Author: trtnetwork

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…

Episode 018: The traditional approach to estate planning involves working with an attorney. However, clients often procrastinate or delay creating an estate plan due to the discomfort of discussing end-of-life decisions with a stranger. While technology has significantly transformed and simplified the estate planning process, this alone has not solved the problem. 
In this episode of Connected, Kyle is joined by Matt Morris, CEO of EncorEstate Plans. They discuss the importance of estate planning and the challenges people face in getting it done. Matt explores the options available for estate planning, including DIY, working with an attorney, and the advisor-driven approach. The conversation highlights the role of technology, such as AI, in making estate planning more efficient and accessible. Lastly, Kyle and Matt discuss the future of wealth management and the importance of advisors in providing comprehensive services to clients.

Join us as we discuss:

[02:23] – Matt’s background and journey to starting EncorEstate Plans.

[06:24] – The challenge of comparing oneself to other CEOs.

[11:20] – The importance of vulnerability and connection in leadership.

[12:35] – Insights Matt gained from his sabbatical.

[18:36] – Why estate planning is gaining popularity at the moment.

[22:27] – The benefits of integrating financial advisors into the estate planning process.

[25:42] – Do it yourself vs. advisor-driven planning.

[30:30] – Why advisors are the quarterbacks of wealth management in the future.

[31:49] – The role of AI.

[33:31] – Matt’s experience with e-biking and its benefits.

Key Takeaways

Estate planning is a critical but often overlooked aspect of financial planning, with many people not having a plan in place.

Technology has made estate planning more accessible, but many people still prefer to work with a trusted advisor who can guide them through the process.

Financial advisors have a unique opportunity to integrate estate planning into their services and provide a comprehensive client experience.

The future of the wealth management industry lies in advisors acting as quarterbacks, leveraging technology to provide a full range of services to their clients.

Quotes
“When we have a worthwhile project that is interesting and compelling, and people can do it with people they enjoy, the rest of it kind of takes care of itself.” ~ Matt Morris
“We believe that financial advisors should be integrated into the state planning process without practicing law. And if they can help drive the client experience within the balance of the law, then they can control the experience. The client wins, and the advisor is going to win in so many ways.” ~ Matt Morris
“The future of financial advice isn’t going to be asset management alone. As AI is helping us accomplish where that is going, just that one piece is just not going to be enough. And to be relevant in the future, it’s going to have to be comprehensive.” ~ Matt Morris

Links 

Matt Morris on LinkedIn

Matt Morris on Twitter 

EncorEstate Plans

Nitrogen Wealth

Helios Quantitative Research 

Aaron Klein

LegalZoom

Matt Pistone

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.

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…

Episode 017: The journey to success starts with letting advisors be great advisors. Outsourcing offers a solution for advisors who want to maximize their efficiency and scale their businesses without the burden of running day-to-day operations. By leveraging the support and resources available to them, advisors can build successful businesses, maximize valuation, and ultimately provide the best possible service to their clients.
In this episode of Connected, Kyle talks with Penny Phillips, President and Co-Founder of Journey Strategic Wealth. They discuss the need to stop encouraging advisors to be CEOs and instead allow them to focus on being great in their roles. Penny explains that many advisors don’t enjoy running the business side of things. She believes advisors can outsource the running of their firms while still owning the business. That allows advisors to maximize their valuation and focus on what they love – providing great advice and building genuine, long-term client relationships.

Join us as we discuss:

[01:48] – Penny’s point about advisors not being encouraged to become CEOs.

[04:39] – How to spark young people’s interest in becoming financial advisors.

[09:01] – Why rainmaker-style advisors are declining.

[12:06] – How independent advisors grow their businesses.

[14:18] – The benefits of outsourcing the entire business process.

[19:59] – How advisors define independence.

[21:48] – What sets Journey Strategic Wealth apart from other aggregators.

[29:11] – Journey’s proactive approach to consulting and coaching advisors.

[30:25] – Penny’s experience studying in London.

[31:34] – What Penny likes best about London.

[32:19] – Penny’s top destination on her bucket list.

Key Takeaways

Rather than acting as CEOs, advisors should focus on being great advisors.

The industry needs more quality advisors, and models like Journey Strategic Wealth can help retain and attract advisors by providing support in running their businesses.

The rainmaker advisor is becoming a dying breed, and firms need to find new ways to grow and develop business.

Outsourcing and institutionalizing various aspects of the business can help advisors focus on what they do best and maximize their profitability.

Independence should mean owning your data, book of business, and client relationships, not necessarily running every aspect of the business.

Quotes
“Over the course of my consulting, I found that so many advisors or entrepreneurs, if they’re building within a firm, happen to be very good at building a business and inspiring others. But they don’t really love running the business.” ~ Penny Phillips
“We need more advisors. We need quality advisors. We need advisors to stay advising. And so I just love this idea of giving advisors permission to not be the CEO.” ~ Penny Phillips
“We believe that it’s our responsibility not just to offer a core infrastructure, it’s to constantly be evolving and updating that infrastructure and getting feedback from our advisors on how it should evolve.” ~ Penny Phillips

Links 

Penny Phillips on LinkedIn

Penny Phillips on Twitter 

Journey Strategic Wealth

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.

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…

Episode 016: The success of M&A in the wealth management industry depends on a combination of qualitative and quantitative factors. Firms that can differentiate themselves through a compelling client experience, deliberate growth strategies, and effective use of technology will be well-positioned for organic growth and increased enterprise value. 
In this episode of Connected, Kyle is joined by Matt Brinker, Managing Partner at Merchant Investment Management. An expert in M&A in the wealth management industry, Matt discusses the key variables that make a great firm. He emphasizes the importance of building a differentiated client experience and investing in organic growth. Matt also delves into the challenges of succession planning and attracting young talent in the industry. Finally, Matt shares insights on the emotional challenges that can arise during the transaction process and the need for clear expectations and integration plans.

Join us as we discuss:

[01:35] – The key variables that make a great firm.

[04:09] – The challenges of succession planning and attracting young talent in the industry.

[07:12] – What organic growth means for career development and the success of a firm.

[09:42] – Matt’s tips for growing a firm organically.

[13:29] – Creating a unique client experience.

[19:15] – What sets wealth management firms apart from their competitors?

[22:00] – What drove Matt to invest in building the FinLife platform?

[24:32] – Potential pitfalls to watch out for during the buying process.

[28:31] – How Merchant Investment Management operates.

[34:22] – The importance of investing in technology in wealth management.

[39:56] – Matt’s hobbies and interests outside of work.

Key Takeaways

The qualitative aspects of a wealth management firm, such as the client experience and infrastructure, are just as important as the quantitative aspects like financials and growth rates.

Building a destination firm for clients, with a consistent and differentiated client experience, is crucial for attracting and retaining talent.

Organic growth is not just about making more money but also about creating career growth opportunities within the firm.

Before investing in marketing and digital strategies, firms should ensure they have a strong and differentiated client experience worth promoting.

The wealth transfer between baby boomers and the next generation presents a significant organic growth opportunity for firms that can engage and serve the next generation effectively.

Quotes
“What really informs the financials, client retention, and organic growth rates is the underlying infrastructure of the business. That means operating scale, effective use of technology, consistent client experience, systematic growth, and defined branding and strategy.” ~ Matt Brinker
“When it comes to organic growth, systems and processes, and onboarding the next generation of employees, there’s a certain ilk of firms that know how to do that and will continue to win when it comes to attracting, developing, and keeping talent.” ~ Matt Brinker
“You can’t have a personalized customer experience if you don’t have a personal relationship or personalized data on the client.” ~ Matt Brinker

Links 

Matt Brinker on LinkedIn

Matt Brinker on Twitter

Merchant Investment Management

FinLife Partnerships

Raymond James

Connect with our hosts

Milemarker.co

Kyle on LinkedIn

Jud on LinkedIn

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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.

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…

Episode 015: One of the biggest challenges in managing a wealth management firm is integrating various systems and platforms to create a seamless workflow. This challenge can often feel like trying to piece together a complex puzzle where every component must fit perfectly to maintain a technological edge in the industry. In such a rapidly evolving field, providing a comprehensive infrastructure for advisors is essential, as it allows them to concentrate their efforts on what truly matters: exceptional client service and sustainable growth.
In this episode of Connected, Kyle talks with Kyle Wesley, Chief Digital Officer at Bleakley Financial Group. They discuss the challenges of managing a firm, the importance of integration in the technology stack, and the future of the industry. Kyle also shares insights on how Bleakley supports its advisors and leverages technology to provide a seamless experience. He highlights the role of technology and artificial intelligence in driving growth and efficiency.

Join us as we discuss:
[02:10] – Being a Penn State Nittany Lion fan.
[03:38] – The role of a chief digital officer in an RIA.
[05:49] – How to stay on top of technology changes in the industry.
[07:03] – Bleakley’s predefined technology stack.
[08:30] – Bleakley’s criteria for integrating its core systems.
[10:23] – Advisors’ support system at Bleakley.
[14:46] – The challenges of managing a platform.
[17:38] – What it takes to implement technology in a platform.
[21:58] – The challenge of integrating multiple platforms.
[26:09] – The use of Power BI for data analysis.
[30:11] – Kyle’s thoughts on the future of the financial advisory industry.
[35:23] – Kyle’s favorite thing to do outside of work.

Key Takeaways

Providing a comprehensive infrastructure for advisors allows them to focus on client service and growth.

Integration is a key challenge in managing a technology stack, and Bleakley prioritizes seamless integration between platforms.

The future of the industry lies in a centralized data warehouse and a user interface that brings together all the necessary tools and information.

AI has the potential to revolutionize the industry by automating processes and providing personalized insights for advisors.

Quotes
“In everything we do, we pilot with a small user group. We get more feedback before we roll it out slowly to a broader group until it is fully rolled out to all advisors and staff.” ~ Kyle Wesley
“The challenging part of any integration is if you have different platforms, it’s never going to be completely seamless. So that’s definitely the challenge because you have to teach everyone where you need to go for which thing, and it’s not going to be one spot.” ~ Kyle Wesley
“Cybersecurity, in general, is probably the biggest threat to our business. But if you’re able to normalize the data because you have it from so many sources, that’s where AI becomes more meaningful.” ~ Kyle Wesley

Links 

Kyle Wesley on LinkedIn

Bleakley Financial Group

Michael Kitces

Orion Advisor Solutions

Salesforce

Practifi

Ignite CRM Solutions

eMoney Advisor

LPL Financial

Pontera

DocuSign

Power BI

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.

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…

Episode 014: The role of cryptocurrency in financial advisory has been a topic of increasing interest and debate. Digital currencies, their potential to reshape the financial landscape, credibility crises, and the urgent need for a clear regulatory framework have all contributed to this conversation. While crypto has its share of trials, it has the potential to revolutionize the financial advisory industry. And the key lies in embracing this transformative technology responsibly, along with comprehensive education and regulatory clarity.
In this episode of Connected, Kyle talks with Tyrone Ross, CEO and Co-Founder of Turnqey Labs and President and Founder of 401 Financial. They discuss how cryptocurrency can play a role in the financial advisory industry. As one of the go-to voices for all things crypto, Tyrone discusses his work in cryptocurrency and why financial professionals need to embrace blockchain technology and cryptocurrencies as part of the evolving financial landscape. Tyron also highlights how Turnqey Labs and 401 Financial help advisors provide informed advice to clients regarding their crypto holdings.
Finally, Tyrone emphasizes the value of understanding and helping others by getting close to their experiences, highlighting society’s need for empathy and compassion. His experience helping homeless individuals reminds us that humanity and compassion should be integral to financial professionals’ work.

Join us as we discuss:

[02:04] – How Tyrone’s meeting with the SEC about crypto turned out.

[05:23] – What people think about crypto at the moment.

[10:18] – A comparison between the rise of AI and the rise of crypto.

[13:46] – Why “crypto winter” looms in the industry at present.

[18:48] – The value Turnqey brings to advisors.

[24:21] – Tyrone’s second venture, 401 Financial, and what its mission is about.

[27:10] – What 401 Financial’s reverse referral program is about.

[29:00] – Building a unique tech stack for 401 to cater to specific client needs.

[35:00] – Get proximate: what it means and how it works.

[41:56] – Humanity and compassion in a divided world.

[43:16] – Tyrone’s weekly cupcake tradition and its significance.

Key Takeaways

The importance of education and regulatory clarity in the crypto space.

The transformative potential of cryptocurrencies in providing financial access to underserved communities.

The growing role of blockchain technology and cryptocurrencies in the financial industry.

Turnqey Labs aims to simplify the crypto space for financial advisors, making it easy for them to provide informed advice to clients regarding their crypto holdings.

Quotes
“Everything crypto is going through now is self-inflicted wounds. We’ve anointed the wrong people to be the face of the space.” ~ Tyrone Ross
“I think the approach to educating advisors has been wrong, which is why, between Turnqey and 401, we’re trying to turn that upside down to give advisors everything they need.” ~ Tyrone Ross
“The main thing with 401 is I wanted to provide financial planning to people that have never had it before. I wanted to provide financial planning services in your pocket to get people who have never used an advisor, to get them into it.” ~ Tyrone Ross

Links 

Tyrone Ross on LinkedIn

Tyrone Ross on Twitter

Turnqey Labs

401 Financial

BlackRock

Fidelity Investments

Charles Schwab

Altruist

Kubera

Notion

Connect with our hosts

Milemarker.co

Kyle on LinkedIn

Jud on LinkedIn

Subscribe and stay in touch

Apple Podcasts

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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.