WealthTech on Deck

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

Comfort is the enemy of progress, especially in business. Adapting to new models and driving change is frightening, due to fear and risk of failure. Some industries are better than others at embracing disruption, but the insurance industry often needs to catch up. When systems are working well enough, not everyone sees value in taking a different approach. Change may be uneasy, but it also brings the possibility to improve, grow, and advance.This week, Jack talks with David Lau, Founder and Chief Executive Officer of DPL Financial Partners about disrupting the insurance industry. David has been an innovator for every business he has built, with extensive experience dating back to his role as the Chief Marketing Officer of E*Trade Bank, and its predecessor TeleBank. David has been at the forefront of developing products, platforms, and distribution systems that allow RIAs to implement commission-free annuities into their clients’ portfolios.In this episode, David talks to Jack about how DPL drives change in the insurance industry by offering commission-free annuities. They discuss how annuities can enhance outcomes, which mistakes financial advisors should avoid with their clients, and where David sees the industry going.Key Takeaways [01:36] - An introduction to David. [05:53] - What does DPL Financial Partners do? [08:23] - The powerful combination of technology and human interaction. [10:38] - How annuities can enhance outcomes.  [14:39] - An exciting project David is working on. [19:28] - Why retirees seek stability. [23:27] - David’s predictions for the future of the industry. [27:17] - How David spends his time outside of work. Quotes[04:48] - “It's easy to become beholden to your existing distribution, but anybody could see that the way the world was going and continues to go, is away from commissions and towards fees.” ~ David Lau[09:14] - “The ultimate value proposition we're delivering to an RIA is we're giving you the ability to grow. We're gonna help you bring in held-away assets. We're going to help you get more wallet share. We're gonna help you attract new customers.” ~ David Lau[14:28] - “We’re solving problems, not selling products.” ~ David LauLinks David Lau | LinkedIn DPL Financial Partners Nationwide Advisory Solutions  Alex Murguia Wade Pfau E*Trade Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

Satisfied customers are the foundation of any successful business. Keeping customers satisfied means that every interaction must be positive, from the first contact to closing a deal. Positive client experiences build loyalty and retention, while negative client experiences damage a company’s reputation. By prioritizing the client experience, companies differentiate themselves in a crowded marketplace. This week, Jack talks with Douglas Fritz, Founder and CEO of F2 Strategy. With experience in improving financial outcomes for clients and advisors, Doug has led F2 Strategy's outsourced CTO business model and strategy consulting services. Notably, he was awarded the 2021 ThinkAdvisor Thought Leader Luminary Award for his contributions to the field. In this episode, Doug talks to Jack about the significance of decision-making and strategy in establishing and sustaining a successful, unique client experience. They discuss what inspired Doug to create F2, how to avoid a disjointed client journey, and Doug’s predictions for the future of the wealthtech industry. Key Takeaways [01:23] - Doug’s background and the formation of F2. [03:37] - The role of decision-making in F2’s strategy. [09:19] - Connecting trends and products in wealth and technology. [13:36] - How to enhance the client journey. [16:50] - Why clients choose to work with you. [19:18] - The power of strategy. [21:15] - Doug’s predictions for F2 and the wealthtech industry. [27:08] - Doug’s key takeaways. [28:33] - How Doug spends his time outside of work. Quotes[04:07] - “Really good decisions start with knowing yourself, knowing who you are as a firm, and what your strengths are.” ~ Douglas Fritz[19:48] - “Depending on where you are in the firm, what you believe is broken is almost always different.” ~ Douglas Fritz[27:29] - “If you're not already thinking about or bringing your data together and really building a useful set of owned data, your future is based on that. If you plan to be in business in 10 years, you’ve got to start working on that right now.” ~ Douglas FritzLinks Douglas Fritz on LinkedIn F2 Strategy ChatGPT 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 competitive business landscape, it feels daunting and nearly impossible to gain the attention of prospects. Everyone is selling something, and potential clients are inundated with marketing messaging that all blurs together. It’s no longer enough to have a website, write a blog post, or have a social media presence. How can you stand out in the sea of sameness? Mike Saunders, President and CEO of Marketing Huddle is committed to positioning his clients as authorities in the financial services industry to gain their trust and credibility organically. Far too often, salespeople push too hard for a sale and end up losing prospects in the process. By becoming an educator and advocate in your target audience’s industry, you establish authority with your clients and stand out against your competitors.In this episode, Mike talks to Jack about how to amplify your marketing message, elevate trust, and gain credibility with advisor clients. Key Takeaways [01:51] - How Mike helps his advisor clients differentiate themselves. [05:52] - How to amplify a firm’s message. [11:25] - How to establish authority and credibility. [14:08] - How Mike teaches and implements authority positioning. [17:27] - How Mike helps advisors build trust. [19:53] - Where Mike envisions the industry going. [21:48] - Mike’s key takeaways. [22:51] - Mike’s passions outside of work. Quotes[08:35] - When we become an educator and an advocate for our target audience, trust is increased because they see you as that expert, not as some pushy salesperson.” ~ Mike Saunders[12:25] - “People like to buy, but they don’t like to be sold.” ~ Mike Saunders[18:28] - “It takes five to seven to 10 times more money to get a new client than to maintain your current clients. So with all of this marketing and authority positioning and increased trust, don't forget your clients that you currently have because those clients already gave you their level of trust at a certain time. You have to maintain that.” ~ Mike SaundersLinks  Mike Saunders, MBA | LinkedIn The Medium is the Message: Marshall McLuhan, Quentin Fiore: Amazon.com: Books The Partnership Economy: How Modern Businesses Find New Customers, Grow Revenue, and Deliver Exceptional Experiences Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

ChatGPT may have recently taken the world by storm, but artificial intelligence is not new. AI’s greatest strength has always been its ability to personalize information in seconds. With the advancement and accessibility of technology, these AI solutions have become popularized, even in the financial services sector. Vinay Nair is the Founder, Chairman, and CEO of TIFIN, a company that makes investing engaging by using investment intelligence, data science, and technology. With TIFIN, Vinay hopes to manifest the future at a faster pace and build a collaborative experience between humans and AI.In this episode, Vinay talks with Jack about how TIFIN is disrupting wealth tech, Vinay’s predictions for the industry’s future, and the importance of innovation even in times of financial hardship.  Key Takeaways [01:30] - An introduction to Vinay’s background. [03:00] - Vinay’s role at TIFIN. [04:53] - What is “tech debt”?  [06:17] - An overview of TIFIN’s point solutions. [09:16] - How to build a problem-solving product with AI. [14:23] - What is holistic wellness? [17:27] - Where does Vinay see the industry going from here? [20:14] - Opportunities in the insurance and annuity space. [22:45] - Vinay’s key takeaways. [25:49] - How Vinay spends his time when he’s not working. Quotes[03:54] - “We believe we are helping the future manifest at a faster pace.” ~ Vinay Nair[22:31] - “I think a lot of what we are talking about at the end of the day will be a human-AI collaborative experience.” ~ Vinay Nair[22:55] - “I think we are in a fascinating phase of innovation. If you're running a business, it's sometimes tough to allocate capital to innovation, especially in moments when you feel like you have to survive. But that's a little bit like cutting down on internet spending in 2001 if you want to build a longer-term business. So the ability to reallocate to innovation from other things is going to be a key differentiator of firms that thrive and firms that don't.” ~ Vinay NairLinks  Vinay Nair on LinkedIn TIFIN 55ip J.P. Morgan Ness Card Morgan Stanley Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

