WealthTech on Deck

In this episode, Jack talks with Jasmine Jirele, President and CEO of Allianz Life Insurance Company of North America.As the head of one of the most successful insurance companies in the country, Jasmine brings a fresh take to the CEO role as she brings the company into its next phase. Jasmine committed much of her career to financial services and eventually landed her dream job as the Chief Growth Officer at Allianz where she was able to coordinate projects within operations, marketing, and product. Jasmine talks with Jack about the process of incorporating product and distribution relationships with tech, and the impact of the pandemic and accelerated innovation on the industry’s future.“Being very deliberate and focused on building all of the enabling capabilities to help us grow - it’s not just product or just distribution - it’s also really important to have a very strong customer experience and to make sure that the digital tools and processes are there to enable our advisors to really serve their clients in ways that are user-friendly and meet their clients’ needs.” ~ Jasmine JireleMain Takeaways  Registered Index-Linked Annuities (RILA) have been growing rapidly as some of the assets have been shifting away from traditional variable products. The three-legged stool of client needs includes strength in product innovation, depth of distribution relationship, and having a technology-enabled experience that can differentiate an organization.  Having the right technology in place is a big factor in strengthening the advisor-customer relationship. Make sure your products are integrated into financial planning tools and platforms and that distribution partners are leveraging tech to manage products and secure product approvals. 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

This time of year often calls for reflection. As we look back on 2021 and to the year ahead, we’re flipping the script and handing LifeYield’s VP of Marketing Matt Nollman the reins. Today, Matt interviews our regular host Jack Sharry as well as guest Mark Hoffman, CEO and Founder of LifeYield. Due to the pandemic and a rapidly shifting demographic, firms have had to react quickly to meet new and rising client demands. At the forefront of those rising demands, LifeYield has learned quite a bit about navigating the new financial ecosystem and adding value where it counts.In this episode, Matt talks with Jack and Mark about the three themes of 2021 that touched every conversation and initiative at LifeYield, the approach they’ve taken to address those key demands, and the technology LifeYield has leveraged and developed to push client firms over the finish line. From an unprecedented retirement boom to excitement over client engagement and the ever-popular UMH, here’s a look back at 2021 and a sneak peek at LifeYield’s ambitious goals for 2022. Key Takeaways [03:02] - Why more are retiring every year and what that means for firms.  [05:39] - How Social Security+ helps advisors manage the retirement boom. [09:38] - Why UMH is so important.  [11:31] - The key to helping people maximize their paychecks.  [13:18] - How LifeYield uses APIs to tackle clients’ biggest pain points.  [17:06] - The importance of increasing client engagement.  [23:57] - Why income sourcing has come to the forefront. [25:44] - Addressing one of the industry’s biggest problems.  [30:07] - Jack and Mark’s favorite Thanksgiving foods and what they’re thankful for this year.  Quotes[14:47] “Saying things and then doing them are two different things. I’m very proud that LifeYield has worked hard to build a firm culture that cares about helping investors and advisors get better outcomes.” - Mark Hoffman[15:19] “That our client firms achieve tangible success using LifeYield software and service, is equally as important as the integrity of the answers our algorithms produce.” - Mark Hoffman[16:23] “The universally managed household concept that Jack has been espousing for  years, is universal for all client demographics, as are being worried about taxes. We’re very proud to be serving such a wide swath of industry participants on these features. Our clients and partners include the largest wirehouses, banks, asset managers,  insurance companies, custodians, and financial technology firms, and the point is that LifeYield capabilities are relevant and necessary to the full spectrum of industry players.” - Mark HoffmanLinks  Mark Hoffman on LinkedIn Matt Nollman on LinkedIn Social Security+ Jeff Quigley Franklin Templeton Merrill Lynch Allianz Personal Capital Northwestern Mutual New York Life Jackson National Guardian  Morgan Stanley Len Reinhart Wealth Teach on Deck: The Power of UMH with Len Reinhart Steve Zuschin Harry Bartle Tom Prior Tiburon CEO Summit Martin Cowley Alyson Dorosky SunTrust 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 Brian Ross, CEO of Flyer Financial Technologies.Brian started as an engineer with JPL and NASA, but has always been interested in fintech. At BlackRock he helped build a software company that specialized in commercial mortgage-backed securities and commercial loans. Now, with Flyer, Brian is focused on building trading technology that brings together major custodians and brokers through APIs. Brian talks with Jack about the three essential approaches to smart trading and how integrating APIs can create powerful trading platforms.