Invitation Only
March 20-21, 2018 | Tampa, FL
Marriott Tampa Waterside Hotel & Marina
Co-Chairs:
Kimberly LaPointe, Executive Vice President, Head of Global Accounts, PGIM Investments
Roddy Marino, Executive Vice President, National Accounts and Distribution, Brinker Capital
Embracing the Advisor of the Future: The Shifting Landscape of Advisory Distribution
Amid profound shifts on the technology, demographic, and regulatory fronts, there is lots of industry conversation about what the delivery of advisory solutions and the Financial Advisor of the Future will look in 5, 10 or even 20 years. Meanwhile, advisors are on the front lines every day grappling with clients’ evolving needs and increased expectations. This year’s Summit will take a step back and examine the advisory solutions landscape from the practitioner’s point of view. What are the greatest challenges and opportunities as seen through the advisor’s lens? And what, in turn, are the ramifications for asset managers and sponsor firms in terms of such key issues as overall business strategy, advisor engagement and support models, product development, use of digital, etc.?
Among the topics we’ll tackle:
- An Evolving Value Proposition? – Firms are increasingly encouraging advisors to focus on client relationships and asset gathering rather than investment management. Where are these efforts gaining traction, and what are the implications?
- Blurring Lines – As the distinction between the institutional and retail marketplaces continues to fade, how does that impact advisory distribution models? How are firms refining distribution roles, and where are they placing the biggest bets?
- The Impact of FinTech – Sponsor firms and asset managers are racing to adopt “digital” across all business fronts and to arm advisors with new automated advisory tools. What is the uptake, and what are the major challenges to adoption?
- A Solutions Mindset – Low cost, transparency, goals-based, multi-asset, ESG, alternatives – these are just a few of the themes that come up in any discussion of advisory product. But which are the top priorities for advisors and clients – and how does that inform how managers and distributors should think about product development and the solutions they deliver?
- The Gatekeeper Effect – If the advisory tides are shifting in favor of home-office and third-party strategist models, what is the knock-on effect on asset managers? How are gatekeeper relationships changing, and what will they look like in the future?
In introducing the opening keynote presentation, John Moninger of Eaton Vance stressed that, in a period of transition and great uncertainty, it is tremendously important to look for strategic insights from leaders of change both within and outside the financial services industry. He then welcomed Retired Vice Admiral Sean Pybus, USN to share leadership lessons from his distinguished and award-winning career in naval special warfare in U.S. Special Operations and, specifically, the U.S. Navy SEALS.
After thanking Admiral Pybus for his comments and his service to the nation, Co-Chair Roddy Marino noted that the planning committee’s guiding principle in shaping the conference agenda was to look at industry challenges and opportunities from the advisor’s perspective. Citing a recent research report by FUSE Research, he noted that advisors’ perceptions of themselves are changing and they are looking for help as they seek to pursue wealth management from a more holistic viewpoint. Five years ago, 32% of advisors viewed themselves as wealth managers whose core goal was to help clients reach their objectives through an advisory relationship, and 24% saw themselves as financial planners. Today, those numbers are 58% and 25%, respectively. In five years they are projected to reach 61% and 31%, leaving just under 3% who see themselves as brokers. Before introducing the next session, Co-Chair Kimberly LaPointe offered perspective on how the agenda was developed and the specific learning objectives for each session.
In opening the latest in a series of Executive Spotlights, Craig Pfeiffer commented, “We really want this session to bring an outsider’s lens and an outsider’s thinking to our industry. This is important because we sometimes tend to get trapped by our own inside-the-industry thinking.” Mr. Pfeiffer then moderated a discussion with panelists David Hyman of Mercer and Arjun Saxena of PwC that focused on industry economics, the increasing pace of change driven by technology, and the evolving roles of the wholesaler, the financial advisor, and the entire chain of intermediaries between the manufacturer and the ultimate client.
This session, led by Jeff Strange of Strategic Insight, kicked off with a promise to look at current trends through more of a product lens – how can asset managers do more to influence product placement within changing platform and asset allocation environments? The conversation began with a review of platform trends, how advisor service models have evolved, and the changing role of discretion. That provided a foundation for understanding how product will be used in the future as platforms dictate how asset managers plug into solutions. Finally, the group discussed portfolio construction and asset allocation as well as the development of new products and creating a support mechanism for them.
After a brief review of the important junctures in his long and distinguished career, Tom James, Chairman Emeritus of Raymond James Financial, went on to share perspective from his more than 40 years at the helm of the firm. He recalled that his father started the company as a financial planner, but quickly became expert in everything necessary to serve clients in the full sense of the word. “What he brought was sort of a new point of view which in today’s business speak you would call ‘needs-driven management.’ We needed to be able to serve the client in all possible ways from a financial standpoint to improve their lives and enable them to reach their financial objectives. We were not a sales organization built on selling an individual product and, in that sense, our business hasn’t changed much.”
Moderated by Wendy Strutt of PGIM Investments, this panel tackled a broad range of issues confronting wholesalers – how advisors are changing and how distribution professionals must respond to remain relevant, the composition of field sales teams by roles and skill sets, changing the focus of FA conversations, and the importance of advanced designations like CFA and CIMA.
It was a jam-packed two days. If you were able to join us, we hope you left the 2018 Summit feeling energized and optimistic about the opportunities presented by The Shifting Landscape of Advisory Distribution. If you couldn’t attend, please contact us with questions on any of the topics or resources discussed in this recap.
Guest Room Overflow - Westin Tampa Waterside
