Page 9 - Investment Advisor November 2022
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have made Chevy Chase and his famous   members used various analogies to   are bringing that same maniacal focus
                 “Fletch” character proud of SoCal.   explain what’s been happening and to   to remove friction in the RIA custody
                                                   point out where and how advisors can   space,” Capuzzi said.
                 THE CONTENT                       become more knowledgeable.
                 With this spectacular backdrop, Future   “Crypto is a marketing opportunity,”   OTHER ELEMENTS
                 Proof kicked off in the afternoon of   Edelman said. “As part of your fiduciary   The rest of the agenda was full of ses-
                 Sunday, Sept. 10,  by hosting  several   duty, you need to be able to advise your   sions across the boardwalk, with the
                 panel discussions on topics like the   clients on prudent ways to invest in this   stages and content areas having the
                 future of technology, a debate on the   asset class, because if your clients are   most shade  the most widely  attend-
                 impact of M&A and industry consolida-  dabbling here, (which they are) they are   ed. Exhibiting firms also launched
                 tion between DeVoe & Co. CEO David   most likely doing it wrong.”   new products and services during
                 DeVoe and MarketCounsel CEO Brian   The founder of Edelman Financial   the event.
                 Hamburger, and a conversation with the   Engines  believes  that  if  advisors  can   Most notably, Jeremy Grantham’s
                 filmmaker and two stars of the upcom-  become  smart  about  crypto  assets,   GMO asset management firm did so
                 ing documentary “This Is Not                                                with the launch of Nebo, a
                 Financial Advice.”         While it’s no surprise that Future               technology-driven asset allo-
                   Other noteworthy sessions                                                 cation and portfolio manage-
                 included an executive leader-  Proof tilted more towards a                  ment platform for RIAs that
                 ship discussion on the “future   younger crowd (the average age             streamlines and automates
                 of advice — what will it take                                               the process for delivering
                 to stay relevant,” featuring   of advisor attendees was 33), I              custom and personalized
                 Mercer Advisors CEO Dave   believe Future Proof will become                 portfolios. (Nebo stands for
                 Welling, Journey Strategic                                                  needs-based optimization).
                 Wealth  President  Penny   a franchise event for the industry.                Nebo  and other  vendors
                 Phillips and Altruist CEO                                                   had good traffic from advi-
                 Jason Wenk.                       they can easily demonstrate their value   sors eager to learn and sample the lat-
                   Welling said one way to differenti-  beyond just investing in digital assets   est innovations — while seeking shelter
                 ate a practice is to specialize in vari-  and take advantage of traditional tax   from the warm California sun.
                 ous advice segments, go “deeper in the   planning opportunities such as tax-loss   While it’s no surprise that Future
                 vertical that you are working in” and be   harvesting, gifting strategies and more.   Proof tilted more towards a young-
                 “more human” to relate to clients and   “There is no wash sale rule with crypto,”   er crowd (the average age of advisor
                 their emotional and behavioral needs,   he noted.                   attendees  was  33),  I  believe  Future
                 which advisors often overlook in their   In a nod to how technology is rewrit-  Proof  will  become  a  franchise  event
                 pursuit of the left-brained aspects of   ing just about every aspect of wealth   for the industry — particularly now
                 wealth management (which focus more   management, Future Proof invited Apex   that TD Ameritrade’s LINC conference,
                 on numbers).                      Fintech Solutions CEO Bill Capuzzi and   which appealed to the younger, emerg-
                   Phillips suggested advisors build   Olivia  Eisinger,  head  of  the  Advisory   ing advisor, is history — opening the
                 “community with clients” to become   Channel at Apex and a former TD   door for Future Proof to expand and
                 known as the go-to resource for various   Ameritrade executive, to the main stage   move up market.
                 client segments and demographics.   for a deep dive discussion on where the   So, a tip of the cap to Advisor Circle
                   Naturally, a forward-looking event   RIA custody business is headed.  and Ritholtz Wealth for taking one of the
                 like Future Proof showcased trends   Billed as a David and Goliath conver-  more calculated risks we’ve seen in quite
                 in money, digital assets, Web 3.0 and   sation, Capuzzi and Eisinger pointed to   a long time, while raising the bar for the
                 more. In one high-profile session on the   the  upcoming  mega-merger  of  Schwab   financial advisor event space. I hope to
                 crypto markets, long-time experts Matt   and TD Ameritrade as an event that’s   see you on the beach next year.
                 Hougan  of  Bitwise  Asset  Management,   bound to create dislocation in the heav-
                 iconic advisor Ric Edelman and Ophelia   ily concentrated custody business — cre-  Timothy D. Welsh, CFP, is president, CEO
                 Snyder, president of 21Shares and 21.co,   ating opportunities for new entrants.  and founder of Nexus Strategy, LLC, a leading
                 took to the stage.                  “We’ve been successful with tra-  consulting firm to the wealth management
                   Focusing  on  the  massive  volatility   ditional fintech platforms that need   industry and can be reached at tim@nexus-
                 of this emerging asset class, the panel   incredible scale to operate, and now we   strategy.com or on Twitter @NexusStrategy.



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