From growing private markets to the increasing influence of artificial intelligence and higher expectations for client experience, the wealth management industry is evolving at an unprecedented pace. While these trends present exciting opportunities, navigating them requires a targeted focus on strategy execution and innovation. Simplifying complex processes and making things more digestible allow everyone to participate in the evolving financial landscape.

In this episode, Jack talks with Mike Lee, the Global Leader of Wealth and Asset Management at EY. With more than 30 years of industry experience, Mike has served as the lead client service partner to many well-known traditional and alternative wealth and asset management firms. He travels the world to help clients address new questions, devise and execute smart strategies, and optimize their capabilities in times of exponential change.

Mike talks with Jack about some key themes and trends in the wealth management industry, including the growth of private markets, the impact of AI and data, industry transformation, and client experience. He emphasizes the importance of execution and cultural change in driving successful strategies. Mike also discusses the industry's future, highlighting the need for greater inclusion, access, and education around financial literacy.

Key Takeaways

Quotes

[07:30] - "Short-term things happen, and you need to make adjustments. That's just part of doing business—it's part of life. But it's the ability to stay within the purpose of the strategy as your guiding light that enables you to execute." ~ Mike Lee

[09:38] - "It's about transparency, openness, understanding, and the ability to make things more digestible for a broader group that garners the trust you need to do whatever you do, whether you're a wealth manager, an asset manager, a bank, or an insurance company." ~ Mike Lee

[21:07] - "There are a number of macro trends out there, but they all intersect eventually. And the more we elevate, with a consistent understanding, the greater progress we make in private markets, disruptive technology, ongoing transformation, or digitalization." ~ Mike Lee

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