WealthTech on Deck

In this episode, Jack talks with Noreen Beaman, President of Orion Advisor Solutions.It’s been a year since the Brinker and Orion merger and Noreen is already harvesting the fruits of her efforts. The open-architecture experience she’s bringing to the table is creating an exciting ecosystem for engaging with advisors. She's thrilled to be at the forefront of advisor empowerment and wants to advocate more for the human component of portfolio management.Noreen talks with Jack about creating personalized engagement for investors, mastering the art of listening as financial leaders, and using a well-connected tech ecosystem for advisor empowerment.“I think as we look towards the future, we need to create a frictionless experience for our end investors. The companies we run look like the clients that we have. As women become a larger part of how we buy, do we want to buy the old traditional ways? Do we want to engage in ways that make us feel comfortable? That’s why having the tools and multimedia, and knowing how our next-gen want to buy we have to stay focused on the consumer and investor, and help those financial advisors drive that experience.” ~ Noreen BeamanMain Takeaways  The four pillars of a successful financial firm, prospect, plan, invest and achieve, ensure that we empower advisor-client journeys. This creates a smooth onboarding process, gives them access to their money, and improves tax reporting. Every investor's risk tolerance, risk capacity, and risk composure will be different from one another. A well-connected ecosystem, with various tech tools, can be helpful for advisors to retain clients. Three key points leaders must take note of to excel: watch the market outside of your market, do due diligence, and grow your network. To be a great advisor and leader, you have to be a good listener. When you listen, it isn't just about verbal communication, it also involves paying attention to physical cues, too.  Links Noreen Beaman on LinkedIn Orion Advisor Solutions Brinker Capital Eric Clarke CLS Investments Dr. Daniel Crosby John Coyne Microsoft Excel Orion Billing Ernst & Young (formerly Ernst and Whinney and Arthur Young & Co) Chuck Widger Only the Paranoid Survive: How to Exploit the Crisis Points That Challenge Every Company by Andrew S. Grove SEC Cheryl Nash Lori Hardwick Authentic and Ethical Persuasion:: Achieving What’s Important in Life Through Committed Listening and Compelling Stories by Jack Sharry John Connors Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

In this episode, Jack talks with Executive Vice President of Product Development at LifeYield, Martin Cowley.Martin is one of the pioneers in building UMH solutions in the industry. Through technology, he's been developing the most efficient and effective ways to improve outcomes for clients. Martin and Jack discuss the benefits of UMH implementation on asset allocation, tax drag minimization, and operational improvement.“There's a lot of listening involved. A lot of time is spent understanding existing workflows and existing systems. The challenge with putting a UMH in place is that everybody's situation is different. All of our clients have different systems in place. They look at the investment process in slightly different ways. Even the definition of UNMH may be different in terms of what people mean.” ~ Martin CowleyMain Takeaways  When dealing with UMH accounts, coordination is critical. Look at them from the investor’s perspective in a holistic way rather than piece-by-piece. Different accounts have different tax treatments. For example, a taxable account is different from a tax-qualified account. UMH plans offer efficient asset consolidation when dealing with increased complexities. Create a plan prior to UMH implementation to avoid disruptive changes. Factors to consider should be the firm’s anticipated spending expenses, size of existing accounts, and type of existing accounts.  When doing decumulation or intelligent withdrawals, tax-efficient asset allocation is critical.  Links Martin Cowley on LinkedIn Improving After-Tax Returns, Retirement Income, and Bequests through Tax-Smart Household Management by LifeYield Riskalyze Westminster Abbey Kate Middleton, Duchess of Cambridge Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

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