Mike Everett, Vice President of Business Development at MyVest, had the opportunity to sit down with Shannon Rosic of WealthManagement.com at the at WealthStack 2023 about the challenge of delivering value.

Below are a few highlight from their conversation:

Shannon: Lets dive into the megatrends we are seeing in the industry right now. And what are the concerns and the challenges?

Mike: It’s an interesting time with things happening at both a micro and macro level.

At a macro level there are the advisor demographics, increasing the number of investors the advisors have to support, and need for advice. But at the same time there is a tremendous move towards personalization. The interesting dynamic is the more personalization the more time that is required for advisors to implement it. So advisors are really trying to figure out how to create the capacity required in order to achieve their growth objectives for their firm.

At the same time at the micro level you have advisors who really need to understand their value proposition. What is it that they bring to the table and how do they leverage technology to bring out their strengths, emphasize it and allow them to grow and meet their objectives?

“Creating the capacity to achieve growth objectives while meeting client demand for greater personalization is one of today’s greatest advisory firm challenges”, says Mike Everett.

Shannon: And when it comes to firms future proofing their firm against trends like this what are you seeing there?

Mike: The biggest things firms can do is be thoughtful about what they are doing, take a step back and understand the nature of their value and how do they implement an enterprise architecture that enables that. 

At wealth management firms different parts of the organization do different things, so there is a need to bring these fragmented parts together. For example, how do you bring out the strengths of the folks responsible for relationships, the folks responsible for investment management, and the folks planning together? It’s about being thoughtful and putting an enterprise architecture together that enables bringing groups together and lets the firm be as efficient as possible. 

“Enterprise architecture that efficiently brings together a firm’s fragmented systems as well the people involved in all its activities is the only way a firm can meet its growth objectives while delivering on its value proposition”, according to Mike Everett.

Watch the full interview at WealthManagement.com.

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