients' decisions allows advisors to develop and recommend solutions that align with their goals and preferences, laying the foundation for successful advisory platforms.

In today’s episode, Jack talks with John Connors, Founder and CEO of Boathouse. Prior to founding his own marketing agency in 2001, John held positions at companies such as Hill Holliday and Merrill Lynch, served as CEO of Zentropy Partners, and became part of the McCann World Group Management team. With the aim of bringing a new level of performance-mindedness to the agency business, John created Boathouse.

John talks with Jack about why narratives matter, why advisors deserve more attention and value, and how empathy can be key to building trust with clients.

Key Takeaways

[02:00] - A brief overview of John's professional career.
[03:56] - The story behind the creation of "Total Merrill".
[09:54] - Why John thinks that advisors are undervalued.
[13:55] - How technology and narrative go together in the advisory business.
[17:43] - How empathy is critical in developing a comprehensive advice platform.
[21:00] - How empathy plays a role in the narrative of trust.
[23:33] - John's three key takeaways.
[26:30] - Interesting activities John engages in outside of work.

Quotes

[10:22] - "There's so much emphasis on product platform and tech, and it's striking to me how little emphasis is on the advisor and how management tends to commoditize the advisor rather than actually leverage the advisor." - John Connors

[19:14] - "If you can't walk in and build that empathy based on understanding those issues and those audiences, you can't build that trust" - John Connors

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The 4 Ps of Growing a Business: Process, Performance, Partnership, and People with Corey Walther

Tue, 17 May 2022 07:00:00 -0000

In a rapidly changing industry, Allianz Life has been able to stay ahead of the curve and emerged as one of its most innovative and thriving companies. While technology has undoubtedly been instrumental in this transformation, Allianz has built upon four cornerstones that have contributed to its success.

In today’s episode, Jack talks with Corey Walther, President of Allianz Life Financial Services. Corey is responsible for the business results, strategic direction, sales execution and distribution for several Allianz Life Insurance Company product lines. He is also passionate about leading teams and developing strategies that help identify and implement opportunities to improve sales, service delivery, and profitability.

Corey talks with Jack about the 4 Ps of growing a business, the secret to Allianz’s continued growth and success, and how technology is changing the game of wealth management.

Key Takeaways

[01:16] - The key role Corey plays at Allianz Life Financial Services.
[02:40] - How the wealth management and annuity industries have evolved over time.
[05:30] - The 4 Ps of growing a business: Process, Performance, Partnership, and People.
[10:01] - The secret to Allianz's continued growth and success.
[13:39] - How technology is a game-changer for wealth management.
[16:46] - How Corey helps advisors embrace the opportunities presented by technology.
[21:27] - What the future holds for wealth management.
[24:18] - Corey's three key takeaways.
[25:10] - What Corey enjoys outside of work.

Quotes

[14:54] - "Technology, in general, has been a game-changer for our industry. And, quite frankly, not just for insurance and annuities but also for our clients. I just couldn't be more excited and bullish about what we can do with technology being the epicenter of really helping our industry and this country improve livelihoods for so many households across the country." - Corey Walther

[17:22] - "In our world, it's not just about solution selling. It's about starting with the conversation that a financial professional might be having with an investor and that financial planning approach. And then it's how do we best fit that goals-based planning conversation to be able to demonstrate where does an annuity fit and where does it not fit." - Corey Walther

[24:26] - "As a financial advisor and professional investor, make sure that you're incorporating and thinking about risk management strategies, not just investment management, but risk management." - Corey Walther

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The Convergence of Wealth Management and Retirement with Fred Barstein

Tue, 10 May 2022 07:00:00 -0000

Wealth management and retirement planning are two important aspects of financial planning. While they are often discussed separately, the convergence of these two industries allows people to take a holistic approach to their finances and create a comprehensive financial plan that helps them achieve their financial goals.

In today’s episode, Jack talks with Fred Barstein, Founder and CEO of The Retirement Advisor University (TRAU) and The Plan Sponsor University (TPSU). He is also the contributing editor for WealthManagement.com's RPA Edge and Editor in Chief & Founder of 401kTV, a media channel helping mid-size and smaller companies better manage their defined contribution plans.

Fred talks with Jack about what he does to serve the DC 401k market, how wealth management and retirement can work together, and how big players in the wealth management industry are now focusing on retirement.

Key Takeaways

[01:11] - What Fred does to advance the retirement and advice space.
[02:52] - How Fred collaborates with institutions to help educate plan sponsors.
[06:19] - A look at the type of community Fred is part of.
[11:57] - How wealth management and retirement can work together.
[17:59] - The challenges the DC industry is facing today.
[21:18] - How big players in the wealth management industry are now focusing on retirement.
[25:52] - How retirement plan advisors are changing their strategies.
[29:08] - Fred’s three key takeaways.
[31:00] - Activities that Fred enjoys doing outside of work.

Quotes

[03:17] - "We saw that there were a lot of designations and it seems like there's a lot popping up. But the credibility of them, if you can just do it online and take a test, doesn't make you an expert. So, we wanted to have a designation and training that plan sponsors could be sure of or we are confident that this advisor is actually well trained and has the experience." - Fred Barstein

[08:24] - "Part of the reason that I work with wealth management is they want a platform. The DC industry wants to get into and speak to the wealth management industry. They see a huge opportunity in the convergence of wealth, retirement, and benefits." - Fred Barstein

[14:40] - "RPAs have a huge advantage over traditional wealth management when it comes to getting access and credibility." - Fred Barstein

[26:55] - "DC plans have now become a strategic benefit rather than tactical. Retirement plan advisors have moved from the waiting room with the rest of the salespeople to the boardroom talking strategy." - Fred Barstein

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Key Trends in Wealth and Investment Management with Chip Roame

Tue, 03 May 2022 07:00:00 -0000

Wealth and investment management are constantly evolving industries, with new technologies, strategies, and trends emerging every day. In order to stay ahead of the curve, advisors need to be aware of the key drivers shaping the landscape.

In today’s episode, Jack talks with Chip Roame, Founder and Managing Partner of Tiburon Strategic Advisors, and the Tiburon CEO Summits. Prior to forming Tiburon in 1998, Chip served as a management consultant at McKinsey & Company, and later as a business strategist at The Charles Schwab Corporation. In his current role, Chip is responsible for all of Tiburon's advisory, research, service, and marketing activities, keeping him on the leading edge of strategic initiatives in the industry's fastest-growing businesses.

Chip talks with Jack about what to expect at the Tiburon CEO Summits in Boston, the top four trends in wealth and investment management, and what RIAs will look like in the future.

Key Takeaways

[01:07] - An overview of Chip’s career in wealth management.
[02:08] - What prompted Chip to establish Tiburon Strategic Advisors and Tiburon CEO Summits.
[06:46] - What to expect at the Tiburon CEO Summits in Boston.
[09:00] - The top four trends Chip is focusing on.
[14:52] - How robo-advisors are doing exceptionally well.
[17:32] - Chip’s thoughts on the trend of company and asset acquisitions.
[19:36] - Why organic growth is critical to the RIA channel.
[24:28] - What RIAs will look like in the future.
[25:36] - Chip’s three key takeaways.
[28:05] - What Chip enjoys outside of work.

Quotes

[09:28] - "I think the Gen X consumer is the big opportunity for the next 10 years. When you work your way through the data, you realize Gen X will save and invest more money than will baby boomers and millennials combined in the next 10 years. There's a lot of buzz about millennials and how they're so influential and all that, but in dollars and cents in the next 10 years, there's a lot about the Gen X investor." - Chip Roame

[18:22] - "A lot of firms have just discovered how fast the RIA market is growing and then they're doing one of three things. They're either going to be the RIA, they're going to be a custodian to the RIA, or they're going to be a bigger product provider to the RIA." - Chip Roame

[27:49] - "I don't think small advisors are really as threatened as everyone says they are. I do believe in consolidation. I don't believe that small advisors are in trouble." - Chip Roame

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The Future of Advisory Services: How Technology is Changing the Way We Invest with Ainslie Simmonds

Tue, 26 Apr 2022 07:00:00 -0000

Wealth management is constantly evolving as the needs of consumers and businesses change. In order to stay ahead of the curve, companies need a platform that provides their customers with a 360-degree view of all their assets. This will allow them to deliver a better customer experience, increase loyalty, and drive growth. By having a single platform that connects all aspects of the business, firms will be able to better serve their customers and provide them with a better overall experience.

In today’s episode, Jack talks with Ainslie Simmonds, President of Pershing X, a new business unit in BNY Mellon that designs and builds innovative digital solutions for Pershing’s Wealth Solutions clients, including broker dealers, RIAs, and trust companies.

Prior to joining Pershing, Ainslie was the Global Head of Digital at PIMCO, the Chief Marketing and Product Officer at thinkorswim, and the Chief Operating Officer at LearnVest. Ainslie brings two decades of experience in wealth management and digital experience to her role at Pershing X. Along with her team, she is dedicated to delivering the industry's leading end-to-end advisory platform, helping financial services firms solve the challenge of managing disconnected technology.

Ainslie talks with Jack about what Pershing X has to offer in the financial services industry, how she plans to address the interoperability issue in the financial system, and how Pershing X hopes to dominate the advisory market.

Key Takeaways

[01:26] - What Pershing X has to offer in the financial services industry.
[03:19] - A look back at Ainslie's professional journey.
[07:22] - How Pershing X plays a role at the Bank of New York Mellon.
[10:56] - Where Pershing X draws its inspiration.
[14:54] - How Ainslie plans to address the interoperability issue in the financial system.
[17:34] - How Pershing X hopes to dominate the advisory market.
[20:29] - Why the financial industry is ill-prepared to deal with waves of retirees.
[23:15] - Ainslie's three major takeaways.

Quotes

[18:58] - "No expectation we're going to win every app. It's on us though to always be adding more and more of that interoperability value." - Ainslie Simmonds

[22:29] - "If you think about the ways interoperability could show up, it can very much show up in retirement paychecks. It can show up in a lot of different ways that no single point provider could do. I can see the problems getting solved with a suite that talks to each other." - Ainslie Simmonds

[23:24] - "If you are in the advisory business, I think you need to think hard about how much you want to invest in tech and how much you're going to turn to partners. That has to be a really thoughtful decision." - Ainslie Simmonds

[23:52] - "There is this massive opportunity to serve clients through all stages of their life. And you need to think about how your platforms and technologies are supporting you in that." - Ainslie Simmonds

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Longevity, Retirement Planning, and Empowering Advisors with Frank McAleer

Tue, 19 Apr 2022 07:00:00 -0000

Retirement planning is evolving in an interesting way as the baby boomer generation retires. As life expectancy is rising and retirees are coming in waves, it's necessary to create better retirement plans.

In today’s episode, Jack talks with Frank McAleer, Senior Vice President of Wealth Planning, Global Wealth Solutions at Raymond James, a global financial services firm that focuses on providing trusted advice and tailored, sophisticated strategies for individuals and institutions.

Bringing more than 30 years of industry experience, Frank leads Raymond James’ efforts to empower financial advisors with thought leadership, technology, and practical guidance to address the evolving financial planning needs of their clients. They believe a financial plan that sets out clear objectives and the partnership offered by a professional financial advisor is key to achieving long-term financial and lifestyle goals.

Frank talks with Jack about how Raymond James offers services focused on longevity and retirement, how they empower advisors, and the role technology plays in retirement planning.

Key Takeaways

[01:16] - Raymond James’ role in the financial services industry.
[07:44] - How Raymond James became a successful firm.
[09:10] - How Raymond James empowers advisors.
[11:35] - How Raymond James' longevity planning works.
[15:59] - What the future holds for Raymond James' retirement planning.
[19:09] - The role of technology in the retirement planning ecosystem.
[21:01] - Why the top issues for clients are not the top issues for advisors.
[24:35] - Frank McAleer's key takeaways.
[26:25] - Frank's interesting activities outside of work.

Quotes

[16:08] - "Planning and longevity, they're kind of intertwined. There's so much more emotional intelligence required and there's more empathy required, it's holistic." - Frank McAleer

[25:07] - "If I identify the number one issue in longevity, it's caregiving. And there are two things that will do, it will differentiate you, and it will help you immensely when the transition of wealth conversation comes up because you're getting the whole family naturally involved." - Frank McAleer

[25:34] - "I call empathy the one trait that clients want from financial advisors the most, but you'd never see it. But when you provide it, clients relate and the best way is to tell your own personal stories." - Frank McAleer

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A WealthTech on Deck Year in Review: The Best Themes, the Most Popular Episodes, and a Look Forward with Jack Sharry and Matt Nollman

Tue, 12 Apr 2022 07:00:00 -0000

This episode marks the one-year anniversary of the WealthTech on Deck Podcast. Taking a look back at the last 50 episodes, Matt Nollman, VP of Marketing at LifeYield takes the lead and interviews regular host, EVP & Chief Growth Officer at LifeYield, Jack Sharry.

