The Advisor Journey

2022 Year End: The State of the Industry with Jason Wenk

Episode Summary

The end of the year is a common time to think about life, resolutions, commitments, and deliverables. It is also the time for advisors to think about the industry as a whole and what can be done to improve the following year. In this episode, Jason chats with Yohance Harrison to discuss the industry's current state, disruptive trends, and the three most significant pain points advisors should look out for in 2023. This end-of-the-year episode is one that you don't want to miss!

Episode Notes

The end of the year is a common time to think about life, resolutions, commitments, and deliverables. It is also the time for advisors to think about the industry as a whole and what can be done to improve the following year.  In this episode, Jason chats with Yohance Harrison to discuss the industry's current state, disruptive trends, and the three most significant pain points advisors should look out for in 2023. This end-of-the-year episode is one that you don't want to miss!  



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Episode Transcription

Dasarte: [00:00:00] Altruist is an all-in-one custodial solution that helps you easily manage your client accounts, build custom model portfolios, assign portfolios directly from our marketplace, and easily manage all billing in a single digital experience. At Altruist, we help you grow and scale your business with minimal stress. Join the 1000 plus advisors using Altruist by visiting Altruist Financial, LLC Member FINRA, SIPC.

Jason: Hey everybody, thanks for tuning into another episode of the Advisor Journey. This one is, is kind of special. Special for a lot of reasons, but one is my normal partner in crime, Dasarte Yarnway, had some flight issues this morning, and so we have an extra special guest, Yohance Harrison. He's going to be interviewing me based on questions that our producers, we have a killer production team, Britny, Shabana, Will, and [00:01:00] others. They're always doing killer advisor content, so they rustled up, you know, 15 or so hard questions. And I gotta say some made me a little bit uncomfortable, but Yohance was a pro, was extra kind to me. So thanks for tuning in. This is gonna be a fun show, extra special kind of year end planning edition, helping advisors think about the industry, think about their technology, think about their operations, kind of where things are going, how to better serve clients.

It's gonna be a ton of fun. So thanks for tuning in, and we'll talk to you on the other side.

Welcome to the Advisor Journey, a podcast by Altruist dedicated to giving advisors the edge they need with proven RIA growth strategies. Each week, Dasarte Yarnway and I will have hard-hitting conversations about the topics that matter most to the modern RIA. How to scale, how to maximize efficiency and how to effectively reach your goals.

It's real advice from people who've really done it, and we're so glad you're here.[00:02:00]

Yohance: My, how the tables have turned here. It's Yohancee Harrison. I am here with Jason, and we are, we've got some questions for you that have come just from some of our peers, uh, you being a thought leader in the industry. We, we just really want to hear from you and, uh, these are. I hope you're ready for this. Hopefully you were able to study cause we got some heavy ones here.

Jason: I was able to glance at a couple questions for about seven seconds.

Yohance: Seven seconds. That's what we need. So, so here's the first question. Let's just get into it. So, how would you describe just the state of the financial services industry today?

Jason: Well, I feel good about it. You know, this reminds me there's like this team building exercise that I've done a few times now, and they start off by a question. The question is, how's the weather in your life right now? And they, and the, and the whole point is to be like, Hey, like, you know, in whatever, a minute or, or so, hey, today, you know, yeah, it's mostly sunny.

You know, life is pretty [00:03:00] good. You know, there are some clouds because, you know, you know, grandma's, you know, hip is acting up again or whatever, right? Kinda that type of thing. And I'd say, using that, that weather analog, I think good weather's on the horizon. Like it's still, look, we're in a tough market, tough, tough climate.

I think it's oftentimes easy in our industry if it's, if things aren't broadly affecting us, like this current economic downturn is broadly not impacting financial advisors. If anything, it's a tailwind. You know, they're, they're seeing more clients because people have concerns. They wanna make sure their money's going to last.

I think that there's some, some turnover in, in jobs, uh, especially if you work with like within the tech industry, I think pretty, pretty heavily, that actually then creates rollovers, you know, things like that, right? So I think it's kinda one of these things where, the advice industry has some great tailwinds.

