WealthTech in the Weeds is a series covering the broad yet critical path to financial services. The goal is to get together with industry experts and get into the details of building an effective, productive, coordinated, and comprehensive advice system.

In this episode, Jack talks with Michael Liersch, Head of Advice & Planning at Wells Fargo, and Harry Bartle, Executive Vice President of Enterprise Sales at LifeYield. At Wells Fargo, Michael leads a team that delivers comprehensive planning services and growth strategies. He is responsible for developing research-based methods to help advisors and clients productively collaborate around their money decisions. As EVP of Enterprise Sales, Harry is responsible for developing relationships with the largest financial services firms in the world. He has more than 20 years of experience driving revenue for many innovative companies across the financial industry. 

Jack talks with Michael and Harry about LifeSync, a groundbreaking tool that provides clients with a hyper-personalized financial planning experience. They discuss how LifeSync connects and coordinates the many systems at Wells Fargo so they can turn guidance into actions that improve results. They also share the importance of understanding consumer needs, data-driven insights, and how LifeSync offers digital comfort to consumers.

Key Takeaways

Quotes

[03:45] - "When we think of clients and institutions we work with at Wells Fargo, we want to come to them as one organization that meets their needs, either personally or professionally." ~ Michael Liersch

[08:36] - "We want LifeSync to be a real conduit for an actual human being to represent themselves as they are. Our customers and clients want to reflect themselves as individual human beings on their own terms." ~ Michael Liersch

[17:14] - "With LifeSync, you can really talk to your advisor, be more transparent, and have a unique approach where the customer is upfront and communicated. And Wells Fargo is building a technology around that, which is revolutionary." ~ Harry Bartle

[29:06] - "We don't need to be everything for everybody. Consumers want to see the different options and what's recommended, but they want to choose based on their beliefs." ~ Harry Bartle

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From growing private markets to the increasing influence of artificial intelligence and higher expectations for client experience, the wealth management industry is evolving at an unprecedented pace. While these trends present exciting opportunities, navigating them requires a targeted focus on strategy execution and innovation. Simplifying complex processes and making things more digestible allow everyone to participate in the evolving financial landscape.

In this episode, Jack talks with Mike Lee, the Global Leader of Wealth and Asset Management at EY. With more than 30 years of industry experience, Mike has served as the lead client service partner to many well-known traditional and alternative wealth and asset management firms. He travels the world to help clients address new questions, devise and execute smart strategies, and optimize their capabilities in times of exponential change.

Mike talks with Jack about some key themes and trends in the wealth management industry, including the growth of private markets, the impact of AI and data, industry transformation, and client experience. He emphasizes the importance of execution and cultural change in driving successful strategies. Mike also discusses the industry's future, highlighting the need for greater inclusion, access, and education around financial literacy.

Key Takeaways

Quotes

[07:30] - "Short-term things happen, and you need to make adjustments. That's just part of doing business—it's part of life. But it's the ability to stay within the purpose of the strategy as your guiding light that enables you to execute." ~ Mike Lee

[09:38] - "It's about transparency, openness, understanding, and the ability to make things more digestible for a broader group that garners the trust you need to do whatever you do, whether you're a wealth manager, an asset manager, a bank, or an insurance company." ~ Mike Lee

[21:07] - "There are a number of macro trends out there, but they all intersect eventually. And the more we elevate, with a consistent understanding, the greater progress we make in private markets, disruptive technology, ongoing transformation, or digitalization." ~ Mike Lee

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Healthcare is a top financial concern for most Americans, yet few financial planning strategies exist to optimize healthcare costs. This gap creates an opportunity for advisors to strengthen their service offerings, deepen client relationships, and drive positive outcomes. By integrating healthcare planning software that gives a custom analysis of client's current and future healthcare costs, advisors can offer a truly comprehensive financial plan that allows clients to navigate the healthcare system with peace of mind.

‍In this episode, Jack talks with Christine Simone, CEO and Co-Founder of Caribou. Christine has extensive knowledge about health insurance, incentives, and payment structures. Her goal is to provide financial clarity for clients by optimizing healthcare planning and helping them make smarter decisions about their healthcare costs.

