The Future of Advisory Services: How Technology is Changing the Way We Invest with Ainslie Simmonds

Apr 26, 2022

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Wealth management is constantly evolving as the needs of consumers and businesses change. In order to stay ahead of the curve, companies need a platform that provides their customers with a 360-degree view of all their assets. This will allow them to deliver a better customer experience, increase loyalty, and drive growth. By having a single platform that connects all aspects of the business, firms will be able to better serve their customers and provide them with a better overall experience.

In today’s episode, Jack talks with Ainslie Simmonds, President of Pershing X, a new business unit in BNY Mellon that designs and builds innovative digital solutions for Pershing’s Wealth Solutions clients, including broker dealers, RIAs, and trust companies.

Prior to joining Pershing, Ainslie was the Global Head of Digital at PIMCO, the Chief Marketing and Product Officer at thinkorswim, and the Chief Operating Officer at LearnVest. Ainslie brings two decades of experience in wealth management and digital experience to her role at Pershing X. Along with her team, she is dedicated to delivering the industry's leading end-to-end advisory platform, helping financial services firms solve the challenge of managing disconnected technology.

Ainslie talks with Jack about what Pershing X has to offer in the financial services industry, how she plans to address the interoperability issue in the financial system, and how Pershing X hopes to dominate the advisory market.

Key Takeaways

[01:26] - What Pershing X has to offer in the financial services industry.
[03:19] - A look back at Ainslie's professional journey.
[07:22] - How Pershing X plays a role at the Bank of New York Mellon.
[10:56] - Where Pershing X draws its inspiration.
[14:54] - How Ainslie plans to address the interoperability issue in the financial system.
[17:34] - How Pershing X hopes to dominate the advisory market.
[20:29] - Why the financial industry is ill-prepared to deal with waves of retirees.
[23:15] - Ainslie's three major takeaways.

Quotes

[18:58] - "No expectation we're going to win every app. It's on us though to always be adding more and more of that interoperability value." - Ainslie Simmonds

[22:29] - "If you think about the ways interoperability could show up, it can very much show up in retirement paychecks. It can show up in a lot of different ways that no single point provider could do. I can see the problems getting solved with a suite that talks to each other." - Ainslie Simmonds

[23:24] - "If you are in the advisory business, I think you need to think hard about how much you want to invest in tech and how much you're going to turn to partners. That has to be a really thoughtful decision." - Ainslie Simmonds

[23:52] - "There is this massive opportunity to serve clients through all stages of their life. And you need to think about how your platforms and technologies are supporting you in that." - Ainslie Simmonds

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