“Tech, tech, tech… use it for strategic advantage to help your clients. This can include everything—from the cloud to APIs to personalization. If you’re not doing these things, you will be missing the next train to Clarksville.” ~ @bwilsonrossMain Takeaways  Your trading expertise can reach more people if you consider bundling and offering APIs. APIs and open platforms are not just the future of wealth tech, but also banking and other industries. Three qualities that pave the way for smart trading are 1) shortening the time from investment decision to implementation, 2) identifying opportunities with liquidity, and 3) avoiding market orders. Tech leadership is a vital skill that the finance industry needs to better serve clients. The best-of-breed platform can be integrated efficiently and can be used as a strategic advantage in all facets of the business. With APIs, you can do portfolio trading quickly and handle multiple assets, even in different asset classes. In addition, it's also easier to secure partnerships and get deals with longer terms. Links Brian Ross on Twitter Flyer Financial Technologies BlackRock Trepp Tamarac Riskalyze Morningstar Stripe LifeYield Social Security+ Orion Advisor Solutions Morgan Stanley Aladdin NASA Larry Fink John Mack Bloomberg 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 and co-host Steve Zuschin talk with Rose Palazzo, Group Head at Envestnet | MoneyGuide. As the former Head of Financial Planning at Morgan Stanley, Rose helped develop the leading technology required to make UMH a reality for RIAs and larger firms alike. Her approach to knowing when to buy or build technology and evaluating partners allowed for rapid and effective development. With more than 20 years of experience in the financial services industry, Rose has seen the need for these tools firsthand and has been instrumental in bringing them to fruition. Rose talks with Jack and Steve about executing client objectives through integrations, overcoming challenges associated with UMH, and what she’s looking forward to in her new role at Envestnet | MoneyGuide.“You can evaluate potential partnerships based on the technology or on their capacity to engage in a partnership. But their expertise goes beyond the technology. It goes to, ‘What hurdles did you hit when you tried to get people to use this? And do clients understand it when you put it in front of them?'” ~ Rose PalazzoMain Takeaways  If your objective is to provide comprehensive advice to clients, that should involve financial planning as well as a way to take action based on the plan and recommendations that come from having integrated data between platforms.  Creating a roadmap is essential for understanding how your firm can get from point A to point B with its tech stack. Equally important is understanding when to buy or to build those tools on the roadmap.  You can evaluate partnerships based on the technology, capacity, and expertise in implementation. It’s important to look beyond the technology itself and make sure your potential partners have met challenges and understand how to overcome them and get a high-quality product out to clients.  Growing assets and drawing them down is complex because most houses have multiple accounts and multiple custodians. To truly move toward UMH, you have to focus on the technology component just as much as the marketing component to make sure you can actually deliver on unification.  Links Rose Palazzo on LinkedIn Morgan Stanley Envestnet | MoneyGuide 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 Tricia Haskins, head of technology and platform consulting at Fidelity Investments.Tricia is an influential and thought-provoking leader in the wealth management industry. Her passion to help businesses innovate, scale, and better engage with clients goes beyond the walls of Fidelity. As a keynote speaker, Tricia is well-known for always bringing the industry up to speed on the future of financial services and wealth management.Tricia talks with Jack about the pathway to digital empowerment, how technology can deepen our relationships, and how to grow your business through scale and efficiency.“Firms see where they can add value because the time that was once taken up, the paperwork, and so forth, are now being addressed in a different way and a faster way. They’ll start to see an increase in their client satisfaction, bringing in the next generation of investors. There’s a ton of opportunity for the firms that are focused on integration and digital empowerment.” ~ Tricia HaskinsMain Takeaways  Leveraging technology helps advisors deepen relationships with clients by freeing up time to get to know them better and improve the value stack. Digital integration isn’t a one-size-fits-all approach. Solutions providers need to be informed about a firm’s objectives, goals, and processes so they can create a well-researched adoption strategy. The technology adoption cycle for firms can be challenging because ongoing training is necessary. Getting everyone on the team comfortable with the digital process is critical. Three key things to consider to achieve strong digital empowerment: the importance of design, the uniqueness of your firm, and great housekeeping. Links Tricia Boffoli-Haskins on LinkedIn Fidelity Investments Microsoft Teams Zoom Peloton Pan-Mass Challenge Dana-Farber Cancer Institute 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 Steve Zuschin,  Executive Vice President at LifeYield.From years of experience in sales and finance management, Steve has mastered the art of client engagement and has a deep understanding of client needs and wants. Through technology and tools, he and his team at LifeYield create statistics that can help provide the best solutions for clients.Steve talks with Jack about using tools to optimize asset allocation, engaging with clients efficiently for smooth coordination on assets, and getting better social security benefits“Financial wellness is all about creating workflows. It's about leading people down a path, providing the level of information that's appropriate at the time, so you can almost think of it as leaving a trail of breadcrumbs where, maybe I can offer you some value to help you make a better decision or be more informed about when and how you file for social security. And at the same time, if you choose to, you can take it, go implement it and do that on your own.’” ~ Steve ZuschinMain Takeaways  Even with solid aggregation of accounts from different custodians, coordination of information among them isn't necessarily assured. Getting insights from clients’ accounts and assets can create better outcomes (e.g. optimized asset allocation based on risk tolerance, reduced tax drag, etc). Getting professional financial advice from many trusted advisors might create inefficiency. If this is the case, then the client's advisors must work together to gather valuable data, engage with the client, and achieve optimization in their accounts. Using statistics from tools can also show if having your assets spread across multiple locations might be costing you. Achieving tax efficiency for two to three decades and maintaining a sustainable withdrawal rate for the client is the goal. Defined contribution plans are beneficial in promoting financial wellness to the masses. This increases the number of people who push for social security benefits. Links Steve Zuschin on LinkedIn Hearts & Wallets Federal Deposit Insurance Corporation (FDIC)  WealthTech on Deck 029: Cyber Security, Personalization, and the Future of UMH with Nicole Casperson Formula 1 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 returning guest, Steve Gresham. Steve is the CEO of The Executive Project, a consulting firm that provides tools and training for financial advisors. As an industry leader, Steve has spent time in many different roles. Outside the office, he is an ardent advocate for rethinking, reimagining, and restructuring the concept of retirement. Steve has been a long-time proponent of shaking up the industry and inviting more channel collaboration across teams. Steve talks with Jack about lead generation, the importance of taking the next step, best practices for better engagement with clients, and the benefits of using the right tools.“Tool sets allow you to not only provide clients with a more consistent experience—which also drives referrals because they'll say, ‘Well, here's what you can expect and it's painless…’—but it also allows them to have the progression in lead generation and next best action. Those have to be facilitated with tools that are driving off of your database because you'll never be able to do that with Post-it notes and Excel spreadsheets.” ~ @thegreshamcoMain Takeaways  Professional advising only thrives when the preference of the clients is at the forefront. Understand the usual factors (e.g., health, taxes, social security, household, etc.) that affect their financial decisions and make sure the client is at the center of everything you learn and adopt. Three big questions that often surface with clients: How do I pay for my healthcare? Will it give me peace of mind? How do we get access to cash?  You need tech and tools to facilitate every client's concern. These intuitive tools create a platform for easy engagement, self-actualization, and clarity about financial decisions. Clients often leave their advisor for undependable relationships, lack of proactivity, and inefficient planning. If advisors aim to generate long-term leads, they should consider grabbing bigger opportunities, including reaching out to the large group of people who are currently edging toward retirement. Links Steve Gresham on LinkedIn Steve Gresham on Twitter The Execution Project Fidelity Helping Your Clients Transition Into Retirement and the Importance of Innovation with Steve Gresham | Podcast Episode Financial Advisor Magazine Medicare Allianz Lifetime Income+ How Covid changed our sense of security | A Study by Allianz LifeYield Social Security+™ for Advisors Franklin Templeton Investments Merrill Lynch Walden Hill Woodworks 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 Nicole Casperson, FinTech reporter for InvestmentNews.Nicole is well-known for covering innovation and wealth tech trends in finance. Recently, she has been developing strategic innovations in UMH. Prior to her experience in fintech, Nicole wrote for trade publications in the housing and mortgage industry. Jack and Nicole talk about the importance of cyber security in finance, the impact of personalization, and the future of UMH.