Christine talks about how she helps clients optimize their healthcare plans and the importance of realigning healthcare needs, especially during major life events. She also shares how healthcare is important to comprehensive financial planning and how Caribou provides unbiased advice to advisors and clients.

Key Takeaways

Quotes

[02:32] - "It's really important to realign your needs with the health plans offered in the market. Even if your needs haven't changed, it's possible that the plan that you're on changes every single year." ~ Christine Simone

[08:17] - "We truly believe that the financial advisor is best positioned from an incentive structure to help clients understand their healthcare costs and support them through this decision." ~ Christine Simone

[20:58] - "As an advisor, it's your role to help clients make smarter decisions, reevaluate and optimize their costs, save money, and make smarter financial decisions related to their healthcare, just as you help them with their investments." ~ Christine Simone

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For advisors to stand out in the marketplace, they need to provide highly valuable, compelling, and differentiated offerings that fulfill their clients' unique needs. Organic growth flourishes when there's product-market fit, and the value proposition resonates deeply with clients. This shift toward a client-focused approach, fueled by data and decision science, is revolutionizing the way advisors build lasting and impactful relationships with their clients.

In this episode, Jack talks with Tom Rieman, CEO and Founding Partner at Practice Intel. Tom has decades of experience in the wealth management industry, asset management distribution, and the broker-dealer ecosystem, with a primary emphasis on process and performance improvement. Before founding Practice Intel, Tom held executive roles in leading financial companies such as J. D. Power, Brinker Capital, and J.P. Morgan Asset Management. Tom is a relentless advocate for great financial advice and a believer in the profound power of the truth.

Tom talks with Jack about the power of data-driven platforms, client-focused strategies, and decision science to unlock the full potential of client-advisor relationships. He shares insights on how firms can differentiate themselves in the marketplace to drive organic growth and enhance client relationships.

Key Takeaways

Quotes

[14:48] - "In any industry, if you have a highly valuable, compelling, and differentiated offering that really meets a need, you get growth." ~ Tom Rieman

[15:18] - "Organic growth is driven when you have a great product-market fit, when there's a lot of value created, and when there's something that is actually compelling." ~ Tom Rieman

[17:37] - "The best client-advisor relationship is not where the advisor is trying to get the client to act on their recommendation, but helping clients make good decisions that align with their values, goals, and aspirations." ~ Tom Rieman

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Leadership is a journey of continuous learning and personal growth. It's a muscle that gets stronger through experience and reflection on the lessons learned. This growth mindset, driven by active listening, genuine care for people, and intellectual curiosity, results in a dynamic leadership style. Such leaders adapt to new challenges and inspire teams to contribute their best work, leading to more effective decision-making, stronger collective vision, and remarkable outcomes.

In this episode, Jack talks with Danielle Learned, Chief of Staff and Head of Sales Execution at Horizon Investments. In her role, Danielle is responsible for leading the planning and execution of the firm's various strategic initiatives and helping translate the firm's mission and vision into action. Danielle is known for her grit and entrepreneurial spirit, and she is dedicated to empowering financial advisors and equipping them with the tools they need to succeed.

Danielle talks with Jack about her career journey and the lessons she has learned about leadership and execution. She shares insights on leadership, the art of listening, the value of empathy and genuine care for people, and the power of grit and perseverance in achieving success. Danielle also discusses Horizon Investments' unique value proposition and the industry's future, emphasizing the importance of personalization and transparency in financial advice. 

Key Takeaways

Quotes

[14:34] - "Leadership is learned. It's not taught. My advice to new leaders or anyone who has to influence and lead a team that doesn't directly report to them is to shut up and listen." ~ Danielle Learned

[17:08] - "To care about people, you really have to care about people. You have to make investments, learn about them, and understand what makes them tick. And that's more than just giving them feedback about their work product. It's really getting to know what motivates them and why they're here." ~ Danielle Learned

[17:24] - "Some of the best ideas around our sales team, how we execute them, and the tools we use have come by asking people questions and giving them permission to share their opinions and come up with new ideas. There are a lot of really smart people around us, and we should leverage them and listen to them." ~ Danielle Learned

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In wealth management, innovation, disruption, and change are accelerating at an unprecedented rate. For bold and curious advisors, this era presents a great opportunity to redefine the future of wealth management. By embracing new technologies and fostering a spirit of change, wealth management can transform into a destination for the next generation and solidify advisors' role as navigators and trusted guides for people seeking a secure financial future.

In this episode, Jack talks with Jay Link, Managing Director and the Head of Fiduciary Programs and Platforms at Bank of America Merrill Lynch. Jay is a wealth management executive with broad experience and success at top global Fortune 50 organizations. He currently leads a dynamic team responsible for all aspects of a $1.2 trillion multi-channel investment advisory business with an annual revenue of $10+ billion.

Jay shares his background and career journey with Jack, from his humble beginnings to his current role at one of the leading advisory firms in the industry. He discusses the initiatives and innovations his team is working on to support advisors and enhance client experience. Jay also shares his insights on the future of the wealth management industry, the evolving role of advisors, and the exciting opportunities and advancements happening in the industry.

Key Takeaways

Quotes

[10:33] - "Think about the pace of wealth creation, wealth transfer, Peak 65, and longevity challenges, all of which point to a massive opportunity and arguably the biggest bull market for advice. People need us, and we have the unique ability to help them navigate all of this. Wealth management can and will become a destination for young people entering the workforce." ~ Jay Link  

[16:20] - "No matter where they practice, the role of the advisor will continue to evolve well beyond investments. That's going to drive the formation of large, sophisticated teams. To stay competitive, advisors need specialization and capacity to grow to serve more family households and diversity to better address the multi-generational wealth transfer and societies we serve." ~ Jay Link

[20:22] - "There's never been a better time to be in the wealth management industry. And there's so much change, creating compelling opportunities for the bold and the curious." ~ Jay Link

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WealthTech in the Weeds is a series covering the broad yet critical path to financial services. The goal is to get together with industry experts and get into the details of building an effective, productive, coordinated, and comprehensive advice system.

The wealth management industry is moving away from individual products and strategies and shifting toward a more coordinated approach with comprehensive advice systems that incorporate the entire scope of investors' household accounts. Firms like Franklin Templeton and LifeYield are at the forefront of this evolution, leveraging technology and partnerships to provide better financial outcomes for clients and advisors.

In this episode, Jack talks with Roger Paradiso, Global Head of Advisor Portfolio & Technology Solutions at Franklin Templeton and Executive Chairman at O'Shaughnessy Asset Management, and Mark Hoffman, Co-Founder and CEO of LifeYield. They discuss the shift in the wealth management industry toward a more coordinated approach to improving financial outcomes for clients. Roger highlights Franklin Templeton’s comprehensive advice capabilities, focusing on personalization, customization, and curation of solutions. Mark talks about LifeYield’s role in connecting and optimizing various capabilities to create better portfolios and solutions.

Key Takeaways

Quotes

[03:18] - "While our core belief in business is always around the manufacturing of great investment solutions and products, if you really want to remain relevant in the industry going forward, you need to do more than that. You always need to have core products, great investment performance, and a broad swath of solutions." ~ Roger Paradiso

[08:49] - "Franklin Templeton has assembled all the right pieces to create customized strategies and advice for financial advisors." ~ Mark Hoffman

[36:07] - "Our business is evolving fast. Technology is becoming more powerful, and clients demand a much higher level of relationship and solution." ~ Roger Paradiso

[36:34] - "We see the retirement market evolving at a hastened pace. This retirement advice, the wheel of wealth, and the client's choices to customize their solution to get a better outcome is the key for any firm in the wealth management space to be aware of." ~ Mark Hoffman

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Advisor360° believes that the future of financial planning is creating an exceptional client experience. This means investing in strategies that directly involve clients in the planning process. By co-planning and leveraging the right technology, advisors can unlock a new level of client satisfaction and loyalty, ultimately leading to happier, more engaged individuals willing to invest in their financial well-being. 

