How Technology Boosts Operational Efficiency with Chrissy Lee
Season 1 · Episode 60
Tuesday, September 10, 2024 • Duration 37:35
Episode 060: Operations is the cornerstone of any organization, and technology is integral to successful business operations. Their integration revolutionizes any organization, and wealth management is no exception. By automating tasks, streamlining workflows, and connecting disparate systems, technology has become an indispensable tool for improving operational efficiency. This increased efficiency empowers advisors to focus more on what they do best: serving their clients, building lasting relationships, and providing personalized financial guidance.
In this episode, Kyle talks with Chrissy Lee, Chief Operating Officer of Merit Financial Advisors. Chrissy is responsible for the day-to-day operations of the firm, working within the executive leadership team and each department within the organization to create efficiencies and streamline the client service experience. She is also responsible for operational strategy, driving strategic growth through mergers and acquisitions, and overseeing onboarding processes, business development, and technology implementations to create a best-in-class experience for the Merit community.
Kyle talks with Chrissy about the importance of operational efficiency in wealth and asset management. She discusses the challenges of integrating technology, the significance of human relationships in wealth management, and how technology should enhance, rather than replace, these relationships.
In this episode:
[02:32] - Chrissy's money moment
[06:15] - What it takes to be a great operator
[10:16] - What Merit Connect is all about
[13:03] - Chrissy's thoughts on building a client portal
[15:16] - What makes Merit Financial the right partner for firms
[19:55] - Areas of operation with technology challenges
[23:26] - The challenge of connecting advisor-facing and operations-facing technology
[25:36] - Chrissy's thoughts about the future of the industry
[30:32] - Chrissy's Milemarker Minute
Key Takeaways
Operations and technology go hand in hand. Operations is at the heart of any organization. And technology is an integral component of successful operations.
Integrating operations with advanced technology can streamline processes and enhance client interactions.
Operational efficiency, meticulous planning, and client-focused strategies are crucial for consolidation and acquisition firms.
Technology automates and streamlines processes, allowing advisors to focus on serving their clients.
Quotes
[15:27] - "One of the things that really takes away from advisors is productivity. Why not allow advisors to stay in their "hot zone," which is to serve their clients and have that relationship with the clients?" ~ Chrissy Lee
[20:11] - "Operations and technology go hand in hand. Operations is at the heart of an organization because you have the relationships. And if we don't have the right technology or if it's limited, it is difficult because it becomes a manual process." ~ Chrissy Lee
[27:46] - "People are not numbers. You can only send so much data and analysis to someone, you know? They want someone who cares, who is listening, and who is hearing their story." ~ Chrissy Lee
Links
Chrissy Lee on LinkedIn
Merit Financial Advisors
Farmers Insurance
Merit Connect
The Map
Connect with our hosts
Milemarker.co
Kyle on LinkedIn
Jud on LinkedIn
Subscribe and stay in touch
Apple Podcasts
Spotify
YouTube
Produce game-changing content with Turncast
Turncast helps your company grow by producing top-quality content and fostering transformative conversations. We specialize in content generation, podcasting, digital strategy, and audience growth for fintech and financial services companies. Learn more at Turncast.com.
Diversifying Wealth Management With Property and Casualty Insurance with Jeff Casey
Season 1 · Episode 59
Tuesday, September 3, 2024 • Duration 40:01
Episode 059: CG Financial's expansion into property and casualty insurance is a unique strategy in the advisory space. While many firms focus on core expertise, CG Financial has ventured into new territories, taking advantage of its internal expertise. Its proactive use of EOS (Entrepreneurial Operating System), diversification into new business lines, and commitment to technological excellence set the bar for strategic growth and leadership.
In this episode, Kyle talks with Jeff Casey, President and Partner at CG Financial Services. As a Founding Partner and Senior Financial Advisor, Jeff has been a pillar of CG Financial's foundation, specializing in comprehensive wealth management, executive compensation, and corporate retirement plans. He works to build and implement business strategies across the four divisions of CG Financial Services: Individual Wealth Management, Business Services, CG Advisor Network, and CG Insurance Agency.
