Episodes
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For decades, financial planning has focused on individuals and families, often overlooking the unique needs of business owners. However, the need for expert financial advice has become more significant as boomers become more involved in business and the trend toward private company ownership grows. Recognizing this demand, RISR seeks innovative solutions to empower business owners and the financial advisors who serve them.
In this episode, Jack Sharry talks with Jason Early, Founder of RISR. They discuss how RISR empowers and deepens the relationships between business owners and financial advisors. They explore how the company provides a comprehensive solution for business owners and uses technology and human advice to enhance the advisor-client relationship.
In this episode:
[00:52] - Introduction to RISR and its mission
[03:25] - How RISR helps advisors
[05:17] - Understanding a business' dream value
[08:12] - Empowering advisors to become trusted advisors
[09:33] - How RISR impacts the financial industry
[12:04] - What inspired Jason to build RISR
[13:23] - The convergence of technology and human advice
[17:07] - Providing financial advice for business owners
[19:31] - Jason's key takeaways
Quotes
[01:01] - "We've got this deep-seated belief that owners of private companies need better advice and that the advisors who serve them need better tools and technology." ~ Jason Early
[13:06] - "For decades, advisors have had the tools and technology to serve the executive, the family, or the household, but the business is largely ignored." ~ Jason Early
[14:31] - "Business owners are complex, and they have complex issues and challenges, so there are a lot of problems to solve. We want to surround every conversation the advisors have with the business owner so that the owner can make more informed decisions and exit the way they want to." ~ Jason Early
Links
Jason Early on LinkedIn
RISR
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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 Zuschin
Links
Steve Zuschin on LinkedIn
Northwestern Mutual
Mammoth Technology
iCapital
SEI
Mongol Ecology Center
Rally for Rangers
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Episodes manquant?
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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 Samuelson
Links
Mark Hoffman on LinkedIn
Paul Samuelson on LinkedIn
Investment and Wealth Institute
Envestnet
EY
Morningstar
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Jack Sharry on LinkedIn
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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 Denham
Links
SEI
Ryan Hicke on LinkedIn
Sean Denham on LinkedIn
BlackRock
LifeYield
Grant Thornton
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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 Krasnow
Links
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
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Jack Sharry on LinkedIn
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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 Cowley
Links
Eric Lordi on LinkedIn
Martin Cowley on LinkedIn
J.P. Morgan Private Bank
Morgan Stanley
55ip
Envestnet
Vanguard
Morningstar
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Jack Sharry on LinkedIn
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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 Dimig
Links
Ted Dimig on LinkedIn
Mark Hoffman on LinkedIn
J.P. Morgan
EY
55ip
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Jack Sharry on LinkedIn
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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 Drahzal
Links
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
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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 Sharry
Links
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
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Jack Sharry on LinkedIn
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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 Hatch
Links
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
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Jack Sharry on LinkedIn
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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 Cowley
Links
Jeff Benfield on LinkedIn
Martin Cowley on LinkedIn
SEI
LifeYield
Connect with our hosts
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Jack Sharry on LinkedIn
Jack Sharry on Twitter
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In this episode, Jack talks with Arlen Oransky, Executive Vice President and Chief Membership Officer at Money Management Institute (MMI). With more than 30 years of experience in the financial industry, Arlen has been instrumental in shaping its growth and evolution. He has significantly contributed to expanding MMI's membership and programs and is known for his behind-the-scenes influence and dedication to promoting industry collaboration and education.
Jack and Arlen talk about the historical development of separately managed accounts (SMAs). He shares how MMI grew from a small group of SMA advocates to a robust institution representing the broader advisory solutions market. Arlen also discusses the firm's educational efforts to prepare the next generation of industry leaders and the collaborative approach MMI fosters among asset managers, wealth managers, and solutions providers to drive industry growth and innovation.
