Say No to "Robo" Say Yes to Digital Wealth

SAY NO TO “ROBO”SAY YES TO DIGITAL WEALTH

Words of wisdom for enterprise strategies

Presented at:

June 17, 2016

Roger AltHead of Digital Channels, AssetMark

Eric LordiManaging Director, Morgan Stanley

Charles SmithExecutive Director, Advisory Services, EY

Moderator

Mike EverettVP 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

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 AltHead of Digital Channels, AssetMark

Robos trigger the question: “What is the value of our advice?”

Charles SmithExecutive Director, Advisory Services, EY

Robos have encouraged a race to the bottom on fees.

But advisors provide a lot of value.

There’s a ton of value in providing premium advice.

Eric LordiManaging Director, Morgan Stanley

The greatest asset of a robo is demystifying investing.

Eric LordiManaging Director, Morgan Stanley

Some semblance of self service is imperative, but the human touch gives more value. And that’s 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 SmithExecutive Director, Advisory Services, EY

Understanding where your investors are now − and where they're going throughout their lifecycle − will determine your digital wealth strategy.

Charles SmithExecutive Director, Advisory Services, EY

When you shift from traditional management to real outcomes, investors get it.

Make the shift from mathematical to emotional.

Mike EverettVP of Business Development, MyVest

Ignore client experience at your peril. Digital is just another tool in your arsenal, a new way to delight the customer.

Eric LordiManaging Director, Morgan Stanley

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 SmithExecutive Director, Advisory Services, EY

On digital platforms:

There’s no way you’re going to build something in-house that’s better than what’s out there today.

Roger AltHead of Digital Channels, AssetMark

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 AltHead of Digital Channels, AssetMark

Make sure your digital wealth offering reflects your goals, your value prop, and what you're delivering as a firm.

Roger AltHead of Digital Channels, AssetMark

myvest.com | [email protected] | 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.

MyVest’s core offering is the Strategic Portfolio SystemTM

(SPS), a holistic wealth management platform for the enterprise.

myvest.com [email protected] 866.706.6972