September 13, 2016 2:07 pm

Client Conference: We’re Gearing Up for Some Great Sessions!

Here's a taste of what we'll be talking about.

Our annual client conference is next week in San Antonio, and we’re looking forward to networking with clients and with a number of our technology partners and money managers. We’ve also lined up some outstanding speakers and session; stay tuned here, and follow us on Twitter (@folioDX), as we post excerpts from panels including “An Insiders View of the Industry” featuring Nexus Strategies’ Tim Welsh; Beacon Strategies’ Chip Kispert, and COO of Dynasty Financial Partners, Ed Swenson.

With the DOL Fiduciary Rule front and foremost in everyone’s mind, we’ll be covering that topic too…but from the perspective of new opportunities and new clients as we adapt and shift to thriving in a “new world”.

image2Sean Mullen, who has recently joined our sales team, will be a part of that panel and we sat down with him to get a quick preview of his thoughts.

Q: A lot of people are of course viewing the DOL Fiduciary Rule as a big hurdle—lots of new paperwork requirements and new regulations. What are the positive aspects, from your perspective?

Sean: I think that the biggest plus from the new fiduciary rule is transparency just across the entire relationship of advisor and client—even advisor and prospective client. And everyone benefits from that. Whether it’s being clear about what fees are being charged, to transparency of investments—it keeps everyone on the same page and that is a plus, especially for some key niche segments of investors.

Q: Do you have a niche in mind?

Sean: I’ve done a lot of research into the millennial market—they’re an interesting group, from my perspective. Millennials are those who were born between 1980-2000—and a lot of them have good jobs, good income, good earning potential; yet, they aren’t always top of mind for advisors to seek out.

Q: Thoughts around why?

Sean: I read in a recent Merrill Lynch study some research that even those millennials with stable earning potential, paired with investable assets, were holding off on committing to the markets. Most of their hesitation, it seems, is based on the years spent growing up with non-stop access to information about what was going on in the world, when some of what was going on was recession and lots of headlines around the issues that the financial institutions faced…the demise of major banks, and now recently the headlines around account opening fraud at Wells Fargo that are trending on Twitter. The result is a hesitation to get involved.

Q: How does the fiduciary rule change anything?

Sean: Transparency. I mean, with transparency front and center, and advisors having clear communication with potential clients, it’s easier to hopefully build a relationship based on trust. Of course it’s more than that, and I think that many advisors probably have to re-think some of the ways they’ve been doing business—maybe try to connect more via social media, embrace technology, meet millennials where they gather & focus on their interests. Think of your local coffee shops; sponsor their summer softball leagues. It’s going to take some creative thinking in order to catch their attention.

Q: Is it as simple as increasing your digital outreach strategy?

Sean: Of course not, but that’s a key step. Another thing that I thought was very interesting in that same Merrill Lynch study—many in this niche were holding off on investing, keeping their money in cash or a basic savings account, because they didn’t think they had “enough” to invest. The study explained how when advisors had a conversation around different options and pointed out that investing shouldn’t necessarily resemble the purchase of a big-ticket item –well, many of them hadn’t thought of it that way. Advisors that are able to start nurturing these potential clients will be in great shape as they continue to accumulate wealth—through work, and through inheritance in the greatest wealth transfer we’ve seen in generations.