Page 36 - Investment Advisor March 2021

Leadership & Succession Planning

What Advisors

Should (and

Shouldn’t) Learn

From Jeff Bezos

Industry experts weigh in on

his approach to technology

and succession planning as

he prepares to step aside
as Amazon’s CEO.

BY JEFF BERMAN

fter Jeff Bezos said he was stepping down as CEO of tries with regard to machine learn-
ing and AI,” he added. “Those who
Amazon, financial industry experts spoke out about the embrace these technologies intelligent-
A lessons advisors can learn from the success of both Bezos ly will prosper in financial services.”
Another key lesson for advisors is to
and the $1.7 trillion firm he started some 26 years ago — including “focus less of your time on, for exam-
ple, trying to select a better invest-
the importance of embracing technology and succession planning. ment portfolio, and focus more time
on providing an exceptional user cli-
“Bezos saw the potential of the Internet before everyone ent experience and improving operational efficiencies,”
else did,” Joel Bruckenstein, head of Technology Tools for Bruckenstein said.
Today (T3), said. “Bezos saw the potential to apply machine Also, “advisors can learn that there are no shortcuts to
learning and artificial intelligence to customer data before success,” according to Timothy Welsh, president, CEO and
everyone else did. Bezos has almost a religious focus on founder of consulting firm Nexus Strategy. “Bezos had a
operational efficiency and an excellent client experience.” vision, a long-term plan, stuck to it and with many short-term
As a result, “there are a few lessons here,” Bruckenstein sacrifices created one of the world’s greatest companies.”
explained. “One, embrace technology early. Advisors tend Similarly, Douglas Boneparth, an advisor and president Photo: Matthew Staver/Bloomberg
to be late adopters. You are never going to create large of Bone Fide Wealth in New York, noted: “The biggest thing
competitive advantages without embracing change and that advisors can learn from Jeff Bezos is the same thing that
new technologies. anyone can learn. It’s that hard work, determination and
“As an industry, we are still way behind most other indus- never giving up is one of the best recipes for success.”

34 INVESTMENT ADVISOR MARCH 2021 | ThinkAdvisor.com