WealthTech on Deck

In this episode, Jack talks with Dana D’Auria, Co-Chief Investment Officer at Envestnet, Inc.Dana is an all-around leader at Envestnet, overseeing investors' capabilities, due diligence platform research, overlay services, non-traditional assets, and many more areas. With such scope, her chief responsibility is to connect the dots, identify what fits in the puzzle, and offer a simplified solution to achieve better outcomes for advisors. Before joining Envestnet, Dana worked for Symmetry for 14 years, where she managed the onboarding of asset managers.Dana and Jack discuss optimization using algorithms, personalization in configuring solutions, and increasing client engagement using tech.“Solutions, by and large, were always there. They’re just more readily accessible now because of technology. They’re more evident now. Our job is to help the advisor to navigate the ecosystem better which should lead to better outcomes for clients in the end. ” ~ Dana D’AuriaMain takeaways  Optimizing using algorithms in portfolio management can help elevate overlay services such as tax mitigation and tracking error with capital gains realization. Figuring out the right on-ramp that can cater to portfolio management, financial planning, and other needs can help an advisor do better comparisons and easily curate the best solution for every client. Advisors should be able to identify what can be scaled up, what can be digitized, and what can be personalized. It starts meaningful conversations and more opportunities to engage with clients. Links Dana D’Auria on LinkedIn Envestnet Symmetry Partners Intelligent Financial Life Yodlee Money Guide Pro Tamarac 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 Keith Gregg, Founder, and CEO of Chalice Network, a fintech company based in San Diego.Keith has more than three decades of experience in financial services and executive leadership. During the first part of his career, he served as a financial advisor and created his first independent business focused on planned giving. Keith also served in the US Marine Corps and was the recipient of the Presidential Service Award from President Ronald Reagan. Keith and Jack discuss the benefits of creating digital marketplace e-commerce platforms, helping small businesses, and embracing tech advancement in the industry.“There's no turning back--that genie is out of the bottle. They're not going to put it back in, so you better become incredibly perfect with being able to digitally communicate and coordinate and deliver to your customers via a digital platform.” ~ Keith GreggMain takeaways  Small business owners constantly look for economies of scale, operational efficiencies, and enhanced enterprise value. Fintech is changing the course of financial advising. It pays to be highly knowledgeable and on top of innovations in your niche. Having a single sign-on digital platform for advisors can help greatly in eliminating unnecessary steps, ensuring smooth operations, and extending the reach to small- and mid-size businesses. Advisors should focus on building their network, investing in themselves and their business, and embracing change. Links Keith Gregg on LinkedIn Chalice Network Do Well By Doing Good by Keith Gregg Redtail Technology eMoney  Advisor Marketing 360 Financial Planning Association (FPA) TD Ameritrade Wells Fargo Digital Wealth News New York University (NYU) The Fintech Institute Bitcoin Ethereum Cardano US Marine Corps Ronald Reagan GE Capital Small Business Benefits Chalice CaresRX 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 Lee Chertavian, Operating Partner at Long Ridge Equity Partners.Lee is one of the pioneers in the advisory space. He was the CEO of Placemark, a sophisticated asset management company, which was purchased by Envestnet seven years ago. Lee led its growth to nearly $16 billion in assets under management with more than 45,000 clients. Furthermore, Lee finished his MBA with distinction at Harvard Business School.Lee and Jack discuss the improved tax management in UMAs, six key trends in fintech, and the role of tech in enabling advisors to make better decisions.“Consider a client's entire lifestream. We need to figure out planning. We need to integrate with tax, not just the tax on the portfolio, but their whole tax situation. And fortunately, so much data is becoming more digitized that we have the ability to bring that in—to help the advisor make those better decisions for clients.” ~ Lee ChertavianMain takeaways  When offering unified managed accounts, your other goal is to enable higher levels of risk and tax management. Six key trends are driving the fintech industry: Fee compression Paradigm shift in advice Rise of roboadvisors Product proliferation Ubiquity of information Improved efficiency of the market Consider the client’s “entire life stream” when advising. Leverage tech to integrate risk management and to protect them from fraud (e.g. identity theft). Links Lee Chertavian on LinkedIn Long Ridge Equity Partners Harvard Business School Affiliated Managers Group Placemark Investments 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

In this episode, Jack talks with Jeff Quigley, Vice President of Enterprise Relationships at LifeYield about navigating the world of social security. They’re also joined by Alyson Dorosky, Marketing and Social Security Specialist at LifeYield.Jeff helps thousands of advisors understand and implement LifeYields’ Social Security+ solution through group training and seminars. Alyson is a technical lead at LifeYield and covers the gamut of client services, including helping advisors keep track of the myriad rules around social security. Jeff and Alyson talk with Jack about maximizing retirement income outcomes by leveraging social security tools, and the concept of delayed filing credits (for the client and the surviving spouse), and layers of income."If you don't have these tools, it is difficult to make good informed decisions that you can benefit from. Firms that are adopting these kinds of technology and tools, for instance, when the pandemic hit, their usage went through the roof. They were ready in a digital world right there.” ~ Jeff QuigleyMain takeaways  Social security makes up 60 percent of your retirement income. It’s important to maximize it as much as possible. There’s an 8 percent increase per year in retirement income if you wait. Depending on the client’s case, LifeYield tools can help earn and determine delayed retirement credits. When planning for social security, it’s important to incorporate trends and other relevant changes. Lifeyield’s income layers, for example, help facilitate a natural transition from social security to a high-level retirement income discussion. For advisors, here are three tips on how you can help your client: learn about claiming strategies, utilize software (such as Lifeyield’s social security tool), and make informed decisions to fully maximize their benefits. Links Jeff Quigley on LinkedIn Alyson Dorosky on LinkedIn Alyson Dorosky LifeYield Social Security+ For Advisors Social Security Administration Allianz Franklin Templeton  Merrill Lynch Mary Beth 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 Scott Holsopple, Chief Growth Officer at Hightower Advisors.Scott has 20 years of experience in investment banking, private equity, and wealth management. Scott and his team at Hightower work with firms to help them stand out and achieve the vision for the next chapter of their business.Scott and Jack discuss what goes into a thoughtful client experience and how adding value and scale helps achieve organic business growth."We’re in an ever more competitive industry. Technology is enabling us to do more things. Firms with scale are really deploying assets and specialties and expertise in a way that's never been done before in this industry. And I think it's going to require us to be more thoughtful.” ~ Scott HolsoppleMain takeaways  Aim for organic business growth. Add value and scale to certain areas of the business, but never to the unique end-client experience.  The true disruption in wealth management is how advisors can provide an intuitive and relevant experience for their clients by using technology. To institutionalize a growth mindset in a firm, identify behaviors that can eventually become learned behaviors.  There are three things to consider when growing your business: know what you want to achieve, structure your business according to your objectives, and be thoughtful when providing the end-client experience. Links Scott Holsopple on LinkedIn Hightower Advisors Lexington Wealth Management Salesforce 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 Paul Deer, Vice President of Advisory Service at Personal Capital.Paul oversees a team of more than 60 financial advisors and their clients at Personal Capital, the first advisory firm of any scale to conduct their business online. In addition, Paul is passionate about hybridizing wealth technology with human interaction so you can provide holistic and personalized advice at the same time.Paul and Jack discuss the reinvention of retirement planning, the importance of advisor specialization, and the confluence of human and digital advice.“We have found that you can't just do it with tech. You need to have humans to have a real conversation with where you can perceive emotions and kind of dig deeper than just the surface of what someone's telling you. So that combination is what's going to help people make the best possible financial decisions over and over again, throughout their lifetime. Which is going to help them with the best possible outcome.” ~ Paul DeerMain takeaways  Think about the client’s long-term goals so you can properly align your advice for their retirement planning.  While emerging technologies are a great propeller in financial innovations, humans’ role should not be discounted. The right combination of human touch and wealth technology drives the best financial decisions. The four major levers you can consider to ensure there’s money through retirement are: increasing your savings, delaying your retirement, decreasing your retirement spending,  or increasing your risk. Links Paul Deer on LinkedIn Personal Capital Medicare Personalization, Scaling Efficiently and Serving the Underserved with Ed Murphy 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 Daniel Crosby, Chief Behavioral Officer at Orion Advisor Solutions.Daniel is a psychologist and a behavioral finance expert who helps advisors and investors understand the psychology of financial markets. He believes that through tools, such as the Irrationality Index and the new 3D Risk Profile from Orion, we'll be able to assess emotional reactions to volatility.Daniel and Jack discuss the benefits of risk management tools, the role of human behavior and psychology in investing, and the future of behavioral finance."We need to educate clients and advisors about the realities of behavioral finance. We need the right environment, the right portfolio mix for them, but we also need that encouragement that's happening just in time to educate people when they're on the precipice of making a decision.” ~ Daniel CrosbyMain takeaways  Leverage the three ‘T’s to ensure clients implement the best advice: training, tools, and technology. Look at risk from a variety of angles so portfolio management and asset allocation are consistent throughout. A risk tolerance questionnaire can give you insights into an individual’s human behavior and psychology. The biggest value an advisor can provide is behavioral coaching, emotional management, and decisional coaching. Teaching people about achieving high returns is just secondary. Precommitment in investing is a vital part that measuring risk composure fulfills. It makes sure investors are aligned with their set preferences, and it prevents future deviations. The future of behavioral finance is embedded in the three ‘E’s: education, environment, and encouragement. Links Daniel Crosby on LinkedIn Daniel Crosby on Twitter Brinker Capital Eric Clarke HiddenLevers Alexandria McCarthy Personal Benchmark: Integrating Behavioral Finance and Investment Management by Charles Widger Warren Buffet Dalbar Morningstar Michael Lee Daniel Kahneman 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 Jud and Kim Mackrill, Co-Founders and CMOs at Milemarker, Inc.Kim and Jud Mackrill are partners in life and in business. Together, they have built careers on providing solutions in tech integration for the finance world. Before Milemarker, they helped advisors innovate through their marketing company, Mineral Interactive. After Mineral’s acquisition, Kim and Jud led the rebranding of Carson Group.Kim, Jud, and Jack discuss harnessing the power of data, modernizing your firm’s tech stack, and the importance of client behavioral psychology in tech implementation.“This is the path. You have to really start with empathy designed for the user, build the data model, and then deliver it because the future is far more complex.” ~ Jud MackrillMain takeaways  Big data can help you plan better. Most firms have silos of data left unutilized. Getting data into central repositories and creating APIs can help firms make better business decisions. Understand the psychology of your clients.  Getting a good grasp of clients’ behavioral psychology can help you design better user-oriented platforms. Know what is digestible to the user and improve implementation through tech. Modernize your tech stack.  A new data-driven wealth management company has more edge than old-timers and veterans who refuse to adapt. Links Kim Mackrill on LinkedIn Kim Mackrill on Twitter Jud Mackrill on LinkedIn Jud Mackrill on Twitter Milemarker Orion Advisor Tech Carson Group Morgan Stanley Eric Clark 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 Sharry talks with John Connors, the Founder and CEO of Boathouse Inc.Before building his firm in 2001, John worked for corporations such as Hill Holiday and McCann Worldgroup. John’s vision of success and high performance as a marketer was greatly influenced by these industry pioneers and set him on the path to building his own firm.John talks about why maintaining clients over the long-term is essential to success. High client retention is a matter of having a connection strategy, leveraging data, and building a narrative around the business.John and Jack discuss the concept of narrative economics, the importance of storytelling, and the use of data sets to drive brand strategies.“Narrative drives economic impact. Most CEOs and CFOs know that. They have economic data (GDP, employment, housing, etc.) but never narrative data to look at causality, correlation related to the economic data.” ~ John ConnorsMain takeaways  Don’t over-index on only one part of the marketplace. Look at the state of the whole marketplace, even of the outliers. Study what influences consumers. Institutions such as politics, media, and others are a big part of your client’s lives. Combine what’s important to both of you when strategizing. Use innovative tools to gauge what’s flourishing in the market. The data sets are good indicators of how you can tweak your marketing strategies. Your story builds over time. Stay updated and continue to level up your knowledge about your industry. Links John Connors on LinkedIn Boathouse Hill Holliday McCann Worldgroup Tesla Irrational Exuberance by Robert J. Shiller Signal AI NetBase Quid 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 Sharry talks with Heather Kelly, the Senior Vice President of Advisory and Strategic Accounts at Allianz Life Insurance Company of North America.Heather has been in the industry for over 25 years. However, if she was asked at the beginning of her career what wealth tech means, and what it would mean after decades, she would brush it off and continue doing what the mentors before her told her to do.Heather has been in different roles in different big insurance companies, including United Capital and Allianz. Throughout those years, she offered her expertise and led the conversations about risk management, insurance, retirement planning, and now, fintech innovation and integration. Heather was also the first recipient of The Young Professional Honor for her advocacy in helping women excel in their profession.Heather and Jack discuss the future of distribution, continuous innovation in the industry, and advocating for increased knowledge of technology.“Continuing to innovate, continuing to think what the next iteration is going to be, what’s going to make the client experience and the advisor experience even better—that’s something we should talk about in the industry often.” ~ Heather Kelly Main takeaways  The most important part of a retirement plan is achieving financial well-being. It’s not about the income, it’s about prioritizing the behavioral aspects of it. Advisors have to stay current with technology. Educating yourself about innovative tools, and knowing how to integrate them, keep you from being left behind. There are so many fintech tools available, but firms don’t know what to choose and how to adapt to them for the highest ROI. Emerging technologies like AI and Machine Learning can change the course of the financial planning and advice industry. As financial advisors, we must be attentive to changes and be easily adaptable. Continuing to educate yourself is the key to staying on top. Links Heather on LinkedIn About Heather Allianz Life Insurance Company of North America United Capital Modern Wealth: The Roadmap to Improved Investor and Advisor Outcomes Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook