Exploring The End-To-End Digital Transformation Of Wealth Management
Gauthier Vincent (GV), Senior Consulting Partner at Deloitte joins Mike Langford for an exploration of the digital transformation taking place in the wealth management industry. The conversation explores the impact of AI on wealth management, covering topics such as personalizing client experiences, efficiency, data infrastructure, compliance, and the modernization of core wealth platforms. It also delves into the challenges and considerations for wealth management firms in adopting AI and modernizing their tech stack.
Sponsored By:
PodBox - Help your guest sound as good at GV with a PodBox microphone setup.
If you would like to follow up with GV, shoot him an email.
Key Takeaways From This Episode:
The wealth management industry is undergoing an end-to-end digital transformation, impacting front, middle, and back office operations.
The urgency for modernization is driven by the need to deliver compelling digital experiences for clients and advisors, aligning with the evolving nature of advice.
AI has a significant impact on manufacturing better advice, learning faster, and knowledge, making it crucial for the wealth management industry.
The convergence of consumer finances with advice at the center has led to the democratization of holistic advice, requiring a comprehensive modernization of technology platforms.
Client sentiment and risk preference are key areas where AI can be leveraged to enhance the client-advisor relationship and improve service delivery. AI applications in wealth management include personalizing client experiences, improving efficiency, and modernizing core wealth platforms.
Regulators have a cautious view on AI in wealth management, leading to a focus on using AI in the middle and back office rather than the front office.
Wealth management firms need to carefully consider data governance, ownership, and integration when adopting AI and modernizing their tech stack.
Resources Mentioned In This Episode:
Deloitte Report - "The Digital Wealth Manager Of Today"
SkyView 1 - A fiduciary first banking solution for your financial advisory clients.
Nitrogen (formerly Riskalyze) - The comprehensive client engagement platform for wealth management firms
Chapters
00:00 The Digital Transformation in Wealth Management
11:49 The Urgency for Modernization and Impact of AI
27:17 The Impact of AI on Wealth Management
41:24 Challenges and Considerations in Adopting AI for Wealth Management Firms
49:52 Modernizing the Tech Stack in Wealth Management
How To Improve Your Financial Advisory Business One Week At A Time
Brian Margolis from Productivity Giant joins Mike Langford to discuss the importance of a simple weekly strategy for financial advisors to improve their productivity and achieve their goals. Brian emphasizes the need to focus on the right things and prioritize activities that provide the biggest return on investment.
If you would like to follow up with Brian Margolis, shoot him an email.
Key Takeaways From This Episode:
A simple weekly strategy can help financial advisors improve their productivity and achieve their goals.
Focusing on the right things and prioritizing activities that provide the biggest return on investment is crucial for success.
Effective messaging and choosing what to get better at can significantly improve an advisor's effectiveness.
Implementing a simple weekly strategy can lead to significant growth or a more streamlined business for a better work-life balance.
Resources Mentioned In This Episode:
Brian's previous episode of the Modern Financial Advisor Podcast way back in 2019.
Brian's Book - "The Index Card Business Plan For Sales Pros and Entrepreneurs"
Chapters
00:00 Introduction and Background
04:24 The Importance of a Simple Weekly Strategy
09:07 Focusing on the Right Things for Maximum ROI
28:57 Common Pain Points and Symptoms
31:20 Differentiating Between Being Good and Being Successful
39:05 Success Stories and Implementing the Simple Weekly Strategy
45:10 Conclusion
How Financial Advisors Can Use Proxy Voting As A Service To Level Up
Simon Zais, a senior manager at Egan-Jones Proxy Services, joins Mike Langford on the Modern Financial Advisor Podcast to discuss the importance of "proxy voting as a service" for financial advisors. They explore how proxy voting can help advisors deliver a higher level of service to their clients and align their portfolios with their clients' values and goals.
If you would like to follow up with Simon Zais, shoot him an email.
Key Takeaways From This Episode:
Proxy voting is an opportunity for financial advisors to deliver a higher level of service to their clients and align their portfolios with their clients' values and goals.
Proxy advisory firms provide guidance on voting and execute the voting process, making it easier for advisors to engage in proxy voting.
Proxy voting can have a significant impact on sustainable investing and shareholder activism, allowing investors to use their ownership stake to drive change in companies.
Having deeper conversations with clients about their worldview and investment stewardship can set advisors apart and add value to their practice.
The proportion of shares held by retail investors is growing, giving retail votes more weight in influencing company behavior. Proxy voting is no longer just for institutional shareholders; retail investors now have a voice in corporate governance.
Financial advisors should incorporate proxy voting into their conversations with clients to align investments with clients' values and goals.
Having meaningful conversations with clients about their values and goals can lead to stronger relationships and client satisfaction.
Advisors should take action based on these conversations and proactively engage with clients on proxy voting issues.
Resources Mentioned In This Episode:
Engine No. 1 vs Exxon - Simon mentioned this case as an example of proxy voting driving change at a company.
Simon's article titled "Hearts, Minds, and Votes: Where Smarter Wealth Managers Win"
Chapters
00:00 Introduction: Proxy Voting as a Service
06:03 Aligning Portfolios with Values and Goals
10:22 Proxy Voting and Making an Impact
23:04 The Growing Influence of Retail Votes
23:34 The Growing Influence of Retail Investors in Proxy Voting
26:01 Aligning Proxy Voting with Client Values and Goals
28:18 The Importance of Meaningful Conversations with Clients
31:38 Taking Action on Proxy Voting to Deepen Client Relationships
How Financial Advisors Can Boost Business Development
Dr. Jean Oursler "The Results Queen" explains how our caveman brains often get in the way of our ability to develop our businesses to the fullest. However, simple changes to a financial advisor's approach to his or her business development process can lead to dramatic improvements in a short time.
Dr. Jean also shares some personal stories about her journey. She credits investing in herself early, even before her business was achieving real traction, as key lever for her success.
If you would like to follow up with Dr. Jean Oursler, shoot here an email.
Resources Mentioned In This Episode:
Caveman Brain - Dr. Jean's company specializes in helping financial advisors get better results in their business development.
6 Killer Questions - As Dr. Jean mentioned, this free resource outlines the key questions to ask a "potential client" through your funnel.
EOS (The Entrepreneurial Operating System) - A framework for clarifying, simplifying, and achieving your vision.
"Change Your Question, Change Your Life" by Marilee Adams - Dr. Jean recommended this book as a fantastic tool to learn how to ask better questions.
Why Every Financial Advisor Needs An Executive Assistant
It may sound hyperbolic but the reality is the advisor who tries to do everything his or herself... is bound to let some important things fall off the table. And as Gina Cotner, CEO of Athena Executive Services explains... it's not just simple "To Do" list items that an advisor might miss.
It could be important client updates or opportunities that lead to business growth.
If you would like to follow up with Gina Cotner, shoot here an email.