Orion's The Weighing Machine

Seth Rosenthal of Academy Asset Management - When Geopolitics Moves Markets

garegantuan@gmail.com (Seth Rosenthal, Ben Vaske) — Tue, 31 Mar 2026 17:17:33 +0000

Today on the podcast, Ben Vaske is joined by Seth Rosenthal from Academy Asset Management. Seth was previously the Bank Chief Investment Officer at Northern Trust. In his 16-year career at Northern, he oversaw $100 billion in global fixed income and money market assets across a range of duration and credit mandates. In addition to his investment leadership, Seth served on Northern Trust’s Employee Benefit Investment Committee, where he held fiduciary responsibility for the firm’s employee benefit plans. Prior to Northern Trust, he spent 10 years with the Bank of Montreal, where he held pivotal roles in Treasury and Credit Analytics. Seth is a CFA charterholder with a BBA from the University of Iowa, where he also sits on the Finance Advisory Council at the Tippie School of Business.

Key Takeaways

What is Seth’s favorite home-cooked meal or recipe?
An overview on Seth’s career and what led him to Academy Asset Management. Also, what does Academy do and how do they view the markets?
When advisors and investors are seeing geopolitical headlines everyday, what should they be watching out for and how can they separate signal from noise?
Is the collapse in traffic through the Strait of Hormuz at the core of what’s going on, from a market standpoint, in our conflict with Iran? What might a potential reopening look like?
Why have oil prices been so volatile, rather than just merely remaining elevated, given the current geopolitical risk?
How does this oil supply chain crisis lead to changes in geopolitics following the crisis?
Where does Seth look first in terms of impact, or potential resolution talks, and is he thinking about positioning any differently right now?
Are there any areas in the market that Seth would expect to react first if there is some sort of resolution?
If tensions do escalate further, what does Seth expect to see? What is his bad case scenario for the markets?
What might rate policy look like from here on out in Seth’s opinion?
With Seth’s experience managing fixed income portfolios, is there anything he’s thinking about from a positioning perspective given this potential change in inflation expectations?
When Seth zooms out historically, are there any common threads of market impact that last past initial geopolitical shocks?
How is Seth’s team thinking about how the US is balancing market and economic strength with the current situation?
Is there anything unique in this current moment about how the geopolitics are effecting markets?

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Disclosure(s)

Wealth management services provided by Orion Portfolio Solutions, LLC (“OPS”), a registered investment advisor. Orion OCIO services provided by TownSquare Capital, LLC (“TSC”), a registered investment advisor. OPS and TSC are affiliates and wholly owned subsidiaries of Orion Advisor Solutions, Inc.

Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor.

This podcast is sponsored by Janus Henderson Investors. Orion Advisor Solutions, Inc. (“Orion”) or its affiliates and subsidiaries received compensation from Janus Henderson Investors for the placement of this advertisement content. Janus Henderson Investors and Orion are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided.

These show notes may contain links to third-party websites. Any links to such third-party websites are provided solely as a convenience to you and not as an endorsement by Orion of the content on such third-party websites, or any affiliation or association with its operators. Orion is not responsible for the content of linked third-party websites, including, without limitation, any link contained in a linked website, or any changes or updates to a linked website, and do not make any representations regarding the information, services, products or accuracy of any material contained on such third-party websites.

Compliance Code: 1039-R-26090

Fritz Folts of 3EDGE Asset Management - Multi-Asset Investing 101

garegantuan@gmail.com (Fritz Folts, Ben Vaske) — Tue, 24 Feb 2026 05:00:00 +0000

Today on the podcast, Ben Vaske is joined by Fritz Folts from 3EDGE Asset Management. Fritz has over 25 years of investment and portfolio management experience. Prior to 3EDGE, he served for over 12 years on the investment committees at both Windward and Windhaven Investment Management, Inc. He also served as Chief Investment Strategist while at Windhaven. Fritz began his career at The Boston Company, where he ultimately served as Director of Global Funding for the then newly formed Boston Safe Deposit & Trust Co., (U.K.) Ltd., in London, England.

He holds a BA in Government from Connecticut College and an MBA from IESE (Instituto Estudios Superiores de la Empresa) in Barcelona, Spain, one of Europe’s pre-eminent business schools. He is the former Chair of the Board of Trustees at Connecticut College and now serves as Trustee Emeritus. While on the Board at Connecticut College Fritz was also a member of the Investment Committee for the college endowment. Fritz currently serves as Chair of the Investment Committee for the Concord Museum, which was recently voted the #1 Small Town Museum in America by USA Today. He is also a member of the Investment Committee of the Umbrella Center for the Arts in Concord, MA. Fritz resides in historic Concord, Massachusetts, with his wife, Cathy.

Key Takeaways

What is Fritz’s favorite home-cooked meal or recipe?
Learn a bit about Fritz’s career path, how he became a co-founder and what 3EDGE Asset Management focuses on lately.
When Fritz initially launched 3EDGE, what were his thoughts on doing something differently from traditional asset managers?
How has Fritz’s personal investment philosophy evolved in the past couple of decades?
When Fritz thinks about multi-asset investing, how does he define it and how does he utilize it?
How does Fritz think about blending more of an MVO type, strategic asset allocation and a tactical exposure? Is one better than the other and can they compliment each other?
How has the explosion of ETFs really increased the opportunity set out there for investors?
How have ETFs helped 3EDGE’s risk management become more precise?
In Fritz’s eyes, what are “the seasons of the market” and what do they mean for his investors and the overall 3EDGE strategy?
What signals does Fritz look for that might indicate the market’s “season” is changing and has his view on this shifted in recent years?
How does the 3EDGE risk management process shift across the different seasons of the market?
What would be a reasonable measure of success for a multi-asset manager?
What’s Fritz’s go-to advice for how to tell a client about the potential benefits of moving away from traditional benchmarks?
How does implementing some sort of multi-asset strategy really simplify the job of an advisor?
Does Fritz’s conversation with clients change during moments of market stress or does it just become a reinforcement of what he’s already been saying?
What parts of the investment landscape are most interesting to Fritz at the moment?
How does Fritz see the multi-asset investing landscape continuing to evolve?

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Disclosure(s)

Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor.

Compliance Code: 0548-R-26048

Michelle Cluver of Global X ETFs - The Long Game of AI

garegantuan@gmail.com (Michelle Cluver, Ben Vaske) — Tue, 3 Feb 2026 17:23:12 +0000

Today on the podcast, Ben Vaske is joined by Michelle Cluver, Head of ETF Model Portfolios at Global X ETFs. Michelle joined Global X in 2018. She is responsible for overseeing the model portfolio solutions team in the construction and management of Global X’s suite of ETF model portfolios. Michelle and her team develop the macroeconomic and market views that shape portfolio positioning. Additionally, she works closely with the ETF model portfolio team on maintaining and assessing the quantitative models behind Global X’s thematic model portfolios. Previously, Michelle worked at Merrill Lynch Wealth Management in its ETF model portfolio business. Prior to Merrill, Michelle worked for a boutique asset management firm, with a focus on both South African and developed market equities. Michelle holds a master's degree in International Finance from the Amsterdam Business School and is a CFA Charterholder.

Key Takeaways

What is Michelle’s favorite home-cooked meal or recipe?
Learn about Michelle’s current role at Global X ETFs and her career background
What were the coolest and strangest things Michelle saw at the CES (Consumer Electronics Show) Conference in Las Vegas this year?
In Michelle’s opinion, where are we today in terms of the AI adoption cycle? Are we in early experimentation or getting into early commercialization?
Are there any key differences or similarities between the AI boom and the dot com or mobile phone boom that Michelle would highlight?
In terms of AI use cases and real world adoption today, are there any industries or business functions that are seeing true, tangible gains from AI currently?
Is there anything that Michelle thinks investors are misunderstanding about how quickly or slowly this AI adoption is going to show up in company fundamentals?
As Michelle thinks about the CapEx wave, does she think it is sustainable and does she think this level of CapEx will need to continue for AI to continue to advance?
What less obvious areas does Michelle think investors should be looking at in the broader AI ecosystem?
How generational of an innovation is AI and are we in a place where we can say “yes, this is going to be the thing for the next few decades?”
Does Michelle view AI as inflationary, long-term deflationary or structurally neutral?
Are there shifts in the dynamics around the competitive edge between large and small AI companies and are there opportunities in the space for small companies to make a big impact?
How should investors and advisors be thinking about valuations in the present day given the level of optimism that’s already priced in?
What sort of signals should our listeners look for that may show we’ve reached peak enthusiasm in AI?
For the average investor, what would Michelle’s key point of advice be for a simple way to gain exposure to AI but doing so in a risk-aware way?
What might getting AI right in a long-term portfolio actually look like for a long-term investor?mizue

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Disclosure(s)

Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor.

Compliance Code: 0328-R-26033

Adam Hetts of Janus Henderson - Positioning Multi-Asset Portfolios for 2026

garegantuan@gmail.com (Adam Hetts, Ben Vaske) — Mon, 22 Dec 2025 05:00:00 +0000

Key Takeaways

What is Adam’s favorite home-cooked meal or recipe?
Adam’s professional background and more on the multi-asset group he leads at Janus Henderson
As Adam steps back, and looks forward to 2026, what does he see as the most important macro drivers investors should be focused on right now?
As Adam thinks about the Fed’s policy path going forward, how is he thinking about Fixed Income positioning in 2026?
How does Adam’s multi-asset group at Janus Henderson broadly think about diversifying away from the Agg when searching for new opportunities in the fixed income market?
From Adam’s perspective, are high-valuations in AI-related equities a major challenge for multi-asset portfolios? Does he see some fundamental strengths still justifying that enthusiasm?
From an active perspective, how is Adam thinking about separating the durable AI beneficiaries from those that are more momentum driven ?
How is Adam thinking about balancing the allocation to AI-driven growth versus exposure to smaller mid-caps and non-US equities?
How is Adam looking at opportunities in Europe right now?
What are key drivers that Adam is looking at in Emerging Markets? Is he seeing continued strength there?
As Adam is thinking about blending public and private allocations together, within a portfolio, what role do private markets play and how does this look to him in terms of a long-term allocation?
Outside of portfolio construction, is there a key biggest mistake that Adam sees investors making as they look to private allocations?
Piecing it all together, how is Adam thinking about a broad, multi-asset portfolio going into next year? Also, is there one guiding principle for long-term portfolio success in Adam’s mind?

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Disclosure(s)

Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor.

This podcast is sponsored by BlackRock, Inc. Orion Advisor Solutions, Inc. (“Orion”) or its affiliates and subsidiaries received compensation from BlackRock, Inc. for the placement of this advertisement content. BlackRock, Inc. and Orion are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided.

Compliance Code: 3498-R-25351

Jason Mertz of AllianceBernstein - Municipal Bond Market Headwinds Turning a Corner

garegantuan@gmail.com (Jason Mertz, Ben Vaske) — Tue, 9 Dec 2025 05:00:00 +0000

Today on the podcast, Ben Vaske is joined by Jason Mertz from AllianceBernstein. Jason Mertz is a Vice President and Investment Strategist for AB’s Municipals team, covering all mutual funds, exchange-traded funds and separately managed account solutions. He works extensively with the firm’s portfolio management, credit research and trading team to monitor and communicate portfolio positioning and analysis to clients around the US. Prior to joining AB in 2016, Mertz worked at BlackRock as a separately managed account analyst. He holds a BA in finance and international business from Muhlenberg College.

Key Takeaways

What is Jason’s favorite home-cooked meal or recipe?
Learn about Jason’s career journey and how he ended up in his current role at AllianceBernstein.
Did being the captain of his lacrosse team in college teach Jason any lessons that he has carried forward to the present day?
What were some of the drivers behind the underperformance of Municipal bonds for the first 7-8 months of the year?
If Jason is not seeing great opportunities in the Municipal bond market, are there other areas in the market that he can lean into and what would spark him to do that?
As an active manager, how is Jason thinking about balancing all of the unique risks present in today’s environment?
How is Jason generally viewing broad, municipal credit health right now? Are there any real pockets of concern around the credit space?
As Jason is thinking about his outlook for the next 12 months or so, how do Municipal bonds fit into the portfolio and where is he seeing that part of the portfolio acting in the next year?
What is some of the proactive tax management that Jason and his team at AB are doing?
What kind of technology and tools does AllianceBernstein use to allow them to manage tax-aware SMA’s for their plethora of clients?
Learn more about AB’s advisor partnership model and how it works within the broader Orion community.
When someone thinks of AllianceBernstein Municipal Bonds, what should be the first thing they think about? Also, as they think about partnerships what is the key takeaway there as well?

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Jason Mertz: Air Fryer Salmon Recipe

Ingredients: Salmon, Garlic, Salt, Pepper, Soy Sauce, Teriyaki and Lemon (optional)

Boil water and pour over the skin of the salmon for easy removal of the skin (salmon hack!)
Cube the salmon into 1 inch pieces and toss into a bowl
Marinate the salmon with salt, pepper, garlic, soy sauce, and a touch of teriyaki. Lemon squeeze optional
Toss the Cubes into the air fryer for 8-10 minutes (I normally rotate halfway through)
ENJOY! The salmon should be crispy on the outside with a soft center.

Disclosure(s)

Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor.

Compliance Code: 3497-R-25351

Kim Arthur of Main Management - The Ethos of Client Service

garegantuan@gmail.com (Ben Vaske, Kim Arthur) — Tue, 11 Nov 2025 05:00:00 +0000

Today on the podcast, Ben Vaske is joined by Kim Arthur, CEO and Portfolio Manager of Main Management. Kim D. Arthur is a founding partner of Main Management, LLC. He currently serves as Main’s CEO and Portfolio manager. In 2009 Kim was recognized by Institutional Investor Magazine as a “Rising Star” of Foundations and Endowments. Kim is a regular speaker at national conferences and was a featured speaker at the Inside ETFs conference in Hollywood, Florida in January 2018. Kim has been profiled in articles by Index Universe and referenced in Barron’s, Wall Street Journal, Business Week and Fortune Magazine among others. Kim began his financial career in 1987 when he joined Montgomery Securities in their Institutional Sales division, marketing U.S. equities to Japanese institutions. He was promoted to Managing Director of Institutional Sales in 1997 during the period when Montgomery was purchased by Nations Bank. By 1999 he had advanced to the transitional head of International Sales for Banc of America Securities, following Bank of America’s takeover of Nations Bank. From 2000-2001 Kim was named the head of the Institutional Sales and Trading Department overseeing 60 sales traders in 6 cities. From January 2002 through August 2002 he was appointed the head of Equity Product Marketing. He served on the Investment Policy Committee and the Executive Management Committee at Banc of America Securities from 2000-2002.

Key Takeaways

What is Kim’s favorite home-cooked meal or recipe?
Kim’s career journey, how he found his way into the industry and what led him to become a co-founder of Main Management back in 2002.
What are some of the things Kim learned by being thrown into the deep end of managing people early on?
When it comes to retaining talent, what are Kim’s words of advice for retaining your best employees for the long haul?
How does Kim maintain his energy and a work life balance while wearing so many hats?
Are there any skills from Ben’s home-remodeling project that he’s been able to apply to his professional role?
How have Kim and Main Management thought about the extraordinary market in the year thus far?
What kind of catalyst might make our national debt and the interest payments on it an issue, or does Kim think we are okay for now?
Where is Kim seeing opportunities in the market right now?
What does Kim believe the role of Active Management is today?
How does Main Management emphasize their client focus across their culture, their events and their operations?
For advisors listening, what is a foundational checklist to take a few steps to ensure that they’re working towards providing exceptional client service?
What is Kim’s “why” that drives him everyday?

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Disclosure(s)

Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor.

Compliance Code: 3148-R-25321

Kim Arthur of Main Management - The Philosophy and Wisdom of a Six Time Guest on The Weighing Machine

garegantuan@gmail.com (Robyn Murray, Rusty Vanneman, Kim Arthur) — Tue, 10 Jun 2025 04:00:00 +0000

Today on the podcast, Rusty and Robyn are joined by Kim Arthur, CEO and Portfolio Manager of Main Management. Kim D. Arthur is a founding partner of Main Management, LLC. He currently serves as Main’s CEO and Portfolio manager. In 2009 Kim was recognized by Institutional Investor Magazine as a “Rising Star” of Foundations and Endowments. Kim is a regular speaker at national conferences and was a featured speaker at the Inside ETFs conference in Hollywood, Florida in January 2018. Kim has been profiled in articles by Index Universe and referenced in Barron’s, Wall Street Journal, Business Week and Fortune Magazine among others. Kim began his financial career in 1987 when he joined Montgomery Securities in their Institutional Sales division, marketing U.S. equities to Japanese institutions. He was promoted to Managing Director of Institutional Sales in 1997 during the period when Montgomery was purchased by Nations Bank. By 1999 he had advanced to the transitional head of International Sales for Banc of America Securities, following Bank of America’s takeover of Nations Bank. From 2000-2001 Kim was named the head of the Institutional Sales and Trading Department overseeing 60 sales traders in 6 cities. From January 2002 through August 2002 he was appointed the head of Equity Product Marketing. He served on the Investment Policy Committee and the Executive Management Committee at Banc of America Securities from 2000-2002.

Key Takeaways

[04:03] - Kim’s professional background and more on his role at Main Management
[06:00] - Main Management’s motto is “we believe investors should keep more of their investment returns.” How does this translate into day-to-day operations?
[08:08] - How has Kim’s investment philosophy evolved overtime in terms of values?
[09:08] - What does Kim know now that he wishes he understood ten to twenty years ago?
[11:01] - What role does intuition play in Kim’s decision making now versus early in his career?
[12:03] - Does Kim have any daily routines, or rituals, that help him stay focused and ground his thinking in chaotic markets?
[13:30] - Are there any mental models, investing or otherwise, that Kim returns to regularly to guide his perspectives?
[15:03] - When Kim looks back years from now, what kind of impact does he hope to leave with the industry, his clients and his team?
[16:00] - How does Kim define success today and how has that definition changed over his career?
[17:30] - As a portfolio manager and a leader, what biases or other internal battles has Kim had to overcome?
[18:57] - Either inside, or outside, the world of finance, what are some trends that Kim is really curious about right now?
[21:05] - Outside of investing, are there other things that Kim finds inspiring or energizing at the moment?
[22:36] - A story about Kim, potentially from earlier in life, that best captures who he is today?
[24:36] - Is there a book, movie or quote that has influenced Kim’s leadership or investment approach?
[26:53] - Who in Kim’s life, or career, has had the biggest impact on how he thinks and what lessons did they teach him?
[28:13] - What advice does Kim give most often to younger professionals in the industry?
[29:22] - Was there a pivotal point in Kim’s career where he had a failure, or a setback, that has shaped his life in a meaningful way?
[31:35] - How does Kim stay motivated and optimistic during tough market stretches or personal challenges?
[33:27] - What is currently Kim’s favorite investment idea?

Quotes

[08:16] - “I stole this from Bezos, but we do it in all of our meetings - we’ll have an empty chair, and I’ll remind everybody in there that hasn’t heard it, but that chair is the client sitting there. So, whatever you’re going to say, you better make sure that it’s client centric because they are listening and they will remember… Again, when you kind of grab your team that has that building block and then you start building off of that, good things will happen, but it’s got to start from that foundational piece.” ~ Kim Arthur

[31:40] - “In any given year, the market drops 10% from peak to trough. It’s very interesting how, when it does that, it feels so unique like it hasn’t happened before, but it’s actually 12 months before that it happened. Then, every three plus years, you get a 20% drop…and it feels awful…So that gives me solace, to look back and realize that this too will pass. This is part of the nature of the markets.” ~ Kim Arthur

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Advertisement sponsored by Toews Asset Management. Toews Asset Management and Orion Advisor Solutions, Inc. (“Orion”) are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided. Orion does not endorse any particular third-party product or service.

Compliance Code: 1246-R-25120

Dominic Vaccaro of Burlington Capital - The World of Commercial Real Estate Investing

garegantuan@gmail.com (Dominic Vaccaro, Robyn Murray, Rusty Vanneman) — Tue, 3 Jun 2025 04:00:00 +0000

Today on the podcast, Rusty and Robyn are joined by Dominic Vaccaro, President of Real Estate at Burlington Capital. Dominic Vaccaro is President of Real Estate and sits on the Investment Committee of Burlington Capital, the company’s sponsored investment programs and advisor. With 20 years of experience at Burlington Capital, Mr. Vaccaro oversees all of the company’s real estate operations including acquisitions, development and property management. During his tenure at Burlington Capital, he has been involved with the acquisition and/or development of multifamily properties with asset values totaling nearly $3 billion with over 35,000 units. These properties include market rate, affordable, military, veteran, student and senior housing. He has also been primarily responsible for the company’s efforts with public-private partnerships including nine privatized student housing projects with asset values totaling in excess of $180 million and the military housing privatization at Offutt Air Force Base with development costs of $240 million and over 2,000 housing units. He is experienced in the acquisition and development of multifamily properties, including both construction and permanent financing, structuring and issuance of taxable and tax-exempt bonds and the management of portfolios of real estate. Mr. Vaccaro has a B.S. in Business Administration – Finance from Creighton University.

Key Takeaways

[03:33] - Dominic’s professional background and more on his current role at Burlington Capital
[04:21] - What is Burlington Capital’s investment philosophy and what makes it stand out from its peers?
[05:27] - How does Dominic define the role of alternatives, and specifically real estate, in a diversified investment portfolio?
[06:55] - How large is the asset class of multi-family real estate and how has the perception of this asset class changed over the past decade among institutional and retail investors?
[09:11] - What makes multi-family real estate particularly attractive in a long-term asset allocation strategy?
[11:50] - How has Dominic’s team at Burlington evolved their approach to multi-family real estate with changing interest rates, demographics etc?
[13:10] - A case study that highlights the real world impact, and performance, of a multi-family investment
[17:05] - What are some of the ways that multi-family real estate delivers tax efficiency, and when and how are these typically realized by investors?
[20:03] - What macro trends are most critical to multi-family performance today?
[21:50] - Are there particular demographic or behavioral shifts (e.g. remote work or Gen Z renters) that will shape demand in the years ahead?
[23:43] - How has Dominic’s personal investment philosophy evolved over his 20+ years at Burlington Capital?
[24:47] - What advice would Dominic give to young professionals who are interested in alternative investments or, specifically, real estate development.
[25:57] - What is currently one of Dominic’s favorite investment ideas?

Quotes

[11:21] - “As you look at multi-family today, there's a certain appeal as values are down 20-25% off their peaks. Given the rise in interest rates, certainly multi-family provides an entry point that, relative to prior highs, provides some opportunities.” ~ Dominic Vaccaro

[22:46] - “The two [major changes in multi-family real estate] that always come to mind…for me are, certainly the evolution of the internet, and the need for good access in that regard, but also pets. You know, early in my career, it was very much commonplace [to not allow pets]. Now…it's almost catered heavily to pets and the role pets play…so it’s interesting to see how the demand for multi-family overtime has been influenced by some of these factors and will continue to be.” ~ Dominic Vaccaro

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 1218-R-25115

Morgan Lemaitre of Park City Wealth Advisors - Building a Legacy Through Intentional Living

garegantuan@gmail.com (Morgan Lemaitre, Robyn Murray, Rusty Vanneman) — Tue, 27 May 2025 04:00:00 +0000

Today on the podcast, Rusty and Robyn are joined by Morgan Lemaitre, Founder & Owner of Park City Wealth Advisors. Morgan Lemaitre, CFP®, founder and owner of Park City Wealth Advisors, boasts over a decade in the financial services industry, however her background goes beyond that. From competitively figure skating on behalf of Team USA to cooking for the King of Thailand on his 80th birthday, Morgan understands life is about absorbing as much knowledge and as many experiences as possible. She brings that same perspective to Park City Wealth Advisors, where she says, “I want my clients to look at each open door as an opportunity to take the next step and see what the other side has to offer.”

