A People-Centric Approach to Wealth Management with Lisa Crafford

Episode 051: In this episode of The Connected Advisor, Kyle Van Pelt talks with Lisa Crafford, Managing Director & Head of Advisory at Constellation Wealth Capital. They discuss the importance of people in the wealth management industry. Lisa highlights the value of internships and the need for firms to invest in their employees. Lisa also discusses the impact of technology, data, and professionalization in shaping the future of the financial industry.

The financial industry is fundamentally a people's business. It's more than just numbers and algorithms. It's about building trust and understanding with clients. Moreover, successful advisory firms value their people, from their advisors at the forefront to their operations experts behind the scenes. As important as technology and investment expertise are, creating a collaborative and people-centric environment is a strategic investment in a firm's future.

Throughout her career, Lisa has worked for small family-owned businesses, large retail franchises, non-profits, and Fortune 500 companies across Australia and the U.S. At Constellation Wealth Capital, Lisa leads the advisory team and works alongside partner firms to help them grow and strengthen their business. 

Lisa talks with Kyle about the importance of people in the wealth management industry. She highlights the value of internships and the need for firms to invest in their employees. Lisa also discusses the impact of technology, data, and professionalization in shaping the future of the financial industry.

In this episode

• [01:57] - Lisa's money moment

• [05:25] - What netball is and how it works

• [07:58] - What makes Constellation different from other capital partners

• [12:40] - Why the wealth management industry has become a target for investors

• [16:04] - Why financial planning extends far beyond retirement planning

• [19:08] - The impact of data on RIA valuation

• [23:40] - The industry's trend toward professionalization

• [27:38] - Why many firms struggle to answer the growth question

• [32:24] - The value of internships

• [39:23] - Lisa's Milemarker Minute

Key Takeaways

• Wealth management is fundamentally a people's business. It is important to focus on client relationships and people across all roles, including advisors, operations, technology, marketing, and compliance​.

• Constellation Wealth Capital provides tailored capital solutions for large and rapidly growing advisory firms, emphasizing simplicity and effectiveness in their investment approach​.

• Technology is more than just having the latest tools. It is also about ensuring that existing technology is utilized effectively to drive firm growth and integration.

• Financial planning goes beyond retirement planning. It includes comprehensive wealth management that addresses clients' overall well-being, including psychological and behavioral aspects related to money.

• Internship programs are a great way for advisory firms to invest in the future. The financial industry provides a lot of opportunities, and it's a great place to be.

Quotes

[14:49] - "Our work makes a difference in people's lives. It's not just about making rich people richer. It's really about helping people understand their wealth, share and create a legacy with their wealth, and make the world a better place through what they've created with their money." ~ Lisa Crafford

[21:01] - "Having the data and technology is really important. But what are you actually doing with that data? How are you using it to give your clients a better experience? There's having data, and there's using data. There's having tech and actually using it properly." ~ Lisa Crafford

[30:06] - "If the employees of your firm feel connected to the mission and feel like they can contribute to that, that's a game changer in culture and morale and how the firm operates on a day-to-day basis." ~ Lisa Crafford

The episode is available now on your favorite podcast platform:

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• Spotify

• YouTube

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If you’d like to schedule a time to talk with me about anything we cover on our podcast or Milemarker, click here for 15 minutes.

Kyle Van Pelt