Jack is a leading industry voice on wealthtech, UMH, and the future of financial advice. His mission is to help investors, financial advisors, and firms achieve improved financial outcomes.

Matt leads LifeYield’s marketing team, strategy and digital experience, as well as producing the WealthTech on Deck podcast.

Jack and Matt talk about some of the best themes, most popular episodes, and lessons learned over the last year.

Key Takeaways

[01:46] - Jack's key takeaways from hosting WealthTech on Deck over the past year.
[02:56] - Some of the big themes that stood out across the last 50 episodes.
[04:35] - A list of episodes on growth and creating disruptions in the retirement industry.
[06:23] - How Morgan Stanley's strategy is unique in the marketplace.
[08:35] - Technology as a critical component of portfolio integration.
[10:58] - What the future holds for Unified Managed Households (UHM).
[14:02] - The history of the wealth management industry.
[19:49] - The impact Jasmine Jirele, Heather Kelly, and David Lau had on the financial services industry.
[24:08] - How the team at Lifeyield is integral to the wealth management space.
[28:10] - Future guests you won't want to miss.
[29:38] - Things Jack enjoys outside of work.

Quotes

[03:02] - "The biggest theme and the most listened to episodes are all around the strategy, design, and execution of what I'm now calling comprehensive advice platforms." - Jack Sharry

[12:00] - “Around retirement income, you have to think about RMDs, social security, Roth conversion, taxes, and risk. We've got growing inflation, and interest rates are rising. How are you going to handle all of that? Doing a lot of work on this topic across the industry is how we consider all the variables, all the things we have to think about to maximize retirement income." - Jack Sharry

[25:50] - "Essentially, what we're really doing is we see a lot and we can see what the trends are, what the challenges are, and what the issues are. And what we're involved with is creating a new category. As we're doing that, we want to share what we're learning because the reason a lot of people listen to this podcast is to find out what other people are doing." - Jack Sharry

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Maximizing Retirement Income with Steve Zuschin

Tue, 05 Apr 2022 07:00:00 -0000

As more and more baby boomers are approaching retirement, advisors are encountering a unique set of challenges, including funds for retirement. With inflation and taxes on the rise, what can financial advisors do to maximize retirement income?

In today’s episode, Jack talks with Steve Zuschin, Executive Vice President of Enterprise Technology Adoption at LifeYield. Steve has more than a decade of experience in financial services, advisor technology, and sales. He is an expert in sales leadership and business development and has demonstrated a history of success in fintech and financial services. At Lifeyield, Steve works closely with clients to help them build comprehensive advice platforms.

Steve talks with Jack about LifeYield’s comprehensive retirement income program, what to do about taxes, and how to maximize retirement income.

Key Takeaways

[01:34] - Steve’s role in fintech and the financial services industry.
[04:47] - How taxes impact retirement goals.
[06:05] - How LifeYield's retirement income sourcing works.
[10:48] - How can all the facets of financial planning be tied together?
[13:31] - What advisors have to say about LifeYield's retirement strategies.
[16:02] - How dynamic algorithms play a crucial role in retirement planning.
[18:40] - Steve's three major takeaways.

Quotes

[04:57] - "Tax is the number one offender when it comes to expenses and retirement. But it's also a huge drag on reaching retirement goals to begin with." - Steve Zuschin

[05:59] - "Every decision we make in financial service, every recommendation we make has a tax consequence, whether we want to own that or not." - Steve Zuschin

[18:56] - "Taxes are the number one expense. It's the largest expense that people incur when they're in retirement and most of them are paying unnecessary taxes. So, there's a huge opportunity to improve outcomes for them and ourselves." - Steve Zuschin

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Achieving Financial Stability In The Golden Years with Aaron Schumm

Tue, 22 Mar 2022 07:00:00 -0000

Saving money is something that should start early in life, but it's never too late to get started. Saving can be difficult at times, but there are ways to make it easier.

In this episode, Jack talks to Aaron Schumm, Founder and CEO of Vestwell. Aaron brings nearly 20 years of fintech and finserv experience from industry-leading companies. He founded Vestwell in 2016 to close the American savings gap by modernizing the way individuals and small businesses save. Prior to Vestwell, Aaron co-founded FolioDynamix, which is now part of Envestnet.

Aaron talks with Jack about his approach to guiding people toward financial wellness, how Vestwell serves its clients, and how savers can step up their saving strategies.

Key Takeaways

[01:10] - How Vestwell serves its clients.
[02:16] - What sets Vestwell apart from other wealth management platforms.
[04:27] - How Vestwell fits into Morgan Stanley's ecosystem.
[06:36] - Why the convergence of wealth management and retirement is becoming a trend.
[09:23] - How savers can step up their saving strategies.
[13:14] - The role Solium Capital plays at Morgan Stanley.
[15:04] - How Vestwell plays a role in the future of saving and wealth management.
[19:11] - Aaron's approach to guiding people toward financial wellness.
[20:17] - The evolution of Aaron's career in wealth management.
[23:01] - Aaron's three key takeaways.

Quotes

[15:27] - "Everyone needs to save. Especially in today's world, with expenses rising, cost of living rising, and not saving enough, you need to start stepping in early. And there's no better way to do that than starting in the workplace and then carrying beyond." - Aaron Schumm

[16:02] - "We have too many people that are just undersaved and we have to do something. And the private market isn't able to engage at the pace we want right now." - Aaron Schumm

[24:28] - "There's really cost-effective ways in designing savings plans that aren't expensive and there's a lot of tax credits and whatnot. I think it's really a responsibility for everyone to start and make sure that they're setting themselves up and their employees' success in the future." - Aaron Schumm

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Creating Better Retirement Solutions Through Technology with Cheryl Nash and Steve Gresham

Tue, 15 Mar 2022 07:00:00 -0000

As the population of retirees continues to grow, this puts a lot of stress on the traditional retirement system. Finding better retirement solutions is becoming increasingly important. What can financial advisors and industry leaders do to provide better retirement planning and solutions?

In today’s episode, Jack talks with Cheryl Nash, CEO of Financial Supermarket at InvestCloud, an established and trusted leader in wealth technology, and Steve Gresham, CEO of The Execution Project, a wealth management consulting firm that helps companies create better wealth management and retirement solutions.

Cheryl and Steve are true industry leaders. Cheryl grew up in the wealth management industry and has held roles in nearly every functional area. Steve is a leader in understanding trends facing the wealth management industry. His focus is on improving retirement solutions for a wave of retiring clients.

Cheryl and Steve talk with Jack about the project they have been working on together, The Next Chapter Leadership and Action Initiative. They also discuss the role of technology in retirement planning, what industry leaders and top financial advisors do differently to provide retirement solutions, and how investors are becoming more concerned about their retirement income.

Key Takeaways

[01:36] - What Next Chapter is all about.
[08:28] - What industry leaders and top financial advisors do differently.
[10:35] - The role of technology in retirement planning and solutions.
[14:20] - How investors are becoming more concerned about their retirement income.
[18:00] - Why digital platforms need to be simplified.
[23:21] - What to look forward to at the Next Chapter conference.

Quotes

"We've talked about goals-based planning for years. Everybody wants a goal. Everybody has a retirement goal. So, now that we're at a point where 10, 000 people are retiring every day, we've got to figure this out. And technology has to be the enabler and you've got to get working with the right people." - Cheryl Nash

“We’re trying [to create] a frictionless solution for the clients, and help them actually achieve that retirement that they're on the cusp of, but then also support advisors.” - Steve Gresham

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Unifying Data and Integrating Systems to Maximize Growth with Adrian Johnstone

Tue, 08 Mar 2022 08:00:00 -0000

Data is the lifeblood of business. It’s what drives decisions, helps optimize operations, and fuels innovation. Businesses need to have a good understanding of their customer base, as well as their industry as a whole. The world is moving forward, and with it comes new opportunities for businesses to thrive. How can financial firms and advisors harness the power of data to accelerate their growth?

In today’s episode, Jack talks with Adrian Johnstone, Co-Founder and President of Practifi, an enterprise-grade business management platform that helps RIAs, family offices, and broker-dealers grow their businesses by unifying data from all sources, automating workflows, and integrating solutions.

For more than 20 years, Adrian has helped businesses of all sizes leverage technology for growth. He is responsible for the vision of Practifi, its partner ecosystem, go-to-market strategy, and global direction. A regular presenter at industry events in Australia and United States, Adrian offers deep insight into the technological needs of advisors.

Jack talks with Adrian about what Practifi has to offer advisors and wealth institutions, how it contributes to clients' growth, and how it fits into the future of CRM.

Key Takeaways

[01:03] - How Practifi was founded.
[02:08] - What sets Practifi apart from other CRM platforms.
[04:01] - What Practifi has to offer advisors and wealth institutions.
[08:28] - Why a “one platform mentality” is the least desirable when using CRM platforms.
[11:46] - Practifi's data integration process.
[14:11] - How Practifi contributes to clients' growth.
[16:14] - The challenges associated with helping people grow their businesses.
[18:17] - What CRM should look like in the future.
[19:46] - How Practifi plays a role in the future of CRM.
[20:35] - Adrian's three key takeaways.

Quotes

[02:56] - "From our perspective, we knew that Salesforce was really the platform that people wanted, but not everyone had the wherewithal nor the desire to go and make that upfront and ongoing investment in customization." - Adrian Johnstone

[20:30] - "There is a huge amount more that your technology can and should be doing for you. Don't be afraid to change. You need to understand that it's a big deal. You've got to be prepared to lean in." - Adrian Johnstone

[20:56] - "It's no longer good enough to accept that you have a lot of disconnected pockets of technology. If you are working with vendors who won't integrate, it's time to move. They're inhibiting your growth. You wouldn't put up with that in any other aspect of your life. You shouldn't put up with it in your corporate technology." - Adrian Johnstone

[21:19] - "Don't turn yourself into a technology business. Great wealth management firms aren't technology companies. Don't get yourself into the trap where you are buying one of these base platforms, whether Microsoft or Salesforce, then all of a sudden you're hiring developers and having to make that investment to make exactly as you want it. " - Adrian Johnstone

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A Marketing Playbook that Disrupts Traditional Models with Megan Carpenter

Tue, 01 Mar 2022 08:00:00 -0000

Marketing is all about connecting with your audience in a way that resonates with them. One of the best ways to do this is by being authentic and vulnerable. People can see through a false persona. They do not want to see or hear perfect marketing, they want to see and hear real people. How can businesses leverage these qualities to connect with their customers in a meaningful way?

In today’s episode, Jack talks with Megan Carpenter, CEO and Co-Founder of FiComm Partners, named to InvestmentNews' 2020 40 Under 40 List, and a sought-after speaker at a wide range of financial services industry events.

Under Megan's leadership, FiComm is today a multi-million-dollar business that partners with its wealth management clients to differentiate their businesses and firms through telling meaningful stories. With more than 15 years of financial services experience, she is one of the drivers behind the industry's conversation around modernizing advisor communications. Megan is recognized for her exceptional accomplishments, leadership, and contributions within the financial services industry.

Megan talks with Jack about how FiComm helps clients grow their businesses, why authenticity, vulnerability, and humanity are important in marketing, and how the concept of “New Skool” challenges the traditional ways of doing things in the finance world.

Key Takeaways

[03:02] - How Megan juggles motherhood and business ownership.
[05:01] - The role FiComm plays in helping clients grow their businesses.
[07:53] - What New Skool means to FiComm.
[10:55] - How authenticity is manifested in marketing.
[14:10] - What authenticity means to consumers.
[18:10] - How “impact” outranks “reach” in marketing.
[19:40] - How FiComm and its clients have grown tremendously over time.
[23:55] - What makes a good marketing playbook.
[25:26] - Megan's three takeaways.
[26:51] - Some interesting things about Megan.

Quotes

[08:09] - "The best way to have marketing success is to create really authentic content that resonates with the people that you want it to resonate with. So New Skool is about bringing vulnerability and authenticity to an otherwise very old school industry." - Megan Carpenter

[16:15] - "I think there are a lot of marketing professionals in our space that want to make (content) feel more complicated. I think marketing is very intuitive and isn't really that difficult when you just break it down." - Megan Carpenter

[18:48] - "I could care less if a thousand of the wrong people are watching a video that I produced. I'd much rather have one of the right person. It's about reach versus impact. It's about being in conversation with people instead of just broadcasting information. It's about developing relationships instead of t trying to demonstrate credibility." - Megan Carpenter

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The Intersection of Digital Marketing and Financial Advice with Robert Sofia

Tue, 22 Feb 2022 08:00:00 -0000

There are many things that go into a successful financial planning firm. One of the most important is marketing. Financial planners are good at connecting with people and helping them achieve their financial goals, but they're usually not great at marketing themselves. When marketing becomes a barrier to growing a financial advisory business, how can financial planners stand out, gain more clients, and scale their companies?

In today’s episode, Jack talks with Robert Sofia, Founder, Chairman, and CEO of Snappy Kraken, a company that helps financial advisors personalize, automate, and track marketing campaigns and business processes.

