The Most Influential Leaders in Wealth Management, 2023

VOL-06 | ISSUE- 10 | 2023 Insider View The Most Vital Aspects of Financial Management in Emerging Influential Organiza?ons Leaders in Tech-Walk Wealth Wealth Wealth How AI is Enhancing Wealth Management Management Func?ons? 2023 Andrew Watkins An Expert in Comprehensive An Expert in Comprehensive Financial Planning and Tax Financial Planning and Tax Andrew Andrew Efficiency Efficiency Watkins Watkins www.insightssuccess.com

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In the ever-evolving world of wealth management, certain Embracing the journey of these personalities who are individuals have emerged as influential leaders who are driving significant transformations in the niche, Insights shaping the industry and driving significant change. These Success sheds the spotlight on The Most Influential The individuals possess the knowledge, expertise, and vision to Leaders in Wealth Management, 2023. navigate the complexities of wealth management while also adapting to emerging trends and technologies. Flip through the pages and indulge in the attributes that are Attributes of enabling betterments in the dynamic industry. These personalities in the wealth management possess a deep understanding of financial markets, investment Have a Delightful Read! Eternal Success strategies, and wealth preservation. They stay up to date with the latest industry trends and regulations, enabling them to provide sound financial advice and make informed decisions for their clients. They have the ability to think strategically and develop long-term plans to help clients achieve their financial goals. They analyze market conditions, assess risks, and create investment strategies that align with clients' objectives, considering factors such as asset allocation, diversification, and risk tolerance. Successful wealth management leaders prioritize their clients' needs and interests. They take the time to understand clients' financial goals, risk tolerance, and personal circumstances to provide tailored advice and solutions. A client-centric approach involves actively listening, being responsive to client inquiries, and providing ongoing support and guidance. The wealth management industry is dynamic and constantly evolving. Leaders in this field are adaptable and agile, able to navigate changing market conditions, technological advancements, and regulatory changes. They embrace innovation and are open to adopting new strategies, technologies, and approaches to deliver value to their clients.

A C R O T V I E C R L E S S T O R Insider View Vital Aspects of Financial Management in 16 Y Emerging Organizations C O A An nd dr re ew w Andrew N T o8 Tech-Walk E How AI is Enhancing Wealth W Wa at tk ki in ns s Watkins 22 Management Functions? N An Expert in Comprehensive T Financial Planning and Tax Efficiency S

The Most Editor-in-Chief Merry D'Souza Influential Deputy Editor Executive Editor Assistant Editor Abhishek Joshi Jenny Fernandes Anish Miller Leaders in Art & Design Director Associate Designer Visualizer Wealth David King Revati Badkas Ankita Pandharpure Management Senior Sales Managers Business Development Manager Sihanee M., Rouniyar A. Peter Collins, Mane. S 2023 Marketing Manager Sales Executives John Matthew David, Gaurav Technical Head Business Development Executives Jacob Smile Steve, Ajit Company Name Featured Person Brief Andrew James As a Wealth Management Advisor and the founder of Triangle Watkins Triangle Wealth Advisors Technical Specialist Digital Marketing Manager Wealth Advisors, Andrew acts as a strategic partner to help Wealth Management northwesternmutual.com ensure the financial security of our clients. Dominique T. Prachi Mokashi Advisor Craig Jones Socius24 Limited Craig has thirty years' experience in delivering complex Research Analyst SME-SMO Executive Managing Partner socius24.com solutions to many of the World's major companies. Frank Adams Sagar Lahigade & Executive Director Joe has significant experience in strategic planning, budgeting, Terso Solutions Joe Pleshek staff training and development, new business development, tersosolutions.com President and CEO Database Management Technology Consultant Circulation Manager marketing communications and contract development. Stella Andrew David Stokes Robert Brown Phillip has progressive experience in health care operations and Landstar Phillip Stringfield management to include process improvement, implementation sales@insightssuccess.com landstar.com CEO and data analysis. June, 2023 Sheila Mikhail was recognized by BB&T for her exemplary Jurata Thin Film Sheila Ann Mikhail service on the bank’s Advisory Board. juratatf.com Co-founder & CEO Follow us on : www.facebook.com/insightssuccess/ www.twitter.com/insightssuccess We are also available on : Copyright © 2023 Insights Success, All rights reserved. The content and images used in this magazine should not be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior permission from Insights Success. Reprint rights remain solely with Insights Success.

C A An nd dr re ew w Andrew O V Watkins Watkins E An Expert in Comprehensive R Financial Planning and Tax Efficiency S T O Our team takes pride in providing a R great client experience, and through this, our clients have become our Y biggest advocates.

The Most Influential Leaders in Wealth Management, 2023 ndrew Watkins is dedicated to being at the forefront of his field. He understands that financial A planning requires continuous learning and staying updated with the latest trends, regulations, and market developments. Andrew honed his skills at Emory University's Goizueta Business School, where he delved into various finance domains, equipping himself with a comprehensive understanding of the subject. Andrew's passion lies in investment management and its potential for wealth accumulation. This drove him to graduate in 2007 and join A great leader takes the extra a Merrill Lynch team that served high net-worth clients. It step to educate clients on was during this time that Andrew faced his first significant challenge—the financial crisis. With his proactive approach how each piece fits into their and exceptional communication skills, he was able to tailored plan and listens to reassure his clients of the long-term stability of their long- term financial plans, even amidst market volatility. In 2009, their concerns and questions. Andrew decided to relocate to North Carolina and founded Triangle Wealth Advisors. Over the course of 15 years, Andrew and his team have overcome numerous obstacles, always prioritizing the interests of their clients. Through strong partnerships and a deep commitment to their clients' financial well-being, Andrew and his team consistently exceed expectations, helping clients their and exceed financial goals beyond what they previously thought possible. How has the COVID-19 pandemic affected the wealth The biggest challenge has been the abrupt nature of the has led to organic growth through client referrals as well as management industry? What steps has your company virtual transition. Our team needed to quickly adapt so each through a few select CPAs and attorneys. Our team takes Here are the highlights of the interview the interview in taken to adapt to the changing landscape and continue member could work remotely, which included adjusting our pride in providing a great client experience, and through which Andrew shared more about his background, providing value to clients? new client onboarding system and how we communicate as this, our clients have become our biggest advocates. expertise, and philosophies, all of which have led to the a team. Overall, we’ve found that the pandemic has allowed rapid growth of Triangle Wealth Advisors: The impact of COVID-19 has been enormous in the wealth our team to enhance the client experience and work with What qualities do you believe are essential for effective management industry, and there have been lots of opportu- successful people all over the country. We’ve had our firm’s leadership in the wealth management industry? What How do you ensure that your company's offerings are nities and challenges as a result. One improvement in three best growth years in a row following the pandemic, leadership style do you personally prefer and why? diversified enough to meet the needs of a wide range of efficiency has been in virtual client communication. Nearly and we credit our enhanced systems and client advocacy. clients? What strategies have you used to attract and all our clients are familiar with Zoom and e-signature I think a great leader in the wealth management industry is retain clients? platforms. This has significantly increased the speed at Who are the people that have influenced and impacted very similar to a great team leader or coach in athletics. A which client strategies can be implemented and eliminated you the most throughout your career? Are there any leader in wealth management understands the end goals of We have made the strategic decision to partner with most geographic barriers. Clients have also appreciated the books or life experiences that have shaped your perspec- the clients and develops an effective game plan to achieve Northwestern Mutual Wealth Management Company. As a reduction in their commute time between meetings as tive on wealth management? the desired target. A great leader takes the extra step to top 5 independent broker-dealer in the US, Northwestern review meetings can generally be coordinated in their educate clients on how each piece fits into their tailored Mutual offers our team industry-leading equity research and homes or offices via video conferencing. It's also allowed My parents have had a significant impact on my career, as plan and listens to their concerns and questions. Our team financial planning software. Our offerings range from best- for more frequent check-ins to ensure that important they’ve been great examples of hard work and were wants our clients to understand their strategy so well that in-class insurance products with multiple insurance carriers planning opportunities aren’t missed. Some examples supportive during my difficult decision to move states and they can articulate it to a friend/colleague at a dinner party. to stocks, bonds, mutual funds, and private equity. Our would include the following: screen sharing over Zoom to start my own firm. My personal leadership style is best categorized as leading clients’ goals are the core focus of our team’s approach, and review beneficiary designations on active retirement by example. I’ve never asked a team member or client to do we build customized strategic plans using these offerings. accounts at a client’s employer; discussing a cash strategy My first business coach, Jason Selk, also greatly influenced something that I’ve not personally done. I think this is very Our biggest differentiator is our ability to listen to our for an unexpected bonus, retirement allocation adjustments my career, as he taught me to focus on process goals instead important in the wealth management industry, as it's clients and help them develop a plan of action towards their when employers change or change investment platforms. of the end result. He coached me to execute consistently on important to “put your money where your mouth is.” personal goals. We’ve found our team’s attention to detail

What do you believe will be the biggest change in the wealth management industry over the next five years? How do you plan to prepare your company for these changes? That’s a tough question. I think the wealth management industry has changed so much since I started 15 years ago and is evolving every day. The industry has become more We must be nimble in our regulated, and the fiduciary responsibilities of advisors are approach and continue to likely to be enhanced. As a fiduciary advisor, I must ensure coach clients well while my recommendations are in the client’s best interests and that strategies are updated to reflect the changing needs of offering best-in-class our clients. The future will likely include further use of solutions. artificial intelligence and continued remote capabilities. Clients will have access to advisor teams all over the country, so it’s very important for us to continue to be leaders in the field. We must be nimble in our approach and continue to coach clients well while offering best-in-class solutions. the things I could control and trust that the end results would be achieved. This mindset has been very helpful with What advice would you give to leaders and entrepre- coaching clients. neurs who are interested in entering the wealth management industry? What skills and qualities do you believe I’ve formed study groups with other CFPs across the are necessary for success in this field? country over the years that have helped our team stay on the cutting edge of planning strategies. The wealth management industry is a great industry to be in. The field is constantly changing, and there is always My team has changed over the years, but Kelsey Robertson more to learn. No day is ever the same. That said, you must has been the rock of the team. She’s worked with me for be hungry to learn. Also, there are many aspects of our nearly 10 years and does so much for our clients and team. industry that are not strictly financial. Being patient and a She’s truly amazing! good listener are vital to building good client relationships. How do you create and maintain a positive work culture How do you plan to stay competitive and maintain your within your organization? What steps do you take to company's position as one of the most influential players ensure that your employees are engaged, motivated, and in the wealth management industry? Where do you see feel valued? your company in the next five years? At Triangle Wealth Advisors every team member has Our team continues to grow its capacity through talent contributed to our team’s vision, which is reviewed together acquisition and enhanced development plans. Each team on a semi-annual basis, and each team member has a member either has their CFP (Certified Financial Planner) Also, there are many aspects of our professional development plan. Each team member is designation or is actively working towards it. We regularly integral to the team’s success and takes ownership of their attend trainings to enhance our product knowledge and industry that are not strictly financial. unique roles. We also have a monthly team get together learn about upcoming opportunities. Over the next five Being patient and a good listener are vital where one team member presents on a topic that other team years, our team looks to continue to partner with successful members would benefit from knowing more about. This has families all over the country and double our assets under to building good client relationships. included areas of operational efficiency, social security management. Our success will be measured not only by our claiming strategies, the SECURE 2.0 update, and proposed financial growth but also by the impact and referrals we tax legislation. One of our core team values is growth, and receive from our clients. it’s very important that every team member feels valued and has a growth mentality. Our organization maintains a fast pace as we continue to grow our impact exponentially.

Insider View Vital Aspectsof Financial Management Financial Management Financial Management inEmerging Organizations Organizations Organizations onetary management plays a crucial role in the success and sustainability of emerging M organizations. As these companies navigate through their initial stages of growth, effective fiscal management becomes even more critical to ensure sound decision-making, optimize resource allocation, and achieve long-term objectives. In this article, we will explore the vital aspects of fiscal management that emerging organizations should prioritize to thrive in a dynamic business environment. Budgeting and Planning A well-defined budgeting and planning process is fundamental for emerging organizations. It involves setting financial goals, estimating revenues and expenses, and allocating resources accordingly. A comprehensive budgeting approach allows organizations to make informed decisions, prioritize initiatives, and monitor performance against targets. It also enables effective cash flow management and ensures optimal utilization of available resources. June 2023 | 16 | www.insightssuccess.com June 2023 | 17 | www.insightssuccess.com

Cash Flow Management misappropriation of funds. Compliance with tax regulations, reporting obligations, and industry-specific Managing cash flow is vital for the survival and growth of regulations is essential to avoid legal penalties and maintain emerging organizations. Monitoring and projecting cash the organization's reputation. inflows and outflows helps organizations identify potential liquidity gaps and take proactive measures to address them. Performance Measurement and Analysis By maintaining healthy cash reserves, organizations can meet short-term obligations, invest in growth opportunities, Monitoring and analyzing financial performance is essential and weather unexpected financial challenges. Effective cash to assess the effectiveness of strategies and initiatives flow management also involves optimizing receivables and undertaken by emerging organizations. Key performance payables, implementing efficient billing and collection indicators (KPIs) such as profitability ratios, return on processes, and exploring working capital optimization investment, and liquidity ratios help measure financial strategies. performance against predetermined goals. Regular financial analysis provides valuable insights into areas of Financial Risk Management improvement, highlights inefficiencies, and supports decision-making processes. By identifying trends and Emerging organizations must actively manage financial patterns, organizations can adjust their strategies and risks to safeguard their operations and financial stability. optimize financial outcomes. This involves identifying and assessing various risks such Effective fiscal management is indispensable for the success as market volatility, credit risks, interest rate fluctuations, and operational uncertainties. Organizations can mitigate of emerging organizations. By prioritizing aspects such as these risks through appropriate risk management strategies budgeting and planning, cash flow management, financial such as diversification, hedging, insurance coverage, and risk management, capital structure and financing, financial contingency planning. By proactively addressing potential reporting and compliance, and performance measurement risks, organizations can protect their financial health and and analysis, these organizations can navigate through the enhance their ability to respond to unforeseen complexities of their early growth stages and lay a solid circumstances. foundation for long-term success. Capital Structure and Financing With careful attention to these vital aspects, emerging organizations can optimize resource allocation, make Determining the optimal capital structure and securing informed decisions, and achieve sustainable financial appropriate financing options are critical for emerging growth. organizations. Analyzing the capital requirements and exploring funding alternatives help organizations strike a balance between equity and debt financing. Effective financial management entails evaluating the cost of capital, negotiating favourable terms with lenders or investors, and maintaining a sustainable debt-to-equity ratio. It also involves considering alternative funding sources such as venture capital, angel investors, crowdfunding, or government grants. Financial Reporting and Compliance Accurate and timely financial reporting is crucial for emerging organizations to gain credibility, attract investors, and comply with regulatory requirements. Implementing robust accounting systems and practices ensures that financial statements are prepared in accordance with relevant accounting standards. Organizations should also establish internal controls to prevent fraud and June 2023 | 18 | www.insightssuccess.com

Tech-Walk rtificial Intelligence (AI) has emerged as a behavior, and market trends to identify suspicious activities transformative force in various industries, and and potential fraud attempts. AI systems can promptly flag A wealth management is no exception. The irregularities, enabling wealth managers to take proactive measures to mitigate risks and protect clients' assets. The integration of AI technologies into wealth management functions has revolutionized the way financial institutions use of AI in risk assessment also enhances compliance with and advisors operate, enabling them to provide more regulatory frameworks and helps detect and prevent money personalized and efficient services to clients. In this article, laundering and other financial crimes. How AI AI we will explore how AI is enhancing wealth management AI is Enhancing Enhancing Enhancing functions and reshaping the landscape of the financial Personalized Financial Planning industry. AI technologies enable wealth managers to provide Intelligent Robo-Advisory personalized financial planning services tailored to Wealth Management Wealth Management Wealth Management individual client needs. By analyzing client financial data, One of the most prominent applications of AI in wealth goals, risk tolerance, and preferences, AI algorithms can management is the development of intelligent robo- generate customized financial plans. These plans take into advisory platforms. These platforms leverage AI algorithms account various factors such as retirement planning, tax optimization, estate planning, and investment strategies. AI- to provide automated investment advice and portfolio management services. By analyzing vast amounts of powered tools also facilitate scenario analysis, allowing financial data, market trends, and client preferences, robo- clients to understand the potential outcomes of different advisors can create tailored investment portfolios and financial decisions and adjust their plans accordingly. Functions? Functions? Functions? rebalance them automatically. AI-powered robo-advisors enable investors to access low-cost, diversified investment Behavioral Finance and Sentiment Analysis solutions while benefiting from continuous portfolio monitoring and optimization. AI algorithms can analyze client behavior, sentiment, and emotions to gain insights into their investment decisions. Data Analysis and Insights By incorporating behavioral finance principles, wealth managers can better understand clients' biases, risk AI algorithms excel at analyzing large volumes of data and tolerance, and decision-making patterns. Sentiment analysis extracting meaningful insights. In wealth management, AI- of social media and news articles also helps gauge market powered data analysis tools can process vast amounts of sentiment and identify potential investment opportunities or risks. AI-powered sentiment analysis tools provide a more financial and market data, news articles, social media sentiment, and economic indicators. By identifying patterns holistic view of market dynamics and enable wealth and trends, these tools can provide wealth managers with managers to make data-driven investment valuable insights to make informed investment decisions. recommendations. AI-driven data analysis also enhances risk management capabilities by identifying potential risks and predicting AI is revolutionizing the wealth management industry by enhancing various functions and delivering more market fluctuations. personalized, efficient, and insightful services. From Natural Language Processing (NLP) and Chatbots intelligent robo-advisory platforms to advanced data analysis, natural language processing chatbots, risk assessment, and personalized financial planning, AI AI-powered chatbots equipped with natural language processing capabilities are transforming client interactions technologies are reshaping the way wealth management is conducted. By leveraging AI capabilities, wealth managers in wealth management. Chatbots can provide personalized support, answer client queries, and offer real-time financial can provide tailored investment advice, mitigate risks, detect fraud, and deliver superior client experiences. As AI advice. They can understand natural language inputs, interpret complex financial queries, and provide accurate continues to advance, it will further augment wealth management functions, enabling financial institutions and responses. AI-powered chatbots enhance the client experience by offering immediate assistance, 24/7 advisors to better meet the evolving needs of their clients in an increasingly complex financial landscape. availability, and quick access to portfolio information. Risk Assessment and Fraud Detection AI algorithms have proven to be highly effective in risk assessment and fraud detection within wealth management. These algorithms analyze historical transaction data, client June 2023 | 22 | www.insightssuccess.com June 2023 | 23 | www.insightssuccess.com

Don't live the Same day L Over and Over again and call that a Life

Don't live the Same day Over and Over again and call that Life a Life

The Most Influential Leaders in Wealth Management, 2023

The Most Influential Leaders in Wealth Management, 2023

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