Steve: All coordinated and presented in a single package.
Jack: So if you’re an advisor, and you see the pieces of UMH haven’t all been put together quite yet... does that mean you’re better off not touching this tech until the dust has settled?
Steve: Not at all. That would be like holding off on a smartphone upgrade until someone releases the perfect new phone. You would be missing out on so much utility. The individual components of a UMH platform will still add value to your work right now, even if they aren’t fully coordinated. A great asset location tool, or a rebalancer, or a withdrawal sequencing solution… pick one and make the most of it.
Jack: To your point, advisors need all hands on deck to help boomers and Generation X through high-stakes financial decisions. We have already flown by the milestone of 10,000 people reaching retirement age every day. An average advisor’s workload is not going to lighten up any time soon.
Steve: To extend the smartphone analogy here, I remember what sold me on my first iPhone. I was in New York and I saw a friend use the Map app to navigate the subway system. All it needed was a destination, and it told you exactly where to go and where to transfer. It blew my mind.
Jack: You were a Palm Pilot user at the time, right?
Steve: Not for much longer after that. My point is that it wasn’t the whole ensemble that initially attracted me. It was one “must have” feature. Over time, smartphones have only become more sophisticated, and now we’re at a point where they are indispensable. It’s going to be the same way with UMH platforms.
Jack: Not holding your breath for the best, most perfect UMH system when even a work in progress will already help your practice.
Steve: Exactly.
Jack Sharry is co-chair of MMI's Digital Advice Community, sits on the Next Chapter Advisory Council, is host of the WealthTech on Deck podcast, author of the book Authentic and Ethical Persuasion, and is the executive vice president of LifeYield.