Embracing Change and Innovation in Wealth Management with Jay Link

Jun 18, 2024

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In wealth management, innovation, disruption, and change are accelerating at an unprecedented rate. For bold and curious advisors, this era presents a great opportunity to redefine the future of wealth management. By embracing new technologies and fostering a spirit of change, wealth management can transform into a destination for the next generation and solidify advisors' role as navigators and trusted guides for people seeking a secure financial future.

In this episode, Jack talks with Jay Link, Managing Director and the Head of Fiduciary Programs and Platforms at Bank of America Merrill Lynch. Jay is a wealth management executive with broad experience and success at top global Fortune 50 organizations. He currently leads a dynamic team responsible for all aspects of a $1.2 trillion multi-channel investment advisory business with an annual revenue of $10+ billion.

Jay shares his background and career journey with Jack, from his humble beginnings to his current role at one of the leading advisory firms in the industry. He discusses the initiatives and innovations his team is working on to support advisors and enhance client experience. Jay also shares his insights on the future of the wealth management industry, the evolving role of advisors, and the exciting opportunities and advancements happening in the industry.

Key Takeaways

[01:21] - Jay's background and career journey.
[05:55] - Innovating financial services through technology and client value.
[10:04] - Embracing change and innovation in wealth management.
[11:56] - Leadership, listening, and team development in the workplace.
[15:58] - The future of the wealth management industry.
[20:07] - Jay's three key takeaways.
[22:02] - Jay's passion outside of work.

Quotes

[10:33] - "Think about the pace of wealth creation, wealth transfer, Peak 65, and longevity challenges, all of which point to a massive opportunity and arguably the biggest bull market for advice. People need us, and we have the unique ability to help them navigate all of this. Wealth management can and will become a destination for young people entering the workforce." ~ Jay Link

[16:20] - "No matter where they practice, the role of the advisor will continue to evolve well beyond investments. That's going to drive the formation of large, sophisticated teams. To stay competitive, advisors need specialization and capacity to grow to serve more family households and diversity to better address the multi-generational wealth transfer and societies we serve." ~ Jay Link

[20:22] - "There's never been a better time to be in the wealth management industry. And there's so much change, creating compelling opportunities for the bold and the curious." ~ Jay Link

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