eMoney Summit 17 Recap: Day Two

After a successful day one, all the advisors were back bright and early for a full day of Summit activities. Getting it all started (after a big breakfast of course) was an Ask Me Anything session with the acclaimed advisor, coach, and CEO, Ron Carson. Fresh off a complete company rebrand, a serious change in broker dealer and custodian, and sporting brand new beard, Ron was a wellspring of wisdom thanks to his long and successful tenure in the financial services industry (and also apparently as an avid mountain climber).

Some of the best tidbits of “Ron-sense” included “pick your partners well,” “always start with the client experience,” “don’t be distracted by non-alpha activities,” and “provide solid career path in order to keep young talent.” There was much more, but don’t worry, Twitter users took to posting the rest.

Michael Kitces, Partner and Director of Research at Pinnacle Advisor Group followed Ron’s Ask Me Anything with his talk: Industry Trends Shaping Financial Advice. He started with a fresh take on the classic story of the Luddites, an infamous group of nineteenth century craftsmen who resisted the inevitable rise of technology brought on by the industrial revolution. Drawing parallels to today’s world, he showed how technology has historically killed financial advisor business models, how financial advisors have time and again consistently adapted and continually improved their value stacks.

Getting everyone to lunch was two hours of interactive breakouts. Led by eMoney power users, these sessions were an opportunity to share best practices between professionals, and in that spirit of sharing, slides from each presentation will be shared next week.

After the advisor-led breakouts, the Summit got back to technology with a series of breakouts from all our great sponsors.

As everyone made their way back into the main hall for a few more keynotes, a few stopped to send some love over to the DJ:

Kicking off the afternoon was the President of Fidelity Institutional, Mike Durbin, with his presentation, The State of the Wealth Management Industry in 2017. He outlined the main drivers of value for financial advisors, which included to: Build better outcomes for clients, infuse digital into your DNA, and create a sustainable, enduring firm.

Our final keynote speaker of the day was Clara Shih, CEO and Founder of Hearsay. Straight from Silicon Valley, Clara demonstrated how technology has transformed the way we build relationships and sell our services. She posed the provocative question: Why do so many advisors market their services like its 2007? And then took the audience through how it is they can bring their marketing up to 2017 by embracing such technological change as text messaging and social media while still remaining compliant with the many regulations in our industry.

The Hackathon Takes Center Stage

Between speakers, and under the leadership of two-time Hackathon emcee Bill Winterberg, attendees got a video recap of day one of the Hackathon, but most importantly, got to see live demonstrations of each group’s piece of newly developed technology.

Team Hacktical Jokers went first and displayed their artificial intelligence onboarding system. They staged a typical advisor-client conversation as the technology tracked their words and pulled out all the pertinent data to then fill the eMoney system.

Team Equihacks was next with their innovation known as The Lifeline. As information was entered into their sleek interface, the client’s lifeline was instantly built in front of them on screen.

Next was Team Road Warriors with what they called The eMoney Roadmap. Featuring an integration with Tightform Survey, Advisors can customize which questions their clients will answer during the onboarding/data gathering (or roadmap) process.

Fourth up on stage was Team Baby Got Hack. Their innovation was the simple, yet extremely practical idea of scraping a wealth of information from a client’s 1040 document, which had been uploaded in seconds from the client.

And finally, Team Show Me the eMoney came onstage with their MyWealthPath, which was a flexible workflow that let clients input information at their own pace, allowing them to pick and choose which sections to complete whenever they had the chance.

And after a quick break, the winner was announced. With the votes tallied and the judges consulted, Baby Got Hack, with their document scraping onbaording process was announced as the winners of the second annual eMoney Advisor Hackathon.

Jacob Leise

Written By

Jacob is a Content Manager at eMoney Advisor.