Financial advice plays a key role in making informed decisions about how to meet your current needs and how to reach your long-term goals, but most U.S. workers don’t have access to this type of information. Without proper guidance to navigate complex financial decisions, U.S. workers risk making uneducated decisions that could negatively impact their financial well-being for years to come. Is there a way to make financial advice accessible to everyone, not just affluent Americans? 

This week, Jack talks with Yaqub Ahmed, Head of U.S. Investment-Only at Franklin Templeton about the democratization of financial advice. With over 25 years of experience in financial services, Yaqub is an expert in strategic partnerships, M&A, fintech, and regulation in the U.S. retirement and insurance markets. Jack and Yaqub discuss how Yaqub’s role fits into Franklin Templeton’s overarching strategy, how Franklin Templeton became involved in the financial advice industry, and why Franklin Templeton has prioritized collaboration with other businesses. 

In this episode, Yaqub talks to Jack about the financial advice gap that plagues the wealth management industry, Franklin Templeton’s goal to democratize financial advice for underserved markets, and the role of strategic alliances in driving this mission.

Key Takeaways

Quotes

[02:44] - “The industry's obviously changing very, very fast. Franklin, I think, is staying way ahead of that and identifying blind spots, but also identifying areas of opportunity just from a sizing and scales perspective.” ~ Yaqub Ahmed

[08:31] - “We're solving some of the biggest financial planning needs for U.S. workers or households and individuals across wealth management. And those goals are saving for retirement, saving for education, and protecting those savings as well.” ~ Yaqub Ahmed

[11:18] - “It's the top 5% of wealth in the U.S. that wealth managers are attracted to because that's where the money is. But there's a major advice gap with this mass underserved marketplace. And we need to find a way to get advice to them and make sure that advice is informed with data.” ~ Yaqub Ahmed

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According to Cerulli’s research, “22% of wealth managers said consolidating to a unified managed household (UMH) is a significant priority, with half reporting it as a moderate priority for their firm moving forward.” This discovery is aligned with wealth managers shifting away from transactional brokerage relationships and prioritizing fee-based assets. The Unified Managed Household (UMH) goes further than the Unified Managed Account (UMA), which aggregates accounts at an individual level. The UMH takes into account not only the client's financial situation but also that of their entire household.

This week, Jack Sharry talks with Matt Belnap, Associate Director of Retail Distribution at Cerulli Associates, about the latest research in household-level management. Cerulli is a financial services industry leader providing market intelligence and strategic business recommendations. Matt is involved in the development of research across various aspects of retail financial services, including wealth management, managed accounts, and product development. He is involved in creating nine Cerulli reports spanning three research practices and oversees The Cerulli Edge—U.S. Advisor quarterly publication.

In this episode, Matt talks with Jack about key challenges managed account sponsors face, why clients should seek more holistic financial advice, and why the household-level approach will take time.

Key Takeaways

Quotes

[06:11] - “It’s a complete reframing of the advisor-client relationship, and it’s something that is going to be pretty important for these advisors as they look to differentiate their practices going forward.” ~ Matt Belnap

[20:39] “I think there's questions for some of the firms that haven't begun anything yet of, ‘Where do we start? How do we even begin to begin? To move into doing something like this? How do you eat an elephant? One bite at a time, but where does that first bite go?’ And I think that’s something that a lot of firms are grappling with in terms of, ‘how does this happen?’” ~ Matt Belnap

[26:56] - “Don't wait for the perfect time to completely flip to a household-level approach because it's not going to be there. It’s going to have to be piece by piece.” ~ Matt Belnap

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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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Innovation is often accompanied by a fear of failing, and many industry leaders perceive change as a threat rather than an opportunity for progress. This is especially true of the asset and wealth management industries, which are both rooted in tradition and predictability. So what happens when a company serving asset managers, wealth managers, and financial advisors adopts new approaches and leverages innovation?

This week, Jack talks with Brian Moran, Founder and CEO of FLX Networks. Brian launched FLX Networks in December 2019 to modernize and simplify the asset and wealth management industries, delivering a holistic one-stop destination to drive more meaningful and effective engagement. Prior to FLX, Brian led financial teams at Neuberger Berman and AMG, resulting in over $100 billion in sales. With 20+ years of experience in various roles in wholesaling, national accounts, and sales management, Brian brings a broad perspective to the distribution ecosystem. 