Key Takeaways

[03:41] - Morgan’s diverse background, career highlights and what led her to her current position
[08:35] - Learn more about the founding of Park City Wealth Advisors and how it stands out from its peers
[14:28] - Why did Morgan start asking her clients “when will you know you’ve made it” and how do her clients typically respond?
[19:48] - What is the 1% better philosophy?
[25:32] - What are some of the most impactful 1% shifts that Morgan’s seen clients make?
[28:27] - How does Morgan approach conversations around purposes, values and impact across generations?
[30:52] - What advice does Morgan give to families that are struggling to connect money decisions with their shared values or their intergenerational goals?
[32:57] - How does Morgan help gain, and maintain, a long-term perspective, especially during times of market volatility like we are experiencing right now?
[36:26] - How has motherhood shifted Morgan’s own definition of “making it?”
[41:01] - What are the biggest misconceptions people have about what “living with intention” really means or looks like?
[43:02] - What is one daily habit that compounds meaningfully in Morgan’s life?

Quotes

{15:40] - “...What are you striving for, like when will you know you’ve made it? Because, if we don’t know what we are shooting for, or where we are pointed, we’ll never know when we arrive and we’ll never know to celebrate those moments…[this question gives] me a little insight into what drives people, what they’re really shooting for in life, what lights them up.” ~ Morgan Lemaitre

[25:34] - “1% shifts, I believe, are aligned around discipline. So, things that we can easily do in our lives that, when you add them all together, make a huge difference.” ~ Morgan Lemaitre

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 1206-R-25114

Jeff Brooks of Janus Henderson - King Lear, Tony Soprano and the Lessons of Wealth Transfer

garegantuan@gmail.com (Jeff Brooks, Robyn Murray, Rusty Vanneman) — Tue, 20 May 2025 04:00:00 +0000

Today on the podcast, Rusty and Robyn are joined by Jeff Brooks, Senior Wealth Strategist with the Specialist Consulting Group at JanusHenderson Investors. Jeffrey R. Brooks is a Senior Wealth Strategist with the Specialist Consulting Group at Janus Henderson Investors. Jeffrey brings to his role years of experience in both the practice of law as well as the financial services industry, working together with financial advisors and their high-net worth and ultra-high-net worth clients. His knowledge and real-world experience are invaluable for advisors and investors facing hurdles in the quest to achieve tax, wealth transfer, family governance, business succession, and philanthropic goals. Prior to joining the firm in 2023, Jeffery served 24 years in similar roles at Capital Group, UBS, and Merrill/Bank of America. Before entering the financial services industry, he was a partner in a boutique estate planning firm in St. Louis, Missouri, and spent five years clerking for the judge of a probate court. Jeffrey earned both an undergraduate degree in journalism and a law degree from the University of Missouri at Columbia. He holds FINRA Series 7, 63, 66, and 24 securities licenses. Jeffrey and his wife live with their 5 dogs on a small ranch in Southern California.

Key Takeaways

[05:33] - Jeff’s professional background and career highlights
[06:39] - More on Jeff’s current role at Janus Henderson
[08:49] - What inspired Jeff to connect cultural icons, like King Lear and Tony Soprano, to modern wealth transfer planning?
[09:43] - How do these fictional stories exemplify the complex family dynamics of wealth transfers?
[12:26] - What are some of the most common mistakes people make in their wealth transfer plans that mirror the tragic flaws of Tony Soprano, King Lear and other fictional characters?
[15:47] - What is “The King Lear Effect” and what are some real life examples of estate battles that illustrate it well?
[17:40] - How has the increasing complexity of modern families complicated wealth transfer planning?
[19:40] - How can financial advisors facilitate the often difficult conversations necessary for estate planning?
[23:40] - In Jeff’s experience is poor technical planning or unaddressed emotional issues a greater threat to familial wealth?
[28:35] - What has Jeff found to be effective in helping parents with the concern that their children will be negatively influenced by their inheritance?
[31:42] - How should families balance their desire for equitable treatment with the reality that different heirs have different needs and capabilities?
[34:51] - What blindspots do financial advisors often have when they guide clients through the wealth transfer planning process?
[38:03] - What are some tips to help financial advisors preserve not only financial capital, but everything else?
[42:26] - What trends is Jeff seeing in how the next generation approaches inherited wealth compared to previous generations?
[44:56] - How are differences in investor preferences among generations going to shape wealth transfers going forward?
[46:00] - What role should philanthropy play in a comprehensive wealth transfer strategy?
[47:23] - If Jeff could leave our listeners with one actionable strategy to improve their wealth transfer, what would that be?
[48:29] - What is currently Jeff’s favorite investment idea?

Quotes

[11:37] - “I have run into clients who have had a bad experience, most recently, and decided they want to change…their wills and trusts in order to be able to include or exclude certain individuals who may have had an immediate and short-term influence on them. As a lawyer, when that happened, I would counsel them to think carefully. It’s not my job to talk them out of it, but it certainly is my job to put it into perspective and help them see the perspective of good estate planning rather than to make it on an immediate incident.” ~ Jeff Brooks

[40:15] - “I love to talk about family governance with clients, because that’s such an amorphous term - it’s very squishy, we don’t know what governance is…The way I describe it and clarify it for my clients is: family governance is setting up a structure to make decisions when your family members don’t agree. They’ve gotta have a contract, or a constitution…or whatever you want to call it, but there’s a rule book because children will not always agree, not with their parents and not with each other, and some wait until after parents are gone to really let those disagreements fly. However, if you have an agreement in writing, you can control a good deal of that conflict.” ~ Jeff Brooks

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 1198-R-25114

Dustin Haygood of Aristotle - Value Investing and the Power of Patience

garegantuan@gmail.com (Dustin Haygood, Rusty Vanneman) — Tue, 13 May 2025 04:00:00 +0000

Today on the podcast, Rusty and Robyn are joined by Dustin Haygood, Client Portfolio Manager at Aristotle Capital Management. Dustin Haygood is a Client Portfolio Manager at Aristotle Capital and a member of the investment team. Prior to joining Aristotle Capital, Dustin was Lead Analyst at Capital Alpha Partners where he performed political risk research for institutional investors. Additionally, during his master’s program, he interned in client service at Pacific Investment Management Company (PIMCO). Beyond his experience in investment management, Dustin previously worked in politics as both a lobbyist and a Capitol Hill staffer. Dustin earned his Bachelor of Arts degree in Political Science from the University of California, San Diego and his MBA in Analytical Finance and Economics from the University of Chicago Booth School of Business. He is a CFA® charterholder. Dustin is also an avid golfer, mediocre skier and a lifelong Los Angeles Dodgers fan.

Key Takeaways

[03:58] - Dustin’s professional background and more on his current role as a client portfolio manager at Aristotle
[07:23] - What is “the power of patience” vital to Aristotle’s investment philosophy?
[07:57] - Given Dustin’s unique background, what has surprised him the most about the impact of politics on the markets?
[09:51] - What is the foundation for Aristotle’s investment research framework?
[12:26] - Could companies, like those in commodity or energy businesses, that are historically capital intensive ever be considered quality?
[14:30] - Does Aristotle’s focus on quality and valuation lead to consistent sector overweights and underweights in their portfolio?
[16:15] - What gives Aristotle their traction, even if they fly under the radar at times?
[18:04] - Does the rise of passive management present opportunities, or challenges, for Dustin’s team?
[22:00] - What are Dustin’s thoughts on non-US equities?
[24:06] - Are there specific regions or markets that Dustin is particularly excited about right now?
[26:42] - Where is Dustin seeing value in Japan? Are there any interesting companies he can talk about?
[29:26] - Given the deep, bottom up, fundamental research that Aristotle conducts, how long does it take for them to research companies?
[32:30] - What will need to change for value investing to truly make a comeback and are we seeing the early signs of that shift?
[35:24] - Do the traditional definitions of value still apply in today’s market?
[36:55] - Many large tech companies have moved from growth to potentially value territory. How has this shift affected their approach to technology within value portfolios?
[38:20] - In a market dominated by tech-driven narratives, what challenges does Dustin face when explaining value investment strategies to clients?
[39:57] - What is currently Dustin’s favorite investment idea?

Quotes

[11:05] - “Here’s something unique too, valuation itself can’t be a catalyst for us - we don’t invest in a company just because it’s cheap. There have to be catalysts that are observable. So, things that are under the company’s control, that are already underway, that are fundamentally improving that business. So, it could be a business transformation, it could be the company expanding their margins in a meaningful way. Something else that we believe will help close the gap between price and intrinsic value. It needs to be grounded in reality though, so not hype, not a macro guess, not a political outcome.” ~ Dustin Haygood

[13:19] - “Quality isn’t static. It’s not just about where a company has been, it’s about where it’s headed…Can a capital intensive company be quality? In our view, yes it absolutely can. It depends on how well the company manages what it can control.” ~ Dustin Haygood

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 1217-R-25115

Scott MacKillop - The Legendary Innovator on Disrupting Wealth Management and Climbing Mountains

garegantuan@gmail.com (Scott MacKillop, Rusty Vanneman, Robyn Murray) — Tue, 6 May 2025 04:00:00 +0000

Today on the podcast, Rusty and Robyn are joined by serial entrepreneur and strategic advisor Scott MacKillop. Scott MacKillop, the former CEO of First Ascent Asset Management, serves as strategic advisor to GeoWealth, an enterprise technology firm and TAMP that serves the needs of RIAs. He is a 40-year veteran of the financial service industry.

Key Takeaways

[03:56] - Scott’s professional background and why he is a self-described “creative adventurer”
[07:40] - What are the guiding principles that have helped shape Scott’s leadership journey?
[09:51] - Are there any particular lessons, in business or in life, that stand out for Scott?
[10:53] - How has Scott’s personal philosophy evolved over time and what experiences have shaped it the most?
[11:56] - If Scott could give his younger self one piece of advice, what would it be?
[12:45] - If Scott could write a manifesto for financial advisors, what 10 things would make it on that list?
[18:34] - Where does Scott see the financial services industry excelling now and where does it still have some work to do?
[23:07] - What does Scott think the financial advisor of the future should look like?
[25:53] - What motivates Scott to innovate, disrupt and keep pushing for positive change within the industry?
[28:13] - How does Scott see the principle of “keeping it simple” evolving as new products and strategies emerge?
[29:57] - How does Scott think advisors should think about succession planning?
[32:37] - What is a lesson that too many advisors have learned the hard way?
[35:31] - If Scott could give one piece of advice for financial advisors looking to strengthen their client relationships, what would that be?
[37:57] - What parallels does Scott see between hiking and the financial services world and how does time in nature influence his perspective on markets and decision making?
[41:36] - Was there a particular hike that taught Scott something new about his personal leadership style?
[46:43] - Are there any particular books that have greatly influenced the way Scott thinks about the world?
[49:26] - Currently, what is Scott’s favorite investment idea?

Quotes

[23:09] - “[Going forward advisors] are going to be more and more managers of outside vendors rather than cobblers at the bench making shoes. I think this is going to be more and more a part of what they do.” ~ Scott MacKillop

[32:40] - “I think that [some advisors] have learned the hard way that…the financial services world is a sales culture…and that, as I mentioned before, it sometimes takes advisors awhile to realize that people who look like they’re friends and look like objective sources of information are not, they’re selling something. So, that sort of skepticism and due diligence mindset…is really important, and I think a lot of advisors have learned that the hard way.” ~ Scott MacKillop

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 1195-R-25113

Judith Peterson of DwellFi - The Power of Artificial Intelligence to Enhance Your Career

garegantuan@gmail.com (Judith Peterson, Rusty Vanneman, Robyn Murray) — Tue, 29 Apr 2025 04:00:00 +0000

Today on the podcast, Rusty and Robyn are joined by Judith Peterson, Chief Marketing Officer at DwellFi and SteerCo Member of the Women’s Accelerator Network in NYC. Judith Peterson, based in New York, NY, US, is currently a Chief Marketing Officer at DwellFi. Judith Peterson brings experience from previous roles at Intertrust Group, Cerulean Sky LLC, Ultimus Fund Solutions and Broadridge. Judith Peterson holds a 2013 - 2016 Columbia University - Columbia Business School. With a robust skill set that includes Business/Sales Development, Brand Creation & Management, Media, PR, and Analyst Relations, Digital/Social Media, Networking and SEO, Consulting and Project Management and more. Judith Peterson has 2 emails and 2 mobile phone numbers on RocketReach.

Key Takeaways

[03:42] - Judith’s professional background, more on her current role at DwellFi and why she is fascinated by emerging technologies
[05:06] - Why does DwellFi describe itself as an AI first company and how do they aim to revolutionize this industry?
[06:58] - How can AI help financial professionals expand their reach and better tailor their job search to uplevel their brand in this industry?
[09:06] - What does teaching AI to learn your tone and style look like in practice?
[11:19] - How can having someone interview you help you define your persona?
[12:58] - What advice does Judith have for those just starting to use AI in their career? How do they get over that feeling of being overwhelmed or confused by it and start experimenting?
[14:52] - If Judith could give every financial professional one AI tool and one mindset shift, to transform their career, what would those be?
[20:27] - What are some of the most common missed opportunities that Judith sees on LinkedIn profiles today?
[21:35] - What role should visual elements play in personal branding and how should people approach this creatively?
[24:28] - For those trying to break into a new niche, or a new industry, how does Judith recommend leveraging AI-powered networking on platforms like LinkedIn?
[26:05] - What are some of Judith’s favorite AI tools for building a professional brand or doing smart networking?
[27:08] - Why does Judith see AI as a tool for empowerment, rather than a threat, for women in the industry?
[30:13] - Why does Judith think women are uniquely positioned to lead in AI?
[31:43] - Why is discernment such a valuable skill and how can women better cultivate that and showcase it in their careers?
[35:02] - What is the significance of the terms “skim” and “dive” in the context of LinkedIn and what should we take away from these concepts?
[36:48] - How can AI help build confidence, rather than reinforce comparison culture?
[39:44] - What is Judith’s 90 day marketing metamorphosis and how does it better position women to lead at the C Suite level?
[43:05] - Why does Judith say that AI has a twofer effect for women?
[45:36] - What excites Judith the most about the future for women in AI powered industries and how can we ensure we don’t miss this moment?
[46:30] - What is currently Judith’s favorite investment idea?

Quotes

[10:50] - “This is, I suppose, kind of a pro tip that someone taught me, but if you don’t know how to ask [AI], go into the program and say this is the outcome I want, help me write a prompt for that…that was a little mind blowing for me.” ~ Judith Peterson

[14:01] - “I think what’s interesting is that, right now, the trend that I see is that most people think transactionally with AI, with the public tools, they don’t think strategically…but…[you just need to] get in there and let it be messy…there’s zero perfection [necessary] with this..” ~ Judith Peterson

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 1026-R-25097

Alma Rodriguez-Piscitello of Revela Advisors - How to Brand and Market Your Firm and Why It All Matters

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 22 Apr 2025 04:00:00 +0000

Today on the podcast, Rusty and Robyn are joined by Alma Rodriguez-Piscitello, CEO & Founder of Revela Advisors. As the driving force behind Revela Advisors, Alma is all about helping businesses unlock their true potential and achieve sustainable growth. With over 30 years in financial services, she’s worked with Fortune 500 companies and global organizations, mastering the art of marketing, business development and strategic partnerships. Known for her ability to unite teams and align visions, Alma thrives as a collaborative “quarterback,” guiding businesses through transformative strategies that foster lasting success. Her leadership has spearheaded corporate rebranding efforts and cultivated partnerships that propel organizations forward. Beyond work, Alma’s passion for continuous learning and fostering growth is mirrored in her personal life, where she actively mentors college students and young professionals.

Key Takeaways

[04:32] - Alma’s professional background and what inspired her to found Revela Advisors? What gap in the industry is she trying to fill?
[07:33] - Why is Alma passionate about brand, future forward, finserv industry, resilience and people power?
[09:51] - How has Bruce Lee’s influenced Alma’s approach to marketing and branding in financial services?
[12:14] - How have PR and marketing evolved for financial advisors over the past decade?
[15:46] - What are some of the biggest mistakes advisors make when trying to differentiate themselves?
[19:16] - What’s the first step advisors should take to build a really compelling, and unique, identity?
[20:38] - How can advisors use storytelling and PR to build credibility and connect with their clients?
[22:11] - What are some creative ways advisors can leverage media, social platforms and thought leadership to stand out in a crowded space?
[23:21] - What is an example of an advisor, or a firm, that has done a really exceptional job of building a brand and attracting the right clients?
[25:03] - Why is marketing so relevant for attracting next-gen advisors?
[30:30] - How does Alma see AI, and technology, shaping marketing and client engagement in the next 5 years or so?
[33:00] - What is one trend in marketing, or PR, that advisors should really be paying more attention to?
[34:15] - In this age of information overload, how does Alma balance the need to stay informed with the need to tune out?

Quotes

[06:47] - “I said, you know what, I want to do something different. Why do I want to go launch my own firm? It’s because I saw that firms were struggling to bridge that gap between messaging and execution…and that’s why I founded the business. I just don’t want to talk about [it]...I want to help them create the right steps to achieve it. So, it’s beyond marketing, it’s really about the business strategy itself and how you’re communicating with your target audience.” ~ Alma Rodriguez-Piscitello

[15:47] - “One of the biggest mistakes advisors make is trying to be everything to everyone, so it’s important to identify your unique strengths and focus on those…People purchase, buy or sign up for a service because you’re human and they trust you, so really focus on specialization, why are you unique and what do you help them solve. The biggest mistake is trying to be everything to everyone.” ~ Alma Rodriguez-Piscitello

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 0879-R-25083

Frank Trotter of Battle Bank - The Inside Story of Online Banking

garegantuan@gmail.com (Frank Trotter, Rusty Vanneman, Robyn Murray) — Tue, 15 Apr 2025 04:00:00 +0000

Today on the podcast, Rusty and Robyn are joined by Frank Trotter, President at Battle Bank. Frank Trotter has been involved in the banking business since 1981. In 1998, he became a co-founder of everBank.com, a national direct-to-consumer bank which was acquired by EverBank Financial in 2004. From 1998 through the sale of EverBank Financial Corp to TIAA in 2017, he served in various executive capacities including Chairman of everBank.com, President of EverBank Direct, and Chairman of EverBank Wealth Management. From 1981 through 1997, Frank served Mark Twain Banks in various capacities including Vice President of Commercial Lending, and President of Mark Twain International Markets. In 1986, Frank created the WorldCurrency® deposit product for Mark Twain Banks and operated this business through 1997. In 2000, everBank.com acquired this business from the successor of Mark Twain Banks and operated the product line at EverBank. Frank holds a Bachelor of Arts from St Olaf College in Northfield, Minnesota and an MBA from Washington University in Saint Louis, Missouri.

Key Takeaways

[03:21] - What inspired Frank to pursue his path in banking and financial services?
[04:33] - What drives Frank’s writing and what key messages does he hope to share?
[06:02] - How has Frank’s philosophy on work, leadership and financial services evolved over the years?
[07:09] - What are some of the biggest leadership lessons that Frank has learned from his time with EverBank and Battle Bank?
[08:43] - What is Battle Bank, how does it work and what inspired Frank to found it?
[10:21] - What is the story behind the name of Battle Bank?
[12:32] - What specific problems is Frank hoping to solve with Battle Bank that traditional banks are not addressing?
[16:13] - What lessons from co-founding EverBank are shaping Frank’s decision at Battle Bank?
[17:45] - How does Frank see the role of banks evolving as we move forward, especially with the rise of Fintech and digital-first banking?
[20:36] - What is the strategy behind Battle Bank’s unique product lineup (e.g. foreign currency deposits, self-directed IRAs and precious metals)?
[22:16] - How does Battle Bank plan to balance high-tech solutions with a human element in financial services? How will they maintain this as the balances get bigger?
[24:23] - What kind of clients does Frank think will benefit the most from Battle Bank’s offerings?
[26:06] - How will Battle Bank differentiate itself in customer service?
[27:55] - Where does Frank hope to see Battle Bank in five years?
[29:37] - How does Frank see financial advisors fitting into the future of banking? Will banks and advisors collaborate more or is there a risk of banks becoming more direct competitors?
[31:17] - Are there any other trends in banking, or wealth management, Frank thinks that financial advisors should be paying attention to right now?
[32:51] - How does Frank see the current macro environment shaping the future of banking and financial services?
[34:55] - What advice would Frank give to young professionals entering financial services now?
[36:51] - How did Frank get into hiking and mountaineering and what are a few of his favorite hikes?
[38:06] - What is currently Frank’s favorite investment idea?

Quotes

[08:27] - “So, I think [two] of the key revelations over time, [in terms of what I’ve learned about leadership], is…you don’t have to do it all yourself and consensus is pretty darn good in terms of making decisions.” ~ Frank Trotter

[15:12] - “What we do is sort of look for places where there’s a hole in the market. One of those holes is borrowing against your precious metals. Now, if you walk into your local bank with a few gold bars, they’ll probably lend you some money. But, there’s no mechanized way to do that nationally right now. A lot of our clients want to hold onto their precious metals, but they may want to put a deck on the back of the house…so we kind of structured it like a margin account at a broker dealer. Amazingly not available, we’re delighted about that, but also our clients are going to be delighted to get that liquidity.” ~ Frank Trotter

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 0786-R-25076

Morris Chen of DoubleLine Capital - Commercial Real Estate

garegantuan@gmail.com (Morris Chen, Robyn Murray, Rusty Vanneman) — Tue, 8 Apr 2025 04:00:00 +0000

Today on the podcast, Rusty and Robyn are joined by Morris Chen, Portfolio Manager at DoubleLine Capital. Mr. Chen joined DoubleLine at its inception in 2009. He is a Portfolio Manager leading the CMBS/CRE Debt Investment team and CRE New Investment Review Group, and is responsible for the oversight and management of all CRE Debt related investments at DoubleLine. Mr. Chen is a permanent member of the Fixed Income Asset Allocation and Structured Products Committees providing valued insight into the CMBS sector. He is also an active participant and speaker at CREFC events. Prior to DoubleLine, Mr. Chen was a Vice President at TCW where he was responsible for CMBS credit analysis and trading from 2004-2009. He holds a BS in Business Administration with concentrations in Business Development and Finance from the University of California, Riverside.

Key Takeaways

[03:23] - Morris’ professional background and more on his current role at DoubleLine
[04:43] - Learn more about DoubleLine Capital and the culture there
[06:06] - Why has commercial real estate been in the headlines so much the last couple years?
[08:41] - Are the current concerns in commercial real estate largely driven by the work from home movement, or are there other dominant concerns? Also, what other sectors make up commercial real estate aside from office buildings and retail spaces?
[10:48] - Big picture, what is currently going on in the current commercial real estate market? How have shifting interest rates and inflation influenced the sector?
[12:41] - What other challenges is Morris seeing within commercial real estate?
[15:43] - Where is Morris seeing the most attractive opportunities in commercial real estate today? Are there specific sectors they are focusing on?
[18:10] - What are the meaningful differences between investing in commercial real estate equity vs. commercial real estate debt?
[20:22] - What does Morris think the future of major cities will look like in a post-Covid world?
[23:31] - What does DoubleLine think about the possibility of increased inflation and is commercial real estate a good hedge against inflation?
[24:55] - How do Commercial Mortgage Backed Securities (CMBS’s) work and how do they fit into an investment portfolio?
[27:35] - What is Morris’ outlook on CMBS and what role do they play in the strategy they currently manage?
[29:29] - What can Morris share with us about the status of the private real estate debt market?
[32:23] - What role should commercial real estate play for individual investors trying to build diversified portfolios?
[33:56] - An overview of the DoubleLine commercial real estate fund and its investment strategy. Also, what makes it different from other commercial real estate funds?
[36:11] - What guiding principle or philosophy shapes their approach to managing the fund?

