Episode 2 What You Must Know About Using the Latest Technologies With Sheila Cuffari-Agasi, AIF and Aaron Spradlin


Wealth management dot com presents success zone podcast etiquette. Into bringing financial advisers sweeping insights beyond the market headlines to help them become more savvy about the industry transform their practice. Enhance their marketing skills and take their business to the next level. Listen in for a wealth of information that includes remarkable success stories and expert advice from the industry's key players and most successful skilled financial professionals. Elon welcome. You're listening to the success zone from wealth management dot com. Advisors need faster and more efficient account opening processes workflows that keep the office informed of progress and are required to keep all of his client data secure an environment full of choice that seems to become more complex by the day tech savvy advisors become enamored by the new options justified out, they're not compatible with their current systems. Or maybe the vendor is a great fit, but as soon acquired by third party with different motives after dedicating tremendous due-diligence and integrate. Efforts. How can an adviser remained starkly independent while tapping into turnkey? Technology offerings that work. Well together have ongoing due-diligence performed for them and work in conjunction with the common goal of making the adviser more efficient. We're gonna discuss this things like digital account opening securing your data through more cyber secure solutions and information on best in breed vendors, and to do that we have Erin Spradlin, the vice president CEO of United planners financial services and Sheila covari Agassi the executive vice president of the United planners both have over twenty five years of industry experience and have been with United planners for over ten years. So today, we're going to do kind of a question and answer session with these two experts, and I'd like to greet them. That's right now. Good afternoon. How are you getting very well? Hello, Eric great to meet jerick looking forward to talking today. Yeah. Absolutely. I know you have a tremendous amount of experience in a lot of knowledge. I want to jump right in you guys running Rennie airman wreck this towards you. We we really spoke. To Sheila last time. How did you become passionate about the subject of technology that advisor uses to run their practice? This interesting when you mentioned the word technology, as I'm not really, I'm not a fan of technology as much as technology used the purposes of solving business problems or business solutions. My passion really is about my years of industry experience serving financial advisers and really coming to a firm that was dedicated to meaningful solutions meaningful business practice solutions. And so, you know, it was obvious unity to bring together Crips Lucians that were operational as well as procedural as well as technology driven. So tech n applied common sense applied sense. And so it's really that technology is just one of many tools that should be used by an advisor or anybody in the industry to solve in it meet the needs out there, and so uniquely have. A lot of technical skill. And and I see that technology can be used to to solve many problems. That's where Mike site with technology comes from. And it's a lot of it is just kind of looking outside of the way things have always been done and looking at new ways to apply that commonsense. And. Bring solutions to advisor so through technology. So they're not really technology solutions, but business solutions through the adoption of technology. So let me ask you this. Why should advisors refrain from building their own tech stack per se? It seems that independent advisors really saw this as the norm and a way to differentiate themselves to their clients. You know, it's it's interesting how, you know, building your own tech stack is definitely something that in the fintech community became very popular. A United planners was very much at the forefront of supporting that initiative. The reality was things have changed. And there's some realities we have to face today. Such cybersecurity cost of ownership change in the market of round acquisitions in in. So as a small business. There was a promise in the fintech community that somehow these vendors are low cost Lucians with high features. We're going to integrate deeply meaningful way on behalf of these small businesses and deliver enterprise solutions, and while that was definitely initiative the results have been less than I would say most businesses have been looking for which is why firms like the firm, we're with United planners has been successful is because we really focused in standing. The gap between those integrations to make them meaningful in. So there was a promise that was out there that was I think undelivered in now with the new cyber security challenges as well. As just the changes that are happy neck was in some of the cultural changes that are happy in the market that are making it really hard as a small business to stand out on your own technologically. Owning your own tech stack. I I think that's maybe a so that will never come to pass Cher. Well advisors want to provide very specialized services to their clients. And utilization of technology is a way for them to really differentiate themselves in the marketplace on the challenges they're faced with these thinner margins and heightened security requirements now, the ongoing diligence that's required by the regulators is is just impossible on these thin margins tackle on their own questions. Interesting because I don't think they should refrain building their own. Brand they should refrain. From is thinking that, you know, the brand means that they also have to be able to own the integrations all the technologies in technologies will work by themselves without investing a significant amount of money in making sure