During the past decade, Robert has supported thousands of companies across the spectrum of financial services. At Snappy Kraken, he is responsible for the company's overall strategic direction.

Robert talks with Jack about the key factors that drive growth, how to build a brand that stands out in the marketplace, and what financial advisors really need to build meaningful relationships and grow their businesses.

Key Takeaways

[1:06] - What motivated Robert to establish a marketing firm for financial advisors.
[3:03] - How Snappy Kraken enables advisors to create meaningful relationships.
[6:55] - What it means to “market like the greatest brands in the world”.
[9:08] - What it takes to build a strong brand.
[12:35] - How to stand out in the marketplace.
[18:23] - How Robert helps companies focus on what really matters.
[21:45] - The key factors that drive growth.
[25:10] - Robert's three key takeaways.
[26:54] - What interests Robert outside of his professional career.

Quotes

[1:25] - "The financial advice industry was really behind on marketing. And financial planners, they're amazing at connecting with people. They're amazing at all the financial planning components, but they're usually not great at marketing." - Robert Sofia

[3:22] - "A lot of people talk about digital marketing tactics and strategies. I don't think that's what advisors need to hear. I don't think that's what the enterprises that support advisors need to talk about. I think what advisors really need, is they need help with scaling meaningful relationships." - Robert Sofia

[7:16] - "Branding is very powerful. When you get to the point where you are known and identified for something and recognized as a leader, it starts to have a compounding effect. It really attracts all kinds of opportunities to you." - Robert Sofia

[25:10] - "If you really want to get results from your marketing, start getting comfortable with being uncomfortable. If it makes you really comfortable, it's probably not good enough, it's probably not bold enough, it's probably not edgy enough, and it's probably not going to work." - Robert Sofia

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Tax-Smart Investment Strategies with Paul Gamble

Tue, 15 Feb 2022 08:00:00 -0000

When it comes to providing financial services, it is important to remember that one size does not fit all. Not only is this important for the advisor-client relationship, but it can also lead to increased business and better outcomes for clients. As the marketplace changes, how can tax-smart investment strategies help both advisors and their clients achieve their financial goals? How can companies stay ahead of the curve when it comes to implementing effective tax strategies into their operations?

In today’s episode, Jack talks with Paul Gamble, CEO at 55ip, a tax-smart investment strategy engine that dramatically improves financial advisors’ efficiency and effectiveness.

With more than 25 years of experience in advisory services, financial technology, investment management, and retirement, Paul has served in various leadership roles with some of the leading asset and wealth management companies.

Paul talks with Jack about how 55ip enables financial advisors to deliver tailored services to clients, why tax management is becoming more important in today’s changing marketplace, and what advisors can do to deliver greater value to clients in the future.

Key Takeaways

[01:06] - What 55ip is all about.
[04:33] - How 55ip fits into the business framework of JP Morgan.
[05:48] - What “tax-smart” means to 55ip.
[08:43] - How the company works with both wealth managers and asset managers.
[11:17] - Where the wealthtech industry is heading.
[16:33] - What advisors can do to deliver more value in the future.
[19:04] - What makes “making the complex simple” possible.
[20:46] - The key to providing better solutions to clients.
[26:31] - Paul's three main takeaways.

Quotes

[4:05] - "Technology can really help wealth management enterprises and financial advisors take advantage of the technology trends and a different way of building relationships with clients." - Paul Gamble

[12:09] - "I really view the push for customization as really powerful because advisors want customization that keeps them in control related to the things they think are important to them from an investment standpoint, like asset allocation manager and diversity in other areas. From a client perspective, taxes may be the most personal thing that they have from tax rates to the tax budget investors are willing to pay." - Paul Gamble

[19:48] - “In running a fintech company, the key is making sure that you're constantly getting feedback from the key personas that you're trying to deliver your products to, making sure you're doing user testing qualitatively and quantitatively and getting that feedback." - Paul Gamble

[21:07] - "Advisors need to feel that the portfolios they are delivering are theirs. Whether they're leveraging a third-party asset manager or a home office, they have a say and they can put their thumbprint on it, they can explain them, and they can demonstrate their value in terms of outcomes." - Paul Gamble

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Integrating Technology, Managing Risk, and Simplifying the Complex with Tricia Rothschild

Tue, 08 Feb 2022 08:00:00 -0000

Risk occurs everywhere in the world of finance, it’s inevitable. As the global business and economic market continue to evolve, so do the risks. With businesses moving forward, how can technology integration in the wealth management industry help mitigate risks?

In today’s episode, Jack talks with Tricia Rothschild, Vice-Chair at the CFA Institute Board of Governors, Board member at Riskalyze, and Advisory Board Member at The TIFIN Group and the Financial Fitness Group.

Over the course of her career, Tricia was an executive at Morningstar in charge of the global software, data, index, and investment research businesses, serving individual investors, financial advisors, and asset managers. In her last role, she was the Chief Product Officer and Co-Head of Global Markets. In her 26 years with Morningstar, Tricia has built a strong leadership team and an innovative business with an enduring impact on investor success.

Jack speaks with Tricia about the risks associated with retail investing, how technology enables asset managers to better understand their clients, and what the future holds for wealth advisory services.

Key Takeaways

[01:31] - Tricia's life's work and what she's passionate about.
[03:12] - The complexity of coordinating plans and investment strategies.
[07:07] - Tricia’s broad interests.
[09:45] - The risks associated with retail investing.
[12:43] - How Tricia addresses risks.
[15:20] - The TIFIN Group’s role in the wealth management industry.
[20:00] - Where the wealth advisory sector is headed.
[23:59] - How technology allows asset managers to better understand their clients.
[25:56] - Tricia's top three takeaways from the wealth management industry.
[27:28] - Tricia’s passions and interests outside of work.

Quotes

[11:41] - "I think there is enough advancement at this point in terms of how AI can be applied to understand past behavior, project what is likely the next step, and provide a better kind of foreshadowing or pathway that would help people alleviate or mitigate some of those risks." - Tricia Rothschild

[20:08] - "There is a need for people to have the precision that each individual family situation requires and deserves. I think the industry is moving toward an increased level of personalization." - Tricia Rothschild

[24:17] - "Asset managers need to have a better understanding of the end-user. They became a little distanced from their customer. This investment in technology allows them to more effectively serve the user." - Tricia Rothschild

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A Tax-Smart and Risk-Smart Way of Managing Portfolios with Damon Deru

Tue, 01 Feb 2022 08:00:00 -0000

Rebalancing is one of the most important tasks performed by financial advisors. But in an increasingly complex world where markets are moving faster, clients are not the only ones who need guidance. Advisors need solutions to overcome roadblocks that impede their ability to provide the best service to their clients. With the right technology, advisory firms are able to reduce the time needed to rebalance portfolios, as well as manage tax and risk more effectively.

In today’s episode, Jack talks with Damon Deru, CEO and Founder at AdvisorPeak and Senior Product Director at Addepar.

Damon started his career as a registered investment advisor where he manually rebalanced and traded hundreds of clients’ portfolios using Excel spreadsheets. Frustrated by the lack of affordable and intuitive options in the market, it was in this role where the idea of a customizable robust portfolio rebalancing system was born. Damon relinquished his role as an investment advisor to focus his efforts on building the most innovative rebalancing software for the financial services industry.

Damon talks with Jack about the evolution of AdvisorPeak, how rebalancing software can be a powerful tool for managing client portfolios, and why it is highly beneficial to the firm, their advisors, and their clients.

Key Takeaways

[01:17] - What inspired Damon to create AdvisorPeak.
[04:10] - The reasons for Addepar's acquisition of AdvisorPeak.
[05:35] - What separates AdvisorPeak from other rebalancing software providers.
[7:46] - The complexity of managing portfolios.
[10:52] - How the partnership between LifeYield and AdvisorPeak can benefit advisors.
[14:41] - Managing portfolios in a tax-smart and risk-smart way.
[16:16] - Asset allocation vs tax-loss harvesting.
[17:40] - Where the world is going for AdvisoryPeak.
[20:54 ] - Damon’s key takeaways.
[23:00] - Interesting things Damon does outside his job.

Quotes

[9:14] - "This is something the software does very well. Once you build in all the rules and the analysis, it can calculate all the information very quickly. A click of a button can rebalance hundreds or thousands of accounts in a matter of a few minutes." - Damon Deru

[21:31] - "If you're not using rebalancing software, you're also probably not looking at things from a unified managed household perspective as well. This is real-world savings that you can bring to your clients by looking at things on a household basis and trading tax efficiently." - Damon Deru

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Using Technology to Strengthen Platform and Product Capabilities with Ben Huneke

Tue, 25 Jan 2022 08:00:00 -0000

Technological disruptions have revolutionized the way financial institutions serve their clients. Integrating technology into financial systems not only strengthens product, but also creates a seamless ecosystem across the wealth management spectrum.

In today’s episode, Jack talks with Ben Huneke, Managing Director and Head of the Investments Solutions Group at Morgan Stanley Wealth Management.

Ben is the senior executive in charge of all of Morgan Stanley's retail products and platforms for their wealth management business. As the Head of the Investments Solutions Group, he is responsible for the development, marketing, and distribution of investment products. These include annuities and insurance, mutual funds, ETFs, hedge funds, private debt, equity, real estate funds, as well as individual equities, fixed income, and structured products.

Ben and Jack discuss product technology platforms, how technology is the key driver to delivering value in the advisory business, and why finding partners with specialized capabilities is the best way to grow a business.

Key Takeaways

[00:57] - Ben's role at Morgan Stanley.
[03:25] - How Ben capitalizes on existing client relationships to grow their business.
[05:11] - Why technology is the key to managing various aspects of the wealth management industry.
[06:46] - How advisors can keep up with the rapid advancement of technology in the industry.
[11:20] - How tax and risk are addressed when investing across multiple accounts.
[14:14] - What it takes to develop multiple electronic trading platforms.
[16:13] - The power of finding the best partners in the finance and investing industry.
[19:57] - What's next for Morgan Stanley Wealth Management.

Quotes

[05:55] - "We believe that financial advice is valuable and is going to continue to be valuable. But we believe that technology is going to be an increasingly important part of how that advice is delivered to clients." - Ben Huneke

[22:47] - "Technology hates inefficiency. So I think there are technologies coming that are going to disrupt a lot of the inefficiencies in this market." - Ben Huneke

[23:15] - "We believe that human advice to wealthy clients is actually valuable and that clients will continue to pay for that advice. We look at technology as a great enabler and a great way to continue to deliver value through advice." - Ben Huneke

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Using Modern Annuity Solutions in Retirement Portfolios with David Lau

Tue, 18 Jan 2022 08:00:00 -0000

In today’s episode, Jack talks with David Lau, Founder and CEO of DPL Financial Partners. David has been a pioneer in creating products, platforms, and distribution systems that help RIAs implement appropriate annuity products into household portfolios. David’s wealth of experience goes all the way back to his first job as CMO at Telebank, the first internet bank.

David talks with Jack about the impact of telemarketing on RIAs, fee-based vs. commission-based structures, and the integration of low-cost insurance and annuity products in portfolios.

Key Takeaways

[01:40] - How David has been a pioneer in disrupting distribution costs.
[05:27] - How the cost structure of commission-free annuities works.
[08:32] - How DPL drove significant change in the industry.
[10:40] - Why you must adapt your strategy to the particulars of the market.
[14:16] - How DPL took downturns and translated them into advances in the platform.
[16:12] - Why “concierge service” is great for the RIAs.
[19:52] - How annuities impact the four major categories of insurance.
[23:22] - David’s insights on a fee-based and commission-based structure.
[27:19] - How risk mitigation works within portfolios.

Quotes

[03:06] - “The question around annuities was, how do you deliver value? You look at the way annuities are sold and they're so expensive. You're paying massive commissions and you have very high internal distribution costs in terms of wholesaling. The model for distributing annuities is archaic.” - David Lau

[12:12] - “RIAs are never going to have some wholesaler from some insurance company coming into their office every month. There's just no point in it. So I very quickly said we need to change this model to kind of a marketing-driven model. We'll drive awareness through marketing, we'll centralize wholesaling. We’ll have a centralized wholesaling force that basically deals with RIAs through the telephone. It made sense for us, but it also made sense for the market” - David Lau

[21:17] - “DPL was designed to be a fee-based, no-load, commission-free insurance marketplace. For the RIA, the notion is now that you’re more than just an asset manager, you’re a wealth manager, and you’re addressing this broad spectrum of your client’s financial life. It’s hard to do that if you can’t use insurance.” - David Lau

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The Influence of Human Behavior on Financial Planning with Jess Liberi and Michael Liersch

Tue, 11 Jan 2022 08:00:00 -0000

The choices people make about their financial future are some of the most important decisions in their lives. Knowledge and experience affect decision-making, but so do emotional and cognitive biases. How can people overcome their biases and achieve their financial objectives?

