As financial markets continue to evolve, so does the way individuals and institutions navigate the world of asset allocation, investment strategies, and financial planning. This dynamic shift goes beyond mere adaptation. It represents a proactive response to evolving client needs, a strategic embrace of the demands imposed by the digital age, and a seamless integration of innovative technological solutions designed to revolutionize the fundamental processes of growing, protecting, and distributing wealth. In this episode, Jack talks with Chip Roame, Founder and Managing Partner of Tiburon Strategic Advisors and Tiburon CEO Summits. Chip is a strategic advisor to over 600 Tiburon corporate member firms. He has also served as an industry-experienced board member for numerous Tiburon member firms and currently serves on 10 boards.Having a good vantage point on where the industry is headed, Chip talks about the five areas of evolution in the wealth management industry — the evolving clients, products and services, markets and distribution channels, marketing and technology tactics, and industry structure. He highlights the dominance of Fidelity, Schwab, Morgan Stanley, and Vanguard in the industry and the growth of discount brokerage firms. Chip also debunks some misconceptions about product data and emphasizes the importance of coordinated approaches in wealth management.

Key Takeaways

[01:23] - The five key wealth and management industry themes.

[03:22] - Why Fidelity, Schwab, Morgan Stanley, and Vanguard remain the dominant and strong firms.

[06:38] - Potential contenders to top wealth management firms.

[08:26] - Other interesting trends in the industry.

[10:07] - The move towards a coordinated pro-solutions approach.

[11:33] - The emergence of "supermarket" companies in the financial industry.

[14:46] - The changing landscape of platforms and the rise of proprietary technology.

[16:25] - Chip's thoughts on the future of the wealth management industry.

[20:19] - The shift to digital marketing and technology-driven marketing strategies.

[22:08] - Chip's key takeaways.

[23:08] - Chip's favorite activities outside of work.

Quotes[07:59] - "If you think about those three trends, workplace, retail, and RIAs, those four firms (Fidelity Investments, Schwab, Morgan Stanley, and Vanguard) are positioned for the future. I don't see anyone else is in the right spot for those three trends going forward." ~ Chip Roame[13:17] - "The idea of a mutual fund supermarket was a big aha. And now we're going to have a cash supermarket, a lending supermarket, and a no-load annuity supermarket. You're going to have an estate planning supermarket someday. These are good for customers, and the rest of the world works this way." ~ Chip Roame[20:41] - "The old ways of marketing have died off. And digital marketing or technology-driven marketing is here to stay." ~ Chip Roame

Links 

Chip Roame on LinkedIn

Tiburon Strategic Advisors

Tiburon CEO Summits

Skip & Chip's Excellent Adventures

Fidelity Investments

Charles Schwab

Morgan Stanley

Vanguard

Edward Jones

LPL Financial

Raymond James

Flourish Wealth Advisors

Sora Finance

DPL Financial Partners

Payload

Envestnet

InvestCloud

AssetMark

eMoney Advisor

MoneyGuidePro

Orion Advisor Solutions

Redtail Technology

Edelman Financial Engines

Plaid

Cetera Wealth Partners

Avantax

Franklin Templeton

Apex Wealth Group

Mercer Advisors

Mariner Finance

CAPTRUST

Zoe Financial

Smart Asset

NerdWallet

Sierra Investment Management

Connect with our hosts

LifeYield

Jack Sharry on LinkedIn

Jack Sharry on Twitter

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