Intheever-evolvingworldofwealthmanagement,certain individualshaveemergedasinfluentialleaderswhoare shapingtheindustryanddrivingsignificantchange.These individualspossesstheknowledge,expertise,andvisionto navigatethecomplexitiesofwealthmanagementwhilealso adaptingtoemergingtrendsandtechnologies.
Thesepersonalitiesinthewealthmanagementpossessa deepunderstandingoffinancialmarkets,investment strategies,andwealthpreservation.Theystayuptodate withthelatestindustrytrendsandregulations,enabling themtoprovidesoundfinancialadviceandmakeinformed decisionsfortheirclients.
Theyhavetheabilitytothinkstrategicallyanddevelop long-termplanstohelpclientsachievetheirfinancialgoals. Theyanalyzemarketconditions,assessrisks,andcreate investmentstrategiesthatalignwithclients'objectives, consideringfactorssuchasassetallocation,diversification, andrisktolerance.
Successfulwealthmanagementleadersprioritizetheir clients'needsandinterests.Theytakethetimeto understandclients'financialgoals,risktolerance,and personalcircumstancestoprovidetailoredadviceand solutions.Aclient-centricapproachinvolvesactively listening,beingresponsivetoclientinquiries,andproviding ongoingsupportandguidance.Thewealthmanagement industryisdynamicandconstantlyevolving.
Leadersinthisfieldareadaptableandagile,ableto navigatechangingmarketconditions,technological advancements,andregulatorychanges.Theyembrace innovationandareopentoadoptingnewstrategies, technologies,andapproachestodelivervaluetotheir clients.
Embracingthejourneyofthesepersonalitieswhoare drivingsignificanttransformationsintheniche,Insights SuccessshedsthespotlightonTheMostInfluential LeadersinWealthManagement,2023
Flipthroughthepagesandindulgeintheattributesthatare enablingbettermentsinthedynamicindustry.
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Insider View 22
Vital Aspects of Financial Management in Emerging Organizations
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How AI is Enhancing Wealth Management Functions?
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June, 2023
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AndrewJames Watkins WealthManagement Advisor
Brief CompanyName
TriangleWealthAdvisors northwesternmutual.com
Socius24Limited socius24.com
AsaWealthManagementAdvisorandthefounderofTriangle WealthAdvisors,Andrewactsasastrategicpartnertohelp ensurethefinancialsecurityofourclients.
Craighasthirtyyears'experienceindeliveringcomplex solutionstomanyoftheWorld'smajorcompanies.
JoePleshek PresidentandCEO
PhillipStringfield CEO
Joehassignificantexperienceinstrategicplanning,budgeting, stafftraininganddevelopment,newbusinessdevelopment, marketingcommunicationsandcontractdevelopment. TersoSolutions tersosolutions.com
Philliphasprogressiveexperienceinhealthcareoperationsand managementtoincludeprocessimprovement,implementation anddataanalysis. Landstar landstar.com
SheilaMikhailwasrecognizedbyBB&Tforherexemplary serviceonthebank’sAdvisoryBoard.
CraigJones ManagingPartner &ExecutiveDirector JurataThinFilm juratatf.com SheilaAnnMikhail Co-founder&CEO
Our team takes pride in providing a great client experience, and through this, our clients have become our biggest advocates.
AndrewWatkinsisdedicatedtobeingatthe forefrontofhisfield.Heunderstandsthatfinancial planningrequirescontinuouslearningandstaying updatedwiththelatesttrends,regulations,andmarket developments.
AndrewhonedhisskillsatEmoryUniversity'sGoizueta BusinessSchool,wherehedelvedintovariousfinance domains,equippinghimselfwithacomprehensive understandingofthesubject.Andrew'spassionliesin investmentmanagementanditspotentialforwealth accumulation.Thisdrovehimtograduatein2007andjoin aMerrillLynchteamthatservedhighnet-worthclients.It wasduringthistimethatAndrewfacedhisfirstsignificant challenge—thefinancialcrisis.Withhisproactiveapproach andexceptionalcommunicationskills,hewasableto reassurehisclientsofthelong-termstabilityoftheirlongtermfinancialplans,evenamidstmarketvolatility.In2009, AndrewdecidedtorelocatetoNorthCarolinaandfounded TriangleWealthAdvisors.