In this episode:
[03:35] - The evolution of separately managed accounts (SMAs)
[06:56] - How MMI has fueled SMA growth
[08:37] - Growth and Evolution of MMI
[13:41] - MMI's initiative for engaging and educating asset managers
[15:44] - Reflections and personal stories
[18:32] - The evolution of comprehensive advisory services
[21:48] - Arlen's key takeaways and interests outside of work
Quotes
[07:13] - "MMI's mandate expanded just above and beyond what we were doing back in the day. It was all around enabling and facilitating industry dialogue and industry growth. And that's at the forefront of where we are now." ~ Arlen Oransky
[20:44] - "We want to help create a legacy not only for the Money Management Institute but, more importantly, for individuals who are going to carry this industry forward." ~ Arlen Oransky
[22:05] - "Stay educated. Feel free to get outside your comfort zone. That's the only way that you're going to advance and learn." ~ Arlen Oransky
Links
Arlen Oransky on LinkedIn
Money Management Institute
John Thiel
Noreen Beaman
Cheryl Nash
InvestCloud
Lori Hardwick
Len Reinhart
Jim Seuffert
Roger Paradiso
Franklin Templeton Investments
Craig Pfeiffer
John Coyne
Phoenix Investment Partners
Robbie Cannon
Horizon Investments
Thrive | Money Management Institute
Steve Gresham
The New Managed Account Solutions Handbook
Tim Williams
Adri Chocolates
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Jack Sharry on LinkedIn
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In this episode, Jack talks with Tim Williams, Executive Vice President of Education Initiatives at the Money Management Institute (MMI). Tim is a seasoned business strategist with a proven track record in steering cross-functional teams to deliver innovative solutions. With more than three decades of experience in wealth and asset management, he brings deep expertise in business strategy, innovation, change management, and professional development.
Jack and Tim discuss MMI’s professional development programs, highlighting initiatives designed to sharpen leadership skills and open doors for career advancement within the industry. Tim also shares his insights on cultivating a growth mindset, the importance of continuous learning, and the value of building a strong network of industry experts.
In this episode:
[01:30] - Tim's career path in asset and wealth management
[06:09] - How Tim transitioned into the development side of wealth management
[07:41] - Tim's current projects at MMI
[10:42] - MMI's mentorship program
[14:30] - MMI's upcoming development program
[17:13] - How Tim turns innovative ideas into practical, actionable strategies
[21:47] - Tim’s perspective on leadership within wealth management
[27:43] - Tim's key takeaways
[32:25] - Tim's interests outside of work
Quotes
[12:51] - “The number one lesson I’ve learned from participants is how much this program gives them awareness that they’re not in this alone.” ~ Tim Williams
[29:50] - "We are so focused on the process that we have forgotten that the best way to innovate, get organic growth, and move the ball forward is a growth mindset—meaning, fail early, fail fast, test, and learn." ~ Tim Williams
[31:57] - "We are getting a new era of leaders. We have to embrace them and support them. We can learn a lot from them." ~ Tim Williams
Links
Tim Williams on LinkedIn
Money Management Institute
Craig Pfeiffer
Len Reinhart
Danielle Learned
NYU Stern
Blackstone
Broadridge
Morgan Stanley
Microsoft
PwC
Academy | Money Management Institute
Executive IQ | Money Management Institute
Leadership Pathway | Money Management Institute
University of Virginia Darden School of Business
Jacquelyn Reardon
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The integration of artificial intelligence is poised to significantly transform wealth management. AI's true value lies in its ability to solve complex business challenges. By understanding the industry's specific pain points, AI can be used strategically to drive growth, boost profitability, and deliver exceptional client experiences.
In this episode, Jack talks with Rob Pettman, President & Chief Revenue Officer at TIFIN. In his role, Rob oversees revenue generation strategies, forges strategic partnerships, and drives the company's growth initiatives.
Rob talks with Jack about the types of AI used in managing wealth and the efficiency and growth potential it brings. He also shares how TIFIN helps wealth management firms implement AI into their practices.
In this episode:
[01:30] - Rob's role at TIFIN
[03:57] - Two types of AI that can be applied to wealth management
[06:59] - How AI supercharges organic growth
[13:20] - How Rob helps wealth management firms implement AI
[15:25] - AI decision-makers
[17:27] - Rob’s thoughts on the future of the industry
[19:14] - Rob's key takeaways
[20:22] - Rob's interests outside of work
Quotes
[03:11] - "I met with a lot of technology firms, and everybody will tell you what the technology does. But very rarely does anybody really help you understand the business problems that the technology could solve for you." ~ Rob Pettman
[05:04] - "Think about some of the commercial applications for [AI]. It can help with predictive growth. It can help with predictive risk management, whether in a portfolio context or a compliance context. We have massive sums of data in wealth management. And so the ability to be able to train these algos on them and then essentially leverage them to get additional horsepower creates operational efficiency in our decision-making process" ~ Rob Pettman
[15:45] - "Supervised AI is an algorithm that learns over time. The sooner I start, the smarter it is over time. So if I start earlier than my competitors, my stuff's going to be a lot smarter than their stuff when they start late." ~ Rob Pettman
Links
Rob Pettman on LinkedIn
TIFIN
Sage
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For decades, the financial world focused on investments. But, eventually, that focus shifted to planning. It wasn't just about the “what” of investing but the “why”. This evolution changed wealth management, and represents a move away from a one-size-fits-all strategy and toward a more flexible, client-driven approach.
In this episode, Jack talks with Robbie Cannon, a Board Member at Founders Financial. He is also the Founder of Horizon Investments and a Board Member of the Money Management Institute (MMI). With a background in quantitative finance and goals-based investment strategies, Robbie has made Horizon a leader in the industry. His passion for innovation and client outcomes has driven his success as a leader and influencer in the wealth management sector.
Robbie talks with Jack about how he built Horizon Investments from the ground up, the evolution of goals-based investing, and the importance of personalized advice. Robbie also shares his latest venture with Thrive by Money Management Institute, and how AI, blockchain, and quantitative finance is driving a new era of financial planning.
Key Takeaways
[01:58] - Robbie's journey in wealth management
[03:28] - How goals-based investing evolved
[07:30] - What the green line represents in wealth management
[10:41] - Horizon Investments' approach to achieving client goals
[12:12] - How Horizon provides guidance to advisors
[13:55] - What it takes to be in the outcome space
[15:55] - What Thrive by Money Management Institute is all about
[20:06] - Robbie's thoughts on the future of the industry
[22:28] - Robbie's key takeaways
[24:29] - Robbie's interests outside of work
Quotes
[09:26] - "Entrepreneurship is about weathering the markets and being able to pivot and navigate. At Horizon, flexibility is built inside. It comes with smart individuals wrapped around a singular goal — client outcomes." ~ Robbie Cannon
[10:10] - "Advisors enter the business to help people. As asset managers, our job is to help advisors help their clients weather the market." ~ Robbie Cannon
Links
Robbie Cannon on LinkedIn
Money Management Institute
Thrive | Money Management Institute
Horizon Investments
Fidelity Investments
Morningstar
The Advice Age
Danielle Learned
John Drahzal
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Jack Sharry on LinkedIn
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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 Michael Liersch, Head of Advice & Planning at Wells Fargo, and Harry Bartle, Executive Vice President of Enterprise Sales at LifeYield. At Wells Fargo, Michael leads a team that delivers comprehensive planning services and growth strategies. He is responsible for developing research-based methods to help advisors and clients productively collaborate around their money decisions. As EVP of Enterprise Sales, Harry is responsible for developing relationships with the largest financial services firms in the world. He has more than 20 years of experience driving revenue for many innovative companies across the financial industry.
Jack talks with Michael and Harry about LifeSync, a groundbreaking tool that provides clients with a hyper-personalized financial planning experience. They discuss how LifeSync connects and coordinates the many systems at Wells Fargo so they can turn guidance into actions that improve results. They also share the importance of understanding consumer needs, data-driven insights, and how LifeSync offers digital comfort to consumers.
Key Takeaways
[02:58] - Michael's role at Wells Fargo.
[05:43] - How LifeYield serves its clients.
[08:27] - LifeSync's founding principle.
[09:28] - LifeSync's key features.
[16:13] - How LifeSync transforms financial advice.
[20:19] - Hyper-personalization and why it matters.
[25:12] - How LifeSync addresses personalization.
[28:50] - What personalization is like from the customer's standpoint.
[30:41] - LifeSync’s three main areas of focus.
[34:10] - Michael’s and Harry's key takeaways.
Quotes
[03:45] - "When we think of clients and institutions we work with at Wells Fargo, we want to come to them as one organization that meets their needs, either personally or professionally." ~ Michael Liersch
[08:36] - "We want LifeSync to be a real conduit for an actual human being to represent themselves as they are. Our customers and clients want to reflect themselves as individual human beings on their own terms." ~ Michael Liersch
[17:14] - "With LifeSync, you can really talk to your advisor, be more transparent, and have a unique approach where the customer is upfront and communicated. And Wells Fargo is building a technology around that, which is revolutionary." ~ Harry Bartle
[29:06] - "We don't need to be everything for everybody. Consumers want to see the different options and what's recommended, but they want to choose based on their beliefs." ~ Harry Bartle
Links
Michael Liersch on LinkedIn
Harry Bartle on LinkedIn
Wells Fargo
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Jack Sharry on LinkedIn
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From growing private markets to the increasing influence of artificial intelligence and higher expectations for client experience, the wealth management industry is evolving at an unprecedented pace. While these trends present exciting opportunities, navigating them requires a targeted focus on strategy execution and innovation. Simplifying complex processes and making things more digestible allow everyone to participate in the evolving financial landscape.
In this episode, Jack talks with Mike Lee, the Global Leader of Wealth and Asset Management at EY. With more than 30 years of industry experience, Mike has served as the lead client service partner to many well-known traditional and alternative wealth and asset management firms. He travels the world to help clients address new questions, devise and execute smart strategies, and optimize their capabilities in times of exponential change.
Mike talks with Jack about some key themes and trends in the wealth management industry, including the growth of private markets, the impact of AI and data, industry transformation, and client experience. He emphasizes the importance of execution and cultural change in driving successful strategies. Mike also discusses the industry's future, highlighting the need for greater inclusion, access, and education around financial literacy.
Key Takeaways
[01:27] - Mike's career journey in the wealth management industry.
[03:08] - What Mike is currently working on at EY.
[06:34] - How successful firms differentiate themselves from their competitors.
[10:46] - The challenges involved in executing solutions in the industry.
[13:51] - How Mike transforms organizations effectively.
[16:26] - How targeted focus can reshape organizations.
[19:14] - Mike's take on the future of the industry.
[22:03] - Mike's three key takeaways.
[23:59] - Mike's interests outside of work.
Quotes
[07:30] - "Short-term things happen, and you need to make adjustments. That's just part of doing business—it's part of life. But it's the ability to stay within the purpose of the strategy as your guiding light that enables you to execute." ~ Mike Lee
[09:38] - "It's about transparency, openness, understanding, and the ability to make things more digestible for a broader group that garners the trust you need to do whatever you do, whether you're a wealth manager, an asset manager, a bank, or an insurance company." ~ Mike Lee
[21:07] - "There are a number of macro trends out there, but they all intersect eventually. And the more we elevate, with a consistent understanding, the greater progress we make in private markets, disruptive technology, ongoing transformation, or digitalization." ~ Mike Lee
Links
Mike Lee on LinkedIn
EY
Charles Smith
Nalika Nanayakara
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Healthcare is a top financial concern for most Americans, yet few financial planning strategies exist to optimize healthcare costs. This gap creates an opportunity for advisors to strengthen their service offerings, deepen client relationships, and drive positive outcomes. By integrating healthcare planning software that gives a custom analysis of client's current and future healthcare costs, advisors can offer a truly comprehensive financial plan that allows clients to navigate the healthcare system with peace of mind.
In this episode, Jack talks with Christine Simone, CEO and Co-Founder of Caribou. Christine has extensive knowledge about health insurance, incentives, and payment structures. Her goal is to provide financial clarity for clients by optimizing healthcare planning and helping them make smarter decisions about their healthcare costs.
Christine talks about how she helps clients optimize their healthcare plans and the importance of realigning healthcare needs, especially during major life events. She also shares how healthcare is important to comprehensive financial planning and how Caribou provides unbiased advice to advisors and clients.
Key Takeaways
[01:53] - How Caribou serves clients
[03:45] - How Christine helps advisors
[07:27] - Christine's journey to becoming an expert in healthcare and finance
[09:27] - Caribou's role in the rapidly aging baby boomer population
[12:39] - How Caribou helps advisors navigate healthcare planning
[15:05] - An example of how Caribou provides value to its clients
[18:19] - Caribou's business model
[20:08] - Christine's thoughts about the future of healthcare in financial services
[21:24] - Christine's key takeaways
[23:21] - Christine's interests outside of work
Quotes
[02:32] - "It's really important to realign your needs with the health plans offered in the market. Even if your needs haven't changed, it's possible that the plan that you're on changes every single year." ~ Christine Simone
[08:17] - "We truly believe that the financial advisor is best positioned from an incentive structure to help clients understand their healthcare costs and support them through this decision." ~ Christine Simone
[20:58] - "As an advisor, it's your role to help clients make smarter decisions, reevaluate and optimize their costs, save money, and make smarter financial decisions related to their healthcare, just as you help them with their investments." ~ Christine Simone
Links
Christine Simone on LinkedIn
Caribou Wealth
Medicare
Salesforce
Redtail Technology
Dallas Cowboys
Toronto Maple Leafs
Manchester City FC
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For advisors to stand out in the marketplace, they need to provide highly valuable, compelling, and differentiated offerings that fulfill their clients' unique needs. Organic growth flourishes when there's product-market fit, and the value proposition resonates deeply with clients. This shift toward a client-focused approach, fueled by data and decision science, is revolutionizing the way advisors build lasting and impactful relationships with their clients.
In this episode, Jack talks with Tom Rieman, CEO and Founding Partner at Practice Intel. Tom has decades of experience in the wealth management industry, asset management distribution, and the broker-dealer ecosystem, with a primary emphasis on process and performance improvement. Before founding Practice Intel, Tom held executive roles in leading financial companies such as J. D. Power, Brinker Capital, and J.P. Morgan Asset Management. Tom is a relentless advocate for great financial advice and a believer in the profound power of the truth.
Tom talks with Jack about the power of data-driven platforms, client-focused strategies, and decision science to unlock the full potential of client-advisor relationships. He shares insights on how firms can differentiate themselves in the marketplace to drive organic growth and enhance client relationships.
Key Takeaways
[01:01] - What Practice Intel is all about
[02:30] - Tom's journey into financial services
[05:06] - How Practice Intel serves its clients
[08:38] - The shift from selling to understanding customers' needs and wants
[13:46] - What it takes to generate organic growth
[17:37] - The importance of listening in giving advice
[19:51] - Understanding the Relationship Quality Index (RQI)
[22:19] - Tom's advice to financial advisors
[23:50] - Tom's interests outside of work
Quotes
[14:48] - "In any industry, if you have a highly valuable, compelling, and differentiated offering that really meets a need, you get growth." ~ Tom Rieman
[15:18] - "Organic growth is driven when you have a great product-market fit, when there's a lot of value created, and when there's something that is actually compelling." ~ Tom Rieman
[17:37] - "The best client-advisor relationship is not where the advisor is trying to get the client to act on their recommendation, but helping clients make good decisions that align with their values, goals, and aspirations." ~ Tom Rieman
Links
Tom Rieman on LinkedIn
Practice Intel
J.D. Power
Equitable
Brinker Capital Investments
Michael Durbin
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Leadership is a journey of continuous learning and personal growth. It's a muscle that gets stronger through experience and reflection on the lessons learned. This growth mindset, driven by active listening, genuine care for people, and intellectual curiosity, results in a dynamic leadership style. Such leaders adapt to new challenges and inspire teams to contribute their best work, leading to more effective decision-making, stronger collective vision, and remarkable outcomes.
In this episode, Jack talks with Danielle Learned, Chief of Staff and Head of Sales Execution at Horizon Investments. In her role, Danielle is responsible for leading the planning and execution of the firm's various strategic initiatives and helping translate the firm's mission and vision into action. Danielle is known for her grit and entrepreneurial spirit, and she is dedicated to empowering financial advisors and equipping them with the tools they need to succeed.
Danielle talks with Jack about her career journey and the lessons she has learned about leadership and execution. She shares insights on leadership, the art of listening, the value of empathy and genuine care for people, and the power of grit and perseverance in achieving success. Danielle also discusses Horizon Investments' unique value proposition and the industry's future, emphasizing the importance of personalization and transparency in financial advice.
Key Takeaways
[02:15] - How Danielle got into financial services.
[05:54] - How Horizon Investments serves its clients.
[07:25] - Danielle's journey to Horizon Investments.
[09:46] - How Danielle became part of Horizon Investment's growth.
[14:28] - What it takes to lead a growing wealth management firm.
[18:21] - Danielle's thoughts on the future of the industry.
[22:16] - How grit defines Danielle's leadership style.
[24:55] - Three key takeaways from Danielle.
[26:35] - Danielle's interests outside of work.
Quotes
[14:34] - "Leadership is learned. It's not taught. My advice to new leaders or anyone who has to influence and lead a team that doesn't directly report to them is to shut up and listen." ~ Danielle Learned
[17:08] - "To care about people, you really have to care about people. You have to make investments, learn about them, and understand what makes them tick. And that's more than just giving them feedback about their work product. It's really getting to know what motivates them and why they're here." ~ Danielle Learned
[17:24] - "Some of the best ideas around our sales team, how we execute them, and the tools we use have come by asking people questions and giving them permission to share their opinions and come up with new ideas. There are a lot of really smart people around us, and we should leverage them and listen to them." ~ Danielle Learned
Links
Danielle Learned on LinkedIn
Horizon Investments
Money Management Institute
Nick Alfier
BNY Mellon
UNC Kenan-Flagler Business School
Oppenheimer & Co.
Prudential Financial
MetLife
LPL Financial
John Drahzal
Robbie Cannon
Altamont Capital Partners
Thomas Buckingham
Nassau Financial Group
Trillion Dollar Coach
Authentic and Ethical Persuasion
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Jack Sharry on LinkedIn
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