“UMH needs to evolve beyond a platform or a service we provide. Within five years it will become mainstream. It will become table stakes that technology is connected, that data is connected, that accounts are integrated, so they can talk to each other and then work together to create different outcomes.” ~ @nicolecaspersonMain Takeaways  Clients want to be involved with every financial decision as much as possible. In today’s climate, every client's portfolio reflects who they are and their values.  More and more clients are becoming aware that they need to communicate better with their advisors. Data from a client's financial history and lifestyle can be interconnected to get the most accurate personalized advice. The pandemic has been an eye-opener for clients around financial freedom and retirement plans. This will continue to be a big factor in planning for the future of wealthtech and UMH. Links Nicole Casperson on Twitter Nicole Casperson on LinkedIn InvestmentNews Lynne Rhinehart Jason Moore Morgan Stanley Eric Lordi Wells Fargo Merrill Lynch Amazon Know The Score: An Independent Validation Of LifeYield By E&Y EY survey: Financial protection gap widens between consumers in emerging and developed markets as COVID-19 uncertainty mounts Olivia Rodrigo Miley Cyrus BTS Elton John David Bowie Janis Joplin Joan Jett Stevie Nicks Debbie Harry Tina Turner Aretha Franklin 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 Noreen Beaman, President of Orion Advisor Solutions.It’s been a year since the Brinker and Orion merger and Noreen is already harvesting the fruits of her efforts. The open-architecture experience she’s bringing to the table is creating an exciting ecosystem for engaging with advisors. She's thrilled to be at the forefront of advisor empowerment and wants to advocate more for the human component of portfolio management.Noreen talks with Jack about creating personalized engagement for investors, mastering the art of listening as financial leaders, and using a well-connected tech ecosystem for advisor empowerment.“I think as we look towards the future, we need to create a frictionless experience for our end investors. The companies we run look like the clients that we have. As women become a larger part of how we buy, do we want to buy the old traditional ways? Do we want to engage in ways that make us feel comfortable? That’s why having the tools and multimedia, and knowing how our next-gen want to buy we have to stay focused on the consumer and investor, and help those financial advisors drive that experience.” ~ Noreen BeamanMain Takeaways  The four pillars of a successful financial firm, prospect, plan, invest and achieve, ensure that we empower advisor-client journeys. This creates a smooth onboarding process, gives them access to their money, and improves tax reporting. Every investor's risk tolerance, risk capacity, and risk composure will be different from one another. A well-connected ecosystem, with various tech tools, can be helpful for advisors to retain clients. Three key points leaders must take note of to excel: watch the market outside of your market, do due diligence, and grow your network. To be a great advisor and leader, you have to be a good listener. When you listen, it isn't just about verbal communication, it also involves paying attention to physical cues, too.  Links Noreen Beaman on LinkedIn Orion Advisor Solutions Brinker Capital Eric Clarke CLS Investments Dr. Daniel Crosby John Coyne Microsoft Excel Orion Billing Ernst & Young (formerly Ernst and Whinney and Arthur Young & Co) Chuck Widger Only the Paranoid Survive: How to Exploit the Crisis Points That Challenge Every Company by Andrew S. Grove SEC Cheryl Nash Lori Hardwick Authentic and Ethical Persuasion:: Achieving What’s Important in Life Through Committed Listening and Compelling Stories by Jack Sharry John Connors 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 Executive Vice President of Product Development at LifeYield, Martin Cowley.Martin is one of the pioneers in building UMH solutions in the industry. Through technology, he's been developing the most efficient and effective ways to improve outcomes for clients. Martin and Jack discuss the benefits of UMH implementation on asset allocation, tax drag minimization, and operational improvement.“There's a lot of listening involved. A lot of time is spent understanding existing workflows and existing systems. The challenge with putting a UMH in place is that everybody's situation is different. All of our clients have different systems in place. They look at the investment process in slightly different ways. Even the definition of UNMH may be different in terms of what people mean.” ~ Martin CowleyMain Takeaways  When dealing with UMH accounts, coordination is critical. Look at them from the investor’s perspective in a holistic way rather than piece-by-piece. Different accounts have different tax treatments. For example, a taxable account is different from a tax-qualified account. UMH plans offer efficient asset consolidation when dealing with increased complexities. Create a plan prior to UMH implementation to avoid disruptive changes. Factors to consider should be the firm’s anticipated spending expenses, size of existing accounts, and type of existing accounts.  When doing decumulation or intelligent withdrawals, tax-efficient asset allocation is critical.  Links Martin Cowley on LinkedIn Improving After-Tax Returns, Retirement Income, and Bequests through Tax-Smart Household Management by LifeYield Riskalyze Westminster Abbey Kate Middleton, Duchess of Cambridge Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook