The financial industry, anchored in data and figures, can sometimes overlook the fundamental truth that clients are emotional beings. Regardless of how carefully crafted wealth portfolios, diverse investments, and comprehensive plans for estates or retirement are, their effectiveness hinges on what the client values most.

In this episode, Jack talks with Nalika Nanayakkara, Managing Partner for the Americas Financial Services Operations at EY. In her role, Nalika leads the wealth and asset management (WAM) consulting business for EY in the U.S. She is also responsible for the EY financial services consulting organization and the execution of their NextWave strategy. 

Nalika talks to Jack about the difference between hyper-personalization and digitization in wealth management. She goes deeper into the importance of listening and understanding clients' personal needs and values. She also discusses the concept of money scripts and how they shape financial decisions. Nalika highlights the significance of trust, marrying financial planning with purpose, and incorporating emotional needs into segmentation models.

Key Takeaways

Quotes

[02:53] - "Our industry is very numbers focused. We talk about portfolio returns and the probability of meeting a financial plan. Money, particularly wealth, is highly personal. But financial services are highly impersonal." ~ Nalika Nanayakkara

[09:47] - "Don't expect your clients to always be rational. You can have the most comprehensive wealth offer that's priced fairly, investments, estate, or retirement. But it's only as good as your client's willingness to consume it." ~ Nalika Nanayakkara 

[19:21] - "If you want to be successful as an advisor, you have to make that human connection. To do that, you have to really care about what matters to the person." ~ Nalika Nanayakkara

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