In today’s episode, Jack talks with Jess Liberi, Head of Product at eMoney Advisor, and Michael Liersch, Head of Advice & Planning at Wells Fargo.

As the Head of Advice & Planning at Wells Fargo, Michael is responsible for the delivery of all comprehensive planning services and sales strategies for clients of Wells Fargo Private Bank and Abbot Downing.

In her role as Head of Product, Jess brings eMoney Advisor’s product vision and strategy to life. She focuses on the evolution and development of eMoney’s robust portfolio of products, creating a powerful user experience across the platform. Working closely with financial advisors and advisory firms, Jess immerses herself in their world to fully understand their needs.

Jack talks with Jess and Michael about how the partnership between eMoney and Wells Fargo can deliver huge value to clients, why having a deeper human connection can help advisors understand what clients are trying to achieve, and what the next best step is to put financial advice into action.

Key Takeaways

[01:03] - Jess's role at eMoney and Michael's role at Wells Fargo.
[02:22] - How eMoney fits into Wells Fargo’s comprehensive plan.
[06:30] - The role of eMoney in the wealth system.
[10:41] - How understanding the behavioral aspects of human beings is crucial to setting financial goals.
[16:47] - How advisors can contribute to having a sense of financial peace of mind.
[18:54] - Why human perspective plays a major role in financial planning.
[24:19] - The challenge of getting people to realize their financial future.

Quotes

[06:48] - "What has been really unique from the beginning is how closely aligned our two organizations are on our views of the value of planning and the criticality of access to planning to more and more people." - Jess Liberi

[18:54] - "I think the first thing that we all need to acknowledge is that to understand the human being, you need to understand their identity and their past because that's idiosyncratic to each human being. That's not a common answer and the question means something different to everybody." - Michael Liersch

[24:22] - "It's oftentimes difficult for people to truly comprehend the small changes that they can make today with substantial impact to their financial future tomorrow. So to the extent that we can help bridge that gap and kind of draw that line and connect today and actions that they take today, to the future, and the possibilities of the future, we've got work to do there, but making headway." - Jess Liberi

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The Evolution of Risk Solutions and the Multi-Platform Future with Aaron Klein

Tue, 04 Jan 2022 08:00:00 -0000

Risk has always been a part of financial advice and strategy. But what does it really entail, both for advisors and for their clients?

In today’s episode, Jack talks with Aaron Klein, Co-Founder & CEO of Riskalyze. Aaron is an innovator in helping advisors and clients understand and manage risk. He started Riskalyze a decade ago with a small team and invented risk solutions like the Risk Number and the Risk Alignment Platform.

Aaron talks with Jack about the evolution of risk solutions, the impact of focused innovation on financial advisors, and the future of a multi-platform world.

Key Takeaways

[01:05] - How Aaron learned “grit” in business.
[03:12] - The Riskalyze origin story.
[11:36] - How the HG Capital and Riskalyze partnership came to be.
[15:07] - How Riskalyze became a risk-centered wealth platform.
[18:01] - What a multi-platform future looks like.
[20:36] - Why focus is so important.
[24:57] - Aaron’s three key takeaways.

Quotes

[05:52] - "It took off like a rocket when Riskalyze came out of beta in March of 2013. And here we are 10 years later. We get to serve tens of thousands of financial advisors across the country, and we've delivered over five billion risk numbers to their clients. It's really incredible." - Aaron Klein

[14:54] - "We started from the standpoint of, how can we help advisors better engage with clients at the front end of their process? And we just happened to believe that risk was the right way to engage with clients, that it was the right lens to help clients understand what they were doing and make better decisions that were fearless decisions instead of fearful decisions." - Aaron Klein

[17:13] - "What we are building is a bit of an advisor desktop platform. We really believe in a multi-platform vision. We want to make sure it's really easy for advisors to engage with clients and leverage those tools, and then implement those solutions for clients directly onto the different platforms that they might be on." - Aaron Klein

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The Changing Relationship Between People and Tech with Christina Townsend

Tue, 21 Dec 2021 08:00:00 -0000

In this episode, Jack talks with Christina Townsend, Managing Director and Head of Relationship Management, Consulting, and Platform Strategy at BNY Mellon’s Pershing.

Christina coaches RIA firms on how to make smart technology decisions and how to devise strategies to strengthen their relationships with investors. For more than two decades with Pershing, Christina was able to work directly with clients and was responsible for product management and implementation.

Christina talks with Jack about choosing what goes best in your tech stack, balancing the roles of people and tech in business, and the future of wealthtech.

“The balance between people and technology is different and it doesn't have to be the same. You have to look at where your value proposition is and what you want to differentiate and then apply the people in the technology.” ~ Christina Townsend

Main Takeaways

Be eager to find the right pieces that fit in your tech stack. Each one must work well with the others. If there still exists an outdated tool, for example, you're not fully utilizing its impact on your operations.
People + tech is the future. If we want to practice holistic financial advice, firms must focus on honing talents while consolidating tech tools.
We can create more value in every interaction with tech. After gaining some clarity on the clients' needs, it is then easy to utilize the tools to arrive at the best solutions.
Go digital. However, before doing so, make sure tools are properly integrated into the existing system.

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Solving Complex Problems and the Role of Technology with Jasmine Jirele: Part II

Tue, 14 Dec 2021 08:00:00 -0000

In this episode, Jack continues his conversation with Jasmine Jirele, President and CEO of Allianz Life Insurance Company of North America.

A primary component of Jasmine’s approach to her newly appointed CEO role is her focus on building great teams. Having a cross-functional background, she’s seen the benefit of having the right people in the right roles to leverage opportunities appropriately. Jasmine has also pushed forward initiatives to ensure that the right technology is in place to support her teams and clients.

Jasmine talks with Jack about the hiring process, establishing strong relationships with distribution partners, and how to work with changing regulations and markets to differentiate from competitors.

“Having the right talent is absolutely critical. Making sure that you're continuously out there learning and pushing your team to make the best use of the technology and the platforms that are out there and then being really agile and flexible to adapt and adjust.” ~ Jasmine Jirele

Main Takeaways

Hiring experts and talent who have a really good grasp of various technologies is key to success. Always being on the same page with the distribution partners, knowing where they are headed, can help you procure the best one for your firm.
Create and tweak products according to how regulatory and marketplace environments change to solidify your position. In addition, effective product innovation can ensure the delivery of a superior experience for advisors and consumers.
Being a connector is a critical component of making innovation work. The industry is only as powerful as the sum of its parts and connecting technology across platforms and companies enables the entire industry to move forward and add value.

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Strengthening Product Innovation and Distribution with Jasmine Jirele: Part I

Tue, 07 Dec 2021 08:00:00 -0000

In this episode, Jack talks with Jasmine Jirele, President and CEO of Allianz Life Insurance Company of North America.

As the head of one of the most successful insurance companies in the country, Jasmine brings a fresh take to the CEO role as she brings the company into its next phase. Jasmine committed much of her career to financial services and eventually landed her dream job as the Chief Growth Officer at Allianz where she was able to coordinate projects within operations, marketing, and product.

Jasmine talks with Jack about the process of incorporating product and distribution relationships with tech, and the impact of the pandemic and accelerated innovation on the industry’s future.

“Being very deliberate and focused on building all of the enabling capabilities to help us grow - it’s not just product or just distribution - it’s also really important to have a very strong customer experience and to make sure that the digital tools and processes are there to enable our advisors to really serve their clients in ways that are user-friendly and meet their clients’ needs.” ~ Jasmine Jirele

Main Takeaways

Registered Index-Linked Annuities (RILA) have been growing rapidly as some of the assets have been shifting away from traditional variable products.
The three-legged stool of client needs includes strength in product innovation, depth of distribution relationship, and having a technology-enabled experience that can differentiate an organization.
Having the right technology in place is a big factor in strengthening the advisor-customer relationship. Make sure your products are integrated into financial planning tools and platforms and that distribution partners are leveraging tech to manage products and secure product approvals.

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The Booming Retirement Wave, UMH, and Meaningful Client Engagement with Mark Hoffman

Tue, 30 Nov 2021 08:00:00 -0000

This time of year often calls for reflection. As we look back on 2021 and to the year ahead, we’re flipping the script and handing LifeYield’s VP of Marketing Matt Nollman the reins. Today, Matt interviews our regular host Jack Sharry as well as guest Mark Hoffman, CEO and Founder of LifeYield.

Due to the pandemic and a rapidly shifting demographic, firms have had to react quickly to meet new and rising client demands. At the forefront of those rising demands, LifeYield has learned quite a bit about navigating the new financial ecosystem and adding value where it counts.

In this episode, Matt talks with Jack and Mark about the three themes of 2021 that touched every conversation and initiative at LifeYield, the approach they’ve taken to address those key demands, and the technology LifeYield has leveraged and developed to push client firms over the finish line. From an unprecedented retirement boom to excitement over client engagement and the ever-popular UMH, here’s a look back at 2021 and a sneak peek at LifeYield’s ambitious goals for 2022.

Key Takeaways

[03:02] - Why more are retiring every year and what that means for firms.
[05:39] - How Social Security+ helps advisors manage the retirement boom.
[09:38] - Why UMH is so important.
[11:31] - The key to helping people maximize their paychecks.
[13:18] - How LifeYield uses APIs to tackle clients’ biggest pain points.
[17:06] - The importance of increasing client engagement.
[23:57] - Why income sourcing has come to the forefront.
[25:44] - Addressing one of the industry’s biggest problems.
[30:07] - Jack and Mark’s favorite Thanksgiving foods and what they’re thankful for this year.

Quotes

[14:47] “Saying things and then doing them are two different things. I’m very proud that LifeYield has worked hard to build a firm culture that cares about helping investors and advisors get better outcomes.” - Mark Hoffman

[15:19] “That our client firms achieve tangible success using LifeYield software and service, is equally as important as the integrity of the answers our algorithms produce.” - Mark Hoffman

[16:23] “The universally managed household concept that Jack has been espousing for years, is universal for all client demographics, as are being worried about taxes. We’re very proud to be serving such a wide swath of industry participants on these features. Our clients and partners include the largest wirehouses, banks, asset managers, insurance companies, custodians, and financial technology firms, and the point is that LifeYield capabilities are relevant and necessary to the full spectrum of industry players.” - Mark Hoffman

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Leveraging APIs as a Strategic Advantage with Brian Ross

Tue, 16 Nov 2021 08:00:00 -0000

In this episode, Jack talks with Brian Ross, CEO of Flyer Financial Technologies.

Brian started as an engineer with JPL and NASA, but has always been interested in fintech. At BlackRock he helped build a software company that specialized in commercial mortgage-backed securities and commercial loans. Now, with Flyer, Brian is focused on building trading technology that brings together major custodians and brokers through APIs.

Brian talks with Jack about the three essential approaches to smart trading and how integrating APIs can create powerful trading platforms.

“Tech, tech, tech… use it for strategic advantage to help your clients. This can include everything—from the cloud to APIs to personalization. If you’re not doing these things, you will be missing the next train to Clarksville.” ~ @bwilsonross

Main Takeaways

Your trading expertise can reach more people if you consider bundling and offering APIs. APIs and open platforms are not just the future of wealth tech, but also banking and other industries.
Three qualities that pave the way for smart trading are 1) shortening the time from investment decision to implementation, 2) identifying opportunities with liquidity, and 3) avoiding market orders.
Tech leadership is a vital skill that the finance industry needs to better serve clients. The best-of-breed platform can be integrated efficiently and can be used as a strategic advantage in all facets of the business.
With APIs, you can do portfolio trading quickly and handle multiple assets, even in different asset classes. In addition, it's also easier to secure partnerships and get deals with longer terms.

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Intelligent Portfolio Withdraws and Account Coordination with Rose Palazzo

Tue, 09 Nov 2021 09:00:00 -0000

In this episode, Jack and co-host Steve Zuschin talk with Rose Palazzo, Group Head at Envestnet | MoneyGuide.

As the former Head of Financial Planning at Morgan Stanley, Rose helped develop the leading technology required to make UMH a reality for RIAs and larger firms alike. Her approach to knowing when to buy or build technology and evaluating partners allowed for rapid and effective development. With more than 20 years of experience in the financial services industry, Rose has seen the need for these tools firsthand and has been instrumental in bringing them to fruition.

Rose talks with Jack and Steve about executing client objectives through integrations, overcoming challenges associated with UMH, and what she’s looking forward to in her new role at Envestnet | MoneyGuide.

