WealthTech on Deck

Retirement is no longer considered an endpoint but rather a gateway to a new chapter brimming with purpose. Gone are the days when it was synonymous with endless leisure and idle relaxation. Today's retirees and pre-retirees are embracing a paradigm shift where health, family, purpose, and finances are the cornerstones for a thriving retirement. In this episode, Jack Sharry talks with Lena Haas, General Partner and Head of Wealth Management Advice and Solutions at Edward Jones, and Ken Dychtwald, Founder and CEO of Age Wave. Lena is passionate about helping individuals make smart financial decisions that better their lives. She aims to help millions of clients and their families understand lifelong behaviors for financial success, develop and follow a personal plan, and invest their hard-earned money for the most impact. Ken Dychtwald is a renowned psychologist, gerontologist, researcher, speaker, and best-selling author. He has received the distinguished American Society on Aging Award twice for outstanding national leadership.Lena and Ken talk to Jack about the new research Edward Jones has released, Resilient Choices — Trade-Offs, Adjustments, and Course Corrections to Thrive in Retirement. This study examines the key findings around how Americans overwhelmingly see course corrections as essential to thriving retirement as they move from full-time work and consider what Edward Jones calls the pillars of the new retirement — health, family, purpose, and finances.Key Takeaways [02:13] - The role Lena and Ken play at Edward Jones. [04:06] - What Edward Jones' age wave research, Resilient Choices, reveals. [05:37] - Health [06:29] - Family [08:06] - Purpose [09:10] - Finances [10:43] - Ken's thoughts on Edward Jones' research. [14:55] - How Edward Jones recognizes the need to educate women about investing. [16:36] - What Edward Jones means by cannonballs, curve balls, and windfalls in the new retirement. [20:40] - Ken's take on creating a more productive and satisfying client and advisor experience. [24:00] - How Edward Jones builds the infrastructure to provide holistic advice. [26:09] - How Edward Jones provides tools and processes that resonate with financial advisors. [28:44] - What Ken has to say about the people at Edward Jones. [31:04] - Lena's key takeaways. [33:27] - Ken's key takeaways. [35:21] - What Lena loves to do outside of work. [36:07] - Ken's interests outside of work. Quotes[04:44] - "Our study shows that when today's retirees and pre-retirees feel that they're getting derailed across any of the four pillars of retirement, they are willing to take action. They have a huge appetite for making trade-offs, making adjustments, and getting educated about the right course corrections." ~ Lena Haas[31:24] - "Retirees and pre-retirees are looking at what it means to be successful in retirement and in life differently. For them, success is not about having lots of time for leisure. It's truly about thriving across all four pillars of health, family, purpose, and finances." ~ Lena Haas[33:36] - "I was troubled that so many people have not learned the basics of personal finance management. And we see people in their forties, fifties, and sixties manifesting an absence of good training." ~ Ken DychtwaldLinks  Lena Haas on LinkedIn Ken Dychtwald on LinkedIn Franklin Templeton Edward Jones Morgan Stanley Resilient Choices Age Wave The Structure of Scientific Revolutions Ken Cella Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

Pioneers in financial technology have reshaped the industry with their visionary ideas and relentless dedication. Among these legends of wealthtech, Len Reinhart, President of Reinhart Consulting Group, and Jim Seuffert, Former Chairman of the Board of Envestnet Institute on Campus, stand tall. They revolutionized fee-based investment management. Len and Jim embarked on a mission that changed how wealth management was perceived. In this episode, Jack talks with Len and Jim, who were co-founders of Lockwood Advisors. Lockwood was the first investment advisory firm to provide a turnkey investment consulting platform to independent broker-dealers, consultants, investment advisors, and financial planners. Len and Jim were early-stage developers and promoters of this newfangled way of doing business called “managed accounts or managed money”, now called “advisory”. They were among the first folks who came up with the idea of charging an advisory fee rather than a commission. In 2003, Len and Jim joined forces with Pershing to form one of the industry's largest providers of managed account solutions to financial organizations and