Inside WealthTech – from the technology powering the advisor’s stack to the WealthTech companies defining the industry, we deliver the stories and strategies behind smarter advice. Each episode features candid conversations with industry leaders about the technologies, ideas, and partnerships transforming the way advisors serve clients, grow their practices, and redefine financial outcomes.
In this edition of Inside WealthTech, Envestnet’s Molly Weiss and Blake Wood speak with Patrick Krulik, Head of Investments at IMA Advisory Services Filmed live at Future Proof 2025, the discussion explores how IMA is leveraging integrated technology, AI experimentation, and team-based collaboration to scale advice while preserving trust at the center of every client relationship.
Keep reading for an overview of the conversation, or watch it in full, here.
Explore alternatives, but don't lose balance
“We're seeing a lot of interest in alternatives and how to incorporate those into portfolios—and how to do so efficiently.”
While interest in alternatives may be surging across the industry, Krulik begins the conversation by grounding us in what hasn't changed: fundamentals.
“The democratization evolves,” he says, “but at the end of the day, fundamental sound portfolio management doesn’t change overnight. It’s staying in touch with the pulse of what’s changing, but not getting out over our skis.”
That perspective reflects IMA’s broader investment philosophy, which blends experimentation with discipline and adapts to innovation without losing sight of risk, liquidity, and portfolio construction basics.
In an environment where advisors often feel pressure to chase new products, Krulik underscores the importance of balance.
Modern tools should support long-term principles, he explains, not replace them.
Build a strong tech stack that scales
“We converted from Tamarac to Envestnet enterprise solutions to accommodate more business models and expand capabilities.”
To prepare for expansion, IMA evolved its tech stack by moving from Envestnet | Tamarac to Envestnet’s broader enterprise ecosystem. The shift enabled a more flexible infrastructure that could support multiple business models, integrate additional services, and accommodate advisors with different needs and workflows.
That evolution helped IMA move beyond a legacy “do-it-yourself” advisor model and build toward a more scalable platform for growth.
“It really led us to that decision,” Krulik notes. “We wanted to take advantage of best-in-class investment solutions and technology.”
Today, IMA’s core stack combines Envestnet’s enterprise platform with Salesforce and Envestnet’s MoneyGuide Pro for planning, supported by LibertyFi for outsourced operations.
The configuration is designed to scale like an institution while preserving the autonomy advisors expect.
“We’re still a small team, but we want to be nimble,” Krulik says. “As new partners join and new things come on, we have the capabilities to scale up and accommodate that transition."
Achieve growth with a team-based approach
"It’s really about reshuffling our resources so that we get the most lift out of them.”
For Krulik, growth isn’t just about adding clients. It begins with rethinking how people work together.
Rather than relying on a single lead advisor to manage every stage of the client relationship, IMA is shifting toward a team-based approach where responsibilities are deliberately aligned to individual strengths.
That shift is already visible in the firm’s leadership structure. A new Chief Compliance Officer, formerly with the SEC, now owns regulatory oversight. A Director of Financial Planning and paraplanner support the planning process and create space for advisors to focus more deeply on clients.
“Anything we can do more efficiently and better, we’re going to do,” Krulik says. “But it’s also structural. It’s how we arrange the pieces to get the best bang.”
Technology plays a supporting role, automating tasks that once required manual lift and giving teams time to operate at a higher level. The outcome is a growth model based on clarity and collaboration: more capacity, stronger client focus, and consistency that scales.
Adopt AI and data-driven learning
“Part of it is us learning how to ask the right questions, how to interact appropriately.”
IMA’s approach to artificial intelligence is cautious but curious. Krulik says the firm is experimenting with AI tools for data analytics and operational efficiency, focusing on measurable wins rather than hype.
“We’re playing with different AI tools to see if they add lift and value,” he explains. “Just data analytics has been a huge part of what we’ve already found some value in.”
One example: identifying retirement plans missing the latest vintage of target-date funds—a task that once took analysts days to uncover.
“Here, load up a spreadsheet, ask it, it pinpointed everything for us,” he says. “That was one of the success stories.”
