WealthTech on Deck

WealthTech in the Weeds is a new 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 the past, financial services focused on managing individual accounts in silos. This fragmented approach limited advisors' ability to minimize tax burdens and convert assets into sustainable income streams, especially in retirement. However, as the industry evolves, advisors and investors recognize the importance of creating comprehensive advice platforms. The challenge lies in operationalizing these platforms to allow advisors to translate financial plans into actionable strategies.In this episode, Jack talks with Rose Palazzo. Rose is the Group President of Envestnet | MoneyGuide and has extensive experience building comprehensive advice platforms. She previously led financial planning at Morgan Stanley and played a key role in developing the firm's industry-leading comprehensive advice platform. Rose is known for her expertise in personalized advice and coordinating planning conversations with technology platforms.Mark Hoffman, CEO, Chairman, and Founder at LifeYield, joins Jack and Rose. Mark has more than 25 years of experience as an executive at public organizations, including State Street, Fiserv, and Colonial Management. He is also the founder of three financial technology firms: LifeYield, Upstream Technologies, and Lattice Trading.Jack talks with Rose and Mark about the role of financial planning in building comprehensive advice platforms. They discuss how to turn a financial plan into actions that improve results and the challenges that come with it.Key Takeaways [03:09] - How Rose develops comprehensive advisory platforms for firms. [05:54] - Mark's view on financial planning. [09:34] - The challenge of turning a financial plan into actionable strategies. [10:41] - Turning a comprehensive financial plan into action. [11:54] - The importance of considering tax in executing a financial plan. [13:18] - Two factors to consider when executing a financial plan. [16:00] - The dynamics between asset accumulation and decumulation. [21:09] - What it takes to operationalize a comprehensive advice platform. [25:32] - Prioritization and starting with the end goal in mind. [30:27] - What Morgan Stanley's Intelligent Withdrawals is about. [34:08] - Rose’s and Mark's key takeaways. Quotes[04:19] - "We no longer see planning as a one-time event that advisors engage in. It really is more of an ongoing planning where you're having that initial conversation, understanding a client's goals, and connecting that to all the conversations folks are having." ~ Rose Palazzo[23:52] - "It [operationalizing a comprehensive advice platform] is like putting together a puzzle. It doesn't really matter where you start or what pieces you find that go together. It's all going to be complementary to the end goal." ~ Mark Hoffman[34:17] - "There's this increased focus on personalized advice, which starts with the client's objectives. The coordination between platforms is what's really required to get to that next level of advice." ~ Rose Palazzo[35:12] - "If you're coordinating all the client's accounts and assets and focus on understanding that client's goals, then you get to do asset location. And asset location is a dominant part of tax alpha." ~ Mark HoffmanLinks  Rose Palazzo on LinkedIn Mark Hoffman on LinkedIn MoneyGuidePro Morgan Stanley Paul Samuelson 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

Elements breathes life into financial analysis, generating comprehensive diagnostic reports that reveal the health of clients' portfolios. Imagine a detailed MRI for the client's financial well-being, highlighting strengths, weaknesses, and potential areas for improvement. This transparency empowers advisors to move beyond surface-level analysis and craft strategies that address specific needs and aspirations. In this episode, Jack talks with Reese Harper, CEO of Elements. Reese developed the Elements Financial Planning System to simplify how financial advisors organize and evaluate their clients' comprehensive financial data at a glance–enabling them to focus on the functional and emotional jobs that drive results for their clients. Reese is also an educator at heart, a renowned author, speaker, podcast host, and a trusted advisor for a select book of high-net-worth professionals.Reese talks with Jack about how Elements is changing the way financial planning is done. He discusses how providing diagnostic reports helps financial advisors assess the financial health of their clients. Tracking the 12 financial vital signs allows advisors to have more meaningful conversations with their clients and make targeted recommendations.Key Takeaways [01:08] - How Elements is different from other financial services tools. [07:33] - How advisors use Elements. [14:15] - Successful use cases of Elements. [17:47] - The idea behind the foundation of Elements. [21:04] - The shift towards organic local brands. [22:41] - Why Dentist Advisors was founded. [33:03] - Reese's take on the future of the industry. [37:37] - Reese's passions outside of work. Quotes[01:34] - "Elements is a financial vitals software. It happens like a diagnostic report, blood pressure, or cholesterol readings in a doctor's visit. Think of it as financial vital signs that we use to assess the present-day financial health of an individual." - Reese Harper[34:07] - "When