The old saw says, “If it’s not broke, don’t fix it.” That wisdom may apply in other areas, but in wealth management we must constantly improve. Gen Z is accumulating wealth and they have different expectations from previous generations. Scalability saves costs and introduces efficiencies, but it requires work and investment. This week, to help us see around the next corner and prepare, Sander Ressler brings insights from Gen Z advisors and Jim Roth advises how to leverage tech to achieve scalability.
Should Wealth Management Firms Build Out Internal Compliance Staff Or Bring On Outsourced Compliance Services?
Sander Ressler of Essential Edge presents a white paper examining whether compliance needs should be outsourced or met internally. He explores technologies, work paradigms, compliance and employment costs, and outsourcing tools.
Ressler’s paper presents a cost-benefit analysis on outsourcing compliance and sets out benefits of outsourcing that go beyond cost savings.
Success And Growth Through Tech-Driven Scalability
Jim Roth of Ascentix Partners makes the case that firms can achieve growth through scalability driven by advances in technology in the areas of personalization, efficiency and automation. He points to the evolution of advisory models to a hybrid between digital and human.
“Ironically, more machines can make the advisor’s role more relevant,” says Roth.
How Large Broker-Dealers Are Partnering With OSJs
We examine the current state of financial relationships between large broker-dealers and their affiliated OSJs/enterprises with Jodie Papike of Cross-Search, Tim Stinson of Cetera Wealth Services and Andy Kalbaugh of The Wealth Consulting Group.
OSJs have various financial arrangements with their affiliated broker-dealers including minority stakes and credit, and many find external sources of financing instead.
Wealth Management Is In Its Digital Era: Gen Z Advisors Talk Social Media
In the latest article by Sander Ressler of Essential Edge, he presents a roundtable on how digital tools are transforming client engagement and how firms can support advisors to leverage digital tools with Gen Z advisors Liv Shin of 49 Financial, Caroline Louis of Prudential Advisors and Kevin Dawrant of VestGen Wealth Partners.
These digital native advisors delve into the details with their preferred tools and relate their experiences using digital methods to serve clients.
Deals & Recruiting Roundup
This week’s roundup covers acquisitions by MAI Capital, Corient, Moneta and Waverly; a strategic investment by The Pritzker Organization; recruiting by Stephens, LPL and Carson; and appointments by TradingBlock, World, Oppenheimer and Allworth.
Recruiting and M&A deals both maintain a strong pace as we near the end of the third quarter.
Wealthtech Roundup
This month’s Wealthtech Roundup features AI news by Summit, Docupace, Origin and Compound Planning, Dynasty’s innovation lab, Envestnet’s five-year plan, Canoe’s alts incubator and more.
The rapid advancement in AI may remind you of something Robert Sofia of Snappy Kraken told us in June: that AI is doubling in capacity every seven months.
MAI Capital Buys $570 Million RIA Summit Financial Advisors
MAI Capital Management acquired RIA Summit Financial Advisors, a San Mateo, California-based advisory firm with about $570 million in AUM. Summit was co-founded in 1998 by Rafael Velez, who served as its Managing Director prior to the transaction.
This transaction brings MAI into Silicon Valley.
Templeton Teams With Institutional Managers For Individual Investments
Franklin Templeton teamed with Actis, Copenhagen Infrastructure Partners and DigitalBridge to provide private infrastructure solutions to individual investors. The firms plan to provide private wealth clients with access to infrastructure opportunities and related sectors.
In another step towards the “democratization” of alternatives and private markets, this move brings private infrastructure opportunities to individuals.
Compound Planning Launches AI-Powered ‘Command Center’ For Its Advisor OS
Compound Planning launched an AI-powered feature called “Activity Monitor” that will serve as the core of its AdvisorHQ operating system for financial advisors. Activity Monitor will monitor client profiles, keep advisor to-do lists and plan client deliverables.
AI continues to develop capacity to serve in real time across a variety of functions that save advisors time and increase efficiency.
Independent Financial Group Promotes Business Development Leaders
Independent Financial Group (IFG) promoted Chad Cristo as Head of Business Development – West Region and Kelsey Hasterlik to Regional Business Development for the Mountain Region. Both will report to the firm’s Co-Founder and CMO, David Fischer.
The firm has been bolstering its executive bench recently, including the hires of Steven Gensler as Senior Vice President of Advisor Growth and Development, and Bruce Levitus as Regional Business Development – East Region.
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Larry Roth
CEO
Wealth Solutions Report
