Axos with Michael Watson | E345

Fintech Impact

In this episode of Fintech Impact, host Jason Pereira interviews Michael Watson, head of Axos Advisor Services, on how Axos aims to revolutionize the traditional custodial and banking services for RIAs (Registered Investment Advisors). Axos, a digital bank established in 2000, evolved from a consumer-focused bank to a comprehensive provider offering commercial banking, securities business, and custodial services. The acquisition of E-Trade's custody business is highlighted as a strategic move to diversify and solidify Axos' position in the market. Watson details the company's commitment to providing high-touch, personalized services and the integration of digital banking solutions catering to RIAs and their clients, emphasizing the importance of service quality, efficiency, and not competing with advisors for clients.

Episode Highlights:

• 00:09: Introduction to Axos Advisor Services and its aim to integrate custodian servicing with banking for RIAs.
• 00:27: Michael Watson expresses his pleasure in joining the conversation and discussing Axos' services.
• 00:34: Axos' journey from being one of the first digital banks founded in 2000 to expanding into commercial banking and securities by acquiring a clearing firm and eventually E-Trade's custody business.
• 03:07: The evolution of Axos from its inception as Bank of Internet to a comprehensive digital and commercial banking provider.
• 05:20: Watson emphasizes Axos' commitment to outstanding service, citing the differentiation in their approach to onboarding RIAs and providing personalized, efficient solutions.
• 08:32: The conversation moves towards Axos' capability in providing digital workflows and eliminating operational inefficiencies through automation.
• 13:55: Early feedback on Axos' integrated banking and brokerage services following their launch, highlighting the digital convergence for an improved client experience.
• 16:33: The discussion includes the initial success of banking offerings since launch and the eagerness among RIAs to adopt these services.

Key Takeaways:

• Axos Advisor Services aims to be a pivotal player in blending custodial services with banking for RIAs, leveraging its digital bank foundation to offer streamlined, efficient solutions.
• The acquisition of E-Trade's custody business illustrates Axos' strategic initiative to diversify and enhance their offerings in a competitive market.
• Commitment to service excellence and the integration of digital banking functionalities are central to Axos' strategy in fostering relationships with RIAs and their clients.

Tweetable Quotes:

• "In a world where digital transformation defines success, Axos brings banking and custodial services into a new era for RIAs." - Michael Watson
• "Service excellence isn't just a goal; it's our commitment to every RIA we partner with." - Michael Watson
• "Advisors need banking solutions that understand and complement their unique offerings, not compete with them." - Michael Watson

Resources Mentioned:

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn
• Woodgate.com – Sponsor
• Podcast Editing
• https://www.linkedin.com/in/michael-watson-33222a1/

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