WealthTech on Deck

In this episode, Jack talks with Deep Srivastav, Senior Vice President and Head of Digital Investment Solutions for Franklin Templeton Investment Solutions. Joining them is Martin Cowley, Executive Vice President and Head of Product at LifeYield. 

In his role, Deep is responsible for the development and deployment of Franklin Templeton's investment solutions through digital channels. It involves leveraging financial technologies, data science capabilities, and investment capabilities related to goals-based wealth management to bring Franklin Templeton's personalized investment solutions to market. On the other hand, Martin Cowley is an expert at building platforms across the wealth management ecosystem. At LifeYield, Martin and his team focus on finding the client's unique circumstances and determining the best way to serve them.

Deep and Martin talk with Jack about the collaboration between Franklin Templeton's Goals Optimization Engine (GOE®), AdvisorEngine, and LifeYield's tax-efficient planning and income sourcing to build and expand a state-of-the-art comprehensive advice platform.

Key Takeaways

Quotes

[14:22] - "When you change the nature of the portfolio advice, it has implications on the whole value chain of advice. Traditional systems have always considered investments a static entity within this whole value chain and all its planning elements. For good investment outcomes to align with those goals, the portfolios and the portfolio risks are more dynamic." ~ Deep Srivastav

[25:19] - "Tax strategies are easy to overlook, but they make a big difference, whether tax loss harvesting, asset location, or withdrawal sequencing. Some things that aren't always part of a plan can kick that plan into the next level of sophistication." ~ Martin Cowley

[25:43] - "We see a lot of value in bridging the gap between planning and execution. That's where some underlying algorithms drive the execution side of things. Much of the work we've done at LifeYield in conjunction with GOE® and AdvisorEngine has been focused on bringing that consistency to the process." ~ Martin Cowley

Links 

Connect with our hosts

Subscribe and stay in touch

The art of storytelling is one of the oldest and most powerful tools in the human toolbox. For centuries, stories have been used to teach, entertain, and connect people from all walks of life. In recent years, storytelling has made a comeback in the business world as a powerful marketing tool. But what makes a good story? And how can you use stories to connect with your audience in a way that feels authentic and genuine?

In this episode, Jack talks with Meghan McCartan, Chief Marketing Officer at Hightower Advisors. In her role, Meghan oversees advisor-facing marketing, thought leadership and events, and corporate/M&A initiatives. Meghan was the architect of their OCMO (Outsourced Chief Marketing Officer) initiative, through which marketing works hand-in-hand with advisory teams to develop and execute strategic marketing and communications plans unique to their firm. For her work on the OCMO initiative, Meghan was recognized as one of the "Ten to Watch for 2020" in Wealth Management magazine. 

A big believer in personal marketing efforts to drive growth, Meghan talks with Jack about the power of active listening in storytelling and marketing, how the Hightower brand story translates to individual advisors, and how she consistently supports the teams she works with.

Key Takeaways

Quotes

[05:39] - "Marketing is knowing what you want to talk about. You'll be more genuine when you are talking about it and being able to tell that story and why you care about it. That's where you make connections. Storytelling equals connections." ~  Meghan McCartan

[20:41] - "We're putting value-added content out there so people can leverage it however they want. That's a lot more valuable than if we said, here's a 401K guide or your tax prep. We have those resources, but we want to enable connection at a much higher level." ~  Meghan McCartan

[25:40] - "Know who you are and be genuine. You don't need to give every detail, but a little bit of vulnerability drives connection." ~ Meghan McCartan

Links 

Connect with our hosts

Subscribe and stay in touch

In this episode, Jack talks with Kaitlin Hendrix, Senior Researcher and Vice President at Dimensional Fund Advisors, and Shawn Jaberzadeh, Vice President on the Global Client Group at Dimensional Fund Advisors. In her role, Kaitlin conducts research and analyses to evaluate and enhance Dimensional's investment strategies. She focuses on asset allocation research to develop value-added investment solutions that meet clients' needs, goals, and preferences in a systematic, reliable, and cost-efficient manner.

Shawn has been with Dimensional Fund Advisors for 16 years. He has worked closely with RIAs in the Enterprise Group, which partners with the largest U.S.-based national RIA and intermediary clients. He works with firms to address their most significant issues, from developing investment solutions to thinking through strategic business initiatives.

Kaitlin and Shawn talk with Jack about how the team at Dimensional Fund Advisors transforms research into practical investment strategies, their unique approach to asset management and distribution, and how technology has made financial services more accessible. 

Key Takeaways

Quotes

[05:06] - "What we've seen a lot of change recently is having much more demand for investors' specific investments, customization around their portfolios, and especially around their tax management." ~ Kaitlin Hendrix

[10:01] - "Financial professionals all have unique businesses. We need to take everything we have at our disposal and tailor a client support mechanism that helps them have the most success." ~ Shawn Jaberzadeh

[17:16] - "When you talk about technology, having a platform that can take thousands of data points across thousands of organizations and then tease out information has been something we have invested heavily in. Technology's been a big part of how Dimensional can continue pushing the boundaries of being a better partner to firms than ever before." ~ Shawn Jaberzadeh

Links 

Connect with our hosts

Subscribe and stay in touch

Over the years, businesses have focused on providing the best products and services. While this is still important, it's no longer enough. Client experience is the new battleground in today's business environment and will only become more important in the years to come.

In this episode, Jack talks with Greg Menefee, Senior Vice President of Consulting & Implementation at Orion Advisor Tech. As a leader, Greg has built and led new, diverse teams by strategically establishing and cultivating a positive, productive, and inclusive cultural foundation. In his role, Greg leads a team that supports independent financial advisors in incorporating tech into their business, enhancing the practice management of their business and their client's experience.

As a leader of teams that excel at elevating the client experience, Greg talks with Jack about the importance of client experience in financial services and how he helps every client maximize their Orion experience. 

Key Takeaways

Quotes

[13:06] - "Client experience is the right competitive strategy for this industry, and more and more advisory firms are catching onto that. Client experience is going to be the big differentiator in the future." ~ Greg Menefee

[15:16] - "A world-class client experience starts with a world-class associate experience. An organization has to focus and invest time thinking about what their associate experience will look like to support their clients' experience and feel about their organization. If the advisor doesn't believe the client's experience is important, they will not make the connection." ~ Greg Menefee

[22:21] - "Client experience isn't an event. It's not a department, and it's not a person in your organization. It's a strategy. So, you will either compete based on your product, price, or experience. That's it."~ Greg Menefee

Links 

Connect with our hosts

Subscribe and stay in touch

Since its inception, the Social Security program has been a cornerstone of retirement planning. Though most people think of social security as a retirement program, it is much more than that. There are many ways to maximize Social Security benefits people don't realize.

In this episode, Jack talks with Alyson Dorosky, Marketing Manager and Head of Social Security Support at LifeYield. Also joining them is Jeff Quigley, Vice President of Enterprise Sales and Relationships at LifeYield. 

In her role, Alyson is a key member of the Marketing and Advisor Success Teams at LifeYield. She's been supporting advisors using Social Security Advantage, which makes her an important Social Security author to watch. She writes monthly about Social Security secrets, niche cases, and lessons learned supporting clients in the digital era. Jeff is responsible for working with existing clients to increase advisor adoption and effectiveness and identifying opportunities to expand relationships that bring added value to customers. In addition, Jeff engages with prospective clients to drive new revenue to the firm.

Alyson and Jeff talk with Jack about how they help advisors navigate social security, how LifeYield and Franklin Templeton work together to bridge the gap between planning and implementation, and how LifeYield Social Security+ improves retirement income outcomes for advisors and clients.

Key Takeaways

Quotes

[02:40]- "It's great to have a plan. And it's great to have that dialogue with clients, but it's difficult to implement that advice in many cases." ~ Jeff Quigley

[13:00] - "Many people find a lot of misconceptions and a great deal of confusion around survivor benefits and divorced benefits. Using a tool like LifeYield is always super impactful." ~ Alyson Dorosky

[26:27] - "Leverage Social security as a springboard to whatever kind of conversation or path you want with prospects or clients. Whether that's leveraging a high-level conversation about retirement income, using income layers, or whether you're diving into a full financial plan."~ Jeff Quigley

Links 

Connect with our hosts

Subscribe and stay in touch

Many individuals and families face financial challenges that require professional assistance to navigate. These challenges can range from investment planning and portfolio management to retirement planning and tax optimization. With the best financial planning tools and investment strategies, financial advisors can provide investors with the best-in-class financial advice.

In today's episode, Jack talks with Jed Finn at the Next Chapter Rockin' Retirement Conference. Jed is the COO and Managing Director for Morgan Stanley Wealth Management. In his role, Jed often has to make tough decisions about budgets and strategies and work with the leadership team to optimize resource allocation in pursuit of the overall strategy.

Jed talks with Jack about how Morgan Stanley achieved strong asset growth, how the company integrated and coordinated wealth management and retirement platforms, and Morgan Stanley's comprehensive approach to serving clients.

Key Takeaways

Quotes

[03:20] - "We always thought that the future of wealth management would be the combination of best-in-class advice and best-in-class technology. We are proud of how our advisors perform on the various rankings and, most importantly, how they serve their clients." ~ Jed Finn

[14:01] - "What we've put together is differentiated because we're the only firm that can deliver cradle-to-grave corporate services where we can grow with a company at every step in its life cycle." ~ Jed Finn

[24:24] - "People have different preferences for advice consumption with different risk budgets, and we need to be able to deliver all of it, or somebody else is going to. From a service perspective, we make sure we can meet clients where they are across that entire spectrum." ~ Jed Finn

Links 

Connect with our hosts

Subscribe and stay in touch

Digital transformation is inevitable, and financial services companies have to be nimble and adapt to the changing landscape. They need to find ways to capitalize on opportunities to remain relevant. As the world ages and demographics change, client and advisor relationships continuously evolve.

In this episode, Jack talks with Kabir Sethi, Managing Director and Chief Product Officer at LPL Financial. In his role, Kabir oversees advisor and end client experience and investment solutions and platforms. He is responsible for investment, banking and lending products, research, core advisor operating platform, end investor experience, third-party and fintech partnerships, and enterprise data and analytics.

With a track record of building and growing award-winning businesses and platforms, Kabir talks with Jack about how he got his start in wealth management, his strategies for creating a better wealth management system, and what he sees as the future of wealth management.

Key Takeaways

Quotes

[12:39] - "This idea of making the experience easier will always be fundamental to our industry. There is no end to the opportunities to take the friction out and find new ways to do things. There are always new ways to try and make the experiences more efficient." ~ Kabir Sethi

[21:56] - "As this country ages and demographics change, you have generations of investors who have grown up digitally. Wealth management will always be a combination of a human and digital relationship. The nature of that relationship and how that relationship gets executed is going to keep changing." ~ Kabir Sethi

[28:45] - "I believe that true success and the people who will succeed will have advisors at the center of their strategy. If you can figure out and keep working at making financial advisors successful, their clients will benefit." ~ Kabir Sethi

Links 

Connect with our hosts

Subscribe and stay in touch

Most people would agree that financial planning is an important part of life. After all, who doesn't want to be able to retire comfortably and have enough money to live the life they want? However, financial planning needs to be much more than just a plan. It needs a clear understanding of the current financial situation and a roadmap to achieve future goals. How can investors create a financial plan that helps them live an intelligent financial life?

In this episode, Jack talks with Rose Palazzo, Group Head of Envestnet Money Guide. Before joining MoneyGuide, Rose was the Head of Financial Planning for Morgan Stanley Wealth Management, responsible for managing the development, implementation, and support of the firm's financial planning offering. Having hands-on experience designing financial planning software, Rose was also an architect of Morgan Stanley's proprietary goals-based wealth management platform, Goals Planning System (GPS).

Having extensive experience in the financial industry, Rose speaks with Jack about some of the exciting things she is working on at MoneyGuide, what she sees as the future of financial planning, and how she helps clients achieve their financial goals.

Key Takeaways

Quotes

[05:35] - "This idea of intelligent financial life is that all components of a client's financial life are connected. And that requires technology to help execute and to enhance clients' lives by providing better advice and helping them to attain what they want." ~ Rose Palazzo

[17:14] - "Clients have complex financial lives, which means they use different advisory products. But all the things that come together help them achieve what they want. There's been so much work done to have platforms inform each other to enhance the advice." ~ Rose Palazzo

[21:36] - "Planning is getting an understanding of why you were investing in the first place.  If we invest for you and provide solutions to you, we should know what the objective is." ~ Rose Palazzo

Links 

Connect with our hosts

Subscribe and stay in touch

Many investors are looking for more integrated solutions to help them manage their portfolios more efficiently. The goal is to minimize the overall tax burden while maximizing after-tax returns. With tax playing a significant role in investment portfolio performance, what can investors do to minimize taxes and transaction costs to achieve their desired investment results?

In this episode, Jack Sharry talks with Amanda Lott, Head of Wealth Planning Strategy at J.P. Morgan Private Bank. In this high-impact role, Amanda drives the firm's training, content, and strategic approach to help clients articulate their most meaningful intentions and align their resources to these priorities. She believes that helping individuals with sound decision-making gives them financial peace of mind and the freedom to live their best lives.

Amanda talks with Jack about how she works on the key areas of financial planning, why smart asset location is important, and how she helps advisors embrace complex planning techniques.

Key Takeaways

Quotes

[13:55] - "With the evolution of the annuity space, being able to offer a low-cost option, and get more of your taxable dollars into a tax-deferred environment, presents a tremendous opportunity for advisors to deliver smart asset location advice to ultra clients." ~ Amanda Lott

[27:54] - "We need to make sure there’s a baseline planning knowledge for all advisors, so they can deliver consistently and ultimately add value because that's where the industry is headed." ~ Amanda Lott

[28:29] - "Technology is never going to replace the advisor. But it's got to complement them, making them more efficient and effective." ~ Amanda Lott

Links 

Connect with our hosts

Subscribe and stay in touch

The investment advisory industry focuses on asset accumulation and allocation as primary drivers of investor outcomes, leaving out opportunities to enhance returns. Taxes are the biggest expense that investors incur throughout their lives, more than everything else combined.

In this episode, Jack talks with Mark Hoffman, CEO, Chairman, and Founder at LifeYield. Mark and his longtime business partner, Paul Samuelson, founded LifeYield to facilitate tax-smart, risk-smart household portfolio management solutions. Mark has over 25 years of experience as an executive at public organizations, including State Street, Fiserv, and Colonial Management. He is also the founder of three financial technology firms: LifeYield, Upstream Technologies, and Lattice Trading. 

Mark talks with Jack about the lessons learned over the past 14 years of building comprehensive advice platforms, the importance of tax-smart implementation in financial planning, and how LifeYield simplifies portfolio management while maximizing returns.

Key Takeaways

Quotes

[18:03] - "At LifeYield, we see financial planning as finally becoming the central pillar supporting how advisors engage with their clients. But financial planning has not been tax aware. Without tax awareness, financial planning cannot provide implementable advice." ~ Mark Hoffman

[28:30] - "Tax alpha is often the largest benefit we've talked about in these bad markets. And for any firm in the wealth management industry to be successful, they certainly need a tax alpha strategy." ~ Mark Hoffman 

[28:58] - "Wealth management firms need to become the primary advisor for their clients, particularly when somebody's transitioning into retirement. It's a natural asset consolidation point because the client wants uniform advice." ~ Mark Hoffman

Links 

Connect with our hosts

Subscribe and stay in touch