you deploy a strategy where you're having a conversation that is coming before the product or the planning conversation, make sure that the first conversation feels safe. Make sure it doesn't feel like there's a product in it. Make sure it feels valuable." ~ Reese Harper[36:29] - "If the value proposition you sold to your client was about the investments, the insurance, or the annuity, you might have a functional relationship that could be displaced. But if you start the relationship with an emotional job, meaning support, confidence, reassurance, or a deep relationship, you'll never get displaced." ~ Reese HarperLinks  Reese Harper on LinkedIn Reese Harper on Twitter Elements Elementality for Financial Advisors Northwestern Mutual Dentist Advisors Wade Anderson Robinhood Tao Te Ching by Stephen Mitchell Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

Defined contribution plans have been instrumental in helping people save for retirement. However, these plans often fail to protect individuals against longevity risk. Incorporating lifetime income solutions like annuities can help people prevent outliving their savings during retirement.In this episode, Jack talks with David Blanchett, Managing Director, Portfolio Manager, and Head of Retirement Research at PGIM DC Solutions. In this role, David develops solutions to help improve retirement outcomes for investors with a specific focus on defined contribution plans. He is also responsible for the portfolio management of the PGIM Target Date Funds. Before joining PGIM, David was the Head of Retirement Research for Morningstar Investment Management LLC and the Director of Consulting and Investment Research for the Retirement Plan Consulting Group at Unified Trust Company.David joins Jack to discuss various aspects of retirement planning and how the industry can operate better to improve retirement outcomes for clients, participants, and advisors. David shares his insights on three key areas: improving defined contribution plans, enhancing financial plans, and making retirement easier through lifetime income solutions. He emphasizes the importance of access to retirement savings plans, the need for comprehensive financial planning, and the role of annuities in providing longevity protection.Key Takeaways [01:55] - David's thoughts on improving defined contribution plans for retirees. [03:03] - David's role at PGIM DC Solutions. [04:04] - How to improve contribution plans and in-plan retirement solutions. [08:29] - The need for a financial plan and the different avenues for receiving advice. [10:39] - The confluence of digital and human advice. [13:17] - The shift from investment-focused planning to holistic planning. [15:56] - Understanding annuities and their potential benefits for clients. [20:50] - Overcoming operational roadblocks to utilizing annuities. [22:11] - David's key takeaways. Quotes[09:48] - "If you can't get advice and you do it yourself, you'll make mistakes. These can be very expensive mistakes. So, giving individuals access to advice the way they want will have a huge long-term success." ~ David Blanchett[11:34] - "The fundamental value of an advisor is not the investments. It's more of the behavioral financial planning coach." ~ David Blanchett[19:16] - "There are very good annuities out there your clients could use. You have to learn how they work and how to identify them. Doing that can create better client outcomes than just focusing on the portfolio alone." ~ David BlanchettLinks  David Blanchett on LinkedIn David Blanchett on Twitter PGIM DC Solutions Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

Organic growth in asset and wealth management is experiencing a slowdown, leaving behind a trail of passive assets and declining client numbers. The tide is turning as baby boomers are retiring with their wealth poised to flow toward a new generation with vastly different priorities and expectations. In this episode, Jack Sharry talks with Steve Gresham, Managing Principal at Next Chapter. Steve is also a Senior Education Advisor to the Alliance for Lifetime Income. Steve is a dedicated disruptor, and before founding Next Chapter, he held several senior leadership positions in the wealth management industry. Steve talks with Jack about the current state of the asset and wealth management industries and the challenges they face in achieving organic growth. He highlights the decline in organic growth and the need for firms to adapt to the changing landscape. They also discuss the best remedies for resolving these problems and the four ways firms can prepare for the future.Key Takeaways [01:25] - Steve's latest project. [02:21] - Organic growth in wealth management at present. [03:56] - What it means when money leaves the industry. [04:35] - How firms can adjust to the flow of money out of the industry. [07:03] - Steve's best remedies for resolving the industry's money flow problems. [12:24] - How the industry can better understand its customers. [17:04] - Why organic growth in the industry has declined. [21:52] - What it takes to build for the future. [31:05] - The challenge of generating organic growth. [35:46] - Steve's passion outside of work. Quotes[01:48] - "Asset management has lost its organic growth primarily to passive, and wealth management has screeched to a halt. The culprit there is demography." ~ Steve Gresham[08:26] - "You