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:
Thanks Bill for sharing your wisdom and expertise on private wealth and private markets.
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 Introduction to Bill Crager
04:19 Building Envestnet and Early Challenges
05:06 Evolution of Wealth Management
07:00 Adoption of Technology in Wealth Management
08:39 Private Equity's Role in Wealth Management
10:17 Horizontal vs. Vertical Solutions
14:11 Challenges in Wealth Management Technology
16:22 Data and Technology in Wealth Management
22:41 Customization and Future of UMA
24:30 Impact of Data on Private Markets
26:30 Evergreen Funds and UMAs
27:45 Fusion of Public and Private Markets
28:07 Data Inputs for Financial Advice
28:33 Building Financial Plans at Scale
28:59 The Need for Holistic Financial Connectivity
29:35 Challenges in Data Flow and Infrastructure
30:29 The Role of AI in Financial Planning
30:49 Balancing Machine Learning with Human Assurance
31:35 AI's Impact on Financial Advice
32:40 Future of Financial Planning with AI
35:06 Trust in Technology vs. Human Advisors
35:19 The Emotional Component of Financial Advice
36:31 The Evolution of Wealth Management
37:02 Tokenization in Wealth Management
37:46 Adoption Challenges of Tokenization
38:56 Leveraging Technology in Wealth Management
39:27 The Future of Financial Advisors
40:59 Advice for Young Financial Advisors
42:10 The Role of Technology in Private Markets
43:48 The Vision Behind iAltA
44:46 Building Horizontal Solutions
46:14 Creating Bridges in Financial Infrastructure
51:00 The Future of Financial Advice Industry
Editing and post-production work for this episode was provided by The Podcast Consultant.
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.