WealthTech on Deck Enhancing Business Growth Through Strategic Partnerships with Mark Spina
Strategic partnerships between businesses can be a powerful way to enhance growth and achieve goals that would be difficult to attain independently. By forming mutually beneficial relationships with asset managers and professionals, wealth management businesses can gain access to new ideas, strategies, and technology platforms, enabling them to focus on what they do best: providing high-quality service to their clients.
In today’s episode, Jack talks with Mark Spina, Chief Operating Officer and President at FLX Networks. Mark has over two decades of experience managing sales, national accounts, product, data, and marketing teams around the globe. His current responsibilities include developing and delivering cost-effective solutions to FLX members.
Mark talks with Jack about FLX Networks' approach to helping asset managers and management firms scale their businesses, how having a network can be leveraged to build capabilities that resonate across the community, and how technology plays a crucial role in enabling their business model.
Key Takeaways
- [00:51] - How Mark got his start at FLX Networks.
- [04:41] - How Mark works with asset managers and management firms.
- [11:46] - FLX Networks' growth over time.
- [16:55] - The company's approach to helping asset managers and advisors grow their businesses.
- [19:32] - How FLX Networks enables advisors to deliver products and services effectively.
- [21:15] - What role digital technology plays in the company’s business model.
- [25:42] - Mark's top three key takeaways.
- [27:49] - What interests Mark outside of work.
Quotes
[07:30] - "It's kind of amazing when you think about how modern all other sales engagements have become. Most of the selling experiences, it's better targeted. There's more data flowing into it. You can be more precise. But at the point of sale, it still looks and feels very similar to the way it did 30 years ago." - Mark Spina
[19:42] - "Being in the network of networks, we are able to source a combination of componentry. We are able to source practice management capabilities from external providers. We've built in-house capabilities in some of the areas that we think resonate across that community." - Mark Spina
[26:00] - "In a business and industry that requires scale to succeed, managers have to think about how they can creatively and collaboratively create that scale. And it's unlikely for the vast majority of asset managers to be able to create the requisite scale by themselves." - Mark Spina
[27:02] - "The concept of wholesaling products has to evolve in the next three to five years. It has to look more like everything else that an advisor or person does in their day-to-day life of buying and selling product." - Mark Spina
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