Rising rates is a net positive for our industry. Might not affect every single individual advisor, but in the end, because they might be like, Jason, are you are you [00:04:00] insane? My client's bond portfolios around 20% this year. What I mean by that is that the, when there's higher rates, the infrastructure companies in the space, so think about custodians or insurance companies, right? Higher rates is very good for them. And I think that will spur more investment in the space and that more, you know, that additional investment will, will create better product services, platforms, stuff like that for advisors to use. So, so I think like there's, uh, you know, again, it's uh, if I probably feels pretty cloudy, it probably feels like we haven't seen the sun in a while in some respects, you know?

But like the reality is it's pretty calm in the industry, and I think there's some really good times ahead, and I think this is a great reminder for people that thought they could manage their own money, that human delivered financial advice is really, really valuable. And it's good to have these reminders every now and again.

Yohance: Yes. So why do you feel it's important to reflect on the state of the industry? I mean, you can speak from, from your position as, as [00:05:00] a leader of an organization, but also just as an advisor. Why is it important for us to reflect? .

Jason: Well, we're getting close to the end of the year right now as we're recording this.

It's fourth quarter of 2022. I never know exactly when this'll get published, you know, but, but I presume it'll be in the next few months, right? So right around this end of year time, and I think this is a common time for people in general where they do little self-reflection. They think about their life, they think about their business, they make New Year's resolutions.

They might have some renewed focus on deliverables. Maybe commitments, you know, the health family, et cetera, right? So, so I think that same thoughtfulness that we might put into personal resolutions or general business resolutions, it's good to just even look at broadly within the industry and say, Hey, like, how could we make this better?

And I think specifically it's important to not just accept the status quo. If we've accepted the status quo, we're gonna remember, like it wasn't that long ago. And I, we, we started about the exact same time in the business. Our lives are like so parallel. It's almost like [00:06:00] kind of creepy or like, kindred spirits for sure.

But, when we got into business, it was still primarily commission based. You know, there wasn't a big RIA segment. The only, or fee-based was pretty dimus. If you go back 20 years before that, commissions were the only way, and mutual funds paid like 8 1/2% percent commissions. There were insurance products that had like 14% commissions and stuff.

I mean, so I think it's important that we are always looking and going, Hey, how could this industry be better? I mean, is there a way to deliver better advice? Can we help people more efficiently? Can we help more people? So while there's a lot of personal goals and personal business goals that are important, I think it's also wise to think broadly and a bit more macro about the industry as a whole. And I think, you know, right now I would say there's been a ton of progress. You know, I look at the 20 years or so I've been doing this, and just can't believe how far like there was, you couldn't buy and sell stocks on a computer when I got in business.

So I think about it.

Yohance: And let alone a phone.

Jason: [00:07:00] Exactly. Right now there's robo advice and there's, you know, commission free trading. You trade fractional shares. So many things that are like, you know, evolved, and then I think advisors are so much more focused on planning than they were 20, 25 years ago. Back then, it was a lot more about product sales, less about planning, you know, so, um, so I feel like we've made a lot of progress and people should be kind of thinking like, what's the next 20 years gonna look like?

Yohance: Well, speaking of that's actually where I wanted to go next. You talked about the past, the last 20 years and to 20 before that, what industry trends do you think will be most disruptive to advisors in 2023 or just to the industry as all?

Jason: I think long-term trends are a lot easier to spot than, than like micro, you know?

So my 2 cents is that I don't know what'll be hot, you know? So a lot of times, like the dujour, you know, kind of thing is not critically lasting. So, you know, we'll see. I think what'll happen on over the next few years, and I think it'll be, hopefully there'll be some interesting evolutions next year, but [00:08:00] I suspect it might take a little bit longer than that, but I'm actually finally warming up to AI and what it could do for our industry.

And I was thinking about like, you know, all of these, yeah, I think there's now three or four open source AI projects that you can go online and, you know, for example, you can say, Hey, you know, paint me a picture based on, you know, the characters from Succession, but I want them to be beach volleyball players and they're , playing on a beach in Antarctica, right?

Or whatever. And it can create an entire like, storyboard and series of you know, like beautiful, pieces of digital artwork, like based on learning some of these things. And you kind of piece it together and we're seeing similar things even like in software development where, most of us would probably use things like Gmail. Google search, right? Where AI is predicting, here's what you're trying to say... so you can just, you know, click the space button right to space bar to finish a sentence. You know, I'm really curious how those things will evolve in our [00:09:00] space to the point where we'll be able to say something like, we'll be the train, basically go, Hey, I've got a client, you know, the client is a married couple, they're 45 years old. They have two kids. Here's their jobs, here's their education, here's where they live. You know, here's some of their most important goals. And just analyze everything that you could think about analyzing and tell me the four or five most important questions to ask. And maybe the four or five, you know, most meaningful things they could do financially, and literally codify like the entire process. And I don't think that's happening in 2023, but I think we're pretty darn close to it. And I think what that'll do is we won't necessarily put planners out of work, but it'll allow planners to serve a lot more people, and do really, really good work because they'll have these, you know, much more advanced ways to deliver advice at scale. So I'm pretty excited about that. I think unfortunately in the next 12 months, like we still just have so much basic infrastructure that's bad in our industry.

I mean, the fact that there are still things that you have to do paper forms for still, you know, [00:10:00] with wedding signatures and medallion stamp signature guarantees. I mean like that shows that there's still a lot of infrastructure that needs to be changed. And there's still, I think, some transparency that needs to be addressed from more of a, you know, either an operational perspective, meaning somebody makes decisions. They've found ways to gain operational efficiencies that get rid of certain, maybe unscrupulous rev shares and things like that. So there's lots of that type of stuff. I think over the next couple of years, the biggest innovations will actually be just getting infrastructure ready for the next wave of massive innovation, which will be like maybe some of these cool things you can do with AI and others.

Yohance: So what would you say are the three biggest pain points in the industry? I think you started to allude to a couple of them in the previous question, but what are the three biggest pain points and what can advisors do about them?

Jason: Yeah, I mean, some of them are self-inflicted. Self-inflicted ones are like, I don't think there's a need for more complexity, you know, in our space.

So I don't think, I mean, you're practicing every day. I'm guessing you don't need seven more tools. Right?

Yohance: Please [00:11:00] don't.

Jason: You're, you're doing great work for your clients right now. They love you. They're referring people to you left and right, you know? So, to me, I think that there's, you know, one of the first things that should change, I think people should, you know, do a little bit of self-reflection on how much complexity they really need in their practice, because all of that extra complexity creates, you know, typically it's going to be less ability to scale, more friction, less enjoyment for the clients, you know?

So if we can keep it simple, I think that's a good thing. So assuming someone's already done that, other things that I think are problematic, it's not an advisor's fault, it's just sort of industry related, but I think, yeah, I already, already kind of griped on infrastructure, but I think that there's, look, I'm trying to do something to solve this, but like, essentially in the RIA space specifically where I live and, and spend my time in, I don't think there's a world which a duopoly is a good thing and we have 80 plus percent market share, maybe 85 plus percent market share with two big custodians.

And I [00:12:00] think if we were to look at the market value of every single vendor that sells into RIAs, um, taking out asset managers, so like custodian software companies basically and service providers, um, Asset managers, those same two companies are, are still probably 80 plus percent. Right. So it's like you could take every single FinTech company that sells into the RA space and you know, who knows, that's maybe a couple, 2, 3, 4, few weeks of a revenue for a major custodian.

I, I think that's a bigger problem. People realize, and as advisors, you know, I get concerned that if advisors don't wake up about this, like at some point they'll be going, "man, my custodian took all my clients from me. I wish I could have done something about that." And I'll be like, yeah, you could have back in 2022, you could have like actually stood up for the fact that your custodian shouldn't be your competitor.

You know, that just doesn't add up. But yet we've just accepted it because we live in a duopoly. I think that's a big challenge for the space right now. And if I see a third [00:13:00] one, I think it's just, you know, probably just time. I know so many awesome, exceptional advisors.

They just don't have enough time to serve more clients. We still live in a world where less than 10% of Americans have an independent financial advisor. And so there's just a tremendous need for great advice.

Yohance: I didn't know that number was that small.

Jason: First of all, like half Americans don't have enough money to even qualify for advisors.

So I mean, that's problematic too. So there's a lot of education that maybe we can all be part of, but for those that do, most of 'em don't have enough money to get access to an independent human, uh, financial advisors. So yeah, if you look at the, the total client count of every wealth manager RIA in the country, it's less than 10%.

So, you know, people are forced into using something else. Could be, not that they don't have access to advice. Maybe they have to go to an insurance agent or a local bank where they're going to be maybe still sold like a fixed annuity. Or they're going to the local, you know, I don't wanna name all the names, but you know, those firms that have like two people working in office and they're in 19,000 small towns across America. Where they charge like three times as much as everyone else. So I think about like the RIA [00:14:00] channel or the fiduciary channel, and, either we need to have two, three times as many firms in this space, or we have to make sure that the people in the space somehow get more time to serve people.

So those are some challenges, uh, not, not easy to solve.

Yohance: Moving from challenges. Let's talk opportunities, and it sounds like it, they're gonna be in. Somewhat the same lane there, but what do you see as the biggest opportunities for advisors as we turn into this new year?

Jason: Yeah, I'll give like a simple one. So kind of a shout out to, Dan Uger who was on the podcast a few months ago. And those know Dan, he is a, a financial planner based in Colorado. His business has had phenomenal growth since he launched it. And I remember I asked him, I was like, hey, Daniel. where'd all this growth come from? You know, is there, what, what's your, what's your niche? What's, and he kind of goes, well, I don't even have a niche, actually. You know I'm, I'm a generalist. He goes, but there is still so much blue ocean out there for just being a fiduciary that deeply cares about their clients.

And that is still a massive [00:15:00] differentiator. People act like it's not, but it's like, no, there's, you know, I don't know, million people working in financial services between insurance agents and registered reps, and RIAs and so forth and dually registered folks and on and on and on. And it's still a relatively small percentage that they are full-time operating as fiduciaries for their clients. And so, you know, I think in terms of like, you know, opportunities out there, it doesn't mean you have to be a fee only RIA, I mean by any stretch. I think, uh, and a lot of advisors that are, uh, dually registered or fee-based. , but what I think the opportunity is, is just that being an actual good client-centric advisor like that is still sadly a massive competitive advantage.

And I think if advisors can make sure that they are accessible and they get a little bit better at figuring out how to make it easy to be found, you know, by people who are looking for great advice. That's gonna be a huge win for the industry. Huge win for people. And it'll help kind of move and continue to move this kind of segment, the fiduciary client-centric segment forward.

Yohance: I wanna move away from the advisor [00:16:00] for a moment and let's talk about the clients. What expectations are changing? From what clients want from advisors or want from the industry.

Jason: Well, I think this is one where, thankfully, no one's here to debate me unless you want to, but, maybe we'll be in agreement. I think, you know, my brain is hardwired to think a bit macro and so, you know, I honestly couldn't tell you what I have on my calendar in one hour. I certainly couldn't tell you really what I have planned for the next couple of weeks. Cause I, I tend to live, you know, 5, 10, 20 years into the future. Not to say of some sage futurist, but meaning like, that's what I'm interested in. I'm more interested in like, what's going to happen. So I like to think bigger picture strategic and I struggle sometimes with micro details.

And so with that as my, you know, disclaimer, I'll say that I think that most advisors are gonna be pretty shocked, actually, like with what serving clients is going to feel like in 10, 15 years. And a lot of 'em don't care. You know? I think if you're an advisor today and you're like 60, 65 years old, which is I think like the majority of advisors.

Yohance: I think it's 70, [00:17:00] 70% of advisors are over 60 years old.

Jason: So rightfully so. They probably don't have to care that much. They've already won, probably made a bunch of money. And it something takes 10, 15, 20 years to materialize, they can just sort of ride it out and, you know, there'll be enough clients that don't change. Where I think things will get really different is if I'm a young consumer today.

I have a very different bias about what advice is. And so that bias is you go talk to somebody who's Gen Z right now and they are probably getting their advice from , influencers on social media. And we forget sometimes that like you could take, you know, one individual influencer, like I don't even, I don't know the accurate count, but I'm just say it's like Taylor Swift or something, right?

And whatever her current count is, let's just say it's a hundred million people, follow her on social. And every single financial services company basically combined times 10, doesn't have that much reach. And so what [00:18:00] we're kind of entering is this whole new era where that generation is going to have very different viewpoints on Money. I think this is why you had, you know, Kim Kardashian promoting crypto and, you know, getting in trouble for it, for not following some disclosure rules, but it's because they realize that there's a massive reach that, you know, traditional financial services doesn't have. I think advisors go, well, yeah, those are young people.

They'll change as they get older and they have money and they get married and they wanna buy homes and switch jobs. Like, then they'll need my help. And that may be true, but I think how they'll find you is gonna be different. I think it's going to be that next future generation, even a lot of current, you know, like gen Millennials and even some Gen Xers, I mean, Much more inclined to find and trust advice.

They, they, uh, build through these like virtual relationships with people they don't actually know. And then I think from a UX perspective, people are going to expect to have a mobile first experience, I think with all of all things money related. So [00:19:00] if you're not able to deliver that it's going to be hard to convince somebody.

We have sons about the same age, you know, their early twenties. I can't imagine my son being like, yeah, I'm going to the local bank branch. Dad, I'm gonna open up some accounts by signing some forms. Like he's never had to do paperwork in his life. Paperwork doesn't exist in his generation.

You know, he's never had to talk to a person on the phone for customer support because his generation doesn't do that. He doesn't even talk to his friends on the phone. So I think that's one of the biggest changes that we have to think about, like that these generations, they'd rather like message back and forth than in an app, do things via phone. They don't wanna do it in person and they don't even wanna talk to you actually. You know, so, so how do we evolve for that? That's gonna be a big challenge over the next 10, 15 years. I think that the studies I've read as some of 'em are, I can't quote 'em exactly verbatim, but I believe it's something around 30 trillion of wealth will change hands for the next 20 years.

And most of those inheritors are going to be Gen X and younger. So, you know, we better figure that stuff out because [00:20:00] there's gonna be a lot of young people that are gonna have a lot more wealth and they're gonna have very different expectations, you know, than their parents.

Yohance: Could you imagine our sons trying to get a medallion signature?

Jason: Yeah. Well, what's funny, I, I joke, you know, my son, he doesn't, even with the industry we're in, if I was like, Hey, what are your thoughts on Charles Schwab? And he'd be like, is that the, um, is that like the pants at the mall? The Charles Schwabs is Charles Schwab Strauss Company. Is that what that is?

He has no idea what that is. But he knows exactly who Coinbase is. Coinbase and Gemini. And Robinhood. Like for him, Betterment feels old school. Right? Like, so we have to kinda keep in mind that like Gen Z it's very, very different, you know, like as far as what's normal for them, compared to what's normal for, you know, millennials, X and above.

Yohance: All right. Rapid fire here, we can get tactical. So I'm gonna give you four categories just once.

Jason: I'll be quick with my answers since these are rapid, short, sweet.

Yohance: How should advisors be thinking about these things? And if you can get it down to a couple of words even better. So we just wanna give them the, the part, the hard punches here. So, starting with technology 2023, what should [00:21:00] think?

Jason: I mean, this is like me beating a dead horse. I think everyone's tired of me saying it, but less is more. Like minimize the tech stack, the least number of tools possibly that you could use to deliver great outcomes for your clients. That's what it should be.

Yohance: Okay. I think that ties in with practice management.

Jason: Yeah. I mean, practice management, I guess, like I would look at that and say, what's cool is if you have tools and complexity probably also need less people. So your team will run a lot leaner and more efficient, and I think this'll actually produce better outcomes as a business owner and likely allow you if you want to give your clients more of the alpha, right?

In other words, you could lower your fees, theoretically, produce better outcomes for the client and have a better business for yourself at the same time. But to do that, you know, that takes practice management efficiency and great technology. That's simple.

Yohance: All right, here comes a softball. Client acquisition?

Jason: Well, I already talked about it, but I think that, um, people ask me a lot if I had to start all over again having built some pretty, pretty successful RIAs, how would I do it? [00:22:00] I would probably start today, and this is kind of old school already, but I would build my entire business from YouTube. That's how I do it.

Yohance: And this is on YouTube in case?

Jason: I mean, hopefully, I mean, we have like cameras around here and stuff, so maybe some of this, some of these clips just might make their way to the old tube.

Yohance: There you go. And then finally, investment management?

