Nicsa’s Diversity Project North America, an initiative that champions DEI as a strategic business priority within the asset and wealth management industry, is pleased to announce its impressive speaker lineup for its upcoming Fearless Leadership Symposium.
The event will be held in NYC on June 12 and is an ideal opportunity to hear from asset and wealth management firms, broker dealers, and an extensive group of professional service firms. View the agenda here.
The event will feature industry trailblazers discussing the pivotal issues shaping the DEI journey. The conference promises to be a powerful and inspiring event, where business leaders convene to discuss hard-hitting issues specific to the industry, including utilizing AI, battling fatigue, and developing strategies of influence.
The following speakers have been confirmed to participate in the conference:
Bob Adams
Chief Operations Officer, Fidelity Investments
Omar Aguilar, Ph.D.
President, Chief Executive Officer, Chief Investment Officer, Schwab Asset Management
Thomas Arnold
Partner, Leader in Asset Management Technology Consulting, Wealth & Asset Management Consulting, EY
Erika Irish Brown
Chief Diversity, Equity and Inclusion Officer and Global Head of Talent, Citi
Gary Casagrande
Senior Vice President - Head of US Fund Administration, Northern Trust
Myra Chen
Data, Insights and Analytics Leader, Capital Group
Nick Cherney
Head of Innovation, Janus Henderson Investors
Ryan Christianson
Vice President, Responsible Investing, Columbia Threadneedle Investments
Carol Fulp
CEO, Fulp Diversity LLC
Byron Pitts
Anchor & Chief National Correspondent, ABC News
Eugene Smith
Diversity Project Manager & Chief of Staff to The Global Head of Diversity and Talent, Citi
Kwesi Smith
CEO, Greenwood Project
Michelle Thompson-Dolberry
Executive Vice President, Chief Diversity, Equity and Inclusion Officer, MFS
Lazaro Tiant
Sustainable Investment Analyst, Schroders
Cinda Whitten
Head of Global Investment Operations, Nuveen
The event will close with a ceremony and networking reception honoring Nicsa’s 2024 Rising Stars, diverse, aspiring leaders in the asset and wealth management industry. More about Nicsa’s mentorship, networking, and career development program can be found here.
The Fearless Leadership Symposium is open to all industry participants interested in advancing DEI, including business leaders, hiring managers, DEI practitioners, HR professionals, and next gen industry participants. Registration for the conference is now open.
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Nicsa’s committees are at the heart of our mission to connect all facets of the asset and wealth management industry to advance leading practices. Creating synergies among our various Diversity Project North America committees is one way to maintain positive momentum toward our mission of championing DEI as a business priority.
Take a look at how our working committees are enriching our organization and advancing our initiative. If you are inspired by efforts below, reach out to learn how to get involved.
Our Benchmarking Committee explores industry measurements and metrics around DEI standards. They are focused on benchmarking sources, internal data collection, and goal setting. Check out the committee’s Toolkit for discussion around DEI data collection and metrics tracking efforts. In addition, the committee recently released "Pay Equity: Guidance for Asset & Wealth Managers," a best-practices approach to evaluating legal and compliance issues, enhancing employee morale, and retaining talent.
The DEI Perception Committee explores insights on the perception of progress and identifies gaps and opportunities to advance DEI within organizations. The 2023/2024 DEI Perception Study, largely the work of this committee in collaboration with founding DPNA member EY, is intended to shape the industry’s adaptation of DEI issues. They are currently collaborating with other DNPA committees to share results of 23/24 DEI Perception Study.
Our Education & Outreach Committee shares industry education with diverse talent pipelines. The committee continues its work with Junior Achievement USA (JA) and the JA Take Stock in Your Future learning experience, which introduces teens and young adults to the stock market.
The Industry Engagement & Events Committee amplifies the message of DPNA by leveraging digital media channels as well as hosting events that promote DEI initiatives and inclusive leadership. Following the engaging Powering Up Families webinar in late 2023, the committee hosted an Empowering Women webinar in honor of Women's History Month in March of 2024. The webinar featured female leaders who shared actionable ideas and valuable perspectives for empowering women to thrive in the workplace and beyond. As part of the panel, the committee gave a platform/visibility to a Nicsa Rising Star.
The committee also heads up our association’s efforts to celebrate and recognize the many underrepresented groups within our industry, so be sure to follow our LinkedIn feed for resources and education around Juneteenth, Orange Shirt Day, Indigenous People's Day, and Purple Sock Day to name a few.
Our Next Practices Committee fosters collaboration around forward-looking DEI programs and strategies. This committee benefits from internal roundtables and Safe Space discussions. Over the past year, the community members met to explore the benefits of wellness programs within ERGs as well as to unpack the opportunities and challenges around DEI investing via managed funds.
In addition to candid discussions among committee members, this group also works to bring education to the larger industry by offering programs such as its ABCs of ERGs webinar. Members of this committee are currently focused on the topic of corporate culture and are exploring what it takes to both create and validate a healthy and equitable working environment.
DPNA committees welcome employees of any member firm. We encourage you to get involved in advancing DEI in the asset and wealth management industry. Click here to find out how.
Aaron Filbeck a Managing Director from the Chartered Alternative Investment Analyst Association (CAIA) spoke to Nicsa’s Alternative Investments Committee on recent thought leadership issued by CAIA. Aaron is a frequent speaker and writer on various topics of alternative investments and his work has been published in CAIA’s educational programs, numerous academic journals, books, and industry publications.
CAIA focuses on education, transparency and raising ethical standards in the alternative investments sector. The CAIA recently issued a thought leadership paper on the Total Portfolio Approach. Total Portfolio Approach
The Total Portfolio (TPA) Approach is a relatively new strategy in the institutional asset management space and is still evolving. It shifts the focus from the strategic asset allocation to opportunity costs, tradeoffs, and optimization.
Issues with the strategic asset allocation approach include the blurring between traditional and alternative assets and the difficulty modeling overlapping asset classes. The shift towards TPA in asset management involves looking at an organization’s portfolio as a whole rather than focusing on short-term returns. The importance of a long-term focus, overlay risk management, a strong management team and objective definitions are pillars to success for this evolving strategy.
Navigating non-traditional avenues for portfolio growth has become top of mind for many investors. The alternative investment industry has seen tremendous growth and diversification, and currently represents 22 percent of total AUM.
Views and observations of individuals contained herein are as of the date of the live event or written material and do not necessarily reflect the views of Nicsa or its member organizations. May contain forward-looking statements subject to various uncertainties. Nothing herein is intended to be or should be construed as legal advice. Contact your own counsel in order to obtain legal advice regarding these or any other matters. The information contained herein is for informational purposes only and does not constitute a recommendation of best practices.
Nicsa is pleased to announce that Allison Walsh will assume the role of Vice President, Sales and Member Engagement, effective June 2024. Allison’s primary responsibilities will be to drive engagement, recruit new members across the asset and wealth management industry, and act as the primary contact for all sponsorship opportunities.
“Allie’s industry expertise and deep relationships built over her tenure as VP of Marketing will enable Nicsa to expand our reach across an ever-evolving industry,” said Jim Fitzpatrick, President & CEO of Nicsa. The Nicsa leader added, “We plan to bring new members to our community with increased engagement, while remaining dedicated to our rich history and mission.”
Nicsa serves asset management firms, wealth management firms, broker dealers, and service providers by helping them meet the changing needs of their clients. The association connects all facets of the industry in order to advance leading practices. View Nicsa member firms | view Nicsa committees.
Membership offers:
Ms. Walsh will also head up membership efforts for Nicsa’s Diversity Project North America, an initiative aimed at championing DEI as a strategic business priority within the asset and wealth management industry. The number of DPNA participating firms has grown to almost 50 firms since its inception in 2018, with hundreds of volunteers across nine working DPNA committees.
Ms. Walsh takes on this new role after serving five years as Nicsa’s Head of Marketing . “I am very proud of the work that Nicsa is doing and am eager to amplify our capabilities by growing the breadth and depth of our membership.” said Ms. Walsh.
Nicsa is a not-for-profit organization and is focused on growing its membership to support industry dialogue on top-of-mind issues. The association has a 62-year history of serving industry professionals across a broad array of business lines including sales and distribution, product management, relationship management, technology, risk management, compliance, operations, and fund services and administration.
About Nicsa
Nicsa is a not-for-profit trade association striving to connect all facets of the global asset and wealth management industry in order to develop, share, and advance leading practices. For over sixty years, Nicsa has promoted a collaborative environment where members come together to help strategically address the industry’s most vital issues.
The Diversity Project North America champions DEI as a strategic business priority within the asset and wealth management industry. The goal of the Diversity Project North America is to advance better business results for our member firms and positive long-term impact for the clients we all serve by fostering an industry where diversity is achieved, equity is the standard, and inclusion is celebrated.
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A live panel discussion at Nicsa's 2024 Strategic Leadership Forum, M&A Hotbed, delved into the market-moving M&A deals that are dramatically altering the asset and wealth management industry.
The panel was moderated by Jeff Stakel, Deloitte Consulting. Panelists included Jeb Doggett, Chief Administrative Officer, Polen Capital; Dan Houlihan, President, STP Investment Services; and Amrit Kanwal, Executive Vice President and Chief Financial Officer, MFS.
The session explored the complexities and challenges involved with mergers and acquisitions (M&A) in the asset and wealth management industry. The speaker emphasized that unlike in other sectors where acquisitions are often based on tangible assets like technology or revenue lists, the asset and wealth management industry poses unique difficulties in defining what is being acquired. While assets are part of the equation, the intangible nature of financial services requires a deeper dive.
“There are three primary reasons that acquisitions get done: access to a new distribution channel, access to new product capability, or it’s a scale issue.”
Acquisitions in the asset and wealth management industry are often made for reasons such as expanding distribution channels, acquiring new product capabilities, or achieving scale. However, they cautioned that M&A necessitates a clear strategy for adding differentiated value to the client. The speakers emphasized the importance of clear client messaging during the M&A process, underscoring the need to articulate the value to clients clearly.
“The thesis is really putting the client first and being able to bring a broader capability set -- an extension of the value proposition -- to the client.”
The session homed in on the importance of maintaining a strong organizational culture amidst M&A changes. While acquisitions can lead to expanded opportunities for the acquiring firm, they also introduce risks such as client relationships being jeopardized. The speaker emphasized the need for careful consideration during acquisitions to ensure the best aspects of both organizations are retained.
The panel also explored the concept of partnerships as an alternative to traditional acquisitions. It suggests that as the industry matures, firms should think more creatively about collaborating with partners to access capabilities efficiently without bearing the full burden of integration costs.
Furthermore, the discussion touched upon the evolving preferences of institutional investors and advisors regarding the number of asset managers they engage with. While breadth of capability is valued, investors are not necessarily seeking solutions from every manager. Instead, they prioritize high-quality, value-adding capabilities, indicating a shift towards a more selective approach in engaging asset managers.
Overall, SLF attendees received a solid foundation on the complexities and strategic considerations involved in M&A within the asset and wealth management industry, highlighting the importance of client-centricity, organizational culture, and meeting the evolving needs of investors.
Personal views and observations of individuals contained herein are as of the date of the live event or written material and do not necessarily reflect the views of Nicsa or its member organizations. May contain forward-looking statements subject to various uncertainties. Nothing herein is intended to be or should be construed as legal advice. The information contained herein is for informational purposes only and does not constitute a recommendation of best practices.
Asset and wealth management executives gathered at Nicsa’s 2024 Strategic Leadership Forum to discuss the most pertinent topics affecting financial professionals worldwide. The popular “Face the Membership” session provided valuable insight into industry trends from two of the industry’s most influential women.
Bob Pisani of CNBC moderated the highly anticipated session, featuring Yie-Hsin Hung, President & Chief Executive Officer of State Street Global Advisors, and Penny Pennington, Managing Partner of Edward Jones.
The following offers some insights on the trends taking the spotlight.
On Artificial Intelligence:
The panel explored the profound impact of artificial intelligence (AI) on asset and wealth management, particularly in enhancing efficiency, improving client service, and empowering financial advisors. AI is already integrated into various aspects of the industry, including predictive analytics and machine learning, which enables quick access to information and streamlined processes. By leveraging AI-driven tools, employees can access answers to complex questions more swiftly, freeing up time for more strategic tasks.
However, amidst the excitement surrounding AI adoption, both speakers stressed the importance of being mindful of associated risks, particularly concerning data privacy and intellectual property. They emphasized the need for governance frameworks to ensure transparency and accountability in the use of AI models.
While acknowledging the transformative potential of AI in the financial services industry, the speakers emphasized the complementary relationship between AI and human intelligence and agreed that AI-enhanced financial advisors are better equipped to serve clients efficiently and effectively, ultimately driving productivity and advancing the industry forward.
On The Evolution of Client Needs:
The session explored the evolving needs of clients in asset and wealth management and the role of financial advisors in meeting these needs. The conversation emphasized a more holistic approach to wealth management, where financial advisors serve as partners in navigating various aspects of clients' lives rather than merely focusing on investment strategies.
“The primary things clients want to talk to their financial advisor about are: their health, their family, and their purpose.”
By focusing on the broader aspects of clients' lives and developing comprehensive financial strategies, advisors can better meet the evolving and multifaceted needs of today's clients.
On the Wealth Gap:
The discussion focuses on addressing the wealth gap in the United States and the role asset managers can play in democratizing investing. The aim is to foster a culture of inclusive investing, empowering individuals to leverage the free market system for their benefit. The industry has worked towards making financial advice and quality investments accessible to more people. However, there's recognition of a widening gap in accessibility, with parts of the industry primarily serving those already financially secure. To counter this trend, there's a call for a more inclusive approach, reaching a broader segment of Americans. Initiatives such as financial fitness tools and investments in financial education aim to bridge this gap.
On Retirement:
The industry has called for collaboration to enhance retirement tools, particularly through initiatives like auto-enrollment in retirement plans, which can bolster participation rates. Advocacy efforts were highlighted, such as proposing a caregivers provision to allow individuals caring for family members to contribute to retirement plans even without earned income. Additionally, there's a push for greater inclusivity, advocating for younger individuals and military spouses to have earlier access to retirement plans. The recent bipartisan passage of Security 2.0 legislation was lauded for the facilitation of multi-employer plans. Despite the availability of resources like target date funds, there's recognition that more needs to be done to increase participation rates, underscoring the importance of timely financial education and engagement efforts.
On Diversity:
“It takes intentionality.”
The discussion highlighted the paramount importance of DEI principles across all aspects of talent management within the asset and wealth management industry. The focus extended from recruitment processes, where efforts are being made to ensure diverse candidate pools and mitigate implicit biases, to ongoing development opportunities that recognize and support individuals' unique backgrounds and needs. The conversation emphasized the necessity of fostering diverse leadership to serve as visible role models for aspiring professionals. Furthermore, there's an acknowledgment of the industry's need to demystify its technical nature and emphasize its human-centric mission to attract a broader array of talent. The session underscored the business case for DEI, citing studies that demonstrate its correlation with better decision-making and outcomes. Additionally, demographic shifts in the country were noted, indicating the increasing demand for financial advice amidst a declining number of advisors, highlighting the need for innovation and intentionality in talent recruitment and development. The qualities sought after in future financial advisors will focus on attributes such as trustworthiness, adaptability, resilience, and a genuine desire to make a positive impact on others' lives, regardless of their academic or professional background.
Personal views and observations of individuals contained herein are as of the date of the live event or written material and do not necessarily reflect the views of Nicsa or its member organizations. May contain forward-looking statements subject to various uncertainties. Nothing herein is intended to be or should be construed as legal advice. The information contained herein is for informational purposes only and does not constitute a recommendation of best practices.
A recent panel discussion at Nicsa's 2024 Strategic Leadership Forum, Building Tomorrow’s Portfolio, delved into the trends are gathering steam—from investment themes to pricing and packaging—and provided insight into target investors and their preferences.
The panel was moderated by Davis Walmsley, Principal at Broadridge Global Asset Management Strategy Consulting. Panelists included Katie Fischer, Director, Equity, Fixed Income and Multi-Asset Pillars, US Wealth Advisory, BlackRock; Alex Goldsmith, Chief Strategy Officer, First Eagle Investments; and Ben Slavin, Global Head of Commercial Engagement & Strategic Growth, BNY Mellon.
Themes, Ideas, and Takeaways:
Overall, the engaging session underscored the dynamic nature of the asset and wealth management industry, shaped by shifting investor preferences, technological advancements, regulatory changes, and evolving business models. Adapting to these changes requires a focus on innovation, client-centricity, and continuous learning to stay competitive and meet the diverse needs of investors.
Personal views and observations of individuals contained herein are as of the date of the live event or written material and do not necessarily reflect the views of Nicsa or its member organizations. May contain forward-looking statements subject to various uncertainties. Nothing herein is intended to be or should be construed as legal advice. The information contained herein is for informational purposes only and does not constitute a recommendation of best practices.
Attendees of Nicsa's 2024 Strategic Leadership Forum explored the evolution of customization in asset and wealth management in a live session titled The Quest for Hyperpersonalization.
The discussion highlighted the shift from basic alignment of client needs with solutions to more sophisticated personalized models enabled by technology. The panel was moderated by Laton Spahr of SS&C and included perspectives from Steve Harris, Edward Jones; Megan Miller, Allspring Global Investments; and Mark Zeitoun, Columbia Threadneedle.
Panelists emphasized the paramount importance of understanding clients' individual needs and preferences, while integrating various aspects such as investment strategies, tax management, and geographic considerations.
The discussion underscored the pivotal role of advisors in deciphering client preferences and collaborating closely with asset managers to deliver bespoke solutions. It explored the symbiotic relationship between asset and wealth managers, extending from product development to ensuring a seamless client experience.
Central to the concept of hyperpersonalization is delving deeper into client preferences across households, rather than merely focusing on flagship accounts. Panelists emphasized the significance of understanding what personalization truly means to each client, whether it entails tax management, environmental/social/governance (ESG) considerations, or other bespoke factors. They noted that while model-based approaches are gaining traction, clients often veer away from them at the first sign of local or macroeconomic volatility. In contrast, an account tailored specifically to individual preferences fosters credibility and enhances client commitment, particularly when navigating shifting market environments.
Looking ahead, the discussion pointed to future skill sets that client-facing advisors will need to deliver. This entails a shift from traditional inquiries about account performance to more profound questions concerning the client's aspirations and the impact of financial decisions on their lives and loved ones. The question is changing from "How was your account this past year and are you happy?" to "What does money mean to you? What difference is it going to make in the lives of those you care about and how do these tradeoffs we're making today make that possible?”
Ultimately, the session emphasized the critical importance of aligning asset and wealth management strategies with the distinct goals and preferences of each individual client, paving the way for a more personalized and fulfilling client experience.
Personal views and observations of individuals contained herein are as of the date of the live event or written material and do not necessarily reflect the views of Nicsa or its member organizations. May contain forward-looking statements subject to various uncertainties. Nothing herein is intended to be or should be construed as legal advice. The information contained herein is for informational purposes only and does not constitute a recommendation of best practices..
Nicsa's 2024 Strategic Leadership Forum offered a retrospective and forward-looking view of the asset and wealth management landscape.
Industry veteran Marty Flanagan, Chairman Emeritus of Invesco, was presented with the prestigious Lifetime Achievement Award during the event. The Lifetime Achievement Award honors distinguished executives who, during their lifetimes, have made impactful contributions of outstanding leadership to the field of asset management.
Nicsa Board Member Clint Harris, Head of Wealth Management Platforms and Institutional Consultant Relations at Invesco, sat down with Marty to share perspectives and lessons learned at pivotal times in their careers and how that can be applied to future "watershed" moments in our industry.
The two industry visionaries spoke to executives from across the asset and wealth management industry. Six key trends emerged:
The future of the asset and wealth management industry will see an evolution of investment products and an increasing importance of personalization and technological integration in client services. The fireside chat underscored the need for organizations to remain client-centric, adaptable, and inclusive in navigating the complexities of a rapidly changing industry landscape.
Personal views and observations of individuals contained herein are as of the date of the live event or written material and do not necessarily reflect the views of Nicsa or its member organizations. May contain forward-looking statements subject to various uncertainties. Nothing herein is intended to be or should be construed as legal advice. Contact your own counsel in order to obtain legal advice regarding these or any other matters. The information contained herein is for informational purposes only and does not constitute a recommendation of best practices.
In a live session at the recent Nicsa 2024 Strategic Leadership Forum, Think Like a Futurist, participants explored the fascinating world of futurism and how to navigate the ever-evolving landscape of technological advances.
Forward-thinking leadership perspectives from Matt Mackay, Executive Director, Platform Sales, Corporate & Investment Bank, J.P. Morgan and Debora Kantt, Strategic Foresight & Future Studies Director, JP Morgan discussed the mindsets that propel businesses forward.
Advice from Nicsa’s future-focused session highlighted that business leaders must embrace the capacity to imagine the unimaginable.
"We prepare for a future that is uncertain by looking at trends and imagining how the external world can be different than the current one."
AI systems are advancing. Many are being trained to recognize and simulate human emotions, impacting areas like financial services, fraud detection, and decision-making.
"75% of organizations are not prepared for the rate of change within their industries."
Nicsa’s future-focused session served as a stark reminder of the importance of foresight and adaptability and emphasized the need for organizations to innovate rapidly in response to evolving trends and technologies.
Personal views and observations of individuals contained herein are as of the date of the live event or written material and do not necessarily reflect the views of Nicsa or its member organizations. May contain forward-looking statements subject to various uncertainties. Nothing herein is intended to be or should be construed as legal advice. The information contained herein is for informational purposes only and does not constitute a recommendation of best practices.
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