Financial Services Institute: OneVoice 2014

Using technology to transcend traditional goals-based planning

Feb 4, 2014 @ 12:00 am

Runtime: 2:28

Charles Goldman, president and CEO of AssetMark, addresses the importance of advisers changing their conversations with clients and utilizing technology to pinpoint exactly what a client hopes to accomplish through their investing.

The Financial Services Institute's annual broker-dealer conference, taking place January 27-29 in Washington, D.C.

Video Transcript

I think the key trends that we're seeing from advisors is the need to change the conversation that they're having with their clients. In the old days, it was all about investments, investment performance and there's no question investment performance is critical. But going forward, connecting clients and advisors around the concept of what is purpose, what is really meaningful for the investor is where the conversation is going. And given that kind of conversation. You have to be able to build a great wealth platform, then get to the next level of discussion around what that individual is looking for in their lives and then try to fair it out from that individual, what their purpose is, where they wanna go. Connecting investments all the way through purpose is really critical and I think that's gonna be the overwhelming trend we're gonna see in the industry for the years to come. We read a lot about goals base and I think it really is around goals, but it's more than just goals and putting my kids through college, buying a house, whatever those specific goals are. That's the traditional way. Rather to where do I wanna take my life as an investor, as an individual, where and what my family could go, I'm thinking broadly about those issues and really digging deep into what makes that client, that individual different. We'll help inform what investments the advisors should pick. You have to connect those things. Otherwise, the investments are all about seeking alpha or avoiding risk. It's really around the goals that that individual is trying to meet and the purpose in their life that they're trying to fulfill. I don't think the purpose discussion is a change that's sudden or a cause by 2008. Rather, it's something that the best advisors have been doing for years and year. The best advisors have been connecting with their clients in a deep and personal way and then building portfolios around that set of needs. I think what's different today is in 2008, people were selling alpha, they were selling investments, whatever. The business' needs has changed for advisors and so they're trying to react to that and I think people like I said as a marker trying to help advisors with the tools to change that conversation. But again, it's not about a change that's occurring cause of 2008 or something today. It's really what the best advisors have been doing for years.


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