Overthecourseof15years,Andrewandhisteamhave overcomenumerousobstacles,alwaysprioritizingthe interestsoftheirclients.Throughstrongpartnershipsanda deepcommitmenttotheirclients'financialwell-being, Andrewandhisteamconsistentlyexceedexpectations, helpingclientstheirandexceedfinancialgoalsbeyondwhat theypreviouslythoughtpossible.
Herearethehighlightsoftheinterviewtheinterviewin whichAndrewsharedmoreabouthisbackground, expertise,andphilosophies,allofwhichhaveledtothe rapidgrowthofTriangleWealthAdvisors:
Howdoyouensurethatyourcompany'sofferingsare diversifiedenoughtomeettheneedsofawiderangeof clients?Whatstrategieshaveyouusedtoattractand retainclients?
Wehavemadethestrategicdecisiontopartnerwith NorthwesternMutualWealthManagementCompany.Asa top5independentbroker-dealerintheUS,Northwestern Mutualoffersourteamindustry-leadingequityresearchand financialplanningsoftware.Ourofferingsrangefrombestin-classinsuranceproductswithmultipleinsurancecarriers tostocks,bonds,mutualfunds,andprivateequity.Our clients’goalsarethecorefocusofourteam’sapproach,and webuildcustomizedstrategicplansusingtheseofferings. Ourbiggestdifferentiatorisourabilitytolistentoour clientsandhelpthemdevelopaplanofactiontowardstheir personalgoals.We’vefoundourteam’sattentiontodetail
hasledtoorganicgrowththroughclientreferralsaswellas throughafewselectCPAsandattorneys.Ourteamtakes prideinprovidingagreatclientexperience,andthrough this,ourclientshavebecomeourbiggestadvocates.
Whatqualitiesdoyoubelieveareessentialforeffective leadershipinthewealthmanagementindustry?What leadershipstyledoyoupersonallypreferandwhy?
Ithinkagreatleaderinthewealthmanagementindustryis verysimilartoagreatteamleaderorcoachinathletics.A leaderinwealthmanagementunderstandstheendgoalsof theclientsanddevelopsaneffectivegameplantoachieve thedesiredtarget.Agreatleadertakestheextrastepto educateclientsonhoweachpiecefitsintotheirtailored planandlistenstotheirconcernsandquestions.Ourteam wantsourclientstounderstandtheirstrategysowellthat theycanarticulateittoafriend/colleagueatadinnerparty Mypersonalleadershipstyleisbestcategorizedasleading byexample.I’veneveraskedateammemberorclienttodo somethingthatI’venotpersonallydone.Ithinkthisisvery importantinthewealthmanagementindustry,asit's importantto“putyourmoneywhereyourmouthis.”
A great leader takes the extra step to educate clients on how each piece fits into their tailored plan and listens to their concerns and questions.
HowhastheCOVID-19pandemicaffectedthewealth managementindustry?Whatstepshasyourcompany takentoadapttothechanginglandscapeandcontinue providingvaluetoclients?
TheimpactofCOVID-19hasbeenenormousinthewealth managementindustry,andtherehavebeenlotsofopportunitiesandchallengesasaresult.Oneimprovementin efficiencyhasbeeninvirtualclientcommunication.Nearly allourclientsarefamiliarwithZoomande-signature platforms.Thishassignificantlyincreasedthespeedat whichclientstrategiescanbeimplementedandeliminated mostgeographicbarriers.Clientshavealsoappreciatedthe reductionintheircommutetimebetweenmeetingsas reviewmeetingscangenerallybecoordinatedintheir homesorofficesviavideoconferencing.It'salsoallowed formorefrequentcheck-instoensurethatimportant planningopportunitiesaren’tmissed.Someexamples wouldincludethefollowing:screensharingoverZoomto reviewbeneficiarydesignationsonactiveretirement accountsataclient’semployer;discussingacashstrategy foranunexpectedbonus,retirementallocationadjustments whenemployerschangeorchangeinvestmentplatforms.
Thebiggestchallengehasbeentheabruptnatureofthe virtualtransition.Ourteamneededtoquicklyadaptsoeach membercouldworkremotely,whichincludedadjustingour newclientonboardingsystemandhowwecommunicateas ateam.Overall,we’vefoundthatthepandemichasallowed ourteamtoenhancetheclientexperienceandworkwith successfulpeoplealloverthecountry We’vehadourfirm’s threebestgrowthyearsinarowfollowingthepandemic, andwecreditourenhancedsystemsandclientadvocacy.
Whoarethepeoplethathaveinfluencedandimpacted youthemostthroughoutyourcareer?Arethereany booksorlifeexperiencesthathaveshapedyourperspectiveonwealthmanagement?
