Next Mile

Episode 026: Delivering world-class integrated advice lies in a harmonious blend of human expertise and digital efficiency. It's a tightrope walk between leveraging the knowledge and intuition of seasoned professionals and harnessing the power of data-driven insights and streamlined processes. The challenge lies in ensuring these forces coexist, cooperate, amplify, and elevate each other.

In this episode of The Connected Advisor, Kyle talks with Spenser Segal, CEO of ActiFi. They discuss how to deliver world-class integrated advice more effectively and profitably. Spencer highlights the need for professional management in scaling a wealth management firm and the importance of optimizing processes and technology to support growth. He also emphasizes the potential for AI to automate non-high human value-added activities while allowing advisors to focus on providing personalized and valuable advice to clients.

Join us as we discuss:

[01:38] - How Spenser got into the wealth management industry.

[02:54] - What world-class advice looks like.

[05:05] - What inspired Spenser to create a world-class integrated advice.

[07:01] - What it takes to deliver a world-class integrated advice. 

[11:10] - How ActiFi provides better tools for wealth management.

[15:05] - Spenser's take on what's happening in advisor technology today.

[19:24] - How to structure technology for more centralized operations.

[23:03] - Spenser's thoughts on AI in wealth management.

[24:56] - What makes AI a transformative technology in wealth management?

[30:20] - The best book Spenser read in 2023.

[30:35] - The single most important metric firms should be tracking.

[30:56] - The best part about the Twin Cities.

Key Takeaways

Quotes

"What clients really want is to maximize the probability of achieving their goals and the after-tax cash flow that can be allocated to those goals in alignment with what they truly value." ~ Spenser Segal

"There’s so many different capabilities, so many specialized vendors that are exploding. There's no better time in advisor technology than now. The trick, though, is to adapt your processes to take advantage of that." ~ Spenser Segal

"AI will be the most transformational technology in the history of the wealth management industry, and it will likely be 10 times more impactful than the internet." ~ Spenser Segal

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Episode 025: In this episode of The Connected Advisor, Jud Mackrill is joined by Victoria Bills, Chief Investment Strategist at Banrion Capital Management, and Steve Zushin, Chief Revenue Officer at Mammoth Technology. Together, they dive into the world of alternative investments for business growth and retirement strategies. They also discuss the complexities of incorporating alternative investments into business strategies, positioning them for clients, and overcoming challenges. They touch on the importance of building a positive client experience and tailoring investment strategies for retired clients. 

Join us as we discuss:

[01:22] - Intro to Victoria Bills and Steve Zuschin.

[05:10] - How do advisors know if alternative investments are right for their clients?

[10:50] - How should advisors be positioning alternative investments to their clients?

[14:55] - What’s the biggest challenge most advisors face in starting to use alternatives?

[21:08] - Best structure for sub docs process?

[24:41] - What factors are considered in building alts allocation?

[26:29] - How do advisors build client experience?

[30:38] - What are advisors doing to satisfy due diligence when they don’t claim to be experts in underwriting one fund from the next?

[33:02] - Why should financial advisors advocate for allocating a specific percentage of a HNW client’s portfolio to hedge funds, given their potential to mitigate risk and generate alpha in volatile markets?

[34:14] - In what ways can financial advisors tailor alternative investment strategies to align with the income generation goals of retired clients with a moderate risk tolerance?

[35:13] - How can financial advisors tactically implement private equity and real estate investments to enhance diversification within a client’s portfolio?

[36:20] - How do you evaluate the solidarity of an alt fund?

[37:55] - Any warnings on alt environment, specifically private equity or opportunity zones due to interest rates?

[39:34] - What is Mammoth Technology’s business model?

[42:02] - How does Mammoth’s platform integrate with other platforms an advisor is already using?

[43:32] - Can you white-label Mammoth’s platform?

[43:39] - Does Mammoth’s platform include fund listings and descriptions, subscription process and fund reporting?

[43:56] - Is Mammoth’s platform just for advisors or L.P.’s as well?

