In a rapidly changing industry, Allianz Life has been able to stay ahead of the curve and emerged as one of its most innovative and thriving companies. While technology has undoubtedly been instrumental in this transformation, Allianz has built upon four cornerstones that have contributed to its success. 

In today’s episode, Jack talks with Corey Walther, President of Allianz Life Financial Services. Corey is responsible for the business results, strategic direction, sales execution and distribution for several Allianz Life Insurance Company product lines. He is also passionate about leading teams and developing strategies that help identify and implement opportunities to improve sales, service delivery, and profitability.

Corey talks with Jack about the 4 Ps of growing a business, the secret to Allianz’s continued growth and success, and how technology is changing the game of wealth management.

Key Takeaways

Quotes

[14:54] - "Technology, in general, has been a game-changer for our industry. And, quite frankly, not just for insurance and annuities but also for our clients. I just couldn't be more excited and bullish about what we can do with technology being the epicenter of really helping our industry and this country improve livelihoods for so many households across the country." - Corey Walther

[17:22] - "In our world, it's not just about solution selling. It's about starting with the conversation that a financial professional might be having with an investor and that financial planning approach. And then it's how do we best fit that goals-based planning conversation to be able to demonstrate where does an annuity fit and where does it not fit." - Corey Walther

[24:26] - "As a financial advisor and professional investor, make sure that you're incorporating and thinking about risk management strategies, not just investment management, but risk management." - Corey Walther

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Wealth management and retirement planning are two important aspects of financial planning. While they are often discussed separately, the convergence of these two industries allows people to take a holistic approach to their finances and create a comprehensive financial plan that helps them achieve their financial goals.

In today’s episode, Jack talks with Fred Barstein, Founder and CEO of The Retirement Advisor University (TRAU) and The Plan Sponsor University (TPSU). He is also the contributing editor for WealthManagement.com's RPA Edge and Editor in Chief & Founder of 401kTV, a media channel helping mid-size and smaller companies better manage their defined contribution plans.

Fred talks with Jack about what he does to serve the DC 401k market, how wealth management and retirement can work together, and how big players in the wealth management industry are now focusing on retirement.

Key Takeaways

Quotes

[03:17] - "We saw that there were a lot of designations and it seems like there's a lot popping up. But the credibility of them, if you can just do it online and take a test, doesn't make you an expert. So, we wanted to have a designation and training that plan sponsors could be sure of or we are confident that this advisor is actually well trained and has the experience." - Fred Barstein

[08:24] - "Part of the reason that I work with wealth management is they want a platform.  The DC industry wants to get into and speak to the wealth management industry. They see a huge opportunity in the convergence of wealth, retirement, and benefits." - Fred Barstein

[14:40] - "RPAs have a huge advantage over traditional wealth management when it comes to getting access and credibility." - Fred Barstein

[26:55] - "DC plans have now become a strategic benefit rather than tactical. Retirement plan advisors have moved from the waiting room with the rest of the salespeople to the boardroom talking strategy." - Fred Barstein

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Wealth and investment management are constantly evolving industries, with new technologies, strategies, and trends emerging every day.  In order to stay ahead of the curve, advisors need to be aware of the key drivers shaping the landscape. 

In today’s episode, Jack talks with Chip Roame, Founder and Managing Partner of Tiburon Strategic Advisors, and the Tiburon CEO Summits. Prior to forming Tiburon in 1998, Chip served as a management consultant at McKinsey & Company, and later as a business strategist at The Charles Schwab Corporation. In his current role, Chip is responsible for all of Tiburon's advisory, research, service, and marketing activities, keeping him on the leading edge of strategic initiatives in the industry's fastest-growing businesses. 

Chip talks with Jack about what to expect at the Tiburon CEO Summits in Boston, the top four trends in wealth and investment management, and what RIAs will look like in the future.

Key Takeaways

Quotes

[09:28] - "I think the Gen X consumer is the big opportunity for the next 10 years. When you work your way through the data, you realize Gen X will save and invest more money than will baby boomers and millennials combined in the next 10 years. There's a lot of buzz about millennials and how they're so influential and all that, but in dollars and cents in the next 10 years, there's a lot about the Gen X investor." - Chip Roame 

[18:22] - "A lot of firms have just discovered how fast the RIA market is growing and then they're doing one of three things. They're either going to be the RIA, they're going to be a custodian to the RIA, or they're going to be a bigger product provider to the RIA." -  Chip Roame

[27:49] - "I don't think small advisors are really as threatened as everyone says they are. I do believe in consolidation. I don't believe that small advisors are in trouble." - Chip Roame

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Wealth management is constantly evolving as the needs of consumers and businesses change. In order to stay ahead of the curve, companies need a platform that provides their customers with a 360-degree view of all their assets. This will allow them to deliver a better customer experience, increase loyalty, and drive growth. By having a single platform that connects all aspects of the business, firms will be able to better serve their customers and provide them with a better overall experience.

In today’s episode, Jack talks with Ainslie Simmonds, President of Pershing X, a new business unit in BNY Mellon that designs and builds innovative digital solutions for Pershing’s Wealth Solutions clients, including broker dealers, RIAs, and trust companies.

Prior to joining Pershing, Ainslie was the Global Head of Digital at PIMCO, the Chief Marketing and Product Officer at thinkorswim, and the Chief Operating Officer at LearnVest. Ainslie brings two decades of experience in wealth management and digital experience to her role at Pershing X. Along with her team, she is dedicated to delivering the industry's leading end-to-end advisory platform, helping financial services firms solve the challenge of managing disconnected technology.

Ainslie talks with Jack about what Pershing X has to offer in the financial services industry, how she plans to address the interoperability issue in the financial system, and how Pershing X hopes to dominate the advisory market.

Key Takeaways

Quotes

[18:58] - "No expectation we're going to win every app. It's on us though to always be adding more and more of that interoperability value." - Ainslie Simmonds

[22:29] - "If you think about the ways interoperability could show up, it can very much show up in retirement paychecks. It can show up in a lot of different ways that no single point provider could do. I can see the problems getting solved with a suite that talks to each other." - Ainslie Simmonds

[23:24] - "If you are in the advisory business, I think you need to think hard about how much you want to invest in tech and how much you're going to turn to partners. That has to be a really thoughtful decision." - Ainslie Simmonds

[23:52] - "There is this massive opportunity to serve clients through all stages of their life. And you need to think about how your platforms and technologies are supporting you in that." - Ainslie Simmonds

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Retirement planning is evolving in an interesting way as the baby boomer generation retires. As life expectancy is rising and retirees are coming in waves, it's necessary to create better retirement plans.

In today’s episode, Jack talks with Frank McAleer, Senior Vice President of Wealth Planning, Global Wealth Solutions at Raymond James, a global financial services firm that focuses on providing trusted advice and tailored, sophisticated strategies for individuals and institutions. 

Bringing more than 30 years of industry experience, Frank leads Raymond James’ efforts to empower financial advisors with thought leadership, technology, and practical guidance to address the evolving financial planning needs of their clients. They believe a financial plan that sets out clear objectives and the partnership offered by a professional financial advisor is key to achieving long-term financial and lifestyle goals.

Frank talks with Jack about how Raymond James offers services focused on longevity and retirement, how they empower advisors, and the role technology plays in retirement planning. 

Key Takeaways

Quotes

[16:08] - "Planning and longevity, they're kind of intertwined. There's so much more emotional intelligence required and there's more empathy required, it's holistic." - Frank McAleer

[25:07] - "If I identify the number one issue in longevity, it's caregiving. And there are two things that will do, it will differentiate you, and it will help you immensely when the transition of wealth conversation comes up because you're getting the whole family naturally involved." - Frank McAleer

[25:34] - "I call empathy the one trait that clients want from financial advisors the most, but you'd never see it. But when you provide it, clients relate and the best way is to tell your own personal stories." - Frank McAleer

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This episode marks the one-year anniversary of the WealthTech on Deck Podcast. Taking a look back at the last 50 episodes, Matt Nollman, VP of Marketing at LifeYield takes the lead and interviews regular host, EVP & Chief Growth Officer at LifeYield, Jack Sharry.

Jack is a leading industry voice on wealthtech, UMH, and the future of financial advice. His mission is to help investors, financial advisors, and firms achieve improved financial outcomes. 

Matt leads LifeYield’s marketing team, strategy and digital experience, as well as producing the WealthTech on Deck podcast.

Jack and Matt talk about some of the best themes, most popular episodes, and lessons learned over the last year.

Key Takeaways

Quotes

[03:02] - "The biggest theme and the most listened to episodes are all around the strategy, design, and execution of what I'm now calling comprehensive advice platforms." - Jack Sharry

[12:00] - “Around retirement income, you have to think about RMDs, social security, Roth conversion, taxes, and risk. We've got growing inflation, and interest rates are rising. How are you going to handle all of that? Doing a lot of work on this topic across the industry is how we consider all the variables, all the things we have to think about to maximize retirement income." - Jack Sharry

[25:50] - "Essentially, what we're really doing is we see a lot and we can see what the trends are, what the challenges are, and what the issues are. And what we're involved with is creating a new category. As we're doing that, we want to share what we're learning because the reason a lot of people listen to this podcast is to find out what other people are doing." - Jack Sharry

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As more and more baby boomers are approaching retirement, advisors are encountering a unique set of challenges, including funds for retirement. With inflation and taxes on the rise, what can financial advisors do to maximize retirement income?

In today’s episode, Jack talks with Steve Zuschin, Executive Vice President of Enterprise Technology Adoption at LifeYield. Steve has more than a decade of experience in financial services, advisor technology, and sales. He is an expert in sales leadership and business development and has demonstrated a history of success in fintech and financial services. At Lifeyield, Steve works closely with clients to help them build comprehensive advice platforms.

Steve talks with Jack about LifeYield’s comprehensive retirement income program, what to do about taxes, and how to maximize retirement income.

