WealthTech on Deck

Retirement planning is evolving in an interesting way as the baby boomer generation retires. As life expectancy is rising and retirees are coming in waves, it's necessary to create better retirement plans.In today’s episode, Jack talks with Frank McAleer, Senior Vice President of Wealth Planning, Global Wealth Solutions at Raymond James, a global financial services firm that focuses on providing trusted advice and tailored, sophisticated strategies for individuals and institutions. Bringing more than 30 years of industry experience, Frank leads Raymond James’ efforts to empower financial advisors with thought leadership, technology, and practical guidance to address the evolving financial planning needs of their clients. They believe a financial plan that sets out clear objectives and the partnership offered by a professional financial advisor is key to achieving long-term financial and lifestyle goals.Frank talks with Jack about how Raymond James offers services focused on longevity and retirement, how they empower advisors, and the role technology plays in retirement planning. Key Takeaways [01:16] - Raymond James’ role in the financial services industry. [07:44] - How Raymond James became a successful firm. [09:10] - How Raymond James empowers advisors. [11:35] - How Raymond James' longevity planning works. [15:59] - What the future holds for Raymond James' retirement planning. [19:09] - The role of technology in the retirement planning ecosystem. [21:01] - Why the top issues for clients are not the top issues for advisors. [24:35] - Frank McAleer's key takeaways. [26:25] - Frank's interesting activities outside of work. Quotes[16:08] - "Planning and longevity, they're kind of intertwined. There's so much more emotional intelligence required and there's more empathy required, it's holistic." - Frank McAleer[25:07] - "If I identify the number one issue in longevity, it's caregiving. And there are two things that will do, it will differentiate you, and it will help you immensely when the transition of wealth conversation comes up because you're getting the whole family naturally involved." - Frank McAleer[25:34] - "I call empathy the one trait that clients want from financial advisors the most, but you'd never see it. But when you provide it, clients relate and the best way is to tell your own personal stories." - Frank McAleerLinks  Frank McAleer on LinkedIn Raymond James Joseph F. Coughlin MIT AgeLab PinnacleCare Medicare Steve Gresham Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

This episode marks the one-year anniversary of the WealthTech on Deck Podcast. Taking a look back at the last 50 episodes, Matt Nollman, VP of Marketing at LifeYield takes the lead and interviews regular host, EVP & Chief Growth Officer at LifeYield, Jack Sharry.Jack is a leading industry voice on wealthtech, UMH, and the future of financial advice. His mission is to help investors, financial advisors, and firms achieve improved financial outcomes. Matt leads LifeYield’s marketing team, strategy and digital experience, as well as producing the WealthTech on Deck podcast.Jack and Matt talk about some of the best themes, most popular episodes, and lessons learned over the last year.Key Takeaways [01:46] - Jack's key takeaways from hosting WealthTech on Deck over the past year. [02:56] - Some of the big themes that stood out across the last 50 episodes. [04:35] - A list of episodes on growth and creating disruptions in the retirement industry. [06:23] - How Morgan Stanley's strategy is unique in the marketplace. [08:35] - Technology as a critical component of portfolio integration. [10:58] - What the future holds for Unified Managed Households (UHM). [14:02] - The history of the wealth management industry. [19:49] - The impact Jasmine Jirele, Heather Kelly, and David Lau had on the financial services industry. [24:08] - How the team at Lifeyield is integral to the wealth management space. [28:10] - Future guests you won't want to miss. [29:38] - Things Jack enjoys outside of work. Quotes[03:02] - "The biggest theme and the most listened to episodes are all around the strategy, design, and execution of what I'm now calling comprehensive advice platforms." - Jack Sharry[12:00] - “Around retirement income, you have to think about RMDs, social security, Roth conversion, taxes, and risk. We've got growing inflation, and interest rates are rising. How are you going to handle all of that? Doing a lot of work on this topic across the industry is how we consider all the variables, all the things we have to think about to maximize retirement income." - Jack Sharry[25:50] - "Essentially, what we're really doing is we see