WealthTech on Deck

Paul Samuelson's rich experiences with many of the great investors of his time have provided him with valuable wisdom for the wealth management industry. From the birth of modern finance to the nuances of tax management, his journey highlights the need for innovative solutions and tax-smart technologies that empower financial advisors and firms to minimize tax burdens and optimize retirement income strategically. 

In this episode, Jack talks with Paul Samuelson, Chief Investment Officer at LifeYield. Paul comes from an extended family of prominent economists and advisors to presidents. He has carried on the Samuelson tradition, writing the complex algorithms at the core of LifeYield technology that empowers financial advisors and firms to minimize clients' taxes and maximize their retirement income.

Paul talks with Jack about the notable investors he spent time with, including his father, the first American to win the Nobel Prize in Economics. He shares the lessons he learned from those experiences and how he put them into practice. Paul also discusses the need for software solutions to manage taxes and optimize investment portfolios effectively.

Key Takeaways

Quotes

[31:33] - "If investing is not your expertise and doesn't necessarily help you, it may hurt you to be an expert in other areas of economics." ~ Paul Samuelson

[31:53] - "You need software for everything because everything depends on the exact numbers. And you need good tax calculating software to know what brackets you're going to use." ~ Paul Samuelson

[35:46] - "The academic finance profession has let people down because they haven't looked at taxes very seriously. There should have been better formulations of tax calculations and different ways to manage taxes before and after retirement." ~ Paul Samuelson

Links 

Connect with our hosts

Subscribe and stay in touch

The wealth management industry is evolving rapidly, driven by innovation and disruption. The insights and experiences shared by the brightest and best leaders have shed light on the industry's future and its exciting developments. The dedication and passion of the individuals leading the charge in disrupting the industry pave the way for a more efficient, accessible, and inclusive environment. 

In this episode, the script is flipped as Jack Sharry, EVP and Chief Growth Officer of LifeYield, takes the guest seat, and Matt Nollman, VP of Marketing, steps in as host. Jack reflects on the past year of the WealthTech on Deck podcast and highlights the key guests and topics discussed. He discusses the Legends of WealthTech series, featuring industry leaders who significantly contribute to the advisory business. From CEOs to innovators, these guests shared their perspectives on the future of the industry and its exciting developments. Jack highlights noteworthy innovations and disruptions and shares the advances made around platforms, tech stacks, and financial ecosystems.

Key Takeaways

Quotes

[08:37] - "What all these legends did was make big disruptive bets that changed the industry forever and for the better." ~ Jack Sharry

[18:44] - "Innovation and disruption are interesting and fun. But if you can't execute, make it happen, and grow your business, who cares?" ~ Jack Sharry

[19:10] - "I can't help but note how much I love this business and the people in it, good people doing good work for the benefit of so many. I am so fortunate and grateful to work with the people I work with and make all of people's lives better." ~ Jack Sharry

Links 

Connect with our hosts

Subscribe and stay in touch

The intersection of market dynamics and technological advancements has not only heightened the value of annuities but also revolutionized how financial advisors and clients approach retirement planning. This shift from traditional methods to tech-driven solutions has streamlined processes and facilitated more meaningful conversations between advisors and clients regarding their retirement income needs.

In this episode, Jack is joined by LifeYield's Executive Vice President of Enterprise Sales, Harry Bartle, and Senior Vice President of Enterprise Sales and Relationships, Jeff Quigley. At LifeYield, Harry helps enterprises build complete household wealth management platforms. Jeff helped launch LifeYield's direct-to-advisor business, which includes Social Security+, the LifeYield API-based tool for optimizing Social Security benefits. Jeff also demonstrates the benefits of our other solutions for tax efficiency and retirement income maximization.

Harry and Jeff talk to Jack about the reasons behind the booming sales of annuities, what they see as the contributing factors driving this trend, and where they and their clients see the future of annuities. They also emphasize the importance of social security as a starting point for retirement income discussions and how technology can help advisors maximize social security benefits. 

Key Takeaways

Quotes

[02:16] - "Annuities have been so successful due to market volatility and the need for some guarantees. Technology has also given advisors and clients the ability to model things easier than we ever used to." ~ Harry Bartle

[04:47] - "A lot of advisors, wholesalers, and annuity distributors are using social security as the starting point to create the conversation to move into retirement income, add tremendous value for investors, and then drive revenue for their practices and their firms." ~ Jeff Quigley

[18:54] - "Social security discussion is a common thread throughout all Americans. When you're able to show the value in the discussion, it leads to more assets, income discussions, and clients looking to advisors to provide holistic solutions." ~ Jeff Quigley

Links 

Connect with our hosts

Subscribe and stay in touch

As financial markets continue to evolve, so does the way individuals and institutions navigate the world of asset allocation, investment strategies, and financial planning. This dynamic shift goes beyond mere adaptation. It represents a proactive response to evolving client needs, a strategic embrace of the demands imposed by the digital age, and a seamless integration of innovative technological solutions designed to revolutionize the fundamental processes of growing, protecting, and distributing wealth. 

In this episode, Jack talks with Chip Roame, Founder and Managing Partner of Tiburon Strategic Advisors and Tiburon CEO Summits. Chip is a strategic advisor to over 600 Tiburon corporate member firms. He has also served as an industry-experienced board member for numerous Tiburon member firms and currently serves on 10 boards.

Having a good vantage point on where the industry is headed, Chip talks about the five areas of evolution in the wealth management industry — the evolving clients, products and services, markets and distribution channels, marketing and technology tactics, and industry structure. He highlights the dominance of Fidelity, Schwab, Morgan Stanley, and Vanguard in the industry and the growth of discount brokerage firms. Chip also debunks some misconceptions about product data and emphasizes the importance of coordinated approaches in wealth management.

Key Takeaways

Quotes

[07:59] - "If you think about those three trends, workplace, retail, and RIAs, those four firms (Fidelity Investments, Schwab, Morgan Stanley, and Vanguard) are positioned for the future. I don't see anyone else is in the right spot for those three trends going forward." ~ Chip Roame

[13:17] - "The idea of a mutual fund supermarket was a big aha. And now we're going to have a cash supermarket, a lending supermarket, and a no-load annuity supermarket. You're going to have an estate planning supermarket someday. These are good for customers, and the rest of the world works this way." ~ Chip Roame

[20:41] - "The old ways of marketing have died off. And digital marketing or technology-driven marketing is here to stay." ~ Chip Roame

Links 

Connect with our hosts

Subscribe and stay in touch

Morningstar is committed to creating a comprehensive wealth management platform. The company is on an accelerated path to modernizing its U.S. wealth platform tailored to create an exceptional investor experience.

In this episode, Jack talks with Cindy Galiano, Managing Director of the U.S. Wealth Platform at Morningstar Wealth. In her role, Cindy is responsible for product development, sales, marketing, and operations efforts supporting financial advisor-oriented products. That includes Morningstar's Turnkey Asset Management Platform (TAMP) and Morningstar office, which is the portfolio management and accounting system that's mainly geared towards independent RIAs and RIA aggregators. Cindy is also responsible for Morningstar's managed portfolio and investment strategies, which include mutual fund and direct indexing solutions.

With a focus on becoming a leading wealth platform provider, Cindy talks with Jack about how Morningstar creates a comprehensive wealth management platform for wealth and financial advisors. They are also working on developing an exceptional individual investor experience and delivering compelling investment portfolios. The goal is to empower investor success and provide a seamless and personalized experience for advisors and their clients.

Key Takeaways

Quotes

[08:22] - "We consider direct indexing workflow and solutions a big building block for a more sophisticated tax management capability. Not only across separately managed accounts or single strategies but across a unified managed account comprised of underlying model portfolios, mutual funds, ETFs, including separately managed accounts." ~ Cindy Galiano

[15:51] - "For us to become more efficient and predictive or more analytical and more savvy in how we support the advisor, that could happen across the way we support our advisors." ~ Cindy Galiano

[25:17] - "We empower investor success, and that really underpins everything we do at Morningstar. It's guided by our unique heritage of data and research and helps deliver that investor-first approach in whatever we do." ~ Cindy Galiano

Links 

Connect with our hosts

Subscribe and stay in touch

In this episode, Jack talks with Amanda Robinson, VP of Portfolio Solutions at Fidelity Investments. Amanda leads a team responsible for delivering support for Fidelity's portfolio solution capabilities.

Amanda discusses hyper-personalization and the need for customizable solutions with user-friendly interfaces. She highlights the role of technology in streamlining operations to free up time for client relationships.

Key Takeaways

Quotes

[21:02] - "Investors want their advisors to meet them where they want to do business. And emerging generations want scale, personalizable investments, which they want in a really easy-to-digest way." ~ Amanda Robinson

Disclosure

Information provided in, and presentation of, this document are for informational and educational purposes only and are not a recommendation to take any particular action, or any action at all, nor an offer or solicitation to buy or sell any securities or services presented. It is not investment advice. Fidelity does not provide legal or tax advice.  

Before making any investment decisions, you should consult with your own professional advisers and take into account all of the particular facts and circumstances of your individual situation. Fidelity and its representatives may have a conflict of interest in the products or services mentioned in these materials because they have a financial interest in them, and receive compensation, directly or indirectly, in connection with the management, distribution, and/or servicing of these products or services, including Fidelity funds, certain third-party funds and products, and certain investment services.

Views expressed are those of the speaker through October 10, 2023 and do not necessarily represent the views of Fidelity Investments. Views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views.

LifeYield is an independent entity and is not affiliated with Fidelity Investments. Listing them does not suggest a recommendation or endorsement by Fidelity Investments.

Fidelity Model Portfolios are provided to financial intermediaries (“Intermediary”) on a non-discretionary basis by Fidelity Institutional Wealth Adviser LLC (“FIWA”), a registered investment adviser. Information about the Models may be provided by representatives of FIWA, or its broker-dealer affiliates Fidelity Distributors Company LLC (“FDC”), Fidelity Brokerage Services LLC (“FBS”), and/or National Financial Services LLC.

Fidelity Institutional Wealth Adviser LLC (“FIWA”) is a registered investment adviser and an indirect, wholly owned subsidiary of FMR LLC. FIWA provides customized separately managed account portfolios that consider tax effects for taxable clients. FIWA has retained the services of its affiliate, Fidelity Management & Research Company LLC (“FMR”), to manage these accounts subject to FIWA's supervision and oversight.

Fidelity Investments® provides investment products through Fidelity Distributors Company LLC; clearing, custody, or other brokerage services through National Financial Services LLC or Fidelity Brokerage Services LLC, Members NYSE, SIPC; and institutional advisory services through Fidelity Institutional Wealth Adviser LLC.

Links 

Connect with our hosts

Subscribe and stay in touch

Strategic partnerships and investments with innovative fintech and insurtech have emerged as key strategies, empowering financial institutions and insurance companies to harness cutting-edge technology and drive transformative change. Allianz's investments in financial and insurance technologies open up a world of possibilities, allowing the company to develop innovative products and services while leveraging its networks and resources. 

In this episode, Jack talks with Chad Virgin, Managing Director at Allianz Life Ventures. Since 2018, Chad has been part of Allianz Life Ventures, the corporate venture arm of Allianz Life Insurance Company of North America. As managing director, he is responsible for the program's strategic direction and seeking opportunities for strategic partnerships with innovative startups. 

With a focus on the fintech landscape, venture capital, impact investing, and corporate innovation, Chad talks with Jack about the role of venture capital in fueling growth and innovation in the insurance and financial industries. He emphasizes the importance of personalization and customization in meeting client demands and highlights the need for defined outcomes in retirement planning.

Key Takeaways

Quotes

[04:32] - "Personalization means something different to everybody. But here at Allianz Life, we are passionate about creating defined outcomes for clients." ~ Chad Virgin

[04:39] - "Clients have experienced volatile markets over the last 10 to 15 years. With the financial crisis and then coming out of COVID and in the market we're in today, people need defined outcomes when investing for retirement." ~ Chad Virgin

[10:57] - "Being open-minded to the change and the disruption is going to be critical. With generative AI, the world's going to be completely different. But we believe that the human is definitely going to continue to be at the center of the equation." ~ Chad Virgin

Disclosure

Guarantees are backed by the financial strength and claims-paying ability of Allianz Life Insurance Company of North America. Variable annuity guarantees do not apply to the performance of the variable subaccounts, which will fluctuate with market conditions.

Products are issued by Allianz Life Insurance Company of North America. Registered index-linked annuities are distributed by its affiliate, Allianz Life Financial Services, LLC, member FINRA, 5701 Golden Hills Drive, Minneapolis, MN 55416-1297. 800.542.5427 www.allianzlife.com

Allianz Life Insurance Company of North America is an investor in LifeYield.

Links 

Connect with our hosts

Subscribe and stay in touch

Summit Wealth Systems is at the forefront of transforming the wealth management industry. The company's commitment to collaboration and innovation positions it to have an influence on the future of the industry and support advisors as they navigate an ever-changing landscape.

In this episode, Jack talks with Reed Colley, Co-Founder and CEO of Summit Wealth Systems. Reed is passionate about helping people be happy and fulfill their goals. At Summit, he helps advisors and their clients focus on an abundance mindset by using modern and innovative technology to keep them on track and move forward. He founded, invested in, and advised multiple technology companies, including Black Diamond Performance Reporting, a cloud-based portfolio management system he started and coded.

Reed talks with Jack about his current project, Summit Wealth Systems, which aims to provide a comprehensive platform for advisors to unlock the full potential of their practice. The platform focuses on unifying data, automating processes, and delivering a world-class solution to clients. Reed also emphasizes the importance of humanizing the advisor-client relationship and helping clients connect their wealth to their values.

Key Takeaways

Quotes

[11:14] - "Each advisor has a slightly different approach to how they want to communicate with a client. And instead of saying, as a software company, 'No, you should do it our way.' We said, 'Well, we embrace that.' And we built an engine we called our abundance engine." ~ Reed Colley

[20:50] - "Working with great advisors and working on the things that are most important to them gives us the best fuel for our innovation to continue to build the platform in a way that is going to be incredibly impactful for them and their clients." ~ Reed Colley

[23:03] - "We love the idea of humanizing the wealth management space, unifying all this data, bringing it together, and then moving the space forward to where the advisors want the conversations to be, where their clients want the conversations to be, and connect everybody to their wealth to their values." ~ Reed Colley

Links 

Connect with our hosts

Subscribe and stay in touch

Annuities have long been acknowledged as valuable financial instruments that provide the opportunity to effectively manage risks, making them a cornerstone in a well-rounded retirement strategy. By incorporating annuities into a portfolio, individuals can help mitigate their exposure, thereby enhancing their financial security.

In this episode, Jack talks with Mark Paulson, VP of Global Hedging Business Development at  Allianz Investment Management U.S. LLC. In his role, Mark leads the development of global fixed index annuities, registered index-linked annuities, and fixed indexed universal life insurance businesses from a hedging perspective. He leads the interaction with global clients, translates client business goals into projects for the various Allianz Investment Management (AIM) hedging functions (strategy, systems, portfolio management, and trading), and oversees AIM hedging's involvement in global business development.

Mark talks with Jack about dynamic hedging strategies and the value of adding annuities to a portfolio. He discusses the concept of the efficient income frontier and how adding an annuity can shift this frontier, allowing for more efficient income generation in retirement. Mark emphasizes the importance of risk management and the need to shift the mindset from accumulation to decumulation when planning for retirement.

Key Takeaways

Quotes

[08:40] - "People who are familiar with annuities already understand the value of adding them to a client's portfolio." ~ Mark Paulson

[17:36] - "As we see this generational shift from baby boomers hitting their peak retirement years, the mindset needs to shift from accumulation to decumulation. And making some small tweaks to the efficient income frontier framework can change the mindset as to how we're looking at retirement." ~ Mark Paulson

[18:34] - "An annuity can really help manage a lot of risks. It can help reduce your exposure to longevity risk, reduce your exposure to inflation risk, and reduce your exposure to market returns and market shocks." ~ Mark Paulson

Disclosures

Guarantees are backed by the financial strength and claims-paying ability of Allianz Life Insurance Company of North America. Variable annuity guarantees do not apply to the performance of the variable subaccounts, which will fluctuate with market conditions.

Products are issued by Allianz Life Insurance Company of North America, 5701 Golden Hills Drive, Minneapolis, MN 55416-1297. 800.542.5427. www.allianzlife.com. In New York, products are issued by Allianz Life Insurance Company of New York, 1633 Broadway, 42nd Floor, New York, NY 10019-7585. www.allianzlife.com/new-york Variable products are distributed by their affiliate, Allianz Life Financial Services, LLC, member FINRA, 5701 Golden Hills Drive, Minneapolis, MN 55416-1297. Only Allianz Life Insurance Company of New York is authorized to offer annuities and life insurance in the state of New York.

Allianz Investment Management U.S. LLC is a subsidiary of Allianz Life Insurance Company of North America and provides investment management and hedging services for the broader Allianz Group.

Allianz Life Insurance Company of North America is an investor in LifeYield, LLC.

For investment professional use only.

Links 

Connect with our hosts

Subscribe and stay in touch

As people reach their senior years, the support of a social security payment brings a sense of security and stability. People understand the tangible nature of this income and the reliability of its timely arrival. Yet, just beyond this familiar territory lies an opportunity for an enhanced sense of financial security – a supplement to the social security or pension check.

In this episode, Jack Sharry talks with Scott Stolz, Managing Director at iCapital. Scott has been in the annuity business for 40 years, making him one of the top authorities on annuities and retirement income planning. Over his career, he has run life insurance and annuity operations for three separate insurance companies and served as the President of Raymond James Insurance Group for over 15 years. 

With an extensive background in the annuity and insurance industry, Scott talks to Jack about the challenges facing the annuity industry today, how annuity products fit into an overall portfolio, and how the industry can help advisors discuss annuities with clients.

Key Takeaways

Quotes

[05:07] - "Technology has come a long way in the annuity space. But the challenge is that every time there's a technology solution, there's another piece that needs to be done because of the regulatory part." ~ Scott Stolz

[13:59] - "People understand social security, the check that arrives. And if we can get clients to understand that what we're talking about is providing a supplement to their social security or pension, people will accept that." ~ Scott Stolz

[22:13] - "Try to look at annuity income and retirement as a means to make things simpler and a peace of mind and making sure that the check is there." ~ Scott Stolz

Links 

Connect with our hosts

Subscribe and stay in touch