Quotes

[05:03] - “I think [DoubleLine’s] independence brings forth stability, in terms of the portfolio management team as well as investment teams. The employee ownership…dynamic is also important as well. We are very very proud to say that myself, as well as a lot of our sector heads and portfolio managers, together we collectively have worked togethered for essentially our entire careers - well over 20+ years…That also just goes into the performance of our funds. It’s consistent, you don’t have much turnover, and I think that, to me, is paramount when you think about DoubleLine and part of our strengths.” ~ Morris Chen

[27:35] - “Yeah, I think the outlook [for CMBS] is still very positive, and it’s more so on a relative value basis. I’m not here to tell you that it’s very very cheap…on its historical viewpoint…[However], I can tell you that in an environment where investors want Fixed Income, but then they look at the yield that a corporate bond is generating, you can actually come to the CMBS market and buy a similar risk, similar rated bond and pick up that excess yield.” ~ Morris Chen

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 0760-R-25072

Daryl Clements of AllianceBernstein - It's All About Municipal Bonds

garegantuan@gmail.com (Daryl Clements, Robyn Murray, Rusty Vanneman) — Tue, 1 Apr 2025 04:00:00 +0000

Today on the podcast, Rusty and Robyn are joined by Daryl Clements, Municipal Portfolio Manager at AllianceBernstein. Daryl Clements joined AB in 2002 from a role in credit research. Drawn by the firm's reputation and potential for opportunity, he has played a key role in pulling the municipal market forward through relentless innovation. For Clements, active management means leveraging fundamental and quantitative research to reduce volatility and produce better outcomes. AB has been a leader in using completion funds for the construction of municipal SMA portfolios. Further innovations included developing proprietary research and trading tools for the municipal bond market. The result? Faster, more efficient portfolio construction at AB. Clements relishes change, evolution and the drive to become the number-one bond manager of choice. “We are not a static group,” he says. “We are not happy where we are, ever. We are always moving forward and changing things. We want to seek out differentiation.”

Key Takeaways

[03:13] - Daryl’s professional background and what led him to his current role at AllianceBernstein.
[04:40] - Learn more about AllianceBernstein and the secret to its longevity.
[05:54] - What are some of the key themes, and most significant trends, Daryl is seeing currently influencing the Muni Bond market?
[07:54] - How does Daryl anticipate changes in tax policies, Federal infrastructure spending and any other policies impacting Muni Bond valuations and investor demand? What is he watching out for right now?
[11:31] - What are the 3 reasons it pays to be Active as a Muni investor? What are some specific examples of how these add value?
[15:06] - What criteria does Daryl emphasize when evaluating Muni issuers?
[16:27] - How does Daryl balance the pursuit of higher-yields with the need to manage credit risk?
[18:32] - How should one decide when to rotate into different sectors, or increase Treasury holdings, within a Muni portfolio?
[22:42] - What strategies does Daryl employ to capitalize on the inefficiencies of the Muni market?
[23:56] - What is AllianceBernstein’s technology The AbbieOptimizer?
[28:26] - Looking ahead, what challenges and opportunities does Daryl see for Active Municipal Bond managers?
[30:52] - How are big picture things, like climate change and demographic shifts, influencing his investment decisions in the Muni market?
[33:37] - Is there anything else that Daryl thinks advisors and investors should know about the Muni market?
[35:26] - What is currently Daryl’s favorite investment idea?

Quotes

[07:17] - “If I look at Active Managers in the Municipal market, versus Passive Managers, Active Managers outperform Passive 98% of the time in a rolling three-year period. Over two year periods, it’s 89% of the time, so we’re trying to get investors focused on Active Management and what that means to them.” ~ Daryl Clements

[26:53] - “We run [the AbbieOptimizer] multiple times a day. That allows us to now build portfolios in 10 days, not 50 or 60 days, that’s the speed concept of it, less cash drag in a portfolio. Also, we are buying bonds at an average discount. As a liquidity provider, we are getting to those bonds faster than anybody else. We are able to provide execution alpha, which when you combine the two, is worth about 40-50 basis points.” ~ Daryl Clements

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Advertisement sponsored by [Toews Asset Management]. [Toews Asset Management] and Orion Advisor Solutions, Inc. (“Orion”) are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided. Orion does not endorse any particular third-party product or service.

Compliance Code: 0572-R-25058

Felipe Toews of Toews Asset Management - The Behavioral Portfolio Book

garegantuan@gmail.com (Philip Toews, Robyn Murray, Rusty Vanneman) — Tue, 25 Mar 2025 04:00:00 +0000

Today on the podcast, Rusty and Robyn are joined by Felipe Toews, Chief Executive Officer of the Toews Corporation and a Portfolio Manager of Toews Asset Management. Felipe Toews is Chief Executive Officer of the Toews Corporation and a Portfolio Manager of Toews Asset Management. His management strategies focus on creating “investor friendly” products designed to meet investors’ economic and behavioral needs. Phillip is the founder of the Behavioral Investing Institute, an organization devoted to helping advisors manage investor behavior through market challenges.

Key Takeaways

[03:00] - Felipe’s professional background and what led him to found Toews Asset Management.
[07:45] - What inspired Felipe to create Cornelius and Prudence in his new book The Behavioral Portfolio?
[10:13] - A preview of Scene 1 from Felipe’s new book, The Behavioral Portfolio.
[10:56] - What should Cornelius have done differently in the prior scene to align Prudence’s expectations?
[13:27] - How could Cornelius have prevented Prudence’s panic selling?
[17:10] - Why do investors like Prudence make the decision to shift advisory firms and how can advisors prevent client attrition?
[20:56] - From a Behavioral Finance perspective, what could have helped Cornelius manage Prudence’s expectations a bit better?
[22:00] - What happens to an investor’s mind during a significant downturn and why do financial advisors sometimes struggle to keep them invested?
[23:25] - What tips does Felipe have for advisors on how they can communicate in such a way that really reinsures their clients?
[25:13] - What are the most common, and detrimental, behavioral biases that Felipe sees in investors and how can advisors counteract them?
[30:43] - If Cornelius would have implemented a behavioral portfolio from the start, how might have this story been different?

Quotes

[07:45] - “Most of us who have studied Behavioral Finance learn that there’s thinking about something that happened historically, and then there’s having it told in a way that helps you understand or kind of relive the moment. Right, so it’s talking about the story with dialogue in a way that helps you understand it…Seeing the way many advisors and their investors shifted their thinking around portfolios from the top of the market in 07’ to the bottom in 09’ and then throughout the rise of that. I wanted to tell that story, so that advisors could sort of re-understand, for those that lived through it, how challenging actually managing investor behavior and making good decisions around that big downturn was.” ~ Felipe Toews

[11:13] - “What Behavioral Coaching…has gotten wrong from the beginning, is it starts with the assumption that the historical accident of the 60/40 portfolio, a portfolio which does not…in all cases meet the economic and psychological needs of portfolios, is what you need to start with and coach around. So what you actually need to do is start around what the portfolio is and how it works…Then the other thing too is that advisors…like to kind of gloss over the worst things that markets can do.” ~ Felipe Toews

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 0700-R-25070

Wade Pfau of Retirement Researcher - Retirement Income and RISA

garegantuan@gmail.com (Wade Pfau, Robyn Murray, Rusty Vanneman) — Tue, 18 Mar 2025 04:00:00 +0000

Today on the podcast, Rusty and Robyn are joined by Wade Pfau, Director of Retirement Research for McLean Asset Management, Founder of The Retirement Researcher and Co-Founder of the Retirement Income Style Awareness Tool. Wade D. Pfau, PhD, CFA, RICP® is the founder of Retirement Researcher, an educational resource for individuals and financial advisors on topics related to retirement income planning. He is a co-founder of the Retirement Income Style Awareness tool and a co-host of the Retire with Style podcast. He also serves as a principal and the director of retirement research for McLean Asset Management. He also serves as a Research Fellow with the Alliance for Lifetime Income and Retirement Income Institute. He is a professor of practice at the American College of Financial Services and past director of the Retirement Income Certified Professional® (RICP®) designation program. He holds a doctorate in economics from Princeton University and has published more than sixty research articles in a wide variety of academic and practitioner journals. His research has been discussed in outlets including the print editions of the Economist, New York Times, Wall Street Journal, Time, Kiplinger’s, and Money magazine. Wade served for four years as a co-editor of the Journal of Personal Finance. Wade has contributed to Forbes, Advisor Perspectives, and as an Expert Panelist for the Wall Street Journal. He has spoken at the national conferences of organizations such as the CFA Institute, the CFP Board, the FPA, NAPFA, and the Academy of Financial Services. He is also the author of four books in the Retirement Researcher’s Guide Series.

Key Takeaways

[03:17] - Wade’s professional background and more on his current positions
[04:51] - Learn more about McLean and The Retirement Researcher
[05:54] - What led Wade to create the RISA (Retirement Income Style Awareness) tool and what problem does it seek to solve for those planning for retirement?
[07:46] - How does RISA differ from risk-tolerance questionnaires and behavioral finance questionnaires?
[09:53] - How many people have taken the RISA test so far, how accurate does it seem to be and what sort of feedback has Wade gotten on it?
[11:14] - What are the different retirement income styles and how can advisors apply these in practice?
[14:40] - With this data, how are advisors integrating RISA into client conversations to help them tailor retirement strategies more effectively?
[17:05] - Have there been any unexpected patterns in how people approach retirement income?
[18:33] - What is one thing that Wade wishes more advisors understood about retirement income planning?
[20:15] - What are the biggest risks that retirees face today and how should they be preparing for them?
[22:27] - What is the 4% rule of retirement income and why did Wade challenge it?
[26:27] - What is a bucketing approach and how does Wade see it fitting into a broader retirement strategy?
[29:11] - Some people argue that bucketing is more of a behavioral tool than an optimal financial strategy. What’s Wade take on this view?
[31:03] - How should advisors think about the role of annuities in retirement portfolios today?
[35:10] - How can advisors better educate their clients on annuities potential benefits?
[37:03] - What types of annuities are most valuable for retirees and which ones should they be cautious about?
[41:17] - With interest rates higher than they have been in years, but also given stock market valuations are quite high, are annuities a more attractive option than they have been in the past decade?
[42:50] - What are the key factors advisors should evaluate when they are choosing an annuity vendor or product for their clients?
[47:03] - Resources and reading material for advisors hoping to learn more about retirement income
[47:50] - Learn more about Wade’s Podcast, Retire With Style

Quotes

[05:57] - “When you ask someone basic questions about retirement there’s so much argumentation and conflicting advice, should you be 100% stocks in retirement or should you only use annuities in retirement? I was seeing for a long time that there're different schools of thought…for retirement, and they’re [all] different viable approaches. How do people select them? [My colleague and I wondered if we] could develop an assessment tool to determine what sort of factors are at work here…[RISA was born out of this].” ~ Wade Pfau

[08:23] - “So, with the research we did on the RISA we could really see more clearly two key risks and concerns people have for retirement relate to…how concerned am I about outliving my money and also how concerned am I that I won’t have reserves available to deal with spending shocks like a long-term care event…So, what we saw was that the risk tolerance score, whether I’m comfortable with short-term market volatility, had no relationship to whether I’m worried about outliving my assets or worried about having reserves to deal with unexpected spending.” ~ Wade Pfau

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

McLean Asset Management is a third party strategist available on Orion Communities. Orion Communities is a product of Orion Advisor Technology, LLC (“OAT”). Orion Portfolio Solutions, LLC (“OPS”), a registered investment advisor, makes third-party strategists available through Orion Communities and is also a strategist on the platform. OAT and OPS are affiliated companies through their parent company Orion Advisor Solutions, Inc (“Orion”). Orion and McLean Asset Management are not affiliated companies.

Compliance Code: 0681-R-25069

Anmol Sinha of Capital Group - The Fixed Income Market and ETFs

garegantuan@gmail.com (Anmol Sinha, Rusty Vanneman, Robyn Murray) — Tue, 11 Mar 2025 04:00:00 +0000

Today on the podcast, Rusty and Robyn are joined by Anmol Sinha, a Fixed Income Investment Director at Capital Group, home of American Funds. He has 15 years of investment industry experience and has been with Capital Group for one year. Prior to joining Capital, Anmol worked as an EVP - fixed income strategist at PIMCO. Before that, he was a consultant at NERA Economic Consulting and also worked on a capital markets team at Citi. He holds an MBA from Columbia Business School, a master's degree in economics from New York University and a bachelor's degree in economics from University of California, Berkeley. Anmol is based in Los Angeles.

Key Takeaways

[03:31] - Anmol’s professional background and what led him to his current role at Capital Group.
[05:22] - Learn more about Capital Group’s history, investing ethos and the work that Anmol does there.
[10:05] - What are the key drivers behind the resilience of the US economy and does Anmol see this trend continuing into 2025?
[14:06] - How should investors be thinking about how to deal with policy changes and political turbulence when it comes to their portfolios?
[16:54] - How is policy volatility impacting the Capital Group’s research efforts to make investment decisions?
[18:36] - Does Anmol think that the market is correctly pricing in future rate moves?
[22:01] - How is Capital Group thinking about its overall exposure to longer-term bonds?
[24:27] - Spreads tightened even as yields rose recently for Corporate Bonds. What does this tell us about Corporate Credit fundamentals?
[27:21] - Is Anmol concerned about all of the potential issuance within high-yield in 2025?
[29:21] - Are there other Fixed Income sectors we should be paying attention to or avoiding?
[32:35] - What benefits do active strategies bring to Fixed Income ETFs?
[36:31] - What are Capital Group’s “Three T’s” framework for the benefits of Fixed Income ETFs?
[40:56] - How does the Capital Group’s “Capital System” lead to better outcomes for Fixed Income ETFs?
[44:05] - How should investors think about using the Capital Group’s Fixed Income ETFs within their broader portfolio strategy?
[47:50] - How should investors weigh the tax-exempt income potential of Municipal Bonds vs. other Fixed Income options?
[49:31] - What role should International Fixed Income play in a diversified portfolio?
[51:33] - What is currently Anmol’s favorite investment idea?

Quotes

[15:27] - “You could argue that [historically] markets have taken their direction a lot from monetary policy. What is the Fed likely to do, what are they telling you about growth implications and their policy, and then you imply your own growth and inflation expectations. Now you could argue, fiscal policy is going to be a bigger driver. Some of our portfolio managers have been talking about this trend. That is not an environment investors have been used to.” ~ Anmol Sinha

[33:12] - “[In Fixed Income] you have a lot of players that are inherently not economically driven…Think central banks, commercial banks, even insurance companies. They buy bonds for reasons other than maximizing their return…They have reserves, they have regulatory requirements…all sorts of things that drive behavior in the market, that isn’t necessarily maximizing a return. What percent of the market are they? The estimates vary, but they could be…40-50% of the market, and the Fixed Income market is something like 120 Trillion…So, when you think about a good chunk of players in this market playing by different rules, it creates inefficiencies. So, structurally, active managers can take advantage of that.” ~ Anmol Sinha

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 0528-R-25055

Russ Koesterich of BlackRock - Global Strategies and Market Outlook

garegantuan@gmail.com (Russ Koesterich, Robyn Murray, Rusty Vanneman) — Tue, 4 Mar 2025 05:00:00 +0000

Today on the podcast, Rusty and Robyn are joined by Russ Koesterich, portfolio manager at BlackRock in Denver, CO. Russ Koesterich, CFA, JD, Managing Director and portfolio manager, is a member of the Global Allocation team and the lead portfolio manager of the GA Selects Model Portfolios. Mr. Koesterich's service with BlackRock dates back to 2005, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. He joined the BlackRock Global Allocation team in 2016 as Head of Asset Allocation and was named a portfolio manager of the fund in 2017. Previously, he was BlackRock's Global Chief Investment Strategist and Chairman of the Investment Committee for the Model Portfolio Solutions business, and formerly served as the Global Head of Investment Strategy for scientific active equities and as senior portfolio manager in the US Market Neutral Group. Prior to joining BGI, Mr. Koesterich was the Chief North American Strategist at State Street Bank and Trust. He began his investment career at Instinet Research Partners where he occupied several positions in research, including Director of Investment Strategy for both U.S. and European research, and Equity Analyst. He is a frequent contributor to financial news media. Mr. Koesterich earned a BA in history from Brandeis University, a JD from Boston College and an MBA from Columbia University. He is a CFA® Charterholder.

Key Takeaways

[04:30] - Career highlights and how Russ ended up in his current position at BlackRock
[06:56] - When it comes to global allocation, what is Russ’ overriding investment philosophy in building those portfolios?
[08:24] - What makes the GA Select model portfolios different from other global, multi-asset model portfolios?
[10:06] - What is Russ’ strategic view on non-traditional asset classes?
[11:31] - What is Russ’ philosophical view on active management?
[13:23] - What is Russ’ overall market outlook for the coming year?
[16:01] - What are some of Trump’s initiatives that investors should keep an eye out for and how does Russ expect the economy to react to these moves?
[18:19] - What are Russ’ areas of focus within the stock market looking forward to the remainder of 2025?
[20:02] - What’s Russ’ current view on non-US stocks?
[21:10] - What’s Russ’ current view on Fixed Income and the Bond Market?
[23:01] - What’s Russ’ current outlook and positioning for alternatives, real assets and crypto currencies?
[24:18] - What is currently Russ’ favorite investment idea?
[25:36] - How does Russ maintain his energy and health, both physical and mental, to ensure he’s performing at a high level?

Quotes

[10:52] - “The gold exposure is one that a lot of people ask, what does gold do? Gold is a store of value. It enables you to have something in the portfolio that you would expect to hold up better if we continue to see developed countries running these huge deficits. It’s a very specific exposure, it serves a very specific purpose in the portfolio, but again having the flexibility to have a small amount of that really results in…building a more robust multi-asset portfolio.” ~ Russ Koesterich

[12:28] - “What [our actively managed funds] all have in common is, again, very specific mandates, very specific risk control and the ability to access types of investments [or] alpha streams that you really can’t do with passive products.” ~ Russ Koesterich

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 0342-R-25034

Meb Faber of Cambria Funds - A Wealth of Valuable Content and Most of It Is Free

garegantuan@gmail.com (Meb Faber, Rusty Vanneman, Robyn Murray) — Tue, 25 Feb 2025 05:00:00 +0000

Today on the podcast, Rusty and Robyn are joined by Meb Faber, Co-founder and Chief Investment Officer of Cambria Investment Management. Mr. Faber is a co-founder and the Chief Investment Officer of Cambria Investment Management. Faber is the manager of Cambria’s ETFs and separate accounts. Mr. Faber is the host of The Meb Faber Show podcast and has authored numerous white papers and leather-bound books. He is a frequent speaker and writer on investment strategies and has been featured in Barron’s, The New York Times, and The New Yorker. Mr. Faber graduated from the University of Virginia with a double major in Engineering Science and Biology.

Key Takeaways

[06:05] - How did Meb make the leap from engineering and biology to the investment world?
[07:42] - What was the impetus for founding Cambria Funds and what makes it stand out from its peers?
[11:15] - What is Meb’s overall investment philosophy and why does he produce so much great content that’s freely available?
[14:08] - What adjustments has Meb made to his investment philosophy over the years?
[17:00] - What inspired Meb to start his podcast The Meb Faber Show?
[24:52] - Learn more about Meb’s book, Shareholder Yield, and why should investors check it out?
[30:28] - What prompted Meb to issue a 2nd edition of Shareholder Yield?
[33:36] - Has Meb’s research shown that shareholder yield works better in certain markets, or sectors, than others?
[36:51] - What is Meb’s market outlook for 2025? Also, when will diversification outperform again?
[44:18] - What did Meb mean when he said “nobody ever got fired for buying Vanguard?”
[47:25] - What is Meb’s outlook for the ETF industry going forward?
[49:47] - What is Cambria’s ETF TAX trying to accomplish and how does it work?
[56:03] - When does he foresee the ETF giants, like Blackrock or State Street, getting into 351 ETFs?
[61:02] - What are some other Cambria ETFs that Meb would like to spotlight?`
[68:16] - In this age of information overload, how does Meb balance the need to be informed with the need to unplug and tune out?

Quotes

[20:43] - “That’s kind of the whole point of the Idea Farm. We try to narrow down, and curate, this massive amount of news down to…what are the top 2 or 3 things that people read or listened to this week?” ~ Meb Faber

[36:56] - “On a relative basis, this is arguably the worst period ever for anyone doing diversification in asset allocation, relative to US stocks. The only comparable periods are the 1990s and 1940s…In terms of not just magnitude of underperformance, which is hundreds of percentage points to the person that’s just YOLOing into the S&P or Mag 7, but also the worst part is that it’s years in a row.” ~ Meb Faber

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 0334-R-25034

Jeff DeMaso of The Independent Vanguard Adviser - The Inside Scoop Into One of the World’s Largest Funds

garegantuan@gmail.com (Jeff DeMaso, Robyn Murray, Rusty Vanneman) — Tue, 18 Feb 2025 05:00:00 +0000

Today on the podcast, Rusty and Robyn are joined by Jeff DeMaso - editor and founder of The Independent Vanguard Adviser. Jeff was previously the co-editor and research director of The Independent Adviser for Vanguard Investors. He also served as Portfolio Manager, Director of Research and the interim CIO at Adviser Investments, LLC—a leading investment advisory firm. He has been quoted in Forbes, The Wall Street Journal, Barron’s, InvestmentNews and Kiplinger, to name a few. Citywire named him a Rising Star of manager research in 2019. Jeff graduated magna cum laude from Tufts University with a B.A. in economics in 2006 and holds the Chartered Financial Analyst designation.

Key Takeaways

[04:32] - Jeff’s professional background and how he transitioned into his full-time role at IVA
[07:27] - Learn more about The Independent Vanguard Adviser and how they hope to serve their readers
[09:20] - What is Jeff’s market outlook for the coming year?
[12:23] - Why does Vanguard have an international slant and does Jeff agree with this approach?
[14:26] - What is Jeff’s take on how the typical dollar is invested at Vanguard? How does Jeff think those dollars should be invested?
[16:41] - What are some of Jeff’s favorite Vanguard Mutual Funds or ETFs?
[18:16] - What are some underutilized Vanguard strategies in Jeff’s opinion?
[19:28] - Are there areas where Jeff thinks Vanguard could improve their active management offerings?
[20:31] - Why was Vanguard recently in the news regarding the FDIC? Was this important or not important?
[24:03] - Outside of Index Funds, what are some of Vanguard’s strengths?
[24:06] - What does Jeff think Vanguard could be doing better?
[26:07] - What steps could Vanguard take to enhance the client experience?
[27:33] - Learn about Vanguard’s new advice and wealth management division and how this can help investors?
[29:05] - Over the next 5-10 years what should Vanguard investors be keeping an eye on?
[30:57] - In closing, are there any other things that Jeff thinks advisors and investors should know about Vanguard or the broader market?
[32:17] - What is currently Jeff’s favorite investment idea?
[34:37] - How does Jeff balance the need to be informed and educated with the need to reset and tune out?

Quotes

[13:27] - “I think that as investors we need to use both our spreadsheets and…common sense a little bit, or think in the real world, and having 40% in non-US is really hard for a lot of US investors. So, I am a big fan and advocate of staying globally diversified, I just think that might be a little bit too much for most people.” ~ Jeff DeMaso

[24:16] - “As I alluded to before, I think that more important than active vs. passive is low cost vs. high cost investing, and even if you go active at Vanguard you’re still getting low cost investing.” ~ Jeff DeMaso

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 0222-R-25024

Sue Thompson of Women in ETFs - The Keys to Leadership and Much More

garegantuan@gmail.com (Sue Thompson, Rusty Vanneman, Robyn Murray) — Tue, 11 Feb 2025 05:00:00 +0000

Today, Rusty and Robyn are joined by Sue Thompson, co-founder of Women in ETFs. Sue Thompson is a strategic, dynamic Financial Services Executive who has distinguished herself by commercializing new trends in the financial services industry. Her expertise spans investment management distribution, strategy, competitive landscape, finance, marketing, digital innovation and technology. Sue's experience at the top 3 ETF issuers gave her a unique perspective to push the envelope in strategy and distribution, ensuring that the firms where she worked were at the forefront of the industry. The organizations benefited from her ability to discern and capitalize on market trends, fostering innovation and driving growth in a competitive landscape. With a focus on collaborative success, she empowered her teams to deliver exceptional results.

