WealthTech on Deck

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

Rebalancing is one of the most important tasks performed by financial advisors. But in an increasingly complex world where markets are moving faster, clients are not the only ones who need guidance. Advisors need solutions to overcome roadblocks that impede their ability to provide the best service to their clients. With the right technology, advisory firms are able to reduce the time needed to rebalance portfolios, as well as manage tax and risk more effectively.In today’s episode, Jack talks with Damon Deru, CEO and Founder at AdvisorPeak and Senior Product Director at Addepar.Damon started his career as a registered investment advisor where he manually rebalanced and traded hundreds of clients’ portfolios using Excel spreadsheets. Frustrated by the lack of affordable and intuitive options in the market, it was in this role where the idea of a customizable robust portfolio rebalancing system was born. Damon relinquished his role as an investment advisor to focus his efforts on building the most innovative rebalancing software for the financial services industry.Damon talks with Jack about the evolution of AdvisorPeak, how rebalancing software can be a powerful tool for managing client portfolios, and why it is highly beneficial to the firm, their advisors, and their clients.Key Takeaways [01:17] - What inspired Damon to create AdvisorPeak. [04:10] - The reasons for Addepar's acquisition of AdvisorPeak. [05:35] - What separates AdvisorPeak from other rebalancing software providers. [7:46] - The complexity of managing portfolios. [10:52] - How the partnership between LifeYield and AdvisorPeak can benefit advisors. [14:41] - Managing portfolios in a tax-smart and risk-smart way. [16:16] - Asset allocation vs tax-loss harvesting. [17:40] - Where the world is going for AdvisoryPeak. [20:54 ] - Damon’s key takeaways. [23:00] - Interesting things Damon does outside his job. Quotes[9:14] - "This is something the software does very well. Once you build in all the rules and the analysis, it can calculate all the information very quickly. A click of a button can rebalance hundreds or thousands of accounts in a matter of a few minutes." - Damon Deru[21:31] - "If you're not using rebalancing software, you're also probably not looking at things from a unified managed household perspective as well. This is real-world savings that you can bring to your clients by looking at things on a household basis and trading tax efficiently." - Damon DeruLinks  Damon Deru on LinkedIn AdvisorPeak Addepar iRebal Portfolio Rebalancing TD Ameritrade Envestnet |Tamarac RedBlack Software Utah Valley University BlackRock Alladin Riskalyze Brian Ross FIX Flyer’s Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

Technological disruptions have revolutionized the way financial institutions serve their clients. Integrating technology into financial systems not only strengthens product, but also creates a seamless ecosystem across the wealth management spectrum.In today’s episode, Jack talks with Ben Huneke, Managing Director and Head of the Investments Solutions Group at Morgan Stanley Wealth Management.Ben is the senior executive in charge of all of Morgan Stanley's retail products and platforms for their wealth management business. As the Head of the Investments Solutions Group, he is responsible for the development, marketing, and distribution of investment products. These include annuities and insurance, mutual funds, ETFs, hedge funds, private debt, equity, real estate funds, as well as individual equities, fixed income, and structured products.Ben and Jack discuss product technology platforms,  how technology is the key driver to delivering value in the advisory business, and why finding partners with specialized capabilities is the best way to grow a business.Key Takeaways [00:57] - Ben's role at Morgan Stanley. [03:25] - How Ben capitalizes on existing client relationships to grow their business. [05:11] - Why technology is the key to managing various aspects of the wealth management industry. [06:46] - How advisors can keep up with the rapid advancement of technology in the industry. [11:20] - How tax and risk are addressed when investing across multiple accounts. [14:14] - What it takes to develop multiple electronic trading platforms. [16:13] - The power of finding the best partners in the finance and investing industry. [19:57] -  What's next for Morgan Stanley Wealth Management. Quotes[05:55] - "We believe that financial advice is valuable and is going to continue to be valuable. But we believe that technology is going to be an increasingly important part of how that advice is delivered to clients." - Ben Huneke[22:47] - "Technology hates inefficiency. So I think there are technologies coming that are going to disrupt a lot of the inefficiencies in this market." - Ben Huneke[23:15] - "We believe that human advice to wealthy clients is actually valuable and that clients will continue to pay for that advice. We look at technology as a great enabler and a great way to continue to deliver value through advice." - Ben HunekeLinks  Ben Huneke on LinkedIn Morgan Stanley Wealth Management BlackRock Aladdin E-TRADE Financial Solium Capital (now Shareworks by Morgan Stanley) Eaton Vance Stockland John Moninger Empower Retirement InvestWell New York Common Pantry Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

