Client Spotlight: Landis Wiley, Basepoint Wealth
BY marie cunningham
Landis Wiley, Director of Business Development and a founding partner at Basepoint Wealth, has played a pivotal role in defining the firm’s distinctive approach to advisory services. Since its inception in 2017, Basepoint Wealth has been driven by a commitment to a planning-centric model, challenging traditional advisory frameworks with innovative strategies. Drawing on his extensive experience at large broker-dealer firms, Landis and his team established a firm where strategic planning is the cornerstone of exceptional client service. Today, Landis continues to steer Basepoint Wealth towards innovation and growth, shaping the future of financial advisory.
Q: Tell us about your company and how you utilize Practifi?
A: We launched Basepoint Wealth by coming together from a variety of large broker-dealer firms. We shared a vision that there was a better way to build a planning-centric advisory firm than what the traditional big names in the industry offered. We all connected through introductions and realized we had a similar vision about where we wanted to go.
Our core focus has always been on creating a firm that’s truly centered around planning. Unlike traditional firms that might prioritize product sales or transactional approaches, our emphasis is on building a comprehensive planning framework. This approach aligns closely with each client’s individual goals and needs, providing a more tailored and thorough advisory experience.
We utilize Practifi extensively to support this vision. I believe we’ve been called power users of the platform because we leverage all its features to streamline our operations and enhance client service. Practifi helps us integrate various aspects of client management and communications, which is critical for maintaining a high standard of service and operational efficiency.
Q: What are the most significant challenges advisors are facing today?
A: Advisors today encounter several significant challenges, particularly with integrating new technology into their practices. The sheer volume of available fintech solutions presents a challenge in itself. With so many options, it’s essential to select tools that not only address specific pain points but also improve overall efficiency.
When implementing new technologies, there is often resistance from team members who are accustomed to the current systems. As I often tell my team, some of us are really adept at picking up new technology and figuring it out, but the average person isn’t necessarily a power user at first. It’s easy for development teams to assume everyone gets technology as easily as they do. To handle this, we’ve found that introducing new systems gradually works best. For example, we start by showing users one or two components of a new system at a time. Then after 6 to 12 months, we might unveil phase two, which adds more complexity and layers. This phased approach allows us to manage the learning curve more effectively, as users can get accustomed to each new feature gradually. It also helps in achieving higher adoption rates since users aren’t overwhelmed by a full suite of changes all at once.
Additionally, it’s crucial that the new technology genuinely adds value rather than just complicating processes. The goal is to enhance the client experience and streamline operations, not just add new layers of complexity. Technology should improve how we interact with and serve our clients, balancing innovation with maintaining high-quality service.
Q: What are some top industry trends that you’re seeing right now?
A: One of the key trends we’re observing is a significant shift towards personalizing client interactions through technology. It’s no longer sufficient to offer a one-size-fits-all service; advisory firms are increasingly focusing on tailoring their services and communication to meet each client’s specific needs. This shift is not just about offering a broad range of services but about deeply understanding each client’s unique preferences and circumstances.
We’re seeing a strong emphasis on leveraging technology to achieve this level of personalization. For instance, Practifi enables us to gather and analyze detailed client data, which helps us understand their goals, preferences and behaviors on a much deeper level. This approach ensures that the services we provide are not only more aligned with each client’s individual needs but also more impactful and valuable to them.
Moreover, this focus on personalization is driving us to adopt new technologies that support more nuanced and individualized client management strategies. By using tools that allow for detailed client profiling and tailored communication, we are enhancing the overall client experience and improving the effectiveness of our advisory services.
Q: What are some key steps your firm takes when exploring new technology options?
A: When we explore new technology options, we start by identifying whether there’s a genuine need for the technology. We assess if it addresses a specific need we currently have or fulfills something we wish we could offer but don’t. This initial step ensures that we’re not just adopting new tools for the sake of it but are instead focusing on solutions that will make a real difference.
Next, we involve a due diligence team consisting of both advisors and members of the leadership team. We evaluate whether the technology adds value and discuss what the implementation process would look like. It’s crucial that we understand how the technology will integrate into our existing workflows and what impact it will have.
A key part of our process is considering the level of buy-in we’ll receive from the advisory side. We recognize that operations and client-facing teams can sometimes be segmented, so we work to ensure that everyone who will use the new technology is on board and understands its benefits. This helps to mitigate resistance and ensures a smoother transition.
Ultimately, we aim to adopt technology that not only meets our immediate needs but also enhances our overall efficiency and client service. By focusing on these steps, we ensure that the technology we choose aligns with our goals and contributes to our firm’s success.
Q: What are you hoping to achieve with our platform or technology in general in the future?
A: Our primary goal is to significantly enhance the overall client experience. We’re focusing on using technology to streamline our workflows and improve communication processes, aiming to offer a more integrated and comprehensive service to our clients.
Practifi plays a crucial role in this effort. By leveraging its features and integrations, we can make our internal processes more efficient, which allows our advisors to spend less time on administrative tasks and more on what truly matters: building meaningful relationships and delivering personalized, exceptional service.
An outstanding client experience involves more than just delivering services — it’s about creating a personalized, seamless, and comprehensive service tailored to each client’s individual needs. Practifi provides us with a comprehensive view of client interactions, helping us deliver a more tailored and responsive service. It enhances our ability to manage and analyze client data, allowing us to better anticipate needs and respond effectively.
By using Practifi and other technologies, we aim to maintain a cohesive client experience, integrating interactions and managing communications with precision. Our vision is to elevate client service through these technological advancements, freeing up our advisors’ time from administrative burdens and significantly improving the overall client experience. We’re excited about the potential to transform our operations and continue providing outstanding, personalized service.