Jeff talks with Kyle about the strategic expansion and innovation driving CG Financial's success. He shares CG Financial's transition to implementing EOS, its integration of property and casualty insurance into its service offering, and the importance of technology in enhancing business capabilities.
In this episode:
[01:45] - Jeff's money moment
[03:40] - Why Jeff chose a career in finance
[06:10] - Implementing EOS
[09:53] - Expansion into property and casualty insurance
[15:21] - How CG Financial's insurance business works
[18:06] - Personal growth and development
[23:15] - Innovative data management and core processes
[30:31] - The qualities of a good leader
[33:03] - Jeff's thoughts about the future of RIAs
[35:34] - Jeff's Milemarker Minute
Key Takeaways
Integrating EOS (Entrepreneurial Operating System) and strategic use of technology has revolutionized CG Financial's operations, offering greater visibility and efficiency.
Diversification into property and casualty insurance demonstrates a unique approach to enhancing client value within a financial advisory firm.
Effective leadership and investing in young talent are critical for sustainable growth and maintaining a competitive edge.
Fostering a culture of continuous improvement and strategic geographic expansion has been vital to CG Financial's sustained growth and success.
Quotes
[23:42] - "Technology is so important in the evolution of our business. We want to make sure that we can stay at the cutting edge of providing the best resources and solutions for our clients in any line of business that we offer." ~ Jeff Casey
[24:41] - "Data warehouse is a way for us to store data securely, organize that data, and have it in a fashion that allows your team to adapt should you decide to change things in the future." ~ Jeff Casey
[31:46] - "Every business owner has to look internally at what makes you good, what makes you great, and try to find those same qualities in the people that you're hiring and the people that you're developing." ~ Jeff Casey
Links
Jeffrey Casey on LinkedIn
CG Financial Services
Ameriprise Financial
Tony Mazzali
Connect with our hosts
Milemarker.co
Kyle on LinkedIn
Jud on LinkedIn
Subscribe and stay in touch
Apple Podcasts
Spotify
YouTube
Produce game-changing content with Turncast
Turncast helps your company grow by producing top-quality content and fostering transformative conversations. We specialize in content generation, podcasting, digital strategy, and audience growth for fintech and financial services companies. Learn more at Turncast.com.
How Compliance Fuels Sustainable Growth with April Turch
Season 1 · Episode 50
Tuesday, July 2, 2024 • Duration 29:12
Episode 050: In this episode of The Connected Advisor, Kyle talks with April Turch, Chief Compliance Officer at Wolf Group Capital Advisors. April has more than 20 years of experience specializing in financial planning and wealth management operations. She manages and oversees firm-level projects that impact the firm's success, team performance, and overall client experience. April is also responsible for helping the firm scale its operations through technology, processes, systems, and people.
April talks with Kyle about compliance and growth in wealth management. They discuss why compliance should not hinder growth, how advisors can leverage compliance to build a world-class company, the role of technology in reshaping the industry, and the regulatory challenges that AI and cryptocurrency present.
In this episode:
[01:58] - April's money moment.
[07:19] - What makes a great operator.
[08:39] - What it takes to build a great team.
[10:14] - Attracting the best people.
[12:38] - Helping clients plan their wealth.
[14:15] - Creating valuable content.
[17:21] - Why compliance should not slow growth.
[19:32] - April's thoughts about the future of the industry.
[20:41] - Compliance challenges with AI.
[25:03] - April's Milemarker Minute.
Quotes
[08:58] - "When your firm has a great culture, a great vision, and a great purpose, you naturally attract the people you want to hire. I think it's a combination of seeking and being found." ~ April Turch
[12:56] - "We really take a lot of time getting to know the client and understanding what makes them tick, their thought processes, their values, their challenges, and what they are trying to achieve. Taking that time allows us to customize the things they need to get on their journey." ~ April Turch
[17:46] - "We want to do what's in the client's best interest, whatever that may be. And so I help people have a compliance mindset when making those decisions on the front end so that it's not so scary on the back end." ~ April Turch
Links
April Turch on LinkedIn
Wolf Group Capital Advisors
Financial Planning Association
Bob Len
Are We There Yet?
Connect with our hosts
Milemarker.co
Kyle on LinkedIn
Jud on LinkedIn
Subscribe and stay in touch
Apple Podcasts
Spotify
YouTube
Google Podcasts
Produce game-changing content with Turncast
Turncast helps your company grow by producing top-quality content and fostering transformative conversations. We specialize in content generation, podcasting, digital strategy, and audience growth for fintech and financial services companies. Learn more at Turncast.com.
Disclosure
The Connected Advisor and Wolf Group Capital Advisors are not affiliated entities.
The views expressed on this program are not necessarily the views of Wolf Group Capital Advisors. All content presented is for educational purposes only and should not be construed as an endorsement of any third party or such third party’s views, or as a solicitation or offer to sell securities or provide investment, tax, legal, or consulting services, and should not be acted upon without obtaining specific advice from a qualified professional. We believe the information presented to be reliable but is not guaranteed as to its accuracy or completeness. All examples are hypothetical and for illustrative purposes only. Any opinions or statements by third parties are their own and may not be representative of the experience of others or indicative of future investment performance or success. No compensation has been exchanged for any testimonials, endorsements, and/or recognition Past performance is not a guarantee of future results. (edited)
The Rise of Independent Advisors with Rob Mooney
Season 1 · Episode 49
Tuesday, June 25, 2024 • Duration 23:46
Episode 049: In this episode of The Connected Advisor, Kyle talks with Rob Mooney, Managing Partner and CEO of Snowden Lane Partners. Rob spent more than 22 years at Merrill Lynch in New York, Singapore, Hong Kong, and London. He was the General Counsel and Chief Business Risk Officer of Global Wealth Management and a member of the GWM Executive and Operating Committees.
Rob talks with Kyle about why Snowden Lane Partners has consistently been on the top RIA lists, the increasing trend of advisors leaving wirehouses to join independent firms, and the evolving landscape of the financial industry. Rob also discusses the role of technology in enhancing advisor capabilities and the future trends and growth potential for independent RIAs.
In this episode:
[02:19] - Rob's money moment.
[07:03] - Different models of the independent marketplace.
[07:58] - Rob's favorite country to work in.
[09:50] - Why Snowden Lane is one of the leading RIA firms.
[11:41] - What Rob finds exciting about independent RIAs.
[14:14] - Rob's thoughts about the future of the industry.
[15:36] - Snowden Lane’s tech stack.
[17:54] - Rob's favorite period of American history.
[19:30] - Rob's Milemarker Minute
Key Takeaways
Financial advisors are increasingly seeking independence from the bureaucracy of large firms, giving rise to independent RIAs.
The industry is shifting toward customized services to better meet client needs and expectations.
Technology plays a crucial role in empowering advisors to provide efficient, personalized, and innovative solutions to clients.
Future trends for RIAs include consolidation, scale, and delivering value through client-centered approaches.
