Say No to "Robo" Say Yes to Digital Wealth

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  1. 1. SAY NO TO ROBO SAY YES TO DIGITAL WEALTH Words of wisdom for enterprise strategies Presented at: June 17, 2016
  2. 2. Roger Alt Head of Digital Channels, AssetMark Eric Lordi Managing Director, Morgan Stanley Charles Smith Executive Director, Advisory Services, EY Moderator Mike Everett VP of Business Development, MyVest The term robo-advice is short sighted when it comes to enterprise strategy, and misses out on the bigger strategic picture. That bigger picture is digital wealth. INSIGHTS FROM OUR IN|VEST 2016 PANEL
  3. 3. We have this mentality that there's a divide between analog and digital. But the world has changed. Digital is not optional. It's like electricity; you don't say you're going to use electricity to read a book, you just turn on the light. Roger Alt Head of Digital Channels, AssetMark
  4. 4. Robos trigger the question: What is the value of our advice? Charles Smith Executive Director, Advisory Services, EY
  5. 5. Robos have encouraged a race to the bottom on fees. But advisors provide a lot of value. Theres a ton of value in providing premium advice. Eric Lordi Managing Director, Morgan Stanley
  6. 6. The greatest asset of a robo is demystifying investing. Eric Lordi Managing Director, Morgan Stanley
  7. 7. Some semblance of self service is imperative, but the human touch gives more value. And thats the difference between a simple robo and digital wealth. If there's no human touch, why wouldn't your investors just go to big robos like Betterment, etc.? Charles Smith Executive Director, Advisory Services, EY
  8. 8. Understanding where your investors are now and where they're going throughout their lifecycle will determine your digital wealth strategy. Charles Smith Executive Director, Advisory Services, EY
  9. 9. When you shift from traditional management to real outcomes, investors get it. Make the shift from mathematical to emotional. Mike Everett VP of Business Development, MyVest
  10. 10. Ignore client experience at your peril. Digital is just another tool in your arsenal, a new way to delight the customer. Eric Lordi Managing Director, Morgan Stanley
  11. 11. When looking into a digital offering, ask: Do I have all the right tools? Do I have the capabilities to make that happen? What makes sense to start with from a business standpoint? Enable your organization, top to bottom, to make that happen. Charles Smith Executive Director, Advisory Services, EY
  12. 12. On digital platforms: Theres no way youre going to build something in-house thats better than whats out there today. Roger Alt Head of Digital Channels, AssetMark
  13. 13. Challenges will turn into opportunities through digital. Digital tools, with the ability to simplify the complex, have leapfrogged advisors' ability to get clients to understand the value they're offering. Digital helps the client see the value you're providing. Embed yourself fully with digital. Roger Alt Head of Digital Channels, AssetMark
  14. 14. Make sure your digital wealth offering reflects your goals, your value prop, and what you're delivering as a firm. Roger Alt Head of Digital Channels, AssetMark
  15. 15. myvest.com | info@myvest.com | 866.706.6972 A financial technology pioneer headquartered in the heart of San Francisco, MyVest combines best practices in wealth management with best-in-class technology. MyVests core offering is the Strategic Portfolio SystemTM (SPS), a holistic wealth management platform for the enterprise.
  16. 16. myvest.com info@myvest.com 866.706.6972