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The theme for the Money Management Institute’s 2015 Annual Convention in Charlotte, NC was “Leadership Challenges in a Period of Fast-Paced Industry Transition”.  This was well-timed considering the whirlwind of changes that have occurred over the past year.

The attendees were a good mix of asset managers, sponsors and vendors that led to some lively discussions.

For those of you who were unable to attend or for anyone who was there but was busy schmoozing and missed a session or two, here is a quick recap of the entire conference as it looked on Twitter.

Money Management Institute on Twitter

MMI2015AC begins now w/ co-chairs @BlackRock’s Mike Lewers & @MetLife’s Jeff Wilk! Pick up your badge in the Grand Promenade on 2nd Floor.

Lorna Sabbia, Chairperson of the Board of MMI gave the opening remarks.  She has been at Merrill Lynch for 18 years and is currently their global head of managed solutions.  (See Merrill Streamlines Their Platform To Deliver UMH for Clients)

Money management institute

Keynote Speaker – Andy Sieg

The conference got off to a roaring start with an inspirational keynote speech from Andy Sieg, Managing Director, Head of Global Wealth & Retirement Solutions at Merrill Lynch.

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Sieg came loaded with a barrel of tweetable quotes that made it a pleasure for anyone trying to summarize his presentation. “The US economy is a rock of stability when compared to the rest of the world,” was one of the first he shared.

Craig Iskowitz on Twitter

Specificity is the soul of credibility” @AndySeig #MMI2015AC #wealthmanagement http://t.co/e4iqWR8ENX http://t.co/edUKMb7QbN

Sieg stated that the US has unprecedented growth possibilities.  He listed four transformations that are changing our world and said “technology is a force multiplier”.

Craig Iskowitz on Twitter

Merrill Lynch One #wealthmanagement platform consolidated $350 bil AUM since launched Jan 2014 @AndySeig #MMI2015AC http://t.co/yh4mf0Zxsj

Sieg reported on the success of their ML One platform that consolidated five formerly separate platforms.

Goals-Based Wealth Management: A Sea Change in Financial Advice Delivery

Jack Sharry and a panel of industry experts dived into Goals-Based Wealth Management (GBWM).  What it means, which firms are adopting it and what direction the industry is going.

The moderator was Jack Sharry, Executive VP, Strategic Development, LifeYield LLC.  The panel members were:

Craig Iskowitz on Twitter

Goals-based #wealthmanagement is personalization enabled by technology #MMI2015AC @EricLordi https://t.co/4PhvhnK0nc

Bringing Impact Investing Down to Earth

Impact investing is the practice of investing with the goal of generating measurable social and environmental impact alongside appropriate financial returns.  The MMI announced a new white paper examining how practitioners are integrating impact investing so that it becomes strategically material.  It will present evidence that impact investing can improve how the financial services industry manages to the kinds of outcomes that clients seek and meet growing demand for socially acceptable investing.

The moderator was William Burckart, Managing Director, Burckart Consulting @BillBurckart.  The panelists were:

WM Today on Twitter

Changing consumption model could save EU $630 billion by 2020 via @BillBurckart #MMI2015AC

Burckart discussed the Rise of the Virtuous consumer.  How firms like Patagonia and Whole Foods have built their brands around environmentally friendly business practices.

He explained how the current consumption model could be flipped around so that growth is untethered from resource constraints.  The world should be moving towards a ‘Circular Economy’ where nothing is wasted.

Craig Iskowitz on Twitter

In 2011, 20% of S&P500 issued social corporate responsibility reports, in 2014 it’s up to 80% -Anna Snider #MMI2015AC

Snider spoke about how social responsibility has gone from fringe idea pushed by noisy activists to mainstream concept that has been embraced by most of the largest companies in the country.

Gateway to Leadership Awards Dinner

The 2015 MMI Advisory Solutions Pioneer Award winner was Bill Crager, President of Envestnet.  He was introduced by Jim Seuffert, former CEO of Pershing Managed Account Solutions and co-founder and former COO of the Lockwood Advisors.  Seuffert is now Senior Partner at Wheelhouse Analytics.

Money Management Institute on Twitter

Congratulations to @ENVCrager for winning the prestigious 2015 Advisory Solutions Pioneer Award at #MMI2015AC

Money Management Institute on Twitter

Advisory Solutions Established Manager of the Year is won by @blackrock at #MMI2015AC

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From Generation to Generation: Preparing for When Wealth Changes Hands

Day Two began with a riveting presentation by Kim Lear, Director of Content, BridgeWorks.  Lear is an expert on demographic characteristics and behaviors for each generation.  She had the somewhat hung-over MMI audience glued to their seats and wide awake as she explained the differences between each group. She also explained how advisors should tailor their message and communication style depending on the age of their prospect or client.

Craig Iskowitz on Twitter

Generation Xers believe they have a greater chance of seeing a UFO than a social security check @kimmylear #MMI2015AC

By the time a Generation X’er is 20 years old, they will have watched 23,000 hours of television, Lear reported.  This means they have seen a lot of advertising, so they are difficult to sell to.

WM Today on Twitter

Baby Boomers mix Optimism+Idealism – advisors must be optimistic, be the bright spot @kimmylear #MMI2015AC

Boomers are in the middle of the transformation to retirement, but still have responsibilities with work and family, Lear noted.  Some Boomers spend up to 21 hours per week caring for aging parent (MIT & Gallup).  All this stress can lead to emotional exhaustion, which advisors would be wise to help mitigate in their communications, she stressed.

Craig Iskowitz on Twitter

Advisors should anticipate Generation Xers being skeptical, don’t get defensive @kimmylear #MMI2015AC


Platform, Product, and Client Interfaces of the Future

This was the UMA/UMH panel that is requisite for every MMI conference in order to cover the latest news, emerging trends and prognosticate about the future of technology, design and client experience.

This group did not disappoint.  Led by moderator Robert Klapprodt, President of Vestmark Software, the panelists were:

Vestmark Inc on Twitter

Good Morning #MMI2015AC ! Vestmark President, Rob Klapprodt, is moderating platforms and products of the future panel


Craig Iskowitz on Twitter

Primary #advisor gets 65% of investor’s wallet share -Mirchandani @Fidelity #MMI2015AC


Craig Iskowitz on Twitter

84% of clients that leave their #advisor do so because of poor service -Tipper @MerrillLynch #MMI2015AC

Mirchandani announced that Fidelity is following in Schwab’s footsteps and will be launching their own robo-advisor offering at some point.  TD Ameritrade is the only one of the big four RIA custodians who has not announced a robo-advisor service. (See Pershing Plans a Robo-Advisor White Label Product — Patrick Yip)

Craig Iskowitz on Twitter

@Fidelity is working on their own robo-advisor offering -Mirchandani #MMI2015AC

The Money Management Institute

I hope you enjoyed this Twitter recap of the MMI 2015 Annual Convention.  Check out some of the related content below.  Also, follow us on Twitter to get the latest information related to wealth management.

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