Quotes
"What gets me excited is the enormous growth potential of the independent industry. We're at a point where we're seeing consolidation in the industry. We're seeing scale grow in the industry. But there is still enormous room for boutique firms to flourish like ours." ~ Rob Mooney
"We offer advisors freedom and flexibility. All of our advisors who come to Snowden Lane take equity as part of their transition in our firm, and we find that empowering and a great alignment of interests." ~ Rob Mooney
"The industry is becoming increasingly personalized, customized, and efficient. On the macro front, some very large firms are emerging in the independent marketplace. But there are still opportunities for boutiques to flourish." ~ Rob Mooney
Links
Rob Mooney on LinkedIn
Snowden Lane Partners
Merrill Lynch
Global Wealth Management
James Gorman
Lyle LaMothe
Gregory Franks
Addepar
eMoney Advisor
MoneyGuidePro
Chip War: The Fight for the World's Most Critical Technology
The Coming Wave
Elon Musk
Connect with our hosts
Milemarker.co
Kyle on LinkedIn
Jud on LinkedIn
Subscribe and stay in touch
Apple Podcasts
Spotify
YouTube
Google Podcasts
Produce game-changing content with Turncast
Turncast helps your company grow by producing top-quality content and fostering transformative conversations. We specialize in content generation, podcasting, digital strategy, and audience growth for fintech and financial services companies. Learn more at Turncast.com.
Powering Growth with Technology
Season 1 · Episode 48
Tuesday, June 18, 2024 • Duration 21:19
Episode 48: In this episode of The Connected Advisor, Kyle Van Pelt brings together some of the best clips discussing the role of technology in the growth of RIAs. Featuring James Bogart, Sammy Azzouz, Melissa Bouchillon, and Justin Steitz, this episode dives into how technology aids in organic growth, client onboarding, building a tech stack around client needs, and managing with limited resources. Learn how these industry leaders leverage technology to provide value and stay competitive in the wealth management space.
In this episode:
[01:47] - James Bogart on the impact of digitization on lead flow and client referrals.
[06:11] - Sammy Azzouz on the tech stack that supports advisors and helps them grow.
[09:54] - Melissa Bouchillon on the role of technology in building Sound View Wealth Advisors.
[13:44] - Justin Steitz on why credit unions are lagging behind in digital adoption.
Links
James Bogart on LinkedIn
Bogart Wealth
Sammy Azzouz on LinkedIn
Heritage Financial Services
Melissa Bouchillon on LinkedIn
Sound View Wealth Advisors
Justin Steitz on LinkedIn
Copper Financial
Connect with our hosts
Milemarker.co
Kyle on LinkedIn
Jud on LinkedIn
Subscribe and stay in touch
Apple Podcasts
Spotify
YouTube
Google Podcasts
Produce game-changing content with Turncast
Turncast helps your company grow by producing top-quality content and fostering transformative conversations. We specialize in content generation, podcasting, digital strategy, and audience growth for fintech and financial services companies. Learn more at Turncast.com.
Building a Collaborative Workforce in Financial Services with Gerald Goldberg
Season 1 · Episode 47
Tuesday, June 11, 2024 • Duration 52:48
Episode 047: One key element differentiating high-performing advisory firms is their ability to attract, develop, and retain the best people. This translates into a workforce that is genuinely passionate about their work, leading to increased productivity and overall company success. While technology and investment strategies are critical for modern-day advisors, building a community within the organization is a strategic investment in the future.
In this episode of The Connected Advisor, Kyle talks with Gerald Goldberg, CEO and Co-Founder at GYL Financial Synergies. In his role, Gerald provides the vision required to move the firm forward and the leadership necessary to deliver on GYL's core promise: to be a firm with a conscience that puts the client's interests first. Gerald provides advice on investment policy, asset allocation, investment selection, and wealth advisory services to corporations, municipalities, self-insurance funds, non-profit organizations, and high-net-worth private clients.
Gerald talks with Kyle about the importance of value propositions, community engagement, and technology integration in financial firms. He shares insights into the industry's current and future state and presents strategies for successful organic growth and client service.
In this episode:
[01:34] - Gerald's money moment.
[05:45] - Why attorneys are great wealth advisors.
[08:02] - How GYL serves clients.
[13:14] - The importance of empowering employees toward philanthropy.
[18:47] - How GYL grows organically.
[25:07] - Technology’s role in modern-day advisory firms.
[30:40] - Why technology integration is important at GYL.
[34:06] - How GYL values partnerships.
[38:26] - Gerald's thoughts about the future of the industry.
