The wealth management industry has changed tremendously over the last 20 years, and it’s difficult to remember that what we now consider the norm developed over time. Merrill Lynch’s shift towards goal-based wealth management transformed the industry and moved beyond a narrow focus on ROI. This new approach better-served clients by prioritizing their actual goals such as supporting family members, buying homes, or securing a comfortable retirement. The firm gained a substantial edge in an industry characterized by uniformity. 

The people behind this approach are three wealthtech legends: John Thiel, Executive Advisor and Board Director and former Head of Merrill Lynch Wealth Management, Rich Aneser, Chief Strategy Officer at Envestnet, and John Connors, CEO and Co-Founder of Boathouse. The three discuss their tactics to shift advisors' perspectives in an industry averse to change.

In this episode, the three guests talk with Jack about how Total Merrill got started, how they successfully shifted advisors’ perspectives, and the challenges of building a business in the wealth management space.

Key Takeaways

Quotes

[42:22] - “People really want to do something with their money. Their performance is important, but it's only in the context of what they're trying to accomplish. We have to continue to leverage technology capabilities that can better understand risk, especially as things evolve.” ~John Thiel

[43:33] - “You can only be a part of something really extraordinary when you're with an extraordinary group of people working towards the same end, and it never gets done alone.” ~ Rich Aneser

[44:02] - “There's a lot of incrementalism in today's world, and a lot of people play it conservative and safe. The boldness that the Merrill team exhibited to put the client's interest first to make a big move, to try and change the game. There's not as many opportunities to change the game anymore.” ~ John Connors

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