| | SEPTEMBER 20218CIOReviewIN MY OPINIONBy Amy Jansen, Vice President, Wealth Product Management, Johnson Financial GroupWhen I came to Johnson Financial Group (JFG) two years ago, the vision was clear ­ adopt an RIA model for our Wealth business ­ while the path to get there was not. How would I help this successful Wealth business, built on the Bank&Trust model, transform? The answer was simple ­ from within! But let's rewind. The Wealth business at JFG had already undergone a transformation of sorts. In addition to their already successful Bank&Trust, Retirement Plan Services and Investment Services business, in 2017, JFG completed their third RIA acquisition in ten years, resulting in a 25 percent increase in AUM. However, that rapid growth came with some concessions. Specifically, the acquired firms predominately continued using the custodians and software they used prior to the acquisitions, resulting in the addition of over five custodians, a new performance reporting, trading and billing engine and an additional CRM to the business. At the same time, they were undergoing a move to a new broker-dealer due to the acquisition of their current BD. In the end, they were left with disparate technology and operational processes, as well as a feeling of separate businesses within a single business unit. What to do? The answer seemed obvious to Brian Andrew, President and Chief Investment Officer of Johnson Wealth, and my new boss. He said go where the clients and advisors in the Wealth industry are going - adopt an RIA business model.With this history lesson behind me, I understood the vision and began to contemplate the path forward. The first step was to begin the process of identifying a custodian who could support our Bank&Trust and RIA business on a unified platform, enable us to work with the technology providers that were best suited to support our business, and allow our brand and the values that have led this family-owned business for over 50 years to ground us. In late 2018, we sent an RFP to six custodians, narrowed the list to two finalists and spent the majority of 2019 focusing on due diligence. At the same time, we began to draft a plan that would result in a more consistent experience for our Wealth associates and clients alike. That consistent experience needed to consider A COLLABORATIVE APPROACH TO WEALTH MANAGEMENT
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