WealthTech on Deck

The investment advisory industry focuses on asset accumulation and allocation as primary drivers of investor outcomes, leaving out opportunities to enhance returns. Taxes are the biggest expense that investors incur throughout their lives, more than everything else combined.In this episode, Jack talks with Mark Hoffman, CEO, Chairman, and Founder at LifeYield. Mark and his longtime business partner, Paul Samuelson, founded LifeYield to facilitate tax-smart, risk-smart household portfolio management solutions. Mark has over 25 years of experience as an executive at public organizations, including State Street, Fiserv, and Colonial Management. He is also the founder of three financial technology firms: LifeYield, Upstream Technologies, and Lattice Trading. Mark talks with Jack about the lessons learned over the past 14 years of building comprehensive advice platforms, the importance of tax-smart implementation in financial planning, and how LifeYield simplifies portfolio management while maximizing returns.Key Takeaways [01:38] - How LifeYield was founded. [06:33] - The key lessons Mark learned over the course of his career. [10:12] - Mark's research on the importance of tax-smart implementation. [14:39] - How retirement income sourcing fits into portfolio management. [17:42] - Mark's thoughts on the future of financial planning. [20:42] - How LifeYield simplifies portfolio management while maximizing returns. [27:33] - Why wealth management firms should be the primary advisors for their clients. [31:35] - Why LifeYield's partnership with Franklin Templeton could be groundbreaking. [36:11] - Interesting things Mark does outside of work. Quotes[18:03] - "At LifeYield, we see financial planning as finally becoming the central pillar supporting how advisors engage with their clients. But financial planning has not been tax aware. Without tax awareness, financial planning cannot provide implementable advice." ~ Mark Hoffman[28:30] - "Tax alpha is often the largest benefit we've talked about in these bad markets. And for any firm in the wealth management industry to be successful, they certainly need a tax alpha strategy." ~ Mark Hoffman [28:58] - "Wealth management firms need to become the primary advisor for their clients, particularly when somebody's transitioning into retirement. It's a natural asset consolidation point because the client wants uniform advice." ~ Mark HoffmanLinks  Mark Hoffman on Linkedin LifeYield Paul Samuelson Michael Benedek Warren Buffet Vanguard MoneyGuidePro Orion Advisor Solutions Morgan Stanley E*Trade 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

Wealth management has long been focused on investment products – stocks, bonds, and mutual funds – but there is a shift taking place in the industry. A growing number of wealth management firms are seeing the value in shifting their focus from investment products to investment processes. In this episode, Jack Sharry talks with Randy Bullard, Global Head of Wealth at Charles River Development. Before joining Charles River Development, Randy served as General Manager of Wealth Management at SigFig. At Charles River, Randy leads the Charles River Wealth Management business globally. He is responsible for the firm's wealth product strategy and growth of the business with a heavy focus on client satisfaction. Randy talks with Jack about the secular shift from investment products to the investment process in wealth management. He also speaks about the current state of wealth management in the digital age, the future of comprehensive advice platforms, and coordinating wealthtech capabilities.Key Takeaways [01:06] - What Charles River Development has to offer its clients. [03:10] - How Randy got into wealth management. [05:10] - A look back at Placemark Investments. [09:23] - What Randy brings to Charles River Development. [12:12] - The current state of wealth management in the digital age. [14:59] - The future of comprehensive advice platforms. [18:09] - Coordinating wealthtech capabilities. [23:03] - What's next for portfolio personalization? [25:51] - Randy's top three takeaways. Quotes[13:32] - "Direct indexing, hyper-personalization, increased focus on tax optimization, and ESG application at an individual investor level are all manifestations of this transition from product to process, which we're undergoing in the industry right now." ~ Randy Bullard[16:08] - "UMH is a process. It's a way of collecting disconnected things and making decisions at a client level that span all the stuff the client has. And so it's a process, not a product." ~ Randy Bullard[26:08] - "Most asset managers are not doing well in this transition from an investment product to an investment process. We have to find ways to turn their value add and value proposition into data and information they can sell." ~ Randy BullardLinks  Randy Bullard on LinkedIn Charles River Development State Street Envestnet Parametric Portfolio Associates RBC Wealth Management UBS Wealthfront Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

Attracted by the city's educated workforce and growing reputation as a hub for tech and entrepreneurship, many innovative companies have made Hartford their home. With the city's rich insurance history and a center for many resources, how can a new generation of insurtech talent find the best resources, mentorship, and networking opportunities to thrive in the city?In this episode, Jack talks with Laura Dinan Haber, Innovation Program Manager at Nassau Financial Group, and Paul Tyler, Chief Marketing Officer at Nassau Financial Group. In their roles, Laura and Paul work with startups and scale-ups worldwide. They help foster connections, make introductions, and open doors for the new generation of insurtech talent to the city and state.Dedicated to accelerating insurtech innovation, Laura and Paul talk with Jack about Hartford as a hub for innovation, the exciting projects they are working on, and where the world is going regarding technology and solutions.Key Takeaways [01:08] - Laura and Paul's roles at Nassau Financial Group. [03:24] - How Hartford is a hub for innovation. [05:50] - What inspired Paul to create an ecosystem of businesses. [11:04] - Exciting projects Laura and Paul are working on. [14:06] - How accelerator programs have helped Laura and Paul's company. [16:17] - Laura's current clients' successes. [18:38] - What's next for Nassau Financial Group. [20:26] - Where the world is going in terms of technology and solutions. [22:53] - Paul and Laura's key takeaways. [25:50] - A few things Paul and Laura like to do outside of work. Quotes[13:12] - "We want to be a place for people to come up with their ideas and stories, and we want to help tell those things. I like to think of us as day 91, where we can help you figure out what's next and be there for you." ~ Laura Dinan Haber[17:58] - "Watching people progress, not only as founders but as leaders themselves, and then watching their work become more fundamental to our bottom line and helping our team out, has been exciting. And it's fun to see what we can find next." ~ Laura Dinan Haber[24:01] - "Whatever place you're at in business or life, surround yourself with a community, whether online or in person, where you can be authentic, engage, and share messages." ~ Laura Dinan HaberLinks  Laura Dinan Haber Paul Tyler Nassau Financial Group Nassau Re/Imagine Virtus Investment Partners Techstars Stanley Black & Decker reSET Aetna Cigna University of Connecticut University of Hartford Connecticut Innovations Douglas Roth UHart Barney School of Business TEDx Hartford Authentic and Ethical Persuasion Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

Today, we're seeing three major trends shaping the financial services industry - the retirement of baby boomers, taxes, and the popularity of financial advice platforms. As these trends significantly impact how financial services companies deliver their products and services, what do these trends mean for the future of investors and the industry?In this episode, we flip the script as Matt Nollman, VP of Marketing at LifeYield, takes the host chair to talk with Jack Sharry as the guest. As Jack speaks with industry leaders on what they're working on to move the industry forward and their businesses weekly, he assesses the top trends in the financial services industry.Jack talks with Matt about his takeaways from his conversations with industry leaders and the top three trends shaping financial services today. Jack speaks about how retirement has changed over time, why financial services place so much emphasis on tax alpha, and how financial advice platforms are increasingly becoming customized. Key Takeaways [01:30] - The three most significant trends in financial services today. [03:02] - How retirement has changed over time. [04:10] - Jack's key takeaways from previous episodes on retirement. [06:48] - Why financial services place so much focus on tax alpha. [09:20] - Eight ways to improve after-tax returns. [11:52] - How financial advice platforms are increasingly becoming customized. [17:50] - Key takeaways Jack wants to share regarding tax alpha. [20:37] - What Jack enjoys doing outside of work. Quotes[03:33] - "The increased inflation and market volatility, plus the threat of higher taxes, have caused many people who are considering retiring to become unsettled and insecure about when and how to retire." ~ Jack Sharry[07:23] - "The most prominent issue in light of tough markets and inflation concerns are taxes. Taxes are the biggest cost investors incur and are more than their expenses combined." ~ Jack Sharry   [07:55] - "Tax efficient asset management is the cornerstone of a successful retirement accumulation and de-accumulation plan. The more efficiency that you can obtain, the better." ~ Jack SharryLinks  Jacquelyn Reardon Franklin Templeton Jason Fichtner Alliance for Lifetime Income Vanguard Morningstar Envestnet  J.P. Morgan Amanda Lott Forme Financial Charles Schwab Blucora Rose Palazzo MoneyGuidePro McKinsey Authentic and Ethical Persuasion: Achieving What's Important in Life Through Committed Listening and Compelling Stories Connect with our hosts LifeYield Matt Nollman on LinkedIn Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

Data is at the heart of every organization, and the ability to effectively collect, store, and analyze data is critical to success. Yet, for many financial firms, data is scattered across different silos, making it difficult to get a comprehensive view of their customers and business operations. While data can only be useful if properly organized and accessible, how can financial services integrate data to power applications, analytics, and decision-making?In this episode, Jack talks with Kyle Van Pelt, Chief Executive Officer at Milemarker. Kyle joined Milemarker through Skience, where he was the Executive Vice President of Sales. Before his role at Skience, Kyle was a Solutions Manager at SS&C Advent and the Vice President of Partnerships at Riskalyze. His wealth of knowledge in the financial services industry and his passion for technology position him as the right leader to take Milemarker into its next era of growth and development.Kyle talks with Jack about how he developed expertise in financial services, what sets Milemarker apart from other advisory platforms, and how to make multi-account unified managed households a reality.Key Takeaways [01:03] - How Milemarker helps clients and advisors. [02:57] - How Kyle developed expertise in financial services. [06:23] - The source of Kyle's motivation and enthusiasm. [08:55] - What sets Milemarker apart from other advisory platforms. [12:20] - Milemarker's ideal clients.  [15:25] - What Milemarker has in store for the future. [19:22] - Kyle's thoughts on the trends to pay attention to for financial firms.  [21:47] - Making multi-account unified managed households a reality. [28:59] - Kyle's three key takeaways. [31:09] - How Kyle serves his community. Quotes[08:13] - "I have a thirst for learning about things. I have an addictive personality, and once something gets into my brain, I have to know as much about it as possible. And that's the DNA inside of me." ~ Kyle Van Pelt[09:29] - "There's about 80% that every firm shares in common. And then there's this 20% of an advisory firm's business that makes the firm unique." ~ Kyle Van Pelt[20:20] - "You can't have personalization without proper data. If the data are in different silos and all over the place, it's hard to do any level of personalization." ~ Kyle Van Pelt[24:04] - "The best thing that can happen for unified managed household, personalization, etc., is for people to pick their core competency, the thing they’re really great at, the part of the stack they want to own, and own it.” ~ Kyle Van PeltLinks  Kyle Van Pelt on LinkedIn Milemarker Envestnet Black Diamond Asset Management Addepar Orion Advisor Solutions Riskalyze Skience New Orleans Pelicans Michael Kitces Jud Mackrill Kim Mackrill Morgan Stanley Carson Group Uber Lyft Randy Bullard WealthDesk Hungry For A Day 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 world of wealthtech continues to evolve, so do the products and services financial advisors use to manage their client's portfolios. The multi-account unified managed account is one of the exciting developments in the industry. While UMAs are the backbone of the wealth management industry, what does it take to implement multi-account UMAs?In this episode, Jack talks with LifeYield colleague Harry Bartle. Harry is the Executive Vice President of Enterprise Sales. In his role, Harry helps enterprises build complete household wealth management platforms. Having seen all the positives and negatives of piecing together a new wealthtech platform, Harry has become a resource for current and future clients looking to build household wealthtech platforms.Harry talks with Jack about improving financial outcomes and increasing overall tax efficiency at the household level. He also discusses the evolution of the unified managed account (UMA), how the multi-account UMA came to be, and what it takes to implement multi-account UMAs.Key Takeaways [01:01] - The evolution of the unified managed account (UMA). [05:46] - The impact of asset location on tax results. [06:37] - Maximizing the after-tax return on household accounts. [09:26] - Managing portfolios on the decumulation side. [14:05] - How the multi-account UMA came to be. [16:13] - What it takes to implement multi-account UMAs. [18:49] - How LifeYield provides solutions to major companies. [20:29] - Harry's three key takeaways. [22:35] - What Harry does outside of work. Quotes[06:30] - "You can't do tax management effectively unless you're doing it across all your accounts in concert with each other." - Harry Bartle[16:27] - "Anybody that's ever gone from a single account system to UMA knows how painful that process is. It's very painful, very expensive, and has years of work." - Harry Bartle[20:45] - "Everybody's talking about multi-account management and multi-account implementation household. You don't need to replace UMA. You can create household multi-account implementation capabilities while still having the backbone of your firm." - Harry BartleLinks  Harry Bartle on LinkedIn Vanguard Morningstar 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 Alliance for Lifetime Income research, The Peak 65 Generation: Creating a New Retirement Security Framework, "With the U.S. experiencing the greatest retirement surge in its history, the country's public and private sector retirement systems have become obsolete. The old metaphor of the three-legged stool of retirement planning — employer pensions, personal savings, and Social Security — no longer holds. These demographic changes will have major implications for the country's fiscal finances and the retirement security for the boomer generation and the generations that follow."In this episode, Jack talks with Jason Fichtner, Vice President and Chief Economist at Bipartisan Policy Center and Senior Research Fellow at Alliance for Lifetime Income. Jason's research focuses on Social Security, federal tax policy, federal