Change Agent: Mike Fanning, Advisor360° 

We’re talking to leaders about significant changes in the industry and their organizations – progress regarding product, process, technology, or culture. We’re curious about the how and the why. And we’re asking about what changes are next.  

We asked Mike Fanning, the newly appointed CEO of Advisor360°, a digital wealth management platform, about a recent organizational achievement that brings him the most satisfaction and what key factors contributed to its success. Fanning also discussed how he manages the transition from established practices to pioneering new frontiers inside the firm, as well as guidance for the next generation of financial advisors. 

Charting a New Course: How do you navigate the transition from established practices to pioneering new frontiers within your organization?  

Leaders who are change agents inspire teams to get behind their unique vision. Of course, you’ve got to believe in what you’re doing if you want others to buy in. But I’ve found it takes more than belief to pioneer a new path. It takes a commitment to creativity and thinking outside the box. It also takes passion to encourage people to align around change—and that passion starts at the top.  

At Advisor360°, we’re open to innovation from domains inside and outside of wealth management—and it shows in the dynamic solutions we’re bringing to market. Deep knowledge of our space is critical to what we provide clients, but so are the fresh perspectives and novel ideas we get from technologists, engineers, and creatives who have joined us from outside of financial services.  

As the longtime head of Mass Mutual US, I understand first-hand the complexities that come with challenging convention in a large organization that has a legacy of success. To remain successful for the long-term, I knew Mass Mutual needed to evolve and run as a tech-driven operation—helping our advisors and employees work more efficiently and serve clients better.  

My challenge was finding the right technology partner to help bring about this change…and I had one shot to get it right. Ultimately, I found a partner in Advisor360°, a company with a proven technology platform better than anything else out there. I saw right away it could help my entire organization up their execution game. I was so passionate about the offering that when I retired from Mass Mutual, I joined the Advisor360° Board. Fast forward to today, and I’m CEO. That’s how strongly I believe in the power of Advisor360’s platform to transform companies. 

At Advisor360°, I encourage our teams to experiment with new ways of doing things because the only way to venture into new frontiers is to take calculated risks. Leaders who instill innovation as a core value of their organizational culture have an easier time pivoting away from a “this-is-the-way-we’ve-always-done-things” mindset. 

A Triumph to Celebrate: What recent organizational accomplishment brings you the most satisfaction? What specific challenges did it overcome, and what key factors led to its success?  

We’re making enterprise wealth management firms far more efficient—which I find enormously satisfying. For instance, Advisor360°’s Digital Onboarding solution has been a gamechanger for our clients. Most recently, I’m extremely excited about our new bulk onboarding capability called Account Transitions. Account Transitions takes the challenge of repapering client accounts off the table when advisors are switching firms. A process that once took weeks to complete now takes just seconds for thousands of accounts at a time. We’ve won acclaim for our industry-leading data solution, which lays the foundation for fast, straight-through processing that makes the onboarding process as frictionless as possible. The fact that we can now streamline the repapering process in bulk should really ease the transition for advisors who are joining new firms with large books of business. 

Our new Advisor Oversight solution is another example of how we’re creating efficiency for firms in the front- and back-office. The advancement streamlines mandatory disclosure reporting, enabling advisors and firms to be compliant with SEC and FINRA regulations. The Political Contribution tool—which is one part of the solution—is truly unique and revolutionary.  

There’s nothing like it in the industry. It simplifies the reporting and tracking of political contributions in the U.S. by integrating with real-time candidate databases at local, state, and federal levels to ensure transparency and adherence to limits. Tracking and reporting firmwide political campaign contributions is an ordeal for compliance departments—especially in a presidential election year like 2024. This solution takes the pressure off. 

Catalysts for Change: What are the essential elements for significant progress within your organization and the industry?  

Understanding and anticipating market needs is essential to us and we’ve organized our business around it. Our product development teams now engage in continuous market research and it’s making all the difference. We also have a continuous dialogue with our clients to gather feedback and insights. This way of working has helped us stay ahead of market trends and ensure that our products meet the evolving demands of the industry.  

By investing in research and leveraging direct feedback, we can create products that are both innovative and widely applicable—scalable, standardized solutions that address common needs across the market. For instance, Advisor360°’s shift to a cloud-native, multi-tenant platform directly addresses the industry’s need for more configurable and scalable solutions that can be continuously updated and easily integrated into a customer’s existing tech stack. 

The Road Ahead: Looking forward, what critical changes do you foresee for the industry in the coming years? What advancements do you hope for?  

Wealth management will see ongoing consolidation as firms merge to achieve economies of scale to expand their market presence. This trend will impact asset managers and distribution platforms, leading to larger, more integrated entities. There will also be a growing integration between technology platforms and financial services. Expect more firms to adopt end-to-end solutions so they can offer comprehensive services, from financial planning to asset management, within a single ecosystem. 

AI and automation will, of course, continue to define the future of fintech. And the use of data analytics will become ever more central to financial services. Firms will leverage advanced analytics to gain deeper insights into client behavior, market trends, and operational efficiency. This data-driven approach—which we’ve led the way in—enhances decision-making for firms and enables a more personalized client experience.  

Guiding the Next Generation: As we acknowledge the industry’s rising stars, what guidance can you offer them to become catalysts for positive change?  

As we continue to forge the future of our industry it’s important to increase the accessibility of financial advice. This is something of a touchstone idea for me and one I encourage the leaders around me to think about. Technology should enable firms of all sizes to provide professional financial advice to a broader audience, including the underserved and middle-market segments. As fintech firms, we’re in an excellent position to impact the democratization of financial services. Let’s help as many people as we can benefit from expert financial advice to build a prosperous future for families in all socioeconomic segments. 

Pictured: Mike Fanning, CEO, Advisor360° 

Click here to see the full Change Agents: Leaders Driving Progress series