Thursdays with Laurie: Boston RIA chosen to launch chapter of women's networking group
Laurie Ingwersen has been invited to form and lead the Boston chapter of The W Source, a networking group for woman professionals.
Managing partner and senior wealth management advisor at The Harvest Group Wealth Management LLC, a Waltham, Mass. RIA with $323 million of assets under management, Ingwersen works with individuals, families and family businesses.
But although Harvest Group is a product of tight family ties -- she founded it in 2016 with her father Roger and her brother Todd -- a portion of her practice focuses on what happens when such bonds disintegrate. Ingwersen specializes in the financial aspects of divorce and works with clients individually or as couples, helping them come to grips with their new, untethered, financial reality. See: United Capital looks to attract divorcees with new acquisition.
The firm also offers transition services for wirehouse advisors looking to breakaway through The Harvest Advisor Group.
Headquartered in Santa Barbara, The W Source helps female professionals expand their referral networks and grow their businesses by establishing a networking group of 20 to 25 professionals in their local area. See: Eavesdropping on the Women Advisors Forum: Rainmakers share their secrets. Hint: They revolve around finding a niche.
Ingwersen will host the inaugural lunch meeting of the Boston chapter July 12 at The Harvest Group’s Waltham office and chapters members will meet on the second Thursday of each month at the same location.
“Building a strong referral network is critical for any professional service provider," says Ingwersen in a statement. "But I was growing frustrated by the constraints of some of the traditional networking groups. The W Source offers all the benefits of other networking groups but creates a platform specifically for women to grow their businesses and nurture referral relationships. I am excited and proud to be the Boston Chapter Head.” See: Extraordinary women awaken the RIA business, shepherd billions.
MARKET LEADERSHIP REQUIRES DIFFERENTIATION
In an industry that universially acknowledges the need for technological innovation, isn’t it self defeating when something faster, better and cheaper comes along to lament it is not as established as the technological vendors whose technology has been outdated.
If that is the prevailing sentiment, then is there any hope for the industry to embrace anything other than convention and status quo. Fortunately, the consumer can discern the difference and significant market share will be won from those who fail to adapt by those always looking for a better way.
John’s comment on the function of Black Diamond as a reconciliation and reporting engine only is an important one. Black Diamond recognizes that it costs advisory firms valuable resources to generate, audit, and deliver periodic reports to clients, so they provide a suitable alternative for an attractive price.
But what Black Diamond doesn’t do is facilitate the active portfolio management of an advisor’s book of business. Advisors need near real-time position and price information on client accounts to effect security transactions. This requirement will keep PortfolioCenter, Advent, Principia CAMS, et. al. in business for some time.
Hi John and Bill,
Though I’m not a tech expert, I stand by what I wrote. Black Diamond’s software performs all the functions of a portfolio management system. The fact that the RIAs in this article switched from other providers wholesale I believe speaks for itself.
Black Diamond’s performance reporting capabilities can be useful, but do not underestimate the effort it needs to implement this product. Getting all the information in with usable historical information can take several hundred man-hours and a lot of pain.
I enjoyed your article. However, it paints Black Diamond as a replacement for Advent and a direct competitor in the portfolio accounting space when there primary function is performance reporting. An advisor with hundreds of accounts would still need to utilize a portfolio accounting system to manage their accounts. Although Black Diamond does reconciliation it is post trade and thus cannot be used as a substitute to Advent. I could see an advisor that does not like the reporting function in Axys use Black Diamond as a substitute for reporting but they would still have to use Portfolio Center, Advent, APL, etc. for portfolio management. We work with Vestmark and view Black Diamond not as a competitor but as a reporting alternative that the RIAs we work with can choose.
Ceo & President