Chip Kispert is the Founder and Managing Partner of Beacon Strategies, LLC, a consulting firm that helps wealth management companies streamline operations and integrate technology solutions. With decades of experience in the financial services industry, Chip specializes in bridging the gap between wealth management firms and solution providers. He has led numerous initiatives and is the creator of Beacon’s exclusive roundtable series, where industry leaders gather to discuss emerging trends and challenges in the field.
In this episode…
The wealth management industry is evolving rapidly. Advisors face new challenges, from managing complex client needs to integrating ever-changing technology. How are firms adapting to these pressures, and what strategies can help bridge the gap between advisors and the tools they need to succeed?
According to Chip Kispert, a leading expert in the industry, the solution lies in becoming a bridge between wealth firms and solution providers. He highlights that advisors struggle with technology fatigue, trying to piece together various platforms while prioritizing client relationships. By streamlining processes and integrating technology more effectively, firms can alleviate this burden, allowing advisors to focus on their core mission: helping clients achieve financial success. Chip also underscores the need for thought leadership and collaboration, particularly through exclusive, invitation-only roundtables that foster innovation and shared learning. In this episode of The Beacon Flash Podcast, Chip Kispert is interviewed by Chad Franzen of Rise25 to discuss the future of wealth management. They explore key trends, including the impact of technology on advisor workloads, the importance of unbiased consulting, and how roundtable discussions are shaping industry leadership. Chip also shares valuable insights on how firms can stay ahead by maintaining strong, collaborative relationships between advisors and solution providers.
Resources mentioned in this episode
Special Mentions- [1:19] Chip Kispert shares why he started Beacon Strategies, LLC
- [2:20] Biggest challenges facing wealth management firms
- [5:06] The importance of technology infrastructure planning in wealth management
- [7:11] Misconceptions about consulting in the wealth management industry
- [10:08] Chip talks about Beacon’s roundtable series
- [14:29] What Chip enjoys the most about hosting a podcast
- “We still see the same things. We are a bridge between our wealth management and our solution providers.”
- “Their responsibilities have grown dramatically over the past 15, 20 years.”
- “It’s hard to maintain those tech stacks, and advisors got into the business to help their customers.”
- “We understand the wealth firms. We understand what they’re trying to achieve.”
- “Being unbiased is everything. We have to be independent.”
- Conduct regular market research: Stay abreast of the latest tools and technologies in the wealth management sector. This ensures that your firm can adapt to changes and integrate systems that truly benefit your clients.
- Hold knowledge roundtables: Organize internal or external roundtable discussions on specific industry topics. Like Beacon Strategies’ roundtables, these encourage learning and the exchange of ideas, helping to foster community and shared problem-solving.
- Simplify technology usage: Streamline your tech stack to focus on essential tools that support client goals and advisor-client relationships. This will prevent tech fatigue and allow advisors to concentrate on their primary roles.
- Establish unbiased consulting practices: Develop policies that ensure your consulting advice remains impartial and genuinely in the client’s best interests. Unbiased consulting is crucial to maintaining trust and delivering appropriate, effective solutions.
- Invest in continuous learning: Dedicate time to learning about industry advancements to provide clients with the most relevant and informed advice. Staying informed is vital for staying ahead in a complex industry.
This podcast is brought to you by Beacon Strategies, LLC, a go-to expert in financial technologies.
As a new-age wealth firm management provider, we help you understand, adapt, and be more relevant in today’s dynamic enterprise wealth management industry.
With our suite of operational, educational, and practice management product offerings, we strategically synchronize your strategy with a robust infrastructure that fosters business expansion and profitability.
To learn more on how Beacon Strategies, LLC can help you align business strategy and vision, visit beaconstrategiesllc.com. And don’t miss out on our exclusive podcast Beacon Flash for industry news and trends.