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 as JPMorgan Chase, Merrill Lynch, and Barclays Wealth. He was also a faculty member at New York University, where he taught management and organizational analysis.

A real champion and maker of innovation, Michael talks with Jack about the practical approach to innovation and improving the advisor, client, and consumer experience. He shares insights into the development of LifeSync, a practical and user-friendly tool that allows clients to articulate their financial goals and track their progress. Michael also discusses the importance of simplicity and authenticity in innovation and the challenges and obstacles faced in the process.

Key Takeaways

Quotes

[11:57] - "People didn't want this notion of, 'Well, there are three simple ways to get rich. There are three simple ways to invest. There are three simple ways to save.' What they wanted was to be very authentic." ~ Michael Liersch

[15:07] - "Trust is built via listening. But not only reflecting on what you hear, it's also doing something about it." ~ Michael Liersch

[19:08] - "Often, you think of innovation as this big disruptive moment. Well, real innovation is bite-sized incremental change." ~ Michael Liersch

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