Technology Continues to Improve Our Industry, Including Reaching the Underserved and Tackling Regtech Challenges, Plus High Net Worth M&A and LPL’s Strong Financials
To My Fellow WSR Community Members:
When asked what the stock market would do, J.P. Morgan famously responded, “It will fluctuate.” And fluctuate it has – all markets have fluctuated this year and all too often in a downward direction the past few months.
In a world in chaos, what can you do? The answer to that question is to rethink the question – what can you do, as opposed to what you have no control over. We can’t control Russia’s army, the Fed, Congress or offshore diesel refineries, but there’s still plenty under our control, especially in the technology realm.
All eyes are on wealthtech as game-changing, solid technological innovation spreads across the wealth management industry, increasing our work productivity and value to clients in a way that will be with us long after this current market storm is only a memory.
Technology will decrease costs, raise efficiencies, increase the quality of client communications, help with rising compliance requirements, proliferate educational resources and even surprise the most optimistic of us at times – such as when deaf and blind clients receive improved communication and firms better serve non-English speaking clients.
Technology drives TAMPs, forging new platforms from interconnected webs in ways that revolutionize the way we do business, and will be at the forefront when our industry tackles the upcoming wave of digital asset compliance requirements.
We cover all these issues and more this week, including innovation in the high net worth space targeting entrepreneurs and business owners and LPL’s continued financial strength.
This Week’s Issue
Here’s what we have for you this week:
- Our Capital Connections section covers AssetMark Financial Holdings’ acquisition of TAMP and wealthtech services provider Adhesion Wealth from Vestmark, in a transaction advised by ECHELON Partners that demonstrates the crucial and increasing role TAMPs will play in the industry as technology increases firms’ ability to manage costs and catalyze growth.
- In the Digital Domain section, our Expert Columnist on Compliance and Regulatory Affairs, Sander Ressler, examines the newest hire making waves in the industry – Smarsh’s appointment of Kim Crawford Goodman as the firm’s CEO. Ressler says she’s the right fit for the job, but can she lead Smarsh through the challenges ahead?
- Docupace’s Chief Marketing Officer, Ryan George, explains how technological innovations aid financial advisors in reaching underserved clients in the Digital Domain section. George explains how technology can bridge the gap between advisors and younger generations, let advisors communicate effectively with deaf and blind clients and provide quality service for non-English speakers.
- Also in our Capital Connections section, Alera Group Wealth Services will acquire Wharton Business Group, with $3.5 billion in assets and a high net worth clientele primarily focused on institutions and business owners, advised by DeVoe & Company. Has the time arrived for hyper-segmentation in the wealth management industry?
- In our Newsmakers Roundup section, we look at LPL Financial’s May activity report, reflecting the best month for new assets since June 2021 after the firm onboarded credit union wealth management services provider CUNA Brokerage Services, Inc., as well as stability in its total assets over the past year despite volatile markets, showing only a modest decrease since December.
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Let us know your thoughts and ideas, suggest new topics and send us your most difficult questions!
In recognition of Pride Month, we would love to hear your stories and shout-outs for outstanding people in our industry who serve and empower LGBTQIA+ clients and employees.
Have a great week!
Larry Roth, CEO
Wealth Solutions Report