Next Mile

Episode 016: The success of M&A in the wealth management industry depends on a combination of qualitative and quantitative factors. Firms that can differentiate themselves through a compelling client experience, deliberate growth strategies, and effective use of technology will be well-positioned for organic growth and increased enterprise value. 

In this episode of Connected, Kyle is joined by Matt Brinker, Managing Partner at Merchant Investment Management. An expert in M&A in the wealth management industry, Matt discusses the key variables that make a great firm. He emphasizes the importance of building a differentiated client experience and investing in organic growth. Matt also delves into the challenges of succession planning and attracting young talent in the industry. Finally, Matt shares insights on the emotional challenges that can arise during the transaction process and the need for clear expectations and integration plans.

Join us as we discuss:

Key Takeaways

Quotes

"What really informs the financials, client retention, and organic growth rates is the underlying infrastructure of the business. That means operating scale, effective use of technology, consistent client experience, systematic growth, and defined branding and strategy." ~ Matt Brinker

"When it comes to organic growth, systems and processes, and onboarding the next generation of employees, there's a certain ilk of firms that know how to do that and will continue to win when it comes to attracting, developing, and keeping talent." ~ Matt Brinker

"You can't have a personalized customer experience if you don't have a personal relationship or personalized data on the client." ~ Matt Brinker

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Episode 015: One of the biggest challenges in managing a wealth management firm is integrating various systems and platforms to create a seamless workflow. This challenge can often feel like trying to piece together a complex puzzle where every component must fit perfectly to maintain a technological edge in the industry. In such a rapidly evolving field, providing a comprehensive infrastructure for advisors is essential, as it allows them to concentrate their efforts on what truly matters: exceptional client service and sustainable growth.

In this episode of Connected, Kyle talks with Kyle Wesley, Chief Digital Officer at Bleakley Financial Group. They discuss the challenges of managing a firm, the importance of integration in the technology stack, and the future of the industry. Kyle also shares insights on how Bleakley supports its advisors and leverages technology to provide a seamless experience. He highlights the role of technology and artificial intelligence in driving growth and efficiency.

Join us as we discuss:

[02:10] - Being a Penn State Nittany Lion fan.

[03:38] - The role of a chief digital officer in an RIA.

[05:49] - How to stay on top of technology changes in the industry.

[07:03] - Bleakley's predefined technology stack.

[08:30] - Bleakley's criteria for integrating its core systems.

[10:23] - Advisors' support system at Bleakley.

[14:46] - The challenges of managing a platform.

[17:38] - What it takes to implement technology in a platform.

[21:58] - The challenge of integrating multiple platforms.

[26:09] - The use of Power BI for data analysis.

[30:11] - Kyle's thoughts on the future of the financial advisory industry.

[35:23] - Kyle's favorite thing to do outside of work.

Key Takeaways

Quotes

"In everything we do, we pilot with a small user group. We get more feedback before we roll it out slowly to a broader group until it is fully rolled out to all advisors and staff." ~ Kyle Wesley

"The challenging part of any integration is if you have different platforms, it's never going to be completely seamless. So that's definitely the challenge because you have to teach everyone where you need to go for which thing, and it's not going to be one spot." ~ Kyle Wesley

"Cybersecurity, in general, is probably the biggest threat to our business. But if you're able to normalize the data because you have it from so many sources, that's where AI becomes more meaningful." ~ Kyle Wesley

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Episode 014: The role of cryptocurrency in financial advisory has been a topic of increasing interest and debate. Digital currencies, their potential to reshape the financial landscape, credibility crises, and the urgent need for a clear regulatory framework have all contributed to this conversation. While crypto has its share of trials, it has the potential to revolutionize the financial advisory industry. And the key lies in embracing this transformative technology responsibly, along with comprehensive education and regulatory clarity.

In this episode of Connected, Kyle talks with Tyrone Ross, CEO and Co-Founder of Turnqey Labs and President and Founder of 401 Financial. They discuss how cryptocurrency can play a role in the financial advisory industry. As one of the go-to voices for all things crypto, Tyrone discusses his work in cryptocurrency and why financial professionals need to embrace blockchain technology and cryptocurrencies as part of the evolving financial landscape. Tyron also highlights how Turnqey Labs and 401 Financial help advisors provide informed advice to clients regarding their crypto holdings.

Finally, Tyrone emphasizes the value of understanding and helping others by getting close to their experiences, highlighting society's need for empathy and compassion. His experience helping homeless individuals reminds us that humanity and compassion should be integral to financial professionals' work.

