John Wernz, entrepreneur in residence at Great Hill Partners and the former chief marketing officer of Wealth Enhancement Group, emphasized how the industry can refocus on marketing. In his talk, he stressed that advisors need to break through current marketing myths.
“Most advisors can close leads,” Wernz posited, before quickly rejecting this premise.
He noted that only a few advisors actually have the capacity, interest, ability and sales training to be effective at closing. His advice? Firms should give marketing leads to their top closers.
There are more ways than ever to generate leads, Wernz argued, but the trick — and most difficult task — is to nurture these leads over time.
That process of moving a prospect from a lead to an appointment can entail more than 10 “touchpoints,” so firms need to develop a strong nurturing process, he explained. They also must have educational content for these prospects, as well as marketing systems to track, report on and streamline the lead-gen process.
While cost-effective leads have value, Wernz added, advisors should strive for fewer, better qualified leads that are a genuine fit for that firm’s services. Paying more for these types of leads over time provides a much better return on investment.
On the Boardwalk and on Stage
A quarter-mile-long exhibit space filled up the boardwalk between the Pacific Coast Highway and Huntington Beach. Here, attendees could speak with technology and wealth platform providers, asset managers and other industry players who come to showcase their solutions in colorful tents spread out between the speaking areas, food trucks and drink stands.
One popular vendor destination this year was Apex Advisor Solutions’ outdoor basketball court, where advisors could learn about the latest RIA custody and technology solutions from Apex, while shooting free throws.
Future Proof also hosted live broadcasts of VIP interviews by Bloomberg and other media, along with live podcasts — like Ritholtz’s “Masters in Business” discussion with Joe Lonsdale, the serial entrepreneur and investor. Lonsdale, co-founder of the wealth platform Addepar and data analytics firm Palantir Technologies, noted that the war in Ukraine is becoming ground zero for how technology is changing warfare.
The advent of automated fighting systems, such as “drone swarms” and small, automized naval fleets, is successfully overwhelming traditional military tactics, Lonsdale explained.
With the success of these new weapons, those defending themselves against this technology have to embrace new “electronic warfare” tactics, like using microwave bursts and other “jammers” to disrupt these swarms, he said. Lonsdale pointed to Israel using technology to turn pagers and walkie-talkies into explosive devices in order to disable Hezbollah fighters.
And consistent with its “wealth festival” moniker, Future Proof is known for its strong embrace of musical entertainment. This year, it staged performances of Third Eye Blind and the X Ambassadors.
Credit: Janet Levaux/ALM
Timothy D. Welsh is president, CEO and founder of Nexus Strategy, a leading consulting firm to the wealth management industry.
