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In this episode of the RIA Edge Podcast, David Armstrong, editorial director for Informa Connect’s Wealth Management Group, talks with Mark Hurley, founder of Fiduciary Network who heads the cybersecurity firm Digital Privacy & Protection. Hurley’s recent white paper, “Welcome to the Jungle,” analyzes the trajectory of the RIA industry and sees a far more competitive industry where mid-sized, generalist advisors can’t compete, squeezed between national-branded RIAs and hyper-specialists.
Specifically, David and Mark discuss:
- What low-interest rates and rising markets have meant for the RIA industry, and how that is changing.
- How the role of technology fits in financial planning and where certain functions are increasingly automated, leading to shifts in compensation for such roles.
- Why hyper-specialization can benefit firms as a means of differentiation, especially smaller firms, looking to carve a niche in the market.
- How cybersecurity is emerging as an existential threat and the impending regulatory changes emphasizing the need for robust measures to avoid legal and reputational fallout.
- The acquisition of specialized talent and targeted marketing, and how they emerge as critical strategies for smaller firms to thrive.
- Why private equity investment in the public model may not be conducive to long-term value creation in wealth management.
Resources:
Connect With David Armstrong:
- WealthManagement.com
- LinkedIn: WealthManagment.com
- LinkedIn: David Armstrong
- Twitter/X: @djamesarmstrong
- LinkedIn: Informa
Connect With Mark Hurley:
About Our Guest:
Mark Hurley is the CEO of Digital Privacy & Protection, LLC, a company which provides a digital protection service to the clients of wealth managers. He has co-authored several major white papers on the wealth management industry over the past twenty five years. He previously founded Undiscovered Managers, a mutual fund company that he sold to JPMorgan, and Fiduciary Network, one of the wealth management industry’s first aggregators. Earlier in his career he was a managing director at Merrill Lynch and a vice president at Goldman Sachs. He also served as a Presidential Appointee at a bureau of the United States Treasury. Hurley is a graduate of West Point and the Stanford Graduate School of Business.
