WealthTech on Deck LifeYield

The future of wealth management technology is centered around personalization, client-centricity, and the integration of emerging technologies. Recognizing this revolution, Franklin Templeton is at the forefront of disruption, actively transforming the delivery of financial services and developing market-leading technology solutions. They are dedicated to building trusted partnerships by harnessing technology to deliver tailored investment strategies that align with individual goals.
In this episode, Jack talks with Sandy Kaul, SVP at Franklin Templeton. Sandy is also part of the Franklin Templeton Institute, delivering actionable intelligence and insights on the future of the investment and wealth management industry. She has differentiated her career by building a macro-level understanding of how the financial services industry evolves and how this evolution affects investor allocations, specific trading strategies, products, operational practices, and supporting technologies.
As a thought leader in investment and wealth management, Sandy talks about the future of wealth management technology and the role of Franklin Templeton in shaping the industry. She discusses the evolving role of wealth advisors and the shift toward a more client-centric approach. Sandy also explores the future of retirement planning, the changing work patterns of younger generations, and the integration of new technologies like AI and blockchain in the wealth management industry.

Key Takeaways

[01:41] - Sandy's role at Franklin Templeton.

[04:10] - The early years of Sandy's career.

[07:48] - Franklin Templeton's approach to digital and human advice.

[09:43] - Franklin Templeton's development of portfolio customization.

[12:20] - Future trends and advancements in the retirement industry.

[18:55] - Token wrappers, smart contracts, and personal data monetization.

[22:23] - AI's role in the future of asset and wealth management.

[25:57] - Sandy's key takeaways.

[27:57] - Sandy's interests outside of work.


Quotes
[08:25] - "We've been slowly moving away from the idea of advisors being the investment expert to being more of a fiduciary, really helping the client think about their overall financial life, their overall set of goals and responsibilities, and thinking about a financial plan that’s going to help them get there." ~ Sandy Kaul
[09:49] - "Wealth advisory firms have been moving away from the investment side and moving toward the client-centric understanding and profiling side. They are focusing a lot on behavioral profiling." ~ Sandy Kaul
[17:39] - "It's not enough to just be a product manufacturer anymore. It's really about being a service partner. And we act as a service partner by providing technology." ~ Sandy Kaul

Links 

Sandy Kaul on LinkedIn

Franklin Templeton

Franklin Templeton Institute

Jenny Johnson

IBM

Stash

Acorns

Robinhood

Public

Goals Optimization Engine (GOE®) | Franklin Templeton

AdvisorEngine | Franklin Templeton

Roger Paradiso

O'Shaughnessy Asset Management

Canvas

TIFIN

Vinay Nair

Portfolio Analytics Tool | Franklin Templeton

Morgan Stanley

Amy Young


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WealthTech in the Weeds is a new series covering the broad yet critical path to financial services. The goal is to get together with industry experts and get into the details of building an effective, productive, coordinated, and comprehensive advice system. 
Jack is joined by Charles Smith, a partner in EY's Wealth and Asset Management Consulting, and Mark Hoffman, CEO and Co-Founder of LifeYield. Charles has extensive experience in strategy, product management, client experience, business process redesign, and senior client management. He incorporates the latest product, digital, and tech solutions to drive growth, productivity, and profitability. Mark and his team at Lifeyield have helped build comprehensive platforms for firms in the industry. They specialize in coordinating data, financial planning proposals, portfolio management, rebalancing, transitions, income generation, and more.
Charles and Mark discuss the challenges and benefits of building comprehensive advice platforms. They explore the importance of coordinating data, financial planning, portfolio management, and tax optimization to improve financial outcomes for clients. The conversation highlights the need for firms to provide holistic advice considering all aspects of a client's financial situation. Charles and Mark also discuss the operational challenges of implementing comprehensive platforms and the role of technology in streamlining processes.

Key Takeaways

[02:50] - The growing demand for advice among millennials.

[05:13] - Building the advice system of tomorrow.

[08:06] - Coordinating various elements and tools in the industry.