a lot and we can see what the trends are, what the challenges are, and what the issues are. And what we're involved with is creating a new category. As we're doing that, we want to share what we're learning because the reason a lot of people listen to this podcast is to find out what other people are doing." - Jack SharryLinks  Matt Nollman on LinkedIn Edmund F. Murphy II Empower Retirement Personal Capital Fidelity Investments Aaron Schumm Vestwell Yaqub Ahmed Harshendu Bindal Franklin Templeton James Gorman Morgan Stanley Solium Capital (now Shareworks by Morgan Stanley) Eaton Vance Rose Palazzo Eric Lordi Benjamin Huneke BlackRock Aladdin E-TRADE Financial Nicole Casperson Michael Liersch Wells Fargo Jessica Liberi eMoney Advisor Len Reinhart John Connors John Thiel Merrill Lynch Jasmine Jirele Allianz Life Heather Kelly David Lau  DPL Financial Partners Mark Hoffman Martin Cowley Harry Bartle Steve Zuschin Jeff Quigley Alyson Dorosky Mary Beth Franklin InvestmentNews 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 more and more baby boomers are approaching retirement, advisors are encountering a unique set of challenges, including funds for retirement. With inflation and taxes on the rise, what can financial advisors do to maximize retirement income?In today’s episode, Jack talks with Steve Zuschin, Executive Vice President of Enterprise Technology Adoption at LifeYield. Steve has more than a decade of experience in financial services, advisor technology, and sales. He is an expert in sales leadership and business development and has demonstrated a history of success in fintech and financial services. At Lifeyield, Steve works closely with clients to help them build comprehensive advice platforms.Steve talks with Jack about LifeYield’s comprehensive retirement income program, what to do about taxes, and how to maximize retirement income.Key Takeaways [01:34] - Steve’s role in fintech and the financial services industry. [04:47] - How taxes impact retirement goals. [06:05] - How LifeYield's retirement income sourcing works. [10:48] - How can all the facets of financial planning be tied together? [13:31] - What advisors have to say about LifeYield's retirement strategies. [16:02] - How dynamic algorithms play a crucial role in retirement planning. [18:40] - Steve's three major takeaways. Quotes[04:57] - "Tax is the number one offender when it comes to expenses and retirement. But it's also a huge drag on reaching retirement goals to begin with." - Steve Zuschin[05:59] - "Every decision we make in financial service, every recommendation we make has a tax consequence, whether we want to own that or not." - Steve Zuschin[18:56] - "Taxes are the number one expense. It's the largest expense that people incur when they're in retirement and most of them are paying unnecessary taxes. So, there's a huge opportunity to improve outcomes for them and ourselves." - Steve ZuschinLinks  Steve Zuschin on LinkedIn Martin Cowley Ernst & Young Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

Saving money is something that should start early in life, but it's never too late to get started. Saving can be difficult at times, but there are ways to make it easier. In this episode, Jack talks to Aaron Schumm, Founder and CEO of Vestwell. Aaron brings nearly 20 years of fintech and finserv experience from industry-leading companies. He founded Vestwell in 2016 to close the American savings gap by modernizing the way individuals and small businesses save. Prior to Vestwell, Aaron co-founded FolioDynamix, which is now part of Envestnet.Aaron talks with Jack about his approach to guiding people toward financial wellness, how Vestwell serves its clients, and how savers can step up their saving strategies.Key Takeaways [01:10] - How Vestwell serves its clients. [02:16] - What sets Vestwell apart from other wealth management platforms.  [04:27] - How Vestwell fits into Morgan Stanley's ecosystem. [06:36] - Why the convergence of wealth management and retirement is becoming a trend. [09:23] - How savers can step up their saving strategies. [13:14] - The role Solium Capital plays at Morgan Stanley. [15:04] - How Vestwell plays a role in the future of saving and wealth management. [19:11] - Aaron's approach to guiding people toward financial wellness. [20:17] - The evolution of Aaron's career in wealth management. [23:01] - Aaron's three key takeaways. Quotes[15:27] - "Everyone needs to save. Especially in today's world, with expenses rising, cost of living rising, and not saving enough, you need to start stepping in early. And there's no better way to do that than starting in the workplace and then carrying beyond." - Aaron Schumm[16:02] - "We