In this episode, Jack talks with Darren Tedesco, President of Advisor360°. Darren began his career at Commonwealth Financial Network, where he played a key role in building their technology platform. In 2019, he helped spin off Advisor360° as a separate company focused on providing innovative technology solutions to wealth management firms. Darren has been part of the software development since its inception, bringing together the thinkers, creators, and visionaries who help power clients' productivity, profitability, and growth. 

Darren talks with Jack about the evolution of Advisor360° and discusses the importance of data, co-planning, and the role of AI in the future of wealth management. 

Key Takeaways

Quotes

[11:05] - "If you can create an amazing client experience, they're going to be happy. A happy client means a happy advisor." ~ Darren Tedesco

[16:33] - "Data is essential. And if you've got faulty data, your software is built on a house of cards. You have to have good, clean data to drive the future of where the whole industry is going." ~ Darren Tedesco

[23:22] - "Scaling the planning process is going to be mission-critical in the next six to seven years. The firms that can figure out how to do that in the best way are going to likely win the hearts and minds of the advisors and, ultimately, the clients." ~ Darren Tedesco

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In today’s world, traditional marketing tactics are often ineffective in capturing clients' attention. Organic growth in financial services lies at the intersection of content, delivery, and personalization. By using AI to generate personalized content, advisors can create meaningful connections and engage clients more effectively. AI-powered marketing is promising, as it has the potential to deliver unique and tailored content that resonates with individual clients at scale.

In this episode, Jack talks with Robert Sofia, Founder and CEO of Snappy Kraken. Robert has served thousands of companies across the spectrum of financial services, including RIAs, family offices, broker/dealers, TAMPs, IMOs, custodians, insurance, and investment companies. With a background in marketing, Robert is passionate about helping advisors forge meaningful connections with their clients and prospects. He is dedicated to leveraging technology, including AI, to create engaging and personalized content.

Robert talks with Jack about how Snappy Kraken helps financial advisors drive organic growth through content, automation, and AI. He shares insights from their recent marketing study, highlighting the importance of SEO, text messaging, and video content in driving engagement and conversions. Robert also emphasizes the evolving role of advisors in providing holistic financial advice and using generative AI to personalize content.

Key Takeaways

Quotes

[11:01] - “The number one highest-converting lead magnet was tax-related. So, the top-performing campaign, bar none by a huge margin, was hidden tax opportunities for high-net-worth investors. And that campaign outperformed all others.” ~ Robert Sofia

[21:18] - “The future of AI in our business, as far as marketing is concerned, is at the intersection of content, content delivery, and personalization with generative AI.” ~ Robert Sofia

[27:12] - “If you're already out there marketing and already have a website, why not make it perform twice as well with an SEO strategy? If you already have opt-in on your website, why not make them convert 400% better using text messages? If you're already sending out communications, why not record them as videos instead of text and get 120% better engagement?” ~ Robert Sofia

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This year's Voice of the American Workplace Survey sheds light on the challenges employers and employees face in today's American workplace. The report underscores the challenges employers face, employee concerns and workplace expectations, and the gap between employer resources and employee needs. By understanding these gaps, the industry can develop innovative solutions that redefine retirement and deliver stronger financial outcomes for US workers.

In this episode, Jack talks with Jacquelyn Reardon, Head of US Marketing at Franklin Templeton, about the results of the survey, some key takeaways, and its implications for the future.

Key Takeaways

Quotes

[02:42] - "Employees are significantly under stress when it comes to their financial health, and they're specifically looking to their employer to help them address those issues and concerns." ~ Jacque Reardon

[09:34] - "Financial independence is the north star people are working towards versus traditional retirement. People are feeling less and less likely to be able to meet these key milestones because of the financial stress that they're feeling today due to a whole slew of factors." ~ Jacquelyn Reardon

[18:24] - "The number one benefit that people are requesting is personalized benefits. The appetite's there, and the expectation is there from a societal standpoint. So people are absolutely expecting that." ~ Jacquelyn Reardon

[23:00] - "We have to come together and figure out how to plug in the best way and do it in a way that will be super user-friendly both for the employer and the employee. We can build this phenomenal tool and resource, but if it's not something that the employer can easily put into their ecosystem and that the employee can easily use and see the benefit of, then there is no point in building these tools." ~ Jacquelyn Reardon

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