This week, WealthTech on Deck producer Matt Nollman takes over hosting duties to interview Jack Sharry about the podcast’s standout moments of 2024. They discuss the evolution and future of UMH, including the transformative impact of LifeYield’s recent acquisition by SEI. Jack highlights pivotal industry conversations with leaders advancing UMH capabilities, explores strategies for overcoming implementation challenges, and emphasizes the importance of innovation for financial advisors and firms. Jack also shares key career advice that has shaped his professional journey.

In this episode:

Quotes

“Through this acquisition, SEI will be the first in the industry to provide real-time, automated, unified managed household or UMH capabilities in a cost-effective, fully bundled overlay solution.” ~ Jack Sharry

“The single biggest challenge we find is getting all the departments, all the silos to work together. And that is also why it is important to have a single executive sponsor or leader.” ~ Jack Sharry

“Improving after-tax returns and income is inherently a multi-account exercise.” ~ Jack Sharry

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This week, Jack Sharry is joined by LifeYield co-founders Mark Hoffman and Paul Samuelson to discuss SEI's acquisition of LifeYield. They explore the strategic implications for LifeYield, the integration of multi-account management, and the potential benefits of Unified Managed Household for clients and the broader industry. They also discuss the comprehensive service capabilities the SEI-LifeYield partnership provides, focusing on improving financial outcomes through advanced tax optimization and holistic portfolio management. 

In this episode:

Quotes

“For LifeYield, [the aquisition] means unequivocal validation of the premise that my partners and I founded LifeYield to begin with—that only in managing an investor's coordinated accounts together can one provide the best outcome for those investors.” ~ Mark Hoffman

“In order to have success, you need investment software and you need the whole support of onboarding accounts and connecting accounts to just be in the game at all. I can look back at the mistakes I've made, and if I'd had the right advisor equipped with what SEI-LifeYield is going to be equipped with, it would've been much better.” ~ Paul Samuelson

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Growth isn't just about numbers. It's about driving change, creating meaningful connections, and making a purposeful impact. It comes from challenging the status quo and aligning with partners who understand the journey ahead. Whether championing innovation in the financial sector, cultivating a culture of resilience in businesses, or advocating for health, growth depends on clarity of purpose and bold, intentional steps.

In this episode, Jack Sharry talks with Tina Powell, Partner & Chief of Community at Intention.ly. Tina is a trailblazer in the digital marketing industry, with more than 20 years of experience driving growth for financial services companies. They discuss community building, championing growth, and advocating for health. Tina shares her advocacy for health awareness following her battle with lung cancer, Intention.ly's approach to growth marketing, and how modern marketing strategies drive impactful growth. 

In this episode:

Quotes

[13:23] - "I see myself as a vehicle of service, a conduit of information. And if there's any way I can bridge the hope that's in my heart to the people who need it most, utilizing the tenets of modern marketing media to help provide hope and information to the people who need it most, then that's my legacy." ~Tina Powell

[27:59] - "We are not afraid to challenge and to ask the tough questions. We already know what those questions should be. And it's coming from a place of service to the FinTech platforms and the FinTech leaders we serve." ~ Tina Powell

[30:11] - "Don't continue doing the same thing because it will just get you the same results. Align yourself with people who truly understand where you want to go." – Tina Powell

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For decades, financial planning has focused on individuals and families, often overlooking the unique needs of business owners. However, the need for expert financial advice has become more significant as boomers become more involved in business and the trend toward private company ownership grows. Recognizing this demand, RISR seeks innovative solutions to empower business owners and the financial advisors who serve them.

In this episode, Jack Sharry talks with Jason Early, Founder of RISR. They discuss how RISR empowers and deepens the relationships between business owners and financial advisors. They explore how the company provides a comprehensive solution for business owners and uses technology and human advice to enhance the advisor-client relationship.

In this episode:

Quotes

[01:01] - "We've got this deep-seated belief that owners of private companies need better advice and that the advisors who serve them need better tools and technology." ~ Jason Early

[13:06] - "For decades, advisors have had the tools and technology to serve the executive, the family, or the household, but the business is largely ignored." ~ Jason Early

[14:31] - "Business owners are complex, and they have complex issues and challenges, so there are a lot of problems to solve. We want to surround every conversation the advisors have with the business owner so that the owner can make more informed decisions and exit the way they want to." ~ Jason Early

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The shift towards private ownership and alternative assets presents opportunities for investors and advisors. However, operational efficiency, including data accessibility, streamlining operations, and automating processes, often burdens advisors when navigating this space. Having innovative solutions and a team specializing in private markets and alternative investments makes it easier for advisors to create and manage these assets with speed and scale.

In this episode, Jack Sharry talks with Steve Zuschin, Chief Revenue Officer at Mammoth Technology, about the growing interest in private markets and alternative investments. Steve explores the challenges advisors and firms face in navigating the complexities of these investments, including operational hurdles, data management, and client experience. He also shares insights on how to streamline processes, leverage technology, and position firms as leaders in the private market space.

In this episode:

Quotes

[11:15] - "At large, our economy is becoming privately held. To diversify these investments, we have to access them in private markets." ~ Steve Zuschin

[16:44] - "We really want to remove that burden from the operations team and create a better experience for the field of advisors to learn about new deals that are available to them, that their compliance team and due diligence have gone through, as well as a standardized transaction process for them to go through on behalf of the clients." ~ Steve Zuschin

[20:42] - "If you don't have a team in place that's looking at the innovations around private markets, try and get someone, whether it's a consultant or somebody else who's out there looking at the markets. Because whether you're curious or interested in making these deals for your clients, if you're working with high-net-worth clients, they're going to make these deals with or without you." ~ Steve Zuschin

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Taxes are a major concern for both investors and advisors. As such, minimizing tax liability is a priority in wealth management. Asset location, a strategy that places assets in the most tax-efficient accounts, can significantly enhance a portfolio's overall efficiency. While this approach can be a multi-account exercise, having a modern portfolio management system equipped with tax-smart technology can streamline this process and effectively coordinate unified managed household accounts.

In this episode, Jack Sharry talks with LifeYield's Founder and Chief Investment Officer, Paul Samuelson, and CEO, Chairman, and Founder Mark Hoffman. Paul has written algorithms that power investment software for more than four decades. He’s spent the past 16+ years devising algorithms around minimizing taxes and maximizing retirement income, all part of a robust asset location process. Mark turns Paul's algorithms into industrial-strength software used by many of the largest financial institutions in the world.

They discuss asset location and tax-smart strategies to minimize tax liabilities and maximize retirement income.

In this episode:

Quotes

[04:08] - "Financial planning systems are one good way to look at multiple accounts. And then, to have the financial plan implemented, you really need to consider asset location." ~ Mark Hoffman

[06:56] - "Certain assets are likely to be more tax-inefficient, but they don't always land the way you would expect. So, for investors who happen to hold low turnover stock portfolios, you can effectively have quite tax-efficient equity investing as long as you're willing to pay great attention to sales of stock." ~ Paul Samuelson

[22:57] - "Asset location, placing the most tax-efficient assets in your taxable accounts and the least tax-efficient assets in the qualified accounts, raises the after-tax return of your portfolio. That means you'll get more balance, which can create more income. Asset location is the dominant form of tax alpha you'll get." ~ Mark Hoffman

[23:50] - "The real opportunity in looking at all the household assets is that you're going to be able to pick up some of the client accounts that have been unmanaged or very poorly managed. It's an opportunity for the advisors and a real service to the clients." ~ Paul Samuelson

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In this episode, Jack Sharry talks with SEI’s CEO, Ryan Hicke, and CFO, Sean Denham, about SEI’s strategy and vision for the future. Ryan, who has been with SEI for 26 years, discusses the company’s renewed focus on innovation, re-engagement with the market, and the importance of client experience. He highlights three major trends SEI is focusing on: alternatives, industry consolidation, and digital assets.

Sean, new to SEI, talks about his transition from public accounting to his role as CFO and his focus on growth. He stresses the importance of using data to educate clients and drive business decisions. Sean also touches on SEI’s unique market position, combining technology, operations, and asset management.

In this episode:

Quotes

“If you believe that talent is going to win the day, you can’t just focus internally. There’s arrogance if we think we have all the answers ourselves. I think if we can truly create a diverse team, both in terms of experience and perspective, we won’t end up with group think.” ~ Ryan Hicke

“People ask me a lot how I measure engagement at SEI. And I sincerely answer, by how many people walk the halls with a smile on their face.” ~ Ryan Hicke

“When I think opportunity, it’s not just earnings per share opportunity, it’s really growth. The opportunity to really maximize, to become more efficient as an organization. That’s what I’m really focused on—top-line revenue growth, optimizing the business, and really that return to investors.” ~ Sean Denham

“No one in today’s society wants to be sold to. They want to be educated. So how do we use data? How do we craft storytelling around that to go educate the market? Not just with us, but also our competitors. That’s the opportunity sitting in front of us.” ~ Sean Denham

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Public relations is an integral part of any marketing strategy. It plays an important role in enhancing credibility and driving business growth. Successful PR firms understand that building a reputation and lasting relationships with clients, stakeholders, and the media requires strategic thinking and planning.