have too many people that are just undersaved and we have to do something. And the private market isn't able to engage at the pace we want right now." - Aaron Schumm[24:28] - "There's really cost-effective ways in designing savings plans that aren't expensive and there's a lot of tax credits and whatnot. I think it's really a responsibility for everyone to start and make sure that they're setting themselves up and their employees' success in the future." - Aaron SchummLinks  Aaron Schumm on LinkedIn Vestwell Empower Retirement JP Morgan Great-West Investments Fidelity Investments Prudential Financial Morgan Stanley Solium Capital (now Shareworks by Morgan Stanley) Northern Trust InvestCloud FolioDynamix Envestnet 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 population of retirees continues to grow, this puts a lot of stress on the traditional retirement system. Finding better retirement solutions is becoming increasingly important. What can financial advisors and industry leaders do to provide better retirement planning and solutions? In today’s episode, Jack talks with Cheryl Nash, CEO of Financial Supermarket at InvestCloud, an established and trusted leader in wealth technology, and Steve Gresham, CEO of The Execution Project, a wealth management consulting firm that helps companies create better wealth management and retirement solutions.Cheryl and Steve are true industry leaders. Cheryl grew up in the wealth management industry and has held roles in nearly every functional area. Steve is a leader in understanding trends facing the wealth management industry. His focus is on improving retirement solutions for a wave of retiring clients.Cheryl and Steve talk with Jack about the project they have been working on together, The Next Chapter Leadership and Action Initiative. They also discuss the role of technology in retirement planning, what industry leaders and top financial advisors do differently to provide retirement solutions, and how investors are becoming more concerned about their retirement income.Key Takeaways [01:36] - What Next Chapter is all about. [08:28] - What industry leaders and top financial advisors do differently. [10:35] - The role of technology in retirement planning and solutions. [14:20] - How investors are becoming more concerned about their retirement income. [18:00] - Why digital platforms need to be simplified. [23:21] - What to look forward to at the Next Chapter conference. Quotes"We've talked about goals-based planning for years. Everybody wants a goal. Everybody has a retirement goal. So, now that we're at a point where 10, 000 people are retiring every day, we've got to figure this out. And technology has to be the enabler and you've got to get working with the right people." - Cheryl Nash“We’re trying [to create] a frictionless solution for the clients, and help them actually achieve that retirement that they're on the cusp of, but then also support advisors.” - Steve GreshamLinks  Cheryl Nash on LinkedIn Steve Gresham on LinkedIn The Execution Project InvestCloud Money Management Institute Financial Advisor Magazine Next Chapter Conference Financial Advisor Magazine Merrill Lynch Next Chapter on LinkedIn 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 is the lifeblood of business. It’s what drives decisions, helps optimize operations, and fuels innovation. Businesses need to have a good understanding of their customer base, as well as their industry as a whole. The world is moving forward, and with it comes new opportunities for businesses to thrive. How can financial firms and advisors harness the power of data to accelerate their growth?In today’s episode, Jack talks with Adrian Johnstone, Co-Founder and President of Practifi, an enterprise-grade business management platform that helps RIAs, family offices, and broker-dealers grow their businesses by unifying data from all sources, automating workflows, and integrating solutions.For more than 20 years, Adrian has helped businesses of all sizes leverage technology for growth. He is responsible for the vision of Practifi, its partner ecosystem, go-to-market strategy, and global direction. A regular presenter at industry events in Australia and United States, Adrian offers deep insight into the technological needs of advisors. Jack talks with Adrian about what Practifi has to offer advisors and wealth institutions, how it contributes to clients' growth, and how it fits into the future of CRM.Key Takeaways [01:03] - How Practifi was founded. [02:08] - What sets Practifi apart from other CRM platforms. [04:01] - What Practifi has to offer advisors and wealth institutions. [08:28] - Why a “one platform mentality” is the least desirable when using CRM platforms. [11:46] - Practifi's data integration process. [14:11] - How Practifi contributes to clients' growth. [16:14] - The challenges associated with helping people grow their businesses. [18:17] - What CRM should look like in the future. [19:46] - How Practifi plays a role in the future of CRM. [20:35] - Adrian's three key takeaways. Quotes[02:56] - "From our perspective, we knew that Salesforce was really the platform that people wanted, but not everyone had the wherewithal nor the desire to go and make that upfront and ongoing investment in customization." - Adrian Johnstone[20:30] - "There is a huge amount more that your technology can and should be doing for you. Don't be afraid to change. You need to understand that it's a big deal. You've got to be prepared to lean in." - Adrian Johnstone[20:56] - "It's no longer good enough to accept that you have a lot of disconnected pockets of technology. If you are working with vendors who won't integrate, it's time to move. They're inhibiting your growth. You wouldn't put up with that in any other aspect of your life. You shouldn't put up with it in your corporate technology." -  Adrian Johnstone[21:19] - "Don't turn yourself into a technology business. Great wealth management firms aren't technology companies. Don't get yourself into the trap where you are buying one of these base platforms, whether Microsoft or Salesforce, then all of a sudden you're hiring developers and having to make that investment to make exactly as you want it. " - Adrian JohnstoneLinks  Adrian Johnstone on LinkedIn Practifi Salesforce Orion Advisor Solutions Addepar Tableau Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

Marketing is all about connecting with your audience in a way that resonates with them. One of the best ways to do this is by being authentic and vulnerable. People can see through a false persona. They do not want to see or hear perfect marketing, they want to see and hear real people. How can businesses leverage these qualities to connect with their customers in a meaningful way?In today’s episode, Jack talks with Megan Carpenter, CEO and Co-Founder of FiComm Partners, named to InvestmentNews' 2020 40 Under 40 List, and a sought-after speaker at a wide range of financial services industry events.Under Megan's leadership, FiComm is today a multi-million-dollar business that partners with its wealth management clients to differentiate their businesses and firms through telling meaningful stories. With more than 15 years of financial services experience, she is one of the drivers behind the industry's conversation around modernizing advisor communications. Megan is recognized for her exceptional accomplishments, leadership, and contributions within the financial services industry.Megan talks with Jack about how FiComm helps clients grow their businesses, why authenticity, vulnerability, and humanity are important in marketing, and how the concept of “New Skool” challenges the traditional ways of doing things in the finance world.Key Takeaways [03:02] - How Megan juggles motherhood and business ownership. [05:01] - The role FiComm plays in helping clients grow their businesses. [07:53] - What New Skool means to FiComm. [10:55] - How authenticity is manifested in marketing. [14:10] - What authenticity means to consumers. [18:10] - How “impact” outranks “reach” in marketing. [19:40] - How FiComm and its clients have grown tremendously over time. [23:55] - What makes a good marketing playbook. [25:26] - Megan's three takeaways. [26:51] - Some interesting things about Megan. Quotes[08:09] - "The best way to have marketing success is to create really authentic content that resonates with the people that you want it to resonate with. So New Skool is about bringing vulnerability and authenticity to an otherwise very old school industry." - Megan Carpenter[16:15] - "I think there are a lot of marketing professionals in our space that want to make (content) feel more complicated. I think marketing is very intuitive and isn't really that difficult when you just break it down." - Megan Carpenter[18:48] - "I could care less if a thousand of the wrong people are watching a video that I produced. I'd much rather have one of the right person. It's about reach versus impact. It's about being in conversation with people instead of just broadcasting information. It's about developing relationships instead of t trying to demonstrate credibility." - Megan CarpenterLinks  Megan Carpenter on LinkedIn FiComm Partners AmpliFi | FiComm Brené Brown Glennon Doyle Capital Group Koko Archibong Private Client Services | Capital Group The First Nationa Bank in Sioux Falls Common Cents on the Prairie Adam Cox Orion Advisor Solutions The New Skool Podcast Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

