WealthTech on Deck

Advisors are constantly looking for ways to best serve their clients. However, with the fast-paced and ever-changing landscape of the industry, it can be difficult to keep up.  Advisors are expected to deliver the highest level of client experience while growing their business and managing time-consuming tasks.In this episode, Jack talks with Natalie Wolfsen, Chief Executive Officer at AssetMark. Prior to AssetMark, Natalie held product management and marketing roles in firms such as First Eagle Investment Management, Pershing, Charles Schwab, and American Express. She took the reins at AssetMark a year ago and has spearheaded the company’s strategic direction, which encompasses its platform of curated investment and technology solutions, business consulting and operations support, and strategic acquisitions that serve the best interests of financial advisors and their investors.Natalie talks with Jack about what AssetMark offers advisors, how asset management and planning are integrated into its distribution model, and why outsourcing is key to helping advisors serve their clients better.Key Takeaways [01:11] - What AssetMark is and how Natalie plays a key role in the business. [03:14] - What Natalie finds exciting about the future of wealth management. [05:39] - AssetMark's approach to personalizing its products and services. [07:33] - How their acquisition of Voyant has enabled clients to achieve financial wellness. [11:33] - What makes Voyant a popular wealth management software provider. [13:22] - How AssetMark integrates asset management and planning into its distribution model. [16:08] - How planning and proposals are translated into the portfolio. [18:48] - What AssetMark's distribution model looks like. [23:05] - Why outsourcing is key to helping advisors serve their clients better. [27:48] - Natalie’s three main takeaways. [28:49] - What Natalie enjoys doing outside of work. Quotes[04:08] - "In the pandemic, we all became much more reliant on technology. And also, the benefits of technology became so clear to so many for the first time. As a result, demands for advice and technology have changed. And one important way it's changed is personalization." - Natalie Wolfsen[08:15] - "From my perspective, what financial wellness ultimately does is it brings together the goals, dreams, and aspirations that live in a financial plan with the investments that advisors and their clients make to bring that financial plan to life." - Natalie Wolfsen[14:11] - "Financial wellness is the combination of ongoing communications between the advisor, their clients, goal setting, goal management, risk management, and investments." - Natalie Wolfsen[20:16] - "One of the reasons that AssetMark advisors grow so quickly and at the heart of that is a concept of outsourcing. If you outsource your investment management, if you outsource your technology, or if you outsource key parts of your operational processes, your number of clients grows, your revenue grows, your profitability grows as does your client satisfaction and your own quality of life." - Natalie WolfsenLinks  Natalie Wolfsen on LinkedIn AssetMark First Eagle Investment Management Pershing Charles Schwab Voyant Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

As the demographics of investors continue to change, the wealth management industry is starting to pay attention to inclusion and diversity. Many firms hire, prepare, and advance underrepresented talents throughout the financial services industry and create programs to best serve an increasingly diverse clientele. This positive trend leads to more equitable and representative services for all investors.In this episode, Jack talks with Craig Pfeiffer, President and CEO of Money Management Institute (MMI). Craig is a senior financial services executive, following 29 years with Morgan Stanley Smith Barney and its predecessor firms. He transitioned from MSSB in 2012, where he was Vice Chairman and a member of the Executive Committee. From 2003 to 2011, he held a progression of senior positions, including the National Sales Group, responsible for marketing strategy and client communications, desktop technology, and brokerage-based banking. Additionally, Craig has been responsible for businesses, including retirement services and corporate equity solutions.Craig talks with Jack about his current projects and programs, why diversity and inclusion are becoming an area of focus in wealth management, and his outlook on where wealth management is headed in the future.Key Takeaways [01:08] - What Money Management Institute offers in the investment advisory industry. [03:11] - A list of Craig's current projects and programs. [08:31] - Wealth management as a people's business. [11:02] - Craig's outlook on where wealth management is headed. [15:48] - What Craig looks forward to over the next few years. [20:01] -The history of MMI's innovation in wealth management. [24:29] - Craig's three key takeaways. [26:08] - Craig's interests outside of work. Quotes[03:54] - "For the last number of years, there have been challenges around dealing with accumulated wealth and retirement assets, not only the income but doing so smartly around taxes, risk around location, etc." - Craig Pfeiffer[07:04] - "We have to go outside our industry, find people of color, and bring them into middle-level jobs. Fill out that sophomore, junior class, so the freshmen have an aspiration." - Craig Pfeiffer[22:06] - "There was no opponent to the SMA business other than a lack of awareness. You can't come to an MMI event without putting your gun down. You're coming to share best practices. You're coming to share ideas. You're coming to learn. And people have had that structural fiber that allows people to enjoy it." - Craig Pfeiffer[25:36] - "Being a leader in this business is rewarding. But you're only a leader if you have followers, and followers will only follow if they think they're listened to." - Craig PfeifferLinks  Craig Pfeiffer on LinkedIn Money Management Institute Steve Gresham The Execution Project Cheryl Nash InvestCloud Financial Advisor Magazine BlackRock Jed Finn Morgan Stanley Jenny Johnson Jasmine Jirele Franklin Templeton Allianz Life Burt White LPL Financial Carson Group Envestnet Ainslie Simmonds Pershing Michael Liersch  Wells Fargo Microsoft PwC University of Virginia Darden School of Business Keith Glenfield Bank of America Troy Thornton Goldman Sachs 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 a recent study by Franklin Templeton, U.S. workers are re-evaluating their relationship with their employers and the benefits they receive at work. The study found that workers are increasingly interested in non-traditional benefits and the need across the full spectrum of financial resources. In this episode, Jack talks with Jacquelyn Reardon, Head of Retirement & Insurance Marketing at Franklin Templeton. In her role, Jacquelyn manages a team of marketing specialists to implement strategies for distribution channels associated with U.S. retirement and insurance businesses.  She also deploys resources that drive marketing results while reinforcing process best practices, developing talent, and managing the budget.Jacquelyn talks with Jack about Franklin Templeton's Voice of the American Worker survey, its outcome, and how the company responded to its results.Key Takeaways [00:51] - Jacquelyn's role at Franklin Templeton. [01:43] - What the Voice of the American Worker survey is about. [03:35] - The four key takeaways from the Voice of the American Worker study. [04:40] - Why American workers are re-evaluating their work and expectations of employers. [09:47] - How workers are focusing more on financial independence than traditional retirement. [12:51] - What respondents think about hyper-personalization. [14:56] - Workplace as the lobby for wealth management. [16:12] - Why workers seek to improve their financial wellbeing. [18:58] - A need for financial health improvement. [22:25] - How Franklin Templeton responded to the survey results. [24:50] - Jacquelyn's three key takeaways from the research on American workers. [25:59] - What interests Jacquelyn outside of work.  Quotes[06:16] - "Fifty-five percent of people have said it's not just that they've left or considered leaving, but seeing other colleagues consider leaving or leaving has made them reassess what they want from employers." - Jacquelyn Reardon[18:13] - "Seventy-six percent of people, as it relates to student loan debt, said that they would've made different educational choices if they had realized how much debt they would get into." - Jacquelyn Reardon[20:30] - "There's an opportunity for employers to take that holistic view of wellbeing and put some incentives and resources in place." - Jacquelyn ReardonLinks  Jacquelyn Reardon on LinkedIn Franklin Templeton Morgan Stanley Goldman Sachs Jenny Johnson Tiburon Strategic Advisors Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

Strategic partnerships between businesses can be a powerful way to enhance growth and achieve goals that would be difficult to attain independently. By forming mutually beneficial relationships with asset managers and professionals, wealth management businesses can gain access to new ideas, strategies, and technology platforms, enabling them to focus on what they do best: providing high-quality service to their clients.In today’s episode, Jack talks with Mark Spina, Chief Operating Officer and President at FLX Networks.  