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WHITE PAPER

Bridging the Gap: Optimizing Advisor Productivity with Platform Development and Adoption

August 13, 2024

The relationship between advisors and the technology they use to serve clients is one of the most crucial elements of the wealth management ecosystem. Yet, many financial advisors fail to reap tangible gains. What’s holding them back?

As scale, personalization, and practice differentiation become increasingly important to all players across the advice continuum, the advisory platform experience will assume greater importance. This white paper defines the optimal advisory platform experience—as expressed by wealth management firms—and outlines recommendations for players in the financial technology market to consider.

Key Takeaways

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Technology Demand

Understand areas for platform development as wealth managers balance discretion, scale, and transition to a goals-based portfolio management approach.

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Investment Options

Evaluate investment options, including model portfolios, that enable scale and access to leading strategists.

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The Power of One

Assess the key factors considered when building an all-in-one consolidated platform and assess the importance of add-on features, such as tax management and tax-loss harvesting for future development.

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SUBJECT MATTER EXPERTS

Meet Our Team

Scott Smith

Scott Smith

Senior Director

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Scott Smith

Scott Smith

Senior Director

With more than 20 years of financial services industry experience, Scott leads Cerulli’s research efforts focused on investor behavior and advisory relationships. In his time at Cerulli, he has authored more than two dozen in-depth reports on topics ranging from wholesale distribution to digital advice platforms. His research helps Cerulli’s clients understand how to optimize their platforms given the evolving demand for financial advice.

Scott started his career wearing a headset at Putnam Investments’ service center in 1996, before moving to more strategic roles at MFS Investment Management starting in 2000, and then to Cerulli in 2007. In addition, he currently serves as member of the CFP Board’s Digital Advice Working Group, and as a judge for the wealthmanagement.com Industry Awards.

Full biography here.

Bing Waldert

Bing Waldert

Managing Director, U.S. Research

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Bing Waldert

Bing Waldert

Managing Director, U.S. Research

Bing Waldert leads Cerulli’s U.S. Research team comprising seven research practices that cover all elements of the U.S. asset management, wealth management, and retirement markets. He has authored Cerulli reports on the wealth management industry, high-net-worth market, the annuity industry, and retirement markets. He is a frequent board-level and C-suite speaker and well-regarded industry thought leader. He has spoken in front of the Investment Company Institute (ICI), the Asset Management Association of China (AMAC), the Investments and Wealth Institute (IWI), and the Money Management Institute (MMI).

He has worked on client projects on emerging manager expansion strategies, independent registered investment advisors (RIAs), multi-family offices (MFOs), investment platforms, and the outsourced chief investment officer (OCIO) industry. In addition, he has advised multiple private equity firms on acquisitions in the wealth management space.

Full biography here.

Michael Manning

Michael Manning

Research Analyst

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Michael Manning

Michael Manning

Research Analyst

Michael is an analyst in the Wealth Management practice at Cerulli, specifically working in Managed Accounts. He is a contributor to the U.S. Managed Accounts annual report and The Cerulli Edge series, providing quantitative and qualitative analyses. He also supports various consulting projects within the Wealth Management practice.

Prior to joining Cerulli Associates, Michael started his career as a financial analyst at Granite Telecommunications where he created quote proposals and developed special pricing analyses in response to customer needs.

Full biography here.

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