The Evolution of Personalized Wealth Management with Mark DeLotto

Episode 037: The pace of technological change is rapid, to say the least. But change often brings with it exciting opportunities. Technology innovation presents nearly endless possibilities and potential to improve how firms and advisors operate and serve their clients. 

In this episode of The Connected Advisor, Kyle Van Pelt talks with Mark Delato, Managing Partner and COO at Simon Quick Advisors. Mark plays a significant role in providing comprehensive financial advice to high-net-worth individuals and families, and he brings years of experience to the discussion of rapidly changing technology. 

In this wide-ranging conversation, Kyle and Mark talk about the transformative effects of AI and technological innovation on wealth management. They also discuss the challenges of integrating family office services within an RIA framework, focusing on the importance of multi-generational teams, goal-based financial planning, and maintaining a high-quality customer experience while scaling personalized advisory services. Mark emphasizes the need for a cohesive technology platform to support operational efficiency and to meet the evolving demands of clientele, while also reflecting on his personal motivations in finance, inspired by his grandfather's financial wisdom.

Join us as we discuss:

• [02:04] - Mark's money moment
• [03:42] - Balancing saving and enjoying wealth
• [07:34] - Simon Quick Advisors’ unique positioning
• [12:09] - The challenges of offering family office services at scale
• [18:54] - The importance of exceptional service for financial advisors
• [24:12] - Leveraging technology in wealth management
• [28:53] - Mark's commitment to nonprofit work
• [31:34] - Milemarker minute: lightning round

Key Takeaways

• Embrace technology and AI in financial planning to enhance efficiency and improve data usage, as it is rapidly changing the financial industry and offering new possibilities for better service delivery.
• Recognize the importance of goal-based financial planning, and don’t shy away from important conversations about legacy.
• Consider a multi-generational team approach to cater to the diverse needs of different generations within client families. This helps ensure long-term client relationship satisfaction.
• Excellence in service is non-negotiable; it requires a culture of continuous improvement and a mindset of ownership.

Quotes

“The independent advisor community certainly has been more in tune, I think, with the goals-based planning approach for many, many years now. Having those kinds of deeper meaning conversations, whether it's philanthropic giving or whether it's providing the next generation and beyond with wealth. Those softer conversations are what's leading the charge to get people to actually enjoy their wealth.” ~ Mark DeLotto

“The service standard, simply put, is just excellence. And it permeates from the top. You have to treat every client like they're all the only client.” ~ Mark DeLotto

“To me, it all comes down right now, at this point, to data — data quality, single source of truth, where is everything and how can we get it. And it's still a challenge for us, and what I've been focused on the last three to four months is, how can we improve on that?” ~ Mark DeLotto

Links 

• Mark DeLotto on LinkedIn
• Simon Quick Advisors
• Villanova University
• ArcMorris
• Michael Kitces

Connect with our hosts

• Milemarker.co
• Kyle on LinkedIn
• Jud on LinkedIn

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