This week, Jack Sharry talks with StreetCred's Managing Partner, Jimmy Moock, and Marketing Manager, Elena Krasnow, about public relations and credibility marketing in financial services. They discuss the key elements of successful PR strategies, the value of authenticity and active listening in building connections, and StreetCred's partnership with Future Proof, the world's largest wealth festival. 

In this episode:

Quotes

[20:59] - "We take our clients and the work that we do for them personally. We leave it all out on the field. We bleed for them." ~ Jimmy Moock

[21:16] - "We believe that PR is a contact sport, meaning you need to be out on the field. Every one of us is doing every portion of client work because the minute we give that up is the minute our skills become rusty." ~ Jimmy Moock

[22:03] - "Being authentic is so critical, and being unafraid to connect business goals and personal stories and share vulnerable moments is something we encourage our clients to do." ~ Elena Krasnow

[22:29] - We all have money stories and ways money has shaped our belief systems. The more we bring those things and the human element to the surface, the more we can really drive success." ~ Elena Krasnow

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WealthTech in the Weeds is a series covering the broad yet critical path to financial services. The goal is to get together with industry experts and get into the details of building an effective, productive, coordinated, and comprehensive advice system.

Comprehensive advice platforms have been a significant development in wealth management. They streamline portfolio management, optimize returns, and enhance investors' financial efficiency. However, implementing these platforms has its challenges. As technology continues to reshape the industry, the lessons and experiences learned from early adopters provide invaluable insights that significantly impact the industry's future and empower investors to achieve their financial goals.

In this episode, Jack is joined by Eric Lordi and Martin Cowley. Eric is the Managing Director at J.P. Morgan and has extensive experience in wealth and asset management. He builds modern wealth management systems that deliver better client outcomes and embraces goals-based investing.

Martin is the Chief Product Officer at LifeYield and has more than 14 years of experience building comprehensive wealth management platforms. In his role, Martin oversees product strategy for portfolio rebalancing, tax optimization, and retirement income, using LifeYield's API-first product suite to address a wide range of client needs. Martin has worked with numerous firms to help them integrate and optimize their systems for improved user experience and financial outcomes.

Eric and Martin talk with Jack about the challenges, benefits, and lessons learned from building comprehensive advice platforms. They dive into the importance of multi-account management, asset location, and tax optimization in improving clients' financial outcomes. The conversation also touches on the operational aspects of implementing these platforms and the need for integration and coordination across different systems. 

In this episode:

Quotes

[02:54] - "We're currently in a world where lots of products and programs have been built vertically over time. How do you start to think horizontally from an advisor standpoint? The biggest mental shift is just moving from an account-based structure to a relationship-based one." ~ Eric Lordi

[10:17] - "Coordinating isn't just about getting the sum of the parts and then working with them. It's about recognizing that some parts fit together better than others." ~ Martin Cowley

[14:08] - "Tax management isn't just tax slots. It's the location and having a machine that is not dependent on underlying trading systems but looks across all these things as holdings that we can score anywhere." ~ Eric Lordi

[30:47] - "Everything we've done has to be flexible because we are looking across multiple companies and client firms. It doesn't have to all be stitched tightly on day one. Those walls aren't going to break down overnight. So, we're building little tunnels between the silos." ~ Martin Cowley

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WealthTech in the Weeds is a series in which we talk to industry experts about the details of building an effective, productive, coordinated, and comprehensive advice system.

In this episode, Jack Sharry talks with Ted Dimig, Global Head of Wealth Management Advisory Solutions at J.P. Morgan, and Mark Hoffman, CEO, Chairman & Founder at LifeYield.

They discuss trends like tax optimization and the role of modern technology in enhancing advisory practices. They explore the challenges and strategies involved in operationalizing these innovations, emphasizing the necessity of embracing technology to improve client outcomes. They also touch on advisor adoption, the benefits of models-based practices, and the industry's trajectory toward increasingly personalized financial services.

In this episode:

Quotes

[02:22] - "The first big trend in asset management is the importance and the need to personalize investments. The more you can get a client's goals to match their investment solutions, the higher the probability that they're going to stick with their investments over the long run." ~ Ted Dimig

[11:42] - "You want to build your ecosystem in a way that is easy to explain to the client. Being able to explain to them the savings and why you're doing certain things reduces the trading that you have to do." ~ Mark Hoffman

[17:11] - "Technology allows you to be more holistic. It allows you to make all the connections and to do things right. And that frees up the advisor to have a conversation at the client's own level." ~ Mark Hoffman

[26:06] - "You need to embrace technology if you want to be a winner in the personalization space, in the end-to-end client investment journey, and in the tax space. So those who don't adopt will be left behind." ~ Ted Dimig

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