What the Changing Digital World Means for Financial Advice


Recorded at the BNY Mellon | Pershing INSITE 2022.  Media Center Powered by:

Advisorpedia interviewed Jim Crowley, Chief Executive Officer at BNY Mellon | Pershing, at BNY Mellon | Pershing INSITE in June, 2022.

Resources: Integrated Partners | Flyer Financial Technologies



Shannon Rosic, Jim Crowley

Shannon Rosic  00:06

The community of financial advice has evolved. And who better to break down the trends and where we're headed next than CEO Jim Crowley himself. Jim, welcome.

Jim Crowley  00:15

Thank you. It's great to be here. Thank you for having me. . .

Shannon Rosic  00:19

It's been a few years since I've been at INSITE. So glad to be back in person and seeing some familiar faces, including your own. So let's dive right in. Obviously, you've been in the space for a while, what are some of the biggest changes you've seen over your career?

Jim Crowley  00:32

Well, clearly, the biggest change that we've seen has just happened. The work from home, the new hybrid work environment, probably is the largest change and shift in thinking and behavior that I've seen in my entire career. Markets will always sort of be this way. But the idea of how people work and where they work. it is incredible to change.

Shannon Rosic  01:03

And how is Pershing adapted to this new environment,

Jim Crowley  01:06

We've adapted by listening to our people, thinking about where they want to work, trying to create value, and trying to create an ease for all of them, to be productive, to serve our clients, to be part still of the community be part of the culture. So we've been inviting people back to the office, and having some success with that. Importantly, though, we recognize that the future is going to be very different than the past. And we will have people who will be working from home for the rest of their career, we will have people who will be commuting back and forth. And then we're going to have people who will be in the office most of the time. And I should say that through the pandemic, the essential in office, people did an amazing job to keep the lights on and to keep the engines running. Just an amazing job. Myself, actually, I plan to be hybrid. I'm gonna work in the office a few days and work from home a few days.

Shannon Rosic  02:12

Oh, that's a fantastic mix. I mean, you can't really go wrong with the hybrid model at all. But I want to go back a little bit. You mentioned the future a little bit. So let's talk about that. You know, where are we going next in this really digital environment in digital economy?

Jim Crowley  02:27

Yeah, digital environment, digital economy, big words. As I mentioned today, I believe that in order for us to be prepared for the future, we're going to need new skills. And that is a responsibility of mine to make certain that we have great talent, to make certain that we're developing great talent, so they're prepared for the future, and to make certain that we have a clear vision for what the future is, and that people believe that narrative, and they're compelled to join our organization. So the future to me is centered around talent, how we work, and I'm excited for it, my energy for how we are doing as an organization, how we're serving our clients, and their performance through the pandemic, as I said earlier, today has just been amazing.

Shannon Rosic  03:19

That's fantastic. So in your opinion, then what does the advisory practice of the future potentially look like then?

Jim Crowley  03:26

The advisory practice of the future? Well, I think a couple of things. One is, they need to meet their clients where they want to be met. So in some cases that might be through use the word digital, it might be through a digital connection. But I still believe very, very strongly — and in particular, in this type of market environment, the value of an advisor is really going to shine through. Clients want to feel as if someone cares for the outcomes that they dream about. And it isn't just going to be about investment, performance, investment, performance is always going to be important, but may not be the most important thing. So I think the future for investment advice is really going to be modeled more upon getting the outcomes for the clients, not just performance.

Shannon Rosic  04:17

Well, Jim, it is always a pleasure to hear you not only speak but hear your insights. So thank you so much for your time.

Jim Crowley  04:22

It's been great. Thanks for having us. And thanks for being here.

Shannon Rosic  04:26

Of course wouldn't have missed it. Thank you. For Advisorpedia. I'm Shannon Rosic.