WealthTech on Deck

Taxes are a reality for all investors. Their effects can significantly affect financial outcomes and take a big bite out of investment returns. In response, advisors look for strategies that minimize tax liabilities while maximizing returns. As tax alpha may be the holy grail for many investors, what investment strategies can they use to maximize their financial outcomes?In this episode, Jack talks with Martin Cowley, Executive Vice President of Product Development at LifeYield. As one of the pioneers in building UMH solutions in the industry, Martin is an expert at building platforms across the wealth management ecosystem. At LifeYield, Martin and his team focus on finding the client's unique circumstances and then determining the best way to serve them.Martin talks with Jack about five ways to achieve tax alpha through a comprehensive advice platform. He discusses how these strategies work and how advisors utilize them to help clients reach their financial goals. Key Takeaways [01:11] - An overview of Martin's key role at LifeYield. [05:58] - Tax harvesting as a means of improving tax alpha. [08:40] - How single-account management differs from coordinated multi-account management. [11:38] - The importance of asset allocation when it comes to taxes. [19:04] - How rebalancing and income generation can work together.  [21:16] - What asset allocation and rebalancing can do for income sourcing. [28:53] - Martin's three key takeaways. [31:30] - What Martin likes to do outside of work. Quotes[10:16] - "The fact that you can see multiple tax lots across more than one account gives you more room for efficiency. It gives you more tax lots to pick from." - Martin Cowley[17:53] - “Tax harvesting is good, it's a part of our toolkit. But asset allocation does mitigate the need for tax-loss harvesting, especially considering it dissipates over time.” - Martin Cowley[18:42] - "A transition from an existing set of assets over to a new model can be made a lot more efficient by putting controls on gain realization and potentially breaking up the move over a year or more depending on what works for the clients and their appetite for taxes." - Martin Cowley[29:07] - "Tax harvesting is well-established and it's a vulnerable exercise, but it's more valuable when you spread it across multiple accounts to the extent that you can." - Martin CowleyLinks  Martin Cowley on LinkedIn LifeYield Paul Samuelson 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 is constantly evolving with new trends. These trends are driving significant changes in the wealth management industry, prompting firms to adopt new strategies and technologies in order to meet investor demands. How can advisors make the most of these trends and make a significant impact on their clients?This week, we flip the script as Jack Sharry takes the guest chair and Matt Nollman, VP of Marketing at LifeYield, hosts the show. As Executive Vice President, Chief Growth Officer, and Principal at LifeYield, Jack helps industry leaders, platform builders, advisors, and investors understand UMH platforms and the advantages they create.As a leading industry voice on wealthtech, Jack shares his insights on the top five trends in wealth management, how these trends are impacting the industry, and how the combination of platform and advisor makes the biggest difference in client relationships.Key Takeaways [01:20] - The key role Jack Sharry plays at LifeYield. [02:33] - What Jack sees as the top five trends in wealth management. [06:23] - The impact of retiring baby boomers on wealth management. [07:33] - How advisors can effectively manage the influx of money from next-generation investors. [09:39] - The impact of technology convergence on wealth management. [11:48] - Why the combination of platform and advisor makes the biggest impact on clients. [15:52] - How advisors with the best soft skills have a competitive advantage in managing wealth. [19:39] - Jack's three key takeaways. [21:07] - What Jack enjoys outside of work. Quotes[05:41] - "At the end of the day, an advisor and a client need to talk. Algorithms aren't human beings. They just tell you how to optimize what's going on. You’ve got to ask them questions and you have to have a real dialogue often with clients that don't fully understand what it is they're trying to solve." - Jack Sharry[20:02] - "More people are retiring today with more money and more complexity than at any point in history. So, a tidal wave of assets and complexity are driving our business for the foreseeable future." - Jack Sharry[20:13] - "Digital and human advice are coming together on comprehensive advice platforms. And the job of the underlying algorithms is to identify the next best actions. Strategy is a start, but the ultimate job of these platforms is to coordinate implementation across the household and to determine the next best thing to do to improve financial outcomes." - Jack SharryLinks  Jack Sharry on LinkedIn Matt Nollman John Connors John Thiel Tiburon Strategic Advisors Morgan Stanley JP Morgan Orion Advisor Solutions Edward Jones Wells Fargo UBS  Merrill Lynch Envestnet  Goldman Sachs LPL Financial E*Trade  Eaton Vance James Gorman Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

Nalika Nanayakkara, Managing Partner Americas and Financial Services Consulting Leader at EY, shares her insights on the evolving asset and wealth management landscape. She discusses the impact of digitization and personalization on financial wellness, emphasizing the merging of digital advice with concierge services. Nalika explores how complexity in the industry presents unique opportunities for advisors. Additionally, she highlights the integration of retirement and wealth management, advocating for personalized solutions that adapt to client needs.

