Page 9 - Investment Advisor November 2022

have made Chevy Chase and his famous members used various analogies to are bringing that same maniacal focus
“Fletch” character proud of SoCal. explain what’s been happening and to to remove friction in the RIA custody
point out where and how advisors can space,” Capuzzi said.
THE CONTENT become more knowledgeable.
With this spectacular backdrop, Future “Crypto is a marketing opportunity,” OTHER ELEMENTS
Proof kicked off in the afternoon of Edelman said. “As part of your fiduciary The rest of the agenda was full of ses-
Sunday, Sept. 10, by hosting several duty, you need to be able to advise your sions across the boardwalk, with the
panel discussions on topics like the clients on prudent ways to invest in this stages and content areas having the
future of technology, a debate on the asset class, because if your clients are most shade the most widely attend-
impact of M&A and industry consolida- dabbling here, (which they are) they are ed. Exhibiting firms also launched
tion between DeVoe & Co. CEO David most likely doing it wrong.” new products and services during
DeVoe and MarketCounsel CEO Brian The founder of Edelman Financial the event.
Hamburger, and a conversation with the Engines believes that if advisors can Most notably, Jeremy Grantham’s
filmmaker and two stars of the upcom- become smart about crypto assets, GMO asset management firm did so
ing documentary “This Is Not with the launch of Nebo, a
Financial Advice.” While it’s no surprise that Future technology-driven asset allo-
Other noteworthy sessions cation and portfolio manage-
included an executive leader- Proof tilted more towards a ment platform for RIAs that
ship discussion on the “future younger crowd (the average age streamlines and automates
of advice — what will it take the process for delivering
to stay relevant,” featuring of advisor attendees was 33), I custom and personalized
Mercer Advisors CEO Dave believe Future Proof will become portfolios. (Nebo stands for
Welling, Journey Strategic needs-based optimization).
Wealth President Penny a franchise event for the industry. Nebo and other vendors
Phillips and Altruist CEO had good traffic from advi-
Jason Wenk. they can easily demonstrate their value sors eager to learn and sample the lat-
Welling said one way to differenti- beyond just investing in digital assets est innovations — while seeking shelter
ate a practice is to specialize in vari- and take advantage of traditional tax from the warm California sun.
ous advice segments, go “deeper in the planning opportunities such as tax-loss While it’s no surprise that Future
vertical that you are working in” and be harvesting, gifting strategies and more. Proof tilted more towards a young-
“more human” to relate to clients and “There is no wash sale rule with crypto,” er crowd (the average age of advisor
their emotional and behavioral needs, he noted. attendees was 33), I believe Future
which advisors often overlook in their In a nod to how technology is rewrit- Proof will become a franchise event
pursuit of the left-brained aspects of ing just about every aspect of wealth for the industry — particularly now
wealth management (which focus more management, Future Proof invited Apex that TD Ameritrade’s LINC conference,
on numbers). Fintech Solutions CEO Bill Capuzzi and which appealed to the younger, emerg-
Phillips suggested advisors build Olivia Eisinger, head of the Advisory ing advisor, is history — opening the
“community with clients” to become Channel at Apex and a former TD door for Future Proof to expand and
known as the go-to resource for various Ameritrade executive, to the main stage move up market.
client segments and demographics. for a deep dive discussion on where the So, a tip of the cap to Advisor Circle
Naturally, a forward-looking event RIA custody business is headed. and Ritholtz Wealth for taking one of the
like Future Proof showcased trends Billed as a David and Goliath conver- more calculated risks we’ve seen in quite
in money, digital assets, Web 3.0 and sation, Capuzzi and Eisinger pointed to a long time, while raising the bar for the
more. In one high-profile session on the the upcoming mega-merger of Schwab financial advisor event space. I hope to
crypto markets, long-time experts Matt and TD Ameritrade as an event that’s see you on the beach next year.
Hougan of Bitwise Asset Management, bound to create dislocation in the heav-
iconic advisor Ric Edelman and Ophelia ily concentrated custody business — cre- Timothy D. Welsh, CFP, is president, CEO
Snyder, president of 21Shares and 21.co, ating opportunities for new entrants. and founder of Nexus Strategy, LLC, a leading
took to the stage. “We’ve been successful with tra- consulting firm to the wealth management
Focusing on the massive volatility ditional fintech platforms that need industry and can be reached at tim@nexus-
of this emerging asset class, the panel incredible scale to operate, and now we strategy.com or on Twitter @NexusStrategy.

NOVEMBER 2022 INVESTMENT ADVISOR 7