Myparentshavehadasignificantimpactonmycareer,as they’vebeengreatexamplesofhardworkandwere supportiveduringmydifficultdecisiontomovestatesand startmyownfirm.
Myfirstbusinesscoach,JasonSelk,alsogreatlyinfluenced mycareer,ashetaughtmetofocusonprocessgoalsinstead oftheendresult.Hecoachedmetoexecuteconsistentlyon
Also, there are many aspects of our industry that are not strictly financial. Being patient and a good listener are vital to building good client relationships.
thethingsIcouldcontrolandtrustthattheendresults wouldbeachieved.Thismindsethasbeenveryhelpfulwith coachingclients.
I’veformedstudygroupswithotherCFPsacrossthe countryovertheyearsthathavehelpedourteamstayonthe cuttingedgeofplanningstrategies.
Myteamhaschangedovertheyears,butKelseyRobertson hasbeentherockoftheteam.She’sworkedwithmefor nearly10yearsanddoessomuchforourclientsandteam. She’strulyamazing!
Howdoyoucreateandmaintainapositiveworkculture withinyourorganization?Whatstepsdoyoutaketo ensurethatyouremployeesareengaged,motivated,and feelvalued?
AtTriangleWealthAdvisorseveryteammemberhas contributedtoourteam’svision,whichisreviewedtogether onasemi-annualbasis,andeachteammemberhasa professionaldevelopmentplan.Eachteammemberis integraltotheteam’ssuccessandtakesownershipoftheir uniqueroles.Wealsohaveamonthlyteamgettogether whereoneteammemberpresentsonatopicthatotherteam memberswouldbenefitfromknowingmoreabout.Thishas includedareasofoperationalefficiency,socialsecurity claimingstrategies,theSECURE2.0update,andproposed taxlegislation.Oneofourcoreteamvaluesisgrowth,and it’sveryimportantthateveryteammemberfeelsvaluedand hasagrowthmentality.Ourorganizationmaintainsafast paceaswecontinuetogrowourimpactexponentially.
Whatdoyoubelievewillbethebiggestchangeinthe wealthmanagementindustryoverthenextfiveyears? Howdoyouplantoprepareyourcompanyforthese changes?
That’satoughquestion.Ithinkthewealthmanagement industryhaschangedsomuchsinceIstarted15yearsago andisevolvingeveryday.Theindustryhasbecomemore regulated,andthefiduciaryresponsibilitiesofadvisorsare likelytobeenhanced.Asafiduciaryadvisor,Imustensure myrecommendationsareintheclient’sbestinterestsand thatstrategiesareupdatedtoreflectthechangingneedsof ourclients.Thefuturewilllikelyincludefurtheruseof artificialintelligenceandcontinuedremotecapabilities. Clientswillhaveaccesstoadvisorteamsalloverthe country,soit’sveryimportantforustocontinuetobe leadersinthefield.Wemustbenimbleinourapproachand continuetocoachclientswellwhileofferingbest-in-class solutions.
Whatadvicewouldyougivetoleadersandentrepreneurswhoareinterestedinenteringthewealthmanagementindustry?Whatskillsandqualitiesdoyoubelieve arenecessaryforsuccessinthisfield?
Thewealthmanagementindustryisagreatindustrytobe in.Thefieldisconstantlychanging,andthereisalways moretolearn.Nodayiseverthesame.Thatsaid,youmust behungrytolearn.Also,therearemanyaspectsofour industrythatarenotstrictlyfinancial.Beingpatientanda goodlistenerarevitaltobuildinggoodclientrelationships.
Howdoyouplantostaycompetitiveandmaintainyour company'spositionasoneofthemostinfluentialplayers inthewealthmanagementindustry?Wheredoyousee yourcompanyinthenextfiveyears?
Ourteamcontinuestogrowitscapacitythroughtalent acquisitionandenhanceddevelopmentplans.Eachteam membereitherhastheirCFP(CertifiedFinancialPlanner) designationorisactivelyworkingtowardsit.Weregularly attendtrainingstoenhanceourproductknowledgeand learnaboutupcomingopportunities.Overthenextfive years,ourteamlookstocontinuetopartnerwithsuccessful familiesalloverthecountryanddoubleourassetsunder management.Oursuccesswillbemeasurednotonlybyour financialgrowthbutalsobytheimpactandreferralswe receivefromourclients.
We must be nimble in our approach and continue to coach clients well while offering best-in-class solutions.