Quotes

“We don’t get paid to put products on our platform. We don’t get paid if you invest. We get paid for the fact that we continue to work as an advocate for the funds that are on our platform, but most importantly, keeping the financial advisor in mind.” ~ Victoria Bills

“Ultimately, that's why Mammoth exists, is to try and reduce some of those challenges and to make alternatives easier for you to approach, but also easier for you to provide excellent service to your clients when they do allocate to these different types of products on the private market." ~ Steve Zuschin

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Episode 024: When it comes to wealth management, building a high-growth firm requires more than just providing financial advice. It requires a deep understanding of who you are as a brand and the ability to authentically connect with your clients. 

In this episode of The Connected Advisor, Kyle talks with Tony Stich. Tony has spent most of his career in the wealthtech industry – currently serving as the chief revenue officer for Entrustody. He is a thought leader in the fintech space, providing invaluable statistics and perspective.

Tony talks to Kyle about building a high-growth wealth management firm, emphasizing the importance of authenticity and embracing a unique brand. He also shares his insights on how advisors can leverage their authentic selves to attract the right clients and provide better advice. Knowing the barriers that hinder advisors from providing clients with optimal service, Tony provides an overview of Entrustody and its mission to disrupt the industry by offering a frictionless and transparent custodial experience.

Join us as we discuss:

Key Takeaways

Quotes

"The moment the advisor embraces and accepts that your authentic self will drive in the people you want to provide good advice for, that's when the rubber hits the road." ~ Tony Stich

"When you think about your authentic self, you must love yourself for who you are. You must be proud of your profession. You must be proud of your family because the moment you do that, you can love your clients more. And in doing so, you provide better advice." ~ Tony Stich

"We're building a modern technological experience that is frictionless and delightful to use with transparent fees." ~ Tony Stich

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Episode 023: The heartbeat of any organization lies within its workforce — the collective sum of individual talent, skills, and aspirations. Understanding the intricate connection between building and leading a team, nurturing authenticity, and embracing shifting workforce dynamics is important for firms aspiring for growth.

In this episode of The Connected Advisor, Kyle is joined by Carolyn Armitage, CEO of True Circle Organization. Carolyn shares her journey of starting a nonprofit organization while working in the wealth management industry. She emphasizes the significance of building and leading teams in the wealth management industry, highlighting the changing dynamics of the workforce, particularly with the rise of millennials and Gen Z, who prioritize work-life balance and seek fulfillment beyond financial compensation.

A serial builder of independent wealth management firms, Carolyn provides insights into the challenges and opportunities facing firms that want to grow. She discusses the need for firms to create an environment that allows employees to show up as their authentic selves and provides opportunities for growth and development to attract and retain top talent.

Join us as we discuss:

Key Takeaways

Quotes

"Without hiring the right people, retaining them and getting their full involvement, and allowing their whole self to show up for work, you'll be less successful than others who are fully embracing their workforce." ~ Carolyn Armitage

"In order for an organization to grow, they have to know why they want to grow. What's the purpose? And if it's just to put more money in your pocket, you're going to fail. You need some type of compelling distinction that will put you ahead of the competitor just down the street." ~ Carolyn Armitage

"A team can only go as far as your weakest link. And usually, the weakest link within the team is the lack of communication." ~ Carolyn Armitage

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Episode 022: The financial advisory industry has always been known for its meticulous attention to detail and dedication to providing a seamless client experience. However, the traditional approaches to managing fees and contracts have presented challenges, requiring a revolution in processes to elevate the onboarding experience for clients.

In this episode of The Connected Advisor, Kyle is joined by Lacey Shrum, Founder of Smart Kx. They discuss the challenges of fee schedules and billing in the wealth management industry. With a background in law, Lacey saw the need for better automation and efficiency in the fee and contract processes for financial advisors. Lacey explains how Smart Kx streamlines the client onboarding process, optimizes fee schedules, and ensures accurate billing. She also touches on the importance of providing a seamless client experience and how automation can help advisors grow organically. 