Key Takeaways

Quotes

[04:57] - "Tax is the number one offender when it comes to expenses and retirement. But it's also a huge drag on reaching retirement goals to begin with." - Steve Zuschin

[05:59] - "Every decision we make in financial service, every recommendation we make has a tax consequence, whether we want to own that or not." - Steve Zuschin

[18:56] - "Taxes are the number one expense. It's the largest expense that people incur when they're in retirement and most of them are paying unnecessary taxes. So, there's a huge opportunity to improve outcomes for them and ourselves." - Steve Zuschin

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Saving money is something that should start early in life, but it's never too late to get started. Saving can be difficult at times, but there are ways to make it easier. 

In this episode, Jack talks to Aaron Schumm, Founder and CEO of Vestwell. Aaron brings nearly 20 years of fintech and finserv experience from industry-leading companies. He founded Vestwell in 2016 to close the American savings gap by modernizing the way individuals and small businesses save. Prior to Vestwell, Aaron co-founded FolioDynamix, which is now part of Envestnet.

Aaron talks with Jack about his approach to guiding people toward financial wellness, how Vestwell serves its clients, and how savers can step up their saving strategies.

Key Takeaways

Quotes

[15:27] - "Everyone needs to save. Especially in today's world, with expenses rising, cost of living rising, and not saving enough, you need to start stepping in early. And there's no better way to do that than starting in the workplace and then carrying beyond." - Aaron Schumm

[16:02] - "We have too many people that are just undersaved and we have to do something. And the private market isn't able to engage at the pace we want right now." - Aaron Schumm

[24:28] - "There's really cost-effective ways in designing savings plans that aren't expensive and there's a lot of tax credits and whatnot. I think it's really a responsibility for everyone to start and make sure that they're setting themselves up and their employees' success in the future." - Aaron Schumm

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As the population of retirees continues to grow, this puts a lot of stress on the traditional retirement system. Finding better retirement solutions is becoming increasingly important. What can financial advisors and industry leaders do to provide better retirement planning and solutions? 

In today’s episode, Jack talks with Cheryl Nash, CEO of Financial Supermarket at InvestCloud, an established and trusted leader in wealth technology, and Steve Gresham, CEO of The Execution Project, a wealth management consulting firm that helps companies create better wealth management and retirement solutions.

Cheryl and Steve are true industry leaders. Cheryl grew up in the wealth management industry and has held roles in nearly every functional area. Steve is a leader in understanding trends facing the wealth management industry. His focus is on improving retirement solutions for a wave of retiring clients.

Cheryl and Steve talk with Jack about the project they have been working on together, The Next Chapter Leadership and Action Initiative. They also discuss the role of technology in retirement planning, what industry leaders and top financial advisors do differently to provide retirement solutions, and how investors are becoming more concerned about their retirement income.

Key Takeaways

Quotes

"We've talked about goals-based planning for years. Everybody wants a goal. Everybody has a retirement goal. So, now that we're at a point where 10, 000 people are retiring every day, we've got to figure this out. And technology has to be the enabler and you've got to get working with the right people." - Cheryl Nash

“We’re trying [to create] a frictionless solution for the clients, and help them actually achieve that retirement that they're on the cusp of, but then also support advisors.” - Steve Gresham

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Data is the lifeblood of business. It’s what drives decisions, helps optimize operations, and fuels innovation. Businesses need to have a good understanding of their customer base, as well as their industry as a whole. The world is moving forward, and with it comes new opportunities for businesses to thrive. How can financial firms and advisors harness the power of data to accelerate their growth?

In today’s episode, Jack talks with Adrian Johnstone, Co-Founder and President of Practifi, an enterprise-grade business management platform that helps RIAs, family offices, and broker-dealers grow their businesses by unifying data from all sources, automating workflows, and integrating solutions.

For more than 20 years, Adrian has helped businesses of all sizes leverage technology for growth. He is responsible for the vision of Practifi, its partner ecosystem, go-to-market strategy, and global direction. A regular presenter at industry events in Australia and United States, Adrian offers deep insight into the technological needs of advisors. 

Jack talks with Adrian about what Practifi has to offer advisors and wealth institutions, how it contributes to clients' growth, and how it fits into the future of CRM.

Key Takeaways

Quotes

[02:56] - "From our perspective, we knew that Salesforce was really the platform that people wanted, but not everyone had the wherewithal nor the desire to go and make that upfront and ongoing investment in customization." - Adrian Johnstone

[20:30] - "There is a huge amount more that your technology can and should be doing for you. Don't be afraid to change. You need to understand that it's a big deal. You've got to be prepared to lean in." - Adrian Johnstone

[20:56] - "It's no longer good enough to accept that you have a lot of disconnected pockets of technology. If you are working with vendors who won't integrate, it's time to move. They're inhibiting your growth. You wouldn't put up with that in any other aspect of your life. You shouldn't put up with it in your corporate technology." -  Adrian Johnstone

[21:19] - "Don't turn yourself into a technology business. Great wealth management firms aren't technology companies. Don't get yourself into the trap where you are buying one of these base platforms, whether Microsoft or Salesforce, then all of a sudden you're hiring developers and having to make that investment to make exactly as you want it. " - Adrian Johnstone

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