have to be fully invested in the arms race with the consumer. The consumer is calling all the shots. They always win. They may be delayed or distracted and think things are better than they are for a while, but when they bite, they bite hard." ~ Steve Gresham[32:56] - "The industry has to understand where the money is because if it's not growing in the aggregate, it becomes a fairly zero-sum game of competition." ~ Steve GreshamLinks  Steve Gresham on LinkedIn Steve Gresham on Twitter Next Chapter Fidelity Investments Charles Schwab Vanguard Tiburon Strategic Advisors Money Management Institute Wealthcare Plan Douglas Heikkinen Phoenix Investment Partners Advisorpedia William Capuzzi Apex Fintech Solutions 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 future of wealth management involves embracing technology and adopting scalable business practices. Having a growth platform that enhances client satisfaction, retains and attracts clients, streamlines processes, and stays compliant helps advisors and wealth management firms succeed.In this episode, Jack talks with Craig Clark, Chief Marketing Officer at Nitrogen (formerly known as Riskalyze). In this role, Craig leads the firm's brand team, product positioning, thought leadership, and sales pipeline creation in the wealth management marketplace. A marketing and sales development veteran of the SaaS industry, he has seen success putting companies on a strong growth trajectory, aligning brands and positioning for successful financing and strategic exits.Craig talks with Jack about the company's rebranding from Riskalyze to Nitrogen, and how Nitrogen focuses on providing a growth platform for wealth management firms. Craig highlights the importance of having scalable and repeatable business practices that allow advisors to be more productive and effective, and the need for firms to adopt software that supports their growth goals.Key Takeaways [00:54] - Backstory of Nitrogen and the company’s rebrand. [09:16] - Craig's background and how he got into wealth management. [11:56] - What's next for Nitrogen. [15:06] - The dynamics between marketing, product, and operation. [16:52] - The growth formula for wealth management firms. [21:25] - How wealth management can prepare for future growth. [23:17] - Craig's three key takeaways. [24:26] - Craig's interests outside of work. Quotes[13:27] - "For investors to invest fearlessly, they need human advice." ~ Craig Clark[21:47] - "There's a lot of industry consolidation happening. And there's a lot of pressure to do things in a more predictable and repeatable way. There's no way to do that other than having software embedded in how you work to enforce that repeatable practice." ~ Craig Clark[23:28] - "Whether you've just started an RIA, you've broken away, or you're the head of wealth management, everybody's going to be watching you develop and adopt scalable and repeatable business practices. So, look for your technology vendors to help you do that. Look for ways to get adoption from your advisors to follow those processes because that is going to define the successful firms over the next decade." ~ Craig ClarkLinks  Craig Clark on LinkedIn Nitrogen Wealth Aaron Klein Laurie Schultz Lexicon Branding David Placek Dan Zitting Salesforce Fearless Investing Summit Justin Boatman Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

With digital disruptions and shifting customer expectations defining the financial landscape, achieving sustainable growth demands a strategic approach that transcends traditional marketing tactics. For forward-thinking financial services firms, the challenge lies in creating a framework that seamlessly integrates marketing and growth strategies, prioritizing brand differentiation and customer-centric value creation.In this episode, Jack talks with Kelly Waltrich, Co-Founder & CEO of Intention.ly. For years, Kelly has been championing the role of marketing in the financial services industry. She designed the strategy behind several successful rebrands, acquisitions, and product launches, including spearheading the development of two advisor marketing products while creating unmatched overall brand visibility and helping to turn company executives into industry thought leaders. Through forward-thinking demand generation, PR, and product marketing, Kelly created a consistent inbound pipeline for both firms, driving CAC down and SOV up.Kelly talks with Jack about modern marketing and growth strategies in the financial services industry. She shares how Intention.ly helps firms build growth engines and differentiate themselves in a crowded market. Kelly emphasizes the need for firms to have a strong brand and messaging that resonates with their target audience.Key Takeaways [01:09] - Kelly’s role in the financial services industry. [02:52] - Kelly's growth strategy. [04:52] - How Kelly got started in financial services. [08:30] - The importance of understanding the nuances of the industry. [10:02] - What Intention.ly is currently working on. [11:42] - Marketing in its truest sense. [15:17] - How Kelly and her team deliver quality services consistently. [16:54] - Kelly's three key takeaways. [22:20] - Kelly's life outside of work. Quotes[11:53] - "Everybody thinks marketing is sexy and creative. But at the end of the day, it's taking complex things and trying to make them simple." ~ Kelly Waltrich[16:58] - "Because we live in this loud, noisy, content-crazy world, your brand has never been more important. People need to understand the experience they will get when they read about or see you." ~ Kelly Waltrich[19:54] - "Marketing is something that you have to put time, energy, and emotion into, and you have to be willing to do it consistently. You have to be willing to invest in it, whether money, resources, or people." ~ Kelly WaltrichLinks  Kelly Waltrich on LinkedIn Kelly Waltrich on Twitter Intention.ly eMoney Advisor Orion Advisor Solutions Eric Clarke 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 wealth management industry is synonymous with high-touch, personalized service. Clients and advisors seek intuitive tools, seamless experiences, and a clear roadmap to achieving their financial aspirations. While keeping pace with client expectations and market demands requires constant innovation, some may envision grand, disruptive technologies. However, it's the simple and practical innovations that often have the most transformative impact.In this episode, Jack talks with Michael Liersch, Head of Advice & Planning at Wells Fargo. In this role, Michael leads a team that delivers comprehensive planning services and growth strategies. Before joining Wells Fargo, Michael held leadership positions in companies such as JPMorgan Chase, Merrill Lynch, and Barclays Wealth. He was also a faculty member at New York University, where he taught management and organizational analysis.A real champion and maker of innovation, Michael talks with Jack about the practical approach to innovation and improving the advisor, client, and consumer experience. He shares insights into the development of LifeSync, a practical and user-friendly tool that allows clients to articulate their financial goals and track their progress. Michael also discusses the importance of simplicity and authenticity in innovation and the challenges and obstacles faced in the process.Key Takeaways [02:54] - LifeSync and its core features. [07:32] - LifeSync's practical use of data. [09:40] - Michael's motivation for creating practical innovations. [15:03] - How to build trust in the advisory space. [17:37] - The obstacles to innovation. [21:14] - What's next for LifeSync and Wells Fargo. Quotes[11:57] - "People didn't want this notion of, 'Well, there are three simple ways to get rich. There are three simple ways to invest. There are three simple ways to save.' What they wanted was to be very authentic." ~ Michael Liersch[15:07] - "Trust is built via listening. But not only reflecting on what you hear, it's also doing something about it." ~ Michael Liersch[19:08] - "Often, you think of innovation as this big disruptive moment. Well, real innovation is bite-sized incremental change." ~ Michael LierschLinks  Michael Liersch on LinkedIn Wells Fargo NYU Stern Merrill Lynch J.P. Morgan The NextChapter Innovative Summit Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

Driven by technological advancements and evolving client expectations, the industry is witnessing a shift from traditional methods to a data-driven, tech-fueled future. At the heart of this evolution lies the development of robust wealth operating systems and platforms that empower advisors with holistic financial insights, streamline workflows, and personalize client experiences.In this episode, Jack talks with Reed Colley, Co-Founder & CEO at Summit Wealth Systems. With years of experience in the wealth management technology industry, Reed has a proven track record of innovation and disruption. He has founded, invested in, and advised multiple technology companies, including Black Diamond Performance Reporting, which revolutionized advisor operations and is now part of SS&C Advent. Reed's passion lies in helping advisors and their clients by creating innovative solutions that enhance the client experience and streamline internal processes.Reed talks with Jack about the importance of understanding the needs of advisors and their clients, the process of turning ideas into tangible solutions, and the role of innovation in driving better client experiences. He also highlights the value of listening to advisors and digging deeper to solve their pain points, ultimately creating a platform that combines digital and human advice to empower advisors and enhance client outcomes.Key Takeaways [01:41] - The creation of Black Diamond and Summit Wealth Systems. [04:26] - Reed's motivation for developing innovative systems. [07:56] - The power of listening and asking the right question. [10:59] - Connecting clients' wealth with their values. [13:30] - Overcoming obstacles and using them as fuel for innovation. [16:59] - The importance of being nimble and agile in building systems for advisors. [20:37] - How Summit Wealth Systems provides human and digital advice. Quotes[05:52] - "Advisors are happiest when they can efficiently help their clients solve things they need. That's when the best advisors are most fulfilled." ~ Reed Colley[21:17] - "When you have an efficient, appropriate technology foundation that interfaces well with the humans inside the organization and then delivers the right outcomes for your clients, that is absolutely the mix needed for understanding what a modern practice looks like." ~ Reed Colley[22:05] - "The robo advisor has a place and will continue to evolve. But it will not replace what a human advisor does for a client. It's all about empowering, and that's what we love doing. We love using technology to empower humans." ~ Reed ColleyLinks  Reed Colley on LinkedIn Reed Colley on Twitter Summit Wealth Black Diamond Wealth Platform Anthony Sperling 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 financial industry, anchored in data and figures, can sometimes overlook the fundamental truth that clients are emotional beings. Regardless of how carefully crafted wealth portfolios, diverse investments, and comprehensive plans for estates or retirement are, their effectiveness hinges on what the client values most.In this episode, Jack talks with Nalika Nanayakkara, Managing Partner for the Americas Financial Services Operations at EY. In her role, Nalika leads the wealth and asset management (WAM) consulting business for EY in the U.S. She is also responsible for the EY financial services consulting organization and the execution of their NextWave strategy. Nalika talks to Jack about the difference between hyper-personalization and digitization in wealth management. She goes deeper into the importance of listening and understanding clients' personal needs and values. She also discusses the concept of money scripts and how they shape financial decisions. Nalika highlights the significance of trust, marrying financial planning with purpose, and incorporating emotional needs into segmentation models.Key Takeaways [01:51] - The difference between hyper-personalization and digitization. [04:41] - Money scripts and the unconscious biases towards money. [09:15] - Integrating emotional understanding in client interactions. [14:16] - The importance of understanding what matters to clients. [18:25] - Why advisors need to connect with clients personally. [21:55] - Key recommendations for creating personal client experience. [24:09] - The power of listening and understanding in financial services. [27:23] - Nalika's interests outside of work. Quotes[02:53] - "Our industry is very numbers focused. We talk about portfolio returns and the probability of meeting a financial plan. Money, particularly wealth, is highly personal. But financial services are highly impersonal." ~ Nalika Nanayakkara[09:47] - "Don't expect your clients to always be rational. You can have the most comprehensive wealth offer that's priced fairly, investments, estate, or retirement. But it's only as good as your client's willingness to consume it." ~ Nalika Nanayakkara [19:21] - "If you want to be successful as an advisor, you have to make that human connection. To do that, you have to really care about what matters to the person." ~ Nalika NanayakkaraLinks  Nalika Nanayakkara on LinkedIn NextChapter Steve Gresham EY Dr. Brad Klontz Riley Etheridge Capital Group  Merrill Lynch John Thiel Authentic and Ethical Persuasion Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

Investing is not an exclusive club for the affluent but a pathway open to all, regardless of age or economic background. As an industry, the responsibility lies not only in managing portfolios but also in educating, simplifying, and making investing accessible to all.In this episode, Jack talks with Bill Capuzzi, CEO of Apex Fintech Solutions and Partner at PEAK6 Investments. Bill has been in trading, clearing, custody, and the finance industry for years. He is proud to run a company that offers digital clearing and custody solutions to fintech disrupters, global banks, RIAs and other advisory firms, online trading platforms, community banks, and credit unions. Bill has been leading Apex in revolutionizing the industry and making investing accessible to everyone.Bill talks with Jack about how Apex is disrupting wealth management technology. He emphasizes the company's mission to help everyone invest in their future. Bill also speaks about the convergence of digital and human advice, the importance of lowering barriers to entry in the advisory world, and the role of workplace solutions in transforming the industry.Key Takeaways [02:03] - Bill's mission to change the world with Apex. [03:48] - Bill's background and how he got into fintech. [06:47] - Transition from Pershing to founding Apex. [08:52] - What Apex offers to investors. [13:39] - The opportunity for advisors to expand to a mass affluent market. [20:08] - Workplace and wealth management convergence. [27:13] - Challenges facing wealth management. [32:02] - Bill's final thoughts. [33:22] - Bill's interests outside of work. Quotes[24:15] - "As an industry, we need to do a better job of educating people, especially those who don't have a lot of money." ~ Bill Capuzzi  [29:58] - "If we don't lean in to create better interoperability, that convergence, you're ending up with an incomplete solution." ~ Bill Capuzzi[32:53] - "We're helping people invest in their future, whether they're young or old. There's a ton of people out there that need us to do our jobs better than we've been doing." ~ Bill CapuzziLinks  Bill Capuzzi on LinkedIn Apex Fintech Solutions BNY Mellon's Pershing X PEAK6 eToro SoFi Stash Tiburon Strategic Advisors Chip Roame Morgan Stanley ETrade Fidelity Investments Icon Savings Plan Laurie Rowley Edward Jones Franklin Templeton Empower Vanguard Vestwell Reed Colley Summit Wealth Michael Kitces Orion Advisor Solutions 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