WealthTech on Deck

The evolution of annuities within the wealth management advisory space exemplifies a commitment to elevating the client experience. Through technological advancements, data analysis, and streamlined processes, annuities have emerged as an essential building block in portfolios. This transformation not only benefits clients but also empowers financial advisors to deliver comprehensive and fiduciary-guided solutions that truly align with their client's best interests.

In this episode, Jack talks with Rich Romano, Chief Executive Officer and Co-Founder of FIDx. In his role, Rich is responsible for the company's strategy, vision, and growth. With 30 years of financial services consulting experience and expertise in the brokerage and insurance industries, Rich has built and managed IT consultancies and provided enterprise consulting services and subject matter expertise to the industry leaders in insurance, retirement, and asset management.

Passionate about helping advisors deliver better outcomes to their clients, Rich talks about the motivation behind the FIDx foundation, how FIDx's partnership with other investment platforms plays out, and how annuities can be made smarter, faster, and better.

Key Takeaways

Quotes

[01:19] - "End clients should have access to every product and service that will let them achieve their goals, handle generational planning, and take care of all of their needs." ~ Rich Romano

[17:32] - "The industry has moved to understand that you couldn't just take a commission-based annuity, strip off the commission and say you have a fee-based annuity. It has to act and feel like a very fiduciary-managed product." ~ Rich Romano

[20:45] - "We're making everything smarter, faster, and better. So we are simplifying access and making access consistent to annuities inside the wealth management advisory space, minimizing and eliminating errors, and accelerating processes." ~ Rich Romano

Links 

Connect with our hosts

Subscribe and stay in touch

Financial services have seen connectivity and collaboration emerge as game-changers, transforming the way advisors engage with valuable resources and reshaping their practices. Contrary to popular belief, it became evident that technology itself was not the sole innovation; instead, the art of collaboration stood as the true catalyst for change. This revelation shifted the focus from a mere pursuit of technological prowess to a quest for a seamless and collaborative connection between financial professionals and their clients.

In this episode, Jack talks with Denise Wypiszenski, Founder & Co-CEO of 4U, the financial services industry's first real-time digital partnership platform for investment and wealth management firms. In her role, Denise leads business development and partner success for the company. Inspired by transformational technology platforms like Amazon and Netflix, Denise and the 4U team have created a digital engagement and analytics platform -- an industry-wide technology solution to the age-old industry problem of billions spent. Too much noise. Too little engagement.

Having an understanding of the challenges and untapped opportunities within the financial services industry, Denise talks with Jack about the power of the 4U platform, why collaboration is the future of financial services, and how 4U guides some of its investment companies.

Key Takeaways

Quotes

[05:31] - "We know at 4U that advisors engage with value-add content two times more than product content. That's just one tidbit where never before have wealth management home offices had that purview across all of their advisors about what product and marketing resources are important to them. They do now." ~ Denise Wypiszenski

[12:05] - "We continued to talk to people and take their feedback. It's interesting because it sounds like technology isn't our innovation, the collaboration is the innovation." ~ Denise Wypiszenski

[24:26] - "We keep showing these investment companies that they keep submitting product content. Yet what advisors are searching for is predominantly practice management, value add type content. So, there's this definite disconnect. It's not about more content. It's about the right content." ~ Denise Wypiszenski

Links 

Connect with our hosts

Subscribe and stay in touch

Retirement is no longer considered an endpoint but rather a gateway to a new chapter brimming with purpose. Gone are the days when it was synonymous with endless leisure and idle relaxation. Today's retirees and pre-retirees are embracing a paradigm shift where health, family, purpose, and finances are the cornerstones for a thriving retirement. 

In this episode, Jack Sharry talks with Lena Haas, General Partner and Head of Wealth Management Advice and Solutions at Edward Jones, and Ken Dychtwald, Founder and CEO of Age Wave. Lena is passionate about helping individuals make smart financial decisions that better their lives. She aims to help millions of clients and their families understand lifelong behaviors for financial success, develop and follow a personal plan, and invest their hard-earned money for the most impact. Ken Dychtwald is a renowned psychologist, gerontologist, researcher, speaker, and best-selling author. He has received the distinguished American Society on Aging Award twice for outstanding national leadership.