Monetarymanagementplaysacrucialroleinthe
successandsustainabilityofemerging organizations.Asthesecompaniesnavigate throughtheirinitialstagesofgrowth,effectivefiscal managementbecomesevenmorecriticaltoensuresound decision-making,optimizeresourceallocation,andachieve long-termobjectives.Inthisarticle,wewillexplorethe vitalaspectsoffiscalmanagementthatemerging organizationsshouldprioritizetothriveinadynamic businessenvironment.
Awell-definedbudgetingandplanningprocessis fundamentalforemergingorganizations.Itinvolvessetting financialgoals,estimatingrevenuesandexpenses,and allocatingresourcesaccordingly Acomprehensive budgetingapproachallowsorganizationstomakeinformed decisions,prioritizeinitiatives,andmonitorperformance againsttargets.Italsoenableseffectivecashflow managementandensuresoptimalutilizationofavailable resources.
Managingcashflowisvitalforthesurvivalandgrowthof emergingorganizations.Monitoringandprojectingcash inflowsandoutflowshelpsorganizationsidentifypotential liquiditygapsandtakeproactivemeasurestoaddressthem. Bymaintaininghealthycashreserves,organizationscan meetshort-termobligations,investingrowthopportunities, andweatherunexpectedfinancialchallenges.Effectivecash flowmanagementalsoinvolvesoptimizingreceivablesand payables,implementingefficientbillingandcollection processes,andexploringworkingcapitaloptimization strategies.
Emergingorganizationsmustactivelymanagefinancial riskstosafeguardtheiroperationsandfinancialstability. Thisinvolvesidentifyingandassessingvariousriskssuch asmarketvolatility,creditrisks,interestratefluctuations, andoperationaluncertainties.Organizationscanmitigate theserisksthroughappropriateriskmanagementstrategies suchasdiversification,hedging,insurancecoverage,and contingencyplanning.Byproactivelyaddressingpotential risks,organizationscanprotecttheirfinancialhealthand enhancetheirabilitytorespondtounforeseen circumstances.
Determiningtheoptimalcapitalstructureandsecuring appropriatefinancingoptionsarecriticalforemerging organizations.Analyzingthecapitalrequirementsand exploringfundingalternativeshelporganizationsstrikea balancebetweenequityanddebtfinancing.Effective financialmanagemententailsevaluatingthecostofcapital, negotiatingfavourabletermswithlendersorinvestors,and maintainingasustainabledebt-to-equityratio.Italso involvesconsideringalternativefundingsourcessuchas venturecapital,angelinvestors,crowdfunding,or governmentgrants.
Accurateandtimelyfinancialreportingiscrucialfor emergingorganizationstogaincredibility,attractinvestors, andcomplywithregulatoryrequirements.Implementing robustaccountingsystemsandpracticesensuresthat financialstatementsarepreparedinaccordancewith relevantaccountingstandards.Organizationsshouldalso establishinternalcontrolstopreventfraudand
misappropriationoffunds.Compliancewithtax regulations,reportingobligations,andindustry-specific regulationsisessentialtoavoidlegalpenaltiesandmaintain theorganization'sreputation.
Monitoringandanalyzingfinancialperformanceisessential toassesstheeffectivenessofstrategiesandinitiatives undertakenbyemergingorganizations.Keyperformance indicators(KPIs)suchasprofitabilityratios,returnon investment,andliquidityratioshelpmeasurefinancial performanceagainstpredeterminedgoals.Regularfinancial analysisprovidesvaluableinsightsintoareasof improvement,highlightsinefficiencies,andsupports decision-makingprocesses.Byidentifyingtrendsand patterns,organizationscanadjusttheirstrategiesand optimizefinancialoutcomes.
Effectivefiscalmanagementisindispensableforthesuccess ofemergingorganizations.Byprioritizingaspectssuchas budgetingandplanning,cashflowmanagement,financial riskmanagement,capitalstructureandfinancing,financial reportingandcompliance,andperformancemeasurement andanalysis,theseorganizationscannavigatethroughthe complexitiesoftheirearlygrowthstagesandlayasolid foundationforlong-termsuccess.
Withcarefulattentiontothesevitalaspects,emerging organizationscanoptimizeresourceallocation,make informeddecisions,andachievesustainablefinancial growth.
ArtificialIntelligence(AI)hasemergedasa transformativeforceinvariousindustries,and wealthmanagementisnoexception.The integrationofAItechnologiesintowealthmanagement functionshasrevolutionizedthewayfinancialinstitutions andadvisorsoperate,enablingthemtoprovidemore personalizedandefficientservicestoclients.Inthisarticle, wewillexplorehowAIisenhancingwealthmanagement functionsandreshapingthelandscapeofthefinancial industry
OneofthemostprominentapplicationsofAIinwealth managementisthedevelopmentofintelligentroboadvisoryplatforms.TheseplatformsleverageAIalgorithms toprovideautomatedinvestmentadviceandportfolio managementservices.Byanalyzingvastamountsof financialdata,markettrends,andclientpreferences,roboadvisorscancreatetailoredinvestmentportfoliosand rebalancethemautomatically AI-poweredrobo-advisors enableinvestorstoaccesslow-cost,diversifiedinvestment solutionswhilebenefitingfromcontinuousportfolio monitoringandoptimization.
AIalgorithmsexcelatanalyzinglargevolumesofdataand extractingmeaningfulinsights.Inwealthmanagement,AIpowereddataanalysistoolscanprocessvastamountsof financialandmarketdata,newsarticles,socialmedia sentiment,andeconomicindicators.Byidentifyingpatterns andtrends,thesetoolscanprovidewealthmanagerswith valuableinsightstomakeinformedinvestmentdecisions. AI-drivendataanalysisalsoenhancesriskmanagement capabilitiesbyidentifyingpotentialrisksandpredicting marketfluctuations.
AI-poweredchatbotsequippedwithnaturallanguage processingcapabilitiesaretransformingclientinteractions inwealthmanagement.Chatbotscanprovidepersonalized support,answerclientqueries,andofferreal-timefinancial advice.Theycanunderstandnaturallanguageinputs, interpretcomplexfinancialqueries,andprovideaccurate responses.AI-poweredchatbotsenhancetheclient experiencebyofferingimmediateassistance,24/7 availability,andquickaccesstoportfolioinformation.
AIalgorithmshaveproventobehighlyeffectiveinrisk assessmentandfrauddetectionwithinwealthmanagement. Thesealgorithmsanalyzehistoricaltransactiondata,client
behavior,andmarkettrendstoidentifysuspiciousactivities andpotentialfraudattempts.AIsystemscanpromptlyflag irregularities,enablingwealthmanagerstotakeproactive measurestomitigaterisksandprotectclients'assets.The useofAIinriskassessmentalsoenhancescompliancewith regulatoryframeworksandhelpsdetectandpreventmoney launderingandotherfinancialcrimes.
AItechnologiesenablewealthmanagerstoprovide personalizedfinancialplanningservicestailoredto individualclientneeds.Byanalyzingclientfinancialdata, goals,risktolerance,andpreferences,AIalgorithmscan generatecustomizedfinancialplans.Theseplanstakeinto accountvariousfactorssuchasretirementplanning,tax optimization,estateplanning,andinvestmentstrategies.AIpoweredtoolsalsofacilitatescenarioanalysis,allowing clientstounderstandthepotentialoutcomesofdifferent financialdecisionsandadjusttheirplansaccordingly
AIalgorithmscananalyzeclientbehavior,sentiment,and emotionstogaininsightsintotheirinvestmentdecisions. Byincorporatingbehavioralfinanceprinciples,wealth managerscanbetterunderstandclients'biases,risk tolerance,anddecision-makingpatterns.Sentimentanalysis ofsocialmediaandnewsarticlesalsohelpsgaugemarket sentimentandidentifypotentialinvestmentopportunitiesor risks.AI-poweredsentimentanalysistoolsprovideamore holisticviewofmarketdynamicsandenablewealth managerstomakedata-driveninvestment recommendations.
AIisrevolutionizingthewealthmanagementindustryby enhancingvariousfunctionsanddeliveringmore personalized,efficient,andinsightfulservices.From intelligentrobo-advisoryplatformstoadvanceddata analysis,naturallanguageprocessingchatbots,risk assessment,andpersonalizedfinancialplanning,AI technologiesarereshapingthewaywealthmanagementis conducted.ByleveragingAIcapabilities,wealthmanagers canprovidetailoredinvestmentadvice,mitigaterisks, detectfraud,anddeliversuperiorclientexperiences.AsAI continuestoadvance,itwillfurtheraugmentwealth managementfunctions,enablingfinancialinstitutionsand advisorstobettermeettheevolvingneedsoftheirclientsin anincreasinglycomplexfinanciallandscape.