Other experiments have produced mixed results, but the learning process itself has been invaluable.
“We’ve had other ones that go completely haywire,” Krulik admits. “It’s been a good learning experience regardless.”
At the end of the day, Krulik says, AI isn’t about replacing human expertise, it’s about accelerating discovery and freeing analysts to think more strategically.
Embrace a holistic financial view
“Most buyers want to have one point of contact… one team that does everything well for them.”
IMA’s integrated model combines insurance, risk management, and wealth solutions, reflecting a broader industry shift toward holistic financial planning and client service.
“To be able to answer questions about insurance and all the pieces of their financial picture through one office, I think has huge value,” Krulik says.
This convergence also allows clients to see their financial lives as connected systems rather than separate silos. It also gives advisors a more complete view of each client’s needs, aligning planning and protection in one experience.
“Now that doesn’t mean there aren’t specialists that you bring in and different things that you do,” Krulik explains. “But having it all managed through one office brings real value to the client.”
Leverage technology to serve the middle market
“That middle market—that’s really our bread and butter.”
While many firms chase ultra-high-net-worth clients, Krulik sees vast opportunity in the underserved segment in between.
“If everyone’s chasing the Ultra-High-Net-Worth Individual (UHNW) and High-Net-Worth (HNW), it gets harder,” he says. “That middle market… that’s where we have a lot of our relationships.”
To serve that space effectively, Krulik notes that advisors need more than traditional workflows. They need structure and technology that allow personalized service without relying solely on human capacity. That’s where scale becomes strategic rather than purely operational.
“It definitely is about scale,” he says. “And it’s definitely about one-to-many communications.”
IMA is using AI tools to create tailored engagement at volume, drafting newsletters, adapting market views to portfolio data, and generating personalized commentary automatically.
“If you can get that done across 1,000 clients at once,” Krulik says, “then you can take care of your quarterly reviews much more efficiently.”
Through that lens, technology isn’t just an optimization tool. It becomes a path to accessibility, and an engine that makes quality advice possible for a wider segment of clients without sacrificing depth or trust.
Encourage advisor collaboration
“You can have very successful advisors that have very different skill sets.”
Krulik sees collaboration as a structural advantage, not just a cultural preference. Rather than expecting one advisor to master planning, portfolio management, sales, and relationship-building, IMA builds teams around complementary strengths.
“My advice is always do what you’re really good at, focus on that, and then find the other pieces to fill out that pie,” he says.
This model turns specialization into collective strength. Advisors contribute where they’re strongest while relying on planning, compliance, or investment specialists to round out the client experience.
“As you build that team, figure out how you collaborate so that you’re not trying to be all things, but you can deliver all things.”
It’s a people-first approach that aligns naturally with IMA’s technology investments. Software can enhance workflow and scale processes, but collaboration is what scales talent, and ultimately builds trust with clients.
Rapid-fire reflections
As part of Inside WealthTech’s speed round, Krulik offers quick takes on the trends shaping investment advice:
- Crypto in portfolios: “I’m not a buyer… It’s speculative. If clients want it, that’s fine, but we’re not recommending it right now.”
- Royalty income: “Could you put them in portfolios? Yeah. Do you need them? Probably not.”
- Advice model: “I don’t see anything taking over the AUM model in the next 10 years… It’s easy and digestible.”
- AI and advisors: “I don’t think it displaces the advisor role… People will continue to want to do business with people they trust."
- Alternative investments: “Five years, yes. To many degrees, they already are mainstream.”
In addition to his professional insights, Krulik shared his current media picks: Succession for entertainment and Red Notice by Bill Browder for real-world intrigue and global finance history.
Stay Inside WealthTech
Watch the full episode of Inside WealthTech here with Patrick Krulik to learn more about how IMA Advisory Services is scaling advisor capacity, modernizing its tech stack, and integrating wealth, risk, and insurance under one connected model.
And make sure to follow Envestnet for upcoming episodes featuring leaders redefining wealth management through technology, data, and collaboration.
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