WealthTech on Deck

Innovation has been a critical driver of progress in wealth management. As a result, various innovative investment strategies have emerged and been adopted. These vehicles offer customization, transparency, and flexibility, giving investors more control over their portfolios and aligning investments with their unique financial objectives.In this episode, Jack talks with a legend in wealthtech, Roger Paradiso, Global Head of Product Solutions at Franklin Templeton and Executive Chairman of O'Shaughnessy Asset Management. With every merger, acquisition, and sale in the past 30 years, Roger has seen problems and changes as opportunities. In 2014, Roger was bestowed the Money Management Institute's Advisory Solutions Pioneer Award, and in 2016, the All-Star Achiever Award.An advisory solutions industry leader with expertise in innovation, transformation, business enhancement, and strategy, Roger talks to Jack about how he created the concept of multiple-discipline accounts, commonly known as MDAs. Roger also shares how he moved the industry from mutual funds to separately managed accounts (SMAs) to multiple-discipline accounts (MDAs) to unified managed accounts (UMAs) and beyond.Key Takeaways [01:59] - Roger’s impact in developing separately managed accounts (SMAs). [09:05] - The evolution of the multiple-discipline account (MDA). [13:08] - How Roger's multiple-discipline account gained significant traction. [19:15] - The transition from separately managed accounts to multi-discipline and unified managed accounts. [23:50] - The creation of unified managed accounts (UMAs). [29:01] - Franklin Templeton's efforts to fuel wealth management growth. [34:27] - Roger's take on the future of wealth management. [37:07] - Roger's three key takeaways from the conversation. [38:57] - Surprising facts about Roger. Quotes[05:11] - "I remember, at the time, all the information was on the one hard drive of one computer. The problem they had was because all this information was on one hard drive, all the information was incorrect over time. They were not getting good information in, and thus they had bad information going out." ~ Roger Paradiso[28:00] - "Franklin Templeton is now thinking about using technologies through acquisitions, deals, partnerships, or building ways we can continue to progress what the asset management industry looks like in the future." ~ Roger Paradiso[38:13] - "If you hire the smartest, brightest people around you in every job function, you're going to continue to win and support everyone because it's all about the people." ~ Roger ParadisoLinks  Roger Paradiso on LinkedIn Franklin Templeton O'Shaughnessy Asset Management Len Reinhart Jim Seuffert Salomon Brothers Citigroup Edward Jones Empower Canvas Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

Retirement planning and wealth management are becoming synonymous with financial wellness. It encompasses not just monetary security but also the tools and knowledge to navigate the intricate pathways of personal finance. As financial wellness takes center stage in retirement planning, interwoven with coordination and strategic technology integration, advisors and individuals can maximize their financial outcomes and achieve long-term peace of mind.In this episode, Jack talks with Aaron Schumm, Founder and CEO at Vestwell. Aaron founded Vestwell in 2016 to close the American savings gap by modernizing how individuals and small businesses save. Before Vestwell, Aaron co-founded FolioDynamix, which is now part of Envestnet. Aaron brings over 20 years of fintech and finserv experience from industry-leading companies, including Northern Trust, Citigroup, and Fiserv.Dedicated to serving millions of undersaved Americans, Aaron talks to Jack about the vital role the workplace retirement business is playing in bringing on new investors, helping them with the tools and capabilities they need to make their retirement savings journeys as productive as possible, as well as showing them how to maximize their financial results and peace of mind.Key Takeaways [01:27] - How Vestwell addresses financial wellness in the workplace. [06:19] - How Vestwell provides personalized recommendations for individuals. [08:20] - What the future holds for integration and coordination in wealth management. [12:46] - Vestwell's expansion of pooled and multiple employer solutions. [13:47] - How Vestwell addresses the retirement needs of workers with multiple jobs and rollovers. [16:11] - Exciting developments and plans for Vestwell. [17:53] - Aaron's three key takeaways. [19:52] - Aaron's interests and activities outside of work. Quotes[06:05] - "Our role is to help facilitate and guide that next best dollar and provide the experience to the end user that allows them to know what they're doing and how they can best optimize to save for their future." ~ Aaron Schumm[18:11] - "Expanding into the workplace offering is a core anchor for anyone who wants to engage in a future wealth program." ~ Aaron Schumm[18:24] - "The demand we're seeing on the financial wellness side, where people are just saying, ‘Hey, help me work through this or help me think through this and create an actionable result’, is really important. And the key is that last piece, making it actionable." ~ Aaron SchummLinks  Aaron Schumm on LinkedIn Vestwell Gradifi Morgan Stanley Connect with our host LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

Finance and wealth management are rapidly evolving fields, and embracing artificial intelligence (AI) isn't just a choice. It's a transformative journey that promises to redefine how professionals conduct business. This technological leap isn't designed to replace human expertise but to elevate it, guiding individuals toward optimal capacities.In this episode, Jack talks with Jud Mackrill, Co-Founder at Milemarker and General Partner at Mammoth. Jud has spent his career making technology and data more useful and accessible to financial advisors, their clients, and the firms they work with. He is well versed in helping companies dramatically increase value with his portfolio of experience as a founder, chief marketing officer, or consultant accompanying business exits or recapitalizations of over $1.9 billion. Passionate about modernizing independent wealth management and helping make private investing more accessible and transparent, Jud talks to Jack about artificial intelligence (AI) in wealth management. He emphasizes the importance of embracing AI and incorporating it into our personal and professional lives. Jud also discusses the role of AI in data analysis and how it can automate processes, allowing financial advisors to focus on delivering personalized advice to their clients.Key Takeaways [01:22] - Jud's role at Milemarker and Mammoth and how he helps advisors and clients achieve better financial results. [03:50] - The influence of AI on the financial advisory industry. [05:23] - How AI impacts businesses in the future. [09:01] - Jud's thoughts on how large companies can implement AI. [13:30] - Why using AI benefits both advisor and client. [15:48] - How AI can help advisors make more informed decisions for clients. [18:54] - Jud's three key takeaways. [21:46] - What Jud loves doing outside of work. Quotes[04:06] - "AI is the next way to work. We could put it on a platform or pedestal, and it's the next best thing ever. To some degree, it will redefine how work happens." ~ Jud Mackrill[10:03] - "A lot of things are going to get automated. Not to replace jobs but to help people get to that continually highest and best use." ~ Jud Mackrill[19:08] - "You need to make AI a part of your personal life and then a part of your work life. It will enhance your curiosity and understanding and ultimately transform your client and advisor experience." ~ Jud MackrillLinks  Jud Mackrill on LinkedIn Jud Mackrill on Twitter Carson Partners Technology Milemarker Mammoth Steve Zuschin Kyle Van Pelt Morgan Stanley Ameriprise Financial William Blair Convene Capital AssetMark Hightower Advisors Len Reinhart Jim Seuffert Fidelity Investments  SignatureFD Tim Maurer Connect with our host LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

The world is experiencing a profound demographic shift that is transforming how we think about aging. With people living longer and healthier lives, the traditional concept of old age is being redefined. The longevity revolution presents a unique opportunity for the financial services industry. As individuals seek guidance on how to fund their long lives and find purpose in their later years, financial advisors have the potential to make a profound impact on their clients' lives.In this episode, Jack talks with Ken Dychtwald, Founder and CEO of Age Wave. In his memoir, Radical Curiosity, Ken examines the arc and legacy of his own life through stories, adventures, and encounters with many of the world's leaders and influencers to provide his keys to a meaningful, magical, and purposeful life.A leading authority on longevity and how it's changing the world, Ken talks to Jack about the demographic shifts and the implications of the longevity revolution. He discusses Age Wave's recent study, "The New Age of Aging," which highlights the changing perceptions of old age and the desire for purpose and meaning in the later years of life.Key Takeaways [01:39] - What Ken's study, “The New Age of Aging”, is all about. [03:27] - Ken's key takeaways from his study. [08:53] - How purpose fits into retirement. [13:54] - What Ken's book, Radical Curiosity, is about. [17:54] - The value of curiosity and continuous learning throughout life. [20:52] - The power of listening and storytelling as a financial advisor. [23:51] - Ken's advice for the financial services industry. [26:08] - What Ken enjoys doing outside of work. Quotes[02:31] - "What's happening all around us is that because we are having fewer kids, people are living longer, and the migration of the baby boom generation from youth to maturity, what we're seeing is the center of gravity of the world, America specifically in this study, is shifting and it's creating all sorts of changes." ~ Ken Dychtwald[03:53] - "The need to help people make sense of how to fund a long life has never been more robust, and there probably has never been a better time to be in the financial services sector." ~ Ken Dychtwald[25:05] - "We've got to learn how to save people's lives. We have to learn how to explain things in a way that they can understand without using financial jargon that nobody understands. And we have to learn how to let people know we care. Because at the end of the day, we're going through a rocky time in history, and people want someone in their corner who they know has their back."~ Ken DychtwaldLinks  Ken Dychtwald on LinkedIn Radical Curiosity Age Wave Jimmy Carter The Virtues of Aging Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

In retirement planning, annuity often raises mixed feelings among individuals. Some may shy away from it, while others might be skeptical due to misconceptions. But, it could be the missing puzzle piece to secure one's golden years. It bears striking similarities to cherished pillars of financial security such as social security and pensions, capturing the essence of a reliable and steady income stream during retirement.In this episode, Jack talks with Thomas Buckingham, Chief Growth Officer at Nassau Financial Group. Tom joined the company as an actuarial assistant in 1999 and served in increasingly senior corporate, product development, and operational positions. In his current role, Tom is responsible for developing and executing Nassau's sales strategy for its insurance business, including all product development, distribution channels, marketing, branding, and leveraging digital tools to enable quick, easy, and simple sales.With 25 years of innovative development, operations, and financial management responsibility, Tom discusses with Jack how Nassau Financial Group serves the middle market and mass affluent pre-retirees and retirees. He shares how the company incorporated technology into its solutions and what drives Nassau to partner with LifeYield to help clients with social security benefits.Key Takeaways [00:55] - Tom's role at Nassau Financial Group and how the firm serves the market. [02:55] - A look at Tom's career journey in wealth management. [07:13] - The benefits of annuities for retirees. [11:17] - Nassau's business growth strategy. [15:20] - What drives Nassau to partner with LifeYield? [20:17] - Tom's three key takeaways. [24:24] - The things Tom enjoys outside of work. Quotes[07:54] - "Annuity is not a four-letter word. If you look at it from a customer's perspective, they love social security and pensions. Annuity products can provide the same benefit." ~ Tom Buckingham[16:49] - "For most individuals, the longer they can wait to delay social security, the more retirement security they can have. The additional benefits they will get provide much more of a safety net." ~ Tom Buckingham[20:27] - "Annuities can and should play a key role in retirement for most individuals. And that's probably something they can't do on their own. So they should talk to a professional who can sell annuities and potentially other services." ~ Tom BuckinghamLinks  Tom Buckingham on LinkedIn Nassau Financial Group Allianz Life Jasmine Jirele Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook About Nassau Financial GroupBased in Hartford, Connecticut, Nassau Financial Group is a growth focused and digitally enabled financial services company with three distinct and closely connected businesses: insurance, reinsurance, and asset management. Nassau was founded in 2015 and has $22.1 billion in assets under management, approximately $1.4 billion in total adjusted capital, and about 378,000 policies and contracts. Nassau fixed annuity products are issued by Nassau Life and Annuity Company (Hartford, CT) or Nassau Life Insurance Company (East Greenbush, NY), subsidiaries of Nassau Financial Group. For more information, visit nfg.com. BPD41472

Marketing in financial services has transitioned to being a strategic imperative. Financial firms are now recognizing the power of marketing to drive organic growth, capture new markets, and capitalize on untapped opportunities. As the industry explores the potential of marketing, they unearth the chances for exponential growth and enhanced brand recognition. The journey may have started later for financial services, but they are undeniably on their way to realizing the transformative potential of effective marketing.In this episode, Jack talks with John Wernz, Executive in Residence at Great Hill Partners. John has spent over 20 years as a leader in financial services marketing with a specific focus on driving accountable organic growth. His work with firms like Fisher Investments and Wealth Enhancement Group has contributed to the fastest-growing and most successful players in the financial services sector. John is an investor and advisor to many Fintech firms, including LifeYield. Having led marketing for fast-growing financial firms for the last 20+ years, John experienced the power of showing a client tangible and holistic solutions.A leader in brand storytelling and helping colleagues position themselves for success, John talks with Jack about marketing in financial services. He dives deeper into the importance of organic growth, how he creates effective marketing strategies, and his secret to staying on top of his marketing game.Key Takeaways [01:26] - How John started his marketing career. [04:45] - How Datalign Advisory serves clients. [06:44] - What makes Wealth Enhancement Group (WEG) a unique firm? [09:16] - Why John's conversations are always centered around growth. [11:55] - How John creates effective marketing strategies for wealth management firms.      [16:40] - John's secret to staying sharp in marketing. [18:52] - How has marketing evolved in the RIA space? [20:30] - John's three key takeaways. [22:55] - John's favorite thing to do outside of work. Quotes[10:43] - "If you want to be a marketer and you want a seat at the head table, you have to be ROI driven. Otherwise, it's table stakes. And when you think of the RIA market, that is, programmatic, repeatable, systematic growth programs." ~ John Wernz[12:39] - "One of the basic things for any well-differentiated product is your value proposition. Can you do something others can't do? Can you move the needle in a way that no one else is moving it?" ~ John Wernz[20:58] - "Marketing is in its infancy in all financial services. So, it is a great time for all firms to look at their opportunities in this area. Financial services are a little late to the party, but they're getting there." ~ John WernzLinks  John Wernz on LinkedIn John Wernz on Twitter Great Hill Partners Wealth Enhancement Group Fisher Investments Ken Fisher Datalign Advisory Tiburon CEO Summits Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

In pursuing an optimized tech stack, wealth management firms are engaged in a relentless game of integrating and coordinating their operating systems. From sophisticated analytics tools to artificial intelligence-driven platforms, these advancements hold immense potential for both financial advisors and their clients. As the trend gains momentum, firms realize the need for comprehensive and strategic approaches to their technological infrastructure.In this episode, Jack talks with Craig Iskowitz, Founder and CEO of Ezra Group, a strategy consulting firm providing technology and business advice to banks, broker-dealers, asset managers, private equity, and fintech firms. In addition to providing customized solutions to the wealth management industry, Craig publishes WTToday, a blog offering the latest insight on technology for wealth, asset, and investment management professionals. Craig also hosts the WealthTech Today podcast, where he discusses, dissects, and debates the latest news and trends in wealth management technology.A business and technology strategy consultant, Craig talks to Jack about the latest trends in wealth management technology and the challenges that firms face in implementing new technology. He also shares his insights on the shift toward more advanced wealth management platforms and how the game is on for integrating and coordinating wealth advisor operating systems.Key Takeaways [01:21] - What makes up the Ezra Group? [02:25] - Craig's backstory and experience in the wealthtech industry. [04:14] - The impact of COVID on Ezra Group. [07:41] - An introduction to Pershing's Wove platform. [10:14] - Craig's advice for legacy firms with tech debt. [11:19] - The trend toward more advanced wealth management platforms. [15:03] - The importance of coordinated capabilities in improving user experience. [17:25] - What the future holds for the wealthtech industry.  [21:07] - How the game is on for integrating and coordinating wealth advisor operating systems. [22:12] - Craig's three key takeaways. [26:23] - Craig's interests outside of work. Quotes[22:32] - "If you're an enterprise wealth management firm, we always recommend setting up an annual tech stack review. Get the stakeholders from across the company and go top to bottom through your tech stack." ~ Craig Iskowitz [23:40] - "Most wealth management firms barely use 20% of the feature functionality of the software they're using. But they're paying for 100%." ~ Craig Iskowitz [24:39] - "Do not put your private company data into ChatGPT or any other GPTs. If you let your internal company documents, spreadsheets, or even client PII paste into ChatGPT, they own that data and can use it to generate new content for someone else." ~ Craig Iskowitz Links  Craig Iskowitz on LinkedIn Craig Iskowitz on Twitter Ezra Group Morningstar Orion Advisor Solutions Pershing Riskalyze Advisor Group LPL Financial  Cetera Financial Group Wove | Pershing X Envestnet | Tamarac Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

In today’s mobile workforce, Americans are chasing new challenges, higher salaries, and better benefits by switching jobs. According to the Employee Benefit Research Institute (EBRI), the typical 401K plan participant will have 9.9 jobs throughout their professional journey, equating to approximately 14.8 million workers with retirement savings finding new jobs each year. While transitioning to a new role sounds appealing on paper, what happens to the 401K plan that employees spent so much time contributing to when they leave their former employer? This week, Jack talks with Neal Ringquist, Chief Revenue Officer for Retirement Clearinghouse, and Spencer Williams, President and CEO, about increasing retirement security and ensuring that your previous 401K plan doesn’t get left behind. Auto portability is the routine, standardized and automated movement of an inactive participant’s retirement account from a former employer’s retirement plan to their active account in a new employer’s plan. Auto portability is a convenient choice for both employees and advisors because it preserves retirement savings automatically.In this episode, Neal and Spencer talk to Jack about how auto portability benefits retirees and advisors alike, four major hurdles of auto portability, and the future of preserving retirement savings. Key Takeaways [01:37] - What sparked the creation of Retirement Clearinghouse and how did it turn into Portability Services Network? [04:29] - What is auto portability? [07:20] - What are the major hurdles of auto portability? [11:54] - Why did industry players come together to support auto portability?  [14:22] - When will auto portability become the norm? [18:10] - Where does Neal see auto portability going over time? [20:16] - The convergence of workplace and wealth. [24:20] - Spencer’s key takeaways. [25:31] - Neal’s key takeaways. [27:07] - Spencer and Neal’s hobbies outside of work. Quotes[19:12] - “The network effect, over time, can be huge and can be leverageable to solve many problems beyond the portability issue.” ~ Neal Ringquist[21:29] - “If you think about the benefits down the road from an industry perspective, there shouldn't be an advisor on the planet who is against auto portability. It simply creates better customers for them later, and they don't have to lift a finger.” ~ Spencer Williams[24:26] - “Create an infrastructure that enables the free flow of a worker's savings to follow them to their new employer plan. With the right communication, it’ll just happen automatically. Otherwise, there’s no compounding, there’s no advantage in investing in the U.S. economy.” ~ Spencer WilliamsLinks Neal Ringquist - Chief Revenue Officer - Retirement Clearinghouse | LinkedIn Spencer Williams - President/CEO - Retirement Clearinghouse | LinkedIn Retirement Clearinghouse Portability Services Network Fidelity Investments Empower Vanguard Morgan Stanley Robert L. Johnson | Biography NAACP Employee Benefit Research Institute Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

The evolution of annuities within the wealth management advisory space exemplifies a commitment to elevating the client experience. Through technological advancements, data analysis, and streamlined processes, annuities have emerged as an essential building block in portfolios. This transformation not only benefits clients but also empowers financial advisors to deliver comprehensive and fiduciary-guided solutions that truly align with their client's best interests.In this episode, Jack talks with Rich Romano, Chief Executive Officer and Co-Founder of FIDx. In his role, Rich is responsible for the company's strategy, vision, and growth. With 30 years of financial services consulting experience and expertise in the brokerage and insurance industries, Rich has built and managed IT consultancies and provided enterprise consulting services and subject matter expertise to the industry leaders in insurance, retirement, and asset management.Passionate about helping advisors deliver better outcomes to their clients, Rich talks about the motivation behind the FIDx foundation, how FIDx's partnership with other investment platforms plays out, and how annuities can be made smarter, faster, and better.Key Takeaways [01:01] - The motivation behind the FIDx foundation. [02:56] - FIDx and Envestnet partnership. [04:20] - The story behind the creation of FIDx. [06:29] - How FIDx's partnership with other investment platforms plays out. [08:04] - Why FIDx and SIMON Markets make a great combination. [11:23] - What the future holds for annuities. [13:38] - How FIDx develops its service model framework. [17:44] - Rich's outlook for the wealth management industry over the next few years. [20:40] - Rich's three key takeaways. [21:38] - The things Rich enjoys outside of work. Quotes[01:19] - "End clients should have access to every product and service that will let them achieve their goals, handle generational planning, and take care of all of their needs." ~ Rich Romano[17:32] - "The industry has moved to understand that you couldn't just take a commission-based annuity, strip off the commission and say you have a fee-based annuity. It has to act and feel like a very fiduciary-managed product." ~ Rich Romano[20:45] - "We're making everything smarter, faster, and better. So we are simplifying access and making access consistent to annuities inside the wealth management advisory space, minimizing and eliminating errors, and accelerating processes." ~ Rich RomanoLinks  Rich Romano on LinkedIn FIDx Envestnet Bill Crager MoneyGuidePro Envestnet | Tamarac Halo Investing SIMON Markets Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

Financial services have seen connectivity and collaboration emerge as game-changers, transforming the way advisors engage with valuable resources and reshaping their practices. Contrary to popular belief, it became evident that technology itself was not the sole innovation; instead, the art of collaboration stood as the true catalyst for change. This revelation shifted the focus from a mere pursuit of technological prowess to a quest for a seamless and collaborative connection between financial professionals and their clients.In this episode, Jack talks with Denise Wypiszenski, Founder & Co-CEO of 4U, the financial services industry's first real-time digital partnership platform for investment and wealth management firms. In her role, Denise leads business development and partner success for the company. Inspired by transformational technology platforms like Amazon and Netflix, Denise and the 4U team have created a digital engagement and analytics platform -- an industry-wide technology solution to the age-old industry problem of billions spent. Too much noise. Too little engagement.Having an understanding of the challenges and untapped opportunities within the financial services industry, Denise talks with Jack about the power of the 4U platform, why collaboration is the future of financial services, and how 4U guides some of its investment companies.Key Takeaways [01:23] - What 4U is all about. [02:58] - The power of 4U Engage. [06:40] - What Denise and her team did to build 4U. [08:54] - What the 4U business model looks like. [09:49] - The story of how 4U started. [11:25] - The key to 4U's success. [14:35] - Why collaboration is the future of wealth management. [15:26]- Where 4U is at this point in their journey. [18:11] - How 4U sustains collaboration with clients. [21:53] - What 4U has in store for the future. [23:47] - How 4U guides some of its investment companies. [25:59] - Denise's four key takeaways. [27:52] - Denise's passions and interests outside of work. Quotes[05:31] - "We know at 4U that advisors engage with value-add content two times more than product content. That's just one tidbit where never before have wealth management home offices had that purview across all of their advisors about what product and marketing resources are important to them. They do now." ~ Denise Wypiszenski[12:05] - "We continued to talk to people and take their feedback. It's interesting because it sounds like technology isn't our innovation, the collaboration is the innovation." ~ Denise Wypiszenski[24:26] - "We keep showing these investment companies that they keep submitting product content. Yet what advisors are searching for is predominantly practice management, value add type content. So, there's this definite disconnect. It's not about more content. It's about the right content." ~ Denise WypiszenskiLinks  Denise Wypiszenski on LinkedIn Denise Wypiszenski on Twitter 4U Platform Silicon Valley Bank J.D. Power Edward Jones Franklin Templeton Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook