June 07, 2022

Using Technology to Deliver Comprehensive Advisory Services with Rich Cancro

27 minutes

Technology has always been a driver for change, and the financial sector is no exception. Driven by clients who are looking for more holistic advice, financial advisors are now leveraging technology solutions to provide a higher level of service. With the development of comprehensive advisory platforms, advisors can offer better advice and outcomes to their clients.

In today’s episode, Jack talks with Rich Cancro, Founder and CEO at AdvisorEngine. Rich brings more than 25 years of experience building wealth management technology. Prior to founding AdvisorEngine, he served as a Managing Director at Bank of America Merrill Lynch, and created industry-leading solutions for J.P. Morgan, Bear Stearns and DLJDirect.

Rich talks with Jack about how he helps advisors provide better advice and outcomes for their clients, how he built AdvisorEngine to be a comprehensive advice platform, and what the future looks like for the financial advisory industry.

Key Takeaways

[01:08] - What AdvisorEngine has to offer clients.

[01:51] - An overview of Rich's career in the financial advisory.

[05:56] - Why Rich started his own business despite working for one of the largest firms.

[10:42] - How Rich built AdvisorEngine to be a comprehensive advice platform.

[15:14] - Rich's perspective on the future of the industry.

[21:50] - What prompted AdvisorEngine to acquire Junxure.

[25:41] - Interesting things Rich does outside of work.

Quotes

[02:30] - "I am absolutely passionate about fiduciary advisors. I love the fact that fiduciary advisors are fully aligned with the client's interests. They're small businesses. How they get service and how they service their clients, every moment matters." - Rich Cancro

[18:03] - "I think advisors really have to evolve from relationship building. They're great at it, that's where they build their trust. But they have to pivot from that perspective into becoming great marketers. A vast majority of independents are not great at marketing" - Rich Cancro

Links

Rich Cancro on LinkedIn

AdvisorEngine

Tom Bradley

Charles Schwab

TD Ameritrade

Fidelity Investments

Pershing

James Crowley

Merrill Lynch

Joel Bruckenstein

New York Yankees