Jay has been on the sales team with Advicent for many years. Prior to his time with Advicent, he gained industry experience through his positions as an advisor with Sun Life Financial, senior e-commerce designer at an insurance underwriter, and partner and principal at a digital media marketing firm.
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Now, I know that Summer is a busy time of year. I also know that during August in Canada “busy” is “Canadianese” for golfing, being at the lake, or sitting in the wilderness being fed to insects while camping with the in-laws. However, those of us who spent time at the fourth Advicent Innovation Summit in Toronto were able to connect with industry professionals and hear from some of the leading financial services organizations in Canada.
The evolution of advice delivery in the financial service industry
During this great event, many key players from both Canada and the U.S. were in the room including exceptionally engaging speakers. We heard from Jay Mooreland about how to integrate behavioral coaching into the planning process. Soon after, Tony Maiorino from RBC told us to shift to a client perspective when engaging clients so that we can present options in a way that is meaningful to them.
Our good friends at Croesus graciously lent us Director, Business Architecture Lori Goodfellow who reminded us that “robo-advisors will never be able to provide those intangibles that actual advisors give their clients.” Lori then joined a discussion panel that included Brian McLaughlin (Redtail Technology), Johnny Chiello (Sun Life Financial), and our very own Pietro La Greca.
The discussion panel, facilitated by Tony Stich from Advicent, broached a series of topics ranging from the financial impacts of CRM2 legislation in Canada and the DOL ruling in the U.S. to the impact of data security and digital attrition on the financial services industry as a whole. McLaughlin highlighted that the industry lacked a set of standards for data sharing security among vendors catering to the industry.
Shifting the focus to technology
After the dust settled, Advicent COO Angela Pecoraro presented how we view the client journey and how our tools help advisors tailor and guide that journey to ensure the client views their advisor as the trusted counsel they need along the journey.
The Financial Planning Standards Council of Canada joined the ranks and inspired attendees with a keynote from Cary List, President and CEO of FPSC. Cary told audience members to not fear the “robots” saying, “CRM2 and the CSA’s paper on the Best Interest Standard will set client expectations higher.”
He reminded everyone that back when WebMD was first introduced, people thought it was the end of the medical practice. The reality turned out to be that patients were just better informed to the extent that they knew in greater detail how much they needed to consult their medical professional. Robots will simply create the same sense of greater informed need. “Those who embrace their clients’ greater self-efficacy will thrive,” said List.
What did the attendees think of the Innovation Summit?
The attendees at this event comprised both the major financial organizations in Canada and a healthy mix of independent financial advisors. I personally spoke with many attendees throughout the day, and the content of the presentations was extremely well received.
One independent advisor attending the Summit described the event as one of the best that he had attended and that he enjoyed being able to hear and see where Advicent is going, as well as get insight from where the “big guys” are coming from.
All in all, the event was extremely successful and Advicent is proud to have empowered all attendees with the most relevant and recent FinTech strategies available to the market. If you were not able to attend the event, you can also download presentations and read more about our speakers from the event here.
Connect with our speakers on Twitter:
Jay Mooreland, The Emotional Investor – @jaymooreland
Tony Maiorino, Royal Bank of Canada – @AnthonyMaiorino
Brian McLaughlin, Redtail Technology – @redtailtech
Johnny Chiello, Sun Life Financial – @ChielloGiovanni
Cary List, FPSC – @FPSC_Canada
Croesus - @CrosesusFin
Phil Cunningham, Advicent – @PCunninghamCEO
Pietro La Greca, Advicent – @pietrolagreca
Angela Pecoraro, Advicent – @AngPecoraro
Tony Stich, Advicent – @advicentgdm