Mar 26 2024 28 mins 1
In this episode of Alternative Universe, Steve talks with Jack Sharry, EVP & Chief Growth Officer at LifeYield. Throughout his career, Jack has interacted with innovators, leaders, and disruptors who share his passion for combining human and digital advice. His background includes senior leadership roles at Morgan Stanley, Putnam, and Virtus. Jack contributes to numerous industry boards, publications, and organizations, advocating for practices and technology that provide more comprehensive access to financial advice, better investor outcomes, and individual retirement security through tax-efficient decumulation planning, social security optimization, and annuities.
Jack talks with Steve about how to maximize retirement income. Jack emphasizes the shift towards solutions-oriented approaches in financial planning and the need to integrate tax optimization into portfolio management. They also touch on the future trends in the industry, including the importance of multi-account, tax-smart management, and the role of alternatives in improving outcomes for clients.
Join us as we discuss:
- [01:38] - How Jack got started in financial services.
- [08:29] - Jack's secret weapon for giving advice.
- [12:31] - How the wholesaling industry has changed over time.
- [16:54] - Managing taxes and social security to improve client outcomes.
- [18:55] - The benefits of optimizing social security strategies for clients.
- [20:51] - Jack's outlook on the future of the industry.
- [24:20] - Jack's key takeaways.
Key Takeaways
- Listening is a crucial skill in the financial services industry. By listening to clients' pain points and concerns, advisors can better understand their needs and provide tailored solutions.
- The industry is moving towards a solutions-oriented approach, integrating elements like equities, ETFs, alternatives, annuities, and tax optimization to improve client outcomes.
- The industry's future lies in platforms and ecosystems that coordinate and integrate different elements of financial planning, including tax optimization, risk management, and social security planning.
- Taxes are a significant cost for investors, and managing them can improve outcomes significantly.
- Integrating tax optimization and risk management in the alternative space is a powerful combination that can improve client outcomes.
Quotes
"We help the advisor help the client avoid paying unnecessary taxes. We do it across the household; it's multi-account and tied into risk. Social security is another factor to be considered. That's how to maximize retirement income." ~ Jack Sharry
"Our industry is moving toward a multi-account, household-level portfolio management schema. And if you're going to improve outcomes, it's all around managing cost, risk, tax, and social security." ~ Jack Sharry
"The biggest single cost that an investor incurs over the course of their lifetime is taxes. So, if you can manage taxes, we improve outcome by 33%." ~ Jack Sharry
Links
- Jack Sharry on LinkedIn
- Jack Sharry on Twitter
- LifeYield
- Wealth Tech on Deck Podcast
- Money Management Institute
- Morgan Stanley
- Putnam Investments
- Rich Dad Poor Dad
- Babson College
- Edmund Murphy
- Empower
- EY
- Tiburon CEO Summits
- Chip Roame
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Disclosure
All content on this podcast is for informational purposes of a general nature only, and does not address any particular individual or investment. Nothing in this podcast constitutes accounting, legal, tax, financial or other professional advice. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the podcast participants may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. Please seek independent advice from a financial professional about your investment needs.