In this episode, Brian talks to Jack about the lessons he learned from building his own business, the problems wealth managers face today, and what drives FLX Networks’ success.

Key Takeaways

Quotes

[17:31] - “You've got to be so tenacious, persistent, passionate, and confident that what you're building is going to help others and relieve pain points, or help people capitalize on opportunities. You can’t ever let that down.” ~ Brian Moran

[18:28] - “I think what really does make us different and what has made us successful is we're operators. We're not academics. We're not technologists. I think we need to have all of those, but we're operators who understand this space.” ~ Brian Moran

[22:50] - “Leverage innovation. Don't run from it. Similar to how the calculator replaced long division on paper, leverage innovation so that you can become more productive with your time.” ~ Brian Moran

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Comfort is the enemy of progress, especially in business. Adapting to new models and driving change is frightening, due to fear and risk of failure. Some industries are better than others at embracing disruption, but the insurance industry often needs to catch up. When systems are working well enough, not everyone sees value in taking a different approach. Change may be uneasy, but it also brings the possibility to improve, grow, and advance.

This week, Jack talks with David Lau, Founder and Chief Executive Officer of DPL Financial Partners about disrupting the insurance industry. David has been an innovator for every business he has built, with extensive experience dating back to his role as the Chief Marketing Officer of E*Trade Bank, and its predecessor TeleBank. David has been at the forefront of developing products, platforms, and distribution systems that allow RIAs to implement commission-free annuities into their clients’ portfolios.

In this episode, David talks to Jack about how DPL drives change in the insurance industry by offering commission-free annuities. They discuss how annuities can enhance outcomes, which mistakes financial advisors should avoid with their clients, and where David sees the industry going.

Key Takeaways

Quotes

[04:48] - “It's easy to become beholden to your existing distribution, but anybody could see that the way the world was going and continues to go, is away from commissions and towards fees.” ~ David Lau

[09:14] - “The ultimate value proposition we're delivering to an RIA is we're giving you the ability to grow. We're gonna help you bring in held-away assets. We're going to help you get more wallet share. We're gonna help you attract new customers.” ~ David Lau

[14:28] - “We’re solving problems, not selling products.” ~ David Lau

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Satisfied customers are the foundation of any successful business. Keeping customers satisfied means that every interaction must be positive, from the first contact to closing a deal. Positive client experiences build loyalty and retention, while negative client experiences damage a company’s reputation. By prioritizing the client experience, companies differentiate themselves in a crowded marketplace. 

This week, Jack talks with Douglas Fritz, Founder and CEO of F2 Strategy. With experience in improving financial outcomes for clients and advisors, Doug has led F2 Strategy's outsourced CTO business model and strategy consulting services. Notably, he was awarded the 2021 ThinkAdvisor Thought Leader Luminary Award for his contributions to the field. 

In this episode, Doug talks to Jack about the significance of decision-making and strategy in establishing and sustaining a successful, unique client experience. They discuss what inspired Doug to create F2, how to avoid a disjointed client journey, and Doug’s predictions for the future of the wealthtech industry. 

Key Takeaways

Quotes

[04:07] - “Really good decisions start with knowing yourself, knowing who you are as a firm, and what your strengths are.” ~ Douglas Fritz

[19:48] - “Depending on where you are in the firm, what you believe is broken is almost always different.” ~ Douglas Fritz

[27:29] - “If you're not already thinking about or bringing your data together and really building a useful set of owned data, your future is based on that. If you plan to be in business in 10 years, you’ve got to start working on that right now.” ~ Douglas Fritz

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In today's competitive business landscape, it feels daunting and nearly impossible to gain the attention of prospects. Everyone is selling something, and potential clients are inundated with marketing messaging that all blurs together. It’s no longer enough to have a website, write a blog post, or have a social media presence. How can you stand out in the sea of sameness? 

Mike Saunders, President and CEO of Marketing Huddle is committed to positioning his clients as authorities in the financial services industry to gain their trust and credibility organically. Far too often, salespeople push too hard for a sale and end up losing prospects in the process. By becoming an educator and advocate in your target audience’s industry, you establish authority with your clients and stand out against your competitors.

In this episode, Mike talks to Jack about how to amplify your marketing message, elevate trust, and gain credibility with advisor clients. 

