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
Links
- Jack Sharry on LinkedIn
- Matt Nollman
- John Connors
- John Thiel
- Tiburon Strategic Advisors
- Morgan Stanley
- JP Morgan
- Orion Advisor Solutions
- Edward Jones
- Wells Fargo
- UBS
- Merrill Lynch
- Envestnet
- Goldman Sachs
- LPL Financial
- E*Trade
- Eaton Vance
- James Gorman
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