registered investment advisors for a discussion.As legends of wealthtech, Len and Jim talk about how they developed and promoted fee-based investment management from the ground up. They also share their thoughts on the future of managed money, their advice for future leaders in the industry, and the work they are most proud of.Key Takeaways [02:23] - How Len became head of the world's largest money management company. [04:37] - Jim's story of how he got into wealth management. [07:51] - The evolution of fee-based business. [12:25] - The beginning of Jim's wealth management career. [18:45] - How Len and Jim built a firm from the ground up. [22:22] - How Len and Jim are part of the evolution of independent advisory services. [27:01] - The results Len and Jim achieved in the early part of their business. [30:19] - Len and Jim's experience working with Pershing. [33:26] - Among the work Len is most proud of. [36:47] - Len's thoughts on the future of managed money. [39:20] - Jim's advice for future wealth management leaders. [42:47] - What Len and Jim do in retirement that they enjoy and are passionate about. Quotes[08:29] - "No one understood what we did over the years when we found our business. We kept merging and merging or getting bought. But nobody knew what we were doing. No one understood what this fee-based business was." ~ Len Reinhart[21:00] - "We learned how hard it was to recruit brokers, and we didn't have money to give them. So, we changed how and who we were targeting and switched to independent advisors with whom it was so much easier to do business." ~ Len Reinhart23:44 - "If you're doing the right thing for the client and being as honest and transparent as possible, the next thing you know, you are training hundreds and hundreds of advisors at a time." ~ Jim SeuffertLinks  Len Reinhart on LinkedIn Jim Seuffert on LinkedIn Cheryl Nash Noreen Beaman Morgan Stanley Jamie Dimon Fidelity Investments Merrill Lynch Invesco Oppenheimer & Co. American Express BNY Mellon Pershing Warrior Surf Foundation Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

For high-earning millennials and Gen Z, financial success often comes hand in hand with a perplexing challenge — how to make the most of their income. With their eyes set on the future, they know that making smart choices can make their hard-earned money work for them. By harnessing the power of a tax-efficient investment system, this young and savvy generation can pave the way toward a future with financial security, opportunity, and the freedom to live life on their own terms. In this episode, Jack talks with David Hegarty, Founder & CEO of Playbook, the app for growing money with tax advantages and automation. From his own experiences, David realized that higher-earning millennials and Gen Z earn good money but need to figure out what to do with it. These younger generations also recognize a gap in their financial knowledge and understand that taxes are important to a financial plan. David created Playbook to help this group of individuals automatically put their money in the right places and pay fewer taxes legally.Recognizing that money stuff can feel hard for most young investors, David talks about why Playbook chose to serve higher-earning millennials and Gen Z, the discoveries David made while building the app, and what Playbook solutions look like.Key Takeaways [01:03] - What Playbook is all about.  [04:06] - Why Playbook chose to serve higher-earning millennials and Gen Z. [06:39] - How Playbook has evolved over time. [09:33] - The discoveries David made while building Playbook. [12:17] - What Playbook solutions look like. [17:29] - Why taxes are the biggest expense investors incur. [21:05] - How David's daughter nailed Playbook's social media campaign. [23:11] - What's next for Playbook. [26:34] - The heart of financial services. [28:40] - David's three key takeaways. [31:03] - What David enjoys doing outside of work. Quotes[01:24] - "It's hard to beat the market, but it's easy to beat the tax man. And the best way to build wealth is not to overpay the taxes on your investments." ~ David Hegarty[19:16] - "There are two things certain in life — death and taxes. So it's really important to figure out how to minimize the taxes you pay." ~ David Hegarty[30:23] - "The option to retire early doesn't mean that you will necessarily retire. But when you have the option to retire, that's when you are fully empowered. That's when you have freedom." ~ David HegartyLinks  David Hegarty on LinkedIn David Hegarty on Twitter Playbook Fidelity Investments Atomic Credit Karma Stash Chime Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

As the demand for private investments continues to rise, bridging the gap between technology and client servicing has become essential. However, the current state of technology in this industry remains fragmented, hindering the realization of a truly streamlined and efficient process. How can advisors break the barrier to unlocking opportunities in private investing?In this episode, Jack talks with Steve Zuschin, Chief Revenue Officer at Mammoth Technology. Steve has experience in sales leadership and business development with a demonstrated history of success in FinTech and financial services. He is skilled in executive leadership, team building, strategy, sales management, project management, and collaboration. A contributor to many big-name firms in wealth management, Steve talks about what led to the creation of Mammoth Technology and how the firm delivers seamless client experience through technology and makes private investments easier for investors.Key Takeaways [01:03] - The value Mammoth Technology provides to investors. [02:07] - What led to the creation of Mammoth Technology? [06:52] - What sets Mammoth apart from other investment platforms? [08:49] - A fascinating story about Steve getting into financial services. [12:09] - An overview of Steve's professional career. [15:24] - Steve's work at LifeYield that he is proud of. [17:23] - What it's like to build a unified managed household for big-name firms. [20:14] - What the future looks like for the financial services industry. [23:45] - Steve's key takeaways. [24:22] - What Steve likes to do outside of work. Quotes[04:18] - "The technology to improve the experience of helping service clients who have made private investments is so fragmented. At Mammoth, we understand the technology they use, the hurdles they face, and the fiduciary model. If we bring all that together and offer a better experience, we can provide tremendous value and clarity to something that's been rather opaque." ~ Steve Zuschin[21:14] - "Twenty years ago, if you wanted to invest in large-cap equity in the United States, 70 or 80% were available on public markets. Today it's less than 10%. So, to have true diversification and to be invested in those markets, you have to go the private route." ~ Steve Zuschin[23:56] - "The advisor-client relationship should be at the center of every financial decision today. At Mammoth Technology, we're designing a tool to sit at the crossroads of advice in private investing. And we believe that every interaction should build trust and create a delightful experience." ~ Steve ZuschinLinks  Steve Zuschin on LinkedIn Steve Zuschin on Twitter Mammoth Mammoth Technology Jud Mackrill Kim Mackrill LifeYield Hidden Levers Raj Udeshi Praveen Ghanta Riskalyze Morgan Stanley J.P. Morgan Ameriprise Financial  Merrill Lynch TD Ameritrade Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

Conferences are a wonderful way to expand your network, explore industry trends, and enhance your skills. The most natural networking is hard to replicate over Zoom. It is the small talk in between speaker sessions, quick chats while refilling coffee, or conversations happening in the hallways. This week, Jack speaks with Chip Roame, Founder and Managing Partner of Tiburon Strategic Advisors, about the bi-annual Tiburon CEO Summit. This exclusive event allows executive-level clients to discuss a myriad of topics in the wealth and investment management world. In this episode, Chip talks to Jack about the evolution of target markets, offerings, distribution channels, tactics, and industry structure across wealth management and investment businesses.Key Takeaways [01:45] - Key themes at the Tiburon CEO Summit. [02:25] - How target markets are evolving. [03:05] - How offerings (products and services) are evolving. [05:15] - How distribution channels are evolving. [06:35] - How Morgan Stanley rose to prominence as a distribution channel. [07:50] - How tactics (marketing, lead generation, technology) are evolving. [11:29] - How technology is evolving (personalization, AI, virtual delivery). [12:44] - How the industry structure is evolving. [16:35] - How firms are adapting to the learning curve. [17:22] - Key takeaways from the conference. [19:17] - What the Tiburon CEO Summit looks like. Quotes[08:02] - “The old methods have died. These models are not scalable. The scalable models appear to be paid lead gen, digital marketing of all forms, and the workplace.” ~ Chip Roame[09:18] - “We need to move away from our opinions sometimes and look at the data. Schwab, Fidelity, Morgan Stanley, and Vanguard are getting the flow. What are they doing is the question.” ~ Chip Roame[18:31] - “COVID has lessened the need for local proximity. Now your advisor can be anywhere, and you can work on Zoom, and that’s perfectly fine. That changes the game quite a bit.” ~ Chip RoameLinks Chip Roame on LinkedIn Tiburon Strategic Advisors Tiburon CEO Summits Fidelity Investments Charles Schwab Morgan Stanley Vanguard Orion eVestment Envestnet InvestCloud Robinhood CI Financial Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

Businesses are often focused on client retention, but employee retention is equally as important. In order to retain top talent, employers need to support employees' financial needs and offer them holistic financial benefits, regardless of their stage of life or current career trajectory.  Brian McDonald, Head of Morgan Stanley at Work, is committed to bringing employees comprehensive solutions that give them financial security and confidence. His mission is also to help employers invest in and retain their top talent. Morgan Stanley has been a key player guiding businesses for over 85 years, but their customized solutions have recently reached the next level through guidance, education, and technology. This week, Brian talks to Jack about Morgan Stanley’s wealth management strategy, why employees are seeking holistic financial benefits, and what’s next for Brian and Morgan Stanley. Key Takeaways [01:24] - An overview of Morgan Stanley’s wealth management strategy. [03:15] - What differentiates Morgan Stanley from its competitors? [04:28] - What Brian is working on at Morgan Stanley. [14:08] - Brian’s experience building the infrastructure of comprehensive workplace business. [20:36] - Morgan Stanley’s involvement in the private markets landscape. [24:40] - What’s next for Morgan Stanley?  [29:07] - Brian’s key takeaways. [30:37] - How Brian spends his time outside of work. Quotes[03:20] - “We believe what differentiates us from our competitors is we have the intellectual capital, our product suite, an offering with the ability to do alts, all the way down now to the self-directed investor that might just be getting started.” ~ Brian McDonald[21:23] - “Private market clients are staying private for about 12 years now, which used to be two or three years just 10 years ago. Because of that, they still have to attract and retain talent. One way you need to do that is to be able to provide liquidity to those employees that you have on staff, as well as your investors.” ~ Brian McDonald[29:11] - “The workplace is the key story to watch over the next five years in wealth management, in the industry at large, and certainly within Morgan Stanley.” ~ Brian McDonaldLinks Brian McDonald on LinkedIn Morgan Stanley Charles Schwab E*TRADE Vestwell Equity Edge Online | Stock Plan Administration Platform | E*TRADE American Financial Systems Empower 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 advice plays a key role in making informed decisions about how to meet your current needs and how to reach your long-term goals, but most U.S. workers don’t have access to this type of information. Without proper guidance to navigate complex financial decisions, U.S. workers risk making uneducated decisions that could negatively impact their financial well-being for years to come. Is there a way to make financial advice accessible to everyone, not just affluent Americans? This week, Jack talks with Yaqub Ahmed, Head of U.S. Investment-Only at Franklin Templeton about the democratization of financial advice. With over 25 years of experience in financial services, Yaqub is an expert in strategic partnerships, M&A, fintech, and regulation in the U.S. retirement and insurance markets. Jack and Yaqub discuss how Yaqub’s role fits into Franklin Templeton’s overarching strategy, how Franklin Templeton became involved in the financial advice industry, and why Franklin Templeton has prioritized collaboration with other businesses. In this episode, Yaqub talks to Jack about the financial advice gap that plagues the wealth management industry, Franklin Templeton’s goal to democratize financial advice for underserved markets, and the role of strategic alliances in driving this mission.Key Takeaways [02:06] - An update on what’s happening at Franklin Templeton. [03:30] - What areas Franklin Templeton focuses on. [08:11] - How Yaqub’s business fits into Franklin Templeton’s overarching strategy. [12:43] - How Franklin Templeton fits into the financial advice business. [17:03] - How Franklin Templeton’s holistic approach works. [21:02] - Franklin Templeton’s focus on strategic partnerships and collaboration. [21:29] - Yaqub’s key takeaways. [23:14] - What