Author: trtnetwork
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…
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,…
Episode 028: In this episode of The Connected Advisor, Jud Mackrill is joined by Scott Klaassen, Managing Director at Milemarker to discuss the critical role of reporting in advisory services. Together, they explore the challenges of ensuring accurate, transparent reporting and the complexities involved with alternative investments and multiple custodians. They also cover the importance of data management alignment within firms, the non-profitability of many client relationships, the potential of AI tools to enhance data insights, and an overview of Milemarker’s managed back-office solution aimed at optimizing technology for advisors and clients.
Jud and Scott discuss:
[01:42] – Intro to Scott Klaassen.
[03:15] – Why is reporting important?
[05:25] – What measures can be implemented to improve the accuracy of financial transactions?
[08:56] – Are there specific patterns or common issues that lead to transaction inaccuracies?
[12:17] – What are the implications of having multiple custodians?
[14:23] – What is the best way to solve for Household returns with Alternatives (IRR) and Traditional (TWR)?
[16:22] – Is it possible to extract relevant performance and asset allocation data from Orion but then present it as we wish in our portal?
[17:45] – What percentage of firms report on a client’s full balance sheet?
[19:39] – How do I get the entire firm aligned on data management?
[23:04] – How should I go about getting the entire firm aligned on data management?
[23:23] – What AI (Artificial Intelligence) tools would you suggest to give better insights into our data?
[24:42] – What are your favorite reporting systems and why?
[26:13] – How do you decide if a specific reporting system is better for one advisor vs another?
[29:39] – What are people doing with asset classes these days?
Quotes
“Reporting is important because that is how we are communicating the value we bring to our clients. It’s our report card to them of how we’re doing as an advisor.” ~ Scott Klaassen
“When everything is getting more commoditized, it makes our value seem less on the wealth management side, so reporting is a great opportunity for us to uniquely tell the story that actually matters to your client.” ~ Jud Mackrill
Links
Scott on LinkedIn
Orion
Black Diamond
Schwab
Fidelity
Connect with our hosts
Milemarker.co
Kyle on LinkedIn
Jud on LinkedIn
Subscribe and stay in touch
Apple Podcasts
Spotify
YouTube
Google Podcasts
Produce game-changing content with Turncast
Turncast helps your company grow by producing top-quality content and fostering transformative conversations. We specialize in content generation, podcasting, digital strategy, and audience growth for fintech and financial services companies. Learn more at Turncast.com.
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…
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,…
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…
Episode 027: In wealth management, data is paramount. But it’s not just about the data itself. It’s about how people present, digest, and ultimately act upon it. That’s where the user experience (UX) revolution in wealth management takes center stage. Today’s investors, from seasoned veterans to tech-savvy millennials, demand clarity, personalization, and a seamless digital journey. They want information that’s visually appealing, readily digestible, and actionable.
In this episode of The Connected Advisor, Kyle talks with Clifton Schaller, Chief Growth Officer at FutureVault. Clifton has a passion for customer-driven insights, striving to identify the biggest trends, pain points, and opportunities for innovation across the entire financial services ecosystem and then looking for people or technology best positioned to address them. With a corporate development, product management, and strategic partnerships background, Clifton drives the intersection of top-line growth and product strategy.
Clifton talks with Kyle about the importance of user experience (UX) in the wealth management industry. He emphasizes the importance of UX design and how it can impact client retention and acquisition. Clifton also shares his insights on retirement readiness, access to private markets, generational wealth transfer, and the changing preferences of millennials and Gen Z. He believes that the industry is well-positioned to address these challenges and adapt to clients’ changing needs.
Join us as we discuss:
[03:13] – Clifton’s money moment.
[07:18] – What Clifton’s experience as a UX designer at Morningstar looked like.
[10:36] – What it takes to have a great user experience.
[13:21] – Clifton’s motivation to choose UX design.
[17:07] – Clifton’s outlook on the future of the industry.
[25:33] – The role of FutureVault in wealth technology.
[32:04] – Clifton’s five insights for professional growth.
[38:53] – Clifton’s favorite book from 2023.
[39:13] – What firms looking for growth should focus on in 2024.
Key Takeaways
User experience (UX) design is crucial to client retention and acquisition.
The industry needs to help clients navigate the sea of investment products, and tailor portfolios to their specific needs.
Access to private markets is becoming more democratized, providing personalized opportunities for investors to participate in high-growth investments.
Understanding the needs of the next generation will significantly impact the overall economy.
Quotes
“People process information in different ways, but they process it very quickly. If you’re showing something that looks crisp, easy to process and go through, you have a higher likelihood of retaining or gaining a client.” ~ Clifton Schaller
“Our industry will be well-positioned for those who transform and change to meet the needs of the next generation. This is going to have an impact not just on individuals but on our economy macro-wise as well.” ~ Clifton Schaller
“People who are willing to roll up their sleeves — it inspires people. Knowing how to lead from the front, lead from the rear, and lead from the field —people are able to inspire others through selfless leadership.” ~ Clifton Schaller
Links
Clifton Schaller on LinkedIn
Anthony Stich
Morningstar
The 48 Laws of Power by Robert Greene
Connect with our hosts
Milemarker.co
Kyle on LinkedIn
Jud on LinkedIn
Subscribe and stay in touch
Apple Podcasts
Spotify
YouTube
Google Podcasts
Promos
Produce game-changing content with Turncast
Turncast helps your company grow by producing top-quality content and fostering transformative conversations. We specialize in content generation, podcasting, digital strategy, and audience growth for fintech and financial services companies. Learn more at Turncast.com.
Episode 026: Delivering world-class integrated advice lies in a harmonious blend of human expertise and digital efficiency. It’s a tightrope walk between leveraging the knowledge and intuition of seasoned professionals and harnessing the power of data-driven insights and streamlined processes. The challenge lies in ensuring these forces coexist, cooperate, amplify, and elevate each other.
In this episode of The Connected Advisor, Kyle talks with Spenser Segal, CEO of ActiFi. They discuss how to deliver world-class integrated advice more effectively and profitably. Spencer highlights the need for professional management in scaling a wealth management firm and the importance of optimizing processes and technology to support growth. He also emphasizes the potential for AI to automate non-high human value-added activities while allowing advisors to focus on providing personalized and valuable advice to clients.
Join us as we discuss:
[01:38] – How Spenser got into the wealth management industry.
[02:54] – What world-class advice looks like.
[05:05] – What inspired Spenser to create a world-class integrated advice.
[07:01] – What it takes to deliver a world-class integrated advice.
[11:10] – How ActiFi provides better tools for wealth management.
[15:05] – Spenser’s take on what’s happening in advisor technology today.
[19:24] – How to structure technology for more centralized operations.
[23:03] – Spenser’s thoughts on AI in wealth management.
[24:56] – What makes AI a transformative technology in wealth management?
[30:20] – The best book Spenser read in 2023.
[30:35] – The single most important metric firms should be tracking.
[30:56] – The best part about the Twin Cities.
Key Takeaways
The scariest resource in the industry is professional management, and firms need experienced managers who can optimize processes and leverage technology effectively.
People trump process. Process trumps technology, and technology is critical to building a scalable and efficient practice.
AI can potentially reduce the cost of non-human value-added activities by over 90% and can significantly increase value and margins for advisors.
Full automation is not desirable or effective in delivering world-class integrated advice. Clients prefer working with experts who can explain the rationale behind their decisions.
Implementing AI requires a well-defined process and a cohesive data strategy to ensure clean and consolidated data that can be used to train AI models.
Quotes
“What clients really want is to maximize the probability of achieving their goals and the after-tax cash flow that can be allocated to those goals in alignment with what they truly value.” ~ Spenser Segal
“There’s so many different capabilities, so many specialized vendors that are exploding. There’s no better time in advisor technology than now. The trick, though, is to adapt your processes to take advantage of that.” ~ Spenser Segal
“AI will be the most transformational technology in the history of the wealth management industry, and it will likely be 10 times more impactful than the internet.” ~ Spenser Segal
Links
Spenser Segal of LinkedIn
Spenser Segal on Twitter
ActiFi
Barron’s
Clear Thinking by Shane Parrish
The Knowledge Project with Shane Parrish
Connect with our hosts
Milemarker.co
Kyle on LinkedIn
Jud on LinkedIn
Subscribe and stay in touch
Apple Podcasts
Spotify
YouTube
Google Podcasts
Produce game-changing content with Turncast
Turncast helps your company grow by producing top-quality content and fostering transformative conversations. We specialize in content generation, podcasting, digital strategy, and audience growth for fintech and financial services companies. Learn more at Turncast.com.
Episode 025: In this episode of The Connected Advisor, Jud Mackrill is joined by Victoria Bills, Chief Investment Strategist at Banrion Capital Management, and Steve Zushin, Chief Revenue Officer at Mammoth Technology. Together, they dive into the world of alternative investments for business growth and retirement strategies. They also discuss the complexities of incorporating alternative investments into business strategies, positioning them for clients, and overcoming challenges. They touch on the importance of building a positive client experience and tailoring investment strategies for retired clients.
Join us as we discuss:
[01:22] – Intro to Victoria Bills and Steve Zuschin.
[05:10] – How do advisors know if alternative investments are right for their clients?
[10:50] – How should advisors be positioning alternative investments to their clients?
[14:55] – What’s the biggest challenge most advisors face in starting to use alternatives?
[21:08] – Best structure for sub docs process?
[24:41] – What factors are considered in building alts allocation?
[26:29] – How do advisors build client experience?
[30:38] – What are advisors doing to satisfy due diligence when they don’t claim to be experts in underwriting one fund from the next?
[33:02] – Why should financial advisors advocate for allocating a specific percentage of a HNW client’s portfolio to hedge funds, given their potential to mitigate risk and generate alpha in volatile markets?
[34:14] – In what ways can financial advisors tailor alternative investment strategies to align with the income generation goals of retired clients with a moderate risk tolerance?
[35:13] – How can financial advisors tactically implement private equity and real estate investments to enhance diversification within a client’s portfolio?
[36:20] – How do you evaluate the solidarity of an alt fund?
[37:55] – Any warnings on alt environment, specifically private equity or opportunity zones due to interest rates?
[39:34] – What is Mammoth Technology’s business model?
[42:02] – How does Mammoth’s platform integrate with other platforms an advisor is already using?
[43:32] – Can you white-label Mammoth’s platform?
[43:39] – Does Mammoth’s platform include fund listings and descriptions, subscription process and fund reporting?
[43:56] – Is Mammoth’s platform just for advisors or L.P.’s as well?
Quotes
“We don’t get paid to put products on our platform. We don’t get paid if you invest. We get paid for the fact that we continue to work as an advocate for the funds that are on our platform, but most importantly, keeping the financial advisor in mind.” ~ Victoria Bills
“Ultimately, that’s why Mammoth exists, is to try and reduce some of those challenges and to make alternatives easier for you to approach, but also easier for you to provide excellent service to your clients when they do allocate to these different types of products on the private market.” ~ Steve Zuschin
Links
Victoria on LinkedIn
Steve on LinkedIn
Banrion Capital Management
Mammoth Technology
Connect with our hosts
Milemarker.co
Kyle on LinkedIn
Jud on LinkedIn
Subscribe and stay in touch
Apple Podcasts
Spotify
YouTube
Google Podcasts
Produce game-changing content with Turncast
Turncast helps your company grow by producing top-quality content and fostering transformative conversations. We specialize in content generation, podcasting, digital strategy, and audience growth for fintech and financial services companies. Learn more at Turncast.com.
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…