Regan sat down with FWR contributing editor Charles Paikert in his office in the heart of Chicago’s financial district for a candid discussion of industry issues.

FWR: What is the greatest opportunity for Northern Trust right now?

DR:  The general flow of dollars and seeing larger pools of capital move through family lines. We feel we can address the family’s needs from the patriarch level to solutions for subsequent generations.

FWR: What is the biggest challenge you’re facing?

DR: Executing on the strategy we have in place, i.e. execution risk. We have to bring the right services to the right people in the right way. A lot of it comes down to technology and having information and access on call.

FWR: How important is social media becoming?

DR: It’s huge. It’s not only the cultural touchstone of the millennial generation, it’s how they prefer to do business. Social media is also important because it appeals to, and is part of, a highly referential generation whose references tend to be highly topical and immediate. They don’t necessarily have to be deep. Social media is also where money is being made, as evidenced by Facebook, Zynga, Groupon and others. It’s the birthing ground of millionaires.

FWR: What other trends are having an impact on wealth management?

DR: Risk management and risk measurement. Fear has not turned to greed yet. Clients continue to spend a fair amount of time and resources assessing risk. And it’s beyond investment risk. They’re looking at institutional risk, geographical risk and geo-political risk and are trying to model how exogenous risk and shocks can impact a portfolio.

FWR: So what are your clients looking at now?

DR: They are looking for new opportunities in under-utilized markets. They are looking to get in front of mega-trends in critical areas like food and water consumption.

FWR: What are Northern Trust’s major goals this year?

DR: Insuring that our technology is as fresh and forward as clients need it to be. Matching our investment offering to specific client goals, in line with what’s being called life-driven or liability-driven investing.

FWR: Where are you seeing the most competition?

DR: Competition is savage everywhere at the high-end. BNY Mellon is formidable for family offerings.

FWR: What’s the hardest part of getting a new client right now?

DR: Battling inertia. In times of capital creation, when people are compelled to make a decision, we do well. When they’re hunkered down in other institutions, it’s more difficult.