Join us as we discuss:

Key Takeaways

Quotes

"If you look at the fee problem, you have these client contracts on one hand and the processing system on the other hand. Now, we've built all these systems to hold them together." ~ Lacey Shrum

"From a business standpoint, when you have a prospect that says yes, this advisor needs to get that prospect on immediately. They don't need to give them a bunch of homework." ~ Lacey Shrum

"You're sitting at the table with a prospect, and they say, 'Yes, I want to come on board.' What if you could take that 'yes' and instantly click through our system and say, 'Great, I've already sent you the documents.’" ~ Lacey Shrum

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Episode 021: The growth of a wealth management firm is about cultivating a culture that thrives on innovation, effective delegation, and a deep understanding of the intrinsic value of financial advisors. It's about embracing change, optimizing resources, and staying true to the firm's purpose—helping clients achieve a successful financial future while evolving to meet the demands of the changing marketplace.

In this episode of Connected, Kyle talks with Matt Reiner, Managing Partner at Capital Investment Advisors and CEO at Wela Strategies. They discuss how delegation, innovation, and recognition of financial advisors' unique value drive growth in wealth management. A thought leader in practice management for advisors, Matt shares his insights on the importance of self-awareness and mindfulness in becoming a better business owner. He also emphasizes the value of human financial advisors and the need for advisors to focus on their unique value to serve clients better.

Finally, Matt shares his thoughts on the role of innovation and technology in improving efficiency and client experience.

Join us as we discuss:

Key Takeaways

Quotes

"When it comes to delegation, you have to be okay with accepting that things aren't going to be done your way. And I have always been a perfectionist, and my way is always the best way. But I've realized that my way is not always the right way." ~ Matt Reiner

"Ultimately, if we focus on us, then we can serve more. There is so much potential. And then, over time, the world will see the value we provide, which is more than just investment management." ~ Matt Reiner

"Innovation is not just technology. It's mindset, process, and technology." ~ Matt Reiner

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Episode 020: In this episode of Connected, we’re sharing a conversation between Milemarker Co-Founder Jud Mackrill and Great Hill Partners Executive in Residence John Wernz, about finding success through organic growth for your firm.

John, an expert in digital marketing and strategic growth, has joined us to provide some game-changing insights. We explore how to convert leads into clients, the role technology can play in streamlining your business, and how vital a documented, goal-driven plan can be for your firm's organic growth. Also, we're touching on trends in the industry, like the surprising effectiveness of podcasting as a marketing channel, and strategies to increase your organic ranking.

But that's not all. We're diving deep into the need for experimentation, creativity in budget planning, and looking into more innovative marketing and business development strategies. We discuss why understanding your firm's maturation cycle when assigning business development roles is key, the underestimated importance of technology in communication and scheduling, as well as the impact of aftermarket and direct-response media advertising.

Join us as we discuss:

[02:07] - Intro to John Wernz

[02:53] - Intro to Jud Mackrill

[03:42] - Are webinars trending down? What key topics drive engagement?

[06:13] - We currently show up on Google for "retirement planning near me" but not high enough. What are the best practices to increase ranking organically for certain key phrases?

[08:59] - What's the typical lead-to-client conversion timeline?

[11:28] - What percentage of top-line revenue should firms spend on lead generation or organic marketing services?

[15:16] - How should advisors be thinking about podcasting as a marketing channel?

[18:29] - How are you thinking about AI in terms of supporting organic growth?

[21:48] - How do we best enable our tech stack? How can this help prompt growth within the firm?

[27:05] - Is it more effective to have dedicated business developers rather than assigning business development responsibilities to advisors?

[31:01] - How many clients should an advisor work with and still have time for business development activities? How should the time break down?

[33:46] - What results do you need to see to show that you have a successful organic growth strategy?

[40:03] - How much time should you give a strategy to see if it is working before adjusting or terminating?

[43:17] - What new or seldom used strategies are worth considering or researching?

[45:56] - What are three things advisors can do right away to improve and accelerate their organic growth?

