Future Proof Wealth Festival Returns With Gusto

Commentary September 26, 2023 at 10:10 AM
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A curiosity on the advisor conference circuit last year, Future Proof staged its second run on the beach in Southern California Sept. 10-12 bigger, faster and stronger than in 2022 — making it one of the wealth industry's most popular event franchises this year.

When Future Proof debuted in 2022 as the first and only "wealth festival," the idea of a conference featuring music, arts and entertainment in the staid industry seemed novel at best.

However, the proof was in the execution this year: Several thousand advisors, asset managers, content experts and fintech founders — as well as a few sports celebrities and rock stars — gathered in Huntington Beach to create an experience that combined professional development, networking and fun.

Produced by industry innovators Advisor Circle and Ritholtz Wealth Management, Future Proof doubled in size this year; plus, the beachfront space it occupied expanded to over a quarter of a mile in length.

Hundreds of industry participants showcased their wares in colorful exhibit tents along with stages for content presentations, tech demos and concerts — and attendees were presented with multiple options to customize their activities. 

"Breakthru" meetings were introduced in 2023, so attendees could use the conference app to identify the people and companies they were interested in connecting with and schedule meetings.

"Over 70% of the more than 3,000 attendees participated in our breakthrus, and we facilitated nearly 17,000 1:1 meetings," said Matt Middleton, CEO of Advisor Circle.

Opening the conference was a panel discussion on organic growth, particularly relevant as the industry is aging with baby-boomer clients entering decumulation and study after study documenting the slowing growth of advisors. 

To combat those trends, the panel of advisor marketing experts — including Gary Foodim, chief marketing officer of Mercer Advisors; Samantha Allen, senior vice president at Carson Group; Kendra Wright of Rebel Media Agency, and Doug Boneparth of Bone Fide Wealth — detailed how advisors can regain and also enhance their marketing swagger.

Most notably, all were focused on digital marketing and better targeted content as the best way to scale growth. "The industry suffers from a 'sameness' problem in that current advisor messaging misses the mark and needs to adapt," Foodim explained.

His advice on how to get started with digital marketing: "Don't let perfection hold you back," Foodim said. "The most important thing you can do is define what you are trying to accomplish and be resilient in measuring those results."

A gathering of fintech CEOs, including Bill Capuzzi of Apex Fintech Solutions, Sarah Levy of Betterment Securities and Kunal Kapoor of Morningstar, followed the marketing panel. Because Apex is the backbone of many fintech platforms, Capuzzi has insight into the behavior of over 25 million investors, of which 10 million are members of Gen Z. 

"This cohort actually dollar-cost averaged into the market downturns, and did move from active to passive in their approach," Capuzzi said. "They are now seeking education, making them excellent candidates for advisors."

Future Proof is also becoming a venue for major product and company launches, with the highest-profile announcement this year coming from Joe Duran.

The next chapter for Duran, who sold United Capital and its $26 billion in assets under management for $750 million in 2019 to Goldman Sachs, is Rise Growth — an organization that will acquire stakes of 30% in RIAs with $1 billion to $5 billion in AUM.

"We want to partner with the next generation of national firms," he said, "by building the management systems, tech stacks and growth engines to double and triple their size. We've done it before, so we know we can do it again."

The event featured more than 220 industry experts and senior executive speakers, including Eric Clarke of Orion, Bill Crager of Envestnet, Michael Kitces of Kitces.com and Buckingham Strategic Advisors, Jeffrey Gundlach of DoubleLine, Steve Lockshin from Vanilla and Brian Portnoy from Shaping Wealth.

Future Proof also brought the celebrity factor by showcasing former NBA star Robert Horry, Wing Lam of Wahoo's Fish Taco, pro golfer Michelle Wie West and a closing night celebration concert with hip hop duo Redman and Method Man. 

According to Middleton, "Future Proof is not just an event but also a call to action for advisors to create the future they want, rather than having to adapt to one given to them."

Photo: Orion Advisor Services/Advisor Circle


Timothy D. Welsh, CFP, is president, CEO and founder of Nexus Strategy LLC, a leading consulting firm to the wealth management industry. He can be reached at [email protected] or on Twitter @NexusStrategy.

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