In today’s episode, Jack talks with David Lau, Founder and CEO of DPL Financial Partners. David has been a pioneer in creating products, platforms, and distribution systems that help RIAs implement appropriate annuity products into household portfolios. David’s wealth of experience goes all the way back to his first job as CMO at Telebank, the first internet bank.David talks with Jack about the impact of telemarketing on RIAs, fee-based vs. commission-based structures, and the integration of low-cost insurance and annuity products in portfolios.Key Takeaways [01:40] - How David has been a pioneer in disrupting distribution costs. [05:27] - How the cost structure of commission-free annuities works. [08:32] - How DPL drove significant change in the industry. [10:40] - Why you must adapt your strategy to the particulars of the market. [14:16] - How DPL took downturns and translated them into advances in the platform. [16:12] - Why “concierge service” is great for the RIAs. [19:52] - How annuities impact the four major categories of insurance. [23:22] - David’s insights on a fee-based and commission-based structure. [27:19] - How risk mitigation works within portfolios. Quotes[03:06] - “The question around annuities was, how do you deliver value? You look at the way annuities are sold and they're so expensive. You're paying massive commissions and you have very high internal distribution costs in terms of wholesaling. The model for distributing annuities is archaic.” - David Lau[12:12] - “RIAs are never going to have some wholesaler from some insurance company coming into their office every month. There's just no point in it. So I very quickly said we need to change this model to kind of a marketing-driven model. We'll drive awareness through marketing, we'll centralize wholesaling. We’ll have a centralized wholesaling force that basically deals with RIAs through the telephone. It made sense for us, but it also made sense for the market” - David Lau[21:17] - “DPL was designed to be a fee-based, no-load, commission-free insurance marketplace. For the RIA, the notion is now that you’re more than just an asset manager, you’re a wealth manager, and you’re addressing this broad spectrum of your client’s financial life. It’s hard to do that if you can’t use insurance.” - David LauLinks  David Lau on LinkedIn DPL Financial Partners Telebank E-trade Charles Schwab Salesforce CNO Financial Group (formerly Conseco, Inc.) Nationwide Advisory Solutions (formerly Jefferson National Life Insurance Company) BlackRock 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 choices people make about their financial future are some of the most important decisions in their lives. Knowledge and experience affect decision-making, but so do emotional and cognitive biases. How can people overcome their biases and achieve their financial objectives?In today’s episode, Jack talks with Jess Liberi, Head of Product at eMoney Advisor, and Michael Liersch, Head of Advice & Planning at Wells Fargo. As the Head of Advice & Planning at Wells Fargo, Michael is responsible for the delivery of all comprehensive planning services and sales strategies for clients of Wells Fargo Private Bank and Abbot Downing.In her role as Head of Product, Jess brings eMoney Advisor’s product vision and strategy to life. She focuses on the evolution and development of eMoney’s robust portfolio of products, creating a powerful user experience across the platform. Working closely with financial advisors and advisory firms, Jess immerses herself in their world to fully understand their needs. Jack talks with Jess and Michael about how the partnership between eMoney and Wells Fargo can deliver huge value to clients, why having a deeper human connection can help advisors understand what clients are trying to achieve, and what the next best step is to put financial advice into action.Key Takeaways [01:03] - Jess's role at eMoney and Michael's role at Wells Fargo. [02:22] - How eMoney fits into Wells Fargo’s comprehensive plan. [06:30] - The role of eMoney in the wealth system. [10:41] - How understanding the behavioral aspects of human beings is crucial to setting financial goals. [16:47] - How advisors can contribute to having a sense of financial peace of mind. [18:54] - Why human perspective plays a major role in financial planning. [24:19] - The challenge of getting people to realize their financial future. Quotes[06:48] - "What has been really unique from the beginning is how closely aligned our two organizations are on our views of the value of planning and the criticality of access to planning to more and more people." - Jess Liberi[18:54] - "I think the first thing that we all need to acknowledge is that to understand the human being, you need to understand their identity and their past because that's idiosyncratic to each human being. That's not a common answer and the question means something different to everybody." - Michael Liersch[24:22] - "It's oftentimes difficult for people to truly comprehend the small changes that they can make today with substantial impact to their financial future tomorrow. So to the extent that we can help bridge that gap and kind of draw that line and connect today and actions that they take today, to the future, and the possibilities of the future, we've got work to do there, but making headway." - Jess LiberiLinks  Jessica Liberi on LinkedIn Michael Liersch on LinkedIn E-Money Wells Fargo Plaid 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 has always been a part of financial advice and strategy. But what does it really entail, both for advisors and for their clients?In today’s episode, Jack talks with Aaron Klein, Co-Founder & CEO of Riskalyze. Aaron is an innovator in helping advisors and clients understand and manage risk. He started Riskalyze a decade ago with a small team and invented risk solutions like the Risk Number and the Risk Alignment Platform.Aaron talks with Jack about the evolution of risk solutions, the impact of focused innovation on financial advisors, and the future of a multi-platform world.Key Takeaways [01:05] - How Aaron learned “grit” in business. [03:12] - The Riskalyze origin story. [11:36] - How the HG Capital and Riskalyze partnership came to be. [15:07] - How Riskalyze became a risk-centered wealth platform. [18:01] - What a multi-platform future looks like. [20:36] - Why focus is so important. [24:57] - Aaron’s three key takeaways. Quotes[05:52] - "It took off like a rocket when Riskalyze came out of beta in March of 2013. And here we are 10 years later. We get to serve tens of thousands of financial advisors across the country, and we've delivered over five billion risk numbers to their clients. It's really incredible." - Aaron Klein[14:54] - "We started from the standpoint of, how can we help advisors better engage with clients at the front end of their process? And we just happened to believe that risk was the right way to engage with clients, that it was the right lens to help clients understand what they were doing and make better decisions that were fearless decisions instead of fearful decisions." - Aaron Klein[17:13] - "What we are building is a bit of an advisor desktop platform. We really believe in a multi-platform vision. We want to make sure it's really easy for advisors to engage with clients and leverage those tools, and then implement those solutions for clients directly onto the different platforms that they might be on." - Aaron KleinLinks  Aaron Klein on LinkedIn Riskalyze E-trade The New York Times Barrons NPR Josh Brown Pershing INSITE Conference Brian MacLaughlin FTV Capital HG Capital Black Diamond Capital Management 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