Join us as we discuss:

Key Takeaways

Quotes

“Everything crypto is going through now is self-inflicted wounds. We've anointed the wrong people to be the face of the space." ~ Tyrone Ross

"I think the approach to educating advisors has been wrong, which is why, between Turnqey and 401, we're trying to turn that upside down to give advisors everything they need." ~ Tyrone Ross

"The main thing with 401 is I wanted to provide financial planning to people that have never had it before. I wanted to provide financial planning services in your pocket to get people who have never used an advisor, to get them into it." ~ Tyrone Ross

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Episode 013: Behavioral finance has been gaining traction in the wealth management industry as more advisors recognize its potential to provide better advice and improve client outcomes. The enthusiasm for its adoption has grown, and the value it brings to clients is undeniable. As technology continues to advance, embedding behavioral finance into an advisor's workflow will become increasingly important. 

In today's episode of Connected, Kyle talks with Dr. Daniel Crosby, Chief Behavioral Officer at Orion Advisor Solutions. They discuss the importance of behavioral finance in the wealth management industry. A psychologist and behavioral finance expert who helps organizations understand the intersection of mind and markets, Dr. Crosby shares his insights on adopting behavioral finance by advisors and the value it adds to their practices. 

Dr. Crosby also shares his favorite books, his writing process, and his thoughts on the nicest cities for people, food, art, and sports and the importance of experiencing a city through the eyes of someone who loves it.

Join us as we discuss:

Key Takeaways

Quotes

"The enthusiasm for behavioral finance has never been greater. But to take it to the next level, we need tools and technology that can exist on an advisor's desktop." ~ Dr. Daniel Crosby

"People who intentionally and explicitly used behavioral finance in their practices last year had three times the wallet share capture of those who didn't. So they got three times more assets from existing clients than people who didn't." ~ Dr. Daniel Crosby

"Behavior is the last stand of the advisor. If you look at what tech does well, it does speed and precision stuff well. What it doesn't do well is selling and connecting and empathizing." ~ Dr. Daniel Crosby

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Episode 012: Managed Service Providers (MSPs) are becoming important as the world of finance undergoes a rapid digital transformation. They specialize in compliance, security, and support, ensuring that the firm's technology aligns with regulatory requirements while providing a seamless user experience. As the changing regulatory environment presents challenges and opportunities for firms to enhance their cybersecurity and compliance practices, partnering with the right MSP helps firms build a more secure, fully supported, and highly scalable industry.

In this episode of Connected, Kyle is joined by Stephen Simons, Chief Executive Officer at Restyn. They discuss how an MSP (Managed Service Provider) can help wealth management firms with IT, security, and compliance. An entrepreneur with strong strategic planning, critical thinking, and technology solution delivery skills, Stephen emphasizes the need for a strategic approach to IT. He highlights the benefits of using an MSP, such as access to expertise, scalability, and cost-effectiveness. Stephen also shares the recent changes in the regulatory environment for cybersecurity and the importance of adopting the Zero Trust model.

Join us as we discuss:

Key Takeaways

Quotes

"Rather than getting caught up in just the technology, unmitigated by the human story around it, I like to see the human impact and understand how people are using technology and how they are trying to get an advantage for themselves, their businesses, and their enterprises using it." ~ Stephen Simons

"Helping folks realize that there's a huge competitive advantage waiting for them in those most mundane decisions and helping them set up a stack and an infrastructure that's stable, scalable, secure, and the competitive advantage for their businesses is a lot of fun for us." ~ Stephen Simons

"Imagine not being married to a vendor because of the data they hold over your head. Instead, being able to choose the vendors you want as your needs change because your data is intact throughout whatever transition you choose is an incredibly empowering thing." ~ Stephen Simons

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Episode 011: As an organization surges forward, it navigates a path filled with complexities, intricacies, and diverse dynamics. Regulatory developments, technological advancements, and shifting investor expectations all play a role in transforming wealth management and financial services.

In this episode of Connected, Kyle Van Pelt is joined by Aaron Jasper, CEO of Mutual Group. They discuss how Mutual Group, a combination of an RIA and an independent broker-dealer, achieved its current success. Aaron attributes their impressive growth to their passionate team and mission of powering the success of financial advisors. He emphasizes the importance of being a good partner to financial advisors and the value of personalized service. 

Aaron talks to Kyle about the challenges of scalability and regulatory change associated with running a dual organization.

Join us as we discuss:

[01:53] - Aaron's background and how he got into the financial services industry.

[04:06] - Factors contributing to Mutual Group's impressive growth.

[05:46] - Mutual Group's philosophy on partnering with advisors.

[09:13] - The companies from which Mutual Group draws inspiration.

[13:39] - The complexities of running a dual organization.

[19:41] - How compliance and service converge.

[23:20] - Balancing intentional plans with rapid growth.

[28:01] - Aaron's thoughts on the future of the financial industry.

[33:17] - Aaron's personal adventures outside of work.

Key Takeaways

• Mutual Group's impressive growth can be attributed to its passionate team and commitment to serving financial advisors.

• Being a good partner to advisors requires active listening, collaboration, and transparency.

• Scaling service in a complex organization requires flexibility and customization.

• The future of the industry will see more specialization, technological innovation, and increased regulation.

• The needs of investors for personalized, relationship-oriented financial advice will not change.

Quotes

"How do you serve others well? First and foremost, I think it comes down to being a really good listener and not coming at it from the point of view that says, 'We know better.' Being just incredibly collaborative." ~ Aaron Jasper

"What's good service today isn't necessarily going to be good service tomorrow. I think the bar always needs to be raised. That's a good thing and a worthy challenge to pursue." ~ Aaron Jasper

"Financial advice being delivered by financial advisors is going to be still a very human kind of flesh-to-flesh, heart-to-heart, and face-to-face interaction. The industry, though, will continue to see lots of new enhancements and changes, but that's just been inevitable." ~ Aaron Jasper

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Episode 010: People seeking wealth management advice want clarity, not confusion. As individuals seek sound advice to navigate the intricate landscape of their financial futures, the focus is no longer on bombarding them with jargon or overwhelming them with exhaustive financial plan reports. Instead, it is forging a connection, understanding individual aspirations, and simplifying the process of achieving their financial goals.

In this episode of Connected, Kyle is joined by Dave Alison, Founding Partner and President of C2P Enterprises and the Founder and CEO of Alison Wealth Management. Dave shares his journey into the wealth management industry and discusses the importance of differentiation when recruiting advisors. He highlights the 'three uniques' of C2P — the holistic approach to advising, the tax trilogy, and the advisor career path. 

Dave also dives into the bucket plan, a simplified approach to holistic financial planning, and how C2P has elevated it with a four-step process. The conversation concludes with a discussion on the virtual nature of the business and the success of serving clients remotely.

Join us as we discuss:

[01:34] - How Dave got started in the wealth management industry.

[07:20] - The 'three uniques' that C2P utilizes to attract experienced advisors.

[13:48] - How advisors can effectively manage a growing business.

[16:25] - The three ways to incorporate tax preparation into a wealth management business.

[20:46] - How C2P simplifies holistic financial planning.

[24:27] - The five core pillars of holistic wealth management.

[26:50] - The bucket plan and its four-step process.

[34:24] - The secret sauce to high growth in the financial industry.

[36:16] - How virtual meetings helped Dave build a successful financial planning practice.

[40:58] - Dave's approach to managing high-concentrated taxes.

[45:50] - What it's like to teach young people about economics.

[48:54] - Dave's best fishing story.

Key Takeaways

Quotes

"For an advisor, if they're looking for a true home and a true partner, it's all about alignment. At the end of the day, you have to align with the firm that can do things you want to do and provide the resources you need for your clients and your business." ~ Dave Alison

"The wealth management business is continuing to become more and more competitive and more and more commoditized. And advisors need to have a strong value proposition to remain relevant and stay ahead." ~ Dave Alison

"When we're sitting down with clients, the more jargon we use and the more 200-page financial plan reports we use, the more confused the consumer is. Simplicity is the ultimate sophistication." ~ Dave Alison

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Episode 009: Real estate is not just about properties, it's about people. It's fostering meaningful connections that enrich your journey and your clients. From sparking interest through authentic engagement to crafting workplaces that inspire, the path to success in commercial real estate is lined with the ability to build better connections, the discipline of prospecting, and the commitment to growth.

In this episode of Connected, Kyle talks with Charlie Harrison, Senior Vice President at Capital Real Estate Group. They talk about building better connections and growing a real estate business. Charlie shares his insights on building rapport and connecting with others, emphasizing the importance of being authentic and asking meaningful questions. He also discusses the current trends in office space and the return to the office. He highlights the value of location, amenities, and flexible space design. Furthermore, Charlie shares his disciplined approach to prospecting and the importance of consistent outreach.

Join us as we discuss:

[01:01] - Charlie's personal and professional background.

[02:24] - Charlie's advice for people who want to build better connections with others.