State Street Global Advisors (SSGA) recruited Sue as Head of Americas Distribution in 2018 to staunch ETF market share losses. Her strategy was to overhaul distribution, focus on lower cost solutions, and deepen client loyalty and advocacy. She defined a clear vision, restructured the distribution teams, leveraged data and established a Client Advisory Council. During her tenure, assets more than doubled, increasing from $500B to over $1 trillion AUM and employee satisfaction also doubled during that time. Prior to her role at SSGA, Sue was a Managing Director at Blackrock, where she led the RIA and Asset Manager teams. She led the firm’s investment in the RIA business and helped the Aladdin business in developing technology solutions for RIAs. During her tenure, the iShares business grew from $350B AUM to over $1 trillion. Sue co-founded Women in ETFs and is currently a board member emeritus. She has also served on the Board of Governors of the Money Management Institute as well as on the Franklin Templeton ETF board. She's been named as one of the most influential women in U.S. Finance by Barron's magazine since the inception of the list in 2020 through 2023.

Key Takeaways

[03:38] - Sue’s professional background, career highlights and what she’s up to now
[06:23] - What were some of the most pivotal moments in Sue’s career and how did they shape the leader she is today?
[07:32] - How has Sue’s collaborative approach to leadership evolved over the years?
[09:57] - What frameworks or approaches does Sue use when she’s faced with very difficult decisions as a leader?
[12:47] - How has the ETF industry evolved since Sue started and what does she see as some of the most significant milestones in its history?
[15:56] - What does Sue think are some of the most exciting trends in the ETF space and how does she think financial advisors should position themselves to take advantage of these?
[18:13] - What misconceptions or barriers still need to be addressed in the ETF space?
[19:42] - What did Sue discover as she searched for a financial advisor and what does her selection process look like?
[25:27] - Outside of the traits she has already mentioned, what values does she think are very important and not important for financial advisors?
[27:43] - How would Sue describe her investment philosophy and how has this philosophy changed over the years? Also, does Sue believe that a shared philosophy is one of the key factors for selecting the right financial advisor?
[34:28] - What advice would Sue give to women aspiring to leadership roles in financial services?
[37:22] - How can firms encourage more women financial advisors to join and thrive in this field?
[39:08] - What impact does Sue hope to have both on the financial industry as a whole and the individuals she has worked with?
[40:50] - What is currently Sue’s favorite investment idea?

Quotes

[08:01] - “What you find, when you start to work with people, is there are very few people you work with that aren’t trying to do their best. Most people come to work and they try to do their best everyday. So, when they fail, it’s not because they’re necessarily…bad at something…it’s because they have one particular strength that they lean on and they overplay that. ” ~ Sue Thompson

[19:58] - “I think that we are so used to, in a post-covid world, things like Zoom calls and video conferencing, that I don’t necessarily think that you need to be co-located with your advisor any longer…So I think that advisors who have got it in their head ‘oh well, my world is Cleveland,’ and they don’t want to think beyond that, I think they do themselves a disservice…[for many people] it’s more important to find the right advisor.” ~ Sue Thompson

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Disclosure(s) - Wealth Management services offered through Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor.

Compliance Code: 0227-R-25027

David Lau of DPL Financial Partners - Why You Should Consider Insurance and Annuities in Your Investment Plans

garegantuan@gmail.com (David Lau, Robyn Murray, Rusty Vanneman) — Tue, 4 Feb 2025 05:00:00 +0000

Today, Rusty and Robyn are joined by David Lau, Founder and CEO at DPL Financial Partners. David Lau is widely recognized as an innovator and disruptor in the financial services industry. He is the Founder and Chief Executive Officer of DPL Financial Partners, a privately held financial services firm that specializes in the development and distribution of low-cost, commission-free insurance and annuity products, as well as technology-driven product discovery tools and education, for Registered Investment Advisors (RIAs) and individual investors. Since going to market in 2018, DPL has worked with 20 leading insurance carriers to bring a range of value-driven, no-load products to its turnkey insurance management platform for advisors, and built an advisor base of more than 10,000 advisors from more than 3,500 RIA firms. Mr. Lau is a sought-after speaker, commentator, and adviser to financial journalists, insurance carriers, RIA firms, fintech providers and others in the financial services and fintech industries. His work has received coverage in The Wall Street Journal, The New York Times, Barron's, CNBC, Wealth Management, and other financial media where he provides insights on industry products, players, trends, and best practices. Mr. Lau serves on the CFP Board's Standards Resource Commission, and also on the Insurance sub-committee, to help develop resources that provide guidance to CFP® professionals and their firms on CFP Board’s new Code of Ethics and Standards of Conduct. Prior to founding DPL, Mr. Lau was Chief Operating Officer of Jefferson National, a leading innovator of tax-advantaged investing strategies for RIAs and fee-based advisors, where he led sales, marketing, technology, operations, and service. During his tenure, Mr. Lau architected the industry’s first flat-fee variable annuity product, Monument Advisor, and grew it into the leading no-load variable annuity in the market. Prior to joining Jefferson National, Mr. Lau was principal and co-founder of The Oysterhouse Group, LLC, a management consulting firm focused on retail delivery of financial services products, where he developed “go-to-market” strategies for key initiatives. His firm’s list of internationally recognized clients included Shinsei Bank, Merrill Lynch and Ace Insurance Group. Earlier, Mr. Lau served as Chief Marketing Officer of E*Trade Bank, and its predecessor TeleBank, the first pure-play internet bank. As the chief marketing strategist, he was responsible for creating and implementing break-through national direct marketing and branding campaigns that defined the online banking category. During Mr. Lau’s six-year tenure deposits at the bank grew from $200M to over $8B, and, at the time of its sale to E*Trade, TeleBank was the largest internet bank worldwide and five times larger than all US competitors combined. Mr. Lau’s early career included various positions at the Jamestown Foundation and the American Trucking Associations. In his leisure time, David enjoys spending time with his family, playing golf and cooking. Additionally, David is a diehard Boston Red Sox fan and an avid Duke basketball fan.

Key Takeaways

[04:13] - David’s professional highlights and more on his current role at DPL
[06:25] - What was the impetus for founding DPL and for the services they provide?
[10:35] - What are some of the unique challenges that fee-based advisors face, when it comes to implementing insurance solutions, and how does DPL address them?
[13:30] - How does DPL help advisors break away and retain their book of annuities?
[15:52] - Why has the growth in insurance and annuities not kept pace with the growth of the rest of the financial services industry?
[18:11] - How should advisors go about incorporating insurance into their holistic financial plans?
[20:17] - What are the behavioral and psychological benefits of using insurance and annuities as strategic tools during periods of market volatility?
[24:11] - What kind of trends is David seeing in the adoption of commission free insurance products among registered investment advisors?
[26:33] - What role does technology play in simplifying the process of offering insurance products to clients?
[28:40] - What are some common misconceptions financial advisors have about annuities or life insurance products?
[31:24] - For advisors looking to integrate these commission free insurance products, how do they educate their clients about the benefits of them?
[34:03] - What inspired David to create the Advisor Revelations podcast?
[36:27] - What feedback has David received on his podcast and how has that shaped its content?
[37:56] - For someone who has not yet checked out his podcast, does David have any recommendations for an episode to start with?
[39:47] - If David could give one piece of advice to financial advisors looking to grow their practice, what would it be?
[41:48] - What is currently David’s favorite investment idea?

Quotes

[22:25] - “Annuities kind of give…the client a license to spend, because they don’t worry about overspending and outliving their money because they have that guaranteed income stream…they’re still getting a paycheck, and that’s another great behavioral thing.” ~ David Lau

[41:13] - “It’s always more expensive to go find the next customer than it is to further monetize your existing ones, and that’s what we can help you do. We can help you further monetize your existing ones, giving them better products, better outcomes and then also your ability to more easily find and attract new clients.” ~ David Lau

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 0097-R-25013

Bob Baker of Advanced Asset Management Advisors - An Outlook for 2025

garegantuan@gmail.com (Bob Baker, Robyn Murray, Rusty Vanneman) — Tue, 28 Jan 2025 05:00:00 +0000

Today, Rusty and Robyn are joined by Bob Baker, President at Advanced Asset Management Advisors. Bob founded Advanced Asset Management Advisors in 1998, with the mission of creating a better client investment experience. Today, he remains heavily involved in carrying that vision forward, overseeing the daily management of the company. Bob received a degree in finance from the Ohio State University. With nearly 30 years in the industry, Bob has wealth of experience in portfolio creation and asset management. Before starting AAMA, he served as Vice President of a large regional investment firm and President of a national advisory group. He oversaw the management of retirement plans and participated in the development, launch, and marketing of load and no-load mutual funds. Bob has also served as a trust officer for the Bank One Trust Company, managing client portfolio investments.

Key Takeaways

[04:12] - Bob’s professional highlights and more on his current role at AAMA
[05:08] - What was their mission when Bob first founded AAMA and how has this played out over the years?
[05:45] - Learn about AAMA’s fundamental investment process and how that has, or hasn’t, changed over the years
[07:32] - From an investment process standpoint, how does AAMA’s fundamental process flow into the firm’s strategies?
[08:18] - What makes working with AAMA different from large brand firms?
[09:10] - How has AAMA enhanced its capabilities in recent years?
[09:47] - What are the key market trends, challenges and opportunities that Bob sees coming up in 2025?
[12:01] - How is Bob putting the inflation data into perspective and how is this view impacting his portfolio positioning, if at all?
[13:00] - Over the past couple years, Bob has held a fairly contrarian view of the economy. Has anything changed his view recently?
[14:00] - Why have AAMA’s sector weights remained relatively stable in spite of recent volatility?
[15:17] - Why has investor sentiment been so bullish? Also, does this impact AAMA’s portfolio decisions or market commentary in any way?
[16:06] - Looking ahead at 2025, how does Bob think fiscal and monetary policies might influence investment strategies and market dynamics?
[17:06] - What risks are Bob most worried about at the moment?
[18:33] - What is currently Bob’s favorite investment idea?
[19:55] - How does Bob balance the need to stay informed and educated with the need to take mental space and tune out?

Quotes

[05:48] - “Well we deploy a fundamental investment process, and it looks at really strictly fundamental valuations in the marketplace. PEs, forecast of earnings, etc. We’re looking basically to overweight undervalued sectors and underweight overvalued sectors, and we do that through a very disciplined process…It’s been a good discipline for us to implement overtime. We’ve not changed it, because again, it keeps us out of a lot of the noise that can sometimes come into a portfolio. ~ Bob Baker

[08:21] - “As a boutique firm, we kind of pride ourselves in the process of, if an advisor would like to speak with us they can pick up the phone and call myself, or my partner…and get answers to questions that they would like to have immediately, or quickly. Since those advisors have the opportunity to really talk to the decision makers of the firm, we think that’s a competitive edge vs. some of the other, larger firms on the platform where you’re probably not going to talk to the president or CIO…directly. ~ Bob Baker

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 0086-R-250010

Brent Sullivan of Tax Alpha Insider - Should the Tax Tail Wag the Dog?

garegantuan@gmail.com (Brent Sullivan, Rusty Vanneman, Robyn Murray) — Tue, 21 Jan 2025 05:00:00 +0000

Today, Rusty and Robyn are joined by This week, Rusty Vanneman and Robyn Murray talk with Brent Sullivan, Founder of Tax Alpha Insider. Brent Sullivan is a taxable investing specialist, blogger and software developer. He graduated from Cornell's Financial Engineering program, worked on PIMCO's trade floor, wrote code for Parametric Portfolio Associates, left to work at Zillow Group in the software observability team and then raised money as a venture-backed founder. Tax Alpha Insider is a blog, newsletter and media platform focused on taxable investing. Brent consults for advisers on taxable investing product marketing and development.

Key Takeaways

[01:33] - An overview of some of the things we will cover on The Weighing Machine this year.
[03:36] - Learn more about Brent’s professional background and how he ended up in his current role
[05:26] - What motivated Brent to found Tax Alpha Insider and who is it aimed at?
[06:38] - Why does Brent believe that sometimes the tax tail should actually wag the dog?
[08:03] - How can financial advisors effectively measure and communicate the value of tax alpha to their clients?
[08:56] - What is Direct Indexing, why is it important and why should advisors and investors care about it?
[10:13] - What role does technology play in the efficient execution of Direct Indexing strategies and what tools should advisors be looking for?
[11:35] - What are the most common pain points for advisors and investors using Direct Indexing and how can these be addressed?
[13:53] - When an advisor or investor is shopping for a Direct Indexing provider, what should they be looking for and what questions should they be asking?
[15:01] - Are there additional signs of good or bad Direct Indexing shops that people should be on the lookout for?
[16:05] - What are Section 351 ETFs, how do they work and what are their potential benefits?
[17:47] - Could these signal a tectonic shift for the wealth management industry?
[20:41] - How does a 351 ETF differ from an exchange fund? Do they serve the same purpose?
[22:06] - If 351 ETFs don’t solve the problem of diversifying single stock risk, what will?
[24:58] - Are there any upcoming regulatory or market trends that will affect 351 ETFs that advisors should be aware of?
[25:40] - How much should advisors and investors care about AI and how is Brent using it?
[28:23] - Are there any other key research insights that Brent would like to cover today?
[29:23] - What resources would Brent recommend for advisors looking to learn more about taxable investing?
[31:00] - What is currently Brent’s favorite investment idea?

Quotes

"Direct Indexing is an investment management strategy that favors individual stocks and bonds for portfolio customization. Customization can be broken down into at least two big categories, one of them is risk and one of them is tax…Why should investors or advisors know about this? That’s because it replaces a fund, which I consider practically a sledgehammer in portfolio allocation, with a scalpel. That’s what Direct Indexing does is give you incredible precision both with risk and tax. ” ~ Brent Sullivan

"What matters for allocators is that you’re able to rebalance a portfolio tax free. There’s a bunch of legal boxes you have to check, forget about all that stuff [for now]. Imagine that you’re in a situation where you’ve got a portfolio of direct equities and it's grown a lot, and you’re unable to rebalance or tax loss harvest just because you’re so far above cost basis. [However], you might consider rolling the portfolio into an ETF that’s accepting assets in kind. That’s what 351 allows and affords. Again, tons of boxes to check, but that’s the opportunity there…tax free rebalancing. ” ~ Brent Sullivan

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 0093-R-25013

Savina Rizova of Dimensional Fund Advisors - It’s All About Research: The Latest Trends, How to Get the Best Data and Why It’s So Important

garegantuan@gmail.com (Savina Rizova, Robyn Murray, Rusty Vanneman) — Tue, 14 Jan 2025 05:00:00 +0000

Today, Rusty and Robyn are joined by Savina Rizova, Co-Chief Investment Officer and Global Head of Research at Dimensional Fund Advisors. Savina Rizova is Co-Chief Investment Officer and Global Head of Research at Dimensional Fund Advisors LP. She was named Co-CIO in 2024 and serves in that role alongside Gerard O’Reilly, who is also Co-Chief Executive Officer. As Co-CIO, Savina helps lead a team of more than 300 investment professionals across six countries. She is also Chair of the Investment Research Committee and a member of the Investment Committee.

Since joining Dimensional’s Research department in 2004, Savina has worked closely with leading academics, collaborating on research, co-authoring papers, and partnering with Dimensional’s broader investment team to implement robust research in live portfolios. She has helped drive innovation across Dimensional’s product offering, including the development, launch, and rapid growth of Dimensional exchange-traded funds (ETFs), the expanded separately managed accounts (SMAs) offering, and model portfolios. She was instrumental in expanding the Research team to more than 100 specialists in investment research, strategy research, and analytics and data.

Savina was recognized as one of Barron’s 100 Most Influential Women in US Finance in 2022 and 2023. She holds a PhD in finance and an MBA from the University of Chicago Booth School of Business. She also earned a BA in economics and mathematics from Dartmouth College, where she was a research assistant to Professor Kenneth French.

Key Takeaways

[03:44] - What motivated Savina’s transition from the academic world to the finance industry and how has her academic background shaped her approach to research?
[07:18] - What does Savina’s day-to-day look like at Dimensional Fund Advisors and how does she balance innovation with maintaining Dimensional’s core investment philosophy?
[11:57] - How does Savina translate complex, academic findings into actionable insights for advisors and investors?
[15:57] - What are some essential research insights that every financial advisor should understand to better serve their clients when building portfolios?
[18:27] - How does Dimensional identify and prioritize areas of research that could significantly impact their investment strategies?
[21:13] - Does Savina believe the notion of market efficiency still holds as strongly today as it did when Dimensional was founded, or are there nuances that researchers have uncovered in recent years?
[23:46] - Emerging areas of research that may play a larger role in Dimensional’s strategies in the future
[26:15] - Have there been any recent research findings that challenge Dimensional’s long-term assumptions or that led to a change in their overall investment strategy?
[28:20] - How has the explosion of big data and AI changed the research landscape at Dimensional?
[31:37] - How is Dimensional using machine learning to enhance its research and investment processes, if at all?
[33:16] - What are the biggest opportunities and challenges for investment research in the coming decade?
[34:30] - What are the most rewarding and challenging aspects of leading a global research team at Dimensional?
[36:40] - As Co-CIO, how has the investment offering from Dimensional evolved in recent years?
[42:37] - What steps can we take, as an industry, to encourage more women to explore careers in research and finance?
[44:12] - What is currently Savina’s favorite investment idea?

Quotes

[17:27] - "The majority of active managers underperform their benchmarks. So, that’s another key takeaway - don’t underestimate how difficult it is, and impossible systematically, to outguess market prices. [However], if you want to outperform markets, you don’t have to do that. You can seek to outperform markets by focusing on what you mentioned earlier. [Having an] evidence-based approach [and] premiums that are motivated by a robust [research]. ” ~ Savina Rizova

[22:57] - "The one thing many people misunderstand is: market efficiency is a model of how to think about the world or investing. Every model, by default, is wrong [and] is not an accurate description of reality. What is useful about models, is they help you organize how you think about [the world] and how you behave.” ~ Savina Rizova

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 3319-OPS-12/31/2024

Rusty Vanneman and Robyn Murray of Orion - Year-End Review of The Weighing Machine

garegantuan@gmail.com (Robyn Murray, Rusty Vanneman) — Tue, 7 Jan 2025 05:00:00 +0000

Key Takeaways

[03:45] - What are some of Rusty’s and Robyn’s all time favorite walk-up songs from The Weighing Machine?
[06:03] - What led Rusty to start The Weighing Machine and what did he want to create with it?
[09:27] - How did Robyn and Rusty come to be co-hosts of The Weighing Machine originally?
[10:12] - What were three of their favorite podcast episodes from the past year?
[16:11] - What is Robyn’s favorite investment idea currently?
[16:56] - What is Rusty’s favorite investment idea currently?
[18:26] - How does Robyn maintain her energy, both physically and mentally, to perform at a high level?
[19:12] - How does Rustry maintain his energy, both physically and mentally, to perform at a high level?
[22:05] - Are there any mentors or professional peers that Robyn is particularly thankful for?
[23:00] - Are there any mentors or professional peers that Rusty is particularly thankful for?
[27:52] - What are Rusty and Robyn watching, reading, listening to or watching at the moment?
[33:35] - In this age of information overload, how does Robyn balance the need to be informed and educated with the need to reset and tune out?
[34:57] - In this age of information overload, how does Rusty balance the need to be informed and educated with the need to reset and tune out?

Quotes

[17:53] "Investing in yourself is my favorite investment idea. People always think about investments as measured in dollars, but it’s really about developing your own potential and talent and always adapting to what’s going on." - Rusty Vanneman

[12:53] "One of the most memorable episodes was with a U.S. Army General, who talked about the importance of culture and leadership. It was inspiring and highly relevant for financial advisors and listeners alike." - Rusty Vanneman

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 3295-OPS-12/26/2024

Jack Sharry of LifeYield - Technology and Tax Efficient Investing

garegantuan@gmail.com (Jack Sharry, Rusty Vanneman, Robyn Murray) — Tue, 31 Dec 2024 05:00:00 +0000

Today, Rusty and Robyn are joined by Jack Sharry, Executive Vice President and Chief Growth Officer at LifeYield. Jack Sharry has been a financial industry innovator, collaborator and advocate for 40+ years. He served as an executive at Morgan Stanley, Putnam Investments, Virtus Investment Partners and now, LifeYield where he led sales, marketing, product development and distribution strategy. Jack is the Chair of the InvestmentNews Future of Financial Advice initiative and a frequent contributor to the publication, he Co-Chairs the Money Management Institute Digital Advice Community, and hosts the LifeYield podcast, WealthTech on Deck, where he talks with other industry leaders on their tech strategy designed to improve investor and advisor outcomes.

Key Takeaways

[03:15] - Jack’s professional background and the highlights of his career
[06:15] - What is LifeYield’s big news today and how do they optimize financial outcomes for their clients?
[08:26] - What is a Unified Managed Household (UMH), why is it significant and how does it benefit both advisors and investors?
[11:13] - What are some of LifeYield’s strategies for reducing tax exposure for investors?
[13:20] - What are some of the common challenges individuals face when planning retirement and how does LifeYield address these?
[15:09] - What inspired Jack to start his podcast, “Wealth Tech on Deck?”
[17:58] - What are some of the most memorable conversations that Jack has had on his podcast? Also, for a first time listener, are there any particular episodes that he would recommend?
[22:52] - Has Jack noticed any emerging trends, that are shaping wealth management and fintech, across his podcast conversations?
[24:28] - How is artificial intelligence going to transform wealth management?
[26:32] - What aspects of teaching does Jack find the most fulfilling and how does this role influence his professional perspective?
[31:11] - What is Jack’s current assessment of college students, and therefore the future of the wealth management industry?
[33:25] - Pivotal moments or decisions that really shaped Jack’s career and got him where he is today
[37:05] - How has Jack seen the financial industry evolve since he began and what are some of the key things he learned from those changes?
[38:45] - What drives Jack’s passion and how has he maintained his enthusiasm throughout his extensive career?
[39:45] - What are Jack’s aspirations for LifeYield, and the broader financial industry, over the next decade?
[41:43] - What is Jack’s favorite investment idea currently?

Quote

[34:23] - "So this homework assignment, which I give to all our listeners here to try this, I’ve done this with many folks over the years. When you go home you are not allowed to make a declarative statement for the first hour you are home, whether you live with a partner, roommate, friend, wife [or] husband. ” ~ Jack Sharry

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 3199-OPS-12/13/2024

Shana Sissel of Banrion Capital Management - The Risks and Rewards of Alternative Investing

garegantuan@gmail.com (Shana Sissel, Rusty Vanneman, Robyn Murray) — Tue, 24 Dec 2024 05:00:00 +0000

Today, Rusty and Robyn are joined by Shana Sissel, Founder and Chief Executive Officer at Banrion Capital Management. For two decades Shana Orczyk Sissel has climbed the ladder of the financial services industry. As Founder, President & Chief Executive Officer of Banrion Capital Management Shana helps independent advisors navigate the complex world of alternative investing, assisting with investment platform development, alternatives in portfolio construction and developing best practice in alternative investment due diligence. Dubbed the "Queen of Alternatives" by her peers. Shana is a sought after speaker & media contributor, appearing frequently at industry events and on major financial news outlets like CNBC, Fox Business Network, Bloomberg and the TD Ameritrade Network. Shana has maintained fierce, outspoken advocacy for her fellow women in finance for the duration of her career — acting as a mentor for many other young women navigating the battlefield of a male-dominated industry. Having overcome many obstacles to achieve success in her own career, she leverages her personal social media following to speak out for the recognition and support of women in her field. As a member of Women in ETFs, Shana has become a spokesperson for their Speaker’s Bureau, with the goal of improving public representation of females in industry-oriented events and conferences, as well as in financial media.

Key Takeaways

[03:46] - The highlights of Shana’s career and the breadth of her experience in the industry
[06:34] - What drove Shana to start Banrion Capital Management and what sets them apart as a firm?
[12:26] - To set the stage, how does Shana define Alternative Investments?
[13:45] - How do alts reduce portfolio risk and potentially enhance risk-adjusted performance?
[16:24] - What is Shana’s view on private equity and private credit and does she think they are diversifying asset classes?
[18:35] - What is Shana’s take on Cliff Asness’ perspective on high-volatility alternatives?
[21:22] - Which alternatives strategies does Shana recommend for advisors looking to incorporate alts into their clients’ portfolios?
[29:01] - What are some common misconceptions about Alternative Investments and how does Shana address these with clients?
[32:35] - What are some of the educational programs, on alts, that Banrion offers to advisors and investors?
[36:53] - What are some of the experiences that have shaped Shana and how have they shaped her approach to leadership and investment?
[41:17] - Challenges Shana has faced as a woman in the industry and how she has navigated them in her career
[44:36] - What initiatives and advice has Shana offered to support women who are in this field or entering this field?
[48:35] - Looking ahead, what are Shana’s aspirations for Banrion Capital Management, and the broader financial industry, in the next decade?
[51:02] - What is Shana’s favorite investment idea at the moment?

Quote

[07:50] - "99% of the competitors in the space that create and build these access platforms for alternative strategies for advisors were founded and built to solve problems for asset managers, not advisors." ~ Shana Sissel

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 3195-OPS-12/13/2024

Nate Conrad of LifeX - A New Approach to Retirement Planning

garegantuan@gmail.com (Rusty Vanneman, Nate Conrad, Robyn Murray) — Tue, 17 Dec 2024 05:00:00 +0000

Today, Rusty and Robyn are joined by Nate Conrad, Head of LifeX at Stone Ridge. Nate formerly served as the Head of Markets at Stone Ridge and as the President of NYDIG. Prior to joining Stone Ridge in 2016, Nate worked at Goldman Sachs as a vice president in the Interest Rates Trading business. Nate received his BSE in Computer Information Science from the University of Pennsylvania.

Key Takeaways

[03:03] - More on Nate’s career and his current position at Stone Ridge Asset Management.
[04:19] - What is the philosophy behind Stone Ridge Asset Management and what sets them apart as a firm?
[05:51] - What is the elevator pitch for LifeX and why might it be a real game changer for financial advisors and investors?
[08:55] - How do LifeX ETFs convert accumulated assets into predictable, monthly distributions?
[10:31] - What types of government bonds do LifeX ETFs invest in and how does this strategy support reliable, monthly payments?
[11:06] - There are other bond ladder solutions, so what makes this franchise of ETFs different?
[13:43] - How can inflation protected ETFs address the persistent concerns around rising prices?
[16:00] - LifeX ETFs have a fee structure that decreases overtime. What are the long-term benefits of this approach for investors?
[18:18] - What types of investors would benefit most from incorporating LifeX ETFs into their retirement planning?
[21:05] - How might LifeX help advisors actually grow their business as a result of the great generational wealth transfer?
[24:45] - Other unique implementations or use cases of the LifeX products.
[27:00] - What are the tax implications of investing in LifeX ETFs and how does this compare to other retirement income solutions?
[29:26] - How are advisors making their allocations with these funds?
[31:24] - What are some of the common questions or concerns that Nate hears from advisors and investors about LifeX?
[34:37] - What resources and support does LifeX provide to financial advisors to learn more about these ETFs and help them integrate them into clients’ portfolios?
[35:52] - What is currently Nate’s favorite investment idea?

Quotes

[03:44] - "Innovation is really at the core…[of] what we do at Stone Ridge. It all starts with hearing the problems that people have in their portfolios. What are the things that keep them from feeling financially secure? And, when you hear those problems, asking questions about the root cause and then trying to solve them with a little bit of an engineering mindset." ~ Nate Conrad

[04:42] - "If you’re not somebody in our country who is an ‘accredited investor’ or ‘qualified purchaser,’ which are standards based on wealth and not intelligence, which we really don’t like, then there’s a whole set of investments that you’re not allowed to have access to. A lot of the most diversifying assets out there tend to be in private structures that the majority of Americans can’t get access to, and that doesn’t sit well with us at Stone Ridge." ~ Nate Conrad

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For important risk disclosures, visit the LifeX website: LifeX Funds

Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 3120-OPS-12/4/2024

Important Risk Disclosures for LifeX ETFs

Definitions:

Distribution Yield: Distribution Yield, or Distribution Rate is calculated as the intended annualized distribution per share divided by the net asset value (NAV) of the fund. A portion of each fund’s monthly distribution is expected and intended to include return of capital.
TIPS: Treasury Inflation-Protected Securities (TIPS) is a type of government bond issued by the U.S. Treasury where the principal amount adjusts based on inflation.
CPI: The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. Indexes are available for the U.S. and various geographic areas. Average price data for select utility, automotive fuel, and food items are also available.

Footnotes:

The tax discussion herein is general in nature. Investors should consult their tax advisers about the effect that an investment in Stone Ridge Longevity Income ETFs could have on their tax situation. Please refer to the prospectus for a discussion of tax risks. Holdings of the ETFs in a qualified retirement account may not benefit from a tax-advantaged distribution.

Risk Disclosures:

Stone Ridge Term Income ETFs (Stone Ridge 2035 Term Income ETF, Stone Ridge 2040 Term Income ETF, and Stone Ridge 2045 Term Income ETF), Stone Ridge 2064 Longevity Income ETF, Stone Ridge 2064 Inflation-Protected Longevity Income ETF, Stone Ridge 2065 Longevity Income ETF, and Stone Ridge 2065 Inflation-Protected Longevity Income ETF.

These funds have filed a registration statement with the Securities and Exchange Commission, but it is not yet effective. An investment in the funds cannot be made, nor money accepted, until the relevant registration statement is effective. An investor should consider the objectives, risks, and charges and expenses of the funds carefully before investing. The relevant preliminary prospectus, which contains this and other information about the funds, may be obtained by calling 855-609-3680. The information in the preliminary prospectuses is not complete and may be changed. The relevant final prospectus should be read carefully before investing, and when available may be obtained from the same source. This communication is not an offer to sell or the solicitation of an offer to buy securities and is not soliciting an offer to buy these securities in any state in which the offer, solicitation or sale would be unlawful.

Investors should carefully consider the risks and investment objective of (i) the Stone Ridge 2035 Term Income ETF, Stone Ridge 2040 Term Income ETF and Stone Ridge 2045 Term Income ETF (each, a “Term Income ETF” and, together, the “Stone Ridge Term Income ETFs”), (ii) the Stone Ridge Longevity Income 2048 ETF and each other series of Stone Ridge Trust with the same investment objective and strategy that is part of the same fund family (the “Stone Ridge Longevity ETFs”) and (ii) the Stone Ridge 2048 Inflation-Protected Longevity Income ETF and each other series of Stone Ridge Trust with the same investment objective and strategy that is part of the same fund family (the “Stone Ridge Inflation-Protected Longevity Income ETFs” and, together with the Stone Ridge Longevity ETFs, the “Stone Ridge Longevity Income ETFs” and each, a "Longevity Income ETF")(the Stone Ridge Longevity Income ETFs and the Stone Ridge Term Income ETFs are collectively referred to herein as the "Stone Ridge Income ETFs"), as an investment in the Stone Ridge Income ETFs may not be appropriate for all investors and is not designed to be a complete investment program. There can be no assurance that an ETF will achieve its investment objectives.

Investors should consider the investment objectives, risks, and charges and expenses of the Stone Ridge Income ETFs carefully before investing. The prospectus contains this and other information about the investment company and may be obtained by visiting www.lifexfunds.com. The prospectus should be read carefully before investing.

An investment in the Stone Ridge Income ETFs involves risk. Principal loss is possible.

Each Stone Ridge Longevity Income ETF intends to make an identical distribution each month equal to $0.0833 per outstanding share of the ETF (multiplied, in the case of the Stone Ridge Inflation-Protected Longevity Income ETFs, by an inflation adjustment as specified in the ETF’s prospectus, which is intended to reflect the cumulative impact of inflation since the launch of the ETF) until April of the year twenty years prior to the ETF’s end year. Thereafter, to counterbalance the frontloading of the ETF’s distributions, each ETF will reduce its per-share distribution rate to a level estimated to be sustainable through the ETF’s end year, resulting in a one-time decrease of ~25% to the per-share distribution amount. This event is referred to herein as the “recalibration.” An estimate of this reduced distribution rate is provided in each ETF’s prospectus; however, there is a risk that the ETF may ultimately recalibrate its distribution to be higher or lower than this estimate.

Each Stone Ridge Longevity Income ETF is designed to support the option for members of its Modeled Cohort to continue to pursue substantially identical monthly distributions beyond age 80 by investing in a Closed-End Fund. However, the Closed-End Funds may not become available as intended, and there is no way for investors to assess the risk that the Closed-End Funds will not be launched. For example, the Adviser may determine that it is not appropriate to launch the Closed-End Funds if the Adviser believes there may not be a sufficiently diverse investor base, which is expected to be at least 100 shareholders. In the absence of a Closed-End Fund, investors may remain invested in the relevant ETF; alternatively, an investor may sell his or her shares, though investors may not have available to them an alternative investment option that provides the same level of distributions as they might have been able to receive if a Closed-End Fund were available. Shares of the ETFs may continue to be held by a shareholder’s beneficiary or may be sold at the then-current market price. However, a beneficiary of an ETF shareholder will not be eligible to invest in a corresponding Closed-End Fund unless the beneficiary is a member of the Modeled Cohort. The Closed-End Funds will be subject to different and additional risks as will be disclosed in the Closed-End Funds’ prospectuses. Unlike the Closed-End Funds, the Stone Ridge Longevity Income ETFs do not provide longevity-linked distributions and do not engage in longevity pooling. This is not an offer to sell or the solicitation of an offer to buy securities of the Closed-End Funds. A form of a Closed-End Fund’s prospectus (which is subject to revision) is included as Appendix A to each Stone Ridge Longevity Income ETF’s prospectus.

The Stone Ridge Longevity Income ETFs are subject to risks related to exchange trading, including the following:

Each Stone Ridge Longevity Income ETF’s shares will be listed for trading on an exchange (the “Exchange”) and will be bought and sold on the secondary market at market prices. Although it is expected that the market price of ETF shares will typically approximate the ETF’s net asset value (“NAV”), there may be times when the market price reflects a significant premium or discount to NAV.
Although each Stone Ridge Longevity Income ETF’s shares will be listed on the Exchange, it is possible that an active trading market may not be maintained.
Shares of each Stone Ridge Longevity Income ETF will be created and redeemed by a limited number of authorized participants (“Authorized Participants”). ETF shares may trade at a greater premium or discount to NAV in the event that the Authorized Participants fail to fulfill creation or redemption orders on behalf of the ETF.

Each Stone Ridge Income ETF has a limited operating history for investors to evaluate, and new ETFs may not attract sufficient assets to achieve investment and trading efficiencies.

For additional risks, please refer to the relevant prospectus and statement of additional information.

The Stone Ridge Income ETFs are distributed by Foreside Financial Services, LLC.

Joel Shulman of EntrepreneurShares - The High Growth Potential of Entrepreneurial Investing

garegantuan@gmail.com (Joel Shulman, Rusty Vanneman, Robyn Murray) — Tue, 10 Dec 2024 05:00:00 +0000

Today, Rusty and Robyn are joined by Joel Shulman and Eva Ados of EntrepreneurShares. Dr. Joel Shulman is the Founder/Managing Director/CIO of ERShares. His 25+ years of research at Babson College (#1 in Entrepreneurship) and best business book written while at Harvard, led to the formation of a proprietary investment model and the Entrepreneur Factor. The formation of his money management practice followed the sale of the Shulman Review, a CFA test-prep company that trained over 12,000+ investment professionals in 110+ countries around the world. Dr Shulman appears frequently in the media including, Fox Business, CNBC, Bloomberg, Yahoo Finance, WSJ, Barrons, Forbes among others. He has been a consultant to many leading organizations as well as The World Bank in which he helped facilitate capital market development in Central Asian states. He has a Ph.D. and CFA designations along with an MPA from the Kennedy School of Government at Harvard University.

Key Takeaways

[03:26] - What has Joel loved about his career and how has he been able to accomplish so many things?
[04:50] - How did EntrepreneurShares come about and what do they stand for as a firm?
[09:09] - What originally inspired Joel to start ERShares?
[12:31] - What is the entrepreneur factor and how has it changed over the years?
[18:09] - Learn more about their XOVR ETF and what makes it unique.
[19:56] - How much can XOVR invest in private equities and how does it work?
[23:30] - More on Joel’s time at Babson College and how it affected his transition into asset management.
[28:52] - What strategies does Joel employ to manage risk associated with investing in these high-growth, entrepreneurial companies during volatile market conditions?
[32:12] - How do emerging technologies, like Artificial Intelligence and Blockchain, influence some of their investment strategies?
[34:25] - What are the primary differences between investing in US-based entrepreneurial companies vs. those in international markets? Does their entrepreneur factor work as well abroad, or does it need the entrepreneurial infrastructure provided here in the United States?
[37:23] - How is Joel seeing their fund being used in portfolios?
[39:33] - What does Joel think goes into being a good professor? Also, does he miss teaching?
[44:15] - As a professor, what methods did he find to be most effective at encouraging students to break down complex financial theories? Also, how can financial advisors use these techniques to better serve their clients?
[47:35] - What advice would Joel give to students or aspiring finance professionals in today’s competitive landscape?
[50:12] - What qualities does Joel see in students today that makes him optimistic about the future of the industry?
[53:05] - What is currently Joel’s favorite investment idea?

Quotes

[16:28] - “Entrepreneurs [are often present] for 10, 20, 30 years. They’re not leaving very quickly, so their longevity is 5x, 6x [or] 7x what the normal CEO would be…As a result, they have a long-term orientation and…it’s that mindset that really makes the difference, because the way they build the organization and the way they manage it is much different than someone who [will be] there for 3 to 4 years. ” ~ Joel Shulman

[44:15] - “One of the things that makes people great in any industry, in any capacity, is curiosity...The most successful people in our investment profession, these are curious people. People who look at something and they…say ‘how did that happen, how did that come to be?’” ~ Joel Shulman

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Advertisement sponsored by Janus Henderson Investors. Janus Henderson Investors and Orion Advisor Solutions, Inc. (“Orion”) are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided. Orion does not endorse any particular third-party product or service.

Compliance Code: 3094-OPS-12/3/2024

Christopher Norton of Potomac Fund Management - Get Those Creative Juices Flowing: We’ll Talk Marketing and the Power of Creativity

garegantuan@gmail.com (Christopher Norton, Robyn Murray, Rusty Vanneman) — Tue, 3 Dec 2024 05:00:00 +0000

Today, Rusty and Robyn are joined by Christopher Norton, Chief Marketing Officer at Potomac. Christopher is an innovative, award-winning, multidisciplinary creative with a passion for storytelling. He has worked with a wide array of large and independent clients in the news, entertainment and financial services. While his skill set is vast, Christopher’s expertise is found in the inner workings of a brand story. He has spent his career leading different marketing teams in the financial sector overseeing campaigns, PR strategies, brand awareness and more. As Chief Marketing Officer at Potomac, Christopher seeks to deliver world-class, story-driven creative to connect Potomac to its audience.

Key Takeaways

[03:30] - Learn more about Christopher’s career and his current role at Potomac.
[05:32] - What is the story behind Potomac’s trademark term “built to conquer risk?”
[09:36] - Potomac has become well known for their unconventional market approaches, like sending branded cereal boxes to their clients. What is the philosophy that drives these unique approaches?
[11:55] - Learn how Potomac’s innovative “Who Are You?” video series came to life and how it is going so far.
[17:05] - How does Potomac’s content-centric approach strengthen engagement with advisors and investors?
[19:07] - Why is transparency so central to Potomac’s marketing strategy and how does it create value for their clients and their partners?
[20:10] - Learn more about the Potomac Remix Conference and some of the unique activities this conference offers.
[22:47] - What role do conferences play in building stronger client relationships?
[24:35] - The wealth management industry is evolving very quickly. How does Potomac’s marketing strategy keep up with those changes and what trends in the industry are they focused on right now?
[26:35] - What are some of the metrics, or feedback mechanisms, that Christopher relies on to measure the success of a marketing campaign or project?
[28:52] - Can Christopher give us a sneak peak at any upcoming marketing campaigns they have planned at Potomac?
[30:20] - For the advisors and investors listening to this, does Christopher have any actionable advice for their marketing approach?
[31:10] - As a content creator, is Christopher already leveraging AI and if so, how is it making an impact on what he does?
[33:40] - How does Christopher keep his creativity flowing and does he think that creativity is something that you are just born with, something you can cultivate or a little bit of both?
[36:18] - What is currently Christopher’s favorite investment idea?

Quotes

[11:13] - “I think too many firms in this industry don’t spend enough time on simple brand recognition and getting your name out there. They do all of these very complicated email marketing things, and that’s important too, but they don’t have the brand recognition and campaign to back it up with something truly memorable.” ~ Christopher Norton

[22:47] - “I don’t think, no matter how technologically advanced we get, anything will replace the value of facetime. Being able to get together in a venue, have meaningful conversations, have some fun together spending time - that adds so much to the depth of a relationship, that I don’t think anything else can replace it, and we invest pretty heavily into that. ” ~ Christopher Norton

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 2977-OPS-11/19/2024

Charlie Phelan of Fidelity Investments - Levers of Growth for Wealth Management Firms

garegantuan@gmail.com (Charlie Phelan, Robyn Murray, Rusty Vanneman) — Tue, 26 Nov 2024 05:00:00 +0000

Today, Rusty and Robyn are joined by Charlie Phelan, Head of Business Consulting at Fidelity Investments. Mr. Phelan leads consulting and business development activities focused on helping clients leverage Fidelity to evolve their businesses and drive transformational change. Charles consults with broker-dealers and registered investment advisors on optimizing their businesses including development and execution of business strategy, leverage of technology and operational best practices to drive efficiency. Charles has a demonstrated track record of helping firms maximize the ROI of the Fidelity relationship. Mr. Phelan has over 20 years’ experience in financial services, primarily focused on new business development and consulting. Prior to his current role, Mr. Phelan was responsible for leading the client onboarding team at FCCS. This included oversight of program management, transition and implementation activities to support new business. Mr. Phelan joined Fidelity in 1995 as part of the finance team. Mr. Phelan also held roles in risk management, information security and as a project manager where he was responsible for leading strategic client projects. He began his career in private banking at Bank Boston.

Key Takeaways

[04:08] - Charlie’s professional background and more on his current role at Fidelity.
[05:24] - How should firms think about a baseline for growth at a macro level?
[07:10] - What does high performance for a wealth management firm look like?
[08:40] - For the fastest growing firms, how much of this growth is from mergers and acquisitions activity?
[11:39] - What are the four levers of growth that their research uncovered and what do these mean in practice for firms and financial advisors? The first of these levers is people. What did their research uncover about people and how do “thrivers” and “survivors” differ?
[14:28] - What are some considerations for firms that help to create teams that thrive?
[17:14] - The second lever to help grow wealth management firms is their platform. In this light, what is separating the fastest growing advisory firms from the rest?
[18:38] - What are some of the strongest advisor-based technology platforms and tools? Also, where is Charlie seeing the most demand for Fidelity’s capabilities?
[20:02] - What might AI mean for the wealth management space and what are some of the biggest opportunities around AI today?
[24:04] - What are some of the market opportunities that are upcoming with the massive generational wealth transfer looming? What should advisors be doing to prepare?
[24:40] - What are Charlie’s clients doing to capitalize on this huge generational wealth transfer opportunity?
[26:08] - What are some examples of firms aligning their offerings with client needs as they evolve?
[28:58] - What is currently Charlie’s favorite investment idea?

Quote

[23:10] - “One in five women change advisors after a death or a divorce, so if either of those two things happen on the life event side, they are changing their advisor. Also, [it] is estimated that 91% of adult children found an advisor without even considering the one that their parent’s used…This one was most interesting to me…we found that advisors have only reached out to 13% of their clients’...children.” ~ Charles Phelan

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 2942-OPS-11/18/2024

Cliff Asness of AQR - Balancing Risks and Rewards for a Quantitative Approach

garegantuan@gmail.com (Cliff Asness, Rusty Vanneman, Robyn Murray) — Tue, 19 Nov 2024 05:00:00 +0000

Today, Rusty and Robyn are joined by Cliff Asness, Founder, Managing Principal and Chief Investment Officer at AQR Capital Management. He is an active researcher and has authored articles on a variety of financial topics for many publications, including The Journal of Portfolio Management, Financial Analysts Journal, The Journal of Finance and The Journal of Financial Economics. He has received five Bernstein Fabozzi/Jacobs Levy Awards from The Journal of Portfolio Management, in 2002, 2004, 2005, 2014 and 2015. Financial Analysts Journal has twice awarded him the Graham and Dodd Award for the year’s best paper, as well as a Graham and Dodd Excellence Award, the award for the best perspectives piece, and the Graham and Dodd Readers’ Choice Award. He has won the second prize of the Fama/DFA Prize for Capital Markets and Asset Pricing in the 2020 Journal of Financial Economics. In 2006, CFA Institute presented Cliff with the James R. Vertin Award, which is periodically given to individuals who have produced a body of research notable for its relevance and enduring value to investment professionals. Prior to co-founding AQR Capital Management, he was a Managing Director and Director of Quantitative Research for the Asset Management Division of Goldman, Sachs & Co. He is on the ambassador board of The Journal of Portfolio Management, where he is a frequent author. Cliff is also a board member of the American Enterprise Institute and Commentary Magazine. Cliff received a B.S. in economics from the Wharton School and a B.S. in engineering from the Moore School of Electrical Engineering at the University of Pennsylvania, graduating summa cum laude in both. He received an M.B.A. with high honors and a Ph.D. in finance from the University of Chicago, where he was Eugene Fama’s student and teaching assistant for two years (so he still feels guilty when trying to beat the market).

Key Takeaways

[04:17] - Cliff’s professional background and more on his current role at AQR Capital Management.
[08:00] - Why does Cliff think that the stock market has become less efficient, over the course of his career, and how does he define medium term horizons?
[25:21] - Why is it important for markets to be efficient and what does all this mean for investors moving forward?
[30:47] - Why does Cliff argue that high-volatility alternatives are beneficial, especially when traditional assets seem safer?
[42:20] - How should investors be thinking about including high-volatility alternatives into their portfolios? Are there specific guidelines for balancing these with traditional assets to achieve optimal diversification?
[52:50] - Investors are often reluctant to embrace high-volatility strategies, due to psychological biases. How can investors overcome these biases and what role can Behavioral Finance play in educating clients about these opportunities?
[59:21] - How has the landscape of quantitative investing evolved over the past decade and what does Cliff think are the biggest challenges and opportunities quants face today?
[67:05] - What are Cliff’s thoughts on value investing’s long-term prospects and is the value premium still as robust as it once was?
[73:41] - How does Cliff, personally, maintain his discipline in this industry? Is it just a matter of grounding himself in the data and the history?
[83:27] - From Cliff’s experience as a co-founder of AQR, what are some of the most important lessons that he’s learned from building and managing a global investment firm? Also, how has AQR adapted over the years to market changes and client needs?
[87:16] - What is currently Cliff’s favorite investment idea?

Quote

“The paper starts out pointing out that technological advancements don’t necessarily lead to more efficiency. I think we might naturally assume that they do. Most technological advancements – the availability of data very quickly, the ability to trade very quickly, a lot of them are about speed [and] are not about getting more accurate answers. You know, I don’t think that there’s a lot of argument that the internet and social media and being able to trade on your phone, actually makes us process information better. It just means that we get it very quickly and we drink from a fire hose.” ~ Cliff Asness

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 2931-OPS-11/15/2024

Julie Abbett of JPMorgan - ETFs Keep Growing, But There’s a Lot More to Learn About Them

garegantuan@gmail.com (Julie Abbett, Rusty Vanneman, Robyn Murray) — Tue, 12 Nov 2024 05:00:00 +0000

Today, Rusty and Robyn are joined by Julie Abbett, Head of Americas ETF Sales for Equity and Credit at JPMorgan. Julie focuses on the J.P. Morgan’s ETF execution sales model through strategic partnerships within the ETF market. Julie joined J.P. Morgan from Deutsche Bank where she headed up the ETF execution Sales effort covering the RIAs, ETF Portfolio Managers, and traditional asset manager clients. Prior to Deutsche Bank, Julie was Senior Vice President and Head of Portfolio Management at IndexIQ managing a suite of liquid alternative exchange traded funds. Before IndexIQ, Julie was a Quantitative Equity Portfolio Manager at Deutsche Asset Management (DeAM)/DB Advisors for over 9 years.

Key Takeaways

[02:55] - Learn more about Julie’s professional background and her role at JPMorgan.
[04:42] - What other factors are affecting ETF flows?
[05:49] - Might Active ETFs eventually challenge traditional Mutual Funds, or even Passive ETFs, in terms of popularity and performance?
[07:08] - What shifts is Julie seeing in client demand for ETFs? What are the differences between the preferences for institutional vs. retail investors?
[08:52] - How does JPMorgan approach Fixed Income ETFs and how do they view the future for Bond ETFs?
[10:27] - What can we do to better help educate end investors about newer and more complex products?
[12:08] - Words of advice for those hoping to enter the ETF industry, or the financial industry more broadly.
[13:02] - What is currently Julie’s favorite investment idea?
[13:46] - How does Julie maintain her health, both physically and mentally, while working at a trading desk?

Quote

[05:03] - “The other really large source for ETFs, and I’m sure you’ve talked about this too, has been the wide adoption of Active ETFs. Active Funds, depending on the time frame, have received 25-30% of all ETF flows, which is an outsized percent, especially relative to the current percentage of ETF AUM…These flows include both new net in flows, as well as out flows that are coming out of Mutual Funds and into ETFs.” ~ Julie Abbett

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 2806-OPS-10/31/2024

John Kerschner of JanusHenderson - CLOs: What Are They and Why Should Investors and Financial Advisors Be Interested?

garegantuan@gmail.com (John Kerschner, Rusty Vanneman) — Tue, 5 Nov 2024 05:00:00 +0000

Today, Rusty and Robyn are joined by John Kerschner, Head of US Securitized Products and a portfolio manager at Janus Henderson Investors. He is a member of the Securitized Credit and US Fixed Income Teams and leads the teams in finding innovative ways to utilize structured products in JHI portfolios. Prior to joining Janus in 2010, John was director of portfolio management at BBW Capital Advisors. Before that, he worked for Woodbourne Investment Management, where he was global head of credit investing. John began his career at Smith Breeden Associates as an assistant portfolio manager and was promoted several times over 12 years, becoming a principal, senior portfolio manager and director of the ABS-CDO group. John received his bachelor of arts degree in biology from Yale University, graduating cum laude. He earned his MBA from Duke University, Fuqua School of Business, where he was designated a Fuqua Scholar. John holds the Chartered Financial Analyst designation and has 34 years of financial industry experience.

Key Takeaways

[02:07] - Learn more about John’s professional background and his work at JanusHenderson.
[05:07] - Does John think it will be a gradual path to lower interest rates or might the economy derail those plans for The Federal Reserve?
[08:45] - How does John explain what the neutral rate is and does he care about it professionally? If so, does he think the market is getting the neutral rate right?
[11:57] - How would John explain securitized debt to his family and friends?
[15:08] - How would John compare and contrast CLOs with securitized debt?
[17:14] - An update on the current health of the consumer.
[21:12] - Why are yields and spreads still so attractive in the securitized space and how does John view the credit landscape moving forward?
[25:32] - What roles do CLOs play when The Federal Reserve starts cutting rates?
[28:14] - Has there been a change in the types of CLOs being issued?
[31:05] - What is the outlook on mortgage backed securities right now?
[35:40] - What opportunities does John see in Asset Backed Securities (ABSs) and how do these contrast with other securitized products?
[39:14] - Does John think we will see a bounce back in Commercial Mortage Backed Securities (CMBSs) or not?
[48:32] - What is currently John’s favorite investment idea?

Quotes

[14:28] - “The beauty of securitization is that you’re taking an individual loan: auto loan, credit card loan, student loan, mortgage loan, you name it, and you’re packaging that loan with many other loans and taking those cash flows and selling them to investors like us at JanusHenderson. ~ John Kerschner

[15:09] - “Yeah, so CLOs, it’s an acronym…[that] stands for collateralized loan obligations…All it is, it’s the same idea [as securitized debt], but you’re using corporate loans instead of consumer loans.” ~ John Kerschner

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 2814-OPS-11/1/2024

Paul Curley of ISS Market Intelligence - 529 Plans: How They Work and How They Benefit Investors and Advisors

garegantuan@gmail.com (Paul Curley, Rusty Vanneman, Robyn Murray) — Tue, 29 Oct 2024 04:00:00 +0000

In this episode, Rusty and Robyn talk with Paul Curley, Director of Savings Research at ISS Market Intelligence. In his role, Paul oversees 529 and ABLE market data, research, events and digital products and services for institutional clients, including the 529 Conference. Also, an Editor-in-Chief of the 529 Dash e-newsletter and the 529 Insiders website for financial advisers, institutions, and the media, Paul presents educational seminars and conferences to financial industry experts on 529 plans and ABLE accounts.

Key Takeaways

[03:34] - Learn about Paul’s work as Editor In Chief for 529 dash, Director of Savings Research at ISS Market Intelligence and CFA Review Instructor and Practice Exam Writer.
[05:34] - Learn more about what makes ISS Market Intelligence unique and how they operate.
[07:01] - What are 529 Plans and why should investors care about them?
[08:25] - Why are 529 Plans not even more popular, or more widely adopted, than they are?
[09:41] - What are the most significant data points or metrics that parents and advisors should be focusing on when selecting a 529 Plan?
[12:03] - How might recent policy changes affect the usage and appeal of 529 Plans for advisors?
[12:57] - Do most 529 investors buy directly from a 529 Plan or do they go through a financial advisor? Also, what might make 529 Plans more attractive to financial advisors?
[14:49] - How has Paul seen the 529 space evolve over the past decade and what trends are shaping the future of these plans?
[16:07] - What are the biggest challenges facing the 529 industry today? Also, what role does ISS play in helping states and plan providers navigate those challenges?
[18:02] - How does Paul view the shift in investment options available in 529 Plans now?
[20:55] - Has Paul noticed any shifts in the demographic of families using 529 Plans and how is this influencing product offerings or marketing strategies for plan providers?
[22:50] - Does Paul see any emerging alternatives or supplements to 529 Plans, such as innovative funding models or education targeted investment products?
[25:18] - Are there any legislative developments on Paul’s radar that could impact the 529 industry?
[26:50] - How are technology and digital platforms transforming the way people engage with education savings plans? Also, what role does Paul see AI and data analytics playing in the future of education investing?
[29:00] - For listeners who are new to 529 Plans, or who are looking to improve their education savings strategy, what is the one piece of advice Paul would offer?
[30:10] - What is currently Paul’s favorite investment idea?

Quotes

[12:02] - “I would just say that, for additional content as it relates to that ability to distribute over to Roth IRAs, what’s very intriguing is there’s only 0.1% of assets in accounts currently using that capability to roll over from 529s to a Roth. So…the real strong point [here]…is really just reducing that mental hurtle…that’s like ‘what if my child doesn’t go to college?’” ~ Paul Curley

[31:01] - “It’s easier to increase your savings rate by 20% than [to reduce] your living expenses by 20%, if that makes sense at all? So, that’s [my favorite investment idea and] something that I’ve been thinking about recently.” ~ Paul Curley

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 2700-OPS-10/21/2024

Saira Rahman of Fundrise - The World of Alternatives and Why They’re Even More Important Now

garegantuan@gmail.com (Saira Rahman, Robyn Murray, Rusty Vanneman) — Tue, 22 Oct 2024 04:00:00 +0000

Today, Rusty and Robyn are joined by Saira Rahman, Vice President of New Investor Initiatives at Fundrise. Saira is a board advisor and speaker with 17 years of experience in strategy, payments, modeling and forecasting, financial reporting and interest rates. She believes in effective leadership through cross-functional collaboration, clear communication, people management and robust teamwork. Saira has been featured in the Wall Street Journal and Yahoo News advocating for and implementing family benefits in the workplace. She is also Co-host of Girls Just Wanna Have Funds, a weekly podcast deconstructing the intimidating world of finance with Megan McShane.

Key Takeaways

[03:13] - Learn more about Saira’s professional background and what drew her to the investing world.
[05:26] - Learn more about Fundrise and their focus on Alternative Investments.
[06:20] - How would Saira define Alternatives exactly? Also, what types of Alts are there?
[07:07] - Why should investors consider Alternatives in addition to traditional asset classes, like stocks and bonds, in their investment portfolios?
[09:32] - Why are Alternatives seeing a spike in popularity right now? Also, has the interest in Alternatives been impacted by The Fed's decision to cut rates recently?
[11:00] - How has Fundrise evolved since its inception and what upcoming developments is Saira most excited about?
[12:24] - How are changing demographics influencing the Alternative space in general and the types of investment opportunities that Fundrise offers?
[14:44] - How is the current economic environment impacting Real Estate investments for retail investors?
[16:13] - What role does company culture play in driving innovation and growth within Fundrise?
[16:52] - What is the most important lesson Saira has learned from her diverse career in Financial Services?
[18:00] - What is the best piece of advice that Saira has received and what advice would she give to women entering the Financial Services industry?
[20:54] - What is Saira’s favorite investment idea currently?
[22:36] - Who are some of the colleagues and mentors that Saira is especially thankful for?

Quotes

[07:09] - “If I’m an RIA, and I don’t have Alts in my portfolio, I’m missing out on some of the biggest Alpha currently available in the market…We’re currently in the AI wave, where all of the alpha is in being able to make money on both private and public companies. But, if you look at the public companies, NVIDIA is the only company available to you, in terms of AI…and if you want to get access to the rest of the absolutely incredible AI companies, you have to go into Venture Capital…so if you are not investing in private markets [and] you’re not investing in VC, you are doing a disservice to your investors because they are unable to access just the massive opportunity that is currently in front of us.” ~ Saira Rahman

[16:54] - “The most important lesson [I’ve learned from my time in Financial Services] is probably that you really need to find a job that doesn’t feel like a job…I think having the ability to figure out exactly where you wake up every morning, and it just doesn’t feel like work, that is when you realize you are home.” ~ Saira Rahman

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 2643-OPS-10/14/2024

Michael Patchen of Colleva - Artificial Intelligence and An Exciting Way that AI is Helping Develop Better Advisors, Leaders and Employees

garegantuan@gmail.com (Michael Patchen, Robyn Murray, Rusty Vanneman) — Tue, 15 Oct 2024 04:00:00 +0000

Today, Rusty and Robyn are joined by Michael Patchen, Co-Founder and CEO at Colleva.

Key Takeaways

Mike’s professional background and how he got where he is today.
What inspired the founding of Colleva?
What are the challenges that Mike is seeing in the RIA space and how is Colleva helping address these? Also, how does he envision it transforming the landscape of professional development and employee coaching?
What is Mike’s outlook for AI in the broader investment industry and how it will transform it?
What does Mike consider to be the primary focus of Colleva?
How does Colleva use AI to create lifelike, interactive coaching experiences? What sets it apart from other AI tools?
What makes Colleva’s approach to employee insights so unique?
While Colleva is not currently being used to job interviews and screening, what roles can it play in the interviewing landscape?
Does Mike have metrics or success stories to gauge the effectiveness of Colleva?
Some examples of how using Colleva is engaging, approachable and even fun.
At a philosophical level, how does Mike see the future of work evolving?
How does Mike maintain a work/life balance and how does that influence his leadership style?
What is currently Mike’s favorite investment idea?

Quotes

“When my co-founder and I saw what was happening in the AI world, with obviously things like these large language models, like OpenAI…but also text to speech, speech to text, video avatars…What we realized is there was a unique…level changing opportunity, to provide an executive coach for everyone… [and that it] could add a lot of value to organizations.” ~ Michael Patchen

“I think [AI] is going to be, you know, completely transformative…without any hyperbole. As someone who went through the internet bubble, or internet phase, I think ultimately this will be multiples of that in terms of impact. There will be a lot of shakeout, there will be a lot of false starts, there will be a lot of figuring out what is good AI…vs. bad AI. But, ultimately, the impact is going to be transformational because we are really just in the infancy of it.” ~ Michael Patchen

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 2610-OPS-10/10/2024

Ryan Issakainen of First Trust - Buffered ETFs, Artificial Intelligence and Much More

garegantuan@gmail.com (Ryan Isaakainen, Rusty Vanneman, Robyn Murray) — Tue, 8 Oct 2024 04:00:00 +0000

Today, Rusty and Robyn are joined by Ryan Issakainen, Senior Vice President, Exchange-Traded Fund Strategist at First Trust Advisors. Since joining First Trust in January of 2000, Mr. Issakainen has worked in various capacities with Unit Investment Trusts, Closed-Ended Funds, Structured Products, and Exchange-Traded Funds. As an ETF Strategist at First Trust, Ryan provides in-depth analysis and commentary related to ETF investing, including a monthly ETF webcast for financial advisors, and a quarterly ETF newsletter. In addition to his research responsibilities, Ryan speaks at various ETF industry events and conferences throughout the country. Mr. Issakainen has appeared on a number of radio and television outlets including CNBC, Fox Business, Bloomberg Radio, and WBBM Newsradio 780. In addition, he has given interviews to numerous print outlets including Investor’s Business Daily, Bloomberg, Reuters, InvestmentNews, Investment Advisor Magazine, TheStreet.com, Index Universe, MarketWatch, The Wall Street Journal, LA Times, US News and World Report, and Fortune Magazine. Ryan holds a B.A. and an M.A. from Wheaton College in Wheaton, IL. He resides in upstate New York with his wife Lauren and children Abigail, Joshua, and Caleb.

Key Takeaways

What drew Ryan to this industry in the first place and why has he stuck with First Trust for such a long time?
What drives First Trust’s investment philosophy and how does it differ from its peers?
When interest rates are falling, what tends to work in the stock market?
When might the stock market broaden out a bit and what are some of the potential catalysts for this shift?
What are some of the potential second order effects of the buildout of AI?
How does Ryan define investment themes in general and what does he think that themes like re-shoring and de-globalization mean for the market overall?
What is Ryan’s overall outlook for the growth of ETFs and ETF models?
How would Ryan define Buffered ETFs and why is there such high demand for them?
More and more firms are entering the Buffered ETF landscape. What might this mean for the ecosystem?
What is next in the Buffered investment space? Will First Trust potentially bring buffers to other investment vehicles?
How does First Trust partner with RIAs and Financial Advisors in a way that might be different from other ETF fund companies?
How does First Trust mesh their great macro research with the products they launch?
What is Ryan’s favorite investment idea at the moment?

Quotes

“When we look historically, what tends to work better during those rates down/rate cutting environments…we’ve seen high dividend paying stocks, as well as low volatility stocks, have been the best performing factors. High quality stocks tend to do well also, but they also tend to work when rates are moving higher. ” ~ Ryan Isaakainen

“[For] themes like de-globalization [and] re-shoring, those things are obviously connected - if you are going to have less of a global supply chain, you’ve got to bring it home. This is a trend that is just beginning to play out, that we expect will have legs for at least a decade. We look at the evidence that it’s happening…there’s this building boom in factories that’s across the US - it’s just an enormous amount of magnitude…and there’s a lot of reasons for that and there’s a lot of reasons why we think it will continue. One of the obvious reasons, looking in the rearview mirror…is that…there are vulnerabilities [in supply chains] that were exposed by Covid.” ~ Ryan Isaakainen

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 2518-OPS-10/1/2024

Yuri Khodjamirian of Tema ETFs - Strategic Active ETFs and Strategies to Watch

garegantuan@gmail.com (Yuri Khodjamirian, Rusty Vanneman, Robyn Murray) — Tue, 1 Oct 2024 04:00:00 +0000

Today, Rusty and Robyn are joined by Yuri Khodjamirian, Chief Investment Officer of Tema ETFs. Yuri spent over a decade at Majedie Asset Management managing UK and Global portfolios. As co-manager of the Majedie UK Income Fund, he helped build the fund from start-up stage, raising several billion in assets. He later set up his own long-only fund and sits on the board of a private Scandinavian biotechnology company. He holds degrees in Economics from University of Cambridge and LSE (distinction), as well as a degree in Bioscience Enterprise from University of Cambridge. Yuri is a CFA charter holder.

Key Takeaways

[03:31] - Yuri’s professional background, career highlights and what brought him to Tema.
[05:06] - More on Tema ETFs and what makes them stand out from their peers.
[06:10] - Learn more about Tema’s investment process and philosophy.
[07:24] - How does Yuri think up the ideas behind the funds they launch? What is his process?
[08:37] - What is the trend of “American reshoring” and how does Tema select companies for this theme?
[10:38] - What makes Tema think that reshoring in the US is a durable trend?
[13:32] - How does Tema approach the healthcare sector differently from other sectors?
[15:47] - What should we be paying attention to in relation to the anti-obesity market within healthcare?
[17:42] - How is Tema doing “Moat Investing” differently than other firms?
[19:48] - One of Tema’s tickers is “TOLL.” What are some examples of some of the companies they would include, or would not include, in TOLL?
[21:42] - What do alternative investments mean for Yuri and what are his current thoughts on the space?
[24:27] - What is Yuri’s favorite investment idea currently?

Quotes

[06:12] - “My key criteria for joining [Tema ETFs] was sort of - are we going to be really thoughtful about the types of strategies we launch?...What I was kind of encouraging was to build a very thoughtful process that was investment first. What are the most interesting [areas], what I call neighborhoods, of the stock market? ” ~ Yuri Khodjamirian

[08:45] - “The thesis [of American reshoring] is kind of the opposite of what was happening in the world many decades ago. So, if you think about the 1960s and from that point on - really a lot of companies, especially in the United States, started to send manufacturing abroad. They were motivated by labor costs [among] other things…and companies were offshoring…but what’s happened over I would say the last 15 years…is that companies are starting to realize that these supply chains are quite vulnerable…and suddenly the board room calculations [are considering] ‘shouldn’t I be building [supply chains] closer to the home market to gain an advantage?’” ~ Yuri Khodjamirian

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 2482-OPS-9/26/2024

The Brinker Due Diligence Team - Due Diligence and How to Do it Right

Tue, 24 Sep 2024 04:00:00 +0000

Today, Rusty and Robyn are joined by John Hoffman, Ryan Alderman, Jimmy Dooling, Greg King and Chris Hart from Brinker’s Due Diligence team.

Key Takeaways

[04:10] - The professional background of each of our guests today and what led them to Brinker.
[09:06] - If they had to do due diligence on a due diligence team, what would they look for in that situation and what are some of the characteristics of a good due diligence team?
[11:35] - How do they set themselves apart from other due diligence teams in the industry?
[14:02] - How does the team go about finding new ideas and how does their “shopping list” get created?
[15:58] - When the team is considering managers and strategies, what factors and attributes are they looking for in particular?
[17:46] - Learn more about the Brinker Capital “guiding star” reports. What do they cover in these reports and who gets to read them?
[19:40] - Do they have any stories of due diligence meetings that have gone terribly wrong?
[22:55] - Advice and preparation tips for investment firms that want to be interviewed by the Brinker due diligence team?
[25:44] - Recommendations for people who are interested in becoming due diligence analysts.
[27:07] - What are each of our guests favorite investment ideas for the near future?
[30:36] - How do each of our guests maintain their health, both physical and mental, to ensure they can perform at the high level demanded by this industry?
[33:36] - Who are some of the colleagues and mentors that each of the guests are thankful for?
[37:26] - Book, podcast and music recommendations from our guests.

Quotes

[12:43] - “I would say also, to extend on Jimmy’s point, [our due diligence team is] a bit more nimble…I think being a smaller, more collaborative team gets us the ability to execute a little bit more efficiently, [and to] make decisions a little bit more quickly [while] not sacrificing our process along the way.”

[16:43] - “Process driven philosophies, being able to quantify why it works and being consistent in how you implement it, I think, are the biggest 3 things that we look for [when considering managers and strategies].”

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor. Wealth Management services are offered by Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor. Orion Portfolio Solutions, LLC is a wholly owned subsidiary of Orion Advisor Solutions, Inc. (“Orion”)

Compliance Code: 2360-OPS-9/13/2024

Jerry Parker of Chesapeake Capital - The Most Successful Turtle Trader: Lessons From a Career of Systematic Investing

garegantuan@gmail.com (Jerry Parker, Robyn Murray, Rusty Vanneman) — Tue, 17 Sep 2024 04:00:00 +0000

Today, Rusty and Robyn are joined by Jerry Parker, CEO of Chesapeake Capital. Mr. Parker is the Chairman and Chief Executive Officer of Chesapeake and Chesapeake Holding Company. Mr. Parker received a Bachelor of Science degree in Commerce, with an emphasis in Accounting, from the University of Virginia in 1980. Mr. Parker started his trading career in 1983 as an exempt commodity trading advisor for Mr. Richard J. Dennis, in his “Turtle” training program. My. Parker, a Portfolio Manager, has overseen Chesapeake’s operations and its trading since its inception in February 1988.

Key Takeaways

[03:36] - What drew Jerry to investing in the first place? Also, learn more about his career as the Founder of Chesapeake Capital.
[05:46] - Learn more about Chesapeake Capital, what sets them apart as a firm and what has been key to their success.
[07:53] - Learn more about how Jerry got involved with “Turtle Trading” and more detail about the experiment.
[13:15] - How does Jerry define systematic investing and why does he think this approach has worked for him for so long?
[15:03] - What was it like working with William Eckhart and Richard Dennis?
[19:03] - Learn about the ETFs that Jerry manages for Chesapeake and how they differ from other trend following ETFs.
[23:22] - What does Jerry think about the main differences between managing money in a Hedge Fund structure vs. an ETF structure and what made him move from one to the other?
[25:21] - Is it true that commodities and currencies are markets that have a tendency to trend, but equities and fixed income are not? Also, what are the benefits of combining a multi-asset trend strategy with equities?
[28:27] - How does Jerry define trend and how does it differ from momentum?
[31:47] - Where does Jerry think trend following fits alongside fundamental investments in a portfolio?
[36:47] - If Jerry was responsible for due diligence and had to select a portfolio manager who used trend following, what would he look for in that manager and that strategy?
[39:12] - What does Jerry think about the popularity of trend replication strategies?
[42:56] - Does Jerry find that there is more interest in trend following strategies from RIAs than from other financial advisors?
[44:51] - When Jerry is considering how to invest his personal wealth, what allocations guidelines or principles does he follow?
[47:42] - What have been Jerry’s best and worst trades and what did he learn from them?
[52:13] - What is Jerry’s favorite investment idea currently?

Quotes

[13:15] - “I think [trend following] works for me because it suits my personality to follow the rules…To have a backtest to at least show me, minimally, that this has at least happened in the past…it may not be great in the future, but it has at least done well in the past…but you can have a little bit of confidence going forward with these rules. I think it works for everyone, if you are willing to submit yourself to rules and not be upset or jealous when people are doing better, seemingly, by not using rules…I think over time this type of strategy will work out, and win out, eventually, but not on a day-to-day basis.” ~ Jerry Parker

[19:24] - “I look at our trend following as similar to the S&P. It’s just pure beta. It’s just pure trend. It’s hard to beat, it’s hard for active managers to beat the S&P. I think it’s hard…to beat plain old trend following…It’s [also] rare, I don’t know any other CTAs who will admit that it’s trend following plus nothing, we don’t do anything except trend following, and it’s pretty much the same rules I learned in 1983 with a few changes.” ~ Jerry Parker

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 2296-OPS-9/6/2024

Joe Smith of Parti Pris - Direct Indexing and Unified Managed Householding - What Does that Mean?

garegantuan@gmail.com (Joe Smith, Rusty Vanneman, Robyn Murray) — Tue, 10 Sep 2024 04:00:00 +0000

Today, Rusty and Robyn are joined by Joe Smith. Joe is Co-founder, Chief Investment Officer and head of Parti Pris’ Investment Strategy Committee. He has executive responsibility for wealthtech platform development, and thought leadership. In his leadership role, he brings deep expertise in applying technology and portfolio optimization tools to portfolio design and implementation issues specific to wealth management. Joe is the primary architect of Parti Pris’ investment approach including Parti’s proprietary Household investment management process and our Advisor SketchBook™ portal.

Joe brings almost 20 years of financial industry experience to his position at Parti Pris. Previously, he served as Senior Market Strategist and later Deputy Chief Investment Officer of CLS Investments, LLC. He has held several other investment management and product development roles including Manager of ETF Product Research & Development at Russell Investments and Senior ETF & Index Product Specialist at Charles Schwab Investment Management.

Joe holds a BS in Economics from the University of Washington and an MBA from the Tepper School of Business at Carnegie Mellon University. Joe has hosted several industry podcasts and authored several articles and papers regarding the investment management industry and trends, application of quantitative methods to portfolio management, and the role of ETFs in asset allocation portfolios.

Key Takeaways

[03:59] - Joe’s professional background and how it led him to his current position.
[10:14] - Parti Pris is the organizing thought, or decision, behind an architect’s design. How does this idea guide the identity of Joe’s firm and how it operates?
[12:16] - What’s Joe’s assessment of the current state of Direct Indexing and the customization marketplace and what should people expect as the next key areas of focus?
[14:58] - What is Unified Managed Householding and why does Joe think that it will play a crucial role in the future of wealth management?
[16:32] - What is currently the biggest driver of demand for Unified Managed Householding and what is the ultimate market opportunity for it?
[18:55] - What are some obstacles that advisors might face when implementing Unified Managed Householding and how does Parti Pris help advisors overcome these?
[21:13] - What are some of the key lessons that Joe has learned as an entrepreneur?
[24:23] - What does Joe consider to be the building blocks of a cohesive company culture?
[27:27] - How does Joe think the industry needs to evolve risk management to ensure advisors can help their clients navigate short-term market movements and deliver better investment outcomes over the long-term?
[30:02] - How has Joe’s experience in the industry been shaped by his identity as a person of color?
[32:42] - What steps can be taken to encourage more people of color to pursue careers in wealth management?
[34:53] - What is currently Joe’s favorite investment idea?

Quotes

[13:49] - “Now, where do I actually think [Direct Indexing] is going, and what we have seen at Party Pris, in terms of the third act of what I’ll call the great wave in direct indexing and personalization. It’s really focusing more on holistic, related solutions than being individualistic…and I think that’s where the concept or idea of Unified Managed Householding is really starting to come into focus for a lot of advisors” ~ Joe Smith

[18:55] - “I think there’s really two major challenges [to implementing Unified Managed Householding]. One, I think, is more technology related and two is more education related. When we talk about Unified Managed Householding, it requires a lot of input from the client [and] it requires a lot of input from the advisor and getting all of that information in one centralized place to make the right decisions [is critical].” ~ Joe Smith

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 2234-OPS-8/30/2024

Scott Davis and John Finneran of Capital Group - The Most Successful Active ETF Launch in History

garegantuan@gmail.com (Scott Davis, John Finneran, Rusty Vanneman, Robyn Murray) — Tue, 3 Sep 2024 15:03:10 +0000

Today, Rusty and Robyn are joined by Scott Davis and John Finneran, the Head of ETFs and ETF Sales Specialist respectively at Capital Group.

Scott T Davis is an ETF director at Capital Group, home of American Funds. He has 17 years of industry experience and has been with Capital Group for 16 years. Prior to his current role, Scott led product development across Capital Group. Earlier in his career he held various strategy and finance roles for Capital Group, Hostess Brands and Boeing. He holds an MBA from University of Southern California and a bachelor's degree in management science from University of California San Diego. Scott is based in Los Angeles.

John Finneran is an ETF sales specialist at Capital Group, home of American Funds. He has 17 years of industry experience and has been with Capital Group for three years. Prior to joining Capital, John worked as an iShares leader at BlackRock/iShares. Before that, he was a sales executive at Vanguard. He holds a bachelor's degree with a double major in marketing and management and a minor in international business from Villanova University. John is based in Harleysville, Pa.

Key Takeaways

[03:16] - Scott’s professional background and what led him to his current position.
[04:40] - John’s past experience and how it all comes together to inform what he does now.
[05:55] - What sets The Capital Group apart from their peers and how has it had such longevity within the industry?
[09:03] - What unique promise does Capital Group see in ETFs as an investment vehicle?
[10:23] - What is the origin story of Active ETFs and their evolution within Capital Group?
[13:40] - Learn about Capital Group's decision to enter the Active ETF space and their approach to their entry.
[15:28] - Top reasons why advisors and investors should consider Actively managed ETFs from Capital Group and what benefits they can expect from them.
[18:07] - How are advisors responding to the Capital Group introducing Active ETFs to client portfolios? What has been some of the feedback and questions that people are asking?
[20:43] - What should investors and advisors be asking when speaking with actively managed ETF managers when they’re doing their own due diligence? Are these questions different from when they talk to active managers of Mutual Funds and SMAs?
[24:42] - How many ETFs does Capital have and what is the total AUM?
[25:37] - Any key takeaways around client demand and what does the road forward look like for Capital Group’s actively managed ETFs?
[30:02] - What are their favorite investment ideas for the remainder of 2024?

Quotes

[11:35] - “I think the industry…haven’t done advisors right. By that I mean, the industry has made it an active vs. passive debate. Every time you’re turning this on, it’s ‘are you beating my ETF…you know, what percentage of active managers are outperforming their index.’ I’m fortunate, you know, I’ve had thousands of conversations with advisors, and it’s actually an ETF vs. Mutual Fund debate. ” ~ John Finneran

[13:40] - “Our decision…back in 2019, and for the many years prior to that, was all about how we could take our investment process and deliver it in the ETF wrapper without compromising any of the benefits or expectations that investors would have in an ETF from Capital. Once the SEC rule was passed, that really gave us the ability to do that…We spend a lot of time and energy in the design and execution of our ETFs to make sure we are leveraging all the tools of the ETF wrapper…in order to manage that…That’s been our guiding light as we’ve developed this suite over the past 26-28 months, we know have 21 ETFs that help satisfy a really broad range of investor need.” ~ Scott Davis

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 2240-OPS-9/3/2024

Ben Cruikshank of Flourish Financial - Our Love Hate Relationships with Cash and Annuities

garegantuan@gmail.com (Ben Cruikshank, Rusty Vanneman, Robyn Murray) — Tue, 27 Aug 2024 04:00:00 +0000

Today, Rusty and Robyn are joined by Ben Cruikshank. Ben is President of Flourish, where he oversees all client-facing teams, including Sales, Relationship Management, Partnerships, and Support. Ben is a frequent commentator on issues related to investment advisors and has appeared in The Wall Street Journal, Barron's, Marketwatch, and numerous industry publications. Prior to Flourish, Ben was a founding member of the Betterment for Business team and led the 401(k) sales team. Prior to Betterment, Ben discovered his love for start-ups at NewsCred, a marketing technology company where he ran the Financial Services sales vertical and built the sales operations organization as the company grew from 15 to 200+ employees. Outside of Flourish, Ben spends time with his wife and son, volunteers for Hour Children, an organization that helps families impacted by incarceration, and is fixing up an 1880s farmhouse in upstate New York. Ben has a passion for personal finance, which directly led to his work with financial advisors and their clients. Ben holds a degree in Economics from the University of Pennsylvania and holds his Series 7, 24, 63, and 99 licenses. Fun Fact: Ben is dedicated to brewing the perfect cup of coffee, including roasting his own beans.

Key Takeaways

[03:34] - Ben’s professional background and more on his current role at Flourish.
[06:40] - What makes Ben’s team at Flourish so cool and interesting and what world records does he hold?
[08:25] - Why is cash management so important and how is Flourish helping investors in this space?
[15:17] - What are some best practices to consider when it comes to how much one should hold in cash?
[18:40] - How much are investors losing if they aren’t optimizing their cash reserves and how is Flourish helping advisors and investors to optimize their holdings?
[24:13] - What is Ben’s market outlook for cash interest rates moving forward?
[27:27] - Ben walks us through some of the more popular annuity options.
[37:14] - What are the basic pros and cons of utilizing annuities?
[40:45] - As President of a Fintech firm, how does Ben define success?
[44:03] - What helps make firms successful when rolling out innovative, new solutions and how has Ben seen client expectations, about their advisors, change in recent years?
[49:54] - What is Ben’s favorite investment idea for the remainder of 2024?

Quotes

[12:15] - “[There are]...four different academic studies, surveying high net worth individuals directly, that show high net worth individuals hold 20% + of their wealth in cash. So you’re looking at this 1%, fighting tooth and nail to minimize cash drag in the portfolio, and that’s all really important, [but] did you know how much cash your clients have sitting on the side?...Inevitably, 99 times out of 100, the advisor would say ‘interesting point, [but] not my clients, I know where every single dollar is [and] my clients don’t hold anywhere near that much cash, that’s just not possible.’” ~ Ben Cruikshank

[54:05] - “I gave myself permission to just read anything I was interested in…I love science fiction and things like that. Just read. Don’t worry about it being the most productive book, don’t worry about it moving your business forward or your professional life forward, just read. Read like a kid, read for the enjoyment of it. I have seen, since doing that…just tremendous improvements in focus, in mood, in new ideas and energy and I think there’s just so much benefit…to snoozing notifications, closing the laptop, and again, finding that childlike wonder.” ~ Ben Cruikshank

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 2070-OPS-8/14/2024

Adam Abbas of Harris Associates - It’s All About Fixed Income

garegantuan@gmail.com (Adam Abbas, Rusty Vanneman, Robyn Murray) — Tue, 20 Aug 2024 04:00:00 +0000

Today, Rusty and Robyn are joined by Adam Abbas, Head of Fixed Income and Portfolio Manager at Harris Associates. Adam Abbas has been a manager of the Oakmark Bond Fund and Oakmark Equity and Income Fund since 2020. He is also a vice president of the Oakmark Funds. He started at Harris Associates in 2018 after working as a lead portfolio manager at KVK Credit Opportunity Fund LP. Prior to that, he was a portfolio manager at Driehaus Capital Management, a senior research analyst at Neuberger Berman/Lehman Brothers and an analyst at Huron Consulting Group. Mr. Abbas earned a B.S. degree from Northwestern University (2004) and an M.B.A. from the University of Chicago (2013).

Key Takeaways

[03:07] - Adam’s professional background and how he came to specialize in Fixed Income.
[06:36] - Learn more about Harris Associates and the philosophy that sets their firm apart.
[08:58] - How does Adam apply Harris’s investment philosophy to their Fixed Income investing?
[10:50] - What information does Adam gather from the equity side of the house and how much does this inform their approach?
[12:45] - It has been a tumultuous couple of years for the Fixed Income market. What factors have helped them generate Alpha during this time?
[16:28] - Adam runs a relatively concentrated portfolio for their space - how does he think about position sizing in the context of the risk return profile they hope to deliver?
[18:59] - What are some of the key drivers for security selection within the fund?
[20:27] - What are Adam’s thoughts on interest rates and the credit markets in general?
[22:30] - What is Adam’s favorite investment idea for the remainder of 2024?
[26:48] - Who are some of the colleagues and mentors that Adam is particularly thankful for?

Quotes

[15:08] - “We’re not out here trying to time markets at Harris, or putting huge conviction on our ability to call the exact time of the cycle. We believe that’s a really hard call to make…look at the track records for making those types of macro, top-down calls – they’re very tough to make.” ~ Adam Abbas

[19:52] - “...Business value, that’s where we are really differentiated. We spend some time on understanding ‘what is our forward looking view of total business value, and how does that inform the default risk that’s priced in the marketplace today?’ If that fair value is at a sufficient discount, or cheaper than the market price, and we can’t fully describe that disconnect from top down dislocations, that’s when we initiate the position.” ~ Adam Abbas

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 2018-OPS-8/8/2024

David Ricci of William Blair - The Future of Growth Investing

garegantuan@gmail.com (David Ricci, Rusty Vanneman, Robyn Murray) — Tue, 13 Aug 2024 04:00:00 +0000

Today, Rusty and Robyn are joined by David Ricci, a Portfolio Manager at William Blair. David Ricci, CFA, partner, is a portfolio manager on William Blair’s Large Cap Growth strategy, which he joined in 2011. From 2005 to 2018, he was also a portfolio manager on the Mid Cap Growth strategy. Previously, he was the group head for the consumer sector, focusing on specialty retail and e-commerce companies, in William Blair’s sell-side research group. Before joining William Blair in 1994, David gained extensive experience at Procter & Gamble, Melville, and Bain & Company. He is a member of the CFA Institute and the CFA Society Chicago. David received a Sc.B., magna cum laude, from Brown University and an M.B.A. from Harvard Business School.

Key Takeaways

[03:31] - David’s professional background, his current role and his volunteer work.
[06:55] - When it comes to managing a growth portfolio, what is David’s philosophy?
[11:51] - Does David think that active managers who are using fundamental analysis can still outperform in current market conditions?
[14:40] - Does he think that the markets right now are more disconnected from the economy than they have been historically?
[16:16] - What is David’s market outlook and how does this outlook affect his portfolio positioning, if at all?
[19:14] - If we do get higher interest rates, how would this impact longer duration growth companies?
[21:16] - What is David’s current outlook on the high profile names of The Magnificent 7?
[24:32] - What are the implications of today’s massive IT outage for long-term investing?
[25:58] - Who does David think should be on “The Mount Rushmore of Growth Investors?”
[27:40] - What is David’s favorite investment idea for the remainder of 2024?
[30:35] - Who are some of the colleagues and mentors that David is thankful for?

Quotes

[12:27] - “Everyone…is talking about The Mag 7, but if you go back 5, 10, 15 years - it has really been a market dominated by large tech, whether it is Apple, Microsoft, Google, Meta [or] Amazon. I mean, these companies have been in the spotlight today, five years ago, ten years ago, fifteen years ago, some of them go back much further than that. So, it has been a fairly narrow world [for a while now.]” ~ David Ricci

[16:47] - “[Aside from the election] I think the major tug of war going on right now…is the expectation of lower rates and what that could mean for the economy.” ~ David Ricci

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

The CFA® is a globally respected, graduate-level investment credential established in 1962 and awarded by CFA Institute — the largest global association of investment professionals. To learn more about the CFA charter, visit www.cfainstitute.org.

Compliance Code: 1909-OPS-7/31/2024

Eric Crittenden of Standpoint Asset Management - What Does It Mean to Take an All Weather Approach to Investing?

garegantuan@gmail.com (Eric Crittenden, Rusty Vanneman, Robyn Murray) — Tue, 6 Aug 2024 04:00:00 +0000

Today, Rusty and Robyn are joined by Eric Crittenden, Founder and Chief Investment Officer at Standpoint Asset Management. Standpoint is an investment firm focused on bringing all-weather portfolio solutions to US investors. Eric has over 20 years of experience researching, designing and managing alternative asset portfolios. Eric holds a BA in Finance from Wichita State University.

Key Takeaways

[02:23] - Eric’s professional history and what he does in his current role.
[05:28] - What is Standpoint’s investment philosophy and what sets them apart as a firm?
[07:20] - What are some of the key factors that account for why advisors choose to use Standpoint’s fund?
[09:28] - What are the behavioral underpinnings for all weather investing?
[11:56] - How does Standpoint define and incorporate “trend” into their investment process?
[14:20] - Given the unique, current market conditions, how is the Standpoint fund currently structured?
[16:32] - What is Eric’s take on a 50/30/20 structure for a contemporary balanced portfolio?
[18:30] - Who does Eric think should be on the Mt. Rushmore of the great, systematic, tactical, multi-asset money managers?
[21:37] - What are “Eric’s life principles” that he mentions on the Standpoint website?
[25:27] - What is Eric’s favorite investment idea for the remainder of 2024?

Quotes

[10:27] - “...That’s a recurring thing we see in the world, is that oftentimes, the moment you need to put these investments into the portfolio is psychologically and socially the most difficult time.” ~ Eric Crittenden

[24:16] - “I see this recurring phenomenon over and over, and that is that 80% of the success comes from about 20% of the decisions, or 20% of the effort. It might even be 90/10 in some cases. Likewise, 80% of the dysfunction in your life comes from 10% or 20% of the decisions or indecisions.” ~ Eric Crittenden

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 1884-OPS-7/30/2024

Mike Singleton of Invictus Research - The Things That Matter and the Things That Don’t

garegantuan@gmail.com (Mike Singleton, Rusty Vanneman, Robyn Murray) — Tue, 30 Jul 2024 04:00:00 +0000

Today, Rusty and Robyn are joined by Mike Singleton, Senior Analyst and Principal at Invictus Research. Mike studied finance and theology at the University of Notre Dame, where he graduated summa cum laude. After graduating, Mike had the opportunity to work for several years with Broad Run Investment Management, where he spent most of his time conducting deep, fundamental diligence on the highest quality companies he could find. Since then, most of his time has been spent researching the economy at-large and its relationship with the liquid asset markets. He believes that there is a massive hole in the research market for timely, thoughtful and accessible macroeconomic research. That's why he got involved at Invictus. He also wants to thank the incredible team of people behind the scenes at Invictus, who make all of their research possible.

Key Takeaways

[03:07] - Mike’s professional background and what he does in his current role.
[05:27] - Invitus claims to provide “Hedge Fund quality research for everyone.” What does this mean and what does it look like in action?
[08:56] - Invictus describes themselves as “a business cycle analyst.” What does this mean for those who don’t know and why are they attracted to this approach?
[10:20] - What are the top 3 things that matter, and that don’t matter, for investors in the back half of 2024?
[15:18] - Why does Mike think that the really long cycle of Large Cap outperformance may be coming to an end?
[17:38] - What is Mike’s current inflation outlook?
[20:33] - Invictus believes that The CRB Index, which tracks commodities, is one of the most important charts in the world right now. What do they mean by that?
[23:15] - What are Mike’s thoughts on The Fed and how does he see them acting for the remainder of the year?
[26:11] - When does Mike think it makes sense for investors to turn bearish?
[28:52] - What’s Mike’s favorite investment idea for the remainder of 2024?

Quote

[24:06] - “Fed policy tends to matter a lot when The Fed is moving quickly. When it’s hiking rates really quickly, or when it’s cutting rates really quickly…It tends to matter when earnings growth, in absolute terms, is close to zero - when it’s not increasing quickly or decreasing quickly. Right now neither of those conditions are met…we expect [earnings growth] to be low double digits, [but] even if it’s 9%, that is going to swamp the effect of 25 basis points of interest rate cuts here or there.” ~ Mike Singleton

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 1812-OPS-7/23/2024

James St. Aubin of Sierra Investment Management and Ocean Park Asset Management - What’s Ahead for the Markets and How Will Artificial Intelligence Impact the Investment Industry?

garegantuan@gmail.com (James St. Aubin, Robyn Murray, Rusty Vanneman) — Tue, 23 Jul 2024 04:00:00 +0000

Today, Rusty and Robyn are joined by James St. Aubin, Chief Investment Officer of Sierra Investment Management and Ocean Park Asset Management. James St. Aubin, CFA®, CAIA®, is Chief Investment Officer for Sierra Investment Management. He has oversight of all activities of the Investment Management department, in collaboration with Sierra co-founders David Wright and Kenneth Sleeper.

An accomplished investment management executive, his career of more than 20 years includes leadership roles in asset allocation, manager research and portfolio construction. James earned a Bachelor of Science in Finance from DePaul University and is a CFA® and CAIA® Charterholder. He is a Board Member and Treasurer for Children’s Bureau of Southern California, a local non-profit organization focused on primary prevention of child abuse.

Key Takeaways

[03:19] - Learn more about James’ professional background and his current role.
[05:11] - Learn more about Ocean Park’s rules based investment philosophy and how they differ from their peers.
[08:33] - What is James’ current market outlook and how is he looking at, and thinking about, the market right now?
[10:40] - What is James’ outlook for inflation and economic growth, in particular?
[13:06] - Are there any other risks that investors should be aware of right now?
[14:32] - How does his economic outlook impact his current view on the financial markets?
[16:42] - James’ view on the overall US market and some particular opportunities within that.
[18:21] - How are they adjusting Ocean Park portfolios given the current market environment?
[19:21] - What’s new at Ocean Park, particularly in terms of product development?
[22:08] - There has been an explosion in data availability in recent years. How has his firm’s quantitative process evolved accordingly?
[23:53] - Does James’ firm have any plans to incorporate AI into their research process?
[25:44] - What is James’ favorite investment idea for the rest of 2024?
[29:27] - Who are some of the colleagues and mentors that have helped James get to where he is today?

Quotes

[08:35] - “[Recently I’ve]...been comparing the economic data that we’re looking at to a Rorschach test. It certainly doesn’t necessarily tell you a clear picture of what’s happening, it’s a very poorly defined picture, and sometimes I think it tells more about the person that’s evaluating the data than the data itself. ” ~ James St. Aubin

[13:07] - I think that those long and variable lags [may be a risk that’s often unaccounted for]...maybe we are underestimating how long and variable those are. Are we solving one problem, meaning inflation, to create a growth problem? That’s always a concern in these rate hiking cycles.” ~ James St. Aubin

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 1620-OPS-6/27/2024

Tyson Walker of Orion OCIO - The Ins and Outs of Portfolio Audits

garegantuan@gmail.com (Tyson Walker, Robyn Murray, Rusty Vanneman) — Tue, 16 Jul 2024 04:00:00 +0000

Today Rusty & Robyn are joined by Tyson Walker, Director of Portfolio Strategy at Orion OCIO, also known as Town Square Capital, in Salt Lake City. Tyson Walker serves as the Director of Portfolio Strategy at TownSquare Capital, where he leads a dedicated team of investment analysts. In this role, Tyson ensures that financial advisors receive expert guidance on investment models and asset allocation decisions, optimizing their clients’ financial outcomes. Tyson is a member of the TownSquare Investment Committee where he lends his expertise on equity markets and chairs the Equity Subcommittee. In addition to his Portfolio Strategy responsibilities, Tyson plays an integral role on the sales team, assisting to bridge the investment gap for new Registered Investment Advisors (RIAs) partnering with TownSquare Capital. Prior to working at TownSquare Capital Tyson worked for Fidelity Investment as a member of the International Trade team. There he traded equities and currencies in over 30 countries. He attended the University of Utah and earned a bachelor’s degree in economics.

Key Takeaways

[03:05] - Learn more about Tyson’s career and what he is doing in his current position.
[06:10] - What is TownSquare’s investment philosophy and how does it stand out from its peers?
[09:45] - How has TownSquare been able to build such a loyal and excited following among advisors?
[11:53] - What are the main objectives of TownSquare’s portfolio audit and what insights are they hoping to find?
[15:40] - What are some of the common findings in portfolio audits? Also, how often do portfolio audits not turn up suggested portfolio changes?
[18:18] - How often does the audit impact the asset allocation of a particular household?
[22:56] - What is Tyson’s favorite investment idea for 2024?

