Two Industry Champions Take Up the Challenge of Advising Clients’ “Next Chapter”

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Money Management Institute and Financial Advisor Magazine Address the Retirement Income Age

We are focused on accelerating the necessary dialogue for the benefit of advisors, their firms, and – most importantly – their clients.

The Money Management Institute (MMI) and Financial Advisor Magazine are joining forces to take on the “Next Big Thing” – the transition of the financial advice industry to managing “retirement.” The initiative, Next Chapter, will focus on the long-heralded retirement age wave with specific efforts to support financial advisors, investment managers, income product companies, and service, technology, and planning providers.

Financial Advisor has a rich history of providing thought leadership and best practice guidance to advisors. As the leading industry association representing financial services firms that provide investment advice and solutions, MMI facilitates collaboration among investment managers, broker-dealers, FinTech providers, and – most recently – insurance and annuity companies.

The new partnership is aimed directly at helping advisors and their firms work better together and deliver investment advisory solutions that effectively integrate human and digital capabilities.

“For years we’ve talked about the coming ‘decumulation’ phase for Baby Boomer clients,” said Craig Pfeiffer, President and CEO of MMI. “We’ve reached a demographic tipping point where half of the Baby Boomer population is at the age 65 target point – or beyond it. We are focused on accelerating the necessary dialogue for the benefit of advisors, their firms, and – most importantly – their clients. It’s time to take real action, especially in light of our current challenging times.”

“The best financial advisors are already leading the way by providing solutions for their clients that account for the challenges of longevity. With Next Chapter, we plan to provide them with greater support and more innovation,” added Gary Holland, CEO of Charter Financial Publishing Network, the parent company of Financial Advisor.

“COVID-19 burst the bull market bubble and reframed ‘retirement’ and planning. Wealth is now tied to health, and we are all re-assessing our life priorities. What does that ‘Next Chapter’ hold for clients, their advisors, and the firms that supply critical resources and innovation? We are taking action to drive better outcomes,” said Steve Gresham, who will serve as Managing Partner of the Next Chapter initiative.

Next Chapter’s direction and programming will be guided by two steering councils – a Leadership Council, which includes Pfeiffer, Holland, and Gresham, and an Advisory Council. Both groups are comprised of senior executives from firms across the investment advice industry infrastructure.

The Next Chapter leadership team includes Evan Simonoff, Editor-in-Chief of Financial Advisor, David Smith, Co-Founder and Group Publisher of Charter Financial Publishing Network, and Joan Lensing, Chief Programming Officer of MMI.

Background

Hidden behind the March 2020 bear market and the COVID-19 pandemic is a new golden age of financial advice that provides a unique opportunity for the advisors and firms willing to answer the call. Baby Boomers have driven the modern economy and are now moving en masse from accumulation to distribution – just as pundits have been forecasting for thirty years.

Added Gresham, “We are smack in the middle of the demographic bell curve with the median Boomer at 64. An advice industry built to help clients invest for retirement has been slow to adjust to the demands of managing and funding that retirement – which is a much different and more complex endeavor than investing. To best serve the rapidly evolving needs of this demographic, the industry must come to grips with a new normal, The Retirement Income Age.”

Objectives: The Four Pillars of Next Chapter

Next Chapter will focus on delivering content and programming that addresses four key areas:

  • Better Planning – Better application, integration, and adoption of planning tools, including simpler and more approachable “unbundled” planning
  • Supporting Longevity and Financial Wellness – Better understanding of the real-life transitions of longevity, and how to support clients’ life and health, integrating health and wealth
  • Harnessing the Power of Technology – Better adoption of appropriate technology, including CRM and data, alongside human capabilities, leveraging the impact of machines, and creating capacity for essential human actions
  • More Effective Retirement Income Solutions – Better deployment of a broader array of financial planning and retirement income solutions and products, including protected lifetime income and creative solutions that incorporate tax efficiency and managing household assets

Delivery

COVID-19 has created a more robust and connected virtual community. FA and MMI hope to gather their separate constituents in person when safe to do so, but will in the short-term focus on virtual delivery of educational and development tracks for members of the unified retirement income profession:

  • Topical webinars aligned with each of the Four Pillars – thought leadership, but with an emphasis on deployment and how to apply the insights to your business
  • Advisor master classes focused on best practices – featuring case studies of leading advisors sharing their approach to specific retirement management scenarios
  • Organizational leadership workshops – sessions featuring successful industry leaders who can help firms with the challenges of transitioning to retirement income and management
  • Resources – a dedicated landing page to house all the focused content and provide support to all members of the community

Join us!

  • Participate – watch for further launch announcements about our content and programming
  • Become a leader – submit your ideas and insights to be published for the community and/or to lead a session for advisors or executives
  • Be a sponsor – help facilitate the future and take a direct leadership role in the direction and content of Next Chapter

For more information on how you can get involved, contact Steve Gresham, Managing Partner, Next Chapter at steve@theexecutionproject.com or (203) 623-2265.

About the Money Management Institute (MMI): Established in 1997, the Money Management Institute (MMI) is the industry association representing financial services firms that provide financial advice and investment advisory solutions to investors. Through conferences, educational resources, and thought leadership, MMI facilitates peer-to-peer connections, fosters industry knowledge and professionalism, and supports the development of the next generation of industry leadership. MMI member firms are dedicated to helping individual and institutional investors, at every level of assets, plan for and fulfill their financial goals. For more information, visit http://www.MMInst.org.

About Financial Advisor (FA): Reaching more than 135,000 qualified readers each month, Financial Advisor delivers essential market information and strategies that advisors need to succeed in their increasingly complex environment. FA focuses on sophisticated planning and investment strategies to help advisors better serve their affluent clients, as well as practice management ideas to help advisors build their firms. FA goes in-depth to challenge traditional planning wisdom by introducing readers to new approaches to help them better counsel clients. To achieve these goals, FA continuously seeks to bring together the best team of editors and contributing writers to provide the most compelling publication for the top decision-makers in the financial advisory field. For more information, visit
http://www.fa-mag.com.

About The Execution Project: The Execution Project is a consulting firm focused on better execution of wealth management, leveraging the four key drivers of success – adapting to the demands of aging clients, advisor practice management including technology, effective use of data and AI, and effective organizational alignment to support digital and human capabilities. For more information, visit http://www.theexecutionproject.com.

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Paul Merchan
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