does Yaqub do with his free time? Quotes[02:44] - “The industry's obviously changing very, very fast. Franklin, I think, is staying way ahead of that and identifying blind spots, but also identifying areas of opportunity just from a sizing and scales perspective.” ~ Yaqub Ahmed[08:31] - “We're solving some of the biggest financial planning needs for U.S. workers or households and individuals across wealth management. And those goals are saving for retirement, saving for education, and protecting those savings as well.” ~ Yaqub Ahmed[11:18] - “It's the top 5% of wealth in the U.S. that wealth managers are attracted to because that's where the money is. But there's a major advice gap with this mass underserved marketplace. And we need to find a way to get advice to them and make sure that advice is informed with data.” ~ Yaqub AhmedLinks Yaqub Ahmed | LinkedIn Franklin Templeton Jenny Johnson | LinkedIn Who Will Become The Amazon Of Financial Advice? AdvisorEngine Matthew Nicholls | Franklin Templeton TurboTax Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

According to Cerulli’s research, “22% of wealth managers said consolidating to a unified managed household (UMH) is a significant priority, with half reporting it as a moderate priority for their firm moving forward.” This discovery is aligned with wealth managers shifting away from transactional brokerage relationships and prioritizing fee-based assets. The Unified Managed Household (UMH) goes further than the Unified Managed Account (UMA), which aggregates accounts at an individual level. The UMH takes into account not only the client's financial situation but also that of their entire household.This week, Jack Sharry talks with Matt Belnap, Associate Director of Retail Distribution at Cerulli Associates, about the latest research in household-level management. Cerulli is a financial services industry leader providing market intelligence and strategic business recommendations. Matt is involved in the development of research across various aspects of retail financial services, including wealth management, managed accounts, and product development. He is involved in creating nine Cerulli reports spanning three research practices and oversees The Cerulli Edge—U.S. Advisor quarterly publication.In this episode, Matt talks with Jack about key challenges managed account sponsors face, why clients should seek more holistic financial advice, and why the household-level approach will take time.Key Takeaways [01:18] - What does the research show about unified managed households? [03:42] - Cerulli’s research philosophy. [07:57] - Key challenges managed account sponsors face. [11:53] - Points of entry for account openings. [16:03] - What will progress look like? [20:35] - What will it take for clients to seek more holistic advice? [23:57] - The power of tax-deferred. [25:25] - Matt’s key takeaways. [27:33] - How Matt spends his time outside of work. Quotes[06:11] - “It’s a complete reframing of the advisor-client relationship, and it’s something that is going to be pretty important for these advisors as they look to differentiate their practices going forward.” ~ Matt Belnap[20:39] “I think there's questions for some of the firms that haven't begun anything yet of, ‘Where do we start? How do we even begin to begin? To move into doing something like this? How do you eat an elephant? One bite at a time, but where does that first bite go?’ And I think that’s something that a lot of firms are grappling with in terms of, ‘how does this happen?’” ~ Matt Belnap[26:56] - “Don't wait for the perfect time to completely flip to a household-level approach because it's not going to be there. It’s going to have to be piece by piece.” ~ Matt BelnapLinks Matt Belnap on LinkedIn Cerulli Associates Franklin Templeton Goals Optimization Engine (GOE®) | Franklin Templeton Merrill Lynch New York Life Insurance Northwestern Mutual 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 wealth management industry has changed tremendously over the last 20 years, and it’s difficult to remember that what we now consider the norm developed over time. Merrill Lynch’s shift towards goal-based wealth management transformed the industry and moved beyond a narrow focus on ROI. This new approach better-served clients by prioritizing their actual goals such as supporting family members, buying homes, or securing a comfortable retirement. The firm gained a substantial edge in an industry characterized by uniformity. The people behind this approach are three wealthtech legends: John Thiel, Executive Advisor and Board Director and former Head of Merrill Lynch Wealth Management, Rich Aneser, Chief Strategy Officer at Envestnet, and John Connors, CEO and Co-Founder of Boathouse. The three discuss their tactics to shift advisors' perspectives in an industry averse to change.In this episode, the three guests talk with Jack about how Total Merrill got started, how they successfully shifted advisors’ perspectives, and the challenges of building a business in the wealth management space.Key Takeaways [02:28] - How Total Merrill got started. [07:02] - The challenges of building a business in a well-established industry. [10:03] - How Rich deployed marketing in a meaningful way. [12:35] - How John Connors built Total Merrill’s strategy. [17:08] - James Gorman’s bright idea. [22:35] - Tactics used to shift advisors' perspectives. [25:26] - How to get people behind embracing a new business strategy. [33:16] - What John Thiel, Rich Aneser, and John Connor are most proud of. [42:22] - John Thiel, Rich Aneser, and John Connor’s key takeaways. Quotes[42:22] - “People really want to do something with their money. Their performance is important, but it's only in the context of what they're trying to accomplish. We have to continue to leverage technology capabilities that can better understand risk, especially as things evolve.” ~John Thiel[43:33] - “You can only be a part of something really extraordinary when you're with an extraordinary group of people working towards the same end, and it never gets done alone.” ~ Rich Aneser[44:02] - “There's a lot of incrementalism in today's world, and a lot of people play it conservative and safe. The boldness that the Merrill team exhibited to put the client's interest first to make a big move, to try and change the game. There's not as many opportunities to change the game anymore.” ~ John ConnorsLinks  John Thiel - Board Trustee - Florida State University | LinkedIn John Connors - CEO/Co-Founder - Boathouse | LinkedIn Rich Aneser - Chief Strategy Officer - Envestnet, Inc | LinkedIn James Gorman - Chairman and CEO - Morgan Stanley | LinkedIn Merrill Lynch Boathouse Envestnet 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

Innovation is often accompanied by a fear of failing, and many industry leaders perceive change as a threat rather than an opportunity for progress. This is especially true of the asset and wealth management industries, which are both rooted in tradition and predictability. So what happens when a company serving asset managers, wealth managers, and financial advisors adopts new approaches and leverages innovation?This week, Jack talks with Brian Moran, Founder and CEO of FLX Networks. Brian launched FLX Networks in December 2019 to modernize and simplify the asset and wealth management industries, delivering a holistic one-stop destination to drive more meaningful and effective engagement. Prior to FLX, Brian led financial teams at Neuberger Berman and AMG, resulting in over $100 billion in sales. With 20+ years of experience in various roles in wholesaling, national accounts, and sales management, Brian brings a broad perspective to the distribution ecosystem. In this episode, Brian talks to Jack about the lessons he learned from building his own business, the problems wealth managers face today, and what drives FLX Networks’ success.Key Takeaways [01:16] - How Brian ended up where he is today. [04:41] - Brian’s business inspiration, evolution, and implementation. [07:28] - An overview of Brian’s business model. [09:44] - What is FLX Networks’ goal? [12:05] - What FLX Networks looks like in practice. [17:17] - Lessons Brian learned from building his own business. [18:28] - What makes FLX Networks successful, even during a pandemic? [22:40] - Brian’s key takeaways. [23:54] - How Brian spends his time outside of work. Quotes[17:31] - “You've got to be so tenacious, persistent, passionate, and confident that what you're building is going to help others and relieve pain points, or help people capitalize on opportunities. You can’t ever let that down.” ~ Brian Moran[18:28] - “I think what really does make us different and what has made us successful is we're operators. We're not academics. We're not technologists. I think we need to have all of those, but we're operators who understand this space.” ~ Brian Moran[22:50] - “Leverage innovation. Don't run from it. Similar to how the calculator replaced long division on paper, leverage innovation so that you can become more productive with your time.” ~ Brian MoranLinks Brian Moran on LinkedIn FLX Networks Shopify LinkedIn Eric Nastri on LinkedIn Mark Spina on LinkedIn Allianz Life Ventures Broadridge Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook