WealthTech on Deck

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

In a recent study by Franklin Templeton, U.S. workers are re-evaluating their relationship with their employers and the benefits they receive at work. The study found that workers are increasingly interested in non-traditional benefits and the need across the full spectrum of financial resources. In this episode, Jack talks with Jacquelyn Reardon, Head of Retirement & Insurance Marketing at Franklin Templeton. In her role, Jacquelyn manages a team of marketing specialists to implement strategies for distribution channels associated with U.S. retirement and insurance businesses.  She also deploys resources that drive marketing results while reinforcing process best practices, developing talent, and managing the budget.Jacquelyn talks with Jack about Franklin Templeton's Voice of the American Worker survey, its outcome, and how the company responded to its results.Key Takeaways [00:51] - Jacquelyn's role at Franklin Templeton. [01:43] - What the Voice of the American Worker survey is about. [03:35] - The four key takeaways from the Voice of the American Worker study. [04:40] - Why American workers are re-evaluating their work and expectations of employers. [09:47] - How workers are focusing more on financial independence than traditional retirement. [12:51] - What respondents think about hyper-personalization. [14:56] - Workplace as the lobby for wealth management. [16:12] - Why workers seek to improve their financial wellbeing. [18:58] - A need for financial health improvement. [22:25] - How Franklin Templeton responded to the survey results. [24:50] - Jacquelyn's three key takeaways from the research on American workers. [25:59] - What interests Jacquelyn outside of work.  Quotes[06:16] - "Fifty-five percent of people have said it's not just that they've left or considered leaving, but seeing other colleagues consider leaving or leaving has made them reassess what they want from employers." - Jacquelyn Reardon[18:13] - "Seventy-six percent of people, as it relates to student loan debt, said that they would've made different educational choices if they had realized how much debt they would get into." - Jacquelyn Reardon[20:30] - "There's an opportunity for employers to take that holistic view of wellbeing and put some incentives and resources in place." - Jacquelyn ReardonLinks  Jacquelyn Reardon on LinkedIn Franklin Templeton Morgan Stanley Goldman Sachs Jenny Johnson Tiburon Strategic Advisors Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

Strategic partnerships between businesses can be a powerful way to enhance growth and achieve goals that would be difficult to attain independently. By forming mutually beneficial relationships with asset managers and professionals, wealth management businesses can gain access to new ideas, strategies, and technology platforms, enabling them to focus on what they do best: providing high-quality service to their clients.In today’s episode, Jack talks with Mark Spina, Chief Operating Officer and President at FLX Networks.  Mark has over two decades of experience managing sales, national accounts, product, data, and marketing teams around the globe. His current responsibilities include developing and delivering cost-effective solutions to FLX members. Mark talks with Jack about FLX Networks' approach to helping asset managers and management firms scale their businesses, how having a network can be leveraged to build capabilities that resonate across the community, and how technology plays a crucial role in enabling their business model.Key Takeaways [00:51] - How Mark got his start at FLX Networks. [04:41] - How Mark works with asset managers and management firms. [11:46] - FLX Networks' growth over time. [16:55] - The company's approach to helping asset managers and advisors grow their businesses. [19:32] - How FLX Networks enables advisors to deliver products and services effectively. [21:15] - What role digital technology plays in the company’s business model. [25:42] - Mark's top three key takeaways. [27:49] - What interests Mark outside of work. Quotes[07:30] - "It's kind of amazing when you think about how modern all other sales engagements have become. Most of the selling experiences, it's better targeted. There's more data flowing into it. You can be more precise. But at the point of sale, it still looks and feels very similar to the way it did 30 years ago." - Mark Spina [19:42] - "Being in the network of networks, we are able to source a combination of componentry. We are able to source practice management capabilities from external providers. We've built in-house capabilities in some of the areas that we think resonate across that community." - Mark Spina[26:00] - "In a business and industry that requires scale to succeed, managers have to think about how they can creatively and collaboratively create that scale. And it's unlikely for the vast majority of asset managers to be able to create the requisite scale by themselves." - Mark Spina[27:02] - "The concept of wholesaling products has to evolve in the next three to five years. It has to look more like everything else that an advisor or person does in their day-to-day life of buying and selling product." - Mark SpinaLinks  Mark Spina on LinkedIn FLX Networks Brian Moran SEAL Family 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

Leading a financial advisory firm is a challenge. The goal is to provide sound and objective financial planning advice to clients but to do so profitably and at scale is an uphill battle. In today’s episode, Jack talks with Robert Pettman, EVP, Wealth Management Solutions at LPL Financial. Robert is responsible for leading the advisory and brokerage platforms, investment products, and relationships with asset managers, insurance companies, and wealth tech providers. In addition to his role, he also heads the research department, a new component that is essential to a comprehensive wealth management strategy.Robert talks with Jack about LPL Financial's spectrum of products, solutions, and opportunities, how they enable advisors to run a models-based practice more efficiently and effectively, and what his outlook is for the future of the financial advisory business.Key Takeaways [02:03] - How Robert got his start in the financial services industry. [05:53] - What LPL Financial is working on right now that Robert is excited about. [07:59] - How LPL Financial empowers advisors. [13:31] - How Robert handles the many tasks involved in serving advisors. [17:20] - Robert's outlook for the future of the financial advisory business. [22:55] - Robert's three key takeaways. [23:49] - Interesting facts about Robert. Quotes[14:18] - "It's really important to have great talent, creative and innovative, and client-centric that understands the issues, that's focused on solving problems for the clients and essentially bringing forward those ideas to actually help propel the company in doing the best that it can in serving advisors." - Robert Pettman[17:34] - "A product really exists as a vehicle of convenience. And it so happens that with the evolution of technology, we're actually getting to a place where that's not actually the most efficient and effective way to deliver solutions." - Robert Pettman[23:02] - "That theme of technology attacking the product wrapper is not something that's scary. It's something to be embraced and that can provide extra features and benefits for advisors and investors." - Robert PettmanLinks  Robert Pettman on LinkedIn LPL Financial Blaze Portfolio Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook