The Diamond Podcast for Financial Advisors

Advisor Tech Advice: AI, Strategy, and the Future of Wealth Management

25 snips
Jun 19, 2025
Doug Fritz, Co-founder and Executive Chairman of F2 Strategy, shares his wealth of experience as a former CTO in top financial firms. He dives into how technology, particularly AI, can revolutionize client engagement and operational workflows in advisory businesses. Doug discusses the journey from his early career in Moscow to leading innovations in wealth management. He emphasizes the importance of strategic tech choices and offers insights on how firms can future-proof themselves while addressing the challenges of adopting new technologies.
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ANECDOTE

Doug Fritz's Career Start

  • Doug Fritz started his career in Moscow with a paid internship installing traffic lights.
  • He transitioned to a full-time financial services role fast, gaining pivotal experience in operations and technology.
INSIGHT

Why Large Firms Lag in Tech

  • Large firms often incrementally improve tech based on the past, not future needs, creating a costly backlog.
  • Transformation leaders who fail are often removed, discouraging innovation internally.
ADVICE

When to Build Proprietary Tech

  • Build proprietary tech only if it defines your competitive moat and brand.
  • Use off-the-shelf vendors for standard functions like billing or trade settlement to avoid costly upkeep.
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