In today’s episode, Jack talks with David Lau, Founder and CEO of DPL Financial Partners. David has been a pioneer in creating products, platforms, and distribution systems that help RIAs implement appropriate annuity products into household portfolios. David’s wealth of experience goes all the way back to his first job as CMO at Telebank, the first internet bank.

David talks with Jack about the impact of telemarketing on RIAs, fee-based vs. commission-based structures, and the integration of low-cost insurance and annuity products in portfolios.

Key Takeaways

Quotes

[03:06] - “The question around annuities was, how do you deliver value? You look at the way annuities are sold and they're so expensive. You're paying massive commissions and you have very high internal distribution costs in terms of wholesaling. The model for distributing annuities is archaic.” - David Lau

[12:12] - “RIAs are never going to have some wholesaler from some insurance company coming into their office every month. There's just no point in it. So I very quickly said we need to change this model to kind of a marketing-driven model. We'll drive awareness through marketing, we'll centralize wholesaling. We’ll have a centralized wholesaling force that basically deals with RIAs through the telephone. It made sense for us, but it also made sense for the market” - David Lau

[21:17] - “DPL was designed to be a fee-based, no-load, commission-free insurance marketplace. For the RIA, the notion is now that you’re more than just an asset manager, you’re a wealth manager, and you’re addressing this broad spectrum of your client’s financial life. It’s hard to do that if you can’t use insurance.” - David Lau

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The choices people make about their financial future are some of the most important decisions in their lives. Knowledge and experience affect decision-making, but so do emotional and cognitive biases. How can people overcome their biases and achieve their financial objectives?

In today’s episode, Jack talks with Jess Liberi, Head of Product at eMoney Advisor, and Michael Liersch, Head of Advice & Planning at Wells Fargo. 

As the Head of Advice & Planning at Wells Fargo, Michael is responsible for the delivery of all comprehensive planning services and sales strategies for clients of Wells Fargo Private Bank and Abbot Downing.

In her role as Head of Product, Jess brings eMoney Advisor’s product vision and strategy to life. She focuses on the evolution and development of eMoney’s robust portfolio of products, creating a powerful user experience across the platform. Working closely with financial advisors and advisory firms, Jess immerses herself in their world to fully understand their needs. 

Jack talks with Jess and Michael about how the partnership between eMoney and Wells Fargo can deliver huge value to clients, why having a deeper human connection can help advisors understand what clients are trying to achieve, and what the next best step is to put financial advice into action.

Key Takeaways

Quotes

[06:48] - "What has been really unique from the beginning is how closely aligned our two organizations are on our views of the value of planning and the criticality of access to planning to more and more people." - Jess Liberi

[18:54] - "I think the first thing that we all need to acknowledge is that to understand the human being, you need to understand their identity and their past because that's idiosyncratic to each human being. That's not a common answer and the question means something different to everybody." - Michael Liersch

[24:22] - "It's oftentimes difficult for people to truly comprehend the small changes that they can make today with substantial impact to their financial future tomorrow. So to the extent that we can help bridge that gap and kind of draw that line and connect today and actions that they take today, to the future, and the possibilities of the future, we've got work to do there, but making headway." - Jess Liberi

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Risk has always been a part of financial advice and strategy. But what does it really entail, both for advisors and for their clients?

In today’s episode, Jack talks with Aaron Klein, Co-Founder & CEO of Riskalyze. Aaron is an innovator in helping advisors and clients understand and manage risk. He started Riskalyze a decade ago with a small team and invented risk solutions like the Risk Number and the Risk Alignment Platform.

Aaron talks with Jack about the evolution of risk solutions, the impact of focused innovation on financial advisors, and the future of a multi-platform world.

Key Takeaways

Quotes

[05:52] - "It took off like a rocket when Riskalyze came out of beta in March of 2013. And here we are 10 years later. We get to serve tens of thousands of financial advisors across the country, and we've delivered over five billion risk numbers to their clients. It's really incredible." - Aaron Klein

[14:54] - "We started from the standpoint of, how can we help advisors better engage with clients at the front end of their process? And we just happened to believe that risk was the right way to engage with clients, that it was the right lens to help clients understand what they were doing and make better decisions that were fearless decisions instead of fearful decisions." - Aaron Klein

[17:13] - "What we are building is a bit of an advisor desktop platform. We really believe in a multi-platform vision. We want to make sure it's really easy for advisors to engage with clients and leverage those tools, and then implement those solutions for clients directly onto the different platforms that they might be on." - Aaron Klein

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In this episode, Jack talks with Christina Townsend, Managing Director and Head of Relationship Management, Consulting, and Platform Strategy at BNY Mellon’s Pershing.

Christina coaches RIA firms on how to make smart technology decisions and how to devise strategies to strengthen their relationships with investors. For more than two decades with Pershing, Christina was able to work directly with clients and was responsible for product management and implementation.

Christina talks with Jack about choosing what goes best in your tech stack, balancing the roles of people and tech in business, and the future of wealthtech.

“The balance between people and technology is different and it doesn't have to be the same. You have to look at where your value proposition is and what you want to differentiate and then apply the people in the technology.” ~ Christina Townsend

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In this episode, Jack continues his conversation with Jasmine Jirele, President and CEO of Allianz Life Insurance Company of North America.

A primary component of Jasmine’s approach to her newly appointed CEO role is her focus on building great teams. Having a cross-functional background, she’s seen the benefit of having the right people in the right roles to leverage opportunities appropriately. Jasmine has also pushed forward initiatives to ensure that the right technology is in place to support her teams and clients. 

Jasmine talks with Jack about the hiring process, establishing strong relationships with distribution partners, and how to work with changing regulations and markets to differentiate from competitors. 

“Having the right talent is absolutely critical. Making sure that you're continuously out there learning and pushing your team to make the best use of the technology and the platforms that are out there and then being really agile and flexible to adapt and adjust.” ~ Jasmine Jirele

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In this episode, Jack talks with Jasmine Jirele, President and CEO of Allianz Life Insurance Company of North America.

As the head of one of the most successful insurance companies in the country, Jasmine brings a fresh take to the CEO role as she brings the company into its next phase. Jasmine committed much of her career to financial services and eventually landed her dream job as the Chief Growth Officer at Allianz where she was able to coordinate projects within operations, marketing, and product. 

Jasmine talks with Jack about the process of incorporating product and distribution relationships with tech, and the impact of the pandemic and accelerated innovation on the industry’s future.

“Being very deliberate and focused on building all of the enabling capabilities to help us grow - it’s not just product or just distribution - it’s also really important to have a very strong customer experience and to make sure that the digital tools and processes are there to enable our advisors to really serve their clients in ways that are user-friendly and meet their clients’ needs.” ~ Jasmine Jirele

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This time of year often calls for reflection. As we look back on 2021 and to the year ahead, we’re flipping the script and handing LifeYield’s VP of Marketing Matt Nollman the reins. Today, Matt interviews our regular host Jack Sharry as well as guest Mark Hoffman, CEO and Founder of LifeYield. 

Due to the pandemic and a rapidly shifting demographic, firms have had to react quickly to meet new and rising client demands. At the forefront of those rising demands, LifeYield has learned quite a bit about navigating the new financial ecosystem and adding value where it counts.

In this episode, Matt talks with Jack and Mark about the three themes of 2021 that touched every conversation and initiative at LifeYield, the approach they’ve taken to address those key demands, and the technology LifeYield has leveraged and developed to push client firms over the finish line. From an unprecedented retirement boom to excitement over client engagement and the ever-popular UMH, here’s a look back at 2021 and a sneak peek at LifeYield’s ambitious goals for 2022. 

Key Takeaways

Quotes

[14:47] “Saying things and then doing them are two different things. I’m very proud that LifeYield has worked hard to build a firm culture that cares about helping investors and advisors get better outcomes.” - Mark Hoffman

[15:19] “That our client firms achieve tangible success using LifeYield software and service, is equally as important as the integrity of the answers our algorithms produce.” - Mark Hoffman

[16:23] “The universally managed household concept that Jack has been espousing for  years, is universal for all client demographics, as are being worried about taxes. We’re very proud to be serving such a wide swath of industry participants on these features. Our clients and partners include the largest wirehouses, banks, asset managers,  insurance companies, custodians, and financial technology firms, and the point is that LifeYield capabilities are relevant and necessary to the full spectrum of industry players.” - Mark Hoffman

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In this episode, Jack talks with Brian Ross, CEO of Flyer Financial Technologies.

Brian started as an engineer with JPL and NASA, but has always been interested in fintech. At BlackRock he helped build a software company that specialized in commercial mortgage-backed securities and commercial loans. Now, with Flyer, Brian is focused on building trading technology that brings together major custodians and brokers through APIs. 

Brian talks with Jack about the three essential approaches to smart trading and how integrating APIs can create powerful trading platforms.

“Tech, tech, tech… use it for strategic advantage to help your clients. This can include everything—from the cloud to APIs to personalization. If you’re not doing these things, you will be missing the next train to Clarksville.” ~ @bwilsonross

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In this episode, Jack and co-host Steve Zuschin talk with Rose Palazzo, Group Head at Envestnet | MoneyGuide. 

As the former Head of Financial Planning at Morgan Stanley, Rose helped develop the leading technology required to make UMH a reality for RIAs and larger firms alike. Her approach to knowing when to buy or build technology and evaluating partners allowed for rapid and effective development. With more than 20 years of experience in the financial services industry, Rose has seen the need for these tools firsthand and has been instrumental in bringing them to fruition. 

Rose talks with Jack and Steve about executing client objectives through integrations, overcoming challenges associated with UMH, and what she’s looking forward to in her new role at Envestnet | MoneyGuide.

“You can evaluate potential partnerships based on the technology or on their capacity to engage in a partnership. But their expertise goes beyond the technology. It goes to, ‘What hurdles did you hit when you tried to get people to use this? And do clients understand it when you put it in front of them?'” ~ Rose Palazzo

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In this episode, Jack talks with Tricia Haskins, head of technology and platform consulting at Fidelity Investments.

Tricia is an influential and thought-provoking leader in the wealth management industry. Her passion to help businesses innovate, scale, and better engage with clients goes beyond the walls of Fidelity. As a keynote speaker, Tricia is well-known for always bringing the industry up to speed on the future of financial services and wealth management.

Tricia talks with Jack about the pathway to digital empowerment, how technology can deepen our relationships, and how to grow your business through scale and efficiency.

“Firms see where they can add value because the time that was once taken up, the paperwork, and so forth, are now being addressed in a different way and a faster way. They’ll start to see an increase in their client satisfaction, bringing in the next generation of investors. There’s a ton of opportunity for the firms that are focused on integration and digital empowerment.” ~ Tricia Haskins

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