Jason: Well, I'm pretty agnostic here. You know, I think the biggest thing with investment management is people staying disciplined.

And so, you know, shout out, we talked earlier, you were at the FI summit, hosted by our friends at Riskalyze. They have a saying, " powering investors to invest fearlessly." I think that's catchy and certainly I think this is the spirit of what they mean is like if you can get people just to stick to the plan, I mean, not as the biggest indicator of like their future success if they're switching all the time because they can't ever figure out like what is appropriate. Like is it goals based? Is it needs based, is it green based? I'm not sure if there's an easy solution. I'm sure they're working hard on it but[00:23:00] we need to, whatever our flavor is that we prefer, right? Some people want passive, some people want active. Some people want active, active, passive. Right? Core satellite.

I think the key is that, you've gotta stick with it and get your clients to stick with it. And, and if clients can invest in something that they understand and have a little bit of a, um, affinity, I think they're much more inclined to do that. I think that happens actually with personalization.

And so if we can find ways, we're working pretty hard at that, at Altru, but um, is finding ways to make it really easy for people to, to still have empirically great portfolios, but ones that they have a bit more connection to through some level of personalization. I think that, I don't just think, uh, there's, there's research that more than backs up that, that those who have.

A connection to their money will hold and change less frequently, and they get better results. This is partly why ESG investors, interestingly, especially those that are like really, really, uh, devout around with some of the governance, um, or environmental, um, you know, [00:24:00] kind of, uh, or social of that matter, but like any of the things that they identify with, they tend to hold those positions.

And because they hold, that's their secret, right? It's just that they're not buying and selling all the time.

Yohance: All right. And finally, because this is our, as you said New Year's planning advice episode here. So how would you sum it all up as if I'm an advisor, how would you sum it up for me as far as my planning for 2023?

Jason: Well, a very wise, planner once told me that one of the most important things that they can do is sit down and describe in detail their ideal client avatar, right? And credit to where it is due to you, sir, Yohance. I feel that's a really good place to start. You know, I think no matter what your business is, even if you're not an advisor, if you're a FinTech company, if you're an asset manager, you know, if you're somebody selling in the peripheral financial services space, it's really, really important to regularly assess, you know, what exactly are you doing and for whom? And if you can make sure that your product, you know, kind of what your product [00:25:00] or service is like, deeply matched with that ideal client, you're going to have a lot more success. You're gonna help a lot more people. So I think that at least once a year, a good audit of kind of who is it that you're trying to help and what are their big pain points and how do you solve those better than anyone else in the market?

I mean, that's a pretty good thing to do at least once a year. Beautiful.

All right. Well, hey man, thank you so much for joining us because I don't oftentimes get to hang out with advisors that ask me questions. Um, and so thanks for being nice and polite. You're the best, uh, very much appreciate it. Awesome to see you in person too.

At it is the, uh, Altruist HQ studio. Um, everyone who's watching, first of all, I hope you made it past. Um, you know, I, there's like seven or eight questions. I hope, I hope it was good enough. He got to this point and you didn't put me on triple speed, uh, to skip over, but if you like what you hear, please make sure you tune in regularly.

Subscribe whatever podcasting platform you're listening on. Y'all heard it here. I said if I was building a business from scratch, I'd be doing it on YouTube, but try to reach my audience. So if you're watching a little clip on our channel, make sure you subscribe there because I just might maybe do a lot more YouTube videos.

You [00:26:00] never know. Uh, I know. We gotta kick ass studio for it. And make sure you share the, share the, share the word. I think that there's, um, a lot of value in community. Um, we're working really hard to build a community that allows, uh, emerging advisors, those who are really in the early stage of their business and they have really big ambitions.

I wanna empower them to grow and help more people. And so, um, help us spread that word. Share this around. We very much appreciate it. Um, Yohance you're a legend. Thank you for coming and joining us.

Yohance: Thank you for having me. It's a wonderful studio. It's great.

Jason: Love it, and everybody for tuning in. Thanks for joining us on Advisor Journey.

We'll talk to you soon.

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Each advisor's journey is different, and your results may vary. While we hope you find this information helpful, success cannot be guaranteed. Also, Altruists and [00:27:00] its affiliates do not provide tax or legal advice.