Advisor Spotlight Series #3 - Evan Turner, CFA CFP

Advisor Spotlight Series #3 - Evan Turner, CFA CFP

It’s crazy to think that 90% of blogs don’t even make it to publishing a second post. It’s also a bit unsettling when you realize that 65% of the statistics you read online are completely fictional? Turns out, I actually just made up both of those statistics. Unfortunately, there was no reasonable way for you to immediately discern whether what I’m saying is the truth or not. You may have had your doubts, but ultimately you continued to read and took my word. Misinformation is a problem prevalent across the internet, but specifically in financial advice. For this week’s advisor spotlight series, we are highlighting an advisor who stays ahead of the curve when it comes to new technology and understands the important role advisors have as a trusted source of content creation.

This week’s post features Evan Turner, CFA & CFP, from Nicola Wealth Management in Kelowna, British Columbia. Nicola Wealth has offices in Vancouver, Kelowna and Toronto where they provide comprehensive financial advice and a range of investment solutions to affluent families, foundations and institutions across Canada. Nicola Wealth currently manages $7.2B in assets, has a 99% client retention rate with  ⅘ of new clients coming from referrals. Evan is a part of an extremely reputable and successful firm and is a leader when it comes to new disruptive wealth management technologies.

In Canada, we seem to always be several steps behind our American neighbours when it comes to creating and adopting new tech solutions. As we move forward with a new way of working and an increasing virtual dependency, it will be absolutely essential for the wealth management industry to finally adopt tech more quickly or risk disappearing entirely. At the same time, it is challenging for advisors to sift through all the new offerings out there, but taking a look at last week’s advisor spotlight series post for some guidance in selecting new software is a good place to start. Adopting new wealth management tech helps advisors differentiate from competition, access new and existing clients and is even a form of compliance risk management. From the outset of my conversation with Evan, he was quick to point out some of these advantages for advisors and the disparity seen between Canada and the US. 

Evan began our conversation by enthusiastically describing his experience attending the Wealth Stack Financial Advisor Tech event last year. Wealth Stack is a conference held every year and showcases exciting new tech offerings in the wealth management space. For those of you unable to attend these sorts of conferences in the past, COVID has created a great opportunity for anyone to attend virtually. Evan described some exciting new technology he discovered while at Wealth Stack coming from Dr. Daniel Crosby of Brinker Capital. Brinker Capital has created a new behavioural innovation lab where they are building a product called Tulip. Evan described how Tulip uses several different tools to bring the lessons of behavioural finance and goals-based investing directly into the lives of advisors and clients. This kind of software is able to bring valuable client insights to advisors and also clearly is a form of compliance risk management by allowing advisors to better understand their clients.

Other exciting tech with clear implications towards compliance risk management and previously featured at Wealth Stack is AdvicePay and AdvisorClarity. AdvicePay was co-founded by industry leader Michael Kitces of the famous kitces.com. AdvicePay facilitates the invoicing and payment processing of financial planning fees, including the automation of recurring financial planning retainer fees which is helping to drive the explosion of advisors moving away from the AUM model. If instead you’re looking for firm level insights, AdvisorClarity delivers data driven insights for high performing firms. However, the problem is that Tulip, AdvicePay and AdvisorClarity are all only available in the US market. It is up to the Canadian wealth management industry to begin to utilize the existing Canadian software solutions and demand the availability of more American products.

My conversation with Evan eventually transitioned towards RiskMetrics. He remained passionate as we started talking about the concept of using market simulations in our risk management software and even had some great feedback about how to improve a couple aspects of the product. Specifically, Evan was quite excited about some of the advantages from a compliance risk management standpoint with using risk assessment software. Most importantly, he appreciated how RiskMetrics was able to provide valuable client insights for the advisor and how it adds value to what he sees as being a very important advisor responsibility; being a trustworthy, clear content creator for his clients.

An increasing number of individuals are turning towards internet trading “gurus” and DIY investment “experts” for free financial advice. It is important for consumers to realize that this advice they are receiving online is not customized to their personal situation, financial history, or their risk tolerance. Advisors are able to show their value to both existing and prospective clients by providing fact-based advice and personally tailored solutions for clients. The use of new technology such as Tulip or RiskMetrics, provides customized insights advisors can use with their clients and eliminates the need for clients to sift through a sea of questionable internet advice. As seen with Evan and Adam Bornn of our first advisor series spotlight, financial advisors are shifting increasingly away from the distribution of financial products and more towards the concept of financial advice itself.

If you’re interested by some of Evan’s story or have any questions, click the button below to view his contact info. Looking ahead towards future posts, we will soon be releasing several articles showcasing some virtual conferences to attend, the potential racial distinction in risk questionnaires, and the fourth post in our advisor spotlight series. 

Contact Evan

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