November 09, 2021

Intelligent Portfolio Withdraws and Account Coordination with Rose Palazzo

37 minutes

In this episode, Jack and co-host Steve Zuschin talk with Rose Palazzo, Group Head at Envestnet | MoneyGuide.

As the former Head of Financial Planning at Morgan Stanley, Rose helped develop the leading technology required to make UMH a reality for RIAs and larger firms alike. Her approach to knowing when to buy or build technology and evaluating partners allowed for rapid and effective development. With more than 20 years of experience in the financial services industry, Rose has seen the need for these tools firsthand and has been instrumental in bringing them to fruition.

Rose talks with Jack and Steve about executing client objectives through integrations, overcoming challenges associated with UMH, and what she’s looking forward to in her new role at Envestnet | MoneyGuide.

“You can evaluate potential partnerships based on the technology or on their capacity to engage in a partnership. But their expertise goes beyond the technology. It goes to, ‘What hurdles did you hit when you tried to get people to use this? And do clients understand it when you put it in front of them?'” ~ Rose Palazzo

Main Takeaways

If your objective is to provide comprehensive advice to clients, that should involve financial planning as well as a way to take action based on the plan and recommendations that come from having integrated data between platforms.

Creating a roadmap is essential for understanding how your firm can get from point A to point B with its tech stack. Equally important is understanding when to buy or to build those tools on the roadmap.

You can evaluate partnerships based on the technology, capacity, and expertise in implementation. It’s important to look beyond the technology itself and make sure your potential partners have met challenges and understand how to overcome them and get a high-quality product out to clients.

Growing assets and drawing them down is complex because most houses have multiple accounts and multiple custodians. To truly move toward UMH, you have to focus on the technology component just as much as the marketing component to make sure you can actually deliver on unification.

Links

Rose Palazzo on LinkedIn

Morgan Stanley

Envestnet | MoneyGuide

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