Welcome back to the Alt Goes Mainstream podcast.
Today’s interview is with a wealth management entrepreneur who created one of the most consequential wealth management technology companies that has helped to shape the industry into what it is today.
Bill Crager is the Co-Founder of Envestnet, which he and his co-founder, the late Jud Bergman, grew into a public company. Bill was the CEO of Envestnet during the company’s time as both a public company and following Bain Capital’s acquisition to take the company private for $4.5B.
Bill is now back at it again, joining iAltA Holdings as a Founding Partner to build a suite of businesses at the intersection of private markets and private wealth management infrastructure alongside former Ipreo CEO Scott Ganeles, former Ipreo Executive Bill Sherman, and former Blackstone CFO and WestCap Founder Laurence Tosi.
Bill and I had a fascinating conversation about wealth management and private markets. We covered:
The evolution of wealthtech.
What advisors are looking for when it comes to technology.
How technology can help advisors deliver a high-quality experience to clients.
Why private markets are now playing such a big role in the business of wealth management.
What is missing in private markets infrastructure.
The role of AI in financial planning.
Why Bill wanted to go back to building again.
What is in store for iAltA.
Thanks Bill for sharing your wisdom and expertise on private wealth and private markets.
A word from AGM podcast sponsor, Ultimus Fund Solutions
This episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.
To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.
Visit www.ultimusfundsolutions.com to learn more about Ultimus’ technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com.
We thank Ultimus for their support of alts going mainstream.
Show Notes
00:00 Introduction to Early Technology
00:12 Sponsorship Message from Ultimus
02:09 Welcome to the Alt Goes Mainstream Podcast
02:12 Bill Crager’s Background and Achievements
02:57 The Evolution of Wealth Management
05:10 Challenges in Wealth Management Technology
09:13 The Advent of Private Equity in Wealth Management
10:45 Horizontal vs. Vertical Solutions in Wealth Tech
17:07 The Role of Data in Wealth Management
17:51 The Future of Wealth Management Technology
22:58 The Evolution of UMA and Future Prospects
23:45 Customization and Scale in Wealth Management
25:58 The Convergence of Private and Public Markets
27:44 The Role of Evergreen Funds in UMA
28:52 Access to Private Markets for Average Investors
29:10 The Need for Universal Product Master
29:23 Intelligent Financial Environments
30:11 Creating Financial Plans for Clients
30:44 Client Demand for Connected Financial Lives
31:14 Challenges in Holistic Financial Advice
32:11 The Role of AI in Financial Services
33:06 Balancing AI and Human Assurance
33:22 AI’s Impact on Wealth Management
34:37 Future of Financial Planning with AI
37:21 Trust in Technology vs. Human Advisors
38:58 The Evolution of Financial Advice
39:30 Tokenization in Wealth Management
40:22 Adoption Challenges of Tokenization
41:40 Leveraging Technology in Wealth Management
43:49 Advice for Young Financial Advisors
45:05 The Future of Private Markets
47:07 Building Horizontal Solutions in WealthTech
47:56 The Vision for iAltA
49:44 Creating Bridges in Financial Services
53:13 The Importance of Culture in Business
54:52 Future of the Financial Industry
Editing and post-production work for this episode was provided by The Podcast Consultant.
