Jud Bergman: We see that financial planning is a key part of any successful wealth management practice going forward.
Episode Overview
Jud Bergman, the founder of Envestnet, has been at the nexus of every major trend happening in the financial services industry for the past 15 years. As a serial acquirer, Jud and his team have built an industry behemoth.
With recent acquisitions including Yodlee for big data and analytics (pending), FinanceLogix for financial planning, and Upside for robo advisor–coupled with its many existing businesses–Envestnet has a window into almost every corner of what’s happening in the financial advisor space. And in today’s show, Jud and I talk about all of it and what the future holds for financial advisors.
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Steve Sanduski: Top advisors are figuring out how to generate more alpha from planning, not from investing.
Seven Things You’ll Discover in This Episode
- How the value proposition of financial advisors is changing and what the successful advisor of the future looks like.
- The main way the advisor of the future can improve their productivity and grow their fee-based practice at 2.2 times the rate of the average advisor.
- The three things we can thank robo advisors for. One is they’ve set a market rate for commoditized investment advice. The second is they’ve demonstrated the value of aggregated data as a backbone to a financial plan. And the third is, well, you’ll have to listen to the show.
- Specific ways the promise of “big data” and account aggregation will help advisors and clients make more money and reach better outcomes.
- What the implications for advisors are when Jud says, “We’re seeing lots of evolution, lots of transformation, lots of evolving towards different pricing arrangements for the advisor.“
- How to conquer the digital divide that separates advisors stuck in an old business model from advisors who are well-equipped to work with the digitally savvy clients of the present and future.
- Why having an offering for millennials that may not fit your normal account minimum is an essential ingredient for the successful advisor of the future.
Jud Bergman on the five ways a financial advisor can add value
Our Capital Sigma study indicates that there’s 280 to 300 basis points per year that an advisor can add in value. The value comes in these areas: financial planning, asset class selection and allocation, investment selection, systematic rebalancing, and tax management.
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