Author: trtnetwork
Episode 024: When it comes to wealth management, building a high-growth firm requires more than just providing financial advice. It requires a deep understanding of who you are as a brand and the ability to authentically connect with your clients.
In this episode of The Connected Advisor, Kyle talks with Tony Stich. Tony has spent most of his career in the wealthtech industry – currently serving as the chief revenue officer for Entrustody. He is a thought leader in the fintech space, providing invaluable statistics and perspective.
Tony talks to Kyle about building a high-growth wealth management firm, emphasizing the importance of authenticity and embracing a unique brand. He also shares his insights on how advisors can leverage their authentic selves to attract the right clients and provide better advice. Knowing the barriers that hinder advisors from providing clients with optimal service, Tony provides an overview of Entrustody and its mission to disrupt the industry by offering a frictionless and transparent custodial experience.
Join us as we discuss:
[01:18] – What it’s like to be at a startup.
[03:22] – How Tony got into the financial services industry.
[08:04] – What it takes to build a high-growth wealth management firm.
[12:43] – How to create a brand that people can understand and associate with.
[18:35] – Overcoming the fear of rejection and embracing authenticity.
[21:31] – About Entrustody.
[24:11] – The ideal customer for Entrustody.
[26:48] – The best book Tony read this year.
[27:55] – Tony’s thoughts about marketing and sales.
[28:35] – Tony’s favorite conference location.
Key Takeaways
Embrace your authentic self and love yourself to attract clients who resonate with your message.
Get your house in order by defining your brand archetype and messaging before expanding your team.
Differentiate yourself by creating a memorable brand that resonates with your target audience.
Don’t be afraid of rejection. Attract clients who appreciate your authenticity and trust you.
Entrustody is a modern digital custodian focused on providing a frictionless and delightful experience for advisors and their clients with transparent fees.
Quotes
“The moment the advisor embraces and accepts that your authentic self will drive in the people you want to provide good advice for, that’s when the rubber hits the road.” ~ Tony Stich
“When you think about your authentic self, you must love yourself for who you are. You must be proud of your profession. You must be proud of your family because the moment you do that, you can love your clients more. And in doing so, you provide better advice.” ~ Tony Stich
“We’re building a modern technological experience that is frictionless and delightful to use with transparent fees.” ~ Tony Stich
Links
Tony Stich on LinkedIn
Tony Stich on Twitter
Entrustody
Connect with our hosts
Milemarker.co
Kyle on LinkedIn
Jud on LinkedIn
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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…
Episode 023: The heartbeat of any organization lies within its workforce — the collective sum of individual talent, skills, and aspirations. Understanding the intricate connection between building and leading a team, nurturing authenticity, and embracing shifting workforce dynamics is important for firms aspiring for growth.
In this episode of The Connected Advisor, Kyle is joined by Carolyn Armitage, CEO of True Circle Organization. Carolyn shares her journey of starting a nonprofit organization while working in the wealth management industry. She emphasizes the significance of building and leading teams in the wealth management industry, highlighting the changing dynamics of the workforce, particularly with the rise of millennials and Gen Z, who prioritize work-life balance and seek fulfillment beyond financial compensation.
A serial builder of independent wealth management firms, Carolyn provides insights into the challenges and opportunities facing firms that want to grow. She discusses the need for firms to create an environment that allows employees to show up as their authentic selves and provides opportunities for growth and development to attract and retain top talent.
Join us as we discuss:
[01:39] – Why Carolyn founded True Circle Organization.
[06:14] – What motivated Carolyn to help the homeless?
[09:48] – The importance of hiring and retaining the right people.
[12:11] – Building and leading teams in a changing workplace culture.
[17:42] – The role of technology in the modern workplace.
[20:35] – Building an enticing environment for the next generation.
[25:13] – Promoting the wealth management industry as a good career path.
[29:16] – Creating an environment that supports employee success.
[34:25] – Carolyn’s thoughts on wealth management in the future.
[39:36] – The need for both boutique RIA firms and big brands in the marketplace.
[44:02] – The best place to find new talent.
[44:24] – The best book for developing leadership skills.
[44:46] – The most important piece of technology in an advisory firm.
Key Takeaways
Hiring the right people is a key element for success in wealth management, as is building and leading teams.
Managing employees is a skill set that may require outside help.
The workforce is changing, and organizations need to adapt to the needs and expectations of millennials and Gen Z employees.
Providing a flexible and inclusive work environment is important for attracting and retaining talent.
Quotes
“Without hiring the right people, retaining them and getting their full involvement, and allowing their whole self to show up for work, you’ll be less successful than others who are fully embracing their workforce.” ~ Carolyn Armitage
“In order for an organization to grow, they have to know why they want to grow. What’s the purpose? And if it’s just to put more money in your pocket, you’re going to fail. You need some type of compelling distinction that will put you ahead of the competitor just down the street.” ~ Carolyn Armitage
“A team can only go as far as your weakest link. And usually, the weakest link within the team is the lack of communication.” ~ Carolyn Armitage
Links
Carolyn Armitage on LinkedIn
Carolyn Armitage Email
True Circle Organization
Ron Carson
Carson Wealth
Michael Kitces
The 6 Types of Working Genius
Connect with our hosts
Milemarker.co
Kyle on LinkedIn
Jud on LinkedIn
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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.
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…
Episode 022: The financial advisory industry has always been known for its meticulous attention to detail and dedication to providing a seamless client experience. However, the traditional approaches to managing fees and contracts have presented challenges, requiring a revolution in processes to elevate the onboarding experience for clients.
In this episode of The Connected Advisor, Kyle is joined by Lacey Shrum, Founder of Smart Kx. They discuss the challenges of fee schedules and billing in the wealth management industry. With a background in law, Lacey saw the need for better automation and efficiency in the fee and contract processes for financial advisors. Lacey explains how Smart Kx streamlines the client onboarding process, optimizes fee schedules, and ensures accurate billing. She also touches on the importance of providing a seamless client experience and how automation can help advisors grow organically.
Join us as we discuss:
[02:09] – Why Lacey prefers Kindle over physical books.
[04:05] – The problem Smart Kx solves.
[07:15] – The importance of digitizing fee schedules.
[11:00] – The benefits of using Smart Kx to streamline billing processes.
[12:50] – What inspired Lacey to create Smart Kx?
[14:52] – How Lacey’s background as a lawyer is beneficial in running an advisor technology firm.
[20:33] – Simplifying and automating client contracts to streamline the onboarding process.
[24:18] – Ways to improve the client onboarding experience.
[27:49] – Lacey’s best investment.
[31:12] – Mile Marker Minute: Tip for organic growth in wealth management.
[31:21] – Mile Marker Minute: Favorite brand in advisor technology.
[31:50] – Mile Marker Minute: Tip for growing on LinkedIn.
Key Takeaways
Smart Kx helps financial advisors optimize client onboarding, draft fee schedules, and automate the billing process.
Customizable fee schedules are a common challenge for advisors, and Smart Kx ensures that the fees in the contract match the fees calculated in the system.
Automating the client onboarding process and reducing friction can help advisors grow organically and provide a better client experience.
Quotes
“If you look at the fee problem, you have these client contracts on one hand and the processing system on the other hand. Now, we’ve built all these systems to hold them together.” ~ Lacey Shrum
“From a business standpoint, when you have a prospect that says yes, this advisor needs to get that prospect on immediately. They don’t need to give them a bunch of homework.” ~ Lacey Shrum
“You’re sitting at the table with a prospect, and they say, ‘Yes, I want to come on board.’ What if you could take that ‘yes’ and instantly click through our system and say, ‘Great, I’ve already sent you the documents.’” ~ Lacey Shrum
Links
Lacey Shrum on LinkedIn
Lacey Shrum on Twitter
Smart Kx
The Daily Stoic by Ryan Holiday
Altruist
Connect with our hosts
Milemarker.co
Kyle on LinkedIn
Jud on LinkedIn
Subscribe and stay in touch
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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.
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…
Episode 021: The growth of a wealth management firm is about cultivating a culture that thrives on innovation, effective delegation, and a deep understanding of the intrinsic value of financial advisors. It’s about embracing change, optimizing resources, and staying true to the firm’s purpose—helping clients achieve a successful financial future while evolving to meet the demands of the changing marketplace.
In this episode of Connected, Kyle talks with Matt Reiner, Managing Partner at Capital Investment Advisors and CEO at Wela Strategies. They discuss how delegation, innovation, and recognition of financial advisors’ unique value drive growth in wealth management. A thought leader in practice management for advisors, Matt shares his insights on the importance of self-awareness and mindfulness in becoming a better business owner. He also emphasizes the value of human financial advisors and the need for advisors to focus on their unique value to serve clients better.
Finally, Matt shares his thoughts on the role of innovation and technology in improving efficiency and client experience.
Join us as we discuss:
[02:10] – Matt’s approach to juggling multiple responsibilities.
[03:44] – Practical steps to effectively delegate tasks.
[07:24] – Balancing delegation and follow-up for effective outcomes.
[09:36] – Why delegating tasks can be time-consuming in the beginning.
[13:13] – The challenges of growing an RIA.
[18:51] – Why business owners should separate ownership from management.
[23:59] – The value of human financial advisors.
[26:20] – Innovation as a mindset, not just technology.
[32:51] – The importance of behavioral coaching and emotional connection with clients.
[36:44] – Matt’s top advice for a company that wants to achieve organic growth.
[36:52] – The most important piece in the technology stack for an RIA.
[37:04] – What it takes for a company to integrate with technology successfully.
Key Takeaways
Delegation is a skill that requires self-awareness and the ability to let go of perfectionism.
Innovation is not just about technology, but it’s also about mindset, process, and technology.
The true value of financial advisors extends far beyond investment management.
Good integration with technology requires close collaboration with providers and custodians.
Quotes
“When it comes to delegation, you have to be okay with accepting that things aren’t going to be done your way. And I have always been a perfectionist, and my way is always the best way. But I’ve realized that my way is not always the right way.” ~ Matt Reiner
“Ultimately, if we focus on us, then we can serve more. There is so much potential. And then, over time, the world will see the value we provide, which is more than just investment management.” ~ Matt Reiner
“Innovation is not just technology. It’s mindset, process, and technology.” ~ Matt Reiner
Links
Matt Reiner on LinkedIn
Matt Reiner on Twitter
Matt Reiner Website
The Circle
Capital Investment Advisors
Wela Strategies
Bridging The Gap Podcast
Dr. Cole Cash Will See You Now
Connect with our hosts
Milemarker.co
Kyle on LinkedIn
Jud on LinkedIn
Subscribe and stay in touch
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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 020: In this episode of Connected, we’re sharing a conversation between Milemarker Co-Founder Jud Mackrill and Great Hill Partners Executive in Residence John Wernz, about finding success through organic growth for your firm.
John, an expert in digital marketing and strategic growth, has joined us to provide some game-changing insights. We explore how to convert leads into clients, the role technology can play in streamlining your business, and how vital a documented, goal-driven plan can be for your firm’s organic growth. Also, we’re touching on trends in the industry, like the surprising effectiveness of podcasting as a marketing channel, and strategies to increase your organic ranking.
But that’s not all. We’re diving deep into the need for experimentation, creativity in budget planning, and looking into more innovative marketing and business development strategies. We discuss why understanding your firm’s maturation cycle when assigning business development roles is key, the underestimated importance of technology in communication and scheduling, as well as the impact of aftermarket and direct-response media advertising.
Join us as we discuss:
[02:07] – Intro to John Wernz
[02:53] – Intro to Jud Mackrill
[03:42] – Are webinars trending down? What key topics drive engagement?
[06:13] – We currently show up on Google for “retirement planning near me” but not high enough. What are the best practices to increase ranking organically for certain key phrases?
[08:59] – What’s the typical lead-to-client conversion timeline?
[11:28] – What percentage of top-line revenue should firms spend on lead generation or organic marketing services?
[15:16] – How should advisors be thinking about podcasting as a marketing channel?
[18:29] – How are you thinking about AI in terms of supporting organic growth?
[21:48] – How do we best enable our tech stack? How can this help prompt growth within the firm?
[27:05] – Is it more effective to have dedicated business developers rather than assigning business development responsibilities to advisors?
[31:01] – How many clients should an advisor work with and still have time for business development activities? How should the time break down?
[33:46] – What results do you need to see to show that you have a successful organic growth strategy?
[40:03] – How much time should you give a strategy to see if it is working before adjusting or terminating?
[43:17] – What new or seldom used strategies are worth considering or researching?
[45:56] – What are three things advisors can do right away to improve and accelerate their organic growth?
Quotes
“The question to me is not can you get those leads? It’s can you actually create a funnel to convert them? Can you get those leads to appointments and clients? To me, that is the larger question for most RIAs thinking about doing organic.” ~ John Wernz
“You have to be continually experimenting with what you’re doing and have the margin to do that. You have to have truly creative people you work with that are willing to pivot and willing to ask questions, willing to be accountable.” ~ Jud Mackrill
“I’m pretty biased toward just creating unique content. I think that’s the thing that’s missing in our industry — we’ve been leaning on these marketing companies that are mostly built for broker-dealers and it doesn’t really work. You have to have unique, consistent content.” ~ Jud Mackrill
Links
John Wernz on LinkedIn
Great Hill Partners
Connect with our hosts
Milemarker.co
Kyle on LinkedIn
Jud on LinkedIn
Subscribe and stay in touch
Apple Podcasts
Spotify
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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.
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…
Episode 019: For high-net-worth families, wealth is more than just numbers on a balance sheet. It represents a legacy, a responsibility, and a means to achieve their unique aspirations. Managing the intricacies of wealth preservation, succession planning, philanthropy, and lifestyle management for these families is no easy task. It requires a tailored and holistic approach that takes into account their financial objectives, deeply held values, and unique needs.
In this episode of Connected, Kyle is joined by Frazer Rice, Director of Family Office Services at Next Capital Management. Frazer talks about the role of family office services in managing the wealth and lifestyle of high-net-worth individuals and families. Frazer emphasizes the importance of communication and conflict resolution in preserving wealth across generations.
Join us as we discuss:
[01:52] – Duke’s football victory.
[04:28] – Frazer’s love for film and horror genre.
[06:51] – Frazer’s experience acting in a horror movie.
[09:06] – How Frazer got into wealth management.
[14:34] – Multidisciplinary approach in solving problems for ultra-high net worth clients.
[17:37] – Challenges of raising kids in wealthy families.
[20:59] – Why Next Capital decided to start family office services.
[26:12] – When it makes sense to employ a family office.
[29:59] – What RIAs need to consider when offering family office services.
[32:02] – What the future looks like for the ultra-high net worth segment.
[36:46] – The three best golf courses Frazer has played on and his top three bucket list courses.
Key Takeaways
The wealth management industry requires a multidisciplinary approach to problem-solving, combining expertise in law, finance, and other domains.
Communication is the biggest challenge in preserving wealth across generations, and conflict resolution is crucial in avoiding destructive situations.
The ultra-high net worth space requires independent advice and a focus on minimizing conflicts of interest.
Technology can enable advisors to better serve clients, but manual labor and personal relationships will continue to play a significant role.
Quotes
“When you start moving up the wealth chain, and people start understanding that they have enough to spend during their lifetime and their legacy going forward is what’s important to them, that’s when you start getting into a different level of discussion and framework-building.” ~ Frazer Rice
“The biggest threat to wealth isn’t bad tax planning or investments. The ecosystem of smart people to solve those problems is broad and wide. But the biggest issue is communication. And it’s amongst in between the generations.” ~ Frazer Rice
“It’s really my job and the job of the firm to help the families identify the different issues that are out there, look around corners, and look for opportunities, either for tax savings or structuring to further their goals.” ~ Frazer Rice
Links
Frazer Rice on LinkedIn
Frazer Rice on Twitter
Next Capital Management
The “Wealth Actually” Podcast
Wealth Actually on Amazon
Football – Duke University
Riley Leonard
Sam Raimi
Evil Dead
Steve McQueen
The Blob
The Devil’s Restaurant
Tony Guernsey
Wilmington Trust
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.