[13:14] - Optimizing tax returns.

[14:38] - The challenges and opportunities of operationalizing asset location.

[17:02] - Operational challenges and benefits of asset location strategies.

[19:41] - Designing an end state and overcoming legacy platform issues.

[22:01] - How to create a plan that achieves a desired outcome.

[24:55] - The dynamics of working across different departments in a firm.

[27:41] - Improving income through systematic withdrawals.

[32:40] - Charles' key takeaways.

[34:07] - Mark's key takeaways.


Quotes
[06:50] - "Unfortunately, most of those tools in the industry now, financial planning and investment proposal, don't have tax awareness. And when you're operating and trying to put all the different pieces together, that can cost the client between 30 and 100 basis points after tax return." ~ Mark Hoffman 
[09:51] - "There's often a big gap between what a client thinks they're getting when they get advice from their advisor and what they're actually getting operationally. In the case of financial planning systems, ultimately, they're not connected to trading systems or the managed programs necessary to implement their advice." ~ Mark Hoffman
[12:40] - "Taxes aren't just a transactional aspect of managing investment. It's about location as well. So, having the ability to set the accounts up, bring them all together, and align the assets properly to both tax-deferred and tax-free accounts is critical." ~ Charles Smith
[31:05] - "Tax is an important part of wealth, and a lot of advisors don't know enough about it." -Charles Smith

Links 

Charles Smith on LinkedIn

EY

Mark Hoffman on LinkedIn

Modern Wealth

Vanguard

Morningstar

EY Tax Desk


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The future of wealth management technology is intertwined with the power of generative AI. Microsoft's strategic partnerships with industry leaders and the development of Microsoft Teams as a platform for collaboration and data aggregation demonstrate the practical applications of this technology. With generative AI, firms can unlock valuable insights, streamline processes, and deliver personalized advice beyond managing investment portfolios.
In this episode, Jack talks with Amy Young, Director of Strategic Partnerships at Microsoft's Financial Services business. Amy uses her capital markets, wealth management, and consulting background to ignite and structure innovative strategic partnership opportunities with Microsoft's largest financial services customers worldwide. These partnerships focus on using generative AI to monetize data and enhance experiences.
Amy talks with Jack about generative AI and its impact on wealth management technology. She highlights the importance of product partnerships, co-innovation, and joint go-to-market strategies in building true partnerships. Amy also explores the potential of Microsoft Teams as a platform for aggregating data and streamlining communication between advisors and clients.

Key Takeaways

[01:00] - Amy's role at Microsoft.

[02:22] - Developing strategic partnerships with Microsoft.

[03:23] - How Amy got into wealth and asset management.

[06:17] - Microsoft's work with generative AI in the financial services industry.

[08:59] - The impact of generative AI on investment research and alpha generation.

[10:53] - Microsoft Teams as a distribution channel for financial services.

[14:23] - Collaboration, communication, and automation with Microsoft Teams.

[20:33] - Amy's three key takeaways.

[24:38] - Amy's interests outside of work.


Quotes
[19:22] - "Microsoft prides itself on not competing in many of the spaces that other players do. They have done a masterful job of not competing with their key customers, and that strategy has made many large enterprises beat a path to our door." ~ Amy Young
[21:22] - "The insights from data are going to unlock a whole new realm of financial advice. When we understand more about people's lives and what matters to them, we can help to make better trade-offs." ~ Amy Young
[21:53] - "Having all this data, unquestionably, is going to remove a ton of friction from the entire advice process, making things way more efficient, whether that's onboarding, client review, or compliance." ~ Amy Young

Links 

Amy Young on LinkedIn

Microsoft

Moody's


Moody's Research Assistant


Aladdin by Black Rock

Zillow


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Artificial intelligence (AI) has become a buzzword in the financial industry, with many claiming it will revolutionize wealth management. However, there is often a need for more clarity about what AI can do and how it can benefit financial advisors. How can advisors use AI to attract quality leads, streamline marketing workflows, and provide personalized advice to clients?
In this episode, Jack talks with Jonathan Michael, Founder & CEO of Wealth I/O. With a marketing and sales background, Jonathan deeply understands how AI can be leveraged to enhance marketing strategies and drive business growth. He works closely with advisors to help them generate quality leads, streamline their marketing workflows, and provide personalized content to clients. 
Jonathan talks with Jack about AI in wealth management marketing. He discusses how AI can augment advisors' capabilities, allowing them to function as super advisors. Jonathan also delves into how AI helps advisors generate quality leads, streamline workflows, automate compliance, create hyper-personalized content, and scale their business.

Key Takeaways

[01:33] - The best way to describe AI.

[03:28] - What Wealth I/O is all about.

[04:12] - Lead magnets: what they are and how they work.

[05:49] - How Jonathan got into wealth management marketing.

[12:28] - The process of converting leads into clients with Fin-Path.

[16:35] - Jonathan's career path after moving to the US.

[19:15] - How Jonathan helps advisors get the right clients.

[22:44] - How Wealth I/O makes advisors super effective.

[26:52] - Jonathan's thoughts on the future of AI in marketing.

[29:19] - Jonathan's key takeaways.

[32:06] - Jonathan's interests outside of work.


Quotes
[01:53] - "AI is a set of tools that can augment your capabilities for certain tasks. With the current state of AI, we can expect advisors to start functioning like super advisors, like having a bunch of superpowers to augment their capabilities." ~ Jonathan Michael
[08:09] - "When clients jump on their first call, it's important to understand how the advisor can add value to their lives. It removes the advisor from the selling process and catapults them into the advice process." ~ Jonathan Michael
[24:05] - "We want to make the process of converting advisors into sophisticated thought leaders more and more feasible because that's what they should be doing. They should be able to save time writing rich content, post consistently, and then spend most of their time understanding needs, wants, and desires." ~ Jonathan Michael 

Links 

Jonathan Michael on LinkedIn

Jonathan Michael on Twitter

Wealth I/O

Fin-Path: AI-Powered Advice Engagement Software

Chip Roame

Reese Harper

Elements


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The annuity industry is experiencing a surge in popularity, with experts buzzing about its record sales growth and advisor and consumer adoption. But what's driving this growth? It all boils down to the industries' ability to tap into the deepest desires and concerns of consumers and financial professionals. As annuities address the anxieties and aspirations of individuals in today's uncertain world, they are positioned to continue their upward trajectory, providing generations with the financial security and peace of mind they need.
In this episode, Jack talks with Tim Seifert, Senior VP and Head of Retirement Solutions Distribution at Lincoln Financial Group. Tim is a leader in the annuity industry with a strong track record of driving organic growth and building strong teams. He is passionate about helping others succeed and dedicated to developing the financial services industry. Tim is a proven growth leader, an exceptional communicator, and a mentor.
Tim talks with Jack about the evolution of annuities, their current popularity, and the industry's future. He shares insights on how Lincoln Financial Group drives growth and momentum in the annuity business. Tim emphasizes the importance of communication, education, and activating annuity solutions to provide financial protection and security to clients and their families.

Key Takeaways

[01:24] - Tim's career background and role at Lincoln Financial Group.

[02:24] - How Tim got into financial services.

[04:07] - The role PLANCO played in Tim's career.

[05:28] - The growth in the annuity industry.

[06:39] - Lincoln Financial Group's approach to driving growth.

[11:00] - Tim's innovative approach to engaging advisors and teams.

[16:54] - Areas where the annuity industry needs to improve.

[21:11] - The three habits of highly successful professionals.

[23:45] - Tim's interests outside of work.


Links 

Tim Seifert on LinkedIn

Lincoln Financial

Steve Gresham

Alliance for Lifetime Income

NextChapter


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The views expressed in the referenced article are those of the guest speaker only and not necessarily those of any Lincoln Financial Group® affiliate. Neither the information, nor any opinion expressed herein shall be construed as a recommendation to buy, or as an offer to sell, any securities or insurance product, a forecast of future events, a guarantee of future results or investment advice.
Lincoln Financial Group® affiliates, their distributors, and their respective employees, representatives and/or insurance agents do not provide tax, accounting or legal advice. Please consult an independent professional as to any tax, accounting or legal statements made herein.
Lincoln annuities are issued by The Lincoln National Life Insurance Company, Fort Wayne, IN, and distributed by Lincoln Financial Distributors, Inc., a broker-dealer. The Lincoln National Life Insurance Company does not solicit business in the state of New York, nor is it authorized to do so. Contracts sold in New York are issued by Lincoln Life & Annuity Company of New York, Syracuse, NY, and distributed by Lincoln Financial Distributors, Inc., a broker-dealer.
Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates, including broker-dealer/distributor Lincoln Financial Distributors, Inc., Radnor, PA, and insurance company affiliates The Lincoln National Life Insurance.

WealthTech in the Weeds is a new series covering the broad yet critical path to financial services. The goal is to get together with industry experts and get into the details of building an effective, productive, coordinated, and comprehensive advice system. 
In the past, financial services focused on managing individual accounts in silos. This fragmented approach limited advisors' ability to minimize tax burdens and convert assets into sustainable income streams, especially in retirement. However, as the industry evolves, advisors and investors recognize the importance of creating comprehensive advice platforms. The challenge lies in operationalizing these platforms to allow advisors to translate financial plans into actionable strategies.
In this episode, Jack talks with Rose Palazzo. Rose is the Group President of Envestnet | MoneyGuide and has extensive experience building comprehensive advice platforms. She previously led financial planning at Morgan Stanley and played a key role in developing the firm's industry-leading comprehensive advice platform. Rose is known for her expertise in personalized advice and coordinating planning conversations with technology platforms.
Mark Hoffman, CEO, Chairman, and Founder at LifeYield, joins Jack and Rose. Mark has more than 25 years of experience as an executive at public organizations, including State Street, Fiserv, and Colonial Management. He is also the founder of three financial technology firms: LifeYield, Upstream Technologies, and Lattice Trading.
Jack talks with Rose and Mark about the role of financial planning in building comprehensive advice platforms. They discuss how to turn a financial plan into actions that improve results and the challenges that come with it.

Key Takeaways

[03:09] - How Rose develops comprehensive advisory platforms for firms.

[05:54] - Mark's view on financial planning.

[09:34] - The challenge of turning a financial plan into actionable strategies.

[10:41] - Turning a comprehensive financial plan into action.

[11:54] - The importance of considering tax in executing a financial plan.

[13:18] - Two factors to consider when executing a financial plan.

[16:00] - The dynamics between asset accumulation and decumulation.

[21:09] - What it takes to operationalize a comprehensive advice platform.

[25:32] - Prioritization and starting with the end goal in mind.

[30:27] - What Morgan Stanley's Intelligent Withdrawals is about.

[34:08] - Rose’s and Mark's key takeaways.


Quotes
[04:19] - "We no longer see planning as a one-time event that advisors engage in. It really is more of an ongoing planning where you're having that initial conversation, understanding a client's goals, and connecting that to all the conversations folks are having." ~ Rose Palazzo
[23:52] - "It [operationalizing a comprehensive advice platform] is like putting together a puzzle. It doesn't really matter where you start or what pieces you find that go together. It's all going to be complementary to the end goal." ~ Mark Hoffman
[34:17] - "There's this increased focus on personalized advice, which starts with the client's objectives. The coordination between platforms is what's really required to get to that next level of advice." ~ Rose Palazzo
[35:12] - "If you're coordinating all the client's accounts and assets and focus on understanding that client's goals, then you get to do asset location. And asset location is a dominant part of tax alpha." ~ Mark Hoffman

Links 

Rose Palazzo on LinkedIn

Mark Hoffman on LinkedIn

MoneyGuidePro

Morgan Stanley

Paul Samuelson

James Gorman


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LifeYield

Jack Sharry on LinkedIn

Jack Sharry on Twitter


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