[40:35] - What aging life care services are about.
[46:50] - Gerald's Milemarker Minute: best place to eat in Connecticut, travel destination, the most fulfilling part of teaching, and possible career outside advisory services.
Key Takeaways
Building a community and engaging in philanthropic activities can enhance team morale, client satisfaction, and overall success.
Investing in technology integration and continually improving operational systems are crucial for scaling businesses, improving efficiency, and delivering exceptional client experiences.
Providing aging life care services and tailored family office solutions for clients with medium-sized wealth can address growing complexities in wealth management and ensure a holistic approach to financial planning.
Collaborating with industry peers, learning from best practices, and adapting to industry trends are key factors for success.
Quotes
[08:47] - "Let our family take care of your family. The foundation for what we do starts with three pillars: our clients, our team members, and our community." ~ Gerald Goldberg
[13:42] - "One of the key elements that will separate those who will be successful versus those who will not be is the ability to attract, develop, and retain the very best people. It's important to create a community where they're excited about getting up in the morning and being there." ~ Gerald Goldberg
[25:22] - "Technology is a critical building block for the modern-day advisor and advisory firm. You're not getting out of the dugout without having some effective tech stack that puts all the pieces together." ~ Gerald Goldberg
Links
Gerald Goldberg on LinkedIn
GYL Financial Synergies
Focus Financial Partners
AmeriCorps
Climate Corps
Michael Lepore
Connect with our hosts
Milemarker.co
Kyle on LinkedIn
Jud on LinkedIn
Subscribe and stay in touch
Apple Podcasts
Spotify
YouTube
Google Podcasts
Produce game-changing content with Turncast
Turncast helps your company grow by producing top-quality content and fostering transformative conversations. We specialize in content generation, podcasting, digital strategy, and audience growth for fintech and financial services companies. Learn more at Turncast.com.
Strategies for Sustainable Growth in Wealth Management with Sammy Azzouz
Season 1 · Episode 46
Tuesday, June 4, 2024 • Duration 35:40
Episode 046: In this episode of The Connected Advisor, Kyle talks with Sammy Azzouz, President and CEO of Heritage Financial Services. In his role, Sammy leads a dynamic organization that provides meticulous wealth management services to clients. He keeps the firm at the cutting edge of the wealth management industry by charting a long-term strategic course and driving the execution of the firm’s strategic initiatives. Sammy is also the author of Beyond the Basics: Maximizing, Allocating, and Protecting Your Capital, and the host of Heritage Financial's podcast, Wealthy Behavior.
Sammy talks with Kyle about his journey from law school to wealth management and the importance of providing comprehensive financial services to clients. He emphasizes the value of breaking down silos and having holistic conversations about money. Sammy also shares insights on the industry's future, the role of technology in supporting advisors and enhancing the client experience, and the need for firms to focus on organic growth.
In this episode:
[02:20] - The money moment that led Sammy into financial services.
[06:18] - Sammy's thoughts about innovations in estate and tax planning.
[10:05] - Sammy's career path at Heritage Financial Services.
[15:21] - How Heritage grows organically.
[18:35] - The tech stack that supports advisors and helps them grow.
[20:01] - The importance of analytics in business growth.
[22:26] - Sammy’s thoughts on the future of wealth management.
[27:24] - The role of AI in the future of financial services.
[30:13] - Sammy's Milemarker Minute: favorite books, potential career outside financial services, and bucket list travel destination.
Key Takeaways
Breaking down silos and providing comprehensive financial services is crucial to staying competitive in the industry.
Employee ownership can contribute to a positive company culture and long-term success.
Dedicated resources should be allocated to train and develop advisors in business development.
The future of the industry may involve increased collaboration among RIAs and custodians to offer integrated solutions to clients.
Technology, such as AI and analytics, can enhance the client experience and improve operational efficiency.
Quotes
[03:20] - "Money is probably the most stressful thing that people deal with. If you can help people with it, you can have a huge impact on their lives." ~ Sammy Azzouz
[09:09] - "As you grow, you have more resources to reinvest into the client experience and your team. You want to start thinking strategically about those additional services to add value to the client and dig deeper into a pathway you've already set for yourself." ~ Sammy Azzouz
[13:58] - "Employee ownership is important. It's important for multiple people to think day in and day out like business owners. Owners are definitely better than renters in a company, and it's something important and helpful in our industry." ~ Sammy Azzouz
Links
Sammy Azzouz on LinkedIn
Heritage Financial Services
Beyond the Basics: Maximizing. Allocating, and Protecting Your Capital
Wealthy Behavior on Spotify
Chuck Bean
Envestnet | Tamarac
Pontera
Betterment
Melissa Mattison
Vanguard
J.P. Morgan
Merrill Lynch
Morgan Stanley
Altruist
Team of Rivals
James: A Novel
Connect with our hosts
Milemarker.co
Kyle on LinkedIn
Jud on LinkedIn
Subscribe and stay in touch
Apple Podcasts
Spotify
YouTube
Google Podcasts
Produce game-changing content with Turncast
Turncast helps your company grow by producing top-quality content and fostering transformative conversations. We specialize in content generation, podcasting, digital strategy, and audience growth for fintech and financial services companies. Learn more at Turncast.com.
A Nine-Step System for Managing Money and Building Wealth with Brian Preston
Season 1 · Episode 45
Tuesday, May 28, 2024 • Duration 42:16
Episode 045: In this episode of The Connected Advisor, Kyle is joined by Brian Preston, Managing Partner at Abound Wealth Management and the Founder and Host of The Money Guy Show. Brian is a third-generation educator, and this desire to create educated clients led to the award-winning YouTube channel and podcast, The Money Guy Show. The Money Guy Show has been broadcasting for more than 15 years, and Brian has appeared on the Fox Business Channel and US News.
Brian talks with Kyle about his book, Millionaire Mission, and discusses the financial order of operations, a nine-step system for managing money and building transformative wealth. An award-winning content creator and managing partner of a fast-growing RIA in Tennessee, Brian also shares the secrets to creating great content and the key to building wealth.
In this episode:
[02:31] - Brian's money moment.
[06:52] - Brian's early years of creating content.
[07:44] - The secret to success in content creation.
[10:07] - Brian's inspiration for writing Millionaire Mission.
[12:50] - A 9-step system for managing money and building wealth.
[16:59] - The three key ingredients to wealth creation.
[18:10] - Brian's favorite step in the financial order of operations.
[19:47] - The difference between creating digital content and writing a book.
[22:00] - Other features the Millionaire Mission has to offer.
[25:09] - What it takes to manage a fast-growing firm.
[28:46] - Challenges and considerations when adopting new technology.
[30:59] - The future of the financial planning industry.
[34:45] - How Brian complies with regulations in his social media content.
[37:36] - Milemarker minute: the period Brian wants to go back to, hardback book vs. Kindle, and favorite football player.
Key Takeaways
The Financial Order of Operations is a nine-step system for managing money and building wealth.
Discipline, money, and time are the three key ingredients to wealth creation. It is important to develop the discipline to save and live below your means, put your money to work through investments, and give it time to grow.
Building a successful advisory firm requires a long-term mindset and a focus on providing value to clients. Invest in technology and systems that will support the growth of the firm and stay up-to-date with industry trends.
