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Productivity, efficiency, enhancement, effectiveness – pick one or, for that matter, all of them, and you will have a solid notion of the theme driving the 2014 MMI Fall Solutions Conference. At the Annual Convention in early April, the focus was on optimizing client relationships and outcomes, and this meeting travels the next step with an emphasis on the tools, techniques, systems and business processes that support improved productivity across the board. For our industry, productivity, of course, comes in many guises and falls under a range of headings, each of which this meeting addresses – personal, investment, systems and technology, and relationship building. Overall – for advisors, sponsors and investment managers – it’s an opportunity to get an insider’s look at what is proving to be most valuable, and what is on the horizon, in terms of both effectively engaging clients and delivering better outcomes for them.
Tuesday, October 21, 2014
12:00PM – 1:00PM
Registration and Credential Pickup
1:00PM – 1:15PM
Welcome and Opening Remarks
Joe Schultz, Chairman of the Board of Governors, Money Management Institute
Christopher Davis, President, Money Management Institute
Fall Solutions Co-Chairs:
Vince Pandes, Director, U.S. National Accounts, Brandes Investment Partners, L.P.
Mark Spina, Managing Director, Voya Investment Management
1:15PM – 2:00PM
Opening Keynote Speaker
Paul Hatch, Group Managing Director and Head of Advice & Solutions
UBS Wealth Management Americas
2:00PM – 3:00PM
Next Generation Wholesalers – The View from the Field
Gone are the days when a wholesaler was expected to be just an expert product salesperson. Now, to get a foot in the door, he or she needs to function as a practice management consultant and offer a solution to a specific advisor business challenge. How are leading firms adapting their sales practices to the realities of an increasingly competitive, wired 24/7, and outcome-oriented world? This panel of rising next gen wholesalers will offer insight from a generational perspective on how they approach both established and younger advisors – what techniques are new, which are evergreen, what works, and what doesn’t. They will share best practices for cultivating new advisor relationships as well as gaining more wallet share from existing ones.
Moderator: Scott Coleman, Executive Vice President, Head of Distribution and Marketing, Delaware Investments
Michael Galkoski, Vice President, Financial Advisor Consultant, American Century Investments
Holly R. Ornelas, Regional Director – Intermediary Sales, Wells Fargo Asset Management
Jack Snyder, Jr., Vice President, Advisor Consultant, Nuveen Investments
3:00PM – 3:20PM
“Enlightened Self-Interest”: Unlocking Employee Potential through Post-Hire Training and Development
Firms vie with each other to hire students with the highest qualifications from leading universities, but what happens once those best and brightest walk through their doors? Sometimes the answer is not enough. In response, MMI and Wheelhouse Analytics developed a partnership to create a new e-learning program addressing our managed solutions industry. Some panelists will focus on expanding employee knowledge by improving the post-hire experience through MMI and Wheelhouse’s initiative, while others will examine the tools, technology and processes involved in improving workplace skills.
Moderator: Rob Howe, Vice President, Data Services, Money Management Institute
Bill Crager, President, Envestnet
Sharon Horvath, Human Resource Generalist, Brinker Capital
3:20PM – 3:45PM
Refreshment and Networking Break with Exhibitors
3:45PM – 5:00PM
Concurrent Break-Out Sessions
Tax-Efficient Investments Redux: Improving the Taxable Client’s Bottom Line
The 2013 tax rate increases have sparked strong renewed interest among individual investors in tax-efficient investing, and they are turning to their advisors for help. Add to that the fact that markets are at all-time highs putting the protection of client assets at center stage, and the search is on for new differentiated products. This panel – consisting of a platform sponsor, asset manager and model implementer – will discuss new offerings on the horizon and how providers and managers are using both time-tested and emerging techniques to enhance the tax efficiency of client portfolios.
Moderator: Patty Loepker, Senior Vice President, Director of Externally Managed and Institutional Accounts, Advisory Products Group, Wells Fargo Advisors, LLC
Andrew Bruner, Principal & Director of Research, Equity Investment Corporation
Dale Rottschafer, Senior Vice President, Senior Portfolio Manager, Envestnet
Paul R. Samuelson, Chief Investment Officer and Co-Founder, LifeYield, LLC
Alternative Investment Platforms: The Evolution Continues
As the demand for alternative investments steadily increases, the challenge of simplifying access to a wide range of investments from a diverse set of managers gains more and more importance. Each of the firms entering the space to address this growing demand provide different means of facilitating access to alternative investments coupled with due diligence and investment research. The range of vehicles being offered includes, among others, limited partnerships, RICS, and ‘40 Act mutual funds. This session provides an overview of these developing platforms with in-depth discussion focused on such productivity-related topics as:
- The ins and outs of optimally accessing private placement and limited partnership vehicles from these types of platforms – what to expect and what to look out for.
- Is the “master feeder” limited partnership, which establishes a vehicle which invests in an underlying limited partnership vehicle and can be added to incrementally, still relevant?
- How new product offerings – and, in particular, liquid alternatives – can best be integrated into platform offerings plus a discussion of how asset managers can best partner with these platforms.
- Optimal ways of setting up research teams to conduct diligence on alternative strategies. With firms combining platform (‘40 Act) and non-platform (limited partnership) products in the client’s asset allocation, can the research associated with these platforms truly be unbiased?
Moderator: Mike Wood, Director, Alternative Investments, Charles Schwab & Co.
Dina DiLorenzo, Guggenheim Partners
Ninon Marapachi, Head of Hedge Fund Origination, Merrill Lynch – Global Wealth & Retirement Solutions
Scott Welch, Co-Founder and Former Chief Investment Officer, Fortigent
ETF Alchemy: Leading Asset Managers Look at How ETFs Are Transforming Managed Solutions
With Morningstar tracking 648 strategies from 153 firms representing $96 billion in assets as of December 2013 – an annual increase in assets of 40% – the packaging of ETFs into institutional-grade portfolios is decidedly more than a passing trend. During this session, some leading asset managers in this still nascent space discuss how and why ETF managed portfolios continue to gain traction. Topics to be covered:
- The current landscape and the emerging growth pattern of ETF managed portfolios, including an examination of the forces driving investor and advisor demand.
- How asset managers are packaging ETFs into investment strategies.
- Tactical versus strategic asset allocation implications.
- Should ETF managed portfolios represent a complete solution or a component of a larger strategy?
- What are the appropriate benchmarks for gauging performance?
- Managers’ strategies for successfully creating awareness among advisors, educating advisors, and ramping up advisor productivity.
- The different approaches advisor and broker-dealer platforms are taking to due diligence and research.
Moderator: Bobby Brooks, National Sales Director, Invesco Power Shares
Robbie Cannon, President & CEO, Horizon Investments
Brendan Clark, President, Clark Capital Management Group
Todd Clarke, Chief Executive Officer, CLS Investments
Sharon French, President, F-Squared Capital
5:00PM – 6:30PM
Reception and Networking with Exhibitors
Wednesday, October 22, 2014
Also see TechOps Track
7:00AM – 8:15AM
Breakfast and Networking with Exhibitors
8:15AM – 8:30AM
Keynote Speaker: 10 Steps to Achieve Work-Life Balance
In the welter of modern life – an environment characterized by a steady stream of distractions, rapid and continuing change, and seemingly unending pressure to be on deck and reachable 24/7 – lives are turned topsy-turvy. Highly successful individuals lose touch with their personal sense of self chasing down one avenue after another, allowing themselves to be pulled in an impossible number of directions lest they “miss something.” The result: diminished productivity and the loss of feelings of fulfillment and satisfaction in their work and personal lives. In his presentation, Dr. Hallowell, a psychiatrist and a leading authority in the field of ADHD, will draw from his new book, Driven to Distraction at Work, to be published by Harvard Business Review Press in January. He will identify the underlying reasons why people lose their ability to focus at work and explain why commonly offered solutions like "learn to manage your time better" or "make a to-do list" just don't work because they don't address the deeper, underlying issues of mental distraction that are in play. By outlining the most common patterns of how and why people lose their focus, he shows how one can regain control of and balance in one’s life through a set of 10 practical and reliable techniques that acknowledge and help break the habits that erode productivity and undermine effectiveness.
Edward Hallowell, M.D., Ed.D
Psychiatrist and founder of the Hallowell Centers in New York and Boston. Author, Driven to Distraction at Work
TechOps Track Session: The MMI Model Exchange Hub: A Path to Industry Scalability and Lower Barriers to Growth
Many firms now have significant assets under management in UMAs. As these products achieve scale, any operational inefficiency becomes a real pain point. This session provides an update on the MMI communications standards and the joint project with Envestnet to develop a model exchange hub.
- Learn how this effort will benefit your firm by helping you reduce risk, improve efficiency and increase scalability;
- Find out how to get your firm involved; and
- Discuss other ways the industry can leverage fully integrated standardized communication.
Moderator: Roger Paradiso, Managing Director, Director of Consulting Group Investment Solutions and Portfolio Development, Morgan Stanley Wealth Management
Mike Apker, Executive Vice President, Envestnet
Nancy Camarata, Vice President, Neuberger Berman
Gary Jones, Senior Director, Collaborative Consulting
9:30AM – 10:00AM
Refreshment and Networking Break with Exhibitors
10:00AM – 11:00AM
Concurrent Break-Out Sessions
Advisor Panel: Success Strategies of Top-Performing Next Gen Advisors
Today’s financial advisors face myriad challenges, including heightened client expectations, time demands, fee compression and new forms of competition – to name but a few. But what about younger advisors in particular? Next gen advisors face all of these as well as a unique set of potential hurdles. Among them are barriers to entry for new advisors, relatively few peers to look to as role models, older advisors opting to postpone retirement and not “sell” their businesses as originally anticipated, and compliance limits on the use of social media, one of the business-building tools with which next gen advisors are most familiar and comfortable.
In this session, Ray Sclafani – who after 20 years at AllianceBernstein founded and heads ClientWise, a well-established financial services coaching and training company – leads a panel of successful young advisors who will examine the opportunities and specific challenges facing the next generation of financial professionals. The panelists will discuss their strategies for success, including how they are effectively engaging with both older and younger clients, building and managing a successful business, and positioning it for future growth and relevance. The group will also share specific ways they believe that sponsors and managers can best support younger advisors by formulating engagement strategies to connect with advisors early in their careers, finding ways to support teams bringing on new advisors, and aligning expectations.
Moderator: Ray Sclafani, Founder & President, ClientWise
Seth Coren, Senior Vice President, Family Wealth Director, The Coren Edelman Group, Morgan Stanley Wealth Management
Julie Dusing, Certified Financial Planner, Cetera Investment Services
Brooke McGeehan, Associate Vice President, Financial Advisor, Accredited Wealth Manager, RBC Wealth Management
To Tweet or Not? Ramping Up Productivity in the Digital Age
Although some may think we’re still in the early days of media in the financial services industry, actually, we’re not. It is difficult to find an expert who doesn’t agree that having a social media presence – through LinkedIn, Facebook, and Twitter – is critical, and the regulators have, as we well know, taken note. Over the past five years, experimentation and tentative steps have been taken across the sector, and – despite the putative benefits – there has been no full embrace, but the writing on the wall indicates it’s not that far off.
This dynamic panel led by Dow Jones’ MarketWatch columnist and author Jennifer Openshaw takes a detailed look at how leveraging social media can drive brand and business for asset managers and advisors. With a focus on productively leveraging social media tools, among the topics to be addressed are:
- Ways in which social media can be powerful tools for prospecting and generating referrals.
- What happens in an “internet minute?” What does the prospect look for? What makes good content?
- The risks of social media from a regulatory perspective, including a look at regulatory guidelines and social media policy practices across the industry. How rules differ for static vs. interactive content.
- What really works – success stories from LinkedIn, Facebook, and Twitter. Strategies for building social media into a broader marketing plan. Responding to complaints on social media.
- Do the networks beyond the “big four” really matter?
- Social media and the next generation of clients – plans of attack for the next gen clients who have a different perspective on investing and are less interested in having conversations with advisors.
- How firms can help advisors with a digital social presence create their own unique brand.
Moderator: Jennifer Openshaw, Executive Director, Financial Women’s Association
David B. Armstrong, Managing Director & Co-Founder, Monument Wealth Management
T. Neil Bathon, Founder and Partner, FUSE Research Network LLC
Jan Percival, Senior Manager, Social Media Strategy, TIAA-CREF
TechOps Track Session: Empowering Advisors: Delivering Tools that Support Today’s Client Needs
Post-2008 concerns combined with the baby boomer retirement wave have put greater demand on advisors to deliver customized solutions to meet clients’ ever more complex needs. Firms, in turn, are facing competitive pressure to empower advisors with the tools necessary to give them an edge. Learn how firms are connecting wealth managers with a new generation of planning tools and other technologies designed to customize client solutions and deliver improved results. Among the topics to be addressed:
- How market dynamics and client demands have changed over time and what sophisticated clients expect today;
- Strategies advisors are employing to meet these shifting demands;
- The tools available now, and how your firm
- can best use them to solve client challenges; and
- New tools and techniques under development.
Moderator: Gary Jones, MMI Consultant and Senior Director, Financial Services, Collaborative Consulting
Michael Everett, Vice President of Business Development, MyVest
Eric Lordi, Head of Cross-Platform Development, Barclays Wealth & Investment Management Americas
Vilas Mhatre, Managing Director, Investment Products and Services, Morgan Stanley Wealth Management
Heeren Pathak, CTO, Vestmark
11:00AM – 12:00PM
Executive Spotlight: Point/Counterpoint – The Future of Advisory Solutions
What do some of our industry’s senior leaders view as the most significant trends, challenges and opportunities that lie ahead? Here’s your chance to find out. Our penultimate session will be a free-wheeling Q&A with five top executives representing the asset manager, sponsor and platform provider perspectives. In revisiting the conference’s theme of productivity, the panel will discuss what they consider to be the critical issues and how they are positioning their firms for success. Conference attendees can submit questions in advance or on the spot. Be part of the conversation!
Moderator: Mark Spina, Managing Director, Voya Investment Management
Jason Ainsworth, Managing Director, Head of Advisor Solutions Group, Neuberger Berman
Ron Fiske, Managing Director, Strategic Partnerships, Envestnet
Joe Schultz, Senior Vice President, Head of Intermediary Sales, American Century Investments
Steve Seifert, Principal, Investment Advisory & Mutual Funds, Edward Jones
11:00AM – 12:00PM
TechOps Track Session: In Search of the Best of All Financial Worlds: Closing in on the Unified Managed Household?
So how close is the industry to delivering the Unified Management Household (UMH)? This session will revisit the critical components required to deliver the UMH, gauge the current state of affairs, and ask whether the industry is doing enough to remove data, platform and service silos with the end goal of delivering a better outcome for investors.
Our panel of experts will address industry progress – and what needs to be done next – in these five key areas:
- Shifting from a product-centric to a client-centric approach;
- Changing how professional advice is delivered;
- Converging data feeds to simplify platforms;
- Creating smooth transitions from bank to brokerage; and
- Encouraging regulators to adapt.
Moderator: Danielle Verbrigghe, Reporter, FundFire
Darrin Courtney, Director, CEB TowerGroup
Greg Nordmeyer, SVP, General Manager Managed Accounts, Ameriprise Financial Services
Tirdad Shojaie, Senior Vice President, Fiserv
12:15PM – 1:30PM
How Federal Office Elections Predict Stock Market Performance
Special introduction by MMI President, Christopher Davis
John J. Kohut, Political Analyst and Author
12:15PM – 1:30PM
TechOps Track Session: The Changing World of Client Engagement: Technology Takes Center Stage
Across the economy, how firms of all types engage their customers is going through a seismic change, and the financial services industry is no exception. As business models are being rethought, much of the impact can be seen in how firms engage their clients and prospects at all stages of the relationship cycle. This session will examine the different ways that firms are applying technology to advance the client relationship model – among them the use of robo advisor platforms, social media, permission marketing, web and mobile apps.
Moderator: Joel Hempel, Chief Operating Officer, Lockwood Advisors
Victor Gaxiola, Customer Advocacy Manager, Hearsay Social
Bill Harris, Chief Executive Officer, Personal Capital
Kameron Rezai, Head of Retail Investment Technology, BlackRock