WealthTech on Deck LifeYield

This year's Voice of the American Workplace Survey sheds light on the challenges employers and employees face in today's American workplace. The report underscores the challenges employers face, employee concerns and workplace expectations, and the gap between employer resources and employee needs. By understanding these gaps, the industry can develop innovative solutions that redefine retirement and deliver stronger financial outcomes for US workers.
In this episode, Jack talks with Jacquelyn Reardon, Head of US Marketing at Franklin Templeton, about the results of the survey, some key takeaways, and its implications for the future.

Key Takeaways

[01:17] - What the Voice of the American Workplace Survey is all about.

[02:08] - Key takeaways from this year's survey.

[18:24] - The need for hyper-personalized employee benefits and engagement.

[19:47] - How employers can address issues and concerns in the workplace.

[22:38] - Enhancing employee benefits and personalized financial advice.

[24:17] - Jacquelyn's interests outside of work.


Quotes
[02:42] - "Employees are significantly under stress when it comes to their financial health, and they're specifically looking to their employer to help them address those issues and concerns." ~ Jacque Reardon
[09:34] - "Financial independence is the north star people are working towards versus traditional retirement. People are feeling less and less likely to be able to meet these key milestones because of the financial stress that they're feeling today due to a whole slew of factors." ~ Jacquelyn Reardon
[18:24] - "The number one benefit that people are requesting is personalized benefits. The appetite's there, and the expectation is there from a societal standpoint. So people are absolutely expecting that." ~ Jacquelyn Reardon
[23:00] - "We have to come together and figure out how to plug in the best way and do it in a way that will be super user-friendly both for the employer and the employee. We can build this phenomenal tool and resource, but if it's not something that the employer can easily put into their ecosystem and that the employee can easily use and see the benefit of, then there is no point in building these tools." ~ Jacquelyn Reardon

Links 

Jacquelyn Reardon LinkedIn

Voice of the American Workplace Survey | Franklin Templeton

Franklin Templeton

Morgan Stanley

Edmund Murphy

Empower

Aaron Schumm

Vestwell

Brian McDonald


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The age of the new wealth portfolio ushers in an era of customization and optimization. Investors today demand a diversified array of investment options and a better user experience, requiring a powerful connection between technology and investment solutions. This integration empowers advisors to leverage tax optimization strategies, explore new product structures, and become true partners in achieving their clients' financial goals.
In this episode, Jack talks with Erich Holland, Executive Managing Director and Head of Sales & Experience at SEI. In his role, Erich leads the go-to-market strategy for sales and distribution for SEI's advisor business, executing the independent advisor experience and leading efforts for continued growth and new market expansion. His team helps advisors more intelligently deploy their capital to run more efficient advice businesses and serve their clients more effectively. Since joining SEI in 2010, Erich has gained broad experience across most areas of the firm's advisor business—new business development, relationship management, practice management, and advisor business planning.
Erich talks with Jack about SEI's history as a pioneer in the wealth management industry and its recent tech-enabled initiatives. He highlights SEI's investment management offerings, including its SMA and UMA platforms, tax optimization, and integrated custodial and technology solutions. Erich also emphasizes the need for advisors to specialize, leverage partnerships, and seek progress to succeed in the evolving wealth management industry.

Key Takeaways

[02:04] - Erich's role at SEI.

[05:47] - How SEI began.

[10:41] - The growth of SEI's Investor Manager Services business.

[13:02] - SEI's new CEO.

[16:26] - How SEI participated in the Schwab Impact Conference in Philadelphia.

[19:36] - The future of wealth management technology.

[24:02] - Challenges and opportunities in the growing financial services sector.

[28:36] - Erich's three key takeaways.

[30:14] - Erich's interests outside of work.


Quotes
[20:33] - "If advisors aren't pushing themselves to learn more about new product types, whether that's passive or active ETFs, the individual security structure, the benefits of tax optimization, and then household overlay, then they're leaving the potential for value on the table in a big way for clients." ~ Erich Holland
[21:22] - "Investments are a matter of opinion. Taxes are a matter of fact. SMAs, UMAs, and tax optimization are ways to bring those facts to life." ~ Erich Holland
[28:50] - "The most successful advisors I've ever met have emotional intelligence, a connection to individuals and families, human elements, confidence, courage, and conviction in their planning." ~ Erich Holland

Links 

Erich Holland on LinkedIn

SEI

Morningstar

Ryan Hicke

Charles Schwab

Schwab IMPACT

Jeff Benfield

Michael Kitces


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Jack Sharry on LinkedIn

Jack Sharry on Twitter


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Innovation in wealth management is more than just creating the next big tech tool. It's also about mindset shift and redefining processes to unlock groundbreaking possibilities. Embracing a mindset-centric approach to innovation and technology as an amplifier empowers human advisors to deliver an even more personalized and impactful experience for their clients.
In this episode, Jack talks with Matt Reiner, Managing Partner & Senior Investment Advisor at Capital Investment Advisors. Matt has a passion for innovation and technology in the wealth management industry. He has developed a program called The Circle, a community of growth-oriented wealth management professionals looking for ways to grow, create scalability, and consistently deliver value to clients. At Capital Investment Advisors, Matt provides people with an investment plan that helps them attain their goals before and during retirement. 
Matt talks with Jack about his journey in wealth management and how he discovered his passion for innovation and technology. He discusses the importance of an innovative mindset and how it can drive organizational change. Matt also emphasizes the value of human financial advisors and how technology can empower them to serve more clients more deeply. 

Key Takeaways
[01:33] - Matt's role at Capital Investment Advisors and The Circle.
[06:07] - The kind of innovation Matt focuses on.
[10:21] - How Capital Investment improves its processes through its innovation lab.
[14:38] - Exploring the potential of generative AI.
[17:27] - How Matt develops Capital Investment's business model.
[19:22] - Future trends in wealth management.
[21:58] - Matt's key takeaways.
[23:05] - Matt's interest outside of work.

Quotes
[04:45] - "My mission is to help every family across this country have access to a human financial advisor because I think the human-advisor relationship is pivotal and game-changing." ~ Matt Reiner
[07:21] - "Our goal within innovation is not just to build technology. It's to change mindsets, to change processes, and then also technology." ~ Matt Reiner
[22:04] - "The human advisor is the most valuable person in a financial relationship. Independent of what technology innovations happen, the human advisors never go away." ~ Matt Reiner

Links 

Matt Reiner on LinkedIn

Matt Reiner on Twitter

Capital Investment Advisors

The Circle


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WealthTech on Deck has become a go-to podcast for industry professionals seeking insights and perspectives on the future of financial advice. In the first 150 episodes, the podcast has featured a wide range of guests from across the wealth management industry, and provided listeners with valuable insight into the changing landscape of financial services.
In this episode, Jack Sharry, EVP and Chief Growth Officer at LifeYield, reflects on the first 150 episodes of the show. He highlights five important themes shaping the future of financial services: the rise of the Unified Managed Household (UMH), tax optimization, retirement planning, organic growth, and the impact of AI in wealth technology. Jack also shares lessons learned from the show’s guests, who are a fascinating collection of strategists, disruptors, thinkers, doers, innovators, and business leaders who chart the future of their companies and the industry.

Key Takeaways

[02:26] - The most intriguing themes in financial services today.

[03:59] - Why Unified Managed Household [UMH] is the top trend in financial services.

[07:31] - The shift to multi-account tech smart management.

[08:39] - A list of past and upcoming guests on WealthTech on Deck.

[12:07] - Why tax is one of the most important aspects of portfolio management.

[15:51] - How large wealth management firms reshape retirement planning.

[18:52] - Modernizing annuities.

[21:19] - The role of organic growth in an advisory firm’s success.

[25:10] - The impact of AI on financial services.

[30:34] - Jack's passions outside of work.


Quotes
[04:23] - "The UMH (Unified Managed Household) is what investors want and need. The UMH premise is simple, but the execution is hard." ~ Jack Sharry
[12:45] - "Clients have given up on beating the market. They learned the hard way that buying high and selling low doesn't work. Now, it's about how much they keep. They're concerned about protecting what they've built." ~ Jack Sharry
[14:26] - "Taxes are the single biggest cost investors incur, and they're complicated. The biggest impact of improving outcomes comes from minimizing taxes. The more accounts you manage tax efficiently, the better the client's results—that's tax alpha." ~ Jack Sharry
[29:27] - "AI leads to an easy button for financial advisors. It will optimize their clients' portfolios to address risk, minimize their taxes, and optimize their retirement income, combined with social security. It will coordinate with their workplace retirement accounts and all their other accounts and holdings." ~ Jack Sharry

Links 

Jack Sharry on LinkedIn

Len Reinhart

Jim Seuffert

Rose Palazzo

Charles Smith

Eric Lordi

Roger Paradiso

Matthew Belnap

LPL Financial

Envestnet

Edmund Murphy

Empower

Aaron Schumm

Vestwell

Brian McDonald

Morgan Stanley

Jed Finn

Morgan Stanley Wealth Management

Reed Colley

Summit Wealth

Michael Liersch

Wells Fargo

Laura Varas

Hearts & Wallets

J.P. Morgan

Playbook

David Hegarty

Larry Fink

BlackRock

Vanguard

Franklin Templeton

Voice of the American Workplace Survey

Jasmin Jirele

Allianz Life

Corey Walther

Chad Virgin

Thomas Buckingham

Nassau Financial Group

Tim Seifert

Lincoln Financial

David Lau

DPL Financial Partners

Paula Nelson

Global Atlantic Financial Group

David Blanchett

PGIM DC Solutions

Chip Roame

Tiburon Strategic Advisors

Tiburon CEO Summits

FA Mag

Fidelity Investments

Charles Schwab

Edward Jones

Merrill Lynch

EY

Nalika Nanayakara

Jud Mackrill

Milemarker

Mammoth Technology

Jonathan Michael

Wealth Advisors

Dr. Vinay Nair

TIFIN

Amy Young

Microsoft

Eric Arnold

Hail Education

Mad River Reflection by Jack Sharry


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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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Jack Sharry on LinkedIn

Jack Sharry on Twitter


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