NICSA will be recognizing outstanding leadership in the global asset management industry at its 2019 GMM in Boston this October. The NICSA NOVA award ceremony is one of our most anticipated events, and we very much look forward to recognizing this year’s winners. Nominated by their colleagues within the asset management industry, award winners are celebrated for innovation and dedication to the global asset management industry. Read press release.
We offer our congratulations to those that have set their organizations apart by exemplifying NICSA’s mission to advance leading practices throughout all facets of the industry.
A list of the 2019 award winners follows:
LIFETIME ACHIEVEMENT AWARD
OUTSTANDING SERVICE TO THE FUND INDUSTRY – ROBERT L. GOULD AWARD
INDUSTRY INNOVATION AWARDS
EMERGING LEADER AWARDS
NICSA members enjoyed an update on one of the industry’s fastest-growing initiatives — the Diversity Project North America— during a recent #WebinarWednesday event.
Shaelyn Otikor, Senior Vice President, Global Strategy, Corporate & Institutional Services at Northern Trust, moderated the event, which also featured forward-thinking representatives from NICSA and Aon.
Jylanne Dunne, VP, Diversity Project North America at NICSA, kicked off the program with an overview of the NICSA-sponsored initiative, which was introduced during the General Membership Meeting in October 2018 and inspired by a similar effort launched in the UK in 2016.
“The Diversity Project North America followed the UK project in some important ways,” Dunne said. “We established two levels of membership, founding and participating, with founding members leading both strategically and from an execution standpoint. We’re similar to a board management structure where the participating members are heavily involved in the active communities.”
The Diversity Project North America will be overseen by a CEO Advisory Council comprised of C-suite representatives from each of the member firms, as well as an Executive Steering Group that will lead the implementation of the initiatives championed by ambassadors.
The strategy will be managed via committees and workstreams focused on different dimensions of diversity and inclusion. A dozen success indicators have been put in place that will be reflective of the group’s efficacy in reaching overall goals. These include:
1. Identification and acceptance of measurement metrics and standards.
2. Enhanced recruitment pipelines utilizing anti-unconscious bias practices.
3. Operating procedures with clear accountability for hiring, career pathing, sponsorship, and mentorship.
4. Shared findings with actionable industry feedback.
5. Development and offering of leadership, diversity and inclusion training, and education.
6. Advancement and retention of diverse mid-level and above employees.
The Diversity Project’s new operating committees are already setting plans into motion. For example, Paul Olschwanger, Associate Partner, Strategic Initiatives & Human Capital Development at Aon, said he has been serving on the Executive Steering Committee of the Diversity Project North America as Co-Chair of the Talent Management Initiative.
“As all of the committees had been asked to do, we’ve created a mission statement: ‘To promote investment management opportunities to interested and diverse talent on behalf of the investment industry looking to further establish best practices from a business case for diversity and provide the tools required to effect quantifiable change,’” Olschwanger said.
“That’s important because our senior leaders are tasked to show tangible results of diversity and inclusion, and it’s critical that we earn their support,” he added.
Dunne said other operating committees are setting up in a similar way. “They are identifying key initiatives and having volunteers focus on one of those initiatives as a subgroup,” she said. “We have over 100 volunteers today currently working on these five committees, and I expect that we’ll continue to grow as more firms are added to our membership.”
Note: Although the observations contained in this work represent the best thoughts of the individuals comprising the NICSA panel, they do not necessarily reflect the views of NICSA or any of its member organizations. Matters addressed in this work may touch upon legal or regulatory matters, however nothing herein is intended to be or should be construed as legal advice. You should contact your own counsel in order to obtain legal advice regarding these or any other matters.
#DiversityandInclusion
#NicsaUpdates
NICSA members closed out NICSA’s 2018 General Membership Meeting with an intellectually honest discussion about the challenges and realities of diversity and inclusion within the industry. Dan Houlihan, Executive Vice President, Head of Global Fund Services, North America, Northern Trust, moderated the panel, which included forward-thinking representatives from Confluence, Fidelity, and Northern Trust.
Houlihan began with an overview of the NICSA-sponsored Diversity Project an initiative launched on October 2nd that is focused on accelerating progress toward an inclusive culture within the asset management industry in North America.
“We have 14 founding member firms who are coming together with a two-pronged approach [to address the issue that] this industry is predominately run by white males,” Houlihan said.
Precisely how to fix that problem was the topic of the day’s discussion.Amy Philbrook, Head of Diversity & Inclusion at Fidelity, said the issue boils down to attracting, retaining, and developing talent — and companies that want to have higher returns for their businesses have to astute in doing just that.
Connie Lindsey, Executive Vice President – Head of CSR and Global Diversity & Inclusion, Northern Trust, said that the business case has been proven but hasn’t moved the industry to action. Gary Casagrande, Vice President, Global Market Strategy, Confluence, said non-minorities must learn to live in discomfort in order to see an improvement.
“We have to, as an industry, not just embrace this as a numbers game, but allow ourselves to feel uncomfortable and not let that discomfort immediately jump to self-judgement,” Casagrande said. “What often happens is when we move from discomfort into self-judgement, we recoil and say ‘I went to that one-hour panel and checked that box, now it’s time for me to move on.’”
Philbrook clarified the nomenclature surrounding the issue. “Diversity is the mix; inclusion is what you do with it,” she said. “Another way of saying that is diversity is you inviting me to the dance; inclusion is asking to dance. Diversity and inclusion can exist, but without equity, they cannot be effectively actuated.”
Houlihan said customers are relying on financial planners for increasingly broad purposes. “We’re in a beautiful point in time to rebrand what it means to be part of this industry,” he said. “This has become a digital business, and the role of a human in a digital business is to be as human as humanly possible. It’s about helping customers align their wealth strategy with their life purpose, and that’s a career that’s appealing to a really broad set of people.”
Now is the time to #JoinTheMovement – please contact NICSA at [email protected] if your company is interested in joining the Diversity Project.
#DiversityandInclusion
#NicsaEvents
#DiversityProject
NICSA will once again partner with ALFI for the Association of the Luxembourg Fund Industry’s Global Distribution Conference from September 25-26 , where 650+ senior representatives from the global distribution community will convene to learn about the latest developments on the global distribution landscape.
The conference will reflect on 30 years of UCITS, explore the future of enhanced cross border distribution, and take a deeper dive into distribution trends in LatAM and Asia, product trends around the globe, and the technology that is making distribution easier and more efficient.
While at the event, I’m eager to hear from the 50+ speakers and to network with the fund distributors responsbile for the global reach of investment funds. I am also looking forward to sharing the ALFI stage with Sally Wong, CEO of the Hong Kong Investment Funds Association (HKIFA), to provide important perspectives regarding our respective markets as they relate to the global distribution ecosystem.
Fee compression and shrinking shelf space are on the watch list for global asset managers facing an increasingly competitive environment. Data-inspired distribution models and strategic alignment of intermediary partnerships significantly contribute to the future vision of global financial product distribution. All the while, technology-inspired service models designed for the digital era are taking center stage. A global view of these matters is critical to growth for innovative industry leaders. I look forward to sharing NICSA’s views with conference attendees.
NICSA has enjoyed a long and successful partnership with ALFI and its members. Events such as ALFI’s Global Distribution Conference are critical to serving the global asset management community as it meets the challenges posed by increasing globalization. Collaborating on innovative approaches to global distribution is certainly in line with the NICSA mission. Serving the distribution community within the global asset management industry has been a focus for NICSA in recent months, and will continue into 2019. Our organizaton recently formed two new working committees: a Product & Distribution Committee and a Data Analytics Committee. We look forward to sharing the good works of these important groups with our own membership and the ALFI community in the coming months.
#Nicsa Updates
Join us in Florida from April 3rd to 5th to address the industry’s most important issues head on. Let NICSA help solidify your 2019 business planning. Hear from all perspectives—asset management firms, broker dealers, and an extensive group of firms that include technology, law, and service firms that support the industry. We’ve got a line-up of 40+ expert speakers and 12+ hours of educational content.
Here are a few conference highlights:
Jim Fitzpatrick, President of NICSA weighed in on the mission ahead: “the Strategic Leadership Forum continues to expand its reach to provide relevant information to all segments of the NICSA membership. We are pleased to work with a talented group of industry executives, headed by committee co-chairs Larry Fahey, Vice President and Director of Corporate Operations at Eaton Vance and Lynette Turner, Managing Director at BNY Mellon Asset Servicing, to develop valuable content for our membership. I encourage all industry participants to join us in April to actively engage in the development of best practices within the industry we serve.”
NICSA is committed to bringing together today’s top thought leaders within the asset management industry to create an optimal opportunity for collaboration, networking and idea sharing.
Affluent millennials — defined as individuals born from 1982 to 2000 who have $100,000 or more in investible assets — are a nascent but quickly expanding population, and learning how to successfully engage them is of increasing importance to asset management firms.
According to a recent study by Cogent Reports, more than a third of U.S. adults qualify as affluent investors. Millennials represent a whopping 15% of the total affluent investor population and nearly 20% of affluent investors with $100,000 to $500,000 in investible assets.
“These aren’t your average millennials,” said Linda York, Senior Vice President, Cogent Reports, Market Strategies International, during a recent #WebinarWednesday event. “The average household income of the affluent millennials … is upward of $228,000 per year.”
York kicked off the educational session, which explored insights on working with the next-generation client, with a review of the Cogent Reports research.
“One of the striking findings from our report this past year was that affluent investors, and in particular, affluent millennials, are searching for new places, new ways to invest their money other than the traditional mutual funds, CDs, and bank accounts,” she said. “In fact, we found that the millennial population is driving up the use of ETFs, separately managed accounts (SMAs), hedge funds, and other alternatives.”
The report also revealed that affluent millennial investors receive more than three times the typical outreach volume every month compared to all other generations. They also received more touches than ready-to-act investors.
“Those are the folks that are in the shopping mindset – but even in comparison to them, the millennials are showing much more activity in terms of the number and types of touches that they’re reporting and receiving from financial services providers,” York said.
Millennial investors are also eager for information and most open to digital communication. “We’re seeing that these digital touchpoints can be a real win in both situations: for the financial providers as well as their potential customers.”
Matt Schiffman, Principal, Broadridge Data & Analytics, highlighted findings from his organization’s national research study on understanding the next generation of investors.
“We found that the vast majority of millennials, roughly 69% that we surveyed, do not have or use an advisor,” Schiffman said. “And the gender split overwhelmingly is dominated by men, underscoring the need to bring more women into the conversation.”
When compared to other generations, Schiffman said millennials display vast differences in their views and attitudes toward financial advice. In terms of asset growth, millennials stand in stark contrast to their parents. “For them, it appears to be less about the stock market and more about entrepreneurship and buying into a business,” he said. “They’re also way more confident in robo-advice than previous generations.”
Millennials also anticipate receiving an inheritance more than any other generation. “Millennials have a measurable level of optimism with regards to inheriting some money, but given numerous studies on boomer spending habits, in concert with rising retirement costs like healthcare, you have to wonder if this is a well-founded, solid plan,” Schiffman said.
“Recognizing and acting on these emerging millennial trends will position financial advisors and the industry to attract and keep this huge generation of clients at a critical time in their wealth creation and loyalty-building stage,” he concluded.
NICSA would like to thank Broadridge for sponsoring this webinar.
#DistributionandSales
#ProductandMarketing
LGBT Great Launches 50For50 Pride Campaign
NICSA is delighted to announce that President and CEO Jim Fitzpatrick is featured in LGBT Great’s #50For50 Executives campaign. The campaign showcases 50 executive leaders across the asset management industry pioneering a diverse and inclusive environment. Jim is a proud ally of the LGBT community and has been recognized for his leadership in the launch of the Diversity Project North America. NICSA launched the Diversity Project in the fourth quarter of 2018 and the initiative is growing steadily among a broad range of firms within the industry. With hopes of deepening the D&I lens within the global asset management industry, we are pleased to see our industry leaders stand together in support of the LGBT+ community not just for #Pride but all year round.
About #50For50 Executives
LGBT Great’s #50for50 Executives campaign is part of Project 1000, which is a five-year drive to shine a light on 1000 LGBT+ and allies within the investment and savings industry. The purpose of the campaign is to showcase 50 executive leaders across our industry and to recognize the 50 years since the Stonewall movement began. The 50 executives represent a broad range of firms (at C-Suite and executive level) across the USA, EMEA and APAC.
About the Diversity Project North America
The mission of the Diversity Project North America is to promote a diverse and inclusive asset 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. We aim to achieve diversity across all dimensions through collaborative leadership from executive business leaders pooling resources from industry participants around challenges we all face.
The Project spans the entire range of the industry: asset managers, fund complexes, asset servicers, broker dealers, asset owners and professional service firms. We share best practices, identify gaps in our industry, and initiate action to help solve or improve those inadequacies.
Those interested in learning more about the Diversity Project can visit nicsa.org/diversityproject.
Note: Although the observations contained in this work represent the best thoughts of the individuals comprising the NICSA panel, they do not necessarily reflect the views of NICSA or any of its member organizations. Matters addressed in this work may touch upon legal or regulatory matters, however nothing herein is intended to be or should be construed as legal advice. You should contact your own counsel in order to obtain legal advice regarding these or any other matters.
#DiversityandInclusion
#DiversityProject
#NicsaUpdates
“There’s no better way to up your game than to listen to your clients,” said Mary Kralis Hoppe, CIMA, Senior Vice President, Field Sales, US Global Wealth Management at PIMCO Investments, during a panel on advisor feedback during the NICSA GMM last month. “Oftentimes, there are a lot of disconnects as to what we think they need and what they actually want.”
Hoppe moderated the panel, which featured leaders from Cerulli, ClaroAdvisors, FreedmanFinancial, and Merrill Lynch.The discussion included an overview of Cerulli’s recent research on these disconnects.
“One of our favorite tricks is to ask wholesalers what they think their advisor clients want to hear about, ask advisors what they actuallywant to hear about, and then point out the differences,” said Scott Smith, Director, Research and Analysis at Cerulli.
In a recent study, for example, Cerulli asked advisors what they value in terms of the services their wholesalers provide. “Advanced financial planning ideas” came in as the second most requested service. However, only 23% of wholesalers thought their advisor clients were interested in such ideas.
Marc Freedman,CEO, President, Owner, Freedman Financial, said every advisor needs to justify the fees they charge. “As advisors, we need to expand the scope of the services, the knowledge, and the breadth of the information that we provide to our clients.”
Marcie Behman, CIMA, Managing Director – Wealth Management, Private Wealth Advisor, Merrill Lynch, said her firm has evolved its platform over the years, not only to address how the markets have changed, but also to serve a client base that has gone from a typical net worth of $5 million to upward of $40 million.
“We have to focus on what we bring to them with that size of a portfolio,” Behman said. “They’re very focused on wealth transfer, wealth structure, and wealth protection.”
In terms of wealth transfer, Behman said one of the trends she’s observed is what she calls the “the great divide.”
“The younger generation is learning and embracing technology,” she said. “Their behaviors, their mindsets, and how they live their lives is radically different than the people who created the wealth — but they’re going to inherit all the wealth. So it’s a very interesting dynamic and we spend a lot of time talking to our clients about how to transfer this money.”
Ryan Belanger,Managing Principal and Founder, Claro Advisors, LLC, has set up a practice that leverages modern innovation to better serve tech-savvy customers. “My goal was for clients to be able to do everything from their phones — and we’ve accomplished that,” he said.
Because they’re immersed in a mobile-centric world, younger generations also expect lightning-fast communication, Belanger said. “From a service perspective, you have to step up your game and be available almost all the time, because clients who are used to communicating that quickly have higher expectations,” he said.
Because of the internet, younger generations also live in an age of information overload. Echoing Freedman’s earlier comments, Hoppe said this era presents an opportunity for advisors to prove their worth.
“We all have to work harder … whether we’re an asset management firm or a financial advisor, and one way to justify your fees is to make some sense of all the stimuli coming at people and be that interpreter,” she said
McLean, VA, March 2, 2018—NICSA announces the launch of its 2018 Strategic Leadership Forum, where over 350+ executives from across the global asset management spectrum—including asset management firms, broker dealers, and professional service providers—converged in Miami, Florida to share their insights on evolving business models within the financial industry.
Distribution and product trends take center stage at the event’s general sessions, while innovation and analytics will be a significant focus during the interactive breakout sessions. The full agenda, including an overview of the 40+ speakers, can be found on the Association’s website. The conference will feature keynote presentations by the first female U.S. Navy F-14 Tomcat fighter pilot, Carey Lohrenz, as well as Morningstar CEO Kunal Kapoor and Putnam Investments President and CEO, Bob Reynolds. NICSA’s annual Face the Membership Roundtable will feature CEOs from Thornburg Investment Management, MFS Investment Management, and Northern Trust.
#PressRelease
#DistributionandSales
#ProductandMarketing
#PR-ProductDistribution
Contact:
Alyssa Gagen
Director of Social Media and Marketing, NICSA
508-485-1500
Boston, MA (September 23, 2013) -–NICSA announced the appointment of a new vice chair, George Batejan, Global Head of Technology & Operations, Janus Capital Group, and four new members to its 2013-2014 Board of Directors roster, including: Peter Poulin, Principal, Deloitte; Bob Wallace, Managing Director, Citi; Dan Houlihan, Head of Global Fund Services, North America, Northern Trust Company, and Darren Walsh, Chief Technology and Operations Officer, OppenheimerFunds.
Elected at the annual NICSA General Membership Meeting on September 20, 2013 in Boston, board members selections were made among senior-level representatives from member asset management and broker-dealer firms.
“I am excited to welcome new board members who bring a fresh, new perspective to the NICSA community,” said Theresa Hamacher, President, NICSA. “This group has the knowledge and experience that NICSA needs to maintain its position as a thought-leader within the global investment management industry while providing strategic vision and guidance for association members.”
Fred Naddaff, Managing Director, SunGard will continue to serve as the Chairman of the NICSA Board of Directors while Barry Benjamin, Partner, PwC, will continue his role as Treasurer.
If you are interested in learning more about NICSA, visit: nicsa.org for more information.
About NICSA
NICSA is the leading provider of independent education and networking forums to professionals in the global investment management community. It is a network of nearly 10,000 business professionals from within the investment management industry and the firms that support the industry, including mutual fund complexes, investment management companies, custodian banks, transfer agents and independent providers of specialized products and services. The Association consists of corporate member firms with offices operating in major financial centers around the world. Membership fees are surprisingly small, yet the benefits of membership are anything but. NICSA offers the most comprehensive range of services in the industry, allowing members to learn, network and share best practices locally, nationally and globally. Visit nicsa.org
Website Design By Branophia LLC