Jason talks to Gavin Spitzner, President of Wealth Consulting Partners. Gavin is one of the more recognized fintech experts in the US that consults with significant players on the state of their advisor technology and its future development.
Episode Highlights:
- 5.58: Gavin says it is not an institutionalized legacy in terms of how we ensure that we are delivering a client-centric and advice-oriented relationship where it always puts client interests first, and we are here to help and guide them.
- 8.57 Gavin suggests if you look at the research when clients leave, it's not about performance. It's all about the technology and communication you are doing.
- 10.29: Jason inquires, what are the table stakes you think exist now and what are the better implementations over top of that?
- 11.42: Gavin recommends, "You have to make some of the decisions around what is high up on the value chain that I can uniquely bring value to and what else could I automate to digital engagement."
- 15.01: Jason suggests that you have to take a client-centric approach when you think of a plan-centric approach.
- 25.09: Automated intelligence overlays on top of CRM's because it's hard for companies to do many things well, and we can find some of the more specialized firms that are deep diving into it.
- 27.22: Just because the software says do this doesn't mean that it matches the human being, says Jason.
- 30.21: The entire industry is better off by niche development because you can cater to a small group of people incredibly well at a deeper level.
- 33.00: The growth rates for direct indexing come from a smaller base, depending on how it is measured, it will be off the charts.
- 34.52: Gavin says that if you educate your client, you will not focus on your custodial statement. You are going to focus on your performance report, which is about you and your goals.
- 36.23: With the real aspects of COVID and changes in employment, whether voluntary or involuntary, everyone's life is turned upside down to some degree.
- 38.21: Advisors can guide clients to look at different work arrangements to take advantage of the wealth they have accumulated and permit them to spend more and do things differently when they can still take advantage of it.
3 Key Points
- Gavin shares how people came to advisors in the old days because it was the only way to access the markets or the information.
- Gavin points out that we need to have a better digital engagement process, but the traditional portals out there do not shape or make a match.
- Jason explains how the advisors who tend to focus in concentrated niches are growing at far faster rates than the advisors we need.
Tweetable Quotes
- "The role of technology or data to engage with clients and make a meaningful impact on their lives motivates me." – Gavin
- "You can't go back to the old premise if you discover what it means going forward." – Jason
- "You are going to be more knowledgeable if you believe in technology and handle financial issues leading with planning and definition." - Gavin
Resources Mentioned:
- Facebook – Jason Pereira's Facebook
- LinkedIn – Jason Pereira's LinkedIn
- Woodgate.com – Sponsor
- Gavin Spitzner – LinkedIn
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