Before we all dive headfirst into the festivities and well-deserved relaxation of the coming week, there are a few thoughts swirling in my mind that I wanted to share with you here.

Here’s a list of what I’m covering in this week’s pre-holiday version of Connected.

1. How Independence Fuels Innovation in Wealth Management

2. Navigating Alternative Investments as a Strategy for Growth with Victoria Bills & Steve Zuschin 🎧

3. You’re Invited: Modernizing Your Firm’s Reporting to Simplify Your Client Experience

4. Silent Storytelling: The Most Impactful Ad of 2023

Let’s get into it.

How Independence Fuels Innovation in Wealth Management

On Monday of this week, news broke that Figma and Adobe, two design and creative software giants, were discontinuing their merger plans.

The decision is set to cost Adobe over a billion dollars due to antitrust concerns and various other issues.

While shareholders of both companies may be feeling disappointed, the broader perspective suggests that the failure of this combination could lead to more choices and a potential boost in innovation for the future.

The dissolution of the Figma-Adobe merger could serve as a breath of fresh air, allowing both companies to remain independent and prioritize creative solutions over defensive strategies.

In our industry, we are all too familiar with consolidation.

And those of us who have personally been through any merger situation know it comes with compromises.

In my experience, teams can become more concerned with defending solutions that existed before the merger rather than continuing to move forward, creating better solutions for our clients.

Maybe it’s the creative in me, but I can’t help but be a little excited when deals like this don’t work out.

Independence fosters creativity and innovation.

In our industry specifically, the increase in mergers and conglomerates tends to lead to more companies focused on the needs of the shareholders and less invested in creating the best possible solutions for their clients. But it doesn’t have to be this way.

Here are a few questions you should be asking yourself to ensure you are maintaining an innovative customer-centric approach:

1. Would you be a client of your own firm?

   Acknowledge the complexities and deficiencies within your organization and evaluate whether you would choose your own services.

2. Would you pay what your customers pay?

   Reflect on the value of your services and whether the pricing aligns with the perceived value from a customer's perspective.

3. How are we increasing our value?

   Consider the customer's viewpoint regarding communication, insights, and engagement strategies. Align internal communication with external customer expectations and find new ways to deliver a better experience.

Regardless of our businesses' transitions, our focus should and must always be on what is best for our clients.

On the Pod

Navigating Alternative Investments as a Strategy for Growth with Victoria Bills

Episode 025: In this week’s episode of Milemarker’s The Connected Advisor Podcast, we’re sharing a conversation featuring Victoria Bills, Chief Investment Strategist at Banrion Capital Management, Steve Zuschin, Chief Revenue Officer at Mammoth Technology, and me from our latest Innovation Office Hours Workshop.

Our discussion centers around the complexities of incorporating alternative investments into business strategies, positioning them for clients, and overcoming challenges.

Get answers to these questions:

1. What are advisors doing to satisfy due diligence when they don’t claim to be experts in underwriting one fund from the next?

2. How do you evaluate the solidarity of an alt fund?

3. Any warnings on alt environment, specifically private equity or opportunity zones due to interest rates?

The episode is available now on your favorite podcast platform as well as a video version on YouTube. While there, please don’t forget to Download, Like, and Subscribe.

You’re Invited: Modernizing Your Firm’s Reporting to Simplify Your Client Experience

Join us for an exclusive online event on Wednesday, January 10th at 12pm EST: Modernizing Your Firm’s Reporting to Simplify Your Client Experience.

Scott Klaassen, Managing Director at Milemarker, and I will be answering your top questions about how advisors can modernize reporting practices and leverage data analytics to enhance their client experience.

Save your seat now.

Silent Storytelling: The Most Impactful Ad of 2023

No dialogue. A little bit of text at the vary end, in German though, which I don’t comprehend.

Still it’s one of, if not the most, impactful ad I’ve seen in 2023.

Let’s put in the effort to take care of what really matters.

_________________

Have a safe holiday weekend and make time to care for what matters most.

Written by Jud Mackrill

Edited by Amy Simpson