technologies work. So I think that's the hidden danger. Is of course, vendor will go in present that they do integration. But does that integration actually work for your business model because it work in the way that you really wanted to work in his orchids scale? Does it make you more efficient train the advisors need to be more efficient? They need to use their time more wisely. They their clients demand automated account opening processes and ease of doing business if books in record keeping in a more automated fashion, so if technology can solve a lot of those problems, but you know, the challenges advisors building it on their own at just it's very expensive. Better than time consuming. I mean, they they've gotta learn all of that on their own and try to incorporate that, and I know that you spoke to a little bit but digital account opening has been discussed for years. You're also kind of sounds like you're losing a little bit too robo advisors or even the electron signature or the concept of moving from forms from the open opening process and replacing them with live data. Is that kind of what I'm hearing. What I'm talking about is, you know, how an advisor runs their practice in how they want to operate. So do they want to be somebody? That's completely open architecture host at multiple custodians, do they want to be a closed architecture. Do they want to open counts often insurance companies as well as many mutual fund companies or do they wanna hosted all one place in how does that play into your brand? How can you scale that? And when you're a small business, how are you going to manage them in digital count opening? I think is a an inflec-. Point where you get to the core of scale. So if you're going to run your business as an open architecture is where you want. There's a cost of ownership is a cost to doing business that comes with that. Now when you see the innovations that are happening say Roble or digital count advice platforms. They're really about who's gonna create the best experience. The best engagement experience with the alternate. Consumer that these visors are wanting to serve as so there's a mass amount of money and competition going to create that experience, but experience is driven a lot by also how the visor builds their their own practice and their own brand. And it's very complex equation between independence and your ability to have a enterprise tech stack that can meet your needs. So for example, when get to digital count opening is you gonna have that digital expr-. Be driven by one custodian or do you want that digital experience driven by your broker dealer? And now, the yearly can't leave that broker-dealer. Are they center the verse did a fundamental question? We use his term a lot Sheila is who's the center of the universe? And I think from United planners perspective on my perspective, the visor in their businesses this universe. Our job as a firm to help deliver the automation and back office capabilities. So they can run the business the way they want which agree. Absolutely. Yes. So that's really how we've positioned ourselves. I think a lot differently than some of the other issues in the space and even some of the RIA servicing agents out. There is the fact that that we don't see ourselves as center of the universe. We've worked to make the advisors more efficient on the platform in which they choose to do business and we've done this by taking fiduciary approach with the advisers are expectations. That they are fiduciary to their client, and they have an open architecture environment to be able to choose from a number of different historians in the the more. This custodians are able to compete against one another the more the clients win. And that just helps drive costs down whereas other firms have chosen one particular custodian in often cases, actually or likely a clearing firm, which is adds an exorbitant amount of cost to the client and to the adviser doing business on that platform. But yet, then they're found they're hamstrung, you know, an an attached to that custodial fundamental practice management is really the decision of who's your client. What are their expectations which are brand in our job is a stand in the gap to make sure that that that the promises of the technology the promises of the platform of chosen that we can help empower it and make sure it meets the needs that you you want versus us Bill. Being a model that we make the independent advisor fit into now independent adviser because he's independent thinking independent models or is a model out there for firms at wanna work on a single platform. We'll get into this later like schwa- or other from the United capital out there that are meant to serve a market, but we have a very specific market very specific brand that we have that. We're trying to serve trying to serve it. Well. -solutely in when it is created by a firm whose meant to serve many advisors. We can keep up as technology evolves. And changes over time. We've already seen the iphone launch thumbprints and retina scans and a different type of indication process. And when you've got, you know, one firm really focused on standing in the gap and serving those needs for underlying advisors as the authentication process continues to evolve that firm can evolve as technology, and and authentication vaults. True. Yeah. In regulatory scrutiny. Absolutely a total. Geek, when it comes technology love, the idea that a love just the the idea of advancing that movement all areas, but I've worked with advisors specifically for many many many years, and I love the idea. However, it's a little scary. Right. I mean, that's that's just like you said the last comment you made was. Regulatory bodies. That's that's the scary comment. So what are some of the challenges with launching this type of advancement today? They're quite a few challenges. I'm gonna go through someone. So today is the amount of choices the market is rich with choice, but that that