budget policy, retirement security, and policy proposals to increase savings and investment.Jason talks with Jack about the Alliance for Lifetime Income research, The Peak 65 Generation: Creating a New Retirement Security Framework, how the demographic trends impact the retirement industry, and why now is the time to adopt a new retirement security framework. Key Takeaways [01:28] - An overview of Jason's professional background. [04:14] - What Jason's research, The Peak 65 Generation: Creating a New Retirement Security Framework, is about. [07:12] - How people can achieve retirement security. [08:02] - What the public-private partnership looks like. [12:25] - How the great resignation is changing the great reset. [16:47] - How industries are helping people plan for retirement. [25:23] - Jason's perspective on how technology is transforming retirement. [29:31] - Jason's three key takeaways. [30:46] - Jason's interests outside of work. Quotes[04:59] - "Retirement is not a one size fits all model. The idea that my parents and grandparents, who worked primarily for one job, one company, their entire life, turned 65, got the gold watch and retired isn't necessarily the standard model anymore. " - Jason Fichtner[05:42] - "Social security is technically OASI, the Old Age and Survivor's Insurance program. It is an insurance program. It is not designed to be a retirement program. It was designed to insure you against old age." - Jason Fichtner[06:17] - "The three-legged stool is now wobbly. The social security trust funds are projected to be insolvent around the mid-2030s, 2034 for OASI, and if you include DI, the Disability Insurance program, it's 2035. So that's kind of shaky. And if we don't do anything to support it, benefits could get cut by the 25%." -Jason FichtnerLinks  Jason Fichtner Alliance for Lifetime Income The Peak 65 Generation: Creating a New Retirement Security Framework TIAA BlackRock Morgan Stanley Merrill Lynch Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

Technology has transformed the financial advisory industry in recent years. Financial advisers now have access to a range of tools and platforms to help them provide a better service to their clients. While adopting new technologies is not always easy, the advantages of doing so are clear. In today's episode, Jack talks with Evan Rapoport, Founder and CEO of SMArtX Advisory Solutions. Building on years of experience in the institutional asset management segment, Evan pioneered managed accounts technology that allows wealth managers of all types to access the same strategies typically only available to the largest investors. Before forming SMArtX, Evan created a comprehensive financial data marketplace for hedge funds, HedgeCo.Net, which still exists today.Evan talks with Jack about how SMArtX Advisory Solutions helps to redefine managed accounts technology and how it integrates technology to bring the financial advisory industry into the modern day.Key Takeaways [01:05] - Evan's role at SMArtX Advisory Solutions. [02:08] - How SMArtX was born. [07:35] - How SMArtX fits into Morningstar's ecosystem. [12:33] - Evan's perspective on hyper-personalized asset management. [16:02] - How SMArtX integrates and coordinates technology to improve outcomes. [22:27] - What the future holds for SMArtX. [28:26] - Evan's interests outside of work. Quotes[03:14] - "As a broker, it is tough to do two things well: raise money and manage money." - Evan Rapoport[10:47] - "The opportunity with Morningstar is not only working with great people and great culture but also a tremendous business opportunity for us strategically in both powering their TAMP and now building out their direct indexing platform, which they've gone live in beta." - Evan Rapoport[20:40] - "We are more focused on expanding the general integrations within SMArtX and creating those partnerships more broadly. We let the advisor come to SMArtX and choose what they want, not just tell us what they have." - Evan RapoportLinks  Evan Rapoport on LinkedIn SMArtX Advisory Solutions Morningstar HedgeCo.Net Charles Schwab Envestnet Orion Advisor Solutions Black Diamond Capital Management Advent Capital Management BlackRock State Street InvestCloud Hightower Advisors Riskalyze Envestnet | Tamarac 55ip 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

Advisors are constantly looking for ways to best serve their clients. However, with the fast-paced and ever-changing landscape of the industry, it can be difficult to keep up.  Advisors are expected to deliver the highest level of client experience while growing their business and managing time-consuming tasks.In this episode, Jack talks with Natalie Wolfsen, Chief Executive Officer at AssetMark. Prior to AssetMark, Natalie held product management and marketing roles in firms such as First Eagle Investment Management, Pershing, Charles Schwab, and American Express. She took the reins at AssetMark a year ago and has spearheaded the company’s strategic direction, which encompasses its platform of curated investment and technology solutions, business consulting and operations support, and strategic acquisitions that serve the best interests of financial advisors and their investors.Natalie talks with Jack about what AssetMark offers advisors, how asset management and planning are integrated into its distribution model, and why outsourcing is key to helping advisors