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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As financial services advance, people increasingly use digital tools and platforms to manage their finances. While these tools can be highly effective, they may not always align with the person's values and aspirations. How can people utilize new technologies and platforms while ensuring that their financial decisions align with their values and aspirations rather than simply following algorithms or generic advice?

In this episode, Jack talks with Michael Liersch, Head of Advice & Planning for Wealth and Investment Management at Wells Fargo. In his role, Michael is responsible for developing and propagating research-based methods to help advisors and clients productively collaborate around their money decisions. Before joining Wells Fargo, Michael held executive roles in companies such as JPMorgan Chase, Merrill Lynch, and Barclay's Wealth Americas, where he developed a deep understanding of people and money and how to help advisors provide clients with a better experience.

With a mission of helping people make better money decisions, Michael speaks to Jack about LifeSync, the new tool he and his team have developed that leads the way to a compelling future for the advice experience.

Key Takeaways

Quotes

[12:02] - "People don't tell their advisors as much as they want to about their purpose for their money, whether it's their work life or family, but they are much more willing to give personal information to their mobile devices. And that was the inspiration behind LifeSync." ~ Michael Liersch

[28:31] - "LifeSync creates a much more fluid and normalized way of talking about money. That's where we want to take this — normalizing money conversation and the connection between money and meaning." ~ Michael Liersch

[30:51] - "Clients put their money where the value and experience give them the most. It's not about account aggregation and asset location. It's about putting everything together and the value of the advice provided." ~ Michael Liersch

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A startling 6.6% of Fortune 500 companies have women as their CEOs and only 23% of C-Suites are made up of women. Such statistics show that gender bias is prevalent despite increased traction and awareness around diversity, equity, and inclusion. While progress is slow, thankfully, it is not stagnant. Many businesses receive questions about the lack of diversity within their organization and what they are doing to fix it. 

In this episode, Jack speaks with three wealthtech legends: Noreen Beaman, Vice Chair Board of Directors at Orion Advisor Solutions, Lori Hardwick, Board Director at Cetera, Orion, and Cerity Partners and Board Chair at Vestwell and Docupace, and Cheryl Nash, Chief Executive Officer of Financial Supermarket at InvestCloud. The three discuss important themes that have led to their professional wins: embracing challenges, trusting your instinct, working hard, and surrounding yourself with a strong support system.

Lori, Cheryl, and Noreen talk with Jack about the evolution of their careers, their advice for women in wealthtech, and their thoughts on where the industry is headed.

Key Takeaways

Quotes

[09:15] - “You need to take chances and try different things. It doesn’t mean you’ll always be successful at them, but without having those experiences, you will not really be able to move along in your career like you need to.” ~ Noreen Beaman

[16:01] - “What gets measured really gets done. You should ask that your firms are measuring diversity, not just gender, and that you reward those who take it seriously and do the right things to keep women and diverse candidates and grow them.” ~ Cheryl Nash

[33:24] - “I had someone tell me just a couple months ago, ‘you wrote your own story.  You didn't let anybody else be the author of your story.’ I really appreciated that and I want to make sure I encourage other women and men to do that as well.” ~ Lori Hardwick

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Technology is an agent of innovation and a driver of the digital world, where everything is smarter, searchable, and instantaneous. Gone are the days when you had to sift through hundreds of papers in a briefcase, send off important documents in the mail, or find contact information using a Rolodex. We typically think of digital natives as the main adopters of tech, but tech enthusiasts can be found in any age group.

Rod Sayegh, Head of Digital Strategy at Fiduciary Trust International, has seen this technological adoption first-hand with some of his ultra-high-net-worth individual (UHNWI) clients, who average 66 years old. In the past, clients received their financial data annually or quarterly, but they now have the power to view their information in real time whenever they log into their client portal. Rod recognizes that financial services err on the side of caution when it comes to change. Still, he remains passionate about improving client experiences and always strives to challenge the norms.

In this episode, Rod talks with Jack about making the user experience attractive to all ages, bringing tactile experiences to clients’ finances, and embracing change by “reveling in the crazy.”

Key Takeaways

Quotes

[09:41] - “Clients come to us for advice, not the amount of paper we hand them during a quarterly meeting. They come to us to help solve problems, and I believe that digital technology has made some of the complex issues that clients deal with in their finances a lot more tactile.”  ~ Rod Sayegh

[12:50] - “We have to give options to everyone. And I'm not expecting 100% adoption in any way, shape, or form from advisors or clients. I try to challenge and give credible challenge to anyone who pushes back.” ~ Rod Sayegh

[17:20] - “We are creatures of adoption.” ~ Rod Sayegh

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Technology has been changing the way we do business for years, and its impact will continue to affect our business outcomes as tech gets smarter. Still, no matter how good tech gets, human connectivity is irreplaceable in building a strong business. The combination of tech and human connectivity can be doubly powerful when executed properly. 

Enter Halo Investing, a platform that provides access to protective investment solutions that sits at the intersection of human connectivity and tech. Jack talks with Joanna Kanakis, Executive Vice President and Head of Institutional Business Development at Halo Investing. Joanna recounts her experience joining Halo as one of their earliest hires and leaving her investment banking job to transform the way Americans can invest. She speaks about the benefits that financial advisors experience using Halo’s platform, strategic partnership initiatives that have expanded the business, and the role of field engagement in building trusting relationships.

In this episode, Joanna talks with Jack about what drew her to Halo Investing’s team, how to embrace the power of technology, and where Halo Investing is going in the future. 

Key Takeaways

Quotes

[22:49] - “I truly believe that the wealth firms that survive this explosion of innovation in the wealth management ecosystem will be those that have solved the tech Rubik's cube the most efficiently.” ~ Joanna Kanakis

[23:21] - “There are solutions that are available and out in the ecosystem where you can be managing your client fears, still exposed to equities, but have that level of protection and safety on the downside.” ~ Joanna Kanakis

[24:13] - “This is an absolutely critical time of rejuvenation, rebirth, and innovation in this space, and it is thrilling to be here.” ~ Joanna Kanakis

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Physicians are some of the nation’s highest earners, but they are not without their own unique financial challenges. By the time physicians earn their MDs, several factors work against them: the time value of money, delayed earnings, and substantial debt. Compared to their corporate peers who have been working for 10+ years, there is a compressed number of years to accumulate wealth. Most financial advisors do not consider all of the specific needs or unique risks of this group, which complicates financial planning. 

Bill Martin seeks to alleviate the burden of financial planning for this group as Chief Wealth Officer of Forme Financial, a tech-led wealth management practice tailor-made for residents, fellows, and practicing physicians. Bill discusses how he ended up at Forme Financial, the powerful tech partnerships that enhance the platform, and how Forme Financial helps aspiring medical professionals build wealth. Furthermore, Bill highlights the importance of data-driven decision-making, the democratization of advice, and decumulation in the tech-led wealth management space.

In this episode, Bill talks with Jack about the power of personalization in financial planning, the unique financial challenges faced by physicians, and the factors that are driving the future of tech and wealth management. 

Key Takeaways

Quotes

[04:13] - “What I had intended and where I am at today is very different, and I'm actually much more pleased with how life has kind of taken its course than what I could have ever imagined. But be prepared. Part of that is doing the hard work, investing in education, learning from really great mentors, and continuing to find added value to the clients that you're serving and the rest falls into place.” ~ Bill Martin

[18:39] - “The speed of innovation, having been in this industry for some time, it’s just fascinating for me to watch. I feel like in many ways it's just exploding. There's some great opportunity in that and there's also a lot of challenges.” ~ Bill Martin

[22:52] - “Data-driven decision-making allows us to have more personalization and better advice.” ~ Bill Martin

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The word "retirement" is often associated with images of white sand beaches, golf courses, and senior discounts. However, the reality of retirement is changing. The traditional retirement model is no longer feasible for many people. No longer is it about sitting back and stopping work altogether. It's about living a life of purpose and meaning, finding new and creative ways to work, or staying active and engaged while simultaneously preparing for the unexpected.

In today's episode, Jack talks with Ken Dychtwald, Founder and CEO of Age Wave. Ken is a psychologist, gerontologist, researcher, speaker, and best-selling author of 19 books on aging-related issues. Over the past 40 years, Ken has become a thought leader regarding the lifestyle, marketing, health care, economic, and workforce implications of the age wave.

An acclaimed think tank focusing on the social and business implications and opportunities of global aging and rising longevity, Ken talks with Jack about the five forces shaping the new retirement journey, the four pillars of the new retirement, and what financial services need to improve to serve clients better.

Key Takeaways

Quotes

[02:28] - "Our lives had been shaped around the form and fit of youth. But due to declining fertility, the aging of the boomer generation, and rising longevity, everything from the auditory range in our telephones to how people have to save for a longer life was going to be transformed." ~ Ken Dychtwald

[04:13] - "Demography, psychology, medicine, and economy bang together, and out of that rises a new stage of life for a new set of circumstances." ~ Ken Dychtwald

[11:41] - "Today's success model is not people who stop working and go off to the sidelines but rather people who either reinvent themselves, do something different, or scale back their work." ~ Ken Dychtwald

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In this episode, Jack talks with Ken Cella, Principal of Branch Development at Edward Jones. In his role, Ken empowers nearly 19,000 financial advisors and their branch teams to serve 8 million clients across North America. 

Also joining the conversation is Ken Dychtwald, Founder and CEO of Age Wave. Ken is a psychologist, gerontologist, researcher, speaker, and best-selling author. 

Ken Cella and Ken Dychtwald talk with Jack about the new retirement journey, how Edward Jones plans to manage the full household portfolio, and how the firm's leadership team commissioned Ken Dychtwald and the Age Wave team to conduct research on the changing face of retirement and specifically, what clients are looking for in terms of advice and guidance through their retirement journey.

Key Takeaways

Quotes

[05:02] - "People care about four things. They care about their health, family, purpose in life, and what they stand for, and how their financial situation could support the first three." ~ Ken Cella

[07:03] - "More and more people say they're getting wind of the idea that they may outlive what their parents or grandparents thought retirement was. So the idea of planning for three, four, or five years is over." ~ Ken Dychtwald

[12:42] - "Partnering with Age Wave would be one of our best sources of high EQ knowledge. It helps our financial advisors do their job even better in connecting with their clients, understanding their concerns and their financial realities, helping them to navigate challenging times, and to remain steadfastly focused on their financial goals." ~ Ken Cella

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