Boston, MA – July 10, 2023 – Nicsa, a leading Association in support of the asset and wealth management industry, recognized six new Committee Chairs over the past six months. These individuals have each helped support the nonprofit’s work to advance leading practices across a wide spectrum of industry business lines and professionals.
Nicsa supports a variety of committees that are open to all employees of member firms. Committees comprise individuals across divisions, departments, and all levels of management who actively participate in collaboration around industry solutions. View full list of Nicsa Committees here.
Committee Chairs are the visionaries responsible for establishing and tracking the mission of each Committee, as well as presiding over activities and content generation.
With congratulations to recent appointees:
Ryan Burns | Northern Trust | Membership
Heidi Lastoria | MFS Investment Management | Unclaimed Property
Rosa Licea-Mailloux | MFS Investment Management | DPNA Next Practices
Anish Mazumdar | Aliter Investment Services | Technology & Digital Innovation
Cassie McCarthy | EY | DPNA DEI Perception Study
Kirstin Pickens | FS Investments | General Membership Meeting ‘23
In recognition of past service:
Charles Booth | Compliance & Risk Management
LeeAnn Dionne | Unclaimed Property
Naomi Fink | DPNA Next Practices
Maggie Klimentova | DPNA Industry Engagement & Events
Mark Lavan, Franklin Templeton | General Membership Meeting ‘22
Cassie McCarthy | EY | DPNA Benchmarking
Kelli O’Brien | Citi | General Membership Meeting ‘22
Alex Pire | Amundi | International
*DPNA: Diversity Project North America, a Nicsa initiative.
A full list of Nicsa Committee Chairs follows:
TOPIC COMMITTEE CHAIRS:
Alternative Investments
Michael Murtaugh, Wells Fargo
Compliance & Risk Management
Stephanie Tyler, Franklin Templeton
Data Analytics
Brian Foote, Broadridge
Fund Administration
Jon Gezotis, Citi
Victoria McGowan, J.P. Morgan
Fund & Investor Services
Linda Azzara, GMO, LLC
Rhett Payne, J.P. Morgan
International
Lesley-Anne Archibald, Baillie Gifford
Next Gen
Lesley-Anne Archibald, Baillie Gifford
Nicholas Lombardo, Citi
Product & Distribution
Scott Brady, Columbia Threadneedle
Alaina Giampapa, Natixis
Retirement
Alvin Hasegawa, Fiduciary Trust International
Brad Spolec, SS&C Technologies
SMA & Model Portfolio
Daniel Milligan, Columbia Threadneedle
Patrick Mullins, Invesco
Technology & Digital Innovation
Chuck Gallant, BNY Mellon
Anish Mazumdar, Aliter Investment Services
Karym Murphy, HengTian Services
UIT
Scott Larsen, Guggenheim Investments
Matt Wolcott, Hennion & Walsh, Inc.
Unclaimed Property
Heidi Lastoria, MFS Investments
Carol Irvine, Abandoned Property Advisors, LLC.
EVENT COMMITTEE CHAIRS:
General Membership Meeting
Chuck Gallant, BNY Mellon
Kirstin Pickens, FS Investments
Fearless Leadership Symposium
Cheryl Boyd, EY
Nicole Green, SS&C Technologies
Strategic Leadership Forum
Steven Rueschhoff, Edward Jones
Kelli O’Brien, Citi
DIVERSITY PROJECT NORTH AMERICA COMMITTEE CHAIRS:
Benchmarking
Cheryl Reich, Broadridge
Deb Sealy, Aegon
Education & Outreach
Suzanne Cullinane, Janus Henderson
Ann Carpenter, State Street Global Advisors (SSGA)
Industry Engagement & Events
Emily Lawrence, Northern Trust
Next Practices
Rosa Licea-Mailloux, MFS Investment Management
Ofelia Potter, Northern Trust
ADVISORY COMMITTEE CHAIRS:
Awards
Karen Walsh, Putnam Investor Services
Content
Anne Hebard-Duduch, SS&C Technologies
Janet Bienkowski, MFS Investment Management
Membership
Ryan Burns, Northern Trust
GOVERNANCE COMMITTEE CHAIRS:
Nicsa Executive Committee
Stacy Bernstein, American Century
Scott Brady, Columbia Threadneedle
Audit
Lisa Halbach, Bank of America
Treasurer
Irene Speridakos, BNY Mellon
Nominating
Clint Harris, Invesco
Diversity Project CEO Advisory Council
Thomas Arnold, EY
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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Boston, MA – June 14, 2023 – Nicsa is pleased to announce the 2023 awardees of its Rising Star Program, a mentorship and awards program aimed at providing networking and career development opportunities to diverse, aspiring leaders in the asset management industry.
Nicsa’s Diversity Project North America recognizes the importance of supporting emerging leaders with a program that not only provides recognition and exposure for diverse employees, but develops and hones the skills critical for retention and advancement of valued talent within the industry.
The 2023 Rising Stars were nominated by member firms of Nicsa’s Diversity Project North America and receive the following benefits:
The 2023 Rising Stars (representing their Diversity Project member firms) are:
Aegon Asset Management | Emily Phelps, Tactical Portfolio Manager
Allspring Global Investments | Bithja Pierre, Communications Strategist
American Century Investments | Jennifer Simmons, Financial Consultant
Amundi Asset Management | Amber Jiang, Investment Associate
Aon Investments, USA Inc. | Margaret Uhlein, Senior Consultant
Aviva Investors | Jane Xie, Portfolio Manager Fixed Income
AXA Investment Managers | Daniela Ramos, Financial Controller
Bank of America Merrill Lynch | Ana Schaja, Business Strategy & Initiative Manager
BlackRock | Jenny Wu, Associate
BNY Mellon | Pershing | Alexis Marans, Vice President
Broadridge Financial Solutions | Timothy Leung, Manager Compliance
Calamos Investments | Meagan Polidoro, Compliance Associate
Capital Group | Michelle Cremar-Rodriguez, Intermediary Services Manager
CFA Institute | Lilia Greenwald, Director, Talent Development
Citi | Eugene Smith II, Assistant Vice President - Talent and Diversity
Columbia Threadneedle Investments | Catarina Pontes, Senior Manager, Instructional Design
Confluence Technologies Inc. | Katelyn Cummings, Senior Product Designer
Dimensional Fund Advisors | Yajnaseni Savarna, Associate Investment Strategist
Edward Jones | Riley Harshbarger, Product Analyst
EY | Alina Ehsan, Manager
Fidelity Investments | Katie Wong, Research Analyst
FS Investments | Krista Bowers, Executive Director, Sales Strategy & Analytics
Hartford Funds | Ozzie Bryan, Senior Research Analyst
HSBC Asset Management (USA) | Christina Vu, Vice President, Institutional Sales
ICG | Meg Donlin, Associate, Strategic Equity
J.P. Morgan | Brittany Gibler Dalton, Vice President – Corporate Investment Bank
Janus Henderson Investors | Trevor O'Hara, Product Operations Manager - Global Technology
John Hancock Investment Management | Angan Sarker, Investment Analyst
MFS Investment Management | Amaris Sok, Business Continuity Engineer
Nationwide | Gregory “Robbie” Martinez, Sr Analyst, Brokerage Service Team
Northern Trust | Simona Ilies, Team Lead-Second Vice President
Payden & Rygel | Alexander Velazquez, Portfolio Analyst
Nicsa’s Diversity Project North America, a leading advocate for advancing diversity, equity, and inclusion (DEI) 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 14 and will bring together experts, advocates, and thought leaders from a variety of industry perspectives.
The conference promises to be a powerful and inspiring event, where experts from across the industry will convene to discuss DEI issues specific to the industry, including executive accountability, industry sustainability, critical skills and strategies of influence.
The following speakers have been confirmed to participate in the conference:
Co-founder & President, Bonfire
Chief Diversity, Equity and Inclusion Officer and Global Head of Talent, Citi
Global Managing Director, LGBT Great
President, STP Investment Services
Head of the Americas, President and CEO, Amundi US, Inc.
Managing Director, CRA | Admired Leadership
Chair, Diversity Project
Anchor & Chief National Correspondent, ABC News
CEO, BNY Mellon’s Asset Servicing
Co-Founder and CEO, WMFDP LLC | FDP Global
Global Director of DEI Client Engagement, BlackRock
Senior Vice President, US Head of Client Management, HSBC Global Asset Management
Compliance Manager, Broadridge
President, MFS Service Center, MFS
The conference is open to all industry participants interested in advancing DEI, including HR professionals, DEI practitioners, business leaders, managers, and next gen industry participants. Attendees will have the opportunity to network with peers, learn from experts, and participate in interactive sessions that explore the latest trends and best practices in DEI.
Registration for the conference is now open. Nicsa’s FLS is an ideal opportunity to hear from all perspectives within the industry — asset and wealth management firms, broker dealers, and an extensive group of firms that include law, technology and service firms that support the industry. View the agenda here.
#NicsaEvents
#DiversityandInclusion
#DiversityProject
May 4, 2023 -- FOR IMMEDIATE RELEASE
On June 14, the asset and wealth management industry will come together for meaningful dialogue and action planning around key business initiatives that enhance productivity, promote growth, and drive bottom line results.
Nicsa’s Fearless Leadership Symposium – the premier DEI-focused conference for global asset and wealth management business leaders – will unite senior executives to explore the advancement of diversity, equity and inclusion in the industry. The event, powered by Nicsa’s Diversity Project North America (DPNA) and launched in 2021, was the first national conference focused on DEI issues specific to asset and wealth management professionals.
“We are excited about our 3rd annual Fearless Leadership Symposium and celebrating the five-year anniversary of our Diversity Project North America initiative in 2023. Nicsa continues to be at the forefront of the most important issues facing our member firms and it is our privilege to facilitate industry collaboration on issues like DEI,” said Jim Fitzpatrick, President & CEO.
A CEO Fireside Chat, as well as sessions on Leadership of Tomorrow, Igniting an Inclusive Culture, and From Moment to Movement, will feature speakers from some of the world's largest and most influential asset and wealth management firms. The event draws upon senior business executives to explore bold business practices that support the long-term sustainability of the industry. The conference will feature interactive workshops, panel discussions, and networking opportunities. Attendees will have the chance to participate in thought-provoking discussions, share their own experiences, and learn from their peers.
"We look forward to hosting this conference and bringing together innovative minds in the asset and wealth management industry to discuss diversity, equity, and inclusion," said Justine Phoenix, Head of Diversity Project North America. "Creating a more inclusive workplace is not only the right thing to do, but it also makes good business sense. By valuing and fostering diversity and equity, we can attract and retain the best talent and drive better outcomes for our clients."
Featured Speakers
Baroness Helena Morrissey
Lisa Jones, Head of the Americas, President & CEO, Amundi US, Inc.
Emily Portney, CEO, BNY Mellon’s Asset Servicing
Rachel Bellow, Co-founder & President, Bonfire
Bill Proudman, CEO, WMFDP LLC | FDP Global
Matt Cameron, Global Managing Director, LGBT Great
Moderator: Byron Pitts, Anchor & Chief National Correspondent, ABC News
Rising Stars Recognized
Nicsa’s Rising Star Program celebrates and cultivates the industry’s next generation of leaders. Honorees are diverse, emerging leaders within the industry that embody the values of the Diversity Project North America and demonstrate a commitment and intentionality for change. Awardees will be recognized at a reception during the Symposium and will receive mentorship, networking, and career development opportunities.
About Fearless Leadership Symposium
Visit nicsa.org/fls to view the agenda and speakers, Individuals can purchase in-person registration passes which include access to all on-site programming and events. The conference is open to asset and wealth management professionals from all backgrounds and levels of experience. Attendees can register for the event on the Nicsa website. For media inquiries, please contact Allison Lovett, VP of Content &. Communications at Nicsa at [email protected].
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, implement, and advance leading practices. For over sixty years, Nicsa has promoted an open and collaborative environment, where members’ and partners’ deep expertise and unique perspectives have come together to help strategically implement and support the industry’s most vital issues. Click here for more information about membership.
About Diversity Project North America
Nicsa’s Diversity Project North America promotes a diverse and inclusive asset and wealth management industry with the right talent to deliver the best possible results for our clients, reflect the society we serve, and ensure long-term business sustainability. The Project spans the entire range of the profession: asset and wealth managers, fund complexes, asset servicers, broker dealers, asset owners and professional service firms that support the industry. We seek to share best practices, identify gaps in our industry and initiate action to help solve or improve those inadequacies.
Boston, MA –April 17, 2023 – As part of its ongoing mission to accelerate diversity, equity, and inclusion (DEI) in the asset and wealth management industry, Nicsa’s Diversity Project North America has teamed up with EY to deliver its 2023 DEI Perception Survey.
About the Survey
About Diversity Project North America
The Diversity Project’s goal is to accelerate progress towards a diverse and inclusive culture in the asset and wealth management industry to deliver the best possible results for clients, reflect the society we serve, and ensure long-term business sustainability. Click here for more information on Nicsa’s Diversity Project North America initiative.
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, implement, and advance leading practices. For over sixty years, Nicsa has promoted an open and collaborative environment, where members’ and partners’ deep expertise and unique perspectives have come together to help strategically implement and support the industry’s most vital issues. Click here for more information about membership.
About EY
EY is a global leader in assurance, tax, strategy, transaction and consulting services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. For more information about our organization, please visit ey.com.
Each year, market intelligence provider Cerulli Associates surveys more than 10,000 affluent investors to identify investment product development trends. In early March, attendees of Nicsa's Strategic Leadership Form were given valuable takeaways from this research, as well as strategic insight into demand, distribution, and innovation across packaged investment vehicles.
Scott Smith, Director at Cerulli Associates, who moderated the conference session, said today's investors seek financial advisors who take the time to understand their needs, consider their entire financial picture, and propose solutions customized to their needs and goals. With that in mind, panelists from Ameriprise Financial Services, Bank of America/Merrill Lynch, and BlackRock shared their product insights.
Panelists said adoption of model portfolios is on the rise because these tools allow advisors to scale their practices and focus more on client relationships.
"By the end of this year, we will have a flexible UMA that can support a number of models; we're working closely with third-party managers to develop those as we speak," said Sandy Bolton, Executive Vice President, Head of Wealth Management Solutions at Ameriprise Financial Services. "The UMA is the happy medium; advisors are still able to build a portfolio, ... put their brand on it, and deliver it through a platform that is centrally traded and rebalanced according to a client's risk tolerance and investment objectives."
Greg Weiss, Managing Director, Head of Managed Accounts at BlackRock, agreed that advisors appreciate the ability to put their fingerprint on model portfolios. "The fastest-growing segment of our models business at BlackRock is custom models, where we allow an advisor to customize our flagship offering with their favorite funds, rebalancing frequency, trade rationale, and other preferences," he said.
With the global economy facing significant risks over the past few years, some say economic conditions are currently affected by a "permacrisis," spurring cash allocation concerns.
"We have about 100 individuals that are focused on a 'Cash on the Sidelines' campaign as we speak, and one of the things that we're doing to enhance it is pull in our third-party asset managers to help us tell that story," Bolton said. "We don't want advisors and clients sitting out too long and missing out when the market does rebound."
Referencing BlackRock's research, Weiss pointed to the power of a model-based practice in a permacrisis.
"When comparing a models-based practice to a non-models-based practice during peaks of market volatility, 70% of advisors who had a models-based practice were able to keep their clients invested according to their objectives and their risk profile, and they were able to do that with automated rebalancing, tax-loss harvesting, and changing the risk profiles as opposed to whipsawing."
Stephen Patrickakos, Managing Director, Head of Managed Investments at Bank of America/Merrill Lynch, addressed trends in direct indexing.
"In terms of the overall tax overlay from a UMA perspective, adoption has been growing over the last few years," Patrickakos said. "If there are restrictions on the overall portfolio, the availability of overlay is certainly there; tax is one, certain types of screens are another — and that customization from an overall UMA standpoint is a very big deal for advisors in that they can differentiate themselves."
"The direct indexing piece is big — it's been there for a while, but we've only been very specific about what it is in the last few years," he continued. "And that still has a place in the UMA portfolio today with advisors, but overall, there are some additional levers and features that an advisor can access internally at the firm as well, and adoption has been significantly increasing."
Weiss shared some of BlackRock's unique use cases regarding concentrated stock. "We've established a platform at BlackRock that provides a spectrum of solutions around concentrated stock. For example, for close to 25 years Aperio has been helping ultra-high net worth investors unwind a concentrated stock to a multi-year capital gains budget — a transition plan of how to go from a concentrated equity position to a well-diversified portfolio of equities."
Looking for additional product trends and innovations? Registered users can access an archive recording of this presentation by visiting https://learn.nicsa.org/2023-slf.
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.
A familiar face helped kick off the last day of the Strategic Leadership Forum: CNBC Anchor Tyler Mathisen, a long-time moderator of Nicsa's Face the Membership session.
The journalist's fireside chat with top leaders from the asset management industry centered on the pressing issues of 2023, from how technology will continue to shape financial services to ESG investing and DEI. The conversation opened with a discussion of the impact of artificial intelligence (AI) on financial services — and what firms should do about it.
Lena Haas, Head of Wealth Management Advice and Solutions at Edward Jones, cautioned against human replacement theories when discussing AI. "It's not about AI versus humans," she said. "Humans armed with AI will win the day by serving our clients differently and better. For us, the question is how to use technology to deeply understand our clients and develop truly personalized plans and products."
Michael Lane, Head of iShares U.S. Wealth Advisory, BlackRock, agreed that AI holds tremendous potential when it comes to personalization, citing model rebalancing as evidence.
"People might want to know what happened in the investment world that would result in a rebalance from one asset class to another," he said. "With today's technology, you don't need 50 people sitting in a room analyzing and writing up that information. Instead, you can enter a few inputs into a database, and it'll spit back the implications of those trades."
When asked how AI will affect client experiences with Edward Jones, Haas said the benefits will be found in allowing for more creative, high-value activities as well as data-driven decision-making and personalization.
"We want our financial advisors to provide what clients are craving, and what they're craving is not just the well-allocated portfolio of the past," she said. "We did a recent study that showed there are four things that matter the most to human beings: Their family and friends, purpose in life, health and wellness, and finances."
Haas said finances serve as a foundation for — and an enabler of — the other three life elements that respondents said matter, "giving people the ability to spend time with their kids, leave a legacy, influence communities, etc." With the help of AI, financial advisors will be better able to focus not on creating personalized solutions for an account, but for a whole person and their family, across generations.
When asked to describe what personalization means to Capital Group, Riley Etheridge, President of the Wealth Management Client Group at the financial services company, said the term denotes whether a client is being served in a way that is relevant to their specific circumstances.
"That can be achieved with technology-supported services, like transitioning from any existing portfolio into one of our models in a way that recognizes what you actually hold, your personal tax bracket, and the amount of tax you're willing to pay in a year — and then make that transition in a way that's personal to you," he said.
Lane likened the distinction between personalization and customization to modifying a car.
"I can customize a car by changing the exterior color, changing the interior, or putting different brakes on it," he said. "Personalization is like having a seat 100% molded to your body that nobody else is going to fit in."
Delivering a personalized experience according to ESG factors is part of that approach in many cases — and DEI is part of the equation. Etheridge said Capital Group offers a transparent account of the company's efforts in that area.
"We share the progress we've made on four different diversity metrics on our website, as well as our goals for 2025," he said. "Many times, clients want to invest with firms that they know are making progress on building the workforce for the future, and I think that's a rational selection criteria."
For a full replay of this session, registered members can visit Nicsa’s 2023 Strategic Leadership Forum website.
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.
Inclusion in the workplace —a practice that prioritizes empathetic leadership and a universal sense of belonging — is a vital characteristic of a healthy company culture. But there’s a related piece of the puzzle our industry must keep top of mind: Financial inclusion.
“We define that as the intentional focus on creating products, services, and strategies that solve for the underserved and underrepresented communities,” Jamila Mayfield, Partner at EY, told attendees of Nicsa’s 2023 Strategic Leadership Forum in March.
The educational session, moderated by Jessica Ruggles, Corporate Vice President, Financial Wellness Thought Leadership & Market Insights, New York Life, focused on boosting financial literacy, influencing financial behaviors, and building trust.
Opportunities and Challenges
Melinda Hightower, Managing Director and Head of Multicultural Strategic Client Segments at UBS, said demographic changes in the future of wealth are giving rise to new client groups —leading savvy firms to reassess their strategies.
“There are about 2 million multicultural investors, and they have about $5 trillion in investable assets,” Hightower said. “That, for us, is an incredibly sizable opportunity. So, starting with financial inclusion means reframing and expanding the case for who your client is.”
Mayfield agreed, adding that informed design teams and the innovative products they develop can help firms capture the attention of underserved communities. “$700 billion is left annually on the table because women are not being catered to as financial clients, yet we're not developing products that resound with women,” she said. “Creating financial inclusion is about where the products are being developed, who's developing them, and the team you have sitting at the table.”
Lauren Bernstein, Head of Customer Experience for the educational software company EVERFI, pointed to the importance of education in product design and community outreach.
“EVERFI is in one out of every four public schools in the country, so we are constantly talking to teachers, students, educators, and families to learn what keeps people up at night and what they do not understand,” Bernstein said. “From crypto to sustainable investing, there are so many new concepts that learners, including those in underserved communities, haven't started to grasp. We're creating access and the ability to drive education forward.”
A common — but surmountable — challenge among firms, Mayfield said, is short-sightedness.
“Challenge thinking around what's safe and what's risky,” she said. “If you’ve never done something, you don’t know if it’s risky. We're doing pilots now on small groups of people, talking to the client base that we want to market to, and trying to figure out how we can get some of our most prominent portfolio managers and wealth advisors to connect to an entirely new market they've never considered.”
Mayfield said that most challenges in the financial inclusion space boil down to trust. “Historically underserved folks have a reason to distrust the industry, because for so long, they haven’t been recognized,” she said. “There have also been historic abuses where certain demographics have been negatively impacted by the financial system. Others witnessed the effects of 2008 but don't have the long-game understanding of financial systems that we do.”
“Then you add in the idea that we're going to create inclusive analytics,” Mayfield continued. “But how can people who don't understand the underpinnings of technology trust that what they're signing up for on their mobile phones truly is inclusive, or that something happening in the background could harm them further? We have to think about how to close this gap in trust.”
How to Get Started
Hightower said UBS is careful to seek varied investor perspectives when supporting the wealth management journeys of underrepresented groups. “Often, our industry is designing for people but not necessarily with them,” she said. “We may package a solution that we think might work for a person, but we haven't engaged that person. So, first things first, empathetic listening is absolutely necessary.”
In this current economic climate, DEI leaders are frequently asked to establish the business case for financial inclusion — and the best way to do so is through a no-cost pilot study, Hightower said.
“We started working with advisors on something we were testing called inclusive digital prospecting,” she said. “We said, ‘Hey, we're going to help you grow your business. Can you give us maybe an hour of your time over the next nine weeks?’ And we mapped out a [social media] posting plan for them — basically, paint by numbers — and talked about why we used the language that we used.”
At the pilot study’s completion, 90% of advisors still used what they were taught. Over just three months, participants had tripled growth in comparison with the control group. “Once you have one successful pilot, success begets success,” Hightower said.
In a perfect world, Bernstein said, you may be driving knowledge gains and attitudinal and behavioral changes with efficacy-based research solutions, but that’s not always the case. “It’s about making sure that anything that you do feeds into the needs of that audience, you're able to understand whether you are meeting them where they are, and you’re moving them forward,” she said.
Mayfield’s advice? “We need more voices at the table. We need everyone to be a part of this.”
For a full replay of this session, registered members can visit Nicsa’s 2023 Strategic Leadership Forum website.
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.
A session on the potential of the metaverse in the global asset and wealth management industry closed out Nicsa’s Strategic Leadership Forum in March — proving that science fiction is inching its way much closer to fact.
John W. Stadtler, Partner, Financial Services Industry, PwC, moderated the panel, which focused on how the metaverse will shape products, services, and relationships moving forward. The conversation started with what remains a pressing question for many pondering the metaverse: What, exactly, is it?
“Metaverse is part of what we call Web3, which is the third iteration of the internet and web,” said Grady Hua, Director at PwC. “Web1 is the websites we read, Web2 allows us to ‘write’ on the internet — think blogs or YouTube, which are owned by central entities. Web3 allows us to have ownership of our digital identity or data sources.”
Examples include popular gaming platforms like Roblox and Fortnite, as well as the immersive Decentraland, a decentralized virtual-reality platform powered by blockchain and featuring smart contracts that establish digital terms of agreement.
To understand the metaverse in context, Hua said to picture Web3 in three layers. The first is the metaverse, a visual layer where users interact with objects and participants in 3D environments. Underneath the metaverse lies a blockchain-based system encompassing data and digital identity. The third layer, cryptocurrency, allows for ownership through an economy of transactions.
“Several flavors of cryptocurrency and digital assets currently exist; it’s still too early to determine which will prevail in this space,” Ryan Rugg, Head of Digital Assets TTS at Citi, said. “But we’ve seen it scale — at its peak, the global cryptocurrency market was in the trillions.”
Metaverse use cases include online gaming, virtual spaces for work and learning, enhanced social media interactions, and virtual reality training, among others. Hua said metaverse training could go beyond teaching a worker to complete a physical task.
“A lot of the diversity training that’s happening today is through 2D content on a screen; you passively experience a third-person point of view,” he said. “But if you put on a virtual reality headset, you would literally see obstacles and challenges from another person’s perspective and consider how you would feel when placed in those situations.”
The metaverse and its use cases are still emerging, partly due to evolving tokenized economies — markets where digital tokens represent assets. From an adoption standpoint, the financial services industry is in an experimental phase (not yet implementing, scaling, and solutioning). But, “we’re seeing a ton of industries recognize that future generations are going to want to experience things differently,” Rugg said.
Nicsa members concluded the SLF 2023 with a buzz: excitement and wonder about the possibilities of technological evolution, and confidence that the future of asset and wealth management has endless opportunity.
For a full replay of this session, registered members can visit Nicsa’s 2023 Strategic Leadership Forum website.
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.
Boston, MA – February 9, 2023 — Nicsa has announced its Volunteer of the Year Awardees, who will be honored at its Strategic Leadership Forum at the beginning of March. Nicsa’s Volunteer of the Year Awards recognize outstanding efforts of members who are dedicated to supporting the mission of the Association, serving the global asset management community, and advancing the broader industry.
Nicsa’s committees work to provide association members with educational resources on the issues that matter most to the global asset management industry. On behalf of Nicsa, committee members support the association’s mission of developing, sharing, and advancing leading practices among industry participants. Each year, Nicsa recognizes volunteers who have constantly gone above and beyond in their efforts to serve the Nicsa community in the last 12 months.
“We are very honored to recognize these exemplary professionals, who demonstrate passion, leadership, and dedication toward advancing best practices in the asset and wealth management industry,” said Jim Fitzpatrick, President and CEO of Nicsa.
A list of this year’s honorees follows:
Alternative Investments Committee
Justin Schwartz | DTCC
Compliance & Risk Management Committee
Eileen Storz-Salino | Morgan Stanley
Content Committee
Anish Mazumdar | Aliter Investment Services, LLC
Data Analytics Committee
Brian Foote | Broadridge
Diversity Project Benchmarking Committee
Cheryl Reich | Broadridge
Diversity Project Education & Outreach Committee
John Saf | Calamos Investments
Diversity Project Fearless Leadership Symposium Committee
Meaghan Ryan, CFA | Columbia Threadneedle Investments
Diversity Project Industry Engagement & Events Committee
La Rae Heyl | Aegon Asset Management
Diversity Project “Next Practices” Committee
Rosa Licea-Mailloux | MFS Investment Management
Fund & Investor Services Committee
Linda Azzara | GMO
Fund Administration Committee
Tom Perugini | State Street
General Membership Meeting Committee
Kelli O'Brien | Citi
International Committee
Emmanuel Gutton | ALFI
Membership Committee
David Whitaker
Next Gen Committee
Donnie Aylward | MFS Investment Services
Product & Distribution Committee
Justin Hansen | MFS Investment Management
Retirement Committee
Perri Williams | Invesco
SMA & Model Portfolio Committee
Melissa Cross | Allspring Global Investments
Strategic Leadership Forum Committee
Jim Nolan | Citi
Technology & Digital Innovation Committee
Stan Hawkins | Capital Group | American Funds
UIT Committee
Dawn Kahler | Guggenheim Investments
Unclaimed Property Committee
Heather Gabell | MarketSphere Unclaimed Property Specialists
President’s Awards
Steve Rueschhoff | Edward Jones
Kelli O'Brien | Citi
About Nicsa
Nicsa is a not-for-profit trade association striving to connect all facets of the global asset management industry in order to develop, share, implement, and advance leading practices. For over sixty years, Nicsa has promoted an open and collaborative environment, where members’ and partners’ deep expertise and unique perspectives have come together to help strategically implement and support the industry’s most vital issues. Click here for more information about membership.
Nicsa aims to help firms operating in all segments of the global asset management industry meet the changing needs of their clients by aligning and educating industry participants through formal education programs, interactive forums, networking opportunities, and initiatives such as the Diversity Project North America. The Diversity Project’s goal is to accelerate progress towards a diverse and inclusive culture in the asset management industry to deliver the best possible results for clients, reflect the society we serve, and ensure long-term business sustainability. Click here for more information on Nicsa’s Diversity Project North America initiative.
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