WealthTech on Deck

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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The demographic shift toward an older population, concerns about the financial sustainability of traditional pension systems, and lengthening life expectancies are just a few of the challenges facing retirement systems today. While having human and digital advice connected and coordinated is key to the wealth management ecosystem, how can financial advisory firms accelerate the development of wealth management platforms to meet the needs of the retiring age wave?

In this episode, Jack talks with Steve Gresham, Chief Executive Officer of The Execution Project. Steve is also the managing partner of the premier executive community in the financial services industry, Next Chapter, and a senior education advisor to the Alliance for Lifetime Income. For nearly 40 years, Steve has been an asset and wealth management leader and a pioneer of managed accounts and advisor practice management. Today, Steve focuses on improving retirement solutions for a historic demographic wave of retiring clients.

Steve talks with Jack about the challenges of combining human and digital advice to create a personalized client experience, how he sees advisor adoption being solved, and the importance of a connected and coordinated wealth management ecosystem.

Key Takeaways

Quotes

[03:38] - "Two-thirds of America are connected in one way or another to an aging and retirement life. And retirement is not the first word that most of them use. It is the next chapter because there is, in many cases, the desire to do something different, and sometimes there is the need to continue working depending on their circumstances." ~ Steve Gresham

[10:47] - "Innovation is very difficult because when the components are owned by different players with different levels of self-interest, motivation, and speed to action, it is extremely difficult to find the ringleader that will pull them together." ~ Steve Gresham

[12:39] - "I'm not sold on the idea that the advisor should be the one that is driving the solution all the time. That seems like a gating mechanism. We're never going to grow and engage with the number of people we need to if we have to wait for a human to prioritize that in their day." ~ Steve Gresham

[20:43] - "If you can solve the needs of those people and you don't get hung up in connecting a product to them immediately, you will become that person, that firm that can connect with them." ~ Steve Gresham

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A secure retirement doesn't just happen. It needs to start with planning and saving early. People are becoming increasingly aware of the importance of retirement savings as they age but still fail to save enough. While there are several reasons for this, others simply do not have easy access to a retirement savings plan at work.

In this episode, Jack talks with Michelle Tran, SVP & Head of Enterprise Sales at Vestwell. Passionate about all things fintech and wealthtech, Michelle is a growth and sales leader with success in growing businesses and teams. She is a fintech and wealthtech leader supporting women in the industry and helping end investors and small business owners fulfill their financial legacies.

As one of the top 100 women in fintech, Michelle talks with Jack about the important role that workplace retirement business plays in educating and guiding new investors, the convergence of workplace retirement and wealth management, and her commitment to empowering women in fintech.

Key Takeaways

Quotes

[03:45] - "Not a lot of America has access to savings. If you think about the 401k space, there are 32 million small businesses in the U.S., and less than a million have actual workplace savings." ~ Michelle Tran

[05:02] - "When you think about access and helping people save, you don't want people trying to save that extra hundred dollars to go through 10 different steps. You want to make it as easy as possible. That's how individuals will save for the long-term."  ~ Michelle Tran

[20:46] - "Modern user experience is so important. It is how you continue to build a user experience that will effectively and efficiently engage users. And that's always going to be at the core of how businesses need to think about building their platform." ~ Michelle Tran

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One of the most important aspects of digital transformation is the need to bring together assets, people, and processes. The merging and acquisition of the best wealth management platform can bring together the best of all three. This strategy brings together the best of what each company has to offer— award-winning asset management, an industry-leading client experience, and the scale to service even the most complex client needs.

In this episode, Jack talks with Edmund Murphy, President and Chief Executive Officer of Empower. Edmund brings decades of broad leadership experience to his role. He was appointed as the inaugural President of Empower upon its formation in 2014. Since then, he has led the organization through a period of strong and sustained growth, positioning the firm as the go-to provider of financial services for more than 17 million investors. Under his leadership, Empower has grown into a national leader serving working Americans through all sectors of the U.S. economy and wealth segments. 

Edmund talks with Jack about his journey to the merging and acquisitions of the best wealth management platforms in the industry. He also shares how Empower values user experience, why client engagement is so important, and the silver bullet every wealth management company needs to consider.

Key Takeaways

Quotes

[05:04] - "Acquisitions are hard. Most mergers and acquisitions fail to deliver on the stated objectives. Often, it's around financial or operational targets not being met. Usually, a cultural issue prevents the acquisition from being successful and delivering those results." ~ Edmund Murphy

[27:58] - "Over the next 20 years, with the transformational wealth occurring in this country, the wealth management business, however you want to define it, will be one of the greatest industries in America." ~ Edmund Murphy

 [28:21] - "The appetite for advice is unabated. It can't be understated. As providers of products and services, you've got to be able to do that and do it well." ~ Edmund Murphy

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Nowadays, marketing is about more than just advertising. It's about creating a connection with your customers and giving them a positive experience that will make them want to return for more. In financial services, happy customers are worth their weight in gold. 

In this episode, Jack talks with Kimberly Beck, Chief Marketing Officer at YieldX. Kimberly has nearly 25 years of experience in the fintech and asset management industries. Before joining YieldX, Kimberly was Head of Wealth Marketing at Envestnet. She also held marketing leadership roles at both BlackRock and Nuveen. At YieldX, Kimberly is responsible for increasing brand awareness and generating revenue.

Kimberly talks with Jack about how she helps advisors deliver better investment outcomes and helps firms deliver improved revenue. She also speaks about the importance of working alongside great people, the value of mentorship, and why happy customers are the best marketing tool. 

Key Takeaways

Quotes

[21:30] - "There's this tremendous shift in our industry that's needed to happen. It's been in the works for a while, but I finally see it coming to fruition. And that's the shift in our industry from advisors delivering products to delivering quality advice." ~ Kimberly Beck

[22:55] - "I see more and more firms are helping people shape their financial lives for the better and helping make wealth more accessible to more people. It's not the same industry that I started in the 90s. It's changed and has this deep sense of purpose now." ~ Kimberly Beck

[27:31] - "Every company has challenges and problems. But if you're working alongside great people to solve them and with people who make you excited, who make you do better at your craft and give you energy, 90% of the battle is with the people you work with." ~ Kimberly Beck

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It’s been an amazing year for WealthTech on Deck podcast. Jack Sharry interviewed some inspiring and successful thought leaders in the financial services industry.

In this year-end edition of the WealthTech on Desk podcast, Jack Sharry, LifeYield's EVP, Chief Growth Officer, and show host, takes the spotlight as Matt Nollman, VP of Marketing, takes the host seat. WealthTech on Deck is the perfect podcast to get up to speed on the latest developments in the wealth management industry and learn about the people shaping its future.

After hearing a lot of interesting ideas, strategies, and important advances from leaders across the financial services industry, Jack shares his insights and lessons learned from leading industry figures in financial services.

Key Takeaways

Quotes

[09:22] - "A strategy without implementation is just a strategy, and both Jed Finn and Ben Huneke execute it thoughtfully and deliberately. They get things done in a very smart way." ~ Jack Sharry

[21:18] - "Retirement is no longer about couples walking hand in hand on the beach or playing their daily round of golf in a warm climate. When people think of retirement, it isn't about checking out. It's about engaging, embracing, and seeking out financial independence." ~ Jack Sharry

[23:45] - "The future of advice will play out on comprehensive wealth management platforms. A comprehensive and coordinated ecosystem is table stakes for firms to build, refine, and compete. In the coming years, that will be the competitive battleground." ~ Jack Sharry

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