WealthTech on Deck The Future of UMH with Scott Smith
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:
- [02:05] - Implementing UMH
- [04:58] - The core elements of UMH
- [07:19] - Research methodology and findings on UMH adoption
- [13:09] - Asset location and its complexities
- [16:02] - Identifying and addressing barriers to UMH implementation
- [19:44] - The growing demand for retirement income solutions
- [23:02] - The future of asset location and income generation
- [25:31] - Scott's key takeaways
- [28:32] - Scott's interests outside of work
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
Links
- Scott Smith on LinkedIn
- Cerulli Associates
- 55ip
- EY
- Vanguard
- Morningstar
- Envestnet
- Morgan Stanley
- Fidelity Investments
- Charles Schwab
- Kismet Improv
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