Technology has always been a driver for change, and the financial sector is no exception. Driven by clients who are looking for more holistic advice, financial advisors are now leveraging technology solutions to provide a higher level of service. With the development of comprehensive advisory platforms, advisors can offer better advice and outcomes to their clients.In today’s episode, Jack talks with Rich Cancro, Founder and CEO at AdvisorEngine. Rich brings more than 25 years of experience building wealth management technology. Prior to founding AdvisorEngine, he served as a Managing Director at Bank of America Merrill Lynch, and created industry-leading solutions for J.P. Morgan, Bear Stearns and DLJDirect. Rich talks with Jack about how he helps advisors provide better advice and outcomes for their clients, how he built AdvisorEngine to be a comprehensive advice platform, and what the future looks like for the financial advisory industry.Key Takeaways [01:08] - What AdvisorEngine has to offer clients. [01:51] - An overview of Rich's career in the financial advisory. [05:56] - Why Rich started his own business despite working for one of the largest firms. [10:42] - How Rich built AdvisorEngine to be a comprehensive advice platform. [15:14] - Rich's perspective on the future of the industry. [21:50] - What prompted AdvisorEngine to acquire Junxure. [25:41] - Interesting things Rich does outside of work. Quotes[02:30] - "I am absolutely passionate about fiduciary advisors. I love the fact that fiduciary advisors are fully aligned with the client's interests. They're small businesses. How they get service and how they service their clients, every moment matters." - Rich Cancro[18:03] - "I think advisors really have to evolve from relationship building. They're great at it, that's where they build their trust. But they have to pivot from that perspective into becoming great marketers. A vast majority of independents are not great at marketing" - Rich CancroLinks  Rich Cancro on LinkedIn AdvisorEngine Tom Bradley Charles Schwab TD Ameritrade Fidelity Investments Pershing James Crowley Merrill Lynch Joel Bruckenstein New York Yankees Boston Red Sox Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

Data and technology are critical when it comes to providing holistic wealth advice. They are two essential resources that can help advisors gain a deeper understanding of their clients' financial situations, enabling them to offer more tailored recommendations. In today’s episode, Jack talks with Paula, Managing Director & Head of Growth Strategy at Global Atlantic Financial Group. Prior to joining Global Atlantic Financial Group, Paula served as CEO and President of Transamerica Capital, and Managing Director for Aegon Financial Services Group. In her current role, Paula's primary focus is on growth that involves bringing insurance strategies and alternative asset options to financial professionals. Paula talks with Jack about the role technology plays in the insurance industry, how Global Atlantic applies innovative approaches to offer better services to financial professionals, and how data and technology are key to providing holistic wealth advice. Key Takeaways [01:26] - What Global Atlantic Financial Group is and how it serves its clients.  [02:50] - Paula's professional history and her hopes for the wealthtech industry. [05:53] - Two important ways technology contributes to the insurance industry. [08:01] - Paula's role in the growth of Global Atlantic Financial Group. [13:06] - Global Atlantic's innovative approach to serving advisors. [19:02] - What the future looks like for the insurance industry. [22:52] - How technology and data are key to providing holistic wealth advice. [23:42] - What Paula does outside of work.  Quotes[13:44] - "The ability and the key that technology will allow is these products to sit alongside other things that advisors and clients can work with much more seamlessly than a standalone package product." - Paula Nelson[16:02] - "What [technology] can provide to financial professionals who really want to expand what they do for clients is critically important to how they become more than just a money manager. And I don't know how they do it without technology." - Paula Nelson [22:58] - "If your organization is not investing in digital data analytics, you should be asking why. Why aren't we making those investments? Technology and data are key to really providing holistic wealth advice." - Paula Nelson Links  Paula Nelson on LinkedIn Global Atlantic Financial Group Goldman Sachs KKR David Lau DPL Financial Partners Heather Kelly Allianz Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook DisclosureThis podcast is intended for Financial professional use only. The opinions expressed are those of the opinions of the speakers as of May 2022 and may not come to pass. Nothing said should be considered a recommendation to buy, sell or hold any security product.Annuities issued by Forethought Life Insurance Company, Indianapolis, Indiana. Global Atlantic Financial Group (Global Atlantic) is the marketing name for The Global Atlantic Financial Group LLC and its subsidiaries, including Forethought Life Insurance Company and Accordia Life and Annuity Company. Each subsidiary is responsible for its own financial and contractual obligations. These subsidiaries are not authorized to do business in New York. 

