Financial Advisor Success Ep 350: The RIA Custodian As The All-In-One Investment Operating System Of The Future With Jason Wenk
Sep 12, 2023
Jason Wenk, CEO of Altruist and former wealth management owner, discusses the development of a groundbreaking all-in-one custodian platform that enhances financial advisory services. He shares insights from his journey, including impactful business decisions and technology integration to streamline investment management. Wenk emphasizes the need for transparency in custodial fees and advocates for the fiduciary standard in all vendor relationships. His passion for improving accessibility in financial advice and the evolution of the industry is truly inspiring.
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Hire with a Rigorous Process
- Build a rigorous hiring process and avoid hiring impulsively to find top talent. - Invest in recruiting talent who deliver high impact rather than just affordable workers.
Annuity Spreadsheet Sparked Growth
- Jason Wenk created a detailed spreadsheet analyzing a fixed index annuity for a client who was confused by sales pitches. - This deep analysis turned into a popular blog post that attracted hundreds of prospects and grew his advisory business.
Custodians' Strong Economics Revealed
- Most custodians generate about 40 basis points revenue on client assets, mainly from cash and mutual fund fees. - Custodians could afford to provide advisors more integrated services at lower cost given their strong economics.