[04:45] - How Charlie developed his ability to connect with others.

[07:25] - How Charlie creates a network that can significantly improve his business' growth.

[09:17] - The similarity between Charlie's role as a commercial real estate broker and a financial advisor.

[15:47] - The latest trends in office space.

[20:21] - Designing office environments for better connection and collaboration.

[22:27] - Charlie's advice for finding the right person to help with office space search.

[25:38] - Why cold outreach is still important in the real estate industry.

[30:06] - Overcoming the fear of rejection in cold outreach.

[34:17] - How Charlie manages the various aspects of his business.

[38:54] - Charlie's experience as a professional golfer.

[43:33] - Why Charlie is passionate about the Parkinson's Foundation.

Key Takeaways

Quotes

"People inherently want to talk about what they do and what matters most to them. And if you can find basic ways to get in front of folks and pique their interest, they'll gladly talk to you about what they've done, what they're doing, and what they plan to do." ~ Charlie Harrison

"If you, as an employer, are going to ask or mandate that your employees be back in the office, it helps to honestly give that employee a workplace that is superior to what they feel they have at home." ~ Charlie Harrison

"Real estate is prospecting intentionally. It's like having a boat driving along in the ocean, and you get to determine the number of fishing lines you dangle off the back of the boat." ~ Charlie Harrison

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Episode 008: Technology has opened new possibilities. Advanced tools and digital platforms have empowered wealth managers to streamline processes, enhance client experiences, and optimize portfolio management. However, the heart of wealth management remains in its human touch.

In this episode of Connected, Kyle Van Pelt and Jud Mackrill are joined by Matt Sonnen, Chief Operating Officer at Coldstream Wealth Management. They talk about building better connections and achieving operational excellence in wealth management. Matt also shares his love for classical music and the story between his newborn son and Van Halen.

Also the founder of the COO Society, Matt discusses the challenges and opportunities in the financial services industry, including the impact of consolidation and the need for better technology integration. 

At the end of the show, Matt shares a story about his daughter, Layla Paige, and how his experience has led his family to be a part of TrinityKids' philanthropic mission.

Join us as we discuss:

[01:35] - The story between the birth of Matt's son and Alex Van Halen.

[04:02] - How Matt developed a love for classic rock.

[06:21] - Matt's advice for building better connections.

[13:36] - The challenges and importance of operational excellence in firms.

[15:27] - Tips for hiring a COO.

[18:30] - The impact of consolidation on COOs and operations.

[21:57] - Data challenges in the financial services industry.

[24:57] - The role of technology in the lives of advisors.

[27:48] - Key KPIs for COOs.

[34:37] -The shift towards goals-based financial planning.

[44:31] - Matt's story about Layla Paige.

[50:45] - Matt's top advice for a company looking to supercharge its growth.

Key Takeaways

Quotes

"Tech is great. But it has to be used to support the human interactions that we're having with clients and prospects." ~ Matt Sonnen

"If you're solving unique problems for a small subset of the population, you're going to grow exponentially faster than the majority of RIA that just say, we work with individuals and institutions ranging from 5 million to 25 million." ~ Matt Sonnen

"Having a client niche and a focus on who your ideal client is and what you're doing for them is how you supercharge your growth." ~ Matt Sonnen

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Episode 007: In financial services, relationships are everything. The best advisors build deep connections with their clients, understanding their needs and goals. Discover how financial services professionals are shaping a brighter, more client-centric future, from the power of co-creation to innovative marketing techniques. 

In this episode of Connected, Kyle is joined by Diana Cabrices, Founder and Fractional Chief Evangelist of Diana Cabrices Consulting. Diana shares her insights on building connections, executing successful succession plans, and creating standout brands in the financial advisory industry. She emphasizes the importance of vulnerability, storytelling, and personalized experiences in connecting with others. 

With a background in technology and a passion for supporting financial advisors, Diana also discusses the future of the financial industry, highlighting the need for tech-enabled companies and the growing importance of online reviews.

Join us as we discuss:

Key Takeaways

Quotes

"Tech companies want to build better connections with advisors, and they know having great people at the forefront is the best way to do that." ~ Diana Cabrices

"Approach succession planning and M&A as you approach a new relationship on a romantic level. If you truly want to find that good fit, you have to dig deep. Compatibility and over-communication are key to any successful succession plan." ~ Diana Cabrices 

"The best advisors that are going to do it right, that are going to be strong in this future industry that we have, they're going be focused on not just giving a client a plan but co-creating through that whole process."~ Diana Cabrices 

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