In this episode, Jack talks with Christina Townsend, Managing Director and Head of Relationship Management, Consulting, and Platform Strategy at BNY Mellon’s Pershing.Christina coaches RIA firms on how to make smart technology decisions and how to devise strategies to strengthen their relationships with investors. For more than two decades with Pershing, Christina was able to work directly with clients and was responsible for product management and implementation.Christina talks with Jack about choosing what goes best in your tech stack, balancing the roles of people and tech in business, and the future of wealthtech.“The balance between people and technology is different and it doesn't have to be the same. You have to look at where your value proposition is and what you want to differentiate and then apply the people in the technology.” ~ Christina TownsendMain Takeaways  Be eager to find the right pieces that fit in your tech stack. Each one must work well with the others. If there still exists an outdated tool, for example, you're not fully utilizing its impact on your operations. People + tech is the future. If we want to practice holistic financial advice, firms must focus on honing talents while consolidating tech tools. We can create more value in every interaction with tech. After gaining some clarity on the clients' needs, it is then easy to utilize the tools to arrive at the best solutions. Go digital. However, before doing so, make sure tools are properly integrated into the existing system. Links Christina Townsend on LinkedIn Pershing BNY Mellon Bates College Donaldson, Lufkin & Jenrette WealthTech on Deck 028: Creating a Frictionless Investor Experience with Noreen Beaman 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 this episode, Jack continues his conversation with Jasmine Jirele, President and CEO of Allianz Life Insurance Company of North America.A primary component of Jasmine’s approach to her newly appointed CEO role is her focus on building great teams. Having a cross-functional background, she’s seen the benefit of having the right people in the right roles to leverage opportunities appropriately. Jasmine has also pushed forward initiatives to ensure that the right technology is in place to support her teams and clients. Jasmine talks with Jack about the hiring process, establishing strong relationships with distribution partners, and how to work with changing regulations and markets to differentiate from competitors. “Having the right talent is absolutely critical. Making sure that you're continuously out there learning and pushing your team to make the best use of the technology and the platforms that are out there and then being really agile and flexible to adapt and adjust.” ~ Jasmine JireleMain Takeaways  Hiring experts and talent who have a really good grasp of various technologies is key to success. Always being on the same page with the distribution partners, knowing where they are headed, can help you procure the best one for your firm. Create and tweak products according to how regulatory and marketplace environments change to solidify your position. In addition, effective product innovation can ensure the delivery of a superior experience for advisors and consumers. Being a connector is a critical component of making innovation work. The industry is only as powerful as the sum of its parts and connecting technology across platforms and companies enables the entire industry to move forward and add value. Links Jasmine Jirele on LinkedIn Allianz Life Insurance Company of North America Wells Fargo Salesforce Riskalyze Chad Virgin Heather Kelly Joe Duran Corey Walter James Gorman Emily Reitan Washburn Center for Children Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook