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84. How to make WealthTech better with Doug Fritz

84. How to make WealthTech better with Doug Fritz

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Key takeaways

1) Encouraging a certain level of risk tolerance within your WealthTech project team and granting them the freedom to iterate quickly and embrace potential failures is vital for both learning and achieving success. This principle holds true not only in WealthTech but also in the broader tech industry.
2) When constructing a wealth management journey, it is crucial to deliberately plan and define the desired experience. Leveraging technology can consistently deliver exceptional experiences aligned with those intentions. However, many wealth management firms overlook this opportunity to create consistent and remarkable experiences.

This week on WealthTech unwrapped, Ned speaks with Doug Fritz, Founder and CEO of F2 Strategy. They discuss the humble beginnings of WealthTech and Doug’s views on how it has evolved to what it is today.

When discussing recurring themes and lessons learned from failed WealthTech projects, Doug, drawing upon his controversial viewpoint, emphasized the need for WealthTech to move away from blindly adhering to advisors’ perspectives. He argued that advisors often struggle to accurately filter their clients’ preferences. Instead, he advocated for a data-driven approach, relying on facts and figures to inform decision-making in large-scale tech projects. Additionally, Doug stressed the importance of encouraging project teams in the WealthTech space to embrace risk-taking and learn from failures, as these experiences often lead to better project outcomes.

With 25 years of industry experience, Doug also shared insights on the challenges faced by long-term, large-scale transformational projects, particularly within large organizations. He observed that these projects often encounter difficulties due to the rigid expectations and pursuit of perfectionism instilled by corporate titles assigned to the project. Instead, he suggested focusing on precisely defining the desired customer experience and building solutions that align with customer needs, reversing the traditional approach.

Meet Our Guest Speaker

Doug Fritz

F2 Strategy

Doug Fritz is a highly accomplished Chief Technology Officer (CTO) in the wealth management industry, boasting an extensive track record of over 25 years. As the Founder and CEO of F2 Strategy, he spearheads a team of seasoned professionals specializing in various areas such as frictionless operations, digital client engagement, and performance and accounting systems selection and implementation. Doug is widely recognized as an industry thought leader and frequently serves as a speaker and judge at prestigious events including In|Vest, American Banker, Financial Times, WM.Com, RIAIntel, InvestmentNews, Family Wealth Report, and Financial Planning.

Doug Fritz_F2 Strategy

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