is his own cost of ownership. So the more choices you have the hardest to differentiate between those choices in the more cost and making those decisions. More importantly, the amount of change, you know, in this echoes everywhere, these advisers whether regulatory change or technology change now cyber security requirements that the velocity continues to increase, especially in financial services, a fantastic technologies. The velocity of change is making it really hard to take on and grow in the market today. So launching today typically means as an adviser picking a platform picking space or joining this ding firm is really hard to come in the market day. Bill Jones tech stack deliver in differentiate yourself in the market. In stay up with what's happening, which is I would say when the bigger challenges I see going on today. More choice means more cost more risk one of things. I would see within as sheila's that a lot of these new startups are venture base startups. And adventures bay starts means that are they really aligned with our culture are your venture base. But you're a long term relationship based company, then you're picking something your tech stack that is designed to sell and how can you predict in roll your business off of that? And when you're only paying them twenty five dollars a month, two dollars a month of service. They're really you're not in control that relationship. So I think that's the fundamental. Let's call it the contract the social contract between the fintech community, and the advisors serve is that these are not enterprise contracts, and they are contracts based on wishes. Month to month. And as you see the market today. There's been some pretty big sales of some very big firms and acquisitions, and if you built your tech stack off of that, it's it's a challenge. I actually wanted to step in and give Aaron Atanas credit here with what's been accomplished by United planners. It's been done with a lot of forethought a lot of relationship building making sure that we were working with best in breed vendors, I understanding what that long-term objective was of each one of these providers. And like you said standing in the gaps earlier in we know as an organization because of the brilliant coming directly from Aaron that we can do anything, but we can't do everything not. Well, anyway, so we really have to hone in as an organization understand what we're delivering how we are serving the community in the best most Galeb away. But all the while the more information relay that. Occurs between these vendors the higher the need to have good cyber security policies. And I would say that that's one of the real challenges that we're continuously faced with is. You know, understanding what security measures are in place with each one of these vendors more vendors that have access to your clients N P. I the higher risk is carried that there could be a breach and we've seen this with their party vendors. So ultimately, the final risks that she speaking to is that from where regulated industry, we have obviously, it's a stadium most obvious thing. But as regulated industry, the fundamental design has been that the adviser the regulated entity owns their business, they own their data, and they're responsible for that native in the only mechanism to address that is directly through the small business. The adviser by the regulator. They don't regulate the vendors. The advisers us so this model it's to put the pressure on the regulated entity to regulate the vendors will that that is a very complicated in unsolvable problem in. So that's way, alternately challenge down the visor has to realize that, you know, the same owner paperwork in pieces of paper where they store it. And how they send it off to be shredded in how they send it off to be stored is the same way the regulars expect that piece associate data you just put in a vendor to be managed, and it's your responsibility as visor not their responsibility to do that from a regulatory as well as a legal in potentially other frameworks. And so that is the challenge we face is because we are in a small business market, medium sized business market, large enterprises that are regulated own their technology stacks. They own their data centers. They own the pipe. P- they own all of it. And that's how they're able to meet the Aram the aggregation even if they outsource it. Or they use cloud. They are able to do it through private cloud in different technologies where we as an industry have moved out of a loss play to bring up low cost high feature, but that is has its own challenges as an industry we have to start to address. So what I really see is that many advisors, especially independent advisors. Just don't even understand how many ways their client data is at risk. Whether it is their own Sierra m- their notes, their aggregation softwares, the DSP visions of the world that data is at risk in so many different areas. And ultimately, the regulators have an expectation that they are responsible for that the safety of that information. So what are the regulators to boil down? What are the regulators expecting that? Araya's and hybrid advisors do to protect that client data because from what I've seen working advisers the cost is tremendous. I mean, it's ridiculous and requires at least full-time specialist just in that area that will certify attest to the security of the data and that that's problematic. That's the hidden cost of all of this decision that we made the hidden costs that we kind of walked ourself into his industry was not realizing that vendor diligence in particular is a high cost of envisages not picking something, but understanding from a regulatory perspective their security posture. Understanding the rules at your under are those vendors adhering to your regulatory rules in. So for example, in YDF is a very popular one out there, and they have very specific requirements put on you the advisor those requirements extend to your