With economic uncertainty on the horizon, employees are feeling more anxious than ever about job stability, inflation, and their retirement plans. It wasn’t too long ago that employees had the upper hand during the Great Resignation, but it seems as though the power dynamic has shifted out of employees’ favor. Jacquelyn Reardon, Head of Client Experience for Retirement, Insurance, 529, and Wealth Management at Franklin Templeton, reveals recent research on how the American worker is being affected by the economy, including their overall well-being, their desire for holistic guidance, and their desire for personalized retirement solutions.In this episode, Jacquelyn talks with Jack about how the current economic climate affects American workers, their retirement plans, and the expectation of support from their employers. Key Takeaways [01:24] - What is the Voice of the American Worker Research Study? [05:52] - How the current economic climate is accelerating financial stress. [09:03] - The concept of well-being in the workplace – physical, mental, financial.  [11:02] - How the current economic climate affects American workers’ retirement plans. [14:54] - Why American workers are seeking holistic advice and guidance. [18:08] - The timeline of the American Worker Research Study. [22:08] - How personalized solutions will be provided to American workers. [25:09] - Current innovations in the retirement space. [28:03] - Jacquelyn’s key takeaways. Quotes[10:17] - “I think sometimes it's just as simple as acknowledging that people are going through stress versus trying to pretend like that's a different part of your life.” ~ Jacquelyn Reardon [22:40] - “For us, personalization is really taking into account what your individual goals are, and then how do we manage to those goals versus managing to the wider range of other things that you could manage to: volatility, market happenings, etc. Let's really think about your goals first and foremost.” ~ Jacquelyn Reardon  [28:30] – “We really have to, as an industry, embrace people holistically and think about our solutions, not just in one bucket. So, it can't just be about retirement. It has to be how do we fully support folks across the full spectrum of needs so that we can improve all areas of well-being.” ~ Jacquelyn Reardon  Links  Jacquelyn Reardon LinkedIn Voice of the American Worker Survey | Franklin Templeton Franklin Templeton J.P. Morgan Morgan Stanley AdvisorEngine 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 COVID-19 pandemic changed the way we think about everything - the way we work, the way we interact, the way we approach safety, healthcare, and even grocery shopping. COVID-19 forced many people to reflect on the state of their finances and underscored the importance of planning for unforeseen circumstances. The ability to lean on trusted financial advisors proved to be more crucial than ever. In this episode, Jack Sharry, LifeYield's EVP, Chief Growth Officer, takes the spotlight and is joined by Matt Nollman, VP of Marketing, as host. Jack shares what investors should focus on when faced with uncertainty and why human connection is vital even in a digital world. COVID-19 showed us that the unknown could and will happen, whether it’s an unexpected medical bill or a global pandemic. Jack speaks with Matt about what COVID-19 taught us three years later: why purpose, control, human connecting, and comprehensive wealth management matter.Key Takeaways [02:14] - An overview of lessons learned from COVID. [04:06] - Why financial planning matters. [06:30] - What is the purpose of your wealth? [09:09] - What investors should focus on in uncertain times. [12:07] - Why people prefer humans over bots.  [15:20] - Why clients need a comprehensive wealth management approach. [18:35] - How is this quarter different? [20:44] - Jack’s key takeaways. Quotes[09:32] - “Taxes are the most considerable and controllable expense in retirement.” ~ Jack Sharry[13:03] - “Everyone I speak with agrees: financial advisors won't be replaced with AI or robots. Yes, they'll be enhanced by those capabilities, but they won't be replaced.” ~ Jack Sharry[21:10] - “Managing assets, liabilities, and life decisions in a comprehensive way, matters.” ~ Jack SharryLinks  Merrill Lynch J.P. Morgan Wells Fargo Wells Fargo Introduces LifeSync®, A Digital Platform to Help Clients More Easily Plan and Track Their Money NYU Stern Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Matt Nollman on LinkedIn Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

As financial services advance, people increasingly use digital tools and platforms to manage their finances. While these tools can be highly effective, they may not always align with the person's values and aspirations. How can people utilize new technologies and platforms while ensuring that their financial decisions align with their values and aspirations rather than simply following algorithms or generic advice?In this episode, Jack talks with Michael Liersch, Head of Advice & Planning for Wealth and Investment Management at Wells Fargo. In his role, Michael is responsible for developing and propagating research-based methods to help advisors and clients productively collaborate around their money decisions. Before joining Wells Fargo, Michael held executive roles in companies such as JPMorgan Chase, Merrill Lynch, and Barclay's Wealth Americas, where he developed a deep understanding of people and money and how to help advisors provide clients with a better experience.With a mission of helping people make better money decisions, Michael speaks to Jack about LifeSync, the new tool he and his team have developed that leads the way to a compelling future for the advice experience.Key Takeaways [02:01] - What Wells Fargo's LifeSync is all about. [09:32] - The inspiration behind LifeSync's foundation. [15:52] - How LifeSync works. [21:23] - How the many changes in the way things are going are wearing people out. [24:17] - How LifeSync facilitates human collaboration. [29:06] - LifeSync's approach to money management. [34:04] - How LifeSync makes sophistication and complexity work together. [36:22] - Michael's three key takeaways. Quotes[12:02] - "People don't tell their advisors as much as they want to about their purpose for their money, whether it's their work life or family, but they are much more willing to give personal information to their mobile devices. And that was the inspiration behind LifeSync." ~ Michael Liersch[28:31] - "LifeSync creates a much more fluid and normalized way of talking about money. That's where we want to take this — normalizing money conversation and the connection between money and meaning." ~ Michael Liersch[30:51] - "Clients put their money where the value and experience give them the most. It's not about account aggregation and asset location. It's about putting everything together and the value of the advice provided." ~ Michael LierschLinks  Michael Liersch on LinkedIn Wells Fargo LifeSync eMoney Advisor John Thiel Merrill Lynch Ken Dychtwald Riley Etheridge Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook