Happy Friday from Dallas, TX.
I’m writing to you as I wrap up my last work-related travel of 2023. Looking forward to the extra focus afforded us all as meetings quiet down over the next two weeks and we have the privilege to reflect on the past year’s worth of progress.
Here’s what I’m covering in this week’s Connected.
The Need for Continuous Innovation in Wealth Management
Building, Managing, and Retaining High-Performance Wealth Management Teams – Carolyn Armitage 🎧
Workshop Recording: Navigating Alternative Investments as a Strategy for Growth
Mammoth Technology’s Alternative Universe Podcast Launch
Let’s get started.
The Need for Continuous Innovation in Wealth Management
When I think about AI, a lot of emotions come to mind.
Excitement, uncertainty, curiosity, fear.
The fear comes in the existential question, will computers continue to assist humanity, or will they get to a point where they eventually compete with it?
This is an admittedly uncomfortable idea that raises a whole lot more questions.
What will this mean for me?
What will this mean for my children?
What will this mean for the future of the wealth management space?
What will this mean for the future of all people?
As we grapple with the role of computers in shaping our future, a central theme arises: the need for continuous innovation.
The uncertainty of the future admittedly sparks discomfort for many of us who have found solace in the status quo, where comfort has equated to stability.
Comfort, while pleasant, is the enemy of progress.
Just like computers and AI continue to evolve, so do our businesses. The wealth management industry is on a path that requires continuous adaptation to continue to stay on top and serve our clients in the best way possible.
The future is not a fixed destination but an ongoing exploration, demanding increased curiosity and a deeper need to learn.
As industries around us undergo transformative shifts, it becomes evident that clinging to familiarity hinders growth. The financial advise industry, much like AI, must embrace change and press into innovation faster than ever before.
Businesses built on static solution sets face extinction. The survival of organizations rest in their ability to peel back the layers continually, reinvent themselves, and adapt to emerging trends.
So, how can wealth management teams, platforms, solution providers, and asset managers practically keep peeling back the layers as they look ahead?
Prioritize Transformation:
Financial advisors must ask themselves how each service provided contributes to moving clients to the next layer in their financial journey. Transformation can be swift, but the focus should always be on anticipating client needs.
Embrace Automation:
The key to achieving this scalability lies in the strategic embrace of automation. It’s not just about adopting technology for the sake of it but understanding that automation is the linchpin for delivering efficient and anticipatory solutions to clients.
Cultivate a Curious Mindset:
To keep peeling back the layers, organizations need a team that is not satisfied with the status quo. Fostering a culture of constant curiosity and innovation is imperative. Team members should be asking questions and working collaboratively to build better solutions.
Future-Proof Technology:
A forward-looking technology strategy is vital. Financial advisory firms need to control their future by ensuring their technology isn’t limited by a particular party. As innovation accelerates, falling behind is not an option, and the technology in use should be at the forefront of industry trends.
The future of our industry is exciting, but it demands a departure from the expectation of constant comfort. We have to evolve how we work, and we have to surround ourselves with people who are willing to take us on that journey.
Here’s to setting aside comfort in 2024.
On the Pod
Building, Managing, and Retaining High-Performance Wealth Management Teams with Carolyn Armitage
Listen to this week’s episode.
Episode 023: In this week’s episode of The Connected Advisor Podcast, Kyle sits down with Carolyn Armitage, CEO of True Circle Organization.
Carolyn shares her journey of starting a nonprofit organization while working in the wealth management industry. She emphasizes the significance of building and leading teams in the wealth management industry, highlighting the changing dynamics of the workforce, particularly with the rise of millennials and Gen Z, who prioritize work-life balance and seek fulfillment beyond financial compensation.
A few key takeaways from this week’s ep:
Hiring the right people is a key element for success in wealth management, as is building and leading teams.
Managing employees is a skill set that may require outside help.
The workforce is changing, and organizations need to adapt to the needs and expectations of millennials and Gen Z employees.
The episode is available now on your favorite podcast platform as well as a video version on YouTube. While there, please don’t forget to Download, Like, and Subscribe.
Workshop Recording: Navigating Alternative Investments as a Strategy for Growth
Thank you to those of you who registered and attended our Innovation Office Hours earlier this week.
Victoria Bills, Chief Investment Strategist at Banrion Capital Management, joined Steve Zuschin, Chief Revenue Officer at Mammoth Technology, and I answer your top questions about alternatives.
Check out the recording here:
If you’re interested in talking to either Victoria or Steve about anything covered in the workshop, contact them via email below:
Victoria Bills: victoria@banrioncapital.com
Steve Zuschin: steve@mammothtechnology.com
Mammoth Technology’s Alternative Universe Podcast Launch
Speaking of Steve Zuschin, Mammoth Technology just launched their Alternative Universe Podcast this past Tuesday.
For the first episode, I hopped on the mic with Steve. We talked through complexities and opportunities in the world of alternative investments as well as how technology can be the bridge firms and clients need.
Just like The Connected Advisor, Mammoth’s Alternative Universe Podcast is available on your favorite podcast platform as well as a video version YouTube:
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Enjoy your weekend! See you next week.
Written by Jud Mackrill
Edited by Amy Simpson & Kim Mackrill
