Between Sessions: New Year Kickoff – Advisor Tech, Fees and Cybersecurity

January 26, 2015

Between Sessions kicks off its 2015 series with +Blane Warrene +Jay Palter. Jay came up with a great name to represent the discussions and topics that come up so often at events and meetings in “between sessions” of this agendas. At the core Between Sessions is an exploration of the digital business model in financial services. We consider the technology, marketing, compliance and more in investigating how our industry is evolving in this new digital era.

Show Notes

Jay brought a strong bench of topics in our rundown today. We started with an exploration of a roundtable featuring many leading thinkers in our industry – chaired by Michael Kitces, with Bill Winterberg, Joel Bruckenstein, Stephen Lockshin and Wardeep Walia on technology and the financial advisor.

In our view the interesting place to be working and watching is the hybrid models, which do always emerge in financial services, where robo advisors (we prefer automated financial planning platforms) converge with financial advisors to present a unified digital and analog slate of services.

This segued into a discussion of compression on the margins for financial firms – where fees may be a target. Specifically advisory fees. As transparency rules and investors see what is driven by systems versus expertise handled by their live advisors – they will certainly want to explore how fees are justified – and why are they not lower? Is it time to end financial advisors’ 1% fee?

We end on a topic that we feel will be a regular topic on our agenda this year – security. No introduction needed with the dramatic hacks and attacked over the past 18 months that have impacted tens of millions of us (JP Morgan Chase, Target and Home Depot alone).

Jay sees training as the secret sauce to getting the ship right for security – especially human behavior which we know is 9/10’s of the reason security snafus happen. See this story on the next big thing in cybersecurity – advisor training. Blane also sees devices as a risk – and shares some anecdotes about possible risks. He has discussed it in the past.

Some articles and topics we didn’t get to:

Blane has some recommended apps for your social media editorial calendar and process.

Jay also was looking at:

23 under-used ideas for Twitter lists

How “learnings” and terminology prevent thinking and understanding

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