Lena and Ken talk to Jack about the new research Edward Jones has released, Resilient Choices — Trade-Offs, Adjustments, and Course Corrections to Thrive in Retirement. This study examines the key findings around how Americans overwhelmingly see course corrections as essential to thriving retirement as they move from full-time work and consider what Edward Jones calls the pillars of the new retirement — health, family, purpose, and finances.

Key Takeaways

Quotes

[04:44] - "Our study shows that when today's retirees and pre-retirees feel that they're getting derailed across any of the four pillars of retirement, they are willing to take action. They have a huge appetite for making trade-offs, making adjustments, and getting educated about the right course corrections." ~ Lena Haas

[31:24] - "Retirees and pre-retirees are looking at what it means to be successful in retirement and in life differently. For them, success is not about having lots of time for leisure. It's truly about thriving across all four pillars of health, family, purpose, and finances." ~ Lena Haas

[33:36] - "I was troubled that so many people have not learned the basics of personal finance management. And we see people in their forties, fifties, and sixties manifesting an absence of good training." ~ Ken Dychtwald

Links 

Connect with our hosts

Subscribe and stay in touch

Pioneers in financial technology have reshaped the industry with their visionary ideas and relentless dedication. Among these legends of wealthtech, Len Reinhart, President of Reinhart Consulting Group, and Jim Seuffert, Former Chairman of the Board of Envestnet Institute on Campus, stand tall. They revolutionized fee-based investment management. Len and Jim embarked on a mission that changed how wealth management was perceived. 

In this episode, Jack talks with Len and Jim, who were co-founders of Lockwood Advisors. Lockwood was the first investment advisory firm to provide a turnkey investment consulting platform to independent broker-dealers, consultants, investment advisors, and financial planners. Len and Jim were early-stage developers and promoters of this newfangled way of doing business called “managed accounts or managed money”, now called “advisory”. They were among the first folks who came up with the idea of charging an advisory fee rather than a commission. In 2003, Len and Jim joined forces with Pershing to form one of the industry's largest providers of managed account solutions to financial organizations and registered investment advisors for a discussion.

As legends of wealthtech, Len and Jim talk about how they developed and promoted fee-based investment management from the ground up. They also share their thoughts on the future of managed money, their advice for future leaders in the industry, and the work they are most proud of.

Key Takeaways

Quotes

[08:29] - "No one understood what we did over the years when we found our business. We kept merging and merging or getting bought. But nobody knew what we were doing. No one understood what this fee-based business was." ~ Len Reinhart

[21:00] - "We learned how hard it was to recruit brokers, and we didn't have money to give them. So, we changed how and who we were targeting and switched to independent advisors with whom it was so much easier to do business." ~ Len Reinhart

23:44 - "If you're doing the right thing for the client and being as honest and transparent as possible, the next thing you know, you are training hundreds and hundreds of advisors at a time." ~ Jim Seuffert

Links 

Connect with our hosts

Subscribe and stay in touch

For high-earning millennials and Gen Z, financial success often comes hand in hand with a perplexing challenge — how to make the most of their income. With their eyes set on the future, they know that making smart choices can make their hard-earned money work for them. By harnessing the power of a tax-efficient investment system, this young and savvy generation can pave the way toward a future with financial security, opportunity, and the freedom to live life on their own terms. 

In this episode, Jack talks with David Hegarty, Founder & CEO of Playbook, the app for growing money with tax advantages and automation. From his own experiences, David realized that higher-earning millennials and Gen Z earn good money but need to figure out what to do with it. These younger generations also recognize a gap in their financial knowledge and understand that taxes are important to a financial plan. David created Playbook to help this group of individuals automatically put their money in the right places and pay fewer taxes legally.

Recognizing that money stuff can feel hard for most young investors, David talks about why Playbook chose to serve higher-earning millennials and Gen Z, the discoveries David made while building the app, and what Playbook solutions look like.

Key Takeaways

Quotes

[01:24] - "It's hard to beat the market, but it's easy to beat the tax man. And the best way to build wealth is not to overpay the taxes on your investments." ~ David Hegarty

[19:16] - "There are two things certain in life — death and taxes. So it's really important to figure out how to minimize the taxes you pay." ~ David Hegarty

[30:23] - "The option to retire early doesn't mean that you will necessarily retire. But when you have the option to retire, that's when you are fully empowered. That's when you have freedom." ~ David Hegarty

Links 

Connect with our hosts

Subscribe and stay in touch

As the demand for private investments continues to rise, bridging the gap between technology and client servicing has become essential. However, the current state of technology in this industry remains fragmented, hindering the realization of a truly streamlined and efficient process. How can advisors break the barrier to unlocking opportunities in private investing?

In this episode, Jack talks with Steve Zuschin, Chief Revenue Officer at Mammoth Technology. Steve has experience in sales leadership and business development with a demonstrated history of success in FinTech and financial services. He is skilled in executive leadership, team building, strategy, sales management, project management, and collaboration. 

A contributor to many big-name firms in wealth management, Steve talks about what led to the creation of Mammoth Technology and how the firm delivers seamless client experience through technology and makes private investments easier for investors.

Key Takeaways

Quotes

[04:18] - "The technology to improve the experience of helping service clients who have made private investments is so fragmented. At Mammoth, we understand the technology they use, the hurdles they face, and the fiduciary model. If we bring all that together and offer a better experience, we can provide tremendous value and clarity to something that's been rather opaque." ~ Steve Zuschin

[21:14] - "Twenty years ago, if you wanted to invest in large-cap equity in the United States, 70 or 80% were available on public markets. Today it's less than 10%. So, to have true diversification and to be invested in those markets, you have to go the private route." ~ Steve Zuschin

[23:56] - "The advisor-client relationship should be at the center of every financial decision today. At Mammoth Technology, we're designing a tool to sit at the crossroads of advice in private investing. And we believe that every interaction should build trust and create a delightful experience." ~ Steve Zuschin

Links 

Connect with our hosts

Subscribe and stay in touch

Conferences are a wonderful way to expand your network, explore industry trends, and enhance your skills. The most natural networking is hard to replicate over Zoom. It is the small talk in between speaker sessions, quick chats while refilling coffee, or conversations happening in the hallways. 

This week, Jack speaks with Chip Roame, Founder and Managing Partner of Tiburon Strategic Advisors, about the bi-annual Tiburon CEO Summit. This exclusive event allows executive-level clients to discuss a myriad of topics in the wealth and investment management world. 

In this episode, Chip talks to Jack about the evolution of target markets, offerings, distribution channels, tactics, and industry structure across wealth management and investment businesses.

Key Takeaways

Quotes

[08:02] - “The old methods have died. These models are not scalable. The scalable models appear to be paid lead gen, digital marketing of all forms, and the workplace.” ~ Chip Roame

[09:18] - “We need to move away from our opinions sometimes and look at the data. Schwab, Fidelity, Morgan Stanley, and Vanguard are getting the flow. What are they doing is the question.” ~ Chip Roame

[18:31] - “COVID has lessened the need for local proximity. Now your advisor can be anywhere, and you can work on Zoom, and that’s perfectly fine. That changes the game quite a bit.” ~ Chip Roame

Links

Connect with our hosts

Subscribe and stay in touch

Businesses are often focused on client retention, but employee retention is equally as important. In order to retain top talent, employers need to support employees' financial needs and offer them holistic financial benefits, regardless of their stage of life or current career trajectory.  

Brian McDonald, Head of Morgan Stanley at Work, is committed to bringing employees comprehensive solutions that give them financial security and confidence. His mission is also to help employers invest in and retain their top talent. Morgan Stanley has been a key player guiding businesses for over 85 years, but their customized solutions have recently reached the next level through guidance, education, and technology. 

This week, Brian talks to Jack about Morgan Stanley’s wealth management strategy, why employees are seeking holistic financial benefits, and what’s next for Brian and Morgan Stanley. 

Key Takeaways

Quotes

[03:20] - “We believe what differentiates us from our competitors is we have the intellectual capital, our product suite, an offering with the ability to do alts, all the way down now to the self-directed investor that might just be getting started.” ~ Brian McDonald

[21:23] - “Private market clients are staying private for about 12 years now, which used to be two or three years just 10 years ago. Because of that, they still have to attract and retain talent. One way you need to do that is to be able to provide liquidity to those employees that you have on staff, as well as your investors.” ~ Brian McDonald

[29:11] - “The workplace is the key story to watch over the next five years in wealth management, in the industry at large, and certainly within Morgan Stanley.” ~ Brian McDonald

Links

Connect with our hosts

Subscribe and stay in touch

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

Links

Connect with our hosts

Subscribe and stay in touch

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

Links

Connect with our hosts

Subscribe and stay in touch