Mark has over two decades of experience managing sales, national accounts, product, data, and marketing teams around the globe. His current responsibilities include developing and delivering cost-effective solutions to FLX members. Mark talks with Jack about FLX Networks' approach to helping asset managers and management firms scale their businesses, how having a network can be leveraged to build capabilities that resonate across the community, and how technology plays a crucial role in enabling their business model.Key Takeaways [00:51] - How Mark got his start at FLX Networks. [04:41] - How Mark works with asset managers and management firms. [11:46] - FLX Networks' growth over time. [16:55] - The company's approach to helping asset managers and advisors grow their businesses. [19:32] - How FLX Networks enables advisors to deliver products and services effectively. [21:15] - What role digital technology plays in the company’s business model. [25:42] - Mark's top three key takeaways. [27:49] - What interests Mark outside of work. Quotes[07:30] - "It's kind of amazing when you think about how modern all other sales engagements have become. Most of the selling experiences, it's better targeted. There's more data flowing into it. You can be more precise. But at the point of sale, it still looks and feels very similar to the way it did 30 years ago." - Mark Spina [19:42] - "Being in the network of networks, we are able to source a combination of componentry. We are able to source practice management capabilities from external providers. We've built in-house capabilities in some of the areas that we think resonate across that community." - Mark Spina[26:00] - "In a business and industry that requires scale to succeed, managers have to think about how they can creatively and collaboratively create that scale. And it's unlikely for the vast majority of asset managers to be able to create the requisite scale by themselves." - Mark Spina[27:02] - "The concept of wholesaling products has to evolve in the next three to five years. It has to look more like everything else that an advisor or person does in their day-to-day life of buying and selling product." - Mark SpinaLinks  Mark Spina on LinkedIn FLX Networks Brian Moran SEAL Family Foundation Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

Leading a financial advisory firm is a challenge. The goal is to provide sound and objective financial planning advice to clients but to do so profitably and at scale is an uphill battle. In today’s episode, Jack talks with Robert Pettman, EVP, Wealth Management Solutions at LPL Financial. Robert is responsible for leading the advisory and brokerage platforms, investment products, and relationships with asset managers, insurance companies, and wealth tech providers. In addition to his role, he also heads the research department, a new component that is essential to a comprehensive wealth management strategy.Robert talks with Jack about LPL Financial's spectrum of products, solutions, and opportunities, how they enable advisors to run a models-based practice more efficiently and effectively, and what his outlook is for the future of the financial advisory business.Key Takeaways [02:03] - How Robert got his start in the financial services industry. [05:53] - What LPL Financial is working on right now that Robert is excited about. [07:59] - How LPL Financial empowers advisors. [13:31] - How Robert handles the many tasks involved in serving advisors. [17:20] - Robert's outlook for the future of the financial advisory business. [22:55] - Robert's three key takeaways. [23:49] - Interesting facts about Robert. Quotes[14:18] - "It's really important to have great talent, creative and innovative, and client-centric that understands the issues, that's focused on solving problems for the clients and essentially bringing forward those ideas to actually help propel the company in doing the best that it can in serving advisors." - Robert Pettman[17:34] - "A product really exists as a vehicle of convenience. And it so happens that with the evolution of technology, we're actually getting to a place where that's not actually the most efficient and effective way to deliver solutions." - Robert Pettman[23:02] - "That theme of technology attacking the product wrapper is not something that's scary. It's something to be embraced and that can provide extra features and benefits for advisors and investors." - Robert PettmanLinks  Robert Pettman on LinkedIn LPL Financial Blaze Portfolio 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 reality for all investors. Their effects can significantly affect financial outcomes and take a big bite out of investment returns. In response, advisors look for strategies that minimize tax liabilities while maximizing returns. As tax alpha may be the holy grail for many investors, what investment strategies can they use to maximize their financial outcomes?In this episode, Jack talks with Martin Cowley, Executive Vice President of Product Development at LifeYield. As one of the pioneers in building UMH solutions in the industry, Martin is an expert at building platforms across the wealth management ecosystem. At LifeYield, Martin and his team focus on finding the client's unique circumstances and then determining the best way to serve them.Martin talks with Jack about five ways to achieve tax alpha through a comprehensive advice platform. He discusses how these strategies work and how advisors utilize them to help clients reach their financial goals. Key Takeaways [01:11] - An overview of Martin's key role at LifeYield. [05:58] - Tax harvesting as a means of improving tax alpha. [08:40] - How single-account management differs from coordinated multi-account management. [11:38] - The importance of asset allocation when it comes to taxes. [19:04] - How rebalancing and income generation can work together.  [21:16] - What asset allocation and rebalancing can do for income sourcing. [28:53] - Martin's three key takeaways. [31:30] - What Martin likes to do outside of work. Quotes[10:16] - "The fact that you can see multiple tax lots across more than one account gives you more room for efficiency. It gives you more tax lots to pick from." - Martin Cowley[17:53] - “Tax harvesting is good, it's a part of our toolkit. But asset allocation does mitigate the need for tax-loss harvesting, especially considering it dissipates over time.” - Martin Cowley[18:42] - "A transition from an existing set of assets over to a new model can be made a lot more efficient by putting controls on gain realization and potentially breaking up the move over a year or more depending on what works for the clients and their appetite for taxes." - Martin Cowley[29:07] - "Tax harvesting is well-established and it's a vulnerable exercise, but it's more valuable when you spread it across multiple accounts to the extent that you can." - Martin CowleyLinks  Martin Cowley on LinkedIn LifeYield Paul Samuelson 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 constantly evolving with new trends. These trends are driving significant changes in the wealth management industry, prompting firms to adopt new strategies and technologies in order to meet investor demands. How can advisors make the most of these trends and make a significant impact on their clients?This week, we flip the script as Jack Sharry takes the guest chair and Matt Nollman, VP of Marketing at LifeYield, hosts the show. As Executive Vice President, Chief Growth Officer, and Principal at LifeYield, Jack helps industry leaders, platform builders, advisors, and investors understand UMH platforms and the advantages they create.As a leading industry voice on wealthtech, Jack shares his insights on the top five trends in wealth management, how these trends are impacting the industry, and how the combination of platform and advisor makes the biggest difference in client relationships.Key Takeaways [01:20] - The key role Jack Sharry plays at LifeYield. [02:33] - What Jack sees as the top five trends in wealth management. [06:23] - The impact of retiring baby boomers on wealth management. [07:33] - How advisors can effectively manage the influx of money from next-generation investors. [09:39] - The impact of technology convergence on wealth management. [11:48] - Why the combination of platform and advisor makes the biggest impact on clients. [15:52] - How advisors with the best soft skills have a competitive advantage in managing wealth. [19:39] - Jack's three key takeaways. [21:07] - What Jack enjoys outside of work. Quotes[05:41] - "At the end of the day, an advisor and a client need to talk. Algorithms aren't human beings. They just tell you how to optimize what's going on. You’ve got to ask them questions and you have to have a real dialogue often with clients that don't fully understand what it is they're trying to solve." - Jack Sharry[20:02] - "More people are retiring today with more money and more complexity than at any point in history. So, a tidal wave of assets and complexity are driving our business for the foreseeable future." - Jack Sharry[20:13] - "Digital and human advice are coming together on comprehensive advice platforms. And the job of the underlying algorithms is to identify the next best actions. Strategy is a start, but the ultimate job of these platforms is to coordinate implementation across the household and to determine the next best thing to do to improve financial outcomes." - Jack SharryLinks  Jack Sharry on LinkedIn Matt Nollman John Connors John Thiel Tiburon Strategic Advisors Morgan Stanley JP Morgan Orion Advisor Solutions Edward Jones Wells Fargo UBS  Merrill Lynch Envestnet  Goldman Sachs LPL Financial E*Trade  Eaton Vance 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

Nalika Nanayakkara, Managing Partner Americas and Financial Services Consulting Leader at EY, shares her insights on the evolving asset and wealth management landscape. She discusses the impact of digitization and personalization on financial wellness, emphasizing the merging of digital advice with concierge services. Nalika explores how complexity in the industry presents unique opportunities for advisors. Additionally, she highlights the integration of retirement and wealth management, advocating for personalized solutions that adapt to client needs.

Technology has always been a driver for change, and the financial sector is no exception. Driven by clients who are looking for more holistic advice, financial advisors are now leveraging technology solutions to provide a higher level of service. With the development of comprehensive advisory platforms, advisors can offer better advice and outcomes to their clients.In today’s episode, Jack talks with Rich Cancro, Founder and CEO at AdvisorEngine. Rich brings more than 25 years of experience building wealth management technology. Prior to founding AdvisorEngine, he served as a Managing Director at Bank of America Merrill Lynch, and created industry-leading solutions for J.P. Morgan, Bear Stearns and DLJDirect. Rich talks with Jack about how he helps advisors provide better advice and outcomes for their clients, how he built AdvisorEngine to be a comprehensive advice platform, and what the future looks like for the financial advisory industry.Key Takeaways [01:08] - What AdvisorEngine has to offer clients. [01:51] - An overview of Rich's career in the financial advisory. [05:56] - Why Rich started his own business despite working for one of the largest firms. [10:42] - How Rich built AdvisorEngine to be a comprehensive advice platform. [15:14] - Rich's perspective on the future of the industry. [21:50] - What prompted AdvisorEngine to acquire Junxure. [25:41] - Interesting things Rich does outside of work. Quotes[02:30] - "I am absolutely passionate about fiduciary advisors. I love the fact that fiduciary advisors are fully aligned with the client's interests. They're small businesses. How they get service and how they service their clients, every moment matters." - Rich Cancro[18:03] - "I think advisors really have to evolve from relationship building. They're great at it, that's where they build their trust. But they have to pivot from that perspective into becoming great marketers. A vast majority of independents are not great at marketing" - Rich CancroLinks  Rich Cancro on LinkedIn AdvisorEngine Tom Bradley Charles Schwab TD Ameritrade Fidelity Investments Pershing James Crowley Merrill Lynch Joel Bruckenstein New York Yankees Boston Red Sox Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

Data and technology are critical when it comes to providing holistic wealth advice. They are two essential resources that can help advisors gain a deeper understanding of their clients' financial situations, enabling them to offer more tailored recommendations. In today’s episode, Jack talks with Paula, Managing Director & Head of Growth Strategy at Global Atlantic Financial Group. Prior to joining Global Atlantic Financial Group, Paula served as CEO and President of Transamerica Capital, and Managing Director for Aegon Financial Services Group. In her current role, Paula's primary focus is on growth that involves bringing insurance strategies and alternative asset options to financial professionals. Paula talks with Jack about the role technology plays in the insurance industry, how Global Atlantic applies innovative approaches to offer better services to financial professionals, and how data and technology are key to providing holistic wealth advice. Key Takeaways [01:26] - What Global Atlantic Financial Group is and how it serves its clients.  [02:50] - Paula's professional history and her hopes for the wealthtech industry. [05:53] - Two important ways technology contributes to the insurance industry. [08:01] - Paula's role in the growth of Global Atlantic Financial Group. [13:06] - Global Atlantic's innovative approach to serving advisors. [19:02] - What the future looks like for the insurance industry. [22:52] - How technology and data are key to providing holistic wealth advice. [23:42] - What Paula does outside of work.  Quotes[13:44] - "The ability and the key that technology will allow is these products to sit alongside other things that advisors and clients can work with much more seamlessly than a standalone package product." - Paula Nelson[16:02] - "What [technology] can provide to financial professionals who really want to expand what they do for clients is critically important to how they become more than just a money manager. And I don't know how they do it without technology." - Paula Nelson [22:58] - "If your organization is not investing in digital data analytics, you should be asking why. Why aren't we making those investments? Technology and data are key to really providing holistic wealth advice." - Paula Nelson Links  Paula Nelson on LinkedIn Global Atlantic Financial Group Goldman Sachs KKR David Lau DPL Financial Partners Heather Kelly Allianz Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook DisclosureThis podcast is intended for Financial professional use only. The opinions expressed are those of the opinions of the speakers as of May 2022 and may not come to pass. Nothing said should be considered a recommendation to buy, sell or hold any security product.Annuities issued by Forethought Life Insurance Company, Indianapolis, Indiana. Global Atlantic Financial Group (Global Atlantic) is the marketing name for The Global Atlantic Financial Group LLC and its subsidiaries, including Forethought Life Insurance Company and Accordia Life and Annuity Company. Each subsidiary is responsible for its own financial and contractual obligations. These subsidiaries are not authorized to do business in New York.