Follow The Money: Wealth Management Execs Talk Disruption At SALT Conference

The SALT Conference is a gathering of some of the most well-known executives in finance, policy and economics. Benzinga headed out to Las Vegas to cover exciting news surrounding the these sectors.

Among the all-star lineup, Frederick Gabriel, Jr., the Editorial Director of InvestmentNews led a discussion covering new advancements in wealth management, the rise of technology and overall change slated for the future of the industry.

The Disruptive Future

“In journalism, we are taught to follow the money,” Gabriel said to preface the panel. As these executives spoke about their personal experiences, this journalism standard proved rather accurate, especially in regards to disruptive changes to the wealth management landscape.

“It’s on everyone's radar to figure out the impact of their business in this space,” said Shirl Penney, President and CEO of Dynasty Financial Partners.

“There’s a lot of migration. Clients are choosing to get their advice separately from where products are manufactured. At Dynasty, dozens of million dollar breakaways have been executed. There’s a tremendous amount of capital.”

No matter where you fall into the fintech industry, according to Penney, it's imperative to find your strategy.

For the People

For the executives heavily involved in asset management, the fintech trend and the landscape as a whole has accelerated at dramatic levels.

“The only constant in the industry is change,” said Christopher Dupuy, Managing Director of Rockefeller Management. “Sometimes we can get into trouble in overcomplicating things, but when you boil it down, we’re in the people business and we’re seeing a change fueled by technology and how clients prefer to be treated.”

According to Dupuy, it's imperative for all advisors and major firms to research and discover the needs of specific clients in order to settle on the best business model. Rockefeller, for example, creates a “boutique” experience for high and ultra-high net worth individuals.

“The biggest mistake as an advisor is not taking a step back and doing their due diligence and find out what is best for the client,” Dupuy said.

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