Quotes

“The question to me is not can you get those leads? It's can you actually create a funnel to convert them? Can you get those leads to appointments and clients? To me, that is the larger question for most RIAs thinking about doing organic.” ~ John Wernz

“You have to be continually experimenting with what you're doing and have the margin to do that. You have to have truly creative people you work with that are willing to pivot and willing to ask questions, willing to be accountable." ~ Jud Mackrill

“I'm pretty biased toward just creating unique content. I think that's the thing that's missing in our industry — we've been leaning on these marketing companies that are mostly built for broker-dealers and it doesn't really work. You have to have unique, consistent content." ~ Jud Mackrill

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Episode 019: For high-net-worth families, wealth is more than just numbers on a balance sheet. It represents a legacy, a responsibility, and a means to achieve their unique aspirations. Managing the intricacies of wealth preservation, succession planning, philanthropy, and lifestyle management for these families is no easy task. It requires a tailored and holistic approach that takes into account their financial objectives, deeply held values, and unique needs.

In this episode of Connected, Kyle is joined by Frazer Rice, Director of Family Office Services at Next Capital Management. Frazer talks about the role of family office services in managing the wealth and lifestyle of high-net-worth individuals and families. Frazer emphasizes the importance of communication and conflict resolution in preserving wealth across generations.

Join us as we discuss:

Key Takeaways

Quotes

"When you start moving up the wealth chain, and people start understanding that they have enough to spend during their lifetime and their legacy going forward is what's important to them, that's when you start getting into a different level of discussion and framework-building." ~ Frazer Rice

"The biggest threat to wealth isn't bad tax planning or investments. The ecosystem of smart people to solve those problems is broad and wide. But the biggest issue is communication. And it's amongst in between the generations." ~ Frazer Rice

"It's really my job and the job of the firm to help the families identify the different issues that are out there, look around corners, and look for opportunities, either for tax savings or structuring to further their goals." ~ Frazer Rice

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Episode 018: The traditional approach to estate planning involves working with an attorney. However, clients often procrastinate or delay creating an estate plan due to the discomfort of discussing end-of-life decisions with a stranger. While technology has significantly transformed and simplified the estate planning process, this alone has not solved the problem. 

In this episode of Connected, Kyle is joined by Matt Morris, CEO of EncorEstate Plans. They discuss the importance of estate planning and the challenges people face in getting it done. Matt explores the options available for estate planning, including DIY, working with an attorney, and the advisor-driven approach. The conversation highlights the role of technology, such as AI, in making estate planning more efficient and accessible. Lastly, Kyle and Matt discuss the future of wealth management and the importance of advisors in providing comprehensive services to clients.

Join us as we discuss:

Key Takeaways

Quotes

"When we have a worthwhile project that is interesting and compelling, and people can do it with people they enjoy, the rest of it kind of takes care of itself." ~ Matt Morris

"We believe that financial advisors should be integrated into the state planning process without practicing law. And if they can help drive the client experience within the balance of the law, then they can control the experience. The client wins, and the advisor is going to win in so many ways." ~ Matt Morris

"The future of financial advice isn't going to be asset management alone. As AI is helping us accomplish where that is going, just that one piece is just not going to be enough. And to be relevant in the future, it's going to have to be comprehensive." ~ Matt Morris

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Episode 017: The journey to success starts with letting advisors be great advisors. Outsourcing offers a solution for advisors who want to maximize their efficiency and scale their businesses without the burden of running day-to-day operations. By leveraging the support and resources available to them, advisors can build successful businesses, maximize valuation, and ultimately provide the best possible service to their clients.

In this episode of Connected, Kyle talks with Penny Phillips, President and Co-Founder of Journey Strategic Wealth. They discuss the need to stop encouraging advisors to be CEOs and instead allow them to focus on being great in their roles. Penny explains that many advisors don't enjoy running the business side of things. She believes advisors can outsource the running of their firms while still owning the business. That allows advisors to maximize their valuation and focus on what they love – providing great advice and building genuine, long-term client relationships.

Join us as we discuss:

Key Takeaways

Quotes

"Over the course of my consulting, I found that so many advisors or entrepreneurs, if they're building within a firm, happen to be very good at building a business and inspiring others. But they don't really love running the business." ~ Penny Phillips

"We need more advisors. We need quality advisors. We need advisors to stay advising. And so I just love this idea of giving advisors permission to not be the CEO." ~ Penny Phillips

"We believe that it's our responsibility not just to offer a core infrastructure, it's to constantly be evolving and updating that infrastructure and getting feedback from our advisors on how it should evolve." ~ Penny Phillips

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