Quotes

[16:30] - “Oftentimes [in our audits] we’re going to see portfolios that will own the same investment. They’ll own a Microsoft, or an Apple, or something 7 or 8 times within their portfolio. So, if we think of…an example of why that may be a problem… In any single day, that client [might have] two transactions happen on Apple, in their portfolio, but their exposure has stayed…the same. ” ~ Tyson Walker

[20:17] - “Imagine you walk into your local grocery store [and] you go to the produce section, and you know, you can buy a watermelon for say 50 cents a pound, right? But you could also walk 10 additional steps to the refrigerated section, and you could buy a watermelon that’s been sliced up, and it’s got saran wrap over it, and it costs four times as much, right?...We tend to see that the same thing can happen within Wall Street, where…[people] will take the same stocks and bonds, take them to the back out of sight, cut them up, package them, price them at different numbers, you know, and then you end up paying a lot more.” ~ Tyson Walker

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Disclosure(s) - Custom Indexing offered through Orion Portfolio Solutions, LLC a registered investment advisor.

Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor. Wealth Management services are offered by Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor. Orion Portfolio Solutions, LLC is a wholly owned subsidiary of Orion Advisor Solutions, Inc. (“Orion”).

OCIO services offered through TownSquare Capital, LLC, an Orion Company, a Registered Investment Advisor. TownSquare Capital, LLC, is an affiliated company of Orion Portfolio Solutions, LLC

Compliance Code: 1516-OPS-6/17/2024

Kostya Etus of Dynamic Advisor Solutions - Investment Models and Why Advisors Should Use Them

garegantuan@gmail.com (Kostya Etus, Robyn Murray, Rusty Vanneman) — Tue, 9 Jul 2024 04:00:00 +0000

Today, Rusty and Robyn are joined by Kostya Etus, CIO of Dynamic Advisor Solutions. Konstantin “Kostya” Etus, CFA® is the Chief Investment Officer at Dynamic Advisor Solutions. He is responsible for leading Dynamic’s Investment Management team and overseeing all investment operations at Dynamic, including investment people, philosophy, process, portfolios and performance. He brings to Dynamic specialized experience in asset allocation and security selection of various ETF and mutual fund portfolios. His experience includes managing mutual funds, ETF strategies and 529 plans, as well as evaluating investment strategies, including SMAs, model portfolios and individual funds through a robust due diligence framework. Prior to his role as CIO, Etus served as Head of Strategy, Investment Management. Under his leadership, Dynamic strengthened its investment research, asset allocation and strategy development, including the development and launch of enhanced ETF strategies, alternative investments and custom high-net-worth (HNW) solutions. Prior to Dynamic, Etus served the Orion organization (CLS Investments and Orion Portfolio Solutions) for more than 10 years. There, he held various roles, including Trading Specialist, Research Analyst, Portfolio Manager and finally, Director of Investment Research. He graduated from the University of Nebraska at Omaha with a Bachelor of Science degree in Business Administration and obtained Master of Investment Management and Financial Analysis and Master of Business Administration degrees from Creighton University. He holds the FINRA Series 65 securities registration and the Chartered Financial Analyst (CFA) designation. A self-proclaimed movie buff, when Etus isn’t providing investing guidance to Dynamic’s advisor-clients, he can be found watching the latest blockbuster film or spending time with his family. Etus was born in Novosibirsk, Russia. He currently resides in Omaha, Neb., with his wife and daughters.

Key Takeaways

[03:24] - Learn about Kostya’s career, background and his role at Dynamic Advisor Solutions.
[09:05] - Learn more about Dynamic Advisor Solutions and what sets them apart as a firm.
[12:30] - What is new or innovative at Dynamic over the last year?
[13:52] - What were some of Kostya’s key takeaways from Berkshire Hathaway’s shareholder meeting this year?
[19:16] - What are some of the reasons advisors should be using investment models?
[22:17] - What are some of the best building blocks for successful investment models?
[25:53] - What can be done in high net worth situations to enhance the model experience?
[28:40] - What is Kostya’s quick and dirty market outlook and what is his favorite investment idea for the remainder of 2024?
[32:95] - What are some of the most exciting blockbusters slated for summer release?
[51:52] - Tips for picking your Fantasy Football lineup for this year.

Quotes

[10:13] - “There are three things we say that advisors should be doing that they are best at. Number one is servicing their existing clients. Meeting with their clients, making sure that everything is going well. Number two, growing their business - helping new clients, you know, bringing new people in. Number three, nothing. Do something that you love, go golfing, sleep more, spend more time with your family. So those are the things that advisors should be focused on and everything else, the minutiae of day-to-day life…you can let Dynamic take care of that.” ~ Kostya Etus

[21:02] - “That’s what models bring to the table. You can always talk about exactly how, as a whole, the strategies are positioned, how they are managed and it’s more consistent. Models tend to be more diversified, just in general by definition, models allocate to lots of different asset classes that may offset each other and improve diversification. They are often times cost effective, easier to manage, easier to implement. You get access to professional management…and last but not least…an advisor’s primary focus should be servicing clients, raising assets and spending time with their families. Go work four days a week! Outsourcing investment management can really save advisors a tremendous amount of time.” ~ Kostya Etus

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor. The CFA® is a globally respected, graduate-level investment credential established in 1962 and awarded by CFA Institute — the largest global association of investment professionals. To learn more about the CFA charter, visit www.cfainstitute.org.

Compliance Code: 1498-OPS-6/13/2024

Kevin Carter of EMQQ Global - The Compelling Case for Emerging Markets

garegantuan@gmail.com (Kevin Carter, Rusty Vanneman, Robyn Murray) — Tue, 2 Jul 2024 04:00:00 +0000

Today Rusty & Robyn are joined by Kevin Carter, Founder and Chief Investment Officer of EMQQ Global. Kevin T. Carter is the Founder & Chief Investment Officer of EMQQ Global, including EMQQ, FMQQ, and INQQ. While he considers himself an active “value” investor first and foremost, he has collaborated with Princeton economist and indexing legend, Dr. Burton Malkiel, for more than 20 years. Their work together began in 1999 with the development of eInvesting, a pioneer firm in fractional share brokerage that was acquired by ETRADE in 2000. In 2002 they founded Active Index Advisors, a pioneer in so-called “direct indexing” that was acquired by Natixis Asset Management in 2005. In 2006, their efforts turned to China and Emerging Markets with Dr. Malkiel’s publishing of “Investment Strategies to Exploit Economic Growth in China” and the subsequent book From Wall Street to the Great Wall. Working with Guggenheim Partners, they launched several China focused ETFs on the NYSE. Kevin launched EMQQ in 2014 after noticing how the smartphone was changing his personal consumption habits. He now lives in Lafayette, California with his wife and three children.

Key Takeaways

[02:57] - Kevin’s professional background and how he came to specialize in Emerging Markets.
[06:30] - What is the EMQQ Global investment philosophy?
[10:35] - What are some of the biggest obstacles to EM investing and what might be some potential catalysts for EM to have sustained outperformance?
[12:52] - Many investors think that China is not investable, so they avoid EM altogether. What is Kevin’s take on China?
[16:55] - Why does Kevin think that “India is the perfect Emerging Market?”
[20:36] - What is the “India Stack” and why does Kevin describe it as a cheat code?
[32:02] - How does India’s government work and what about this makes it a compelling place to invest?
[35:37] - How should investors think about sizing a position in Emerging Markets?
[38:21] - What was it like working with Burton Malkiel?
[40:21] - What is Kevin’s favorite investment idea?
[42:52] - Who are some of the mentors and colleagues that Kevin is particularly grateful for?

Quotes

[10:35] - “I think the biggest problem [in EM investing]...is the index itself. I mean the MSCI Emerging Markets Index, which is the index that all these institutions use…[is fundamentally flawed because of]...the state owned enterprise. When I got involved with China, the China ETF was more than 80% in Chinese, Communist Party owned banks and oil companies and not only are these inefficient companies, they are not trying to grow their profits.” ~ Kevin Carter

[13:32] - “There were two different strains of fear that people couldn’t get over, both of which were boogeymen, but they were so rampant in the headlines that it resulted in people saying ‘that China is uninvestable.’ Those two things were the so-called ‘delisting threat,’ where the Chinese companies trading in the US were going to be delisted and people thought that meant they were going to lose all their money…The other thing was the so-called ‘tech crackdown’…The problem is, China has such a bad reputational issue…that people think all of these things are true and they ran for the hills.” ~ Kevin Carter

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 1487-OPS-6/12/2024

Gerard O’Reilly of Dimensional Fund Advisors - What Happens When a Rocket Scientist Becomes an Investment Manager?

garegantuan@gmail.com (Gerard O'Reilly, Robyn Murray, Rusty Vanneman) — Tue, 25 Jun 2024 04:00:00 +0000

Today Rusty & Robyn are joined by Gerard O’Reilly from Dimensional Fund Advisors. Gerard O’Reilly serves as Co-Chief Executive Officer and Co-Chief Investment Officer of Dimensional Fund Advisors LP and is a Dimensional Director. He was named Co-CEO in 2017 and has been with Dimensional since 2004. Along with Co-CEO Dave Butler, Gerard guides the firm’s vision and strategy through daily oversight of the company’s people and processes. As Co-CIO, he drives innovation across Dimensional’s investment offering with fellow Co-CIO Savina Rizova. Since joining the firm, Gerard has been instrumental in the evolution of Dimensional’s systematic approach to creating and implementing investment solutions. He was formerly Head of Research, managing the firm’s rigorous, scientific approach to interpreting, testing and applying research in portfolios. He is a member of the firm’s Investment Research Committee, which reviews potential investment strategy enhancements, and a member of the Investment Committee, which oversees portfolio and account management. He also serves on the Boards of Dimensional’s US mutual funds and exchange-traded funds. Prior to joining Dimensional, Gerard obtained his PhD in aeronautics from the California Institute of Technology. He holds a master of science degree in high performance computing from Trinity College Dublin in his native country of Ireland, where he also received a first class honors degree in theoretical physics and was a recipient of the Foundation Scholarship.

Key Takeaways

[03:17] - How and why did Gerard pivot from Theoretical Physics and Aeronautics Engineering to the Investment Industry?
[04:23] - What is Dimensional’s origin story and how do they stand apart from their peers?
[06:37] - How does Gerard’s data science background, as a rocket scientist, apply to his leadership at Dimensional?
[08:57] - Why did Dimensional get such a late start to the ETF industry and how have they had such great success with ETFs so quickly?
[16:01] - Dimensional incorporates some of the positives of Passively managed strategies. Why is their dynamic approach a potential improvement to Pure Indexing?
[20:27] - Some might argue that Dimensional’s strategy is not active, given how many securities an investor might hold in a portfolio, how would Gerard rebut that comment?
[23:06] - Monetary and fiscal policy is a lot different than it ever has been in the past. Does that impact some of these premiums?
[26:40] - How does Dimensional incorporate factors like momentum, quality, volatility and others into their investment process?
[29:17] - What is Dimensional’s approach to asset allocation and building model portfolios?
[32:10] - How is Gerard currently thinking about innovation in the industry and what role does he see AI, in particular, playing going forward?
[37:32] - What is currently Gerard’s favorite investment idea?

Quotes

[07:45] - “When it comes to investing, investing is about making decisions and some decisions are going to be more important than others. But, what’s the skill set that says: ‘okay these are the key ones that you need to get right, that have to be the foundation of your investment approach?’ So, I think that type of training, learning how to do the analysis and what tools to use and how to do these massive computations…[You have] to make decisions and trade offs and [focus] on the key things to get right. I think that combination has helped me, at least, in my time either working on investment strategies or management issues here at the firm. ” ~ Gerard O’Reilly

[10:17] - “The person who [uses Google Maps to navigate more efficiently]...is a natural candidate for investing in market portfolios. The person who takes the same route, every single time they go from one point to another point is an Index Portfolio investor. ” ~ Gerard O’Reilly

Links

Gerard O’Reilly
Tune Out The Noise Documentary (Access code: MARKETSWORK)
Dimensional Fund Advisors
Dimensional on LinkedIn
“The Rocky Road to Dublin” by The Dubliners

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 1484-OPS-6/12/2024

Bill Wostoupal of Orion - Custom Indexing and the Future of Wealth Management

garegantuan@gmail.com (Bill Wostoupal, Robyn Murray, Rusty Vanneman) — Tue, 18 Jun 2024 04:00:00 +0000

This week, Rusty and Robyn are joined by Bill Wostoupal, EVP of OCIO at Orion. Bill is the EVP, of Orion OCIO. He is responsible for the coordination and execution of Orion's vision to offer custom indexing, and other outsourced services, to our prospective and existing investment advisory customer base.

Key Takeaways

[04:26] - Bill has been in the Northstar family of companies since 1994. Learn more about how his career has evolved and why he has wanted to stick with this company for 30 years?
[06:43] - What does Bill’s title mean exactly, and what does his position look like on a day-to-day basis?
[08:17] - Orion is such a multifaceted company, but how might Bill try to describe what we do in a nutshell?
[10:15] - How does Custom Indexing work for those who aren’t familiar?
[12:21] - What are some of the most popular use cases for Custom Indexing that Bill is seeing right now?
[14:06] - How does Orion set itself apart from their competition in this space?
[16:20] - What are some of the big trends that Bill has noticed internally, here at Orion?
[17:57] - Given all its changes in recent years, what currently excites Bill the most about the future of Orion?
[19:40] - What does Bill think is in store for the future of Wealth Management?
[22:12] - Outside of work, Bill is affiliated with a mentoring organization called “TeamMates.” Learn more about the good work that is taking place there.
[25:26] - What is currently Bill’s favorite investment idea?

Quotes

[07:03] - “My team engages with those existing clients on a regular basis, so we do a couple different things. One is making sure that the clients that we have are assembling and putting…our different technology stacks and services...together [properly]. The second one is spending time discussing Custom Indexing and how we can help them transition their books of business [and]...their client market share, and the last part is more OCIO [focused]. So, I put those all underneath that umbrella of Outsourced Chief Investment Officer, but I think it’s more than that. ” ~ Bill Wostoupal

[11:18] - “Custom indexing [is] a lot different than Direct Indexing, where it’s usually a set of indexes and you’re tax transitioning. When you think of Orion’s Custom Indexing, think of technology inside the user experience. So our RIAs, who use our services on the Fintech side, have this component within their regular ecosystem…Then on top of it, we do the daily tax loss harvest review, the reallocation etc. And then one last point I’d probably make there…[is] that it’s custom. So, a lot of our advisors, a lot of our RIAs have their own models. ” ~ Bill Wostoupal

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Disclosure(s) - Custom Indexing offered through Orion Portfolio Solutions, LLC a registered investment advisor.

Compliance Code: 1450-OPS-6/10/2024

Jessica Golson of Carson Wealth Management - The Future of the Wealth Management Industry and How to Encourage More Women to Join It

garegantuan@gmail.com (Jessica Golson, Rusty Vanneman, Robyn Murray) — Tue, 11 Jun 2024 04:00:00 +0000

Today Rusty & Robyn are joined by Jessica Golson, Senior Vice President of Investments and Trading at Carson Wealth Management. Jessica received a Bachelor of Science in Business Administration from the University of Nebraska Omaha, where she majored in Finance, Banking and Investment Science, and minored in Management. In 2012, she received a Masters of Investment Management and Financial Analysis from Creighton University. She currently holds FINRA Series 7 and 66 security licenses. She brings over 10 years of industry experience striving to help advisors succeed. Since starting in the industry as an advisor, she has since held influential roles in Trading, Performance and Management. In her previous positions, she sought out opportunities for operational efficiencies and acted as a catalyst of change; improving many of the processes and procedures. Outside of work, Jessica soaks up every second she can with her husband Terrance and their three amazing children, Wyatt, Jacob and Adalynn.

Key Takeaways

[02:50] - Jessica’s professional background and more on her career in investing.
[04:25] - Carson has a business partnership platform called “Run, Grow, Love Your Business.” Learn more about this and the work that Jessica is doing at Carson.
[07:19] - What are some of the things that Jessica is most excited about at Carson right now?
[09:50] - What are Jessica’s thoughts on the future of the Wealth Management Industry, as a whole, and how does she think that AI and technology will impact our industry going forward?
[12:12] - How might clients’ expectations of their advisors change in light of recent technological advancements? Also, what can advisors do to better prepare for this shift?
[13:16] - How can we recruit more women into the Wealth Management profession, especially considering that they are going to control the majority of the investible assets in the future?
[16:45] - What qualities does Jessica look for when her team is hiring new talent?
[18:50] - Advice or words of wisdom for those who want to enter the Wealth Management profession?
[19:46] - What is Jessica’s favorite investment idea at the moment?
[20:28] - How does Jessica maintain her energy, both physical and mental, to perform at a high level in such a demanding industry?
[21:56] - Who are some of the mentors and colleagues that Jessica is particularly thankful for?

Quotes

[05:16] - “When we talk about ‘Run, Grow, Love Your Business…’ the pillars to get there [is really about] focusing on the fundamentals…but also make sure [you] are evolving, that gets stagnant really quick…Another piece is accelerating [your] growth and…we like to think Carson is synonymous with growth…and I think we tie that all together…with that third leg of the stool, which is just [fostering] a culture of excellence.” ~ Jessica Golson

[08:18] - “When it comes from an investment standpoint in our team…[we like to ask ourselves] ‘how do we focus some of our skills and knowledge towards investment strategies that align with the Carson values?’ And so, we’ve recently launched two SMA strategies: one is focused on women CEOs and the other is focused on AI.” ~ Jessica Golson

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 1374-OPS-5/30/2024

Greg Wilensky and Jeremiah Buckley of JanusHenderson - Fixed Income and Building Balanced Portfolios

Tue, 4 Jun 2024 04:00:00 +0000

Today Rusty & Robyn are joined by Greg Wilensky and Jeremiah Buckley, head of US Fixed Income and Portfolio Manager at JanusHenderson respectively.

Greg Wilensky is Head of US Fixed Income and a portfolio manager at Janus Henderson Investors, a position he has held since 2020. Prior to joining the firm, Greg served as senior vice president, director of the US multi-sector fixed income team and held several director and portfolio manager positions that spanned short duration, inflation-protected fixed income, securitised assets, and multi-asset strategies at AllianceBernstein from 1996 to 2019. Prior to that, he was a treasury manager – corporate finance at AT&T Corp. from 1993 to 1996. Greg received his bachelor of science degree in business administration from Washington University, graduating magna cum laude. He also earned an MBA with high honours from the University of Chicago. Greg holds the Chartered Financial Analyst designation and has 31 years of financial industry experience.

Jeremiah Buckley is a Portfolio Manager at Janus Henderson Investors. Jeremiah joined Janus in 1998 as a research analyst covering the consumer, industrials, financials, media, software, and telecommunications sectors. He was Janus’ consumer sector lead for 10 years before transitioning to full-time portfolio management. Jeremiah earned his bachelor of arts degree in economics from Dartmouth College, graduating Phi Beta Kappa. While there, he received the Class of ’39 scholarship for academic and athletic achievement and the Class of ’48 male scholar-athlete of the year award. He was also selected for the 1998 Academic All-Ivy Hockey Team and served as the men’s hockey captain from 1997 to 1998. Jeremiah holds the Chartered Financial Analyst designation and has 26 years of financial industry experience.

Key Takeaways

[03:37] - Greg’s professional background and what has been interesting to him about the Fixed Income space in particular?
[06:34] - Jeremiah’s professional background and more on his time at JanusHenderson.
[08:09] - Are 60/40 portfolios still relevant and why might a balanced strategy be a great way to re-enter the market for those who went to cash in 2023?
[12:01] - What distinguishes JanusHenderson’s balanced strategy from their peers?
[16:38] - What is the argument for growth stocks at the current moment?
[19:31] - Are there certain growth-oriented sectors or industries that they expect to do particularly well going forward?
[21:24] - Is there a good argument for investing in Fixed Income right now?
[22:44] - Are there currently certain Fixed Income sectors that are particularly attractive to the JanusHenderson team?
[24:43] - Does Jeremiah think that interest rates are going to continue to go up?
[26:09] - Does a Fed outlook even affect the way that they manage portfolios? Also, do they have a view on when the Fed might move into an easing cycle?
[28:33] - What is currently their favorite investment idea?

Quotes

[08:09] - “I still think 60/40 portfolios are very relevant, especially when you consider the alternatives of trying to swing back and forth between high risk assets, let’s say an all stock portfolio, and a money market fund. You know, there’s always going to be a reason to be concerned about the outlook for the global economy, and what this may mean for markets, but swinging for the fences by massively deviating away from an appropriate, strategic asset allocation plan is unlikely to be a winning strategy.” ~ Greg Wilensky

[12:01] - “For [JanusHenderson], in simple terms, is to participate and protect. We want to participate in most of the upside of the equity market, but also protect from a good portion of the downside when risk assets are negative. I would note that in most time periods…most years, you know, risk assets are positive, so the focus should be on participating in that upside.” ~ Jeremiah Buckley

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 1236-OPS-5/17/2024

Alex Fink - Leadership Advice from a US Army General

garegantuan@gmail.com (General Alex Fink, Rusty Vanneman, Robyn Murray) — Tue, 28 May 2024 04:00:00 +0000

Today Rusty & Robyn are joined by Alex Fink, Retired US Army Major General and former Chief Marketing Officer for the US Army. General Fink last served as the Army’s Chief Marketing Officer and is credited with reinventing the classic “Be All You Can Be” campaign. General Fink served for over 33 years in a variety of domestic and overseas operational and strategic leadership positions. General Fink also serves on USO’s Midwest Region Advisory Board and as an Executive Board Member for the Boy Scout’s of America’s Pathway to Adventure Council.

[04:27] - General Fink’s professional background and how he straddled both private and military roles over the course of his career.
[07:12] - General Fink’s thoughts on the geopolitical crisis happening in the Middle East and what it might mean for the US Military Forces?
[11:47] - What are some of the recruiting challenges that the US Army currently faces and why?
[17:41] - Learn more about the “Be All You Can Be” marketing campaign that General Fink spearheaded for the Army.
[24:11] - What does General Fink believe goes into effective leadership?
[27:24] - How does General Fink define culture and why is it so critical to developing and leading successful teams?
[34:22] - How does General Fink approach innovation and how does he approach building a creative environment that fosters innovation for his team?
[38:15] - What has General Fink been up to since retiring from the US Army and what are his plans moving forward?
[40:20] - What is currently his favorite investment idea and why?

Quotes

[26:15] - “I think also, depending on the scope of influence…the rules associated with your personal brand of leadership also set the standard for others to follow, in that they instill a sense of predictability…The organization [will know have] a feeling on how you make decisions, thereby instilling trust and confidence. It also further empowers decentralized decision making…which I’ve always tried to do, is push decisions to the level that’s closest to the challenge or the problem. ” ~ Alex Fink

[32:04] - “You can’t just say, ‘hey…this is our culture, this is what we are going to be about’ [and] put it on a bunch of cards and pass them out and think it’s just going to last. It’s something that has to be constantly nurtured and reinforced…with examples.” ~ Alex Fink

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 1165-OPS-5/13/2024

Paul Baiocchi of SS&C ALPS Advisors - ETFs: Growth Prospects, Obstacles and the Future of the ETF Marketplace

garegantuan@gmail.com (Paul Baiocchi, Robyn Murray, Rusty Vanneman) — Tue, 21 May 2024 04:00:00 +0000

Today Rusty & Robyn are joined by Paul Baiocchi, Chief ETF Strategist at SS&C ALPS Advisors in Denver, CO. Paul Baiocchi is the Chief ETF Strategist at SS&C ALPS Advisors, spearheading the firm’s distribution strategy and execution for the ETF suite as well as the Select Sector SPDRs lineup of ETFs. Paul works closely with the distribution, research and marketing teams to tailor the firm’s messaging and client-facing content for the varied needs of a range of investor types. In addition to providing subject matter expertise in client meetings, Paul supports the marketing and PR teams while also aiding the research efforts of SS&C ALPS Advisors and Select Sector SPDRs. Prior to joining the firm, Paul was Vice President of ETF Business Development at Fidelity Institutional Asset Management where he helped build and grow the firm’s ETF lineup for six years while developing sales and messaging strategies for sector