Page 35 - Investment Advisor July/August 2023

Conclusions

BROKER-DEAlER/RIA CONFERENCE BEAT
By John Manganaro

Wealth Management, other Trends

Advisors Can’t Ignore

At the recent BNy Mellon|pershing Insite 2023 conference in Orlando,
speakers zoomed in on developments tied to technology, leadership and

more key industry themes.

inancial advisors who contin-
ue to base their planning and
Finvestment processes on sim-
ple risk-tolerance questionnaires and
closed-architecture product platforms
are likely to fall behind their more for-
ward-thinking, tech-enabled peers in
the years ahead.
In fact, according to SS&C Advent’s
Kyle Fleming and Alex Hagmeyer, the
most attractive wealth management cli-
ents in the marketplace today are already
demanding much more. They want and Jay Clayton and Carol Massar
expect their wealth advisors to deliver a
highly personalized, holistic and respon- a morning showcase session at the recent tions in the survey, the pair explained,
sive experience that cuts across investment BNY Mellon|Pershing Insite 2023 con- the goal of the exercise is to set a baseline
management, tax mitigation, goals-based ference in Orlando, which was held June for the amount of volatility that a given
planning and wealth protection. 6-8 and attracted some 2,000 financial client could theoretically stomach before
Fortunately for advisors, the pair sug- advisors and wealth managers, as well as they start pounding down the advisor’s
gests, ongoing technology development other financial professionals. According door looking to get out of the market.
is making this lofty level of service deliv- to the duo, wealth management profes- In addition to defining risk tolerance,
ery not only possible, but also scalable, sionals who want to grow and thrive in wealth managers then traditionally layer
for wealth managers. With the right the future simply do not have a choice: on an income goal that is often (but not
blend of personal touch and technol- They must evolve with the times or exclusively) about achieving short-term
Photo: BNY Mellon Pershing have never had as much opportunity for decline in relevance — and revenue. pursuing a targeted lifestyle in retirement.
resign themselves to watching their firms
ogy tools, they argue, skilled advisors
financial stability while simultaneously
“From there, the old-school wealth
As Hagmeyer and Fleming spelled
growth and success as they do today.
manager runs a bunch of Monte Carlo
out, the “typical” wealth management
Fleming, a senior product manager,
and Hagmeyer, senior director of quan-
simulations that show what levels of
process starts with a risk questionnaire
risk-taking are needed to make achieving
that assigns a client a tolerance score of
titative research within SS&C ALPS
those goals likely, and that’s really the
some sort. Whether it’s five or 50 ques-
Advisors, offered this suggestion during
July/August 2023 InvesTmenT ADvIsor 33