Trust is the cornerstone of a successful advisor-client relationship. And earning that trust starts with empathy – the ability to have a complete understanding of clients' situations and concerns.  Having a clear understanding of what drives clients' decisions allows advisors to develop and recommend solutions that align with their goals and preferences, laying the foundation for successful advisory platforms.In today’s episode, Jack talks with John Connors, Founder and CEO of Boathouse. Prior to founding his own marketing agency in 2001, John held positions at companies such as Hill Holliday and Merrill Lynch, served as CEO of Zentropy Partners, and became part of the McCann World Group Management team. With the aim of bringing a new level of performance-mindedness to the agency business, John created Boathouse.John talks with Jack about why narratives matter, why advisors deserve more attention and value, and how empathy can be key to building trust with clients.Key Takeaways [02:00] - A brief overview of John's professional career. [03:56] - The story behind the creation of "Total Merrill". [09:54] - Why John thinks that advisors are undervalued. [13:55] - How technology and narrative go together in the advisory business. [17:43] - How empathy is critical in developing a comprehensive advice platform. [21:00] - How empathy plays a role in the narrative of trust. [23:33] - John's three key takeaways. [26:30] - Interesting activities John engages in outside of work. Quotes[10:22] - "There's so much emphasis on product platform and tech, and it's striking to me how little emphasis is on the advisor and how management tends to commoditize the advisor rather than actually leverage the advisor." - John Connors[19:14] - "If you can't walk in and build that empathy based on understanding those issues and those audiences, you can't build that trust" - John Connors Links  John Connors on LinkedIn Boathouse Group Merrill Lynch Hill Holliday McCann General Motors The Coca-Cola Company James Gorman Morgan Stanley Paula Polito UBS John Thiel Goldman Sachs NextCapital Folio Investing  Empower Retirement Fidelity Investments Vestwell E*Trade Eaton Vance JP Morgan Orion Advisor Solutions Tesla Elon Musk Frank McAleer Raymond James Ben Huneke 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 rapidly changing industry, Allianz Life has been able to stay ahead of the curve and emerged as one of its most innovative and thriving companies. While technology has undoubtedly been instrumental in this transformation, Allianz has built upon four cornerstones that have contributed to its success. In today’s episode, Jack talks with Corey Walther, President of Allianz Life Financial Services. Corey is responsible for the business results, strategic direction, sales execution and distribution for several Allianz Life Insurance Company product lines. He is also passionate about leading teams and developing strategies that help identify and implement opportunities to improve sales, service delivery, and profitability.Corey talks with Jack about the 4 Ps of growing a business, the secret to Allianz’s continued growth and success, and how technology is changing the game of wealth management.Key Takeaways [01:16] - The key role Corey plays at Allianz Life Financial Services. [02:40] - How the wealth management and annuity industries have evolved over time. [05:30] - The 4 Ps of growing a business: Process, Performance, Partnership, and People. [10:01] - The secret to Allianz's continued growth and success. [13:39] - How technology is a game-changer for wealth management. [16:46] - How Corey helps advisors embrace the opportunities presented by technology. [21:27] - What the future holds for wealth management. [24:18] - Corey's three key takeaways. [25:10] - What Corey enjoys outside of work. Quotes[14:54] - "Technology, in general, has been a game-changer for our industry. And, quite frankly, not just for insurance and annuities but also for our clients. I just couldn't be more excited and bullish about what we can do with technology being the epicenter of really helping our industry and this country improve livelihoods for so many households across the country." - Corey Walther[17:22] - "In our world, it's not just about solution selling. It's about starting with the conversation that a financial professional might be having with an investor and that financial planning approach. And then it's how do we best fit that goals-based planning conversation to be able to demonstrate where does an annuity fit and where does it not fit." - Corey Walther[24:26] - "As a financial advisor and professional investor, make sure that you're incorporating and thinking about risk management strategies, not just investment management, but risk management." - Corey WaltherLinks  