Category Archives: Investing

Lon Dolber: Staying Independent as an Independent Broker/Dealer

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Lon Dolber is the CEO of American Portfolios, an independent broker/dealer and RIA with some 800 affiliated advisors and $40 billion in assets, and the winner of the Wealthmanagement.com award for CEO of the year for small broker/dealers (less than 1,000 affiliated representatives).

Dolber launched American Portfolios on Sept. 10, 2001 – and kept the nascent firm going in the terrible weeks following. He’s grown the business with a laser focus on service for his affiliated advisors, a shared ownership model and a reluctance to pursue outside investors or growth through acquiring or being acquired. “That’s about consolidation for profit and scale and for shareholder value. How does that help the community? Has it helped employees? How does it help advisors and has it helped the investing public?”

In this episode, David Armstrong speaks with Lon about:

  • Launching American Portfolios on Sept. 10, 2001, and making the decision to continue even in the wake of the next day’s terrorist attacks.
  • Growing the business from a handful of employees to now serving 800 advisors across 400 branches, managing some $40 billion in assets.  
  • His thoughts on the outside investors and the frenzy of acquisitions taking place in the industry-and how that might not help the advisor or the advisor’s clients. 
  • His belief in stakeholder capitalism and a shared ownership model for the business.
  • Why he and his firm are supporting a creative residency program in Ferguson, Mo.  
  • Playing bass in a Motown cover band

Resources: Wealth Management.com | Lon Dolber | American Portfolios

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Digital Transitions with Skience’s Marc Butler

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In this episode, David Armstrong is joined by Marc Butler, COO and president of Skience, to talk about the directions the firm has taken since he was appointed in August of 2020—in the midst of the pandemic.  Skience, a digital-first client onboarding platform, was recognized in the 2021 Wealthmanagement.com Industry Awards in the technology providers category for business support systems – workflow automation. 

In this episode, you will learn:

  • How COVID has changed the way advisors engage with clients
  • How Skience provides a seamless way for advisors to transition firms and onboard clients with a seamless link to the custodians and broker/dealers that support them
  • Real world data which shows how the onboarding experience is critical to keeping advisors, and their clients, engaged with the firm
  • Why a significant minority of clients don’t follow advisors to a new firm, and how better transition services can reduce that number
  • The evolution of Skience from a salesforce overlay towards becoming the data-centric component of an advisor’s workflow
  • Why advisors hesitate in the face of digital implementations

Resources: Wealth Management.com | Mark Butler | Skience

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A Look into Riskalyze’s 2021 Award-Winning Platforms and Strategies with Aaron Klein, CEO

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In this episode, David Armstrong speaks with Aaron Klein, co-founder and CEO at Riskalyze about the initiatives, platforms and strategies that helped them take their place as finalists in multiple categories at the 2021 WealthManagement.com Industry Awards. 

In this episode, they discuss:

  • Riskalyze’s business trajectory and current investor HG Capital
  • How Riskalyze’s trading platform widens the service the company offers advisors
  • Riskalyze’s partner store’s aim to deliver real investment research to financial advisors in different model portfolios
  • If advisors will ever adopt direct indexing
  • Aaron’s backstory in tech startups, what his father taught him about business, and how long he plans to lead Riskalyze

Resources: Wealth Management.com | LinkedIn: Aaron Klein | LinkedIn: Riskalyze | Riskalyze.com | Riskalyze.com: The Partner Store | Riskalyze.com: Trading  

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Andrew Schardt on Building A Wider Door to Private Markets

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Alternative asset manager Hamilton Lane’s acquisition of investment platform 361 Capital earlier this year brings the $550 billion, 30-year-old global investment shop a step closer to U.S.-based registered investment advisors and their HNW clients. Hamilton Lane’s goal is to bring easier access to private market investments, and was recognized at the 2021 Wealthmanagement.com Industry Awards in the category of Asset Managers – New Product Development for their Global Private Assets Fund.

In this episode, Andrew Schardt, head of global investment strategy for Hamilton Lane, talks to David Armstrong about Hamilton Lane’s history, how the firm has created innovative investment vehicles to lower the bar for private market investments among individual investors, and the benefits to advisors who access private markets in terms of diversification and more opportunities for returns. 

Hamilton Lane Private Assets Fund 

In this episode, you will learn:

  • What Hamilton Lane brings in terms of data, returns and performance in private market investments that can benefit advisors. 
  • Why the firm acquired 361 Capital
  • How Hamilton Lane’s ‘40 Act Tender Offer fund eases access to private market investments for advisors with more liquidity than traditional options.
  • That private markets are a much broader, deeper pool of investment options than what is available in the public markets, bringing more diversity, long-term outperformance and less volatility to investors. 
  • Where Schardt sees potential opportunity—and perils—in the global markets

Resources: Wealth Management.com | LinkedIn: Andrew Schardt | LinkedIn: Hamilton Lane | HamiltonLane.com 

 

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Envestnet MoneyGuide’s Tony Leal on the Past, Present and Future of Financial Planning

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It’s been two and a half years since Envestnet acquired the financial planning platform MoneyGuide; soon after, the global pandemic hit, sending many advisors scrambling to refine, or in many cases create for the first time, financial plans for their clients. 

The pandemic prompted a dramatic and quantifiable spike in the use of the MoneyGuide platform, according to president Tony Leal. 

In this episode, David Armstrong sits down with Leal to discuss how the platform has grown under Envestnet’s ownership, getting advisors comfortable with the concept of client-directed financial plans, why access to Envestnet’s data engines provides more value for MoneyGuide’s users, and how “embedded finance” will push the concept of financial planning far wider in the future—bringing both competition, and opportunity, to financial advisors.

In this episode, David and Tony talk about:

  • How Money Guide has evolved in the two years since Envestnet acquired the company.
  • How long it took many financial advisors to understand the value of planning.
  • Why advisors were originally fearful of letting clients interact with their financial plans.
  • Why “volatility” should be seen in a larger context than just portfolio returns, to include taxes, shifting life situations and yes, even pandemics.
  • How the pandemic drove 39% higher uptake in new client portal users and almost doubled the number of new client account aggregations on the platform. 
  • Why embedded finance may be one of the next great revolutionary developments in fintech, and one that presents an opportunity for savvy financial advisors. 

Resources: Wealth Management.com | Envestnet | LinkedIn: Envestnet | LinkedIn: Tony Leal | MoneyGuidePro.com 

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Maximizing Your Firm’s Pay Out as an Advisor with Frank LaRosa

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Many advisors spend their entire career building their business, whether it be as an independent or full-service company. Often, as many advisors get to the end of their careers, they are left with some major questions about how to make the most from the business that they have put so much time into. 

In this episode, David Armstrong is joined by Frank LaRosa, founder and CEO of Elite Consulting Partners to discuss his position as a finalist for the 2021 Wealth Management.com Industry Awards, recognized for his work on succession planning, and his thoughts about how advisors should handle the transition and monetization of their company as they approach retirement. 

In this episode, you will learn:

  • Background about Frank LaRosa and his journey in the Wealth Management Industry 
  • The difference between working in an independent space as opposed to a RIA firm 
  • Why having a contingent successor for your business is so important 
  • The mechanics of the dual monetization strategy
  • How to take advantage of long-term deals to increase your payout 
  • The difference between transaction and fee-based businesses and what that means for your clients  

Resources: WealthManagement.com | Elite Consulting Partners.com | LinkedIn: Elite  Consulting Partners  | Advisor Practice Dynamics.com 

 

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How the Pandemic changed with Heather Kelly

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As the 2021 Wealth Management.com Industry Awards wrap up for the year, the focus is on the top finalists and how their companies are changing the wealth management industry, and bringing new ideas and innovations to the forefront. 

In this episode, David Armstrong is joined by Heather Kelly, senior vice president, head of advisory and strategic accounts with Allianz Life Financial Services, recognized for the Conversations That Matter Project, a wide-ranging research project focusing on client and advisor relationships and communications, how the pandemic has changed the dynamic and the language that best resonates with clients during turbulent times. 

In this episode, you will learn:

  • Heather Kelly’s role in the Conversations That Matter Project 
  • Which methods of communication are being favored by both advisor and clients 
  • How recent technology trends have impacted the way advisors work with their clients and wholesalers
  • Why gratitude and empathy have become some of the most important traits clients see in their advisor

Resources: WealthManagement.com | LinkedIn: Heather Kelly | LinkedIn: Allianz | Allianzlife.com 

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The Future of Advisor and Client Engagement Using Black Diamond Wealth Platform — with Guest Steve Leivent

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In this episode, David Armstrong is joined by Steve Leivent, the SVP and co-general manager of SS&C Advent’s Advisory business, to discuss his firm’s recognition in the Wealthmanagement.com Industry Awards for the Technology Category of Rebalancing and Client Portals for their Black Diamond Wealth Platform. 

In this episode, you will learn:

  • Steve Leivent’s background and role with SS&C Advent
  • The advisor problem Black Diamond is trying to solve
  • How continuous advisor feedback helps guide the iterations of Black Diamond
  • The future of technology integration in advisor workflows
  • Which areas of technology have accelerated during the pandemic and what has been eliminated 
  • SS&C’s initiatives towards cybersecurity and protecting their client’s data  

Resources: WealthManagement.com | Black Diamond Wealth Platform | SS&C Advent.com LinkedIn: Steve Leivent

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Growing The RIA Space — with Guest Cheryl Nash

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In this episode, David Armstrong is joined by the CEO of Tegra118, Cheryl Nash, as they discuss the changes that the company went through in 2020 and what creative challenges are planned for the future. 

In this episode you will learn:

  • How Tegra118 has evolved in the year following the Motive Partners investment.
  • How recent acquisitions and partnerships set up Tegra118 for the RIA space.
  • How using risk capabilities will help their clients.
  • Why the diversity and inclusion needle moves slowly in the wealth management industry.

Resources: WealthManagement.com | Tegra118  | Cheryl Nash

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Advisor Digital Transformation with Pershing – With Claire Santaniello

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In this episode, David Armstrong, executive director of content at WealthManagement.com, talks to Pershing’s Claire Santaniello as Claire explains everything you need to know about advisor-oriented digital innovation to achieve progressive and lasting workload results.

In this conversation, you’ll learn:

  • How COVID-19 has enhanced Pershing’s digital approach for advisors 
  • How Pershing utilizes a streamlined and paperless workflow for advisors and their clients 
  • E-signature, e-delivery, and digital authorizations: Pershing’s technique to digitalize deposits, account openings, and maintenance  
  • The role of education in enhancing the advisor-related digital experience  
  • How Pershing’s API integration platform boosts an advisor’s alternative investment and asset network

Resources: WealthManagement.com | Pershing | Claire Santaniello

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