Browsing: Wealth Management

Organic growth in asset and wealth management is experiencing a slowdown, leaving behind a trail of passive assets and declining…

Episode 031: The future of wealth management is about a strategic balance between people, technology, compliance, and marketing. Investing in skilled professionals, robust tech platforms, stringent compliance measures, and effective marketing strategies will be crucial to capture new opportunities and attract the attention and loyalty of the next generation of clients.
In this episode of The Connected Advisor, Kyle talks with Brett Bernstein, CEO & Co-Founder at XML Financial Group. Brett is an active financial advisor assisting clients with his holistic approach to goal-setting and problem-solving. He manages the operations of the firm, including its M&A strategy. His experiences working at Merrill Lynch, LPL, and as an RIA gave him a comprehensive understanding of the industry from different angles. Brett is also involved in various nonprofit organizations, including So What Else, a grassroots charity that supports at-risk youth.
Brett talks with Kyle about the importance of technology and innovation in wealth management and the need for firms to invest in people, compliance, and marketing. Brett shares his insights on the industry’s future, including the consolidation trends and the shift toward growth. He also emphasizes the value that financial advisors bring to clients and the need for firms to adapt to the preferences of younger generations. 
Join us as we discuss: 

[03:04] – The money moment that led Brett to financial services.

[05:14] – The analogy between a doctor and a financial advisor.

[06:40] – The greatest attribution to XML’s growth.

[09:15] – How Brett allocates capital to turbocharge XML’s growth.

[12:05] – Technology investment vs headcount investment in scaling businesses.

[14:25] – The value of hiring a Chief Technology Officer (CTO).

[18:30] – Brett’s thoughts on the future of financial services.

[23:49] – The need for specialization in M&A planning.

[26:13] – What it takes to build an M&A specialization.

[29:40] – Brett’s involvement with So What Else.

[32:32] – One place Brett would love to travel.

[33:15] – The best pitch Brett has ever heard from a kid’s Shark Tank competition.

Key Takeaways

Wealth management firms need to invest in technology and innovation to meet the expectations of younger clients.

Mergers and acquisitions will continue to be prevalent in the industry, driven by the aging advisor population and the need for succession planning.

The future of the wealth management industry will require firms to invest in people, technology, compliance, and marketing to stay competitive and capture new opportunities.

Quotes
“Other people want to turbocharge their growth but don’t have the entrepreneurial spirit, the backing, or the desire to do it on their own. So if they can plug into something already set up, having the technology stack, the marketing stack, and the operational team, they get to where they want to get faster.” ~ Brett Bernstein
“It’s okay to say, ‘That’s not something I focus on. Let me bring in someone else who does.’ I think people have to have a little humility and get over their egos and say, ‘What’s right for my firm so I don’t put my firm at risk? What’s right for the client so the client has the best experience?” ~ Brett Bernstein

Links 

Brett Bernstein on LinkedIn

XML Financial Group

So What Else

Maryland Smith

Merrill Lynch

LPL Financial

Focus Financial Partners

eMoney Advisor

John Bogle

Vanguard

Fidelity Investments

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Milemarker.co

Kyle on LinkedIn

Jud on LinkedIn

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The future of wealth management involves embracing technology and adopting scalable business practices. Having a growth platform that enhances client…

Episode 030: In this episode of The Connected Advisor, Kyle is joined by Peter Raimondi, Founder & CEO at Dakota Wealth Management. With more than 40 years of experience in the industry, Peter has built multiple successful companies, including Banyan Partners and The Colony Group. He is known for his expertise in options trading and has written a thesis on insider trading in the options market. Peter is passionate about creating an employee-owned company and prioritizes caring for his team and clients.
Peter joins Kyle to share his journey into the wealth management industry, starting with his fascination with options trading during law school. He discusses his approach to building Dakota Wealth as an employee-owned company and the benefits of this model. Peter also highlights the role of technology in wealth management, particularly cybersecurity, and the need for firms to stay updated with modern technology.
Join us as we discuss:

[01:34] – Money moment that led Peter to the wealth management industry.

[04:36] – The journey from law school to wealth management.

[06:01] – The role options trading played in Peter’s career.

[09:09] – Why don’t all firms offer options trading?

[11:36] – Peter’s motivation for creating Dakota Wealth Management.

[15:23] – Peter’s advice for managing firms enjoyably.

[17:27] – Putting employees first to benefit clients.

[22:00] – Factors that make Dakota stand out in the market.

[25:40] – Dakota Wealth Management’s tech strategy.

[29:37] – Peter’s choice of business outside of wealth management.

[30:22] – Peter’s interests outside of work.

[31:58] – Why Peter loves muscle cars.

Key Takeaways

Options trading can be a valuable strategy for wealth management. However, its time-sensitive nature requires a unique skill set and constant attention.

Acquiring firms with an entrepreneurial spirit and a willingness to grow can catalyze success. 

Dakota Wealth stands out by offering a sustainable equity partnership and involving the founders in shaping the company’s future.

Employee ownership is a key driver of wealth management firms’ success. Prioritizing employees’ well-being and ownership can create a sense of unity and purpose that translates into exceptional client service.

Investing in technology, particularly cybersecurity, is crucial in today’s digital landscape.

Quotes
“It’s my job and my obligation to do whatever it takes to make sure I’m taking care of the company, the people, the shareholders, and the clients.” ~ Peter Raimondi 
“We don’t put our clients first. We put our employees first. If I put my employees first and take care of them first and foremost, they will be the best they can be for my clients. And therefore, my clients will get the best from them.” ~ Peter Raimondi
“Cybersecurity is probably the biggest threat we have in our industry. So, look at your tech stack as the weapons that you’re fighting a battle with. You can’t possibly use old weaponry from two wars ago and expect to beat the enemy.” ~ Peter Raimondi

Links 

Peter Raimondi on LinkedIn

Dakota Wealth Management

Boston University School of Law

Merrill Lynch

The Colony Group

Goldman Sachs Ayco

Connect with our hosts

Milemarker.co

Kyle on LinkedIn

Jud on LinkedIn

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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.