WealthTech on Deck LifeYield

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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Jack Sharry on LinkedIn

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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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In wealth management, innovation, disruption, and change are accelerating at an unprecedented rate. For bold and curious advisors, this era presents a great opportunity to redefine the future of wealth management. By embracing new technologies and fostering a spirit of change, wealth management can transform into a destination for the next generation and solidify advisors' role as navigators and trusted guides for people seeking a secure financial future.
In this episode, Jack talks with Jay Link, Managing Director and the Head of Fiduciary Programs and Platforms at Bank of America Merrill Lynch. Jay is a wealth management executive with broad experience and success at top global Fortune 50 organizations. He currently leads a dynamic team responsible for all aspects of a $1.2 trillion multi-channel investment advisory business with an annual revenue of $10+ billion.
Jay shares his background and career journey with Jack, from his humble beginnings to his current role at one of the leading advisory firms in the industry. He discusses the initiatives and innovations his team is working on to support advisors and enhance client experience. Jay also shares his insights on the future of the wealth management industry, the evolving role of advisors, and the exciting opportunities and advancements happening in the industry.

Key Takeaways

[01:21] - Jay's background and career journey.

[05:55] - Innovating financial services through technology and client value.

[10:04] - Embracing change and innovation in wealth management.

[11:56] - Leadership, listening, and team development in the workplace.

[15:58] - The future of the wealth management industry.

[20:07] - Jay's three key takeaways.

[22:02] - Jay's passion outside of work.


Quotes
[10:33] - "Think about the pace of wealth creation, wealth transfer, Peak 65, and longevity challenges, all of which point to a massive opportunity and arguably the biggest bull market for advice. People need us, and we have the unique ability to help them navigate all of this. Wealth management can and will become a destination for young people entering the workforce." ~ Jay Link  
[16:20] - "No matter where they practice, the role of the advisor will continue to evolve well beyond investments. That's going to drive the formation of large, sophisticated teams. To stay competitive, advisors need specialization and capacity to grow to serve more family households and diversity to better address the multi-generational wealth transfer and societies we serve." ~ Jay Link
[20:22] - "There's never been a better time to be in the wealth management industry. And there's so much change, creating compelling opportunities for the bold and the curious." ~ Jay Link

Links 

Jay Link on LinkedIn

Bank of America

Merrill Lynch

Morgan Stanley

J.P. Morgan Asset Management

Premium Access Strategies

Money Management Institute

Horizon Investments

John Drahzal

BNY Mellon

Charles Schwab

Vanguard

Edward Jones


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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.
The wealth management industry is moving away from individual products and strategies and shifting toward a more coordinated approach with comprehensive advice systems that incorporate the entire scope of investors' household accounts. Firms like Franklin Templeton and LifeYield are at the forefront of this evolution, leveraging technology and partnerships to provide better financial outcomes for clients and advisors.
In this episode, Jack talks with Roger Paradiso, Global Head of Advisor Portfolio & Technology Solutions at Franklin Templeton and Executive Chairman at O'Shaughnessy Asset Management, and Mark Hoffman, Co-Founder and CEO of LifeYield. They discuss the shift in the wealth management industry toward a more coordinated approach to improving financial outcomes for clients. Roger highlights Franklin Templeton’s comprehensive advice capabilities, focusing on personalization, customization, and curation of solutions. Mark talks about LifeYield’s role in connecting and optimizing various capabilities to create better portfolios and solutions.

Key Takeaways

[02:34] - Franklin Templeton's asset management strategies and solutions.

[06:00] - The acquisition of O'Shaughnessy Asset Management.

[07:29] - Investing in Eaglebrook Advisors.

[08:49] - Franklin Templeton's innovative investment strategies.

[10:57] - Franklin Templeton's technology integration.

[14:02] - Franklin Templeton's collaborative solutions across financial networks.

[22:06] - Optimizing investment strategies to improve client outcomes.

[27:54] - Franklin Templeton's custom wealth solutions.

[33:49] - How LifeYield helps partners generate tax alpha.

[36:07] - Roger and Mark's key takeaways.


Quotes
[03:18] - "While our core belief in business is always around the manufacturing of great investment solutions and products, if you really want to remain relevant in the industry going forward, you need to do more than that. You always need to have core products, great investment performance, and a broad swath of solutions." ~ Roger Paradiso
[08:49] - "Franklin Templeton has assembled all the right pieces to create customized strategies and advice for financial advisors." ~ Mark Hoffman
[36:07] - "Our business is evolving fast. Technology is becoming more powerful, and clients demand a much higher level of relationship and solution." ~ Roger Paradiso
[36:34] - "We see the retirement market evolving at a hastened pace. This retirement advice, the wheel of wealth, and the client's choices to customize their solution to get a better outcome is the key for any firm in the wealth management space to be aware of." ~ Mark Hoffman

Links 

Roger Paradiso on LinkedIn

Mark Hoffman on LinkedIn

Franklin Templeton

O'Shaughnessy Asset Management

Eaglebrook Advisors

Paul Samuelson

Goals Optimization Engine (GOE®) | Franklin Templeton

Portfolio Analytics Tool | Franklin Templeton

Franklin Templeton Investment Solutions

Franklin Templeton Academy

Morningstar

EY

Vanguard


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LifeYield

Jack Sharry on LinkedIn

Jack Sharry on Twitter


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