Corey Walther on LinkedIn Allianz Life RBC Wealth Management Jasmine Jirele Walter White Carlson School of Management 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 and retirement planning are two important aspects of financial planning. While they are often discussed separately, the convergence of these two industries allows people to take a holistic approach to their finances and create a comprehensive financial plan that helps them achieve their financial goals.In today’s episode, Jack talks with Fred Barstein, Founder and CEO of The Retirement Advisor University (TRAU) and The Plan Sponsor University (TPSU). He is also the contributing editor for WealthManagement.com's RPA Edge and Editor in Chief & Founder of 401kTV, a media channel helping mid-size and smaller companies better manage their defined contribution plans.Fred talks with Jack about what he does to serve the DC 401k market, how wealth management and retirement can work together, and how big players in the wealth management industry are now focusing on retirement.Key Takeaways [01:11] - What Fred does to advance the retirement and advice space. [02:52] - How Fred collaborates with institutions to help educate plan sponsors. [06:19] - A look at the type of community Fred is part of. [11:57] - How wealth management and retirement can work together. [17:59] - The challenges the DC industry is facing today. [21:18] - How big players in the wealth management industry are now focusing on retirement. [25:52] - How retirement plan advisors are changing their strategies. [29:08] - Fred’s three key takeaways. [31:00] - Activities that Fred enjoys doing outside of work. Quotes[03:17] - "We saw that there were a lot of designations and it seems like there's a lot popping up. But the credibility of them, if you can just do it online and take a test, doesn't make you an expert. So, we wanted to have a designation and training that plan sponsors could be sure of or we are confident that this advisor is actually well trained and has the experience." - Fred Barstein[08:24] - "Part of the reason that I work with wealth management is they want a platform.  The DC industry wants to get into and speak to the wealth management industry. They see a huge opportunity in the convergence of wealth, retirement, and benefits." - Fred Barstein[14:40] - "RPAs have a huge advantage over traditional wealth management when it comes to getting access and credibility." - Fred Barstein[26:55] - "DC plans have now become a strategic benefit rather than tactical. Retirement plan advisors have moved from the waiting room with the rest of the salespeople to the boardroom talking strategy." - Fred BarsteinLinks  Fred Barstein on LinkedIn The Retirement Advisor University The Plan Sponsor University 401kTV 401(k) Real Talk InvestmentNews Wealth Management RPA Edge Podcast UCLA Anderson School of Management SPARK Institute Newport Group Empower Retirement Prudential Financial MassMutual Morgan Stanley VestWell UBS Merrill Lynch Fidelity Investments Vanguard Charles Schwab CapTrust Sageview Capital NFP Edmund Murphy Aaron Schumm Lockton Hightower Advisors Mercer Wealthfront 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

Wealth and investment management are constantly evolving industries, with new technologies, strategies, and trends emerging every day.  In order to stay ahead of the curve, advisors need to be aware of the key drivers shaping the landscape. In today’s episode, Jack talks with Chip Roame, Founder and Managing Partner of Tiburon Strategic Advisors, and the Tiburon CEO Summits. Prior to forming Tiburon in 1998, Chip served as a management consultant at McKinsey & Company, and later as a business strategist at The Charles Schwab Corporation. In his current role, Chip is responsible for all of Tiburon's advisory, research, service, and marketing activities, keeping him on the leading edge of strategic initiatives in the industry's fastest-growing businesses. Chip talks with Jack about what to expect at the Tiburon CEO Summits in Boston, the top four trends in wealth and investment management, and what RIAs will look like in the future. Key Takeaways [01:07] - An overview of Chip’s career in wealth management. [02:08] - What prompted Chip to establish Tiburon Strategic Advisors and Tiburon CEO Summits. [06:46] - What to expect at the Tiburon CEO Summits in Boston. [09:00] - The top four trends Chip is focusing on. [14:52] - How robo-advisors are doing exceptionally well. [17:32] - Chip’s thoughts on the trend of company and asset acquisitions. [19:36] - Why organic growth is critical to the RIA channel. [24:28] - What RIAs will look like in the future. [25:36] - Chip’s three key takeaways. [28:05] - What Chip enjoys outside of work. Quotes[09:28] - "I think the Gen X consumer is the