This Week on The Fuse Show, Natalie and Brian talk with John Euart, Associate Partner at McKinsey & Company.

Key Takeaways

• [04:11] - John’s professional background and what led him to McKinsey and to specialize in industry trends?
• [07:09] - As an industry, we have talked extensively about the great generational wealth transfer and also succession planning for the advisors planning to retire by 2035. Considering this, why are we seeing a reluctance among advisors to take action with the younger generation and with their own retirement?
• [12:46] - Does John think that advice is becoming more scalable as more private equity comes into the industry?
• [13:22] - Does John think that the generational wealth transfer is more of an industry game changer or just a current buzzword or focal point?
• [15:28] - How does John think AI use will evolve within the RIA space going forward?
• [21:25] - Since AI is such a rapidly evolving feed, where should advisory firms look to invest within the AI space to help them grow down the road?
• [22:27] - Everyone’s take on whether AI is an industry game changer or just a buzzword.
• [24:53] - How important is it for a client to have a “one stop shop” experience?
• [27:23] - Is there a certain section of the financial services industry that is doing a particularly good job of using “coopetition” to their benefit?
• [31:23] - Is hyper personalization something we should be investing in as an industry in John’s opinion?
• [34:05] - Is the industry doing a good job of building and distributing the tools that advisors need for this type of personalization?
• [39:10] - Does John think we are in a bubble with private equity or does he think that its growth is sustainable?
• [42:15] - Is it potentially beneficial for some investors to have less liquid investments?
• [47:22] - Does John think that the benchmarking against other advisors is really critical?
• [50:26] - Is benchmarking a buzzword or a game changer in everyone’s opinion?

Quotes

[08:47] - "Another thing that I’d like to get your thoughts on as well, is that I do think there is a broader consumer preference shift that’s happening. I think it’s being influenced by the younger generations. Younger generations want experience and they are more focused on life goals, as opposed to…growing that nest egg as big as possible, and I think we are starting to see that actually impact their parents and grandparents…I’m seeing more and more older generations start to trickle that wealth transfer and actually…[they often want to] see the impact of that wealth transfer before they pass on." ~ John Euart

[23:15] - "I do believe that you are both right. [Adopting AI] is going to require us, whether you’re an RIA, a consultant, a tech leader or a CEO, to think about work fundamentally differently and to think about our data fundamentally differently…I’ve talked about this many times…I think that Financial Services biggest limitation is actually a data problem. " ~ Natalie Wolfsen

Links

• John Euart on LinkedIn
• McKinsey & Company

Connect with Us

• Meet Natalie Wolfsen
• Meet Brian McLaughlin
• Check Out All of Orion’s Podcasts
• Power Your Growth with Orion

Compliance Code: 2268-OAT-9/4/2024

This Week on The Fuse Show, Natalie and Brian talk with Phil Huber. Phil is a Managing Director and Head of Portfolio Solutions for Cliffwater, based in their Chicago office. Prior to joining Cliffwater, Phil was the Chief Investment Officer for Savant Wealth Management. He earned a bachelor’s degree in finance from the Kelley School of Business at Indiana University. He is a CERTIFIED FINANCIAL PLANNER™ professional, has attained his Chartered Financial Analyst® (CFA®) designation and is a member of the CFA Society of Chicago. Phil has been featured in a number of notable media outlets, including The Wall Street Journal, The New York Times, InvestmentNews, CityWire RIA Magazine and Bloomberg TV. From 2018-2020, he was named one of Investopedia’s Top Financial Advisors. Phil was also named CIO of the Year by RIA Intel in 2023. Phil and his wife Christie live in the northwest suburbs of Chicago where they enjoy reading, yoga and spending time with their daughter Hannah. He is also a lifelong, die-hard professional wrestling fan. Certified Financial Planner Board of Standards Inc. (CFP Board) owns the certification marks CFP® and CERTIFIED FINANCIAL PLANNER™ in the U.S., which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

Key Takeaways

• [03:47] - Learn about Phil’s background, how he got into the industry and how he ended up focusing on alternative investments in particular.
• [06:36] - What inspired Phil to write his book, ‘The Allocator’s Edge?’
• [10:17] - In his book, Phil states “that we are living in a golden age of alternative investments.” Why does he think this and what ushered this change into place? Also, what is driving the move of active investing out of the public markets and into alts?
• [15:09] - Is technology helping make alternative investments more accessible to investors and advisors in Phil’s opinion?
• [23:00] - What should advisors consider when sizing their positions in alternative investments?
• [26:23] - What are some other hurdles that RIAs face to get into alternative investments and how might we be able to help them overcome these?
• [28:38] - What, from Phil’s perspective, are some of the biggest opportunities that advisors are overlooking in alternative investments?
• [33:32] - If Phil could give listeners one key takeaway on alternative investments, what would it be?
• [37:27] - If he could snap his fingers and make it happen, what futuristic or sci-fi tool would Phil wish for the most?

Quotes

[16:31] - "Most people don’t view fund structures as technological breakthroughs…[but] I kind of think of them though, as technology, in a way…I think of the ETF as a technology that has really democratized beta…and to bring down costs and increase liquidity, and so the ETFs have now become this ubiquitous fund vehicle that pretty much everyone uses as their default way of gaining market exposure." ~ Phil Huber

[23:18] - "[When allocating to alts] it has to be enough to matter, but not so much that it’s going to introduce behavioral risk into the portfolio or to the end client, so I think there’s a middle ground range there…of 10-30% of a portfolio across alternatives." ~ Phil Huber

Links

• Phil Huber on LinkedIn
• Cliffwater LLC
• The Allocator’s Edge

Connect with Us

• Meet Natalie Wolfsen
• Meet Brian McLaughlin
• Check Out All of Orion’s Podcasts
• Power Your Growth with Orion

Compliance Code: 2011-OAT-8/8/2024

This Week on The Fuse Show, Natalie and Brian are joined by Christi Deakin and Chris McDonald from Amazon Web Services. Christi Deakin, based in Sarasota, FL, is currently a US Fintech Leader at Amazon Web Services (AWS), bringing experience from previous roles at Nyca Partners, Wells Fargo and BearingPoint (formerly KPMG). Christi Deakin holds a BBA in Accounting @ The University of Texas at Austin. With a robust skill set that includes Portfolio Management and more, Christi Deakin contributes valuable insights to the industry. Chris serves as the Industry Specialist of Capital Markets at AWS. He has over 20 years of experience with roles focused on global product management, compliance and regulation at Bloomberg and executive management roles at Goldman Sachs and JP Morgan Chase.

Key Takeaways

• [02:41] - Where do each of our guests currently live and what do they love about it?
• [05:37] - More on each guest’s professional background and what led them to Fintech and AWS.
• [08:21] - From their perspective, what are the main data challenges that are holding the industry back and keeping us siloed?
• [12:58] - How might larger organizations best adapt to the shift in customer experience that will need to happen for many of our next gen clients?
• [17:47] - What are some of the new innovations at AWS that people should be paying attention to in our industry?
• [20:21] - How do they think that AI might transform the financial services industry over time?
• [23:47] - It seems like we are still very much in the trial and error phase of AI and we will have to wait for the dust to settle before we know what sticks. Do Chris and Christi agree with this?
• [25:14] - Looking ahead, what future trends do they see really impacting the industry or B2B more generally?
• [27:27] - If they could leave our listeners with one key takeaway, what would that be?
• [28:41] - If they could snap their fingers and make it happen, what futuristic technology or tool would each of them wish for most?

Quotes

[11:40] - "With a 3 Trillion Dollar wealth transfer on the horizon…,and this wealth transfer is going to younger generations, I think customer experience expectations are really going to rise. That doesn’t mean everything is going to be digital and self-service, because investors at some point…want advice [on] how to manage their money and how to manage these important decisions in their life." ~ Christi Deakin

[16:45] - "...I think being able to bring [the level of personalization we see on streaming services]...into the Financial Services is huge. Again, it’s a little more complicated, it’s a little more sensitive [when] you’re talking about someone’s money, but the underneath kind of capabilities of putting all that data together and joining the dots…is really key." ~ Chris McDonald

Links

• Christi Deakin on LinkedIn
• Chris McDonald on LinkedIn
• Amazon Web Services

Connect with Us

• Meet Natalie Wolfsen
• Meet Brian McLaughlin
• Check Out All of Orion’s Podcasts
• Power Your Growth with Orion

Compliance Code: 1758-OAT-7/16/2024

Tune in this week to learn more about innovations in regulation from Ian Meiksins of Key Bridge Compliance. In particular, we will discuss what innovations are taking place at the SEC and what our clients can do about it.

Key Takeaways

• [02:00] - What makes Cincinnati unique and what are some fun things to do while visiting?
• [03:11] - Ian’s recommended books or movies for our listeners.
• [04:57] - Ian’s professional background and how he got involved with compliance, specifically.
• [07:42] - What are some of the SEC’s proposals related to ESG investing and what are they trying to achieve with these?
• [12:20] - How does Ian see the SEC’s AI rules shaping up and what might its implications be for the industry?
• [14:23] - How does the SEC try and keep with technology when, while they are proposing, the industry has already moved generations ahead?
• [16:30] - The SEC’s proposed cyber security enhancements and rules and where they might be going with that.
• [20:20] - How are upcoming regulations going to make it more difficult for firms to outsource their compliance due diligence?
• [24:16] - Is there anything we didn’t cover today that Ian would want advisors to know?
• [25:50] - If Ian could snap his fingers to bring forth a new tech innovation to help the industry, what would he choose?

Quotes

[07:57] - "Asset managers globally…are expected to double the size of their assets under management that are allocated to ESG funds. I mean, we are talking from 18 Trillion to over 30 Trillion, and I think that’s a really big piece of why the SEC…[is] so focused on ESG funds and strategies." ~ Ian Meiksins

[13:06] - "Really what [the SEC is] fearing is that AI models will suddenly be produced on just a few, foundational…models, and then obviously we are going to be producing similar outputs. [This] makes it more likely that, if we are using those outputs for investment methodologies and investment decisions, we are going to have concentrated risk…in our financial markets, for our investors and other folks. [At the core of it the SEC] fear that homogenous industry outcome which puts our financial markets at risk." ~ Ian Meiksins

Links

• Ian Meiksins on LinkedIn
• Key Bridge Compliance

Connect with Us

• Meet Natalie Wolfsen
• Meet Brian McLaughlin
• Check Out All of Orion’s Podcasts
• Power Your Growth with Orion

Compliance Code: 1365-OAT-5/30/2024

Tune in this week to learn more about Generative AI from Jason Pereira of Woodgate Financial. In particular, we will discuss how to counsel advisors on how to not let fear takeover when it comes to AI and how they can best implement AI-powered tools in their practice. In addition, we take a look at some of the unique risks that AI presents for the financial services industry, and beyond, as well as how we can best insulate ourselves and our practices from these risks.

Key Takeaways

• [05:22] - What got Jason interested in AI, and drew him in, originally?
• [06:16] - What are some of the reasons behind why some financial advisors are hesitant to adopt AI?
• [10:35] - What guidance would Jason give to advisors to not let their fear take over when it comes to AI?
• [13:28] - What other use cases, from an Assistive angle, does Jason see for AI in the financial services industry? Also, how does Jason see AI transforming the industry going forward?
• [20:23] - What can AI do, if anything, to deepen the level of personalization that advisors can implement for each of their clients?
• [27:27] - What are some of the downsides and risks of AI?
• [29:35] - Is there anything we can do as individuals, professionals or a society to insulate ourselves from the unique risks that AI presents?
• [35:56] - If Jason could give listeners one takeaway for how to start engaging with AI, what would it be?
• [37:08] - Should we be looking to other industries, and how they use AI, for inspiration?
• [40:13] - If Jason could snap his fingers and make it happen, what futuristic technology tool would he most wish for in the financial services industry?

Quote

[06:23] - "The one reason to be hesitant [about AI] is surrounding things like security and privacy. That should always be your first and foremost concern. I’ve seen advisors talk about things like ‘oh, I did this with my client’s information in ChatGPT.’ That’s an open protocol, that other parties have proven they can actually extract other peoples’ personal information from, so you should not be doing that flat out…If you are going to work with any kind of protocol…or any kind of AI, security has got to be a first and foremost, paramount concern especially when we are talking about client data." ~ Jason Pereira

Links

• Jason Pereira on LinkedIn
• Jason Pereira Website
• Woodgate Financial

Connect with Us

• Meet Natalie Wolfsen
• Meet Brian McLaughlin
• Check Out All of Orion’s Podcasts
• Power Your Growth with Orion

Compliance Code: 1066-OAT-4/30/2024

Tune in this week to learn more about innovation in BeFi from Orion's Chief Behavioral Officer, Dr. Daniel Crosby. In particular, learn why clients often overlook the value add of BeFi, how Orion integrates and embeds BeFi into the DNA of their tech, about Orion’s new tool “Pulse Check” and what the future of Behavioral Finance might hold.

Key Takeaways

• [08:08] - Statistics show that the majority of clients want a financial advisor “who gets them” and who has the same core values as them. Learn more about why this is and what we can do as advisors to achieve greater alignment with our clients.
• [13:55] - How has Dr. Crosby and the Behavioral Finance team at Orion helped meet the BeFi needs of their advisors?
• [18:21] - Where does Dr. Crosby get his ideas for Orion’s BeFi Tech integrations? Also, what is Orion’s new tool “Pulse Check” and what makes it such a unique offering?
• [20:02] - How do BeFi tools help us through moments that are geopolitically, or more broadly, tumultuous?
• [22:57] - How might advisors use Pulse Check in conversations with their clients?
• [30:22] - What theorists in the financial services space, or elsewhere, are really informing Dr. Crosby’s thinking at the moment?
• [35:27] - What is Dr. Crosby’s vision for Behavioral Finance in the industry going forward?

Quotes

[08:32] - "No one has done as much as Orion to integrate BeFi…nobody is doing it at the level that we are." ~ Dr. Daniel Crosby

[09:07] - "The integrated piece [of Behavioral Finance] is absolutely critical, and there are really two reasons why. The first reason is that we forget 90% of what we learn in three days if it’s not personalized, applied and integrated…The second piece is [that] people want Behavioral Finance, but they are not always asking for it." ~ Dr. Daniel Crosby

Links

• Meet Dr. Daniel Crosby
• Orion Advisor Academy
• Orion Behavioral Finance
• “Paranoid Android” by Radiohead
• BeFi20

Connect with Us

• Meet Natalie Wolfsen
• Meet Brian McLaughlin
• Check Out All of Orion’s Podcasts
• Power Your Growth with Orion

Compliance Code: 0725-OAT-3/25/2024

Many people increasingly recognize the importance of understanding their taxes thoroughly, not merely as an annual obligation but as a strategic tool for shaping their financial future. While tax planning is not intended to replace the comprehensive financial plan, it is a strategic piece to empower advisors to optimize their financial plan and fiscal outcomes.

In this episode, Ryan Donovan and George Svagera talk with Torie Happe, Head of Partnerships at Holistiplan, a tax planning software solution that helps financial planners drastically reduce the time it takes to provide tax planning for clients. With diverse work experience spanning multiple industries, Torie has extensive experience in the industry and is passionate about helping advisors leverage technology to provide better service to their clients.

Torie talks with George and Ryan about the future of financial planning and the role of tax planning in the overall planning process. Torie explains how Holistiplan empowers advisors and highlights the importance of tax planning in helping clients understand their taxes. She also emphasizes the need for advisors to choose technology strategically and not overwhelm themselves with too many options.

Key Takeaways

• [01:27] - Torie's background and journey in the financial planning industry.
• [08:02] - How Holistiplan empowers advisors in tax planning.
• [11:18] - How Holistiplan's tax planning process simplifies advisors' lives.
• [14:02] - Use cases of how tax planning adds value to advisors.
• [19:01] - How Holistiplan complements other financial technology firms.
• [20:03] - What advisors do wrong when it comes to technology.
• [25:28] - How Holistiplan integrates with other fintech companies.
• [31:07] - Torie's expectations for the coming year.

Quotes

[08:39] - "Tax planning is becoming really important for clients. They want to understand their taxes more, what they are paying for, why they are paying that, and what's going to happen with the following year." ~ Torie Happe

[10:29] - "Tax planning isn't going to replace your overall financial plan. It's just a tactical piece to add to that financial plan." ~ Torie Happe

[20:53] - "Advisors make huge mistakes when they feel they need to boil the ocean. Instead of looking inward and saying, 'This is my book of business, these are the clientele that I want to go after, and this is my goal at the end of the day, how does technology help me get there?' They are just like shiny new objects and pick every one item from each section. They pick too many." ~ Torie Happe

Links

• Torie Happe on LinkedIn
• Torie Happe on Twitter
• Holistiplan
• LPL Financial
• AXA
• Nitrogen Wealth
• Flyer Financial Technologies
• Onramp Invest
• eMoney Advisor
• MoneyGuidePro
• Asset-Map
• Michael Kitces
• Alison Susko

Connect with Us

• Meet Ryan Donovan and George Svagera
• Check Out All of Orion's Podcasts
• Power Your Growth with Orion

3312-OAT-12/15/2023

The wealth management industry is at an exciting crossroads, where technology and innovation are reshaping the way advisors serve their clients. By embracing these changes and leveraging technology to its full potential, advisors can deliver a more personalized and comprehensive wealth management experience, ultimately driving better client outcomes.

In this episode, George and Ryan talk with Noreen Beaman, Head of Leadership Development and Executive Coach at East Bay Merchant Partners as well as Vice Chair Board of Directors at Orion Advisor Solutions. In her role, Noreen leads the coaching and consulting division of East Bay Merchant Partners to develop their leadership and help their executives accelerate the personal growth necessary to unlock new levels of possibility, performance, and success.

A seasoned executive with a proven track record of building and scaling successful organizations from the ground up, Noreen shares her perspective on the history of Orion and its future as the year comes to a close. She also shares her experience in building one of the largest asset management firms in the country and provides insights into the evolving landscape of wealth management and the role of technology in shaping the future of the industry.

Key Takeaways

• [03:28] - Noreen's professional background and role at Orion.
• [07:46] - Why Noreen wants to learn organizational, coaching, and consulting skills.
• [09:04] - The purpose of Noreen's coaching and consulting business.
• [14:50] - The differences between broker-dealers and RIAs.
• [16:49] - Noreen's thoughts on the traditional fee-based advisory model.
• [20:47] - What Noreen thinks makes a great financial advisor.
• [23:36] - The importance of optionality for independent business owners.
• [25:32] - The role of technology in helping advisors financially.
• [31:33] - How technology can improve engagement and productivity.
• [34:45] - Reflection on the benefits of the Orion and Brinker partnership.
• [37:21] - An introduction to Natalie Wolfsen, the new CEO of Orion.

Quotes

[11:06] - "Financial advice in today's world has never been more important. It's always been important, but it's much more complicated, especially as people don't have pension plans anymore." ~ Noreen Beaman

[16:17] - "Having as many ways to serve your clients, the end consumer, being that end investor, is the best way to deliver a holistic wealth management experience." ~ Noreen Beaman

[30:26] - "Technology doesn't disrupt things as unhappy clients do. At the very end of the day, it's about how you are putting together a service offering that fits with what the investor is looking for." ~ Noreen Beaman

Links

• Brinker Capital Investments
• Orion Advisor Solutions
• East Bay Merchant Partners
• Money Management Institute
• Envestnet Institute
• Saint Peters University
• Commonwealth Financial Network
• AssetMark
• Redtail Technology
• Jud Mackrill

Connect with Us

• Meet Ryan Donovan and George Svagera
• Check Out All of Orion's Podcasts
• Power Your Growth with Orion

3083-OAT-11/10/2023