WealthTech on Deck Balancing Technology and Personalization and Giving Digestible Advice with John Thiel
In this episode, Jack Sharry talks with John Thiel, former Head of Wealth Management at Merrill Lynch and longtime advocate for comprehensive advising.
John began his career in public accounting where he realized the impact of tax law on financial planning and decision-making. He was eventually recruited into the insurance business and, while it wasn’t popular at the time, John became an advocate for financial advising as he rose through the ranks at Merrill Lynch.
While the industry has made and continues to make great progress, advisors still have a ways to go when it comes to implementing a goals-based approach and finding synergy between technology and the advisor-client relationship.
John and Jack discuss creating efficiencies for the client as well as the advisor, how advisors can address a rapidly retiring demographic, the impact of COVID-19, and why human advisors are always irreplaceable.
“We really need to have a decumulation strategy that is simple, direct, consumable, and that people can execute in a relatively easy way. And it’s gotta be transparent, so people understand this isn’t some black box. Here’s where the returns were coming from, here’s where we’re pulling it from, here’s the decisions that were made to make the recommendation of where you would draw from. And then literally, maybe, send them a paycheck if that’s what they want. Give those retirees or those people in that stage of life the option to choose a preference on how they want to receive income when they stop receiving a normal paycheck.” ~ John Thiel
Main takeaways
- Efficiency is just as important for the client as it is for advisors and firms. For example, clients need an efficient onboarding experience. While many in the industry are hesitant to do so, giving clients access to transparent reporting is necessary and helpful for all parties.
- COVID-19 has forced many to reassess their priorities. As you help this large wave of retirees, create solutions catered to their preferences, some of which have changed as a result of the pandemic.
- We have to meet clients' preferences to differentiate ourselves while also allowing them to participate in the process. Give clients access to the same tools advisors use.
- Forget complexities, present everything in a way that’s simple for clients to digest and understand. This helps build trust.
Links
- John on LinkedIn
- MyNextSeason
- Narrative Economics: How Stories Go Viral and Drive Major Economic Events
- Merrill Lynch
- Franklin Templeton
- Franklin Resources
- FINRA
- FSU Foundation
- The V Foundation
Connect with our hosts
Subscribe and stay in touch