Insights From 10 of Wealth Management's Top Execs

November 4, 2013 5:45 PM

The State of Wealth Management

Here's a look at ten of the most influential executives in the business and their insights, concerns and predictions for the future of the advisory industry.

Patrick O'Connell, Ameriprise Advisor Group, Executive Vice President

O'Connell says the issues relating to baby boomers tops the list of vital issues for the industry.

We're at the trough of the baby boomers marching their way into their 60s. The demands of that generationand they have changed so many different marketsare such that our industry has to move toward a model where we're serving clients across a broad spectrum of needs, from investment needs to healthcare needs to overall comprehensive advice.

Time in Current Position: 4 years

Time with Firm: 21 years

Previous Employer/Title: Ameriprise

Years in the Industry: 21

First Job in Industry: Financial Advisor

Alma Mater: BS, MBA, Widener University

Number of Employee Channel Advisors: 2,289

Total AUM: $373 billion*

Average Employee Advisor 12-Month Trailing Production: Not provided

Average Employee Advisor AUM: Not provided

% Women Advisors (Not including registered associates): 17%

% Minority Advisors: Not provided

*Includes both employee and independent advisors.

Read the full story here.

Chip Packard & Haig Ariyan, Managing Directors and Co-Heads, Wealth Management, Americas

Deutsche Bank's Chip Packard and Haig Ariyan discuss lessons the industry learned in the past five years.

The crisis reinforced what true advisors should be doing for their clients, which is not just to look for the highest blended return. It's also to keep a very close watch on riskrisk in the portfolio and risk across all their assets - Chip Packard

Chip Packard

Time in Current Position: 11 months

Time with Firm: 7 years

Previous Employer/Title: Credit Suisse

Years in the Industry: 17

First Job in Industry: Client Advisor/Investment Representative

Alma Mater: University of San Diego

Haig Ariyan

Time in Current Position: 11 months

Time with Firm: 17 years

Previous employer/Title: Alex. Brown & Sons

Years in the Industry: 21

First Job in Industry: Client Advisor/Investment Representative

Alma mater: Rutgers University

Read the full story here.

Jim Weddle, Managing Partner, Edward Jones

Weddle says the opportunity for financial advisors is huge as baby Boomers seek expertise as they start seriously saving for retirement.

[Baby Boomers] start saving in a very serious, focused kind of a way. They realize we've got a limited amount of time. In many cases they're reaching for a financial advisor with some expertise to help them accomplish what needs to be done before they retire. And that opportunity is just huge. In addition, baby boomers will eventually transition all that wealth, trillions of dollars of wealth, to their children, and there's a huge opportunity for us there as well.

Time in Current Position: 8 years

Time with Firm: 37 years

Previous Employer/Title: Edward Jones

Years in the Industry: 37

First Job in Industry: Part-time Research intern

Alma Mater: BA, DePauw University; MBA, Washington University in St. Louis; University of Pennsylvania Wharton school's Securities Institute

Read the full story here.

John Thiel, Head of Merril Lynch Wealth Management, Bank of America

Thiel predicts the wealth management industry in the future will be team-based.

It's no longer about whether the investment is right when [advisors] recommended it. It's whether it's the right thing every time, every day for the life of that relationship. And so that requires advisors working with fewer clients. They are not going to be able to meet that standard of care and the documentation around that standard of care with 400 clients. You just can't.

Time in Current Position: 2.5 years

Time with Firm: 24 years

Previous Employer/Title: Controller & Agent, John L. Alcock Insurance

tYears in the Industry: 30

First Job in Industry: Accountant, Alvarez & Ferraro

Alma Mater: Florida State University, College of Business

Read the full story here.

Greg Flemming, President, Morgan Stanley Wealth Management

Fleming sees managed accounts as the crown jewel of his business, and expects only minor changes in wealth management in the coming decade.

As somebody who has now been around for a few decades, I know that the predictions of major structural change in industries like wealth management, that have been around for a long time, are overstated when you're heading into a supposedly new period.

Time in Current Position: 3 years

Time with Firm: 3.5 years

Previous Employer/Title: President, Merrill Lynch

Years in the Industry: 21

First Job in Industry: Investment Banker

Alma Mater: BA, Colgate University; Yale University School of Law

Read the full story here.

Tash Elwyn, President of the Private Client Group, Raymond James

Elwyn discusses succession planning.

Over the next five to 10 years, as you begin to see this massive transition of business from the retiring generation of advisors to the next generation of advisors, that next generation of advisors will knowingly, or unknowingly, be signatories to an agreement to a succession plan that will forever preclude their choosing to conduct that business elsewhere.

Time in Current Position: 2 years

Time wiith Firm: 20 years

Previous Employer/Title: Raymond James

Years in the Industry: 20

First Job in Industry: Trainee Advisor/cold caller

Alma Mater: BA, Emory University

Read the full story here.

Bob McCann, CEO, UBS Group Americas

McCann says while independent channels are making in-roads and can't be ignored, the threat doesn't keep him awake at night.

Many people in my job are dismissive of the RIA and the independent channel. I'm not. You just study the numbers and see how they've changed over time, and you would be a fool to dismiss them.

Time in Current Position: 4 years

Time with Firm: 4 years

Previous Employer/Title: Vice Chairman and President, Global Wealth Management, Merrill Lynch & Co.

Years in the industry: 31

First Job in Industry: Associate, Sales & Trading Program, Merrill Lynch & Co.

Alma Mater: BA, Bethany College; MBA, Texas Christian University

Read the full story here.

Keith Banks, President, U.S. Trust

Banks says being a part of bank of America helps him deliver more than just wealth management services.

I've won business in U.S. Trust based upon the prospective client's belief that not only would we do the job in U.S. Trust, but that we could also in fact deliver the enterprise.

Time in Current Position: 5 years

Time with Firm: 9 years

Previous Employer/Title: CEO/CIO of Asset Management, FleetBoston Financial

Years in the Industry: 32

First Job in Industry: Equity research Analyst, home insurance company

Alma Mater: BA, Rutgers University; MBA, Columbia Business School

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Danny Ludeman, President & CEO, Wells Fargo

Ludeman discusses the challenges of marketing and winning new business.

We need to do a little better job of helping the financial advisor with marketing and also making sure there's time in a financial advisor's day, every day, to do it.

Time in Current Position: 4 years

Time with Firm: 4 years

Previous Employer/Title: Wachovia Securities, President and CEO

Years in the Industry: 34

First Job in Industry: Financial Advisor, Wheat First Securities

Alma Mater: BA, Virginia Commonwealth University; MBA, College of William and Mary

Read the full story here.