MIAMI BEACH, FL. — It’s the time of year when Miami Beach and other Florida towns are inundated with spring breakers out to have a good time. In the middle of these festivities descends the Future Proof Citywide conference, a gathering of 2,500 financial advisors, family office, and wealth management executives. Future Proof is part of an effort to “dismantle the old boundaries” and knit together three disparate communities: 1) the old Wall-Street community (the Merrill Lynch’s, UBS, State Street, etc.) with 2) the growing community of Registered Investment Advisors (RIAs), and 3) the growing “alt” community of crypto, hedge funds, family offices and other investors in the ultra-high net worth community. This is the fifth Future Proof conference, and the first in Miami following conferences in Huntington Beach, Ca. “The festival in California focuses on RIAs [Registered Investment Advisors], but this festival is broader, it focuses on the ecosystem of wealth and asset managers, including RIAs but also family offices and ultra-high net worth individuals,” Matt Middleton, Founder and CEO of Future Proof, told me. It’s mostly about networking Like the other Future Proof conferences, this one is on the beach. In this case, right in the heart of South Beach. As the conference began Sunday afternoon, Jeff Corey and Lincoln Hurney from Claro Advisors in Boston were taking refuge from the 85 degree heat, listening to a talk on private equity and credit. Corey said they were there for three reasons. “First, we’re here to talk to other financial advisors in similar situations, and to try to figure out how to get to the next level. Second, we want to hear more about technology and how to use AI responsibly, and finally we want to reconnect with friends we have met at prior Future Proofs, because we follow each other’s careers and we can rely on my fellow advisors to give us an unbiased opinion on products and platforms and even career paths.” That desire to reconnect with other RIAs and investment professionals is the main reason many keep coming back. “It’s great to reconnect with colleagues,” Alex Barned from Absolute Capital Management told me. Barned runs a turnkey asset management program (TAMP), which are platforms designed to help financial advisors manage investment accounts more efficiently. “The biggest RIAs are all coming through here,” he told me, “We get to meet with the decision makers for those firms. We established two dozen new relationships at the last Future Proof. And being here elevates our profile with our clients and potential clients.” “The networking is what makes this work,” Doug Gill from Castleview Partners in Dallas told me. He too runs a TAMP that is hired by asset managers to run their accounts more efficiently. “If I can meet one boutique asset manager who can use our platform, and one RIA that manages, say, $100 million, that will make the trip worthwhile.” It’s not just networking and socializing Gill adds another reason he comes: “The content is good.” Besides advice on how financial advisors can better grow and manage their business, there are panels on everything from succession planning to family office governance to generational wealth transfer. There’s also plenty for advisors who want to take home actionable ideas for their clients. Bitcoin is top of mind for many. I’ll be interviewing Strategy’s Michael Saylor Monday morning, whose firm owns 500,000 bitcoin and has very strong opinions on the future of crypto. The recent market turmoil is also top of mind. I’ll be speaking with Fundstrat’s co-founder, Tom Lee, to get his take on where the markets are going next, also on Monday morning. My colleague Dom Chu will be getting the macroeconomic outlook Tuesday when he interviews Brian Belski from BMO Capital, Emily Roland from John Hancock Investment Management, and Gabriela Santos, Chief Market Strategist, Americas, for J.P. Morgan Asset Management. And CNBC regular Dan Ives of Wedbush Securities will give his broad overview of where the AI revolution is going during an interview on Tuesday. Bridging public and private markets is also a hot topic. I’ll be speaking with Joe DeVico, co-head of U.S. Wealth Advisory for BlackRock, on Tuesday. Not evident in this MIami Beach incarnation are some of the whackier classes that made the California Future Proofs so endearing (“Fish Taco Frenzy: Coastal Cooking Class.”). “The main theme that makes FutureProof special is the networking, and it’s all done through technology,” Middleton told me. “We want people to catch up with current friends and clients, but more importantly we want to focus on expanding their network.” Much of this is being accomplished through a “speed dating” service that matches investment professionals with sell-side providers for short, 15-minute one-on-ones. At the last Future Proof in September, MIddleton said they arranged 32,000 meetings. That’s more than enough to keep the old Wall Street sell-side community happy.
