Results for "Duran Duran"

Dec 2, 2019, 2:27 PM EST

Thriving in a bifurcated economy: Services versus stuff


By Joe Duran

There's a lot of discussion lately about the disparity between the haves and have-nots, whether it's about the wealth gap, with the top 1% controlling nearly as much wealth as the middle and upper-middle classes put together, or the separation between developed nations, which control most of the world's financial resources, and the developing world. We can see a very similar situation unfolding in the business world. Why do "new economy" technology firms receive higher multiples than "old economy" companies that live in a different world of single-digit multiples. Are there any lessons for financial services firms, and in particular independent wealth managers?... Read full post

Oct 21, 2019, 6:01 PM EST

Saying goodbye to Jud Bergman

Jud Bergman rearview illo-Main

By Joe Duran

On Oct. 16, Jud Bergman was memorialized in his hometown of Chicago. He and his loving wife Mary lost their lives when their taxi was struck by an impaired driver on the Bay Bridge in San Francisco. Almost everybody in wealth management has either directly or indirectly been impacted by Jud and the business he built. Jud created a powerhouse company that works with tens of thousands of advisers and accelerated the development of financial technology, as well as many of the tools and systems that we all rely on every day. [Video: Remembering Jud Bergman]​ Jud has deservedly been recognized for his impact on the industry, but the interactions we shared over the past decade deeply influenced the person I have become. Since not everyone had the benefit of knowing him personally, I want to share three specific moments we shared that made Jud unique and the lessons he taught me to become a better businessperson.• Envestnet has ... Read full post

Aug 12, 2019, 11:49 AM EST

Why we sold to Goldman Sachs


By Joe Duran

On July 16, the sale of United Capital to Goldman Sachs was consummated. One headline doesn't capture everything it took to reach that finish line: 14 years, 100 acquisitions, four capital raises, more than 700 employees hired and over $100 million spent on innovation, from technology to consumer research, training and product development. After a targeted funding process in which we invited only firms with which we had cultural alignment, we narrowed the field down to two finalists: the first a top-tier private-equity firm and the other Goldman Sachs. Both had been selected because they made competitive bids, but also because we felt they valued our mission, the firm we had built and the amazing people in it. One investor would let us keep going down a similar road as an independent firm. The other would buy us entirely and we'd become a part of a Wall Street powerhouse. Since we announced the sale a couple of months ago, I have been... Read full post

Jul 9, 2019, 8:55 AM EST

What the end of iTunes teaches us about winning new clients


By Joe Duran

When Apple launched iTunes 18 years ago, it rapidly became a category killer, reshaping music sales and demolishing compact discs, music retailers and the music libraries that many of us had collected. Yet now the once-domineering music pioneer has itself been disrupted and is shuttering. What happened? And how can any firm learn from iTunes' voyage? Are there lessons we can all apply to helping us adapt faster than our clients and competitors do?(More: When Envestnet and Apple pivoted)​ ... Read full post

May 28, 2019, 4:01 PM EST

Winning in a crowded field


By Joe Duran

On May 16, we announced the sale of United Capital to Goldman Sachs. While I will one day write about what we learned in the process, and what we have in store for the future, it's prudent to wait until we have gone through the client consent process and regulatory approval before I do so. Nonetheless, there are few insights that might prove helpful, which aren't necessarily specific to this event but were crucial to our team getting there. One of my respites from trying to get this transaction over the finish line has been watching the NBA playoffs. While we were doing something quite rare, the Golden State Warriors have been doing something truly unique: building a dynasty. They are the first team to reach the NBA Finals five years in a row since Bill Russell's Boston Celtics decades ago. The Warriors' NBA finals might turn out to be as disappointing as the Game of Thrones finale, but regardless they accomplished an incredibly rare... Read full post

May 3, 2019, 1:55 PM EST

Learning from the 2019 innovators


By Joe Duran

In mid-April, InvestmentNews hosted its third annual Innovation Summit. I was honored to be the chairman of the event and facilitate a day of sharing, learning and celebrating this year's award winners. On a lovely spring afternoon in New York City, a room full of industry leaders watched an action-packed lineup of TED-style talks and fireside chats with a galaxy of wealth management's most influential folks. The summit's format encouraged everyone to share openly how they are adapting their firms to changing times and help each other to build the most competitive firms they can for the future. It was a uniquely collaborative environment. There were more insights than could be reasonably shared in one article! However, I'm happy to offer three of my big takeaways from listening to all of these brilliant folks shaping our financial world.1. The largest and most interesting market opportunities are not millennials! Almost all industry... Read full post

Apr 5, 2019, 8:18 AM EST

When Envestnet and Apple pivoted


By Joe Duran

Last month Envestnet announced the purchase of MoneyGuide for half a billion dollars. A few days later, Apple announced the launch of Apple TV Plus. These two seemingly unrelated events show how established businesses are evolving in this new economy. When Envestnet acquired Yodlee in August 2015, the market reacted by pummeling Envestnet's stock. The consensus at the time was that Envestnet's core business had peaked. Analysts hesitated to support the shift in strategy. Conventional wisdom among analysts and investors holds that big, transformative acquisitions rarely pan out. A year ago, Apple announced that it would no longer break out unit sales for its products and would focus more on revenue streams by business area, specifically highlighting its growing service revenues. The stock was subsequently punished as analysts surmised that Apple wanted to hide the fact that it had passed peak phone sales and the company's historic... Read full post

Mar 19, 2019, 10:23 AM EST

Growth is a must, but watch out for the trap


By Joe Duran

After spending many years cheering my three daughters while they play club volleyball, I decided it would be nice to learn to play properly myself. After all, there are a couple of courts right by the ocean, and it would be fun to play with them. Of course, being a 50-year-old guy isn't exactly peak time to learn to do something athletic, so there was that.I found a recently graduated collegiate player who was willing to work with me, and I began with lessons on Friday afternoons and games on Saturday mornings. Growth of any kind, whether it's personal or professional, must start with one simple act: the decision to do something different to improve in some way. But in our industry, where pretty much every firm wants to grow, remarkably few create the growth-oriented culture required for it to happen.... Read full post

Feb 19, 2019, 3:11 PM EST

Making a resolution (and a plan) that is built to last


By Joe Duran

We've reached the time of year where research tells us most people have abandoned their New Year's resolutions. According to U.S. News & World Report, 80% of New Year's resolutions fail by February. Those promises of eating less or working out more become guilty memories that pop up in our consciences, soon to be forgotten. So why do so many of us fail to change our behavior, even with our best intentions and efforts? There's a lesson we can apply to help ourselves and our clients by taking a closer look at how resolutions really work, or when they don't.... Read full post

Jan 28, 2019, 4:37 PM EST

The innovation challenge: What's holding you back?


By Joe Duran

We all know that we are living in one of the most disruptive times in history. Which also means that this is a dream time for innovation and reinvention. Never has there been a more rewarding period for businesses in any industry to reimagine themselves. As chairman of the InvestmentNews​ Icons & Innovators Summit April 17 in New York City, I thought I'd share insights on innovation and what differentiates growth firms from firms that plateau.Why aren't we all innovating?There is no such thing as a perfect firm, not in any industry, but most certainly in wealth management. That means every company in the world has ways in which it might improve and evolve to be more competitive and better serve its clients. Yet most wealth managers will be content to do the same things this year that they did last year, and the year before that. What holds people back from evolving, even though they know it's what's best for their future?... Read full post

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