WealthTech on Deck

The RIA industry is experiencing massive consolidation, driving demand for integrated solutions that unify technology, investment management, and professional services. With its extensive back-office expertise, technology, and investment solutions, SEI is well-positioned to meet this growing need. 

In this episode, Jack Sharry talks with Michael Lane, EVP and Head of Asset Management at SEI. Michael is responsible for the business and growth strategy of SEI's advisor and institutional businesses in North America and for leading the firm's investment management teams globally. 

Michael shares his career journey and why he joined SEI. He discusses the macro trends in the wealth management industry, SEI's unique position in the market, and its vast and often misunderstood capabilities. Michael also shares the exciting opportunities to bring together SEI's many capabilities and make them more visible to the market.

In this episode:

Quotes

“ What gets me super excited is how we start thinking about the ‘what ifs’, documenting those ‘what ifs’, figuring out what we can actually do over the next 6, 12, 18, 24 months, and then bringing that story out into the marketplace.” ~ Michael Lane

“As you look around the marketplace, there are very few providers that exist out there that can do as many things as SEI can do.” ~ Michael Lane

"Whatever you thought SEI was, probably isn't what it is. I hope we have an opportunity to spend a lot more time with the advisor and institutional community to help them better understand who we really are." ~ Michael Lane

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At its root, marketing is about storytelling. As markets shift and client needs evolve, Franklin Templeton creates narratives that remain relevant and align with the firm's core mission. Listening to the market, using technology like AI, and collaborating across teams allows the company to maintain its relevance while staying true to its core values.

In this episode, Jack Sharry talks with Jennifer Ball, Chief Marketing Officer at Franklin Templeton. Jennifer is responsible for developing and implementing a global B2B marketing strategy, driving change, and defining positioning and messaging. She is also accountable for client experience across Franklin Templeton's US retail, private wealth, retirement, insurance, and institutional businesses. Jennifer is passionate about insight-driven marketing through analytics and powerful content marketing.

Jennifer talks about how Franklin Templeton creates and delivers narratives across the globe. She shares how the company uses advanced listening tools, social media, and AI to personalize messaging. Jennifer also highlights the importance of aligning internal voices, tailoring messages to diverse markets, and promoting collaboration in crafting cohesive and impactful narratives.

In this episode:

Quotes

[11:32] - "As things change with your clients and the market, you can evolve your narratives to make sure they stay relevant and still support your overall mission and ambition for the company." ~ Jennifer Ball

[19:27] - "The whole process of listening to our internal employees, our clients, and our competition is absolutely the foundation of our work and what felt true to us in terms of where we're trying to go." ~ Jennifer Ball

[23:31] - "We all have to figure out how to use AI to transform our business. We're at an inflection point right now, and AI can play a huge role in personalizing storytelling." ~ Jennifer Ball

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Franklin Templeton has been a client of SEI LifeYield since 2014.

UMH is changing the world of wealth management, helping clients earn more and keep more through tax-smart, multi-account coordination. Many advisory firms recognize the benefits of UMH but often face challenges with its adoption. Having access to the right tools and technology solutions, however, best positions firms and advisors to increase assets under management.

In this episode, Jack Sharry talks with Scott Smith, Director of Advice Relationships at Cerulli Associates and member of the CFP Board's Digital Advice Working Group. Scott has more than 20 years of experience in the financial services industry and leads Cerulli's research on investor behavior and advisory relationships. His research helps clients understand how to optimize their platforms.

Jack and Scott discuss UMH, its core elements, and how it revolutionizes financial advisory services. Scott also unpacks his findings on UMH adoption, the challenges advisors face in its implementation, and the innovative solutions paving the way forward.

In this episode:

Quotes

[14:25] - "People are just getting overwhelmed by the number of accounts they have and the number of passwords they have. Anything we can do to make a client's life easier, bring those things together, and not have them worry about is a compelling story." ~ Scott Smith

[25:43] - "Every tax optimization strategy is great, but it only matters if advisors use it. So, lack of adoption is the barrier to real impact." ~ Scott Smith

[26:14] - "It (tax optimization strategy) has to be easy to understand. It has to be easier for advisors to use than what they're doing right now. And it has to be easy to explain the benefits to clients." ~ Scott Smith

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In this episode, Jack Sharry talks with Adam Holt, CEO and Founder of Asset-Map. Adam was a financial planner frustrated by financial planning. The long, research-packed reports he prepared for client meetings didn't engage clients or provide clarity. Adam realized that to serve clients better, he needed to help them focus on what matters most, making good financial decisions so they could reach their goals. This mindset led him to found Asset-Map.

Adam discusses how visualizing goals drives meaningful financial actions. He also highlights how financial advisors can prepare for major shifts in wealth transfer and client expectations in a tech-enabled era. From the great wealth transfer to the importance of engaging multi-generational households, Adam sheds light on how tools like Asset-Map can help advisors deepen client relationships and simplify financial planning.

In this episode:

Quotes

[03:47] - "There are a lot of people that have created a significant amount of success. They weren't worried about whether they could meet their retirement goals. They worried about the complexity." ~ Adam Holt

[05:27] - "When you think about financial decisions, what's the most important thing? It's not the finances. It's the people." ~ Adam Holt

[14:23] - "Advisors who start to adopt these tools (technology and AI) and find ways to deliver more of themselves to their customers are going to dominate and gather more assets. They're going to scale, they might have margin compression, and they're going to win long-term." ~ Adam Holt

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This week, WealthTech on Deck producer Matt Nollman takes over hosting duties to interview Jack Sharry about the podcast’s standout moments of 2024. They discuss the evolution and future of UMH, including the transformative impact of LifeYield’s recent acquisition by SEI. Jack highlights pivotal industry conversations with leaders advancing UMH capabilities, explores strategies for overcoming implementation challenges, and emphasizes the importance of innovation for financial advisors and firms. Jack also shares key career advice that has shaped his professional journey.

In this episode:

Quotes

“Through this acquisition, SEI will be the first in the industry to provide real-time, automated, unified managed household or UMH capabilities in a cost-effective, fully bundled overlay solution.” ~ Jack Sharry

“The single biggest challenge we find is getting all the departments, all the silos to work together. And that is also why it is important to have a single executive sponsor or leader.” ~ Jack Sharry

“Improving after-tax returns and income is inherently a multi-account exercise.” ~ Jack Sharry

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This week, Jack Sharry is joined by LifeYield co-founders Mark Hoffman and Paul Samuelson to discuss SEI's acquisition of LifeYield. They explore the strategic implications for LifeYield, the integration of multi-account management, and the potential benefits of Unified Managed Household for clients and the broader industry. They also discuss the comprehensive service capabilities the SEI-LifeYield partnership provides, focusing on improving financial outcomes through advanced tax optimization and holistic portfolio management. 

In this episode:

Quotes

“For LifeYield, [the aquisition] means unequivocal validation of the premise that my partners and I founded LifeYield to begin with—that only in managing an investor's coordinated accounts together can one provide the best outcome for those investors.” ~ Mark Hoffman

“In order to have success, you need investment software and you need the whole support of onboarding accounts and connecting accounts to just be in the game at all. I can look back at the mistakes I've made, and if I'd had the right advisor equipped with what SEI-LifeYield is going to be equipped with, it would've been much better.” ~ Paul Samuelson

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Growth isn't just about numbers. It's about driving change, creating meaningful connections, and making a purposeful impact. It comes from challenging the status quo and aligning with partners who understand the journey ahead. Whether championing innovation in the financial sector, cultivating a culture of resilience in businesses, or advocating for health, growth depends on clarity of purpose and bold, intentional steps.

In this episode, Jack Sharry talks with Tina Powell, Partner & Chief of Community at Intention.ly. Tina is a trailblazer in the digital marketing industry, with more than 20 years of experience driving growth for financial services companies. They discuss community building, championing growth, and advocating for health. Tina shares her advocacy for health awareness following her battle with lung cancer, Intention.ly's approach to growth marketing, and how modern marketing strategies drive impactful growth. 

In this episode:

Quotes

[13:23] - "I see myself as a vehicle of service, a conduit of information. And if there's any way I can bridge the hope that's in my heart to the people who need it most, utilizing the tenets of modern marketing media to help provide hope and information to the people who need it most, then that's my legacy." ~Tina Powell

[27:59] - "We are not afraid to challenge and to ask the tough questions. We already know what those questions should be. And it's coming from a place of service to the FinTech platforms and the FinTech leaders we serve." ~ Tina Powell

[30:11] - "Don't continue doing the same thing because it will just get you the same results. Align yourself with people who truly understand where you want to go." – Tina Powell

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For decades, financial planning has focused on individuals and families, often overlooking the unique needs of business owners. However, the need for expert financial advice has become more significant as boomers become more involved in business and the trend toward private company ownership grows. Recognizing this demand, RISR seeks innovative solutions to empower business owners and the financial advisors who serve them.

In this episode, Jack Sharry talks with Jason Early, Founder of RISR. They discuss how RISR empowers and deepens the relationships between business owners and financial advisors. They explore how the company provides a comprehensive solution for business owners and uses technology and human advice to enhance the advisor-client relationship.

In this episode:

Quotes

[01:01] - "We've got this deep-seated belief that owners of private companies need better advice and that the advisors who serve them need better tools and technology." ~ Jason Early

[13:06] - "For decades, advisors have had the tools and technology to serve the executive, the family, or the household, but the business is largely ignored." ~ Jason Early

[14:31] - "Business owners are complex, and they have complex issues and challenges, so there are a lot of problems to solve. We want to surround every conversation the advisors have with the business owner so that the owner can make more informed decisions and exit the way they want to." ~ Jason Early

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The shift towards private ownership and alternative assets presents opportunities for investors and advisors. However, operational efficiency, including data accessibility, streamlining operations, and automating processes, often burdens advisors when navigating this space. Having innovative solutions and a team specializing in private markets and alternative investments makes it easier for advisors to create and manage these assets with speed and scale.

In this episode, Jack Sharry talks with Steve Zuschin, Chief Revenue Officer at Mammoth Technology, about the growing interest in private markets and alternative investments. Steve explores the challenges advisors and firms face in navigating the complexities of these investments, including operational hurdles, data management, and client experience. He also shares insights on how to streamline processes, leverage technology, and position firms as leaders in the private market space.

In this episode:

Quotes

[11:15] - "At large, our economy is becoming privately held. To diversify these investments, we have to access them in private markets." ~ Steve Zuschin

[16:44] - "We really want to remove that burden from the operations team and create a better experience for the field of advisors to learn about new deals that are available to them, that their compliance team and due diligence have gone through, as well as a standardized transaction process for them to go through on behalf of the clients." ~ Steve Zuschin

[20:42] - "If you don't have a team in place that's looking at the innovations around private markets, try and get someone, whether it's a consultant or somebody else who's out there looking at the markets. Because whether you're curious or interested in making these deals for your clients, if you're working with high-net-worth clients, they're going to make these deals with or without you." ~ Steve Zuschin

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Taxes are a major concern for both investors and advisors. As such, minimizing tax liability is a priority in wealth management. Asset location, a strategy that places assets in the most tax-efficient accounts, can significantly enhance a portfolio's overall efficiency. While this approach can be a multi-account exercise, having a modern portfolio management system equipped with tax-smart technology can streamline this process and effectively coordinate unified managed household accounts.

In this episode, Jack Sharry talks with LifeYield's Founder and Chief Investment Officer, Paul Samuelson, and CEO, Chairman, and Founder Mark Hoffman. Paul has written algorithms that power investment software for more than four decades. He’s spent the past 16+ years devising algorithms around minimizing taxes and maximizing retirement income, all part of a robust asset location process. Mark turns Paul's algorithms into industrial-strength software used by many of the largest financial institutions in the world.

They discuss asset location and tax-smart strategies to minimize tax liabilities and maximize retirement income.

In this episode:

Quotes

[04:08] - "Financial planning systems are one good way to look at multiple accounts. And then, to have the financial plan implemented, you really need to consider asset location." ~ Mark Hoffman

[06:56] - "Certain assets are likely to be more tax-inefficient, but they don't always land the way you would expect. So, for investors who happen to hold low turnover stock portfolios, you can effectively have quite tax-efficient equity investing as long as you're willing to pay great attention to sales of stock." ~ Paul Samuelson

[22:57] - "Asset location, placing the most tax-efficient assets in your taxable accounts and the least tax-efficient assets in the qualified accounts, raises the after-tax return of your portfolio. That means you'll get more balance, which can create more income. Asset location is the dominant form of tax alpha you'll get." ~ Mark Hoffman

[23:50] - "The real opportunity in looking at all the household assets is that you're going to be able to pick up some of the client accounts that have been unmanaged or very poorly managed. It's an opportunity for the advisors and a real service to the clients." ~ Paul Samuelson

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