54. Women in WealthTech and Fluid Expectations with Liz Fritz, Chief Commercial Officer at F2 Strategy

We’re so excited to Welcome Liz Fritz, the Chief Commercial Officer of F2 Strategy, a Silicon Valley-based wealth management technology and marketing firm that’s growing by leaps and bounds. Liz and her husband Doug, who is the company’s CEO, are celebrating five years at the firm. They are providing boutique consulting services and tech support in the wealth management, family office and RIA space.

Liz and Doug are addressing the need of the hour. As the pandemic struck last year, there were hundreds of companies that needed tech support. The wealth management industry was facing an existential moment in which digital and innovation accelerated. Many firms were falling behind in delivering, and F2 Strategy wanted to help them implement and execute digital strategies and roadmaps.

They also run a WealthTech forum, or as she said, a kind of ‘Fight club,’ consisting of 70 active VIP members in which they do incredible benchmarking and support each other through opportunities and challenges.

F2 Strategy sits in a unique position within the wealth management industry. While Doug brings in 20 years of experience as Senior Vice President and Chief Technology Officer from private banking, Liz brings in her knowledge of more than a decade leading marketing efforts for the HNW and UHNW segments at Bank of the West Wealth Management, BNP Paribas, Wells Fargo Abbot Downing and Ascent Private Capital Management of U.S. Bank. She led cross-channel integrated communications and content marketing strategies for fast-paced, dynamic global organizations.

Doug and Liz have created their dream firm, with the aim to bridge the gap between emerging clients’ needs and the lack of a digital wealth experience. Their strengths, experience, and knowledge of deep technological and marketing experience are the perfect complement for any wealth management firm and RIA firm.

Liz admits that she ‘fell’ into the financial services industry. She is an animal lover, and she went to the University of California, Davis, to become a veterinarian! While she loved working with animals, she found it challenging and applied to every job in San Francisco. Luckily her first job was to be the executive assistant for the head of Wealth Management of Well Fargo, before she grew into the position of a wealth advisor and over time held numerous senior communications and marketing roles at various prestigious banks. She loves her job and truly believes that ‘being in the wealth management industry is noble work’ as it enables her to empower people of wealth to do more incredible things.

During this episode, we ask Liz to define the three emerging trends every Chief Executive Officer, Technology Officer, and Chief Marketing Officer must know (13:05 audio version). We also focus on what Liz affectionately calls, “Fluid Expectations,” the idea that competitive threats come from beyond the wealth management industry and are shaped by brands delivering an exceptional and innovative client experience. 

In addition, Liz helps us understand the difference between a Chief Commercial Officer vs. a Chief Revenue Officer and a Chief Marketing Officer, she talks about the emerging industry trends in detail, her new series on LinkedIn #womeninwealthtechtowatch, and her passion for creating a network of women supporting women through her volunteer role as an Executive Alumnae Committee Marketing and Events at Castilleja School.  She believes that with the right support, your life can pivot in the right direction.

Finally, Liz shares the three wealth tech trends she’s seeing as Chief Commercial Officer of F2 Strategy, and that all leading firms need to pay attention to. It’s a must-listen and at the top of the show. 

Liz’s passion and love for the profession reflect clearly and you’ll leave the podcast feeling inspired and ready to take on the world with these key top takeaways:

  1. Marketing and Sales go hand-in-hand: Liz admits that while there is a clear barrier between the marketing and sales departments, their end goals are the same: to enhance the client’s experience. Liz encourages organizations to weave sales goals into their strategy proactively and to use collaboration tools like Basecamp, Asana, and Slack in which both departments get a better understanding of each other’s challenges, pain points, and goals.
  2. Conduct a Digital Readiness Assessment (DRA): Firm leaders need to set the stage for where they want to be 3, 5, and 10 years from now. Assessing your firm’s digital readiness is the first step used by Liz over at F2 Strategy to create the plan and actions necessary to get there. The process includes an understanding of who you are and who your clients are.
  3. Understand Your Title and Role: As wealth management firms and cultures evolve, so do organizational roles. Business leaders should consider and know the difference between a Chief Commercial Officer, a Chief Revenue Officer, and a Chief Marketing Officer. These roles and titles evolve over time and with an understanding of what each particular one means, Liz was able to determine which would best suit F2 Strategy.

Show Notes

We’re thrilled to welcome Liz Fritz In The Suite for today’s inspiring episode. Liz is Chief Commercial Officer of F2 Strategy, a leading boutique management consulting firm based in Silicon Valley helping complex RIA, wealth and multi-family office firms improve their technical capabilities across the entire client and advisor experience.

Liz co-founded F2 Strategy in 2017,with her husband Doug, the company’s CEO. Through F2 Strategy, this innovative husband-and-wife team brings their strengths and deep technological and marketing experience together to bridge the gap between emerging client’s needs and the lack of digital wealth experience.  

In today’s podcast, Liz takes us through her incredible journey. From attending UC Davis and studying to be an equine veterinarian to becoming head of Wealth Management Communications at Bank of the West/BNB Paribas – one of the top 10 wealth managers worldwide, to now forming her own company, after seeing how many top wealth management firms were ill-equipped to keep pace with technology & innovation. 

We also focus on what Liz affectionately calls, “Fluid Expectations,” the idea that competitive threats come from beyond the wealth management industry and are shaped by brands delivering an exceptional and innovative client experience. 

Join the Conversation to Learn About: 

  • Welcome Liz! (01:15) 
  • Wealth Tech Gets Vocal – Man in the Van Podcast (06:10) 
  • About F2 Strategy (06:30) 
  • How does Liz work with clients? (10:30)
  • The three wealthtech trends we need to pay attention to (13:05) 
  • What is a Chief Commercial Officer?  (18:40)
  • How can we bridge the gap between marketing and sales? (19:50) 
  • Liz’s backstory (27:50) 
  • The three areas for growth for women (32:40) 
  • Women in Wealth Tech series (40:00) 
  • Liz’s volunteer experience (44:10)
  • How to contact Liz (49:00)
  • Liz’s book recommendation (50:10) 

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