vendor. And that's the expectation that I think we're starting to get clear understanding of his industry they have specific requirements run the advisor in their own office in their own devices. But those extent here vendors also these vendors are serving regulated industry. They I think this is the piece of the puzzle that the thought leaders in industry had started to come together to try to solve in the clever partnership was one of those partnerships between thought leaders like TD, Ameritrade, retell technology risk allies in Orion. United planners financial services are firm and others such as jolt broken steam, Paul to Berg, and Brian Ataman and many others. If I didn't mention their name that they don't get mad at me, but came together to say, well, the sounds like a problem that not each advisor can solve individually or vendor can solve individually. What thought leadership can we put together as an industry Jimmy come up with a standardized you. Diligence process that vendor can adhere to that. Would let them know that they're meeting the regulatory requirements as well as best practices one of the requirements. We can put for the advisers, they know that they're meeting the minimum standards in not minimum standards for the perspective of not achieving best practices, but best practices without overdoing it because small businesses for protecting their business client formation. What can we do to put all that on a faster more secure network? And so that's where the clever dome coop came from was distinctly address. What you just said. Which is the seems like something that that needs to be addressed as a community on based on standards and best practices and a common solution to bring economics of it in line. With is that we're in, you know, Aaron you hit on early Aries. You broke down in talked about the analogy of shredding, and the fact that the regulators have the expectation that you treat your. Your online information the same way as you would with your shredded materials or your physical materials, I'll take that just a step further and say physical security should equal cybersecurity. Everyone's got a key to their front door. Let's talk about our offices, right? You've got many locked filing cabinets. You've got a lock on the front door. You've got an alarm system. You're notified immediately. If that alarm system is triggered by a servicing agent. So you have to have all of those same steps. Now, they look very different in the cyber security realm. But it's that same basic process of being notified if there is an event and then having a police report. But if they cybersecurity report a lot of people really quite their risk factor based on their geographic region. There are people throughout the United States it still keep their front doors open because it's a very low crime area. Unfortunately with cybercrime. There is no geographic target. In fact, the smaller. You are in the smaller town that you're in the lower your current security requirements may be and therefore the easier a target. You have made yourself the cybercriminals are all over the world, and they don't have to leave the confines of their own home or office in order to hack into your system. So the security of thinking, you know, I'm in a small town and just service my local community. And fortunately that that puts even more at risk. So we as a firm like be solution based not fear based. And so that's why we were really excited to be part of the community bringing the clever dome concept to the discussion because as visors and they look at these challenges. I understand that most advisers, listen, this podcast will think Tim sells. Well, look, there's ten thousand users on the platform. I'm using you know, there's some protection in being in the crowd. And I understand that. But there's also the reality that win the breach happens of that vendor. The cost to you is probably going to be rated than most understand. So the fundamental thing. Regulars expect advisors do is engage in risk management and have a risk policy understanding of what they're doing in the cost of that. So I want the one of the advisers on this call to understand if there is a breach. There's expectation you're gonna end up changing the account numbers, even that's even just got account numbers. That's it didn't get all the quote, unquote MP. I if your client's account numbers are out there that's enough for a hacker to call up to one the custodians and try to use it as a way of getting in the system in. We know for fact that in the past you've had a change all the accountants net that has impact cost to you. And the custodian there is other impact recent reach of a firm out. There was just all they took. The names in the Email addresses that was used by the dark web to correlate that information to people's other passwords, and we're able to use that to breach the platform. And so this idea that well, it wasn't the social security numbers. That's no big deal is a miscalculation of the true risk management. I think that's the more fundamental problem in that's where firms like our stand in the gap is we have a professional risk management team with a professional cease oh team in and technology folks to to engage in that risk management decision to help bring the solution at scale to visors the advisers can keep their costs down the idea you're gonna be out there in an island by yourself solving. This I think is where we started this conversation. It's one thing to pick the technology stack and that has its own risk discuss that the second cost to do the diligence by think cyber security is the. The deal killer because that is really where you talk about insurance and risk management. And if and when it goes wrong, by the way, we've had many breaches recently. Now, we not. Those the industry has. Yes. The main breaches win it goes wrong. That's when the second guessing, that's when the regulatory scrutiny increases, and that's when the fines go up, and so that's we've been seen in the industry. Order to continue to see that the near future earn you said that you guys really want to focus on solutions and not fears. But again, it can be pretty scary. So what is the easy answer? How does it advisor? Go about protecting themselves. Well, three options, maybe couple more. But one is if you're on a custodial platform that's out there, you may want just consider using everything that they're providing you in entrusting their capability to you may want to join one of the larger firms that are out there that have technology stacks. They prebuilt for you. And you can use your practice in that's probably acceptable risk three. I think is firms like United planners that are willing to stand in the gap in Lao. You to have a little more of independent model, but yet helped facilitate in Mansell's costs netter option I've seen out there. Third party money managers that have built out platform. So that's the majority of answers today is you're gonna have to rethink what it means to from a technology perspective, in my opinion to own your technology because the cost of ownership is I think far exceeding the reality of most investment advisers to own their tech stack without some partner. An invest net a United planners, the United capital, Schwab, TD Ameritrade. Standing in the gap or or Ryan in a platform. So that's that's my observation about the market today that you know, she would you had anything else to add to that. I would. I mean, the first step is really educate yourself be prudent. Be informed. Hire professionals advisers are really good at what advisers do and some of them some of their bandwidth, you know, based on the size of their staff can extend well beyond you know, your typical visor if you will. But you need professionals to walk alongside you in this area because unless you dedicate a tremendous amount of your time staying up with the latest trends, and how hackers gaining access. It's just it's impossible to to do it on your own. So as the chief of mission security, officer CIO at United planners. I'll tell you what matters most to us is customer service and our. Ability to create a great brand. And we are outsourcing a lot to really great platforms out there. So I think as an adviser they don't think they should fear not owning their tech stack. Because really what's what differentiates them in the market, at least in my opinion than I've seen the success ones out there companies with great brands, great customer service and a great team around them. That are also as a cowboy ethic says a writing for the brand. And so I think that there's you know, we don't have to fear the fact that you can't make all of your fintech integrate on your own. I don't know if that's really where advisers should be focusing our energy Amaya Pinon in if I were to give advice when visor day. That's what I would say is join one of these really great platforms in find a way to differentiate yourself most the biggest brands out there. That's the way they seem to really ultimately differentiate themselves in the market. Absolutely. I've been taking notes on some of the things you've been saying to to. Here Sheila, you said something that was just absolutely beautiful. I agree with hundred percent. He said, you know, what have the adviser bring in the professional? So they don't have to learn this and do all this. It takes a team to really effectively do it and get it accomplished. And it's so funny because that's exactly what an advisor should be thinking about or telling a potential client of theirs because sure client can go out and do all their own investing and trading and so on and so forth, but they would have to spend all that time learning everything the adviser knows to be able to do it as a family if they could even reach that point. And I think it's the exact same correlation between them utilizing a team instead of having to do everything themselves. They just don't have the time to do that. So I think that was a great example. And then Air New you said something earlier that I'm not familiar with and forgive me for this. But you mentioned clever dome. I think right clever dome. That's crack clever this cracked what is clever though. Yeah. Great question, so clever dome is just like what you mentioned was a lot of people. Coming together to try to solve a problem on behalf an adviser. It's as a as an entity clever dome was organized as a benefit corporation. It said the benefit it was describing was to take consumer information off the open internet. It was designed to be. So as a benefit corporation lot of advisors in the call about benefit corpse, but benefit corpse are becoming very popular in the market. Because what you do is you Claire public benefit in the board of directors is a fiduciary to that public benefit. Now, why that matters in this case is we are trying to ensure that the organization that we are all going to join the benefit Corp is a fiduciary to what we want them to do which is protect consumer information. So the way they've been described as for profit nonprofits, they are a very unique organization and within this organization. We did is we created a cooperative. Now, why this matters to the advisors isn't allows the vendors to meet a due-diligence standard under the club. Oh model and enjoying the co-op and by joining the cooperative. It allows us to do one due diligence standard and share that due-diligence standard among the other members of the co op, and so this is a way for the vendors to save money by not having to answer so many different questionnaires and knowing their question, they answered sufficient for many entities and two for the advisors to save money because they can rely on this cooperative that they've joined in order to adhere to that standard too. So it's a legal framework. It's a way frozen industry to to start to solve this shared assessment. It's very akin to I think in the market of the credit cards of Piecyk compliant. And so we're trying to make a PI compliant cloud away of all of us a hearing to a standard in knowing that we're. Are all under that standard, and you can trust that standard. Now that standard is even made more important by the fact that we're actually using a very high speed secure network is network is available to the adviser community now to communicate with their vendors that have joined under a very fast and a we use word today. Intelligence grade security, sexy military grade security, but even enough that it would make it hard for even intelligence agencies to know what's going on within the network. So it's a really fast really secure network with a common due diligence standard. And then ultimately always said was as an industry would like advisers who are part of this or other people who are part of this to us secure devices the technical term for what this is. If you read Gartner on your into nerd stuff like that. This is the world's first Soffer defined perimeter. Suffered a fine perimeters a technical term for. A new environment. Anew, cloud that is private secure and available to take information off the open internet. And so as an industry where we're looking to move ourselves towards this direction. At least that's the model. Here's the most important thing when these vendors join this co-op there joining a benefit corporations fiduciary to the consumer crates alignment, it creates a self regulation of the vendors at serve our industry with the advisers that they're serving because he advisers today are fiduciary to the consumer they should know that the vendors are working with are willing to meet a minimum standard, and it here enjoying a cooperative. That is also a fiduciary to the consumer. So it's a very unique model that we worked on as a community that allows us to increase performance decrease cost and create better Lyman between the vendors that are. Serving us and the community that they're serving. So that is what clever dome is all right. Well, that was very clear. I appreciate that. And it kind of reflected a little bit. What you said earlier. I'm kind of hearing theme here that the adviser themselves. They're responsible, right? They own it. It's it's on them to make sure that everything is accuser. And and everything's regulated. If you will and the industry itself is very highly regulated. But I'm hearing that you're saying that the vendors that serve the advisors here. The technology vendors there isn't one set standard at all. Is there? Do they have any standard that are set by the regulatory bodies at all for them to do business now in there in lies the greatest challenge we face which used to describe as the unsolvable challenges. The only way regulators were able to even address this challenge was to regulate or over-regulate our industry as proxy to get the vendors to align with. Consumer protection. And the reality is most vendors today that are in fintech. Don't even have a chief information security officer on staff. Let alone meet the regulatory requirements now, I'm not saying they're not secure. I'm not saying they're not doing their best to be secure. But some of these are coming out Silicon Valley twenty year old kids in I'm sure they have the best intentions world. But there is no standardized regulatory framework for them to know that they're actually meeting our requirements like NY DFS or California or state laws. So creating a body entity that can create that standard that the vendors can then show that there are at least meeting that standard. It is a very fundamental advancement for security and consumer protection to bring that same concept a PI compliant, but bring it to fintech in and help advisors know that the vendors are at least meeting best cyber security as well as. Story as estate privacy protections on their behalf in only strong as your weakest link right as as we look back of couple years ago. Now that target was breached. It was by one of their vendors on their security was up to par, but it was through a breach of one of their vendors which ended up being their weakest link. So full disclosure on that I am the co founder as one of the members of that. And today, they give me the title chief visionary officer, which basically means it's just my job to come with really, great ideas. But it's a lot of other people's job to make them reality. So the idea was we as a firm when able to afford to do all this diligence we as a firm when able to afford a home private network with a firm when not able to solve these problems our selves, and so which the community said can we solve this together? And so that's what this is about is community effort to bring faster private networking with all advisers can. Have access to type of technology that a Bank of America has access to or a, you know, a larger I want bake America loan. But I mean, any of these large very wealthy of finalists to Sion's have capabilities and resources far beyond our wealth management industry. And we're trying to democratize that the big difference between us and dam is the fact that they say in a what are associated visors can stay in the bike lane. Right. I like to use the freeway as a comparison. Whereas in our world, there's a five lane highway, you get to choose which technology vendor within the approved list of firms that have completed and complied with due-diligence standard. You get freedom of choice within those vendors and the larger wirehouse type organizations that everything's conducted within their own private network really limits choice. You get the choice of using option a or option right as higher security, less cho-. Choice. We're hoping for a lot of choice, and we're actually more secure and faster. So there is a real attempt to be at democratization Cyprus security because it is something that should not be on the back of each small business in the United States merica, and then of course, United planners gets the real benefit because the chief fishery officer of clever dome works with us here at United planners those bonus. Nice. So she'll I know that we spoke a little bit about on the last podcast. And I would encourage any listener that's hearing what we're saying today to go back and listen to sheila's podcast. It was fantastic. Can you just tell us a little bit more about United planners role and how they're helping their advisers what you guys are doing shares? So United planners is an independent broker dealer and RIA firm, very uniquely structured as a limited partnership. We're located in Scottsdale Arizona, we have about five hundred or so row roughly advisors and nationwide and really see our objective where we're very different from the traditional broker dealer model is to stand in the gaps to empower advisors to be as efficient as they can possibly be to have open architecture low cost environments for their clients while providing all of the infrastructure that they need to have a great technology stack to be cyber secure and compliance. We see our role as empowering the adviser success and helping make sure that they stay at a trouble. We run pointing and provide a lot of infrastructure in supervision. We automate a lot of the compliance necessities for them. And you know, this is just one of those other gaps that we stood in and as we started, brainstorming ideas. How do we make the adviser more compliant in where we're about to see a whole new set of enforcement action in the range of cybersecurity? So we wanted to stand in that gap. Make sure that the advisers had a good solid foundation because we understand the reputational risk the fines and the cost of remediation of a cyber security breach. I mean, frankly, one incident can cost the adviser their entire business. We were providing cyber security insurance vendor diligence device monitoring secure network faster than be PIN the insurance the one thing we're really focused on their in this ties back into clever dome. Also was making sure that we had insurance that was enforceable. Because one of the challenges with insurance is when it happens, you're going to build enforced insurance policy because if there's something the adviser did not do or there's some way than any lack neglect the insurance companies as we know, we all love our insurance companies. But if they don't if there was a major breach the question is is there a protocol is your way to stand behind an insure that they're going to pay out on the insurance United planners, focus, very heavily on building on model that we could show through private network game to accommodate diligent standard. Do these different models at our insurance could stand if there was something that happened at one of our? Vendors 'cause we did everything that was required of us got it. Yeah. That's that's great. I mean, that's that's what everybody needs. So let me ask you this. Are there any closing thoughts for today's podcast? My my closing thought is just to encourage the advisors to continue to primarily look to as you said earlier thought leaders, I think that is many consultants that are out there, and they're all amazing consultants. And so if you are a while also. Right. But they're really their lottery out there that really specialize in vendor due diligence and helping advisors grow their practice. Encourage him to do that. That's that's still a viable business model. But I think more importantly to start really rethinking the concept of owning your own technology, stack in a few are going to do that to start to look at partners like United planners that are out there in the market that have developed technology and business solutions that are designed to help empower your independence. So if that's what you're committed to where the right kind of brand. But if you're really not committed to that you want to really look other, you know, models the other choices like Ryan and platforms are out there goes single platform. It's an option, and you know, I just encourage advisors to maybe rethink last four years and look of the next three to five years in realize that the Las change will increase innovation of fintech. Community will increase dramatically. And they may wanna start looking to pick a partner that's going to help to take on those challenges in bear that burden with them. So if there is an adviser just listening to this in their thinking, okay. Next week five years. I do need to make a change. How do they reach out to you? I would encourage them to visit our website, probably one of the easiest ways WWW United planners dot com or joining United planners dot com. Our phone number is one eight hundred nine six six eight seven three seven, and they can speak to any member of our partner development team closing thoughts for me. I will simply say what I said earlier resonate with everything that Aaron said, which is be prudent informed hire professionals right in N. Please consider United planners. We have separate programs in offerings were very uniquely formed as a limited partnership fifty five percent of the firm's profits go. Right back to those who associate with us who qualify as limited partners. So there's really no reason not to consider at least have an opening conversation. Absolutely. Aaron sheila. Thank you so much time today, we appreciate it. Thank you. And thank you for listening to the success own podcast from wealth management. Dot com. If you have not subscribe to the podcast yet. Please click the subscribe now button blow this way when the success zone comes out with a new podcast it'll show up directly on you're listening device. Do yourself a favor and share this podcast with people in your office. So you can learn together again, thanks for listening for everyone at wealth management dot com. This is Eric Johnson reminding you that when you listen learn grow, you'll find yourself in the success own which I think is a great place to be. So we'll see next time. 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