“You can evaluate potential partnerships based on the technology or on their capacity to engage in a partnership. But their expertise goes beyond the technology. It goes to, ‘What hurdles did you hit when you tried to get people to use this? And do clients understand it when you put it in front of them?'” ~ Rose Palazzo

Main Takeaways

If your objective is to provide comprehensive advice to clients, that should involve financial planning as well as a way to take action based on the plan and recommendations that come from having integrated data between platforms.
Creating a roadmap is essential for understanding how your firm can get from point A to point B with its tech stack. Equally important is understanding when to buy or to build those tools on the roadmap.
You can evaluate partnerships based on the technology, capacity, and expertise in implementation. It’s important to look beyond the technology itself and make sure your potential partners have met challenges and understand how to overcome them and get a high-quality product out to clients.
Growing assets and drawing them down is complex because most houses have multiple accounts and multiple custodians. To truly move toward UMH, you have to focus on the technology component just as much as the marketing component to make sure you can actually deliver on unification.

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The Pathway to Digital Empowerment with Tricia Haskins

Tue, 02 Nov 2021 08:00:00 -0000

In this episode, Jack talks with Tricia Haskins, head of technology and platform consulting at Fidelity Investments.

Tricia is an influential and thought-provoking leader in the wealth management industry. Her passion to help businesses innovate, scale, and better engage with clients goes beyond the walls of Fidelity. As a keynote speaker, Tricia is well-known for always bringing the industry up to speed on the future of financial services and wealth management.

Tricia talks with Jack about the pathway to digital empowerment, how technology can deepen our relationships, and how to grow your business through scale and efficiency.

“Firms see where they can add value because the time that was once taken up, the paperwork, and so forth, are now being addressed in a different way and a faster way. They’ll start to see an increase in their client satisfaction, bringing in the next generation of investors. There’s a ton of opportunity for the firms that are focused on integration and digital empowerment.” ~ Tricia Haskins

Main Takeaways

Leveraging technology helps advisors deepen relationships with clients by freeing up time to get to know them better and improve the value stack.
Digital integration isn’t a one-size-fits-all approach. Solutions providers need to be informed about a firm’s objectives, goals, and processes so they can create a well-researched adoption strategy.
The technology adoption cycle for firms can be challenging because ongoing training is necessary. Getting everyone on the team comfortable with the digital process is critical.
Three key things to consider to achieve strong digital empowerment: the importance of design, the uniqueness of your firm, and great housekeeping.

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Asset Allocation, Client Engagement, and Financial Wellness with Steve Zuschin

Tue, 26 Oct 2021 08:00:00 -0000

In this episode, Jack talks with Steve Zuschin, Executive Vice President at LifeYield.

From years of experience in sales and finance management, Steve has mastered the art of client engagement and has a deep understanding of client needs and wants. Through technology and tools, he and his team at LifeYield create statistics that can help provide the best solutions for clients.

Steve talks with Jack about using tools to optimize asset allocation, engaging with clients efficiently for smooth coordination on assets, and getting better social security benefits

“Financial wellness is all about creating workflows. It's about leading people down a path, providing the level of information that's appropriate at the time, so you can almost think of it as leaving a trail of breadcrumbs where, maybe I can offer you some value to help you make a better decision or be more informed about when and how you file for social security. And at the same time, if you choose to, you can take it, go implement it and do that on your own.’” ~ Steve Zuschin

Main Takeaways

Even with solid aggregation of accounts from different custodians, coordination of information among them isn't necessarily assured. Getting insights from clients’ accounts and assets can create better outcomes (e.g. optimized asset allocation based on risk tolerance, reduced tax drag, etc).
Getting professional financial advice from many trusted advisors might create inefficiency. If this is the case, then the client's advisors must work together to gather valuable data, engage with the client, and achieve optimization in their accounts.
Using statistics from tools can also show if having your assets spread across multiple locations might be costing you. Achieving tax efficiency for two to three decades and maintaining a sustainable withdrawal rate for the client is the goal.
Defined contribution plans are beneficial in promoting financial wellness to the masses. This increases the number of people who push for social security benefits.

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Boosting Lead Generation and Embracing Client-Focused Strategies with Steve Gresham

Tue, 19 Oct 2021 08:00:00 -0000

In this episode, Jack talks with returning guest, Steve Gresham. Steve is the CEO of The Executive Project, a consulting firm that provides tools and training for financial advisors.

As an industry leader, Steve has spent time in many different roles. Outside the office, he is an ardent advocate for rethinking, reimagining, and restructuring the concept of retirement. Steve has been a long-time proponent of shaking up the industry and inviting more channel collaboration across teams.

Steve talks with Jack about lead generation, the importance of taking the next step, best practices for better engagement with clients, and the benefits of using the right tools.

“Tool sets allow you to not only provide clients with a more consistent experience—which also drives referrals because they'll say, ‘Well, here's what you can expect and it's painless…’—but it also allows them to have the progression in lead generation and next best action. Those have to be facilitated with tools that are driving off of your database because you'll never be able to do that with Post-it notes and Excel spreadsheets.” ~ @thegreshamco

Main Takeaways

Professional advising only thrives when the preference of the clients is at the forefront. Understand the usual factors (e.g., health, taxes, social security, household, etc.) that affect their financial decisions and make sure the client is at the center of everything you learn and adopt.
Three big questions that often surface with clients: How do I pay for my healthcare? Will it give me peace of mind? How do we get access to cash?
You need tech and tools to facilitate every client's concern. These intuitive tools create a platform for easy engagement, self-actualization, and clarity about financial decisions.
Clients often leave their advisor for undependable relationships, lack of proactivity, and inefficient planning.
If advisors aim to generate long-term leads, they should consider grabbing bigger opportunities, including reaching out to the large group of people who are currently edging toward retirement.

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Cyber Security, Personalization, and the Future of UMH with Nicole Casperson

Tue, 12 Oct 2021 08:00:00 -0000

In this episode, Jack talks with Nicole Casperson, FinTech reporter for InvestmentNews.

Nicole is well-known for covering innovation and wealth tech trends in finance. Recently, she has been developing strategic innovations in UMH. Prior to her experience in fintech, Nicole wrote for trade publications in the housing and mortgage industry.

Jack and Nicole talk about the importance of cyber security in finance, the impact of personalization, and the future of UMH.

“UMH needs to evolve beyond a platform or a service we provide. Within five years it will become mainstream. It will become table stakes that technology is connected, that data is connected, that accounts are integrated, so they can talk to each other and then work together to create different outcomes.” ~ @nicolecasperson

Main Takeaways

Clients want to be involved with every financial decision as much as possible. In today’s climate, every client's portfolio reflects who they are and their values.
More and more clients are becoming aware that they need to communicate better with their advisors. Data from a client's financial history and lifestyle can be interconnected to get the most accurate personalized advice.
The pandemic has been an eye-opener for clients around financial freedom and retirement plans. This will continue to be a big factor in planning for the future of wealthtech and UMH.

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Creating a Frictionless Investor Experience with Noreen Beaman

Tue, 05 Oct 2021 08:00:00 -0000

In this episode, Jack talks with Noreen Beaman, President of Orion Advisor Solutions.

It’s been a year since the Brinker and Orion merger and Noreen is already harvesting the fruits of her efforts. The open-architecture experience she’s bringing to the table is creating an exciting ecosystem for engaging with advisors. She's thrilled to be at the forefront of advisor empowerment and wants to advocate more for the human component of portfolio management.

Noreen talks with Jack about creating personalized engagement for investors, mastering the art of listening as financial leaders, and using a well-connected tech ecosystem for advisor empowerment.

“I think as we look towards the future, we need to create a frictionless experience for our end investors. The companies we run look like the clients that we have. As women become a larger part of how we buy, do we want to buy the old traditional ways? Do we want to engage in ways that make us feel comfortable? That’s why having the tools and multimedia, and knowing how our next-gen want to buy we have to stay focused on the consumer and investor, and help those financial advisors drive that experience.” ~ Noreen Beaman

Main Takeaways

The four pillars of a successful financial firm, prospect, plan, invest and achieve, ensure that we empower advisor-client journeys. This creates a smooth onboarding process, gives them access to their money, and improves tax reporting.
Every investor's risk tolerance, risk capacity, and risk composure will be different from one another. A well-connected ecosystem, with various tech tools, can be helpful for advisors to retain clients.
Three key points leaders must take note of to excel: watch the market outside of your market, do due diligence, and grow your network.
To be a great advisor and leader, you have to be a good listener. When you listen, it isn't just about verbal communication, it also involves paying attention to physical cues, too.

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Implementing UMH Overlays and Amplifying Existing Systems with Martin Cowley

Tue, 14 Sep 2021 08:00:00 -0000

In this episode, Jack talks with Executive Vice President of Product Development at LifeYield, Martin Cowley.

Martin is one of the pioneers in building UMH solutions in the industry. Through technology, he's been developing the most efficient and effective ways to improve outcomes for clients.

Martin and Jack discuss the benefits of UMH implementation on asset allocation, tax drag minimization, and operational improvement.

“There's a lot of listening involved. A lot of time is spent understanding existing workflows and existing systems. The challenge with putting a UMH in place is that everybody's situation is different. All of our clients have different systems in place. They look at the investment process in slightly different ways. Even the definition of UNMH may be different in terms of what people mean.” ~ Martin Cowley

Main Takeaways

When dealing with UMH accounts, coordination is critical. Look at them from the investor’s perspective in a holistic way rather than piece-by-piece.
Different accounts have different tax treatments. For example, a taxable account is different from a tax-qualified account. UMH plans offer efficient asset consolidation when dealing with increased complexities.
Create a plan prior to UMH implementation to avoid disruptive changes. Factors to consider should be the firm’s anticipated spending expenses, size of existing accounts, and type of existing accounts.
When doing decumulation or intelligent withdrawals, tax-efficient asset allocation is critical.

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Optimization and Personalization Using Algorithms with Dana D’Auria

Tue, 07 Sep 2021 08:00:00 -0000

In this episode, Jack talks with Dana D’Auria, Co-Chief Investment Officer at Envestnet, Inc.

Dana is an all-around leader at Envestnet, overseeing investors' capabilities, due diligence platform research, overlay services, non-traditional assets, and many more areas. With such scope, her chief responsibility is to connect the dots, identify what fits in the puzzle, and offer a simplified solution to achieve better outcomes for advisors. Before joining Envestnet, Dana worked for Symmetry for 14 years, where she managed the onboarding of asset managers.

Dana and Jack discuss optimization using algorithms, personalization in configuring solutions, and increasing client engagement using tech.

“Solutions, by and large, were always there. They’re just more readily accessible now because of technology. They’re more evident now. Our job is to help the advisor to navigate the ecosystem better which should lead to better outcomes for clients in the end. ” ~ Dana D’Auria

Main takeaways

Optimizing using algorithms in portfolio management can help elevate overlay services such as tax mitigation and tracking error with capital gains realization.
Figuring out the right on-ramp that can cater to portfolio management, financial planning, and other needs can help an advisor do better comparisons and easily curate the best solution for every client.
Advisors should be able to identify what can be scaled up, what can be digitized, and what can be personalized. It starts meaningful conversations and more opportunities to engage with clients.

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Creating Digital Marketplace Platforms with Keith Gregg

Tue, 31 Aug 2021 08:00:00 -0000

In this episode, Jack talks with Keith Gregg, Founder, and CEO of Chalice Network, a fintech company based in San Diego.

Keith has more than three decades of experience in financial services and executive leadership. During the first part of his career, he served as a financial advisor and created his first independent business focused on planned giving. Keith also served in the US Marine Corps and was the recipient of the Presidential Service Award from President Ronald Reagan.

Keith and Jack discuss the benefits of creating digital marketplace e-commerce platforms, helping small businesses, and embracing tech advancement in the industry.

“There's no turning back--that genie is out of the bottle. They're not going to put it back in, so you better become incredibly perfect with being able to digitally communicate and coordinate and deliver to your customers via a digital platform.” ~ Keith Gregg

Main takeaways

Small business owners constantly look for economies of scale, operational efficiencies, and enhanced enterprise value.
Fintech is changing the course of financial advising. It pays to be highly knowledgeable and on top of innovations in your niche.
Having a single sign-on digital platform for advisors can help greatly in eliminating unnecessary steps, ensuring smooth operations, and extending the reach to small- and mid-size businesses.
Advisors should focus on building their network, investing in themselves and their business, and embracing change.

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Integrating Advanced Risk and Tax Management in UMAs with Lee Chertavian

Tue, 24 Aug 2021 08:00:00 -0000

In this episode, Jack talks with Lee Chertavian, Operating Partner at Long Ridge Equity Partners.

Lee is one of the pioneers in the advisory space. He was the CEO of Placemark, a sophisticated asset management company, which was purchased by Envestnet seven years ago. Lee led its growth to nearly $16 billion in assets under management with more than 45,000 clients. Furthermore, Lee finished his MBA with distinction at Harvard Business School.

Lee and Jack discuss the improved tax management in UMAs, six key trends in fintech, and the role of tech in enabling advisors to make better decisions.

“Consider a client's entire lifestream. We need to figure out planning. We need to integrate with tax, not just the tax on the portfolio, but their whole tax situation. And fortunately, so much data is becoming more digitized that we have the ability to bring that in—to help the advisor make those better decisions for clients.” ~ Lee Chertavian

Main takeaways

When offering unified managed accounts, your other goal is to enable higher levels of risk and tax management.
Six key trends are driving the fintech industry:
Fee compression
Paradigm shift in advice
Rise of roboadvisors
Product proliferation
Ubiquity of information
Improved efficiency of the market
Consider the client’s “entire life stream” when advising. Leverage tech to integrate risk management and to protect them from fraud (e.g. identity theft).

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Social Security Optimization with Jeff Quigley

Tue, 17 Aug 2021 08:00:00 -0000

In this episode, Jack talks with Jeff Quigley, Vice President of Enterprise Relationships at LifeYield about navigating the world of social security. They’re also joined by Alyson Dorosky, Marketing and Social Security Specialist at LifeYield.

Jeff helps thousands of advisors understand and implement LifeYields’ Social Security+ solution through group training and seminars. Alyson is a technical lead at LifeYield and covers the gamut of client services, including helping advisors keep track of the myriad rules around social security.

Jeff and Alyson talk with Jack about maximizing retirement income outcomes by leveraging social security tools, and the concept of delayed filing credits (for the client and the surviving spouse), and layers of income.

"If you don't have these tools, it is difficult to make good informed decisions that you can benefit from. Firms that are adopting these kinds of technology and tools, for instance, when the pandemic hit, their usage went through the roof. They were ready in a digital world right there.” ~ Jeff Quigley

Main takeaways

Social security makes up 60 percent of your retirement income. It’s important to maximize it as much as possible.
There’s an 8 percent increase per year in retirement income if you wait. Depending on the client’s case, LifeYield tools can help earn and determine delayed retirement credits.
When planning for social security, it’s important to incorporate trends and other relevant changes. Lifeyield’s income layers, for example, help facilitate a natural transition from social security to a high-level retirement income discussion.
For advisors, here are three tips on how you can help your client: learn about claiming strategies, utilize software (such as Lifeyield’s social security tool), and make informed decisions to fully maximize their benefits.

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Creating the Ideal Client Experience with Scott Holsopple

Tue, 10 Aug 2021 08:00:00 -0000

In this episode, Jack talks with Scott Holsopple, Chief Growth Officer at Hightower Advisors.

Scott has 20 years of experience in investment banking, private equity, and wealth management. Scott and his team at Hightower work with firms to help them stand out and achieve the vision for the next chapter of their business.

Scott and Jack discuss what goes into a thoughtful client experience and how adding value and scale helps achieve organic business growth.

"We’re in an ever more competitive industry. Technology is enabling us to do more things. Firms with scale are really deploying assets and specialties and expertise in a way that's never been done before in this industry. And I think it's going to require us to be more thoughtful.” ~ Scott Holsopple

Main takeaways

Aim for organic business growth. Add value and scale to certain areas of the business, but never to the unique end-client experience.
The true disruption in wealth management is how advisors can provide an intuitive and relevant experience for their clients by using technology.
To institutionalize a growth mindset in a firm, identify behaviors that can eventually become learned behaviors.
There are three things to consider when growing your business: know what you want to achieve, structure your business according to your objectives, and be thoughtful when providing the end-client experience.

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Human Intervention and the Rise of FinTech with Paul Deer

Tue, 03 Aug 2021 08:00:00 -0000

In this episode, Jack talks with Paul Deer, Vice President of Advisory Service at Personal Capital.

Paul oversees a team of more than 60 financial advisors and their clients at Personal Capital, the first advisory firm of any scale to conduct their business online. In addition, Paul is passionate about hybridizing wealth technology with human interaction so you can provide holistic and personalized advice at the same time.

Paul and Jack discuss the reinvention of retirement planning, the importance of advisor specialization, and the confluence of human and digital advice.

“We have found that you can't just do it with tech. You need to have humans to have a real conversation with where you can perceive emotions and kind of dig deeper than just the surface of what someone's telling you. So that combination is what's going to help people make the best possible financial decisions over and over again, throughout their lifetime. Which is going to help them with the best possible outcome.” ~ Paul Deer

Main takeaways

Think about the client’s long-term goals so you can properly align your advice for their retirement planning.
While emerging technologies are a great propeller in financial innovations, humans’ role should not be discounted. The right combination of human touch and wealth technology drives the best financial decisions.
The four major levers you can consider to ensure there’s money through retirement are: increasing your savings, delaying your retirement, decreasing your retirement spending, or increasing your risk.

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Risk Management Tools and the Future of Behavioral Finance with Daniel Crosby

Tue, 27 Jul 2021 08:00:00 -0000

In this episode, Jack talks with Daniel Crosby, Chief Behavioral Officer at Orion Advisor Solutions.

Daniel is a psychologist and a behavioral finance expert who helps advisors and investors understand the psychology of financial markets. He believes that through tools, such as the Irrationality Index and the new 3D Risk Profile from Orion, we'll be able to assess emotional reactions to volatility.

Daniel and Jack discuss the benefits of risk management tools, the role of human behavior and psychology in investing, and the future of behavioral finance.

"We need to educate clients and advisors about the realities of behavioral finance. We need the right environment, the right portfolio mix for them, but we also need that encouragement that's happening just in time to educate people when they're on the precipice of making a decision.” ~ Daniel Crosby

Main takeaways

Leverage the three ‘T’s to ensure clients implement the best advice: training, tools, and technology.
Look at risk from a variety of angles so portfolio management and asset allocation are consistent throughout. A risk tolerance questionnaire can give you insights into an individual’s human behavior and psychology.
The biggest value an advisor can provide is behavioral coaching, emotional management, and decisional coaching. Teaching people about achieving high returns is just secondary.
Precommitment in investing is a vital part that measuring risk composure fulfills. It makes sure investors are aligned with their set preferences, and it prevents future deviations.
The future of behavioral finance is embedded in the three ‘E’s: education, environment, and encouragement.

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Building Your Firm’s Tech Stack with Jud and Kim Mackrill

Tue, 20 Jul 2021 08:00:00 -0000

In this episode, Jack talks with Jud and Kim Mackrill, Co-Founders and CMOs at Milemarker, Inc.

Kim and Jud Mackrill are partners in life and in business. Together, they have built careers on providing solutions in tech integration for the finance world. Before Milemarker, they helped advisors innovate through their marketing company, Mineral Interactive. After Mineral’s acquisition, Kim and Jud led the rebranding of Carson Group.

Kim, Jud, and Jack discuss harnessing the power of data, modernizing your firm’s tech stack, and the importance of client behavioral psychology in tech implementation.

“This is the path. You have to really start with empathy designed for the user, build the data model, and then deliver it because the future is far more complex.” ~ Jud Mackrill

Main takeaways

Big data can help you plan better. Most firms have silos of data left unutilized. Getting data into central repositories and creating APIs can help firms make better business decisions.
Understand the psychology of your clients. Getting a good grasp of clients’ behavioral psychology can help you design better user-oriented platforms. Know what is digestible to the user and improve implementation through tech.
Modernize your tech stack. A new data-driven wealth management company has more edge than old-timers and veterans who refuse to adapt.

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Narrative Economics and Leveraging Data Sets with John Connors

Tue, 13 Jul 2021 08:00:00 -0000

In this episode, Jack Sharry talks with John Connors, the Founder and CEO of Boathouse Inc.

Before building his firm in 2001, John worked for corporations such as Hill Holiday and McCann Worldgroup. John’s vision of success and high performance as a marketer was greatly influenced by these industry pioneers and set him on the path to building his own firm.

John talks about why maintaining clients over the long-term is essential to success. High client retention is a matter of having a connection strategy, leveraging data, and building a narrative around the business.

John and Jack discuss the concept of narrative economics, the importance of storytelling, and the use of data sets to drive brand strategies.

“Narrative drives economic impact. Most CEOs and CFOs know that. They have economic data (GDP, employment, housing, etc.) but never narrative data to look at causality, correlation related to the economic data.” ~ John Connors

Main takeaways

Don’t over-index on only one part of the marketplace. Look at the state of the whole marketplace, even of the outliers.
Study what influences consumers. Institutions such as politics, media, and others are a big part of your client’s lives. Combine what’s important to both of you when strategizing.
Use innovative tools to gauge what’s flourishing in the market. The data sets are good indicators of how you can tweak your marketing strategies.
Your story builds over time. Stay updated and continue to level up your knowledge about your industry.

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Innovating and Integrating Tech in the Financial Industry with Heather Kelly

Tue, 06 Jul 2021 08:00:00 -0000

In this episode, Jack Sharry talks with Heather Kelly, the Senior Vice President of Advisory and Strategic Accounts at Allianz Life Insurance Company of North America.

Heather has been in the industry for over 25 years. However, if she was asked at the beginning of her career what wealth tech means, and what it would mean after decades, she would brush it off and continue doing what the mentors before her told her to do.

Heather has been in different roles in different big insurance companies, including United Capital and Allianz. Throughout those years, she offered her expertise and led the conversations about risk management, insurance, retirement planning, and now, fintech innovation and integration. Heather was also the first recipient of The Young Professional Honor for her advocacy in helping women excel in their profession.

Heather and Jack discuss the future of distribution, continuous innovation in the industry, and advocating for increased knowledge of technology.

“Continuing to innovate, continuing to think what the next iteration is going to be, what’s going to make the client experience and the advisor experience even better—that’s something we should talk about in the industry often.” ~ Heather Kelly

Main takeaways

The most important part of a retirement plan is achieving financial well-being. It’s not about the income, it’s about prioritizing the behavioral aspects of it.
Advisors have to stay current with technology. Educating yourself about innovative tools, and knowing how to integrate them, keep you from being left behind.
There are so many fintech tools available, but firms don’t know what to choose and how to adapt to them for the highest ROI.
Emerging technologies like AI and Machine Learning can change the course of the financial planning and advice industry.
As financial advisors, we must be attentive to changes and be easily adaptable. Continuing to educate yourself is the key to staying on top.

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The Power of UMH with Len Reinhart

Tue, 29 Jun 2021 07:00:00 -0000

In this episode, Jack Sharry talks with Len Reinhart, a pioneer in the UMH industry and founder of several successful advisory firms. Len began discussing the subject of separately managed accounts, managed money, an advisory approach, and, of course, UMH, nearly 20 years ago.

As a baby boomer himself, Len witnessed firsthand the diminishing benefits for boomers as retirement suddenly became their primary responsibility. Simultaneously, he began his career working with managed money where the goal was listening to clients first, unlike the aggressively cold-calling brokers he sat beside. He listened to clients’ goals, their risk requirements, and built strategies to meet those individual needs.

Focusing on retirement and listening to clients’ end goals, both financial and personal, became the basis of his approach to advising. As he built firms with a client-first approach in mind, his success caught the attention of competitors and the industry.

Len and Jack discuss the transition from winning the financial rat race to simply funding future liabilities. They also discuss why UMH is such a powerful tool for accomplishing lifelong goals and how the role of advisors has shifted to help clients reach those goals.

“The end goal of the unified managed household is to take all the clients’ assets, their goals, and aspirations – meaning what are they trying to accomplish with their life – and put them together. And I think the further you take this, the better.” ~ Len Reinhart

Main takeaways

When UMH is done properly, investing takes a backseat. In other words, the original selling point for advisors has become the secondary selling point. Everything, including investing, is evaluated based on its probability of contributing to a client’s long-term success.
UMH is evolving into a guidepost by which financial decisions are made. Meaning decisions that were previously handled separately (i.e., taxes) are now made in conjunction with one another.
As UMH becomes commonplace, the way advisors work with clients is rapidly changing. Lifestyle management (managing cost, tax, and risk) is leading the conversation while beating the market is taking a backseat.

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Quantifying Value, Rollovers and Retirement, and Connecting the Dots with Harry Bartle & Steve Zuschin

Tue, 22 Jun 2021 07:00:00 -0000

In this episode, Jack Sharry talks with LifeYield colleagues Harry Bartle and Steve Zuschin. Harry is the EVP of Enterprise Sales while Steve is the EVP of Enterprise Technology Adoption.

What should I do with my rollover? When should I take social security? As money in motion is underway, these questions become a high priority for retiring clientele. Leading the innovation arms at LifeYield, Harry and Steve unpack the solutions they’ve helped develop that allow advisors to better serve their retiring clients.

Steve, Harry, and Jack discuss why firms want to control the client and advisor experience, the importance of showing clients quantifiable benefits, and marrying planning with real-life results to optimize value.

“The first thing you have to do is listen to the client. What’s important? What’s important to them, right? And having great expectations around how much they’re going to be able to afford to spend and what their retirement income is going to look like is at front and center of most people’s minds as they approach retirement.” ~ Steve Zuschin

Main takeaways

Firms want to control the client and advisor experience by building their own household technology that both the client and the advisor will experience. When the firm controls the user experience, it can then control user expectations.
You have to be able to quantify value for your clients. Otherwise, clients have no understanding of whether their outcomes have improved.
Individual decisions for clients, like those involving rollovers, can’t happen in a vacuum. When decisions aren’t personalized for each client, you’ll likely have unintended consequences.

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Holistic Solutions, Intelligent Automation, and the Future of Asset Management with Yaqub Ahmed and Harshendu Bindal

Tue, 15 Jun 2021 07:00:00 -0000

In this episode, Jack Sharry talks with Yaqub Ahmed and Harshendu Bindal of Franklin Templeton. Yaqub is Head of the U.S. Investment-Only Division while Harshendu leads Digital Strategy and Wealth Management.

While his parents wanted Yaqub to pursue medicine, Yaqub fell in love with financial services and began his career as a record keeper in an asset management organization. Having spent the last 11 years at Franklin Templeton, today Yaqub focuses on the U.S. retirement insurance sub-advisory and Franklin Templeton’s 529 businesses.

For Harshendu, his journey in financial services began 27 years ago. He studied engineering in college and stumbled into the industry following graduation. With 24 years of experience at Franklin Templeton under his belt, Harshendu is now responsible for establishing strategic partnerships with global financial institutions and other distribution partners on the retail side of the business.

Jack, Yaqub, and Harshendu discuss the role of technology in establishing strategic partnerships and providing holistic solutions for clients, why intelligent automation helps advisors thrive, and what the future holds for asset managers.

“Advisors are not going away, they’re just evolving. And we see them be more and more financial life coaches to their clients. And as an asset management industry, I think we need to understand and pave for that transition.” ~ Harshendu Bindal

Main takeaways

Cultural fit is the number one determining factor of whether a merger will be successful.
Technology plays a crucial role in providing better outcomes and holistic solutions for clients. And great technology allows us to embed solutions into advisors’ existing workflow.
As the role of financial advisors continues to evolve, we need to start encouraging advisors to intelligently automate what needs to be automated.
Over the next few years, there will be several big shifts within the asset management industry. Financial personalization will be commonplace, US workers will increasingly seek out financial wellness and advice from their employers, and collaboration within the industry will increase.
Advisors should consider outsourcing the parts of their business that they either don’t have expertise in or don’t have the passion for. Sometimes it’s best to let technology run those aspects of the business.
Advisors must leverage capabilities that are delivering personalization.

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How Tech Drives Innovation & Accelerating Through Integration with Andrew Salesky

Tue, 08 Jun 2021 07:00:00 -0000

In this episode, Jack Sharry talks with Andrew Salesky. Andrew leads Digital Advisor Solutions at Charles Schwab, overseeing a suite of tech platforms used by more than 7,500 independent advisory firms working with Schwab.

Having worked at Schwab for more than 20 years, Andrew has held jobs big and small under the Schwab umbrella – from branch leadership to running schwab.com and driving the growth of “Schwab startups” like Schwab Private Client. Andrew even worked as their first Global Data Officer before transitioning into his current role supporting digital platforms. Andrew spearheads integration across the company, viewing integration as the top accelerator for every corporate goal or initiative.

Andrew and Jack discuss current trends and how advisors can best respond, the power of integration, why technology is the great enabler, and why it takes more than tech to reach success.

“Integration is not a distraction, it’s an acceleration. It’s really bringing a level of investment that is unprecedented for Schwab in the digital advisor space. We’re able to accelerate our roadmaps in all different areas.” ~ Andrew Salesky

Main takeaways

The health and wellness trend is expanding into financial wellness post-COVID-19. Women are also responsible for trillions of dollars of financial assets and with the rise of e-commerce and technological innovation, customers have increasingly high expectations. Advisors must prepare for these shifting trends and demographics.
Technology is a fantastic enabler, but we need a combination of technology and human support to best serve clients.
The financial services industry is still too reliant on paper and hard copies. We need to embrace digitization for the sake of the client. That includes working to streamline digital transactions.
Building and maintaining trust has never been more important than it is now. That deep level of trust can’t be replicated by a device, it must be built by the human advisor.

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Portfolio Integration and Connecting the Financial Dots with Eric Lordi & Rose Palazzo

Tue, 01 Jun 2021 07:00:00 -0000

In this episode, Jack Sharry talks with Rose Palazzo and Eric Lordi from Morgan Stanley. Rose heads financial planning while Eric leads efforts across WealthDesk, a place for advisors to manage household portfolios. At Morgan Stanley, Rose and Eric have been instrumental in building the industry’s most comprehensive wealth management platform.

Creating a comprehensive ecosystem and saying goodbye to the more siloed industry standard is no easy feat. Eric and Rose have leaned on their prospective specialties to build a system that scales rather than a system where one person wears 10 hats and inevitably drops a few along the way.

Jack, Rose, and Eric discuss the magic and challenges of account integration, why integration benefits both client and advisor, and the future of financial technology.

“When we talk about moving from accumulation to decumulation, it actually really is the time when it’s most important for the portfolios to be working in concert with each other, as one sort of orchestra instead of being managed in pieces. We know that’s really critically important.” ~ Rose Palazzo

Main takeaways

The goal of WealthDesk is to build a connected client experience that eliminates frequent disconnects throughout a client-advisor relationship. It’s crucial for clients to understand how investment advice is directly supporting their personal and financial goals. This connectivity benefits the advisor, the client, and ultimately, the firm.
Integration is the future of financial technology. Personalized advice is becoming more and more commonplace so technology needs to automate parts of an advisors’ workload. That way advisors have the time to dig deeper with each client and develop a more personalized plan.
Surfacing guidance for advisors is key to helping them understand the benefits of different tools. In other words, we know what the best practices are, but we still need to find a way to automate surfacing those best practices and do so in a way that doesn’t feel overwhelming and aligns with advisor goals.
Half the battle of building an innovative product is connecting the dots within a large organization. Getting people out of their silos is incredibly tough, but it’s important to help people realize that everyone is working toward the same end goal.

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Balancing Technology and Personalization and Giving Digestible Advice with John Thiel

Tue, 25 May 2021 07:00:00 -0000

In this episode, Jack Sharry talks with John Thiel, former Head of Wealth Management at Merrill Lynch and longtime advocate for comprehensive advising.

John began his career in public accounting where he realized the impact of tax law on financial planning and decision-making. He was eventually recruited into the insurance business and, while it wasn’t popular at the time, John became an advocate for financial advising as he rose through the ranks at Merrill Lynch.

While the industry has made and continues to make great progress, advisors still have a ways to go when it comes to implementing a goals-based approach and finding synergy between technology and the advisor-client relationship.

John and Jack discuss creating efficiencies for the client as well as the advisor, how advisors can address a rapidly retiring demographic, the impact of COVID-19, and why human advisors are always irreplaceable.

“We really need to have a decumulation strategy that is simple, direct, consumable, and that people can execute in a relatively easy way. And it’s gotta be transparent, so people understand this isn’t some black box. Here’s where the returns were coming from, here’s where we’re pulling it from, here’s the decisions that were made to make the recommendation of where you would draw from. And then literally, maybe, send them a paycheck if that’s what they want. Give those retirees or those people in that stage of life the option to choose a preference on how they want to receive income when they stop receiving a normal paycheck.” ~ John Thiel

Main takeaways

Efficiency is just as important for the client as it is for advisors and firms. For example, clients need an efficient onboarding experience. While many in the industry are hesitant to do so, giving clients access to transparent reporting is necessary and helpful for all parties.
COVID-19 has forced many to reassess their priorities. As you help this large wave of retirees, create solutions catered to their preferences, some of which have changed as a result of the pandemic.
We have to meet clients' preferences to differentiate ourselves while also allowing them to participate in the process. Give clients access to the same tools advisors use.
Forget complexities, present everything in a way that’s simple for clients to digest and understand. This helps build trust.

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Driving Digital and Communicating Effectively with Samantha Russell and Matt Nollman

Tue, 18 May 2021 07:00:00 -0000

In this episode, Jack Sharry talks with Samantha Russell, Chief Evangelist at FMG Suite, and Matt Nollman, VP of Marketing at LifeYield. The two share their expertise on all things digital communication.

Six years ago, Samantha’s husband stumbled upon a problem with seemingly no solution. Every advisor at a firm had an identical web presence. So he created Twenty Over Ten, an easy-to-use website platform for financial advisors. Sam hopped on board to lead sales and marketing and when Twenty Over Ten sold to FMG Suite, Sam shifted to Chief Evangelist, or, as she likes to think of it, Chief Educator.

Matt began his career in tech startups before joining LifeYield and working to expand the company’s digital reach and online presence. Matt also aligned LifeYield’s marketing and sales with its strongest revenue stream and spearheaded LifeYield’s shift into enterprise. Both Samantha and Matt understand the importance of reaching people through effective communication and taking digital risks.

Samantha, Matt, and Jack discuss why advisors should become educators, why marketing can no longer be an afterthought, and the most impactful (and surprising) marketing strategy for firms, advisors, and beyond.

"Digital marketing no longer should be a line item that kind of gets whatever is leftover in your budget. If you want to grow and grow intentionally and find the clients that will be the best fit for your business, you need to put your money where your mouth is. We see a lot of financial advisory firms, the average is spending 1 to 2 percent of revenue per year on their marketing budget. But the growth firms, the firms that are actually adding new clients more than they’re losing them, they’re spending about 5 to 10 percent.” ~ Samantha Russell

Main takeaways

Hiring a great copywriter is one of the best ways to improve your business’s communication. In a world where everyone is always inundated with information, engaging people through text is invaluable.
When it comes to digital channels and strategies, your firm doesn’t need to be everywhere at once, especially if your marketing team is small and lean. Figure out a scalable way to communicate that works for your business. If you have multiple channels, make sure those channels work together to tell one cohesive story with complimentary messaging.
Digital referrals are invaluable. If you don’t have a strong web presence, you’re out of the race for a client’s attention before the race even begins.
Even if you can’t measure its success right away, explore new audiences and new channels. It may lead to insights and value that can’t be quantified.

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Behavioral Psychology and Supporting Proactive Advisors with Eric Clarke

Tue, 11 May 2021 07:00:00 -0000

In this episode, Jack Sharry talks with Eric Clarke, CEO of Orion Advisors. Eric is committed to improving client outcomes through strategic acquisitions and smart technology.

Straight out of grad school, Eric began his career as an asset management wholesaler. The company he worked for was experiencing operational challenges and, eventually, Eric realized the fiduciary IRA business needed stronger technology. At the time, available tech was only built for the brokerage business rather than advisory firms. Seeing an opportunity from necessity, Eric developed a business plan and founded Orion.

As Eric puts it, what’s current today is incredibly dated tomorrow. Orion provides technology services to advisory firms while keeping a pulse on what’s current and pivoting as needed.

Jack and Eric discuss the art of acquisition, how to instill proactivity in advisors, and why behavioral psychology is the backbone of strong and effective advising.

“What’s fascinating to me is that our industry is dominated by finance and accounting degrees, myself included. And as we look forward, I think we’re going to see a lot more emphasis inside of the industry on having degrees potentially dominated around behavioral psychology. And hopefully, we get to a point where we’re really understanding the investors that we’re serving in ways that we can drive and create value back in very meaningful ways.” ~ Eric Clarke

Main takeaways

When buying technology, advisors must make sure that technology is solving one of two problems: Is it creating a better client experience or driving internal operational efficiencies?
When combining businesses, you have to take a step back and look at the best ways to integrate offerings so you’re never operating in silos.
Knowing the overall composure of an investor is incredibly important in driving client value. And there’s more to it than simple risk-tolerance. Understanding an investor’s behavioral psychology also helps advisors to proactively solve problems by preventing potential stressors.
It’s better to disrupt your own entity than let other businesses disrupt you first. There are four key areas that advisors should be looking at when it comes to improving value propositions: prospecting, planning, investing, and outcomes.

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Using Transparent Data and Personalization to Build Trust and Improve Client Outcomes with Lori Hardwick

Tue, 04 May 2021 07:00:00 -0000

In this episode, Jack talks with Lori Hardwick, Chairman of Riskalyze and Board Member at firms like Orion Advisor Tech and Cetera Financial Group.

Lori began climbing the financial services ladder working as a wholesaler. In 1997 she had her first baby and realized the wholesaler lifestyle didn’t mesh with motherhood. So she pitched an idea to her senior executive team about starting an RIA program back when RIAs were still relatively new to the industry. She then left to start her own firm, Envestnet.

After decades as a leader in the industry, Lori describes the successes and failures that sometimes unfold when old tech meshes with emerging tech, and why culture determines the success of that merger. She also describes why financial tech is in direct competition with giants like Amazon and Google, and why our technology must allow clients to engage and interact in a way that’s personalized.

Jack and Lori discuss the importance of showing clients quantifiable benefits, why advisors should take inventory of the software at their fingertips, and the necessity of hyper-personalization.

"We need to make sure we’re not just allowing for transparency to the data, but also the ability to interact with it. The one thing I truly believe is that transparency and the ability to interact digitally will build trust with that advisor. The more they can see, the more they trust their advisor, and that is critical to building those long-term relationships and keeping those clients happy.” ~ Lori Hardwick

Main takeaways

The ease of data transfer from one platform to the next has been a fantastic change for the financial industry. It helps improve the experience for advisors and clients alike.
It’s important for clients to be able to see everything in one place. They should have one interface that connects the dots for them.
When clients interact with an advisor’s technology, they interpret that as an experience with their advisor. Tech must be top-notch for the sake of an advisor’s reputation.
The financial industry needs to listen to what clients actually want so we can create and fine-tune technology to meet those needs.

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The Power of Software and Navigating an Ever-Changing Retirement Landscape with Mary Beth Franklin

Tue, 27 Apr 2021 07:00:00 -0000

In this episode, Jack Sharry talks with Mary Beth Franklin, a columnist and contributing editor at Investment News, specializing in social security, medicare, and retirement income.

We’re living in a time where traditional retirement rules no longer apply, in part because of COVID-19’s dramatic impact on money in motion. As a result, helping clients navigate retirement is more complex than ever before. Having spent her career covering retirement from all angles – from policies on Capitol Hill to life inside private firms – Mary Beth has a unique understanding of where we’ve been and, more importantly, what retirement now calls for.

Given her unique expertise on all things social security, Mary Beth emphasizes the importance of software in achieving increased personalization and how advisors can help clients answer the ultimate retirement question – what’s the optimal sequence for withdrawing retirement income?

Mary Beth and Jack discuss what a changing landscape means for both client and advisor, how COVID-19 changed the financial industry for the better, and what most people miss when planning for retirement.

“People grew up with a couple myths: that you’re going to put as much money as possible into your qualified retirement plans to lower today’s taxes and your taxes were going to go down in retirement. Well, that may not be true going forward. And advisors and software providers need to understand that this is a very fluid situation and the best thing they can do is stay on top of these changing environments and pivot where they can and help their clients make the best decision for them.” ~ Mary Beth Franklin

Main takeaways

When creating retirement plans for clients, advisors will benefit from software that helps fill in the gaps of thousands of complex retirement rules that no single advisor could memorize. And while many creative claim strategies have disappeared, social security is still a critical piece of the retirement puzzle.
The right software should be easy to use and seamlessly integrate into an advisor’s existing financial planning software.
Changes in money in motion are heading in all different directions. It is not one consistent trend. So advisors need software and other tools geared towards personalization.
Many people need advice outside of the advice that their workplace is providing. Advisors should approach clients with a transparency-first approach to gain trust.
The pandemic forced the financial industry to embrace software and also spotlighted holes in everyone’s retirement safety net. As a result, we’ve seen an increase in broader financial wellness – financial planning outside of just health benefits and a 401k.

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Helping Your Clients Transition Into Retirement and the Importance of Innovation with Steve Gresham

Tue, 20 Apr 2021 07:00:00 -0000

In this episode, Jack Sharry talks with longtime colleague Steve Gresham, CEO of The Execution Project, a consulting firm that works with advisors and their firms to help advisors better serve the needs of retiring clientele.

For many of us, the questions, stressors, and concerns of our clients are changing. As Baby Boomers hit retirement age, it’s our responsibility as advisors to help them afford healthcare and alleviate concerns about outliving their money.

A believer in innovation, Gresham advocates for the use of tools and training when it comes to helping advisors meet the needs of their ever-evolving clientele.

Jack and Steve talk about segmenting clients, the role of technology in the financial industry, and dealing with disruption head-on.

“The markets have been ripping ahead but the clients have been slowing down. So we see them taking money out, we see them thinking about alternatives, and we need to turn that around. But if they don’t know where they stand, they cannot plan for anything better. So giving very solid answers to somewhat amorphous but critical questions is part of our job. Help them understand exactly where they are and what’s realistic for them to be able to do from there.” ~ @thegreshamco

Main Takeaways

Demography is real. Baby Boomers, the largest generation in American history, are reaching retirement age and financial advisors must develop a different level of emotional intelligence and empathy to engage this aging generation.
Clients rule the conversation. Simplify your counsel by giving clients straight answers when they ask questions.
Commit to innovation. Find ways to create something that’s customer-centric and advisor-supported without hiding it from the people who can help build it. If you don’t start innovating now, it will be hard to catch up later.

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Keep It Simple, Score Everything, and Other Lessons From LifeYield with Mark Hoffman

Tue, 13 Apr 2021 07:00:00 -0000

In this episode, Jack Sharry talks with Chairman and CEO of LifeYield Mark Hoffman. In addition to leading the company, Mark is responsible for pulling resources and customers together to construct Unified Managed Households.

Early in Mark’s career, a colleague’s father broached the idea of combining household assets to achieve client goals, particularly as advisors help clients prepare for retirement. Fast forward more than 30 years later, and that concept has taken shape at LifeYield.

In the years that led Mark to LifeYield and his success building money-saving technology, he’s learned a few things about helping large firms achieve complex goals, the importance of quantifying benefit, and developing a software system that sticks.

Jack and Mark discuss where the financial industry is headed next, how to provide optimal client value, and the three biggest lessons Mark has learned building LifeYield from the ground up.

“The most important feature that you need to ensure advisor adoption is the ability to quantify the benefit of the advice being given to the customer. What is in it for them and why? ” ~ Mark Hoffman

Main takeaways

To ensure advisors actually adopt the technology, it must be easily integrated into an advisor’s workflow.
When executing complex projects across complex organizations, follow a few simple rules. 1. It’s just as important to know what you’re not doing as it is to know what you are doing. 2. Don’t keep starting and stopping big projects – it decreases the probability for success, increases costs, and hurts morale. 3. Accept that big projects are a multi-year commitment, so budget and staff accordingly. 4. Communicate clear milestones and celebrate wins along the way.
Offer scalable solutions, ensure the tech is highly secure, and allow for the flexibility that enterprise clients will require.
Scoring is the future of wealthtech because it allows advisors to communicate benefits to clients in a digestible way. And it’s more than just taxes, clients should have a holistic understanding of their household’s financial wellbeing.

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The Future of Human & Digital Advice, Why Tech Matters, and the Power of Personalization with Cheryl Nash

Tue, 06 Apr 2021 07:00:00 -0000

In this episode, Jack Sharry talks with Cheryl Nash, CEO of the Financial Supermarkets Division at InvestCloud. Cheryl unpacks her acquisition-filled journey to CEO and everything that makes InvestCloud an industry standout.

Cheryl began her career as a data entrant at Security APL before automation was as widespread as it is today. Security APL was ultimately acquired by Fiserv which recently sold a 60% stake to Motion Partners. Cheryl was then appointed CEO of the newly branded Tegra118. Several weeks before Tegra118’s first anniversary, they merged with InvestCloud and Finantix.

A true industry leader, Cheryl chats with Jack about planning for retirement, how COVID has shaped consumers, and the future of wealthtech.

“Technology is an essential enabler. Use technology for the tasks where speed, efficiency, automation, and precision are needed, while always remembering that we’re in a people business. Relationships matter and trust matters, but technology really becomes an essential enabler.” ~ @cherylnash2

Main takeaways

COVID has helped consumers understand the importance of going digital and the need to bring things to market quickly.
The future of wealthtech lies in personalization. Consumers want wealthtech to mimic the personalization features of Netflix and Amazon. Personalization makes it easier for the advisor to give an investor exactly what they want, when they want it, and how they want it.
Goals-based planning is essential for ensuring clients are prepared for retirement and the big questions that come along with it.
Stay nimble, open-minded, and always look to the future.
You can’t be everything for everyone, but know what your firm does very well, celebrate those wins, and search for partners to help fill in the gaps.
Technology is key to growing your business and innovating within the wealthtech industry.

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Transforming the Financial Decision-Making Process with Michael Liersch

Tue, 30 Mar 2021 07:00:00 -0000

In this episode, Jack Sharry talks with Michael Liersch, Head of Advice & Planning at Wells Fargo. They dive into Michael’s transformative approach to financial decision-making and what drives his desire to improve financial opportunities for future generations.

With a background in academia, Michael took a somewhat unusual path to the financial industry. Growing up in a household where money wasn’t always well-handled, he became fascinated with his own financial psychology and knew his career path would involve helping others.

So he began teaching at NYU before transitioning into the corporate sector where he could help clients directly and in real-time. Now at Wells Fargo, Michael breaks down his industry-first approach to helping clients make better financial decisions.

“I think a key piece is to always speak in data and fact around the mission of the organization and the transformation exercise. And the data and facts that I always love talking about are around real human beings. What are the jobs that real humans want to be done with their money? And that has really inspired people intrinsically to say, ‘Yes! This is a purpose-driven organization!’ In that way, it becomes a very exciting mission.” ~ Michael Liersch

Main takeaways

Michael’s three-pronged approach is to 1) ask clients to look back at the past, 2) provide clients with options for current action, and 3) introduce a few strategic elements that clients should be thinking about, so it’s planted in their mind when they dive into a financial solution.
Everyone needs a North Star, or ideal destination, when it comes to financial goals. That long view should always be considered when making financial decisions. It’s ok to course-correct along the way because, as 2020 has taught us, sometimes life happens.
It’s important that staff and clients are on the same page when it comes to company ideas, values, and benchmarks.

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Experimentation, the Impact of Consumer Trends, and How Tech Will Transform the Advisor Space with Dani Fava

Tue, 23 Mar 2021 07:00:00 -0000

In this episode, Jack Sharry talks with Dani Fava, Head of Strategic Development at Envestnet. Envestnet’s mission is to make financial wellness widely accessible.

Having entered the financial tech world in a non-traditional way, Dani encourages others to embrace what makes them unique. After unintentionally impressing a firm with her technical abilities, Dani found herself catapulted into the world of wealth technology, eventually landing at TD Ameritrade where she launched a web-based rebalancing platform. In the process, she realized advisors could use tech to better serve their clients.

Today, Dani lives on the pulse of consumer behavior, following the latest tech trends and predicting how they’ll ultimately impact what clients need from their advisors. Her long-term vision is to develop a connected intelligent system that seamlessly manages a client’s current and future financial wellbeing.

Jack and Dani talk about the importance of experimentation, user experience, and why technological advancements will only help advisors stay indispensable.

“Everything that we do, everything that we’re automating, everything that we’re building, everything that we’re bringing together, is intended to power the human advisor and is intended to give the human advisor more freedom and time to be that coach for their clients. In my view, the advisor space is becoming more irreplaceable because of the use of technology.” ~ @danielle_fava

Main takeaways

Not fitting in is sometimes your superpower. Don’t be afraid to come to the table with a different perspective and ideas that challenge the status quo.
Experimentation is necessary for growth. Create in public, invite people to disagree with you, and don’t be afraid of failure.
As consumers delve into the new world of accessible wealth technology, advisors will become more and more necessary. Clients will need help navigating an evolving, tech-driven world.

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Personalization, Scaling Efficiently, and Serving the Underserved with Ed Murphy

Tue, 16 Mar 2021 07:00:00 -0000

In this episode, Jack Sharry talks with Ed Murphy, CEO of Empower Retirement. Empower is the second-largest retirement plan recordkeeper with more than one trillion dollars in assets for more than 12.5 million Americans.

The chaos of 2020 has launched more people into retirement than ever before. In fact, a recent study suggests that four times as many people retired in 2020 versus 2019. To stay agile, advisors must adapt to an ever-changing demographic with ever-changing preferences. And no one knows that better than Ed Murphy.

As it’s grown and rebranded, Empower has made several smart acquisitions including the acquisition of Personal Capital just last year. Ed walks us through the reasoning behind several of these recent acquisitions, the void in the market that Empower aims to fill, and how he’s navigating a world that’s increasingly retirement-ready.

A believer in the need for personalization and a hybrid human-technology approach, Ed discusses Empower’s holistic approach to advising, his emphasis on wellness, and the importance of scaling efficiently.

“There're 128 million mass affluent households and many of those households are underserved today. Oftentimes RIAs and the big broker-dealers are typically focusing on much larger balances. And yet those customers have real needs, whether it’s retirement, college savings, or emergency savings. And so I think there is a void there.” ~ @EFMurphyIII

Main takeaways

While clients engage with their retirement accounts online more frequently than ever before, they still want the option for human advisory.
No matter how large a company grows, it’s important to remain focused on the customer.
To navigate increasing regulatory challenges and fee pressures, it’s important to scale using a price-advantage approach. Using scale as a cost-advantage is necessary for quick growth.

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Introducing: WealthTech on Deck!

Thu, 25 Feb 2021 22:24:53 -0000

WealthTech on Deck is a new podcast from LifeYield about the future of wealth management technology.

We created this podcast specifically for wealthtech innovators, financial services executives, fintech product leaders, and financial advisors who want to stay ahead of the wealthtech game.

Join us each week as our CMO, and host of the show, Jack Sharry, talks with industry leaders looking to build the wealthtech platforms of the future. We promise to keep it short, sweet, and valuable.

Our first episode drops in March 2021. Subscribe now, wherever you listen to podcasts.

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