Practice Management

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.

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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:

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:

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:

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:

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.