big opportunity for the next 10 years. When you work your way through the data, you realize Gen X will save and invest more money than will baby boomers and millennials combined in the next 10 years. There's a lot of buzz about millennials and how they're so influential and all that, but in dollars and cents in the next 10 years, there's a lot about the Gen X investor." - Chip Roame [18:22] - "A lot of firms have just discovered how fast the RIA market is growing and then they're doing one of three things. They're either going to be the RIA, they're going to be a custodian to the RIA, or they're going to be a bigger product provider to the RIA." -  Chip Roame[27:49] - "I don't think small advisors are really as threatened as everyone says they are. I do believe in consolidation. I don't believe that small advisors are in trouble." - Chip Roame Links  Chip Roame on LinkedIn Tiburon Strategic Advisors Tiburon CEO Summits McKinsey Charles Schwab M Financial Group Paul Hastings Skip Schweiss TD Ameritrade Institutional Fiserv Walt Bettinger Joe Mansueto Morningstar Robert Reynolds Fidelity Investments Mark Casady LPL Financial Mark Hoffman Vanguard Money Management Institute Merrill Lynch Mercer Edelman Financial Engines Captrust Goldman Sachs NextCapital Morgan Stanley Solium Capital (now Shareworks by Morgan Stanley) E*Trade Empower Retirement Vestwell BlackRock Folio Investing Focus Financial Partners CI Financial Wells Fargo Scott Hanson Allworth Financial Craig Wietz First Rate Tiburon Impact Adventures Skip and Chip’s and Excellent Adventure 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 is constantly evolving as the needs of consumers and businesses change. In order to stay ahead of the curve, companies need a platform that provides their customers with a 360-degree view of all their assets. This will allow them to deliver a better customer experience, increase loyalty, and drive growth. By having a single platform that connects all aspects of the business, firms will be able to better serve their customers and provide them with a better overall experience.In today’s episode, Jack talks with Ainslie Simmonds, President of Pershing X, a new business unit in BNY Mellon that designs and builds innovative digital solutions for Pershing’s Wealth Solutions clients, including broker dealers, RIAs, and trust companies.Prior to joining Pershing, Ainslie was the Global Head of Digital at PIMCO, the Chief Marketing and Product Officer at thinkorswim, and the Chief Operating Officer at LearnVest. Ainslie brings two decades of experience in wealth management and digital experience to her role at Pershing X. Along with her team, she is dedicated to delivering the industry's leading end-to-end advisory platform, helping financial services firms solve the challenge of managing disconnected technology.Ainslie talks with Jack about what Pershing X has to offer in the financial services industry, how she plans to address the interoperability issue in the financial system, and how Pershing X hopes to dominate the advisory market.Key Takeaways [01:26] - What Pershing X has to offer in the financial services industry. [03:19] - A look back at Ainslie's professional journey. [07:22] - How Pershing X plays a role at the Bank of New York Mellon. [10:56] - Where Pershing X draws its inspiration. [14:54] - How Ainslie plans to address the interoperability issue in the financial system. [17:34] - How Pershing X hopes to dominate the advisory market. [20:29] - Why the financial industry is ill-prepared to deal with waves of retirees. [23:15] - Ainslie's three major takeaways. Quotes[18:58] - "No expectation we're going to win every app. It's on us though to always be adding more and more of that interoperability value." - Ainslie Simmonds[22:29] - "If you think about the ways interoperability could show up, it can very much show up in retirement paychecks. It can show up in a lot of different ways that no single point provider could do. I can see the problems getting solved with a suite that talks to each other." - Ainslie Simmonds[23:24] - "If you are in the advisory business, I think you need to think hard about how much you want to invest in tech and how much you're going to turn to partners. That has to be a really thoughtful decision." - Ainslie Simmonds[23:52] - "There is this massive opportunity to serve clients through all stages of their life. And you need to think about how your platforms and technologies are supporting you in that." - Ainslie SimmondsLinks  Ainslie Simmonds on LinkedIn Pershing X LearnVest Campbell Soup Company Molson Coors thinkorswim (now TD Ameritrade) Northwestern Mutual PIMCO BNY Mellon Robin Vince  Edward Jones JP Morgan Morgan Stanley Orion Advisors Solution Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook