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
Links
- Craig Pfeiffer on LinkedIn
- Money Management Institute
- Steve Gresham
- The Execution Project
- Cheryl Nash
- InvestCloud
- Financial Advisor Magazine
- BlackRock
- Jed Finn
- Morgan Stanley
- Jenny Johnson
- Jasmine Jirele
- Franklin Templeton
- Allianz Life
- Burt White
- LPL Financial
- Carson Group
- Envestnet
- Ainslie Simmonds
- Pershing
- Michael Liersch
- Wells Fargo
- Microsoft
- PwC
- University of Virginia Darden School of Business
- Keith Glenfield
- Bank of America
- Troy Thornton
- Goldman Sachs
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