There are many things that go into a successful financial planning firm. One of the most important is marketing. Financial planners are good at connecting with people and helping them achieve their financial goals, but they're usually not great at marketing themselves. When marketing becomes a barrier to growing a financial advisory business, how can financial planners stand out, gain more clients, and scale their companies?In today’s episode, Jack talks with Robert Sofia, Founder, Chairman, and CEO of Snappy Kraken, a company that helps financial advisors personalize, automate, and track marketing campaigns and business processes.During the past decade, Robert has supported thousands of companies across the spectrum of financial services. At Snappy Kraken, he is responsible for the company's overall strategic direction.Robert talks with Jack about the key factors that drive growth, how to build a brand that stands out in the marketplace, and what financial advisors really need to build meaningful relationships and grow their businesses.Key Takeaways [1:06] - What motivated Robert to establish a marketing firm for financial advisors. [3:03] - How Snappy Kraken enables advisors to create meaningful relationships. [6:55] - What it means to “market like the greatest brands in the world”. [9:08] - What it takes to build a strong brand. [12:35] - How to stand out in the marketplace. [18:23] - How Robert helps companies focus on what really matters. [21:45] - The key factors that drive growth. [25:10] - Robert's three key takeaways. [26:54] - What interests Robert outside of his professional career. Quotes[1:25] - "The financial advice industry was really behind on marketing. And financial planners, they're amazing at connecting with people. They're amazing at all the financial planning components, but they're usually not great at marketing." - Robert Sofia[3:22] - "A lot of people talk about digital marketing tactics and strategies. I don't think that's what advisors need to hear. I don't think that's what the enterprises that support advisors need to talk about. I think what advisors really need, is they need help with scaling meaningful relationships." - Robert Sofia[7:16] - "Branding is very powerful. When you get to the point where you are known and identified for something and recognized as a leader, it starts to have a compounding effect. It really attracts all kinds of opportunities to you." - Robert Sofia[25:10] - "If you really want to get results from your marketing, start getting comfortable with being uncomfortable. If it makes you really comfortable, it's probably not good enough, it's probably not bold enough, it's probably not edgy enough, and it's probably not going to work." - Robert SofiaLinks  Robert Sofia on LinkedIn Robert Sofia on Twitter Snappy Kraken Adobe Adam Morgan Blend Out: From Ordinary To Irresistible: How Advisors Can Market Like The Greatest Brands In the World Sorry Spock, Emotions Drive Business: Proving the Value of Creative Ideas With Science Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

When it comes to providing financial services, it is important to remember that one size does not fit all. Not only is this important for the advisor-client relationship, but it can also lead to increased business and better outcomes for clients. As the marketplace changes, how can tax-smart investment strategies help both advisors and their clients achieve their financial goals? How can companies stay ahead of the curve when it comes to implementing effective tax strategies into their operations?In today’s episode, Jack talks with Paul Gamble, CEO at 55ip, a tax-smart investment strategy engine that dramatically improves financial advisors’ efficiency and effectiveness.With more than 25 years of experience in advisory services, financial technology, investment management, and retirement, Paul has served in various leadership roles with some of the leading asset and wealth management companies.Paul talks with Jack about how 55ip enables financial advisors to deliver tailored services to clients, why tax management is becoming more important in today’s changing marketplace, and what advisors can do to deliver greater value to clients in the future.Key Takeaways [01:06] - What 55ip is all about. [04:33] - How 55ip fits into the business framework of JP Morgan. [05:48] - What “tax-smart” means to 55ip. [08:43] - How the company works with both wealth managers and asset managers. [11:17] - Where the wealthtech industry is heading. [16:33] - What