Two-Minute Take: Wealth Management EDGE

In May, we were happy to head to Hollywood, FL for the Wealth Management EDGE conference. This industry event helps advisors navigate critical technology decisions. Hopefully, you’ve seen our Two-Minute Take Event Recaps where we share our unbiased perspectives and highlight what we think will impact the industry. Without further ado, here are three themes that stood out to the two of us.

Organic Growth

A big theme that repeatedly bubbled to the surface was organic growth. The overall consensus was that while mergers and acquisitions play an important role in firm growth, without organic growth advisors won’t win the generational wealth transfer that is underway. We saw more of an emphasis on incorporating lead generation and planning marketing strategies than we’ve seen at technology events in the past. Recently, F2 Strategy conducted a survey of wealth management firms on this topic which revealed that there is a large disconnect between marketing and technology. Closing that gap will be critical for firms to compete in the future.

Industry Consolidation

Similarly, another topic that gained steam was how smaller firms can survive the growing industry consolidation. The big firms will continue to get bigger; therefore smaller firms must be crystal clear on who they are, develop and market a niche and stand apart as experts in that niche. We regularly stress to our clients the importance of thinking through your firm’s value and services and aligning technology to that vision.

Technology at Every Stage

Jaci facilitated a lively discussion between Dynasty Financial Partners' Leslie Dentinger, Shufroe Rose’s Vib Arya, and CAPTRUST's Jon Meyer in a panel that explored the ways that reducing friction in technology leads to more focus on advisor-client relationships. These firms represented the breadth of the industry. An interesting take away from the session was the alignment between these firms of varying sizes of their perspectives on technology. AI was also an important topic throughout the conference as firms navigate how to put this technology into practical use.

Two minutes wasn’t enough? Get in touch with Bryce Carter or Jaci Stanton for more about this conference.

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