Quotes
"Anytime I meet a young person, I try to tell them about the wonderful world of personal finance. I think this is the greatest profession. You can make a great living for your family and employees. You also go to sleep at night, knowing you added a lot of value to everybody." ~ Brian Preston
"There's a new breed of influencers and people out there in the financial space who are telling you that financial advisors are not what you need. So, you better make sure that you can tell people what and how you add value, and then you also need to make sure you're doing the things that you're telling people." ~ Brian Preston
Links
Brian Preston on LinkedIn
Money Guy Show on Twitter
Money Guy Show on Apple Podcast
The Money Guy Show on YouTube
Abound Wealth
Financial Order of Operations Course | Money Guy Show
Progressive Commercial
Millionaire Mission
The Millionaire Next Door by Dr. Thomas Stanley
The Wealthy Barber
Resources | Money Guy
Connect with our hosts
Milemarker.co
Kyle on LinkedIn
Jud on LinkedIn
Subscribe and stay in touch
Apple Podcasts
Spotify
YouTube
Google Podcasts
Produce game-changing content with Turncast
Turncast helps your company grow by producing top-quality content and fostering transformative conversations. We specialize in content generation, podcasting, digital strategy, and audience growth for fintech and financial services companies. Learn more at Turncast.com.
How Collaboration and Alignment Drive Organic Growth with Scott Colangelo
Season 1 · Episode 44
Tuesday, May 21, 2024 • Duration 38:09
Episode 44: In this episode of The Connected Advisor, Kyle talks with Scott Colangelo, Chairman and Managing Partner at Prime Capital Investment Advisors (PCIA) and Managing Director of Qualified Plan Advisors (QPA). Scott has earned several industry awards and recognition for his vision, leadership, and innovation. He leverages his industry knowledge and expertise to create customized solutions that help clients achieve their financial goals and objectives. Scott is also passionate about empowering clients with education, guidance, and tools that enhance their financial well-being and security.
Scott talks with Kyle about the collaborative nature of local wealth management firms in Overland Park, Kansas. He also discusses the four pillars of a healthy firm: wealth, retirement, education, and production. Scott believes that clients will continue valuing education and personalized guidance and that technology will free up advisors' time to build relationships. Scott shares his optimism about the industry's future, emphasizing the importance of technology and AI in enhancing client relationships.
In this episode:
[01:15] - Why Overland Park is a hotbed for wealth management firms.
[03:50] - Collaboration among asset management firms.
[10:17] - How Prime Capital practices intelligent flexibility.
[14:26] - Scott's money moment that led him to a career in wealth management.
[16:40] - The promise Scott made to his advisors.
[21:03] - Revolutionizing company culture through equitable ownership.
[22:11] - Cultivating an ego-free workplace culture.
[24:26] - How Scott came up with the four components of a healthy firm.
[27:56] - The characteristic shared by fast-growing companies.
[32:34] - Scott's take on the future of the industry.
[34:46] - Scott's Milemarker minute: potential career outside finance, bucket list travel destination, favorite books, hobbies, and favorite restaurant outside Greater Kansas City.
Key Takeaways
The industry is trending toward a more holistic approach, with firms offering comprehensive services in wealth management, retirement planning, education, and product production.
Alignment is crucial in a firm, and Prime Capital Advisors has implemented an ownership structure that aligns the interests of advisors and the firm.
Education and wellness programs are essential in helping participants reduce stress and improve their financial well-being.
Technology and AI will enhance the wealth management industry by streamlining processes and allowing advisors to focus more on building personal relationships with clients.
Quotes
"There are simple ways for us to grow this industry, grow our practices, get more efficient, and scale better, and you can still be just as good of a fiduciary." ~ Scott Colangelo
"Alignment is everything. If we're all rowing at 100% and one person is rowing at 99%, we'll eventually go a big circle and end up back where we started." ~ Scott Colangelo
"If you get somebody in a good financial spot, their kids learn from that, their grandkids learn from that. They're happier in retirement. This is real impact stuff, and you're going to make more money because you're going to end up getting all their business whenever they have needs." ~ Scott Colangelo
Links
Scott Colangelo on LinkedIn
Prime Capital Investment Advisors
Morgan Stanley
Goldman Sachs
Merrill Lynch
Mariner Wealth Advisors
Redtail Technology
Nitrogen Wealth
eMoney Advisor
MoneyGuidePro
Glenn Spencer
Connect with our hosts
Milemarker.co
Kyle on LinkedIn
Jud on LinkedIn
Subscribe and stay in touch
Apple Podcasts
Spotify
YouTube
Google Podcasts
Produce game-changing content with Turncast
Turncast helps your company grow by producing top-quality content and fostering transformative conversations. We specialize in content generation, podcasting, digital strategy, and audience growth for fintech and financial services companies. Learn more at Turncast.com.
How Credit Unions Democratize Financial Wellness with Justin Steitz
Season 1 · Episode 43
Tuesday, May 14, 2024 • Duration 36:59
Episode 043: In this episode, Kyle talks with Justin Steitz, President at Copper Financial. In his role, he leads sales, investment operations, compliance, and audits for the CommunityAmerica advisor channel and the broker-dealer business unit. Justin is dedicated to the credit union mantra of "people helping people" and focuses on giving back to the community. With a strong background in compliance, he is well-versed in the highly regulated wealth management industry. Before joining the Copper Financial team, Justin served as Chief Compliance Officer for Ausdal Financial Partners, Inc., where he led the effort to build an in-house broker-dealer.
Justin talks with Kyle about the unique challenges and opportunities of serving the credit union space. He highlights the importance of philanthropy and community in the credit union industry and how Copper Financial is dedicated to helping credit union members invest and improve their financial well-being.
Join us as we discuss:
[01:47] - Copper Financial's philanthropic activities.
[03:35] - Justin's money moment that led him to a career in wealth management.
[06:40] - How Copper Financial creates investment programs for clients of all sizes.
[11:42] - Why credit unions are lagging behind in digital adoption.
[14:14] - What differentiates Copper Financial from other investment firms.
[18:28] - The competitive advantages of credit unions over wealth management firms and private banks.
[24:01] - The challenges and benefits of AI in the industry.
[29:08] - Justin's thoughts on the future of wealth management and credit unions.
[32:32] - Milemarker minute: must-see places in Kansas City, Chiefs' game vs Royals' game, and bucket list travel destination.
Key Takeaways
Copper Financial provides investment programs for credit unions and is driven by the credit union mantra of "people helping people."
The credit union industry is community-focused and emphasizes giving back to members and the community through philanthropy and financial literacy programs.
Technology, including robo-advisors and self-directed trading, is driving the evolution of credit union wealth management.
Credit unions have historically been slower to adopt digital technologies due to resource constraints. There is a growing need to compete with fintech companies and provide members with digital investment options.
Quotes
"It doesn't matter if it's $500 or $5 million, we're going to work with them. And that was my moment of 'I'm all in.' I build products and services for credit union members to invest in. I love to help people. And it went into that mantra of people helping people. Now, I get to do it in the industry I love and help change people's lives." ~ Justin Steitz
"We can be the entry point, not only digitally, and get you to start investing. Then, we have the financial advisors to grow and morph into. It's a one-stop shop." ~ Justin Steitz
"It comes down to survival of the fittest with the amount of technology that's in the space. You've got to be spending money on technology in order to compete, or a customer or a member is going to go somewhere else where they have that." ~ Justin Steitz
Links
Justin Steitz on LinkedIn
Copper Financial
CommunityAmerica Credit Union
Robinhood
Betterment
SoFi
Stash
Vanguard
Connect with our hosts
Milemarker.co
Kyle on LinkedIn
Jud on LinkedIn
Subscribe and stay in touch
Apple Podcasts
Spotify
YouTube
Google Podcasts
Produce game-changing content with Turncast
Turncast helps your company grow by producing top-quality content and fostering transformative conversations. We specialize in content generation, podcasting, digital strategy, and audience growth for fintech and financial services companies. Learn more at Turncast.com.
Related Shows Based on Content Similarities
Discover shows related to Next Mile, based on actual content similarities. Explore podcasts with similar topics, themes, and formats, backed by real data.