advisors can do to deliver more value in the future. [19:04] - What makes “making the complex simple” possible. [20:46] - The key to providing better solutions to clients. [26:31] - Paul's three main takeaways. Quotes[4:05] - "Technology can really help wealth management enterprises and financial advisors take advantage of the technology trends and a different way of building relationships with clients." - Paul Gamble[12:09] - "I really view the push for customization as really powerful because advisors want customization that keeps them in control related to the things they think are important to them from an investment standpoint, like asset allocation manager and diversity in other areas. From a client perspective, taxes may be the most personal thing that they have from tax rates to the tax budget investors are willing to pay." - Paul Gamble[19:48] - “In running a fintech company, the key is making sure that you're constantly getting feedback from the key personas that you're trying to deliver your products to, making sure you're doing user testing qualitatively and quantitatively and getting that feedback." - Paul Gamble[21:07] - "Advisors need to feel that the portfolios they are delivering are theirs. Whether they're leveraging a third-party asset manager or a home office, they have a say and they can put their thumbprint on it, they can explain them, and they can demonstrate their value in terms of outcomes." - Paul GambleLinks  Paul Gamble on LinkedIn 55ip 55ip | BlackRock Model Portfolios Tax-Managed Solutions | JP Morgan Asset Management Fidelity Investments WisdomTree Charles Schwab TD Ameritrade Baird Morgan Stanley Eaton Vance Parametric | Eaton Vance Janney Montgomery Scott Ben Huneke 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

Risk occurs everywhere in the world of finance, it’s inevitable. As the global business and economic market continue to evolve, so do the risks. With businesses moving forward, how can technology integration in the wealth management industry help mitigate risks?In today’s episode, Jack talks with Tricia Rothschild, Vice-Chair at the CFA Institute Board of Governors, Board member at Riskalyze, and Advisory Board Member at The TIFIN Group and the Financial Fitness Group.Over the course of her career, Tricia was an executive at Morningstar in charge of the global software, data, index, and investment research businesses, serving individual investors, financial advisors, and asset managers. In her last role, she was the Chief Product Officer and Co-Head of Global Markets. In her 26 years with Morningstar, Tricia has built a strong leadership team and an innovative business with an enduring impact on investor success.Jack speaks with Tricia about the risks associated with retail investing, how technology enables asset managers to better understand their clients, and what the future holds for wealth advisory services.Key Takeaways [01:31] - Tricia's life's work and what she's passionate about. [03:12] - The complexity of coordinating plans and investment strategies. [07:07] - Tricia’s broad interests. [09:45] - The risks associated with retail investing. [12:43] - How Tricia addresses risks. [15:20] - The TIFIN Group’s role in the wealth management industry. [20:00] - Where the wealth advisory sector is headed. [23:59] - How technology allows asset managers to better understand their clients. [25:56] - Tricia's top three takeaways from the wealth management industry. [27:28] - Tricia’s passions and interests outside of work. Quotes[11:41] - "I think there is enough advancement at this point in terms of how AI can be applied to understand past behavior, project what is likely the next step, and provide a better kind of foreshadowing or pathway that would help people alleviate or mitigate some of those risks." - Tricia Rothschild[20:08] - "There is a need for people to have the precision that each individual family situation requires and deserves. I think the industry is moving toward an increased level of personalization." - Tricia Rothschild[24:17] - "Asset managers need to have a better understanding of the end-user. They became a little distanced from their customer. This investment in technology allows them to more effectively serve the user." - Tricia RothschildLinks  Tricia Rothschild on LinkedIn Morningstar Apex Fintech Solutions CFA Institute The TIFIN Group Aaron Klein Morningstar: Goal Bridge 55ip JP Morgan  JP Morgan 55ip Jenny Johnson Franklin Templeton BlackRock Riley Etheridge Capital Group | American Funds Franklin Templeton: Tango  Franklin Templeton: Bambu Walmart Brian Ross Damon Deru AdvisorPeak Addepar Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook