Financial planning and the data inputs required

Welcome back to the Alt Goes Mainstream podcast.

Today’s interview is with a wealth management entrepreneur who created one of the most consequential wealth management technology companies that has helped to shape the industry into what it is today.

Bill Crager is the Co-Founder of Envestnet, which he and his co-founder, the late Jud Bergman, grew into a public company. Bill was the CEO of Envestnet during the company’s time as both a public company and following Bain Capital’s acquisition to take the company private for $4.5B.

Bill is now back at it again, joining iAltA Holdings as a Founding Partner to build a suite of businesses at the intersection of private markets and private wealth management infrastructure alongside former Ipreo CEO Scott Ganeles, former Ipreo Executive Bill Sherman, and former Blackstone CFO and WestCap Founder Laurence Tosi.

Bill and I had a fascinating conversation about wealth management and private markets. We covered:

• The evolution of wealthtech.
• What advisors are looking for when it comes to technology.
• How technology can help advisors deliver a high-quality experience to clients.
• Why private markets are now playing such a big role in the business of wealth management.
• What is missing in private markets infrastructure.
• The role of AI in financial planning.
• Why Bill wanted to go back to building again.
• What is in store for iAltA.

Thanks Bill for sharing your wisdom and expertise on private wealth and private markets.

Show Notes
00:00 Introduction to Early Technology

00:12 Sponsorship Message from Ultimus

02:09 Welcome to the Alt Goes Mainstream Podcast

02:12 Introduction to Bill Crager

04:19 Building Envestnet and Early Challenges

05:06 Evolution of Wealth Management

07:00 Adoption of Technology in Wealth Management

08:39 Private Equity's Role in Wealth Management

10:17 Horizontal vs. Vertical Solutions

14:11 Challenges in Wealth Management Technology

16:22 Data and Technology in Wealth Management

22:41 Customization and Future of UMA

24:30 Impact of Data on Private Markets

26:30 Evergreen Funds and UMAs

27:45 Fusion of Public and Private Markets

28:07 Data Inputs for Financial Advice

28:33 Building Financial Plans at Scale

28:59 The Need for Holistic Financial Connectivity

29:35 Challenges in Data Flow and Infrastructure

30:29 The Role of AI in Financial Planning

30:49 Balancing Machine Learning with Human Assurance

31:35 AI's Impact on Financial Advice

32:40 Future of Financial Planning with AI

35:06 Trust in Technology vs. Human Advisors

35:19 The Emotional Component of Financial Advice

36:31 The Evolution of Wealth Management

37:02 Tokenization in Wealth Management

37:46 Adoption Challenges of Tokenization

38:56 Leveraging Technology in Wealth Management

39:27 The Future of Financial Advisors

40:59 Advice for Young Financial Advisors

42:10 The Role of Technology in Private Markets

43:48 The Vision Behind iAltA

44:46 Building Horizontal Solutions

46:14 Creating Bridges in Financial Infrastructure

51:00 The Future of Financial Advice Industry

Editing and post-production work for this episode was provided by The Podcast Consultant.

A word from AGM podcast sponsor, Ultimus Fund Solutions

This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.

To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.

Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com.

We thank Ultimus for their support of alts going mainstream.