serve their clients better.Key Takeaways [01:11] - What AssetMark is and how Natalie plays a key role in the business. [03:14] - What Natalie finds exciting about the future of wealth management. [05:39] - AssetMark's approach to personalizing its products and services. [07:33] - How their acquisition of Voyant has enabled clients to achieve financial wellness. [11:33] - What makes Voyant a popular wealth management software provider. [13:22] - How AssetMark integrates asset management and planning into its distribution model. [16:08] - How planning and proposals are translated into the portfolio. [18:48] - What AssetMark's distribution model looks like. [23:05] - Why outsourcing is key to helping advisors serve their clients better. [27:48] - Natalie’s three main takeaways. [28:49] - What Natalie enjoys doing outside of work. Quotes[04:08] - "In the pandemic, we all became much more reliant on technology. And also, the benefits of technology became so clear to so many for the first time. As a result, demands for advice and technology have changed. And one important way it's changed is personalization." - Natalie Wolfsen[08:15] - "From my perspective, what financial wellness ultimately does is it brings together the goals, dreams, and aspirations that live in a financial plan with the investments that advisors and their clients make to bring that financial plan to life." - Natalie Wolfsen[14:11] - "Financial wellness is the combination of ongoing communications between the advisor, their clients, goal setting, goal management, risk management, and investments." - Natalie Wolfsen[20:16] - "One of the reasons that AssetMark advisors grow so quickly and at the heart of that is a concept of outsourcing. If you outsource your investment management, if you outsource your technology, or if you outsource key parts of your operational processes, your number of clients grows, your revenue grows, your profitability grows as does your client satisfaction and your own quality of life." - Natalie WolfsenLinks  Natalie Wolfsen on LinkedIn AssetMark First Eagle Investment Management Pershing Charles Schwab Voyant 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 demographics of investors continue to change, the wealth management industry is starting to pay attention to inclusion and diversity. Many firms hire, prepare, and advance underrepresented talents throughout the financial services industry and create programs to best serve an increasingly diverse clientele. This positive trend leads to more equitable and representative services for all investors.In this episode, Jack talks with Craig Pfeiffer, President and CEO of Money Management Institute (MMI). Craig is a senior financial services executive, following 29 years with Morgan Stanley Smith Barney and its predecessor firms. He transitioned from MSSB in 2012, where he was Vice Chairman and a member of the Executive Committee. From 2003 to 2011, he held a progression of senior positions, including the National Sales Group, responsible for marketing strategy and client communications, desktop technology, and brokerage-based banking. Additionally, Craig has been responsible for businesses, including retirement services and corporate equity solutions.Craig talks with Jack about his current projects and programs, why diversity and inclusion are becoming an area of focus in wealth management, and his outlook on where wealth management is headed in the future.Key Takeaways [01:08] - What Money Management Institute offers in the investment advisory industry. [03:11] - A list of Craig's current projects and programs. [08:31] - Wealth management as a people's business. [11:02] - Craig's outlook on where wealth management is headed. [15:48] - What Craig looks forward to over the next few years. [20:01] -The history of MMI's innovation in wealth management. [24:29] - Craig's three key takeaways. [26:08] - Craig's interests outside of work. Quotes[03:54] - "For the last number of years, there have been challenges around dealing with accumulated wealth and retirement assets, not only the income but doing so smartly around taxes, risk around location, etc." - Craig Pfeiffer[07:04] - "We have to go outside our industry, find people of color, and bring them into middle-level jobs. Fill out that sophomore, junior class, so the freshmen have an aspiration." - Craig Pfeiffer[22:06] - "There was no opponent to the SMA business other than a lack of awareness. You can't come to an MMI event without putting your gun down. You're coming to share best practices. You're coming to share ideas. You're coming to learn. And people have had that structural fiber that allows people to enjoy it." - Craig Pfeiffer[25:36] - "Being a leader in this business is rewarding. But you're only a leader if you have followers, and followers will only follow if they think they're listened to." - Craig PfeifferLinks  Craig Pfeiffer on LinkedIn Money Management Institute Steve Gresham The Execution Project Cheryl Nash InvestCloud Financial Advisor Magazine BlackRock Jed Finn Morgan Stanley Jenny Johnson Jasmine Jirele Franklin Templeton Allianz Life Burt White LPL Financial Carson Group Envestnet Ainslie Simmonds Pershing Michael Liersch  Wells Fargo Microsoft PwC University of Virginia Darden School of Business Keith Glenfield Bank of America Troy Thornton Goldman Sachs Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook