Plus: Sharper Focus on Employee Wellness Among Wealth Management Firms and Renewed Interest in Bank and Credit-Union Based Financial Advice
Wealth Solutions Report
To My Fellow WSR Community Members:
I enjoy a good museum, including a good automotive museum. In a couple hours you can walk through the history of vehicles from those that look like glorified bicycles and tricycles over a century ago to the latest in motorsports and electrics.
Some cars tell stories of innovative design ideas such as iconic pink Cadillacs and DeLoreans, but the story every car tells is the quick and unrelenting pace of technological change.
Though wealth management doesn’t have museums that display technological evolution in such a visual manner, we can see and feel around us the rapid change technology both provides to and demands of our industry. The only strategy is to advance with it, embracing the promise and not delaying until that promise morphs into a push from behind.
This week, we look at several areas where technology revolutionizes our industry: CRM systems, artificially intelligent marketing and accounting opening processes. Clearly, wealthtech has continued to sizzle in activity throughout the summer season!
We also cover the recent refocus on holistic employee health driven by mental and physical health needs in the wake of the pandemic and yes, technology is an active force in employee health, too.
This Week’s Issue
Here’s what we have for you this week:
- In the Digital Domain, we bring you the enhanced integration of managed account opening processes by Envestnet and Docupace. As part of this story, we speak with Envestnet’s Chief Product Officer, WealthTech and Solutions, Molly Weiss, about the firms’ further integration plans as well as Docupace’s CEO, David Knoch, about overcoming the complexities of automating the account opening process.
- What’s next for CRM? Also in our Digital Domain section, we speak with Redtail Technology’s Vice President of Business Development, David Mehlhorn, about the trends and future evolution of wealth management CRM, as well as the pros and cons of using an industry specific CRM versus one of the large generalist CRM providers.
- Interested in the latest in marketing tech for the wealth management space? In our Wallet Share section, we cover marketing technology firm FMG’s acquisition of AI-driven content provider Vestorly, which will bring enhanced artificial intelligence capabilities to FMG’s expanding suite of digital marketing solutions for wealth management firms and their affiliated financial advisors.
- It’s not all about wealthtech deals, of course. Other M&A transactions continue to happen apace. Case in point, Mariner Wealth Advisors announced the acquisition of Bloomfield Hills, Michigan-based RIA Heber Fuger Wendin Investment Advisors, with $8.6 billion in assets under management. It’s a deal that underscores a renewed interest among wealth management firms in bank and credit union-based investment programs, as other large firms – including LPL Financial, Atria Wealth Solutions, Advisor Group – continue to expand their presence in this part of the industry as well. For more on this, check out the latest in our Capital Connections section.
- Finally, in our Words in Edgewise section, we cover Advisor Group’s announcement of a holistic health and wellness plan for employees featuring partnerships with Aetna and Talkspace. How can employee wellness programs be structured to benefit employees, while also driving talent recruitment and business growth goals? We also hear further analysis and insights on this topic from Genevieve E. Thayer, Co-Founder of Beacon Partners, Cecile V. Munoz, President of U.S. Executive Search & Consulting and Anne Marie Stonich, Chief Wealth Strategist of Coldstream Wealth Management.
strong finances!
Please tell us your stories of how technology changed your practice, what innovations you would like to learn more about and your technology-related questions.
Tell your friends and colleagues about the innovations and ideas we brought you today via email and social media, especially LinkedIn!
Have a great week!
Cheers!
Larry Roth, CEO
Wealth Solutions Report