Key Takeaways

Quotes

[08:35] - When we become an educator and an advocate for our target audience, trust is increased because they see you as that expert, not as some pushy salesperson.” ~ Mike Saunders

[12:25] - “People like to buy, but they don’t like to be sold.” ~ Mike Saunders

[18:28] - “It takes five to seven to 10 times more money to get a new client than to maintain your current clients. So with all of this marketing and authority positioning and increased trust, don't forget your clients that you currently have because those clients already gave you their level of trust at a certain time. You have to maintain that.” ~ Mike Saunders

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ChatGPT may have recently taken the world by storm, but artificial intelligence is not new. AI’s greatest strength has always been its ability to personalize information in seconds. With the advancement and accessibility of technology, these AI solutions have become popularized, even in the financial services sector. 

Vinay Nair is the Founder, Chairman, and CEO of TIFIN, a company that makes investing engaging by using investment intelligence, data science, and technology. With TIFIN, Vinay hopes to manifest the future at a faster pace and build a collaborative experience between humans and AI.

In this episode, Vinay talks with Jack about how TIFIN is disrupting wealth tech, Vinay’s predictions for the industry’s future, and the importance of innovation even in times of financial hardship.  

Key Takeaways

Quotes

[03:54] - “We believe we are helping the future manifest at a faster pace.” ~ Vinay Nair

[22:31] - “I think a lot of what we are talking about at the end of the day will be a human-AI collaborative experience.” ~ Vinay Nair

[22:55] - “I think we are in a fascinating phase of innovation. If you're running a business, it's sometimes tough to allocate capital to innovation, especially in moments when you feel like you have to survive. But that's a little bit like cutting down on internet spending in 2001 if you want to build a longer-term business. So the ability to reallocate to innovation from other things is going to be a key differentiator of firms that thrive and firms that don't.” ~ Vinay Nair

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With economic uncertainty on the horizon, employees are feeling more anxious than ever about job stability, inflation, and their retirement plans. It wasn’t too long ago that employees had the upper hand during the Great Resignation, but it seems as though the power dynamic has shifted out of employees’ favor. 

Jacquelyn Reardon, Head of Client Experience for Retirement, Insurance, 529, and Wealth Management at Franklin Templeton, reveals recent research on how the American worker is being affected by the economy, including their overall well-being, their desire for holistic guidance, and their desire for personalized retirement solutions.

In this episode, Jacquelyn talks with Jack about how the current economic climate affects American workers, their retirement plans, and the expectation of support from their employers. 

Key Takeaways

Quotes

[10:17] - “I think sometimes it's just as simple as acknowledging that people are going through stress versus trying to pretend like that's a different part of your life.” ~ Jacquelyn Reardon 

[22:40] - “For us, personalization is really taking into account what your individual goals are, and then how do we manage to those goals versus managing to the wider range of other things that you could manage to: volatility, market happenings, etc. Let's really think about your goals first and foremost.” ~ Jacquelyn Reardon  

[28:30] – “We really have to, as an industry, embrace people holistically and think about our solutions, not just in one bucket. So, it can't just be about retirement. It has to be how do we fully support folks across the full spectrum of needs so that we can improve all areas of well-being.” ~ Jacquelyn Reardon  

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The COVID-19 pandemic changed the way we think about everything - the way we work, the way we interact, the way we approach safety, healthcare, and even grocery shopping. COVID-19 forced many people to reflect on the state of their finances and underscored the importance of planning for unforeseen circumstances. The ability to lean on trusted financial advisors proved to be more crucial than ever. 

In this episode, Jack Sharry, LifeYield's EVP, Chief Growth Officer, takes the spotlight and is joined by Matt Nollman, VP of Marketing, as host. Jack shares what investors should focus on when faced with uncertainty and why human connection is vital even in a digital world. COVID-19 showed us that the unknown could and will happen, whether it’s an unexpected medical bill or a global pandemic. 

Jack speaks with Matt about what COVID-19 taught us three years later: why purpose, control, human connecting, and comprehensive wealth management matter.

Key Takeaways

Quotes

[09:32] - “Taxes are the most considerable and controllable expense in retirement.” ~ Jack Sharry

[13:03] - “Everyone I speak with agrees: financial advisors won't be replaced with AI or robots. Yes, they'll be enhanced by those capabilities, but they won't be replaced.” ~ Jack Sharry

[21:10] - “Managing assets, liabilities, and life decisions in a comprehensive way, matters.” ~ Jack Sharry

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