WealthTech on Deck

The shift towards private ownership and alternative assets presents opportunities for investors and advisors. However, operational efficiency, including data accessibility, streamlining operations, and automating processes, often burdens advisors when navigating this space. Having innovative solutions and a team specializing in private markets and alternative investments makes it easier for advisors to create and manage these assets with speed and scale.In this episode, Jack Sharry talks with Steve Zuschin, Chief Revenue Officer at Mammoth Technology, about the growing interest in private markets and alternative investments. Steve explores the challenges advisors and firms face in navigating the complexities of these investments, including operational hurdles, data management, and client experience. He also shares insights on how to streamline processes, leverage technology, and position firms as leaders in the private market space.In this episode: [01:27] - Steve's background and role in the industry [03:51] - Key issues in the advice-tech marketplace [06:48] - The operational challenges of private investment  [09:39] - Growing interest in private markets [12:17] - Factors driving the shift toward private ownership [15:18] - How Mammoth Technology helps advisors manage alternatives [17:48] - The future of wealth management and private markets [20:01] - Steve's key takeaways [21:14] - Steve's interests outside of work Quotes[11:15] - "At large, our economy is becoming privately held. To diversify these investments, we have to access them in private markets." ~ Steve Zuschin[16:44] - "We really want to remove that burden from the operations team and create a better experience for the field of advisors to learn about new deals that are available to them, that their compliance team and due diligence have gone through, as well as a standardized transaction process for them to go through on behalf of the clients." ~ Steve Zuschin[20:42] - "If you don't have a team in place that's looking at the innovations around private markets, try and get someone, whether it's a consultant or somebody else who's out there looking at the markets. Because whether you're curious or interested in making these deals for your clients, if you're working with high-net-worth clients, they're going to make these deals with or without you." ~ Steve ZuschinLinks  Steve Zuschin on LinkedIn Northwestern Mutual Mammoth Technology iCapital SEI Mongol Ecology Center Rally for Rangers Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

Taxes are a major concern for both investors and advisors. As such, minimizing tax liability is a priority in wealth management. Asset location, a strategy that places assets in the most tax-efficient accounts, can significantly enhance a portfolio's overall efficiency. While this approach can be a multi-account exercise, having a modern portfolio management system equipped with tax-smart technology can streamline this process and effectively coordinate unified managed household accounts.In this episode, Jack Sharry talks with LifeYield's Founder and Chief Investment Officer, Paul Samuelson, and CEO, Chairman, and Founder Mark Hoffman. Paul has written algorithms that power investment software for more than four decades. He’s spent the past 16+ years devising algorithms around minimizing taxes and maximizing retirement income, all part of a robust asset location process. Mark turns Paul's algorithms into industrial-strength software used by many of the largest financial institutions in the world.They discuss asset location and tax-smart strategies to minimize tax liabilities and maximize retirement income.In this episode: [01:46] - Asset location explained [03:05] - The evolution of holistic wealth management [04:36] - What inspired Paul to help advisors produce better outcomes [08:00] - Harnessing the potential of asset location [11:50] - LifeYield's capacity to scale and operationalize asset location  [14:08] - The difference between single-account and multi-account tax-loss harvesting [15:44] - The benefits of modern portfolio management systems [17:29] - The model portfolio in wealth management [18:50] - The importance of asset location to boomers [22:35] - Key takeaways and final thoughts Quotes[04:08] - "Financial planning systems are one good way to look at multiple accounts. And then, to have the financial plan implemented, you really need to consider asset location." ~ Mark Hoffman[06:56] - "Certain assets are likely to be more tax-inefficient, but they don't always land the way you would expect. So, for investors who happen to hold low turnover stock portfolios, you can effectively have quite tax-efficient equity investing as long as you're willing to pay great attention to sales of stock." ~ Paul Samuelson[22:57] - "Asset location, placing the most tax-efficient assets in your taxable accounts and the least tax-efficient assets in the qualified accounts, raises the after-tax return of your portfolio. That means you'll get more balance, which can create more income. Asset location is the dominant form of tax alpha you'll get." ~ Mark Hoffman[23:50] - "The real opportunity in looking at all the household assets is that you're going to be able to pick up some of the client accounts that have been unmanaged or very poorly managed. It's an opportunity for the advisors and a real service to the clients." ~ Paul SamuelsonLinks  Mark Hoffman on LinkedIn Paul Samuelson on LinkedIn Investment and Wealth Institute Envestnet EY Morningstar 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 SEI’s CEO, Ryan Hicke, and CFO, Sean Denham, about SEI’s strategy and vision for the future. Ryan, who has been with SEI for 26 years, discusses the company’s renewed focus on innovation, re-engagement with the market, and the importance of client experience. He highlights three major trends SEI is focusing on: alternatives, industry consolidation, and digital assets.Sean, new to SEI, talks about his transition from public accounting to his role as CFO and his focus on growth. He stresses the importance of using data to educate clients and drive business decisions. Sean also touches on SEI’s unique market position, combining technology, operations, and asset management.In this episode: (02:54) - SEI’s market engagement and internal culture (05:19) - Trends and innovations in wealth management (08:10) - Building a winning team at SEI (10:17) - SEI’s future vision and market positioning (13:51) - Challenges and opportunities in the financial industry (20:25) - Sean Denham’s journey to SEI (22:36) - Growth mindset and strategies (26:56) - Leveraging data for market education (34:10) - Tax efficiency and future plans​ Quotes“If you believe that talent is going to win the day, you can’t just focus internally. There’s arrogance if we think we have all the answers ourselves. I think if we can truly create a diverse team, both in terms of experience and perspective, we won’t end up with group think.” ~ Ryan Hicke“People ask me a lot how I measure engagement at SEI. And I sincerely answer, by how many people walk the halls with a smile on their face.” ~ Ryan Hicke“When I think opportunity, it’s not just earnings per share opportunity, it’s really growth. The opportunity to really maximize, to become more efficient as an organization. That’s what I’m really focused on—top-line revenue growth, optimizing the business, and really that return to investors.” ~ Sean Denham“No one in today’s society wants to be sold to. They want to be educated. So how do we use data? How do we craft storytelling around that to go educate the market? Not just with us, but also our competitors. That’s the opportunity sitting in front of us.” ~ Sean DenhamLinks  SEI Ryan Hicke on LinkedIn Sean Denham on LinkedIn BlackRock LifeYield Grant Thornton Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

Public relations is an integral part of any marketing strategy. It plays an important role in enhancing credibility and driving business growth. Successful PR firms understand that building a reputation and lasting relationships with clients, stakeholders, and the media requires strategic thinking and planning.This week, Jack Sharry talks with StreetCred's Managing Partner, Jimmy Moock, and Marketing Manager, Elena Krasnow, about public relations and credibility marketing in financial services. They discuss the key elements of successful PR strategies, the value of authenticity and active listening in building connections, and StreetCred's partnership with Future Proof, the world's largest wealth festival. In this episode: [01:21] - Jimmy's background and career path [07:30] - What brought Elena to StreetCred [10:41] - The Future Proof festival [12:43] - The relationship between authenticity and active listening [14:57] - The growth of Future Proof [16:51] - What makes Future Proof special [20:51] - Key factors for effective PR [24:40] - Final thoughts and key takeaways Quotes[20:59] - "We take our clients and the work that we do for them personally. We leave it all out on the field. We bleed for them." ~ Jimmy Moock[21:16] - "We believe that PR is a contact sport, meaning you need to be out on the field. Every one of us is doing every portion of client work because the minute we give that up is the minute our skills become rusty." ~ Jimmy Moock[22:03] - "Being authentic is so critical, and being unafraid to connect business goals and personal stories and share vulnerable moments is something we encourage our clients to do." ~ Elena Krasnow[22:29] - We all have money stories and ways money has shaped our belief systems. The more we bring those things and the human element to the surface, the more we can really drive success." ~ Elena KrasnowLinks  Jimmy Moock on LinkedIn Elena Krasnow on LinkedIn StreetCred PR Brian Hamburger Jason Lahita William Ruben Future Proof Frances Frei 2024 MMI Annual Conference Matt Middleton Emma Smith Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

WealthTech in the Weeds is a series covering the broad yet critical path to financial services. The goal is to get together with industry experts and get into the details of building an effective, productive, coordinated, and comprehensive advice system.Comprehensive advice platforms have been a significant development in wealth management. They streamline portfolio management, optimize returns, and enhance investors' financial efficiency. However, implementing these platforms has its challenges. As technology continues to reshape the industry, the lessons and experiences learned from early adopters provide invaluable insights that significantly impact the industry's future and empower investors to achieve their financial goals.In this episode, Jack is joined by Eric Lordi and Martin Cowley. Eric is the Managing Director at J.P. Morgan and has extensive experience in wealth and asset management. He builds modern wealth management systems that deliver better client outcomes and embraces goals-based investing.Martin is the Chief Product Officer at LifeYield and has more than 14 years of experience building comprehensive wealth management platforms. In his role, Martin oversees product strategy for portfolio rebalancing, tax optimization, and retirement income, using LifeYield's API-first product suite to address a wide range of client needs. Martin has worked with numerous firms to help them integrate and optimize their systems for improved user experience and financial outcomes.Eric and Martin talk with Jack about the challenges, benefits, and lessons learned from building comprehensive advice platforms. They dive into the importance of multi-account management, asset location, and tax optimization in improving clients' financial outcomes. The conversation also touches on the operational aspects of implementing these platforms and the need for integration and coordination across different systems. In this episode: [02:25] -The challenges and goals of building a modern wealth management system. [04:27] - Lessons Martin learned during the early days of LifeYield. [06:17] - The dynamics of multi-account management. [09:22] - How LifeYield coordinates and optimizes multiple accounts. [12:50] - Asset location and its importance in generating tax efficiency. [15:55] - How asset location adds tax efficiency across different account programs. [20:05] - The operational challenges of implementing asset location. [22:20] - The three types of withdrawals and how they need to operate. [29:22] - The purpose of tax management systems. Quotes[02:54] - "We're currently in a world where lots of products and programs have been built vertically over time. How do you start to think horizontally from an advisor standpoint? The biggest mental shift is just moving from an account-based structure to a relationship-based one." ~ Eric Lordi[10:17] - "Coordinating isn't just about getting the sum of the parts and then working with them. It's about recognizing that some parts fit together better than others." ~ Martin Cowley[14:08] - "Tax management isn't just tax slots. It's the location and having a machine that is not dependent on underlying trading systems but looks across all these things as holdings that we can score anywhere." ~ Eric Lordi[30:47] - "Everything we've done has to be flexible because we are looking across multiple companies and client firms. It doesn't have to all be stitched tightly on day one. Those walls aren't going to break down overnight. So, we're building little tunnels between the silos." ~ Martin CowleyLinks  Eric Lordi on LinkedIn Martin Cowley on LinkedIn J.P. Morgan Private Bank Morgan Stanley 55ip Envestnet Vanguard  Morningstar Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

WealthTech in the Weeds is a series in which we talk to industry experts about the details of building an effective, productive, coordinated, and comprehensive advice system.In this episode, Jack Sharry talks with Ted Dimig, Global Head of Wealth Management Advisory Solutions at J.P. Morgan, and Mark Hoffman, CEO, Chairman & Founder at LifeYield.They discuss trends like tax optimization and the role of modern technology in enhancing advisory practices. They explore the challenges and strategies involved in operationalizing these innovations, emphasizing the necessity of embracing technology to improve client outcomes. They also touch on advisor adoption, the benefits of models-based practices, and the industry's trajectory toward increasingly personalized financial services.In this episode: [02:05] - Major trends in asset management [03:56] - Ted's role in fintech [06:11] - The importance of tax optimization in the investment ecosystem  [09:29] - Ted's operational approach to tax management [11:41] - How LifeYield helps clients manage their taxes [13:51] - Why tax matters to clients and advisors [16:31] - How firms can get started with tax management [20:43] - What drives advisors to adopt tax-smart technologies [25:15] - Ted's outlook on the future of wealth management [27:14] - Ted's key takeaways [28:23] - Ted's interests outside of work Quotes[02:22] - "The first big trend in asset management is the importance and the need to personalize investments. The more you can get a client's goals to match their investment solutions, the higher the probability that they're going to stick with their investments over the long run." ~ Ted Dimig[11:42] - "You want to build your ecosystem in a way that is easy to explain to the client. Being able to explain to them the savings and why you're doing certain things reduces the trading that you have to do." ~ Mark Hoffman[17:11] - "Technology allows you to be more holistic. It allows you to make all the connections and to do things right. And that frees up the advisor to have a conversation at the client's own level." ~ Mark Hoffman[26:06] - "You need to embrace technology if you want to be a winner in the personalization space, in the end-to-end client investment journey, and in the tax space. So those who don't adopt will be left behind." ~ Ted DimigLinks  Ted Dimig on LinkedIn Mark Hoffman on LinkedIn J.P. Morgan EY 55ip Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

Leadership is more than titles and responsibilities. It involves building a winning culture—a culture that isn't just a tagline or value statement but a living, breathing system encompassing a firm's operations. It is a culture where individuals collectively achieve extraordinary results. Organizations that embrace this kind of culture promote honesty and transparency, empower employees to contribute their unique perspectives, and are united by a shared vision.In this episode, Jack Sharry talks with John Drahzal, President and CEO at Horizon Investments. John oversees the company's growth and acquisition initiatives and all aspects of the company's operations, which includes investment management, consulting, sales and marketing, technology, finance, and legal. He joined Horizon Investments in 2017 and previously served as President. John and Jack discuss leadership and how a winning culture drives success. John talks about how Horizon Investment builds its culture and operating principles and the importance of the human element in wealth management.In this episode: [02:19] - How John got into financial services [08:55] - John's transition to CEO [10:39] - Horizon Investment operating principles [17:34] - How a winning culture drives innovation [19:41] - John's thoughts on the future of the industry [21:25] - John's key takeaways [22:09] - John's interests outside of work Quotes[13:04] - "Leadership is about building a winning culture. It's a culture that drives success and where people will work together." ~ John Drahzal[16:29] - "If you instill this culture of coaching and winning through culture, and the employees develop in that culture, it is amazing to see what they can do. Watching that development is amazing." ~ John Drahzall[20:56] - "While the firm will drive efficiencies with technology, I firmly believe that this will continue to be a people-led business and that humans need that because these are really important decisions. We're responsible for their dreams. And that requires the human element." ~ John DrahzalLinks  John Drahzal on LinkedIn Horizon Investments Victory Capital Robbie Cannon Trillion Dollar Coach Danielle Learned Money Management 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

Over the past three years, Jack Sharry has hosted the WealthTech on Deck podcast, featuring interviews with some of the best and brightest financial services leaders. Through these conversations, Jack has learned valuable lessons that will shape the future of the retirement industry.In this episode, we flip the script as Jack takes the guest seat, and Matt Nollman, VP of Marketing at LifeYield, hosts the show. They discuss the evolution of the retirement industry, reflecting on 150+ episodes of the podcast. They cover key lessons such as the rise of Unified Managed Households (UMH), the critical importance of tax management, and strategies for organic growth. They also discuss the transformative potential of AI in wealth management, and share valuable career advice, emphasizing the power of deep, intentional listening.In this episode: [02:33] - Five lessons from 150+ wealth tech leaders [05:33] - Unified Managed Household (UMH) Explained [10:25] - Why firms invest so much in tax management technology [15:41] - Four factors consumers look for when planning their finances [18:12] - Top firms that grow organically and how they do it [23:22] - The role of technology and AI in financial services [31:14] - Jack's key takeaways [34:58] - Jack's advice for aspiring industry leaders Quotes[10:49] - "Studies show that the biggest cost investors incur is taxes. So, if you're going to improve outcome, you have to figure out how to minimize tax and maximize outcome, whether for accumulation or income." ~ Jack Sharry[15:45] - "The top four things consumers are looking for are tax planning, retirement planning, investment management, and cash flow planning. So, what they're looking for is to reduce paying taxes." ~ Jack Sharry[16:11] - "If you're going to improve the outcome, it's a multi-account exercise. You can't improve one account at a time. You need to do it in a coordinated fashion." ~ Jack SharryLinks  Jack Sharry on LinkedIn Retirement Leadership Forum FA Mag Edmund Murphy Empower Natalie Wolfsen Orion Advisors Solutions Jed Finn Morgan Stanley Rose Palazzo Edward Jones Aaron Schumm Vestwell Jasmine Jirele Allianz Life John Thiel Merrill Lynch Envestnet Vanguard EY Morningstar 55ip Chip Roame Tiburon Strategic Advisors Fidelity Investments Charles Schwab Amy Young Microsoft Rob Pettman TIFIN Jud Mackrill Milemarker Sage 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 Legends of WealthTech is a series about the history and evolution of the advisory business, featuring professionals who have powerfully shaped the industry.This week, Jack talks with Paul Hatch, Founding Partner and CEO at Vestria Capital. Paul oversees the firm's strategic vision, operations, and growth. Before becoming an entrepreneur, Paul held senior leadership roles at Citibank, UBS, and Morgan Stanley, responsible for developing and managing a wide range of investment products, services, and markets for the wealth management divisions.Jack and Paul talk about the history of managed money, its growth from a niche offering to a cornerstone of modern wealth management, and how it drove the evolution of industry giants. They also discuss the cultural integration challenges during mergers and acquisitions and how client-centric advisory services overcome these hurdles.In this episode: [01:28] - How Paul got started in the advisory industry [04:01] - Paul's transition to managed money [10:27] - The evolution of managed money  [16:15] - Cultural challenges [20:09] - Paul's career transition from large firms to independent ventures [24:44] - Vestria Capital's role in the advisory space [27:33] - Paul's key takeaways [28:49] - Paul's interest outside of work Quotes[11:34] - "UMAs showed they were a better solution for the clients. It brought costs down, and most importantly, it meant that you were managing as a portfolio, not as a series of asset classes." ~ Paul Hatch[17:55] - "When you raise your right hand and swear that you are going to do what is best for the client, that's really what advisory business is all about." ~ Paul Hatch [22:46] - "I don't think it's enough that you service clients. You have to show them the results." ~ Paul HatchLinks  Paul Hatch on LinkedIn Vestria Capital Citi Bank UBS Morgan Stanley Len Reinhart Frank Campanale Money Management Institute Roger Paradiso James Gorman Jed Finn Ben Huneke Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

WealthTech in the Weeds is a series covering the broad yet critical path to financial services. The goal is to get together with industry experts and get into the details of building an effective, productive, coordinated, and comprehensive advice system.In this episode, Jack talks with Jeff Benfield, Head of Advisor Solutions at SEI, and Martin Cowley, Chief Product Officer at LifeYield. Jeff leads the strategic vision, roadmap, and execution of the financial advisor technology suite of solutions for SEI's independent advisor business. With a focus on relationship-centric platform architecture, Jeff has been instrumental in developing SEI's Wealth Platform, leading the charge in building a multi-account, multi-relationship approach to empower advisors.Martin brings vast experience working with various firms to build comprehensive and coordinated platforms. With a focus on API-first architecture, he helps firms integrate seamlessly and avoid the pitfalls of disparate systems.Jack talks with Jeff and Martin about building multi-account, multi-factor relationship platforms for advisors. Jeff and Martin highlight the challenges and importance of operationalizing complex systems at scale and their strategies for connecting and empowering advisors with more innovative tools and platforms.In this episode: [02:17] - SEI's approach to building a multi-account UMH platform [06:02] - How SEI helps advisors achieve better results [08:32] - How LifeYield uses technology to enhance the user experience [11:15] - The importance of partnerships in building platforms for advisors [14:47] - How LifeYied addresses multicurrency and tax in the US and UK [17:26] - How SEI overcomes the challenge of scaling and operationalizing UMH [19:40] - LifeYield's approach to operationalizing UMH [21:52] - Jeff's key takeaways [24:23] - Martin's key takeaways Quotes[22:16] - "Tax is the center of what we do. Our ability to lean into that to make sure that we're the platform best suited to solve that problem of the household balance sheet and how we're able to solve the tax problem is where we're going." ~ Jeff Benfield[22:30] - "Utilizing and leveraging the technology that's built and currently coming out to make those smart tools, make them intelligent, and give that personalized feel is where we're leaning into." ~ Jeff Benfield[24:23] - "The move towards householding is happening, and it's widespread. SEI is far ahead in that front just with the new system being built, and the fact that it's multicurrency, multi-jurisdiction is just icing on the cake. It's very powerful." ~ Martin Cowley[25:46] - "It's always good to pick something that's valuable, focus on that, and support people in using it, so they understand the incremental benefit they're getting." ~ Martin CowleyLinks  Jeff Benfield on LinkedIn Martin Cowley on LinkedIn SEI LifeYield Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook