Browsing: Wealth Management

Episode 074: In this “Best of 2024” episode of The Connected Advisor, Kyle Van Pelt brings together four leaders from four firms to discuss why firms should own their data and why data and technology are keys to success. Featuring Mike Prior, Brian Preston, Mark DeLotto, and Chrissy Lee.
In this episode:

(00:00) – Intro

(00:52) – Mike Prior on the importance of a modern approach to technology.

(04:37) – Brian Preston on how to build organic growth by being on the front edge of technology.

 (07:00) – Mark DeLotto on the criticalness of data in all aspects of building a firm.

(12:00) – Chrissy Lee on how technology is the secret to exceptional operations.

Links 

Mike Prior on LinkedIn

Priority Financial Group

Brian Preston on LinkedIn

Abound Wealth

Mark DeLotto on LinkedIn

Simon Quick Advisors

Chrissy Lee on LinkedIn

Merit Financial Advisors

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Kyle on LinkedIn

Jud on LinkedIn

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Episode 066: Traditional wealth management often focuses on stocks and bonds, potentially leaving investors vulnerable during market downturns. AlphaCore believes there’s a better way. By marrying alternative investments and traditional asset classes, advisors can bridge the gap between traditional wealth planning and the world of alternatives. Breaking down barriers to alternative investments allows investors to diversify and build more resilient portfolios, enhance returns, and mitigate risks.
In this episode, Kyle Van Pelt talks with Dick Pfister, CEO and Founder of AlphaCore Wealth Advisory. Dick has more than 25 years of experience in diversifying traditional portfolios with alternative strategies.
Kyle and Dick talk about alternative investments and how AlphaCore democratizes access to these strategies. Dick also discusses the categories of alternative investments, the role of education in driving accessibility and adoption, upcoming trends in wealth management, and the importance of technology and artificial intelligence in the development of the industry.
In this episode:

[02:04] – Dick’s money moment

[06:39] – AlphaCore’s mission

[10:35] – The categories of alternative investments

[13:45] – AlphaCore’s organic growth strategies

[16:37] – Business development and team structure

[20:43] – Prioritizing culture fit during acquisitions

[24:20] – Technology’s role in scaling businesses

[26:59] – Future trends in wealth management

[29:29] – Future trends for alternative investments

[31:26] – Dick’s Milemarker Minute

Key Takeaways

AlphaCore aims to democratize access to alternative investments to enable retail investors to build diversified and more resilient portfolios.

Alternative investment adoption in retail wealth management is still in the early stages. Education for both advisors and clients is crucial for broader acceptance.

The future of wealth management will likely see alternative investment become mainstream, and artificial intelligence will play a crucial role in their adoption.

Quotes
[09:34] – “Coming from the world of alternative strategies, I thought you should have stocks and bonds. But you should have this other instrument called alternatives. Let’s make that the third leg of the stool, and that will give you the diversification needed to make it not only in bull markets but in bear markets when you don’t have those opportunities in equities.” ~ Dick Pfister
[14:33] – “The number one value is, ‘do what’s right for the client.’ And when you do what’s right for the client, even if it’s more expensive for you as a wealth advisor, more difficult, or operationally inefficient, you’re going to get good organic growth because you’re putting their interests first.” ~ Dick Pfister
[27:57] – “You have to make sure you’re embracing artificial intelligence in a way you can utilize to help scale and be more efficient. That’s going to become more and more a part of what we do. Not to replace but to enhance what we do.” ~ Dick Pfister

Links 

Dick Pfister on LinkedIn

AlphaCore Wealth Advisory

CME Group

Morgan Stanley

Altegris

iCapital

CAIS

Docusign

CAIA Association

The Obstacle Is the Way

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Kyle on LinkedIn

Jud on LinkedIn

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Episode 059: CG Financial’s expansion into property and casualty insurance is a unique strategy in the advisory space. While many firms focus on core expertise, CG Financial has ventured into new territories, taking advantage of its internal expertise. Its proactive use of EOS (Entrepreneurial Operating System), diversification into new business lines, and commitment to technological excellence set the bar for strategic growth and leadership.
In this episode, Kyle talks with Jeff Casey, President and Partner at CG Financial Services. As a Founding Partner and Senior Financial Advisor, Jeff has been a pillar of CG Financial’s foundation, specializing in comprehensive wealth management, executive compensation, and corporate retirement plans. He works to build and implement business strategies across the four divisions of CG Financial Services: Individual Wealth Management, Business Services, CG Advisor Network, and CG Insurance Agency.
Jeff talks with Kyle about the strategic expansion and innovation driving CG Financial’s success. He shares CG Financial’s transition to implementing EOS, its integration of property and casualty insurance into its service offering, and the importance of technology in enhancing business capabilities.
In this episode:

[01:45] – Jeff’s money moment

[03:40] – Why Jeff chose a career in finance

[06:10] – Implementing EOS

[09:53] – Expansion into property and casualty insurance

[15:21] – How CG Financial’s insurance business works

[18:06] – Personal growth and development

[23:15] – Innovative data management and core processes

[30:31] – The qualities of a good leader

[33:03] – Jeff’s thoughts about the future of RIAs

[35:34] – Jeff’s Milemarker Minute

Key Takeaways

Integrating EOS (Entrepreneurial Operating System) and strategic use of technology has revolutionized CG Financial’s operations, offering greater visibility and efficiency.

Diversification into property and casualty insurance demonstrates a unique approach to enhancing client value within a financial advisory firm.

Effective leadership and investing in young talent are critical for sustainable growth and maintaining a competitive edge.

Fostering a culture of continuous improvement and strategic geographic expansion has been vital to CG Financial’s sustained growth and success.

Quotes
[23:42] – “Technology is so important in the evolution of our business. We want to make sure that we can stay at the cutting edge of providing the best resources and solutions for our clients in any line of business that we offer.” ~ Jeff Casey
[24:41] – “Data warehouse is a way for us to store data securely, organize that data, and have it in a fashion that allows your team to adapt should you decide to change things in the future.” ~ Jeff Casey
[31:46] – “Every business owner has to look internally at what makes you good, what makes you great, and try to find those same qualities in the people that you’re hiring and the people that you’re developing.” ~ Jeff Casey

Links 

Jeffrey Casey on LinkedIn

CG Financial Services

Ameriprise Financial

Tony Mazzali

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Kyle on LinkedIn

Jud on LinkedIn

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In this episode, Jack talks with Tim Williams, Executive Vice President of Education Initiatives at the Money Management Institute (MMI).…

Episode 056: Partnering with a platform that prioritizes service over growth offers valuable opportunities for advisors and financial institutions. This strategic approach, combined with the power of technology and data analytics, streamlines operations and fosters deeper client connections. Priority Financial Group’s approach to wealth management, rooted in flexibility, control, freedom, and technology, is a blueprint for success in the financial services industry.
In this episode, Kyle talks with Mike Prior, CEO of Priority Financial Group. With more than 25 years of experience in the securities industry, Mike helps advisors and financial institutions reach their unique goals. He is a recognized industry expert and sought-after speaker who helps financial institutions adopt and implement a best practices approach to building successful investment services programs. 
Kyle and Mike discuss revolutionizing wealth management for advisors and credit unions, and the importance of data and technology in achieving clients’ goals.
In this episode:

[02:27] – Mike’s money moment

[05:01] – What inspired Mike to start Priority Financial Group (PFG)

[09:25] – Why Idaho Central Credit Union partnered with Priority Financial Group

[10:52] – Why credit unions prefer the RIA model over traditional brokers-dealers

[12:41] – Partnering with the University of Southern California

[17:21] – Consolidation in the credit union space

[19:03] – Mike’s outlook on the future of credit unions

[21:56] – How PFG helps credit unions capitalize on their data

[24:30] – How PFG delivers its robo-advisor platform

[26:43] – Mike’s Milemarker minute

Key Takeaways

Priority Financial Group’s innovative approach to wealth management services for advisors and financial institutions sets a new standard in the industry, driving innovation and success in a competitive market.

Providing options to RIAs and financial institutions enables them to tailor their services to meet the specific needs of their clients.

The integration of technology and data analytics drives growth, streamlines operations, and enhances client relationships.

Quotes
[07:00] – “About 10 years ago, when we formed the RIA, it was to come up with a different idea, an alternative that was RIA-forward and RIA-focused. We are an RIA platform for advisors and financial institutions.” ~ Mike Prior
[08:31] – “I’ve seen a lot of really neat things happening in the fintech space. But when financial institution people see what we have related to our core platforms, they’re pretty impressed.” ~ Mike Prior
[11:37] – “We care about every single advisor, every single client. That matters to us. Every institution is a client, a friend, and a partner. We don’t have crazy growth goals; we have crazy service goals.” ~ Mike Prior

Links 

Mike Prior on LinkedIn

Priority Financial Group

Charles Schwab

Fidelity Investments

American Express

Orion Advisor Solutions

CRM – Redtail Technology

Salesforce

Idaho Central Credit Union

University of Southern California

USC Credit Union

Difficult Conversations

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Kyle on LinkedIn

Jud on LinkedIn

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The integration of artificial intelligence is poised to significantly transform wealth management. AI’s true value lies in its ability to…

Episode 51: In this episode, Kyle talks with Lisa Crafford, Managing Director & Head of Advisory at Constellation Wealth Capital. Throughout her career, Lisa has worked for small family-owned businesses, large retail franchises, non-profits, and Fortune 500 companies across Australia and the U.S. At Constellation Wealth Capital, Lisa leads the advisory team and works alongside partner firms to help them grow and strengthen their business. 
Lisa talks with Kyle about the importance of people in the wealth management industry. She highlights the value of internships and the need for firms to invest in their employees. Lisa also discusses the impact of technology, data, and professionalization in shaping the future of the financial industry.
In this episode

[01:57] – Lisa’s money moment

[05:25] – What netball is and how it works

[07:58] – What makes Constellation different from other capital partners

[12:40] – Why the wealth management industry has become a target for investors

[16:04] – Why financial planning extends far beyond retirement planning

[19:08] – The impact of data on RIA valuation

[23:40] – The industry’s trend toward professionalization

[27:38] – Why many firms struggle to answer the growth question

[32:24] – The value of internships

[39:23] – Lisa’s Milemarker Minute

Key Takeaways

Wealth management is fundamentally a people’s business. It is important to focus on client relationships and people across all roles, including advisors, operations, technology, marketing, and compliance​.

Constellation Wealth Capital provides tailored capital solutions for large and rapidly growing advisory firms, emphasizing simplicity and effectiveness in their investment approach​.

Technology is more than just having the latest tools. It is also about ensuring that existing technology is utilized effectively to drive firm growth and integration.

Financial planning goes beyond retirement planning. It includes comprehensive wealth management that addresses clients’ overall well-being, including psychological and behavioral aspects related to money.

Internship programs are a great way for advisory firms to invest in the future. The financial industry provides a lot of opportunities, and it’s a great place to be.

Quotes
[14:49] – “Our work makes a difference in people’s lives. It’s not just about making rich people richer. It’s really about helping people understand their wealth, share and create a legacy with their wealth, and make the world a better place through what they’ve created with their money.” ~ Lisa Crafford
[21:01] – “Having the data and technology is really important. But what are you actually doing with that data? How are you using it to give your clients a better experience? There’s having data, and there’s using data. There’s having tech and actually using it properly.” ~ Lisa Crafford
[30:06] – “If the employees of your firm feel connected to the mission and feel like they can contribute to that, that’s a game changer in culture and morale and how the firm operates on a day-to-day basis.” ~ Lisa Crafford

Links 

Lisa Crafford on LinkedIn

Constellation Wealth Capital

Karl Heckenberg

Captrust

Addepar

Wealthbox

Michael Kitces

Matt Sonnen

Pershing

Rianka Dorsainvil

The Castle

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Kyle on LinkedIn

Jud on LinkedIn

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In wealth management, innovation, disruption, and change are accelerating at an unprecedented rate. For bold and curious advisors, this era presents…

The future of wealth management technology is centered around personalization, client-centricity, and the integration of emerging technologies. Recognizing this revolution,…

Episode 037: The pace of technological change is rapid, to say the least. But change often brings with it exciting opportunities. Technology innovation presents nearly endless possibilities and potential to improve how firms and advisors operate and serve their clients. 
In this episode of The Connected Advisor, Kyle Van Pelt talks with Mark Delato, Managing Partner and COO at Simon Quick Advisors. Mark plays a significant role in providing comprehensive financial advice to high-net-worth individuals and families, and he brings years of experience to the discussion of rapidly changing technology. 
In this wide-ranging conversation, Kyle and Mark talk about the transformative effects of AI and technological innovation on wealth management. They also discuss the challenges of integrating family office services within an RIA framework, focusing on the importance of multi-generational teams, goal-based financial planning, and maintaining a high-quality customer experience while scaling personalized advisory services. Mark emphasizes the need for a cohesive technology platform to support operational efficiency and to meet the evolving demands of clientele, while also reflecting on his personal motivations in finance, inspired by his grandfather’s financial wisdom.
Join us as we discuss:

[02:04] – Mark’s money moment

[03:42] – Balancing saving and enjoying wealth

[07:34] – Simon Quick Advisors’ unique positioning

[12:09] – The challenges of offering family office services at scale

[18:54] – The importance of exceptional service for financial advisors

[24:12] – Leveraging technology in wealth management

[28:53] – Mark’s commitment to nonprofit work

[31:34] – Milemarker minute: lightning round

 
Key Takeaways

Embrace technology and AI in financial planning to enhance efficiency and improve data usage, as it is rapidly changing the financial industry and offering new possibilities for better service delivery.

Recognize the importance of goal-based financial planning, and don’t shy away from important conversations about legacy.

Consider a multi-generational team approach to cater to the diverse needs of different generations within client families. This helps ensure long-term client relationship satisfaction.

Excellence in service is non-negotiable; it requires a culture of continuous improvement and a mindset of ownership.

Quotes
“The independent advisor community certainly has been more in tune, I think, with the goals-based planning approach for many, many years now. Having those kinds of deeper meaning conversations, whether it’s philanthropic giving or whether it’s providing the next generation and beyond with wealth. Those softer conversations are what’s leading the charge to get people to actually enjoy their wealth.” ~ Mark DeLotto
“The service standard, simply put, is just excellence. And it permeates from the top. You have to treat every client like they’re all the only client.” ~ Mark DeLotto
“To me, it all comes down right now, at this point, to data — data quality, single source of truth, where is everything and how can we get it. And it’s still a challenge for us, and what I’ve been focused on the last three to four months is, how can we improve on that?” ~ Mark DeLotto

Links 

Mark DeLotto on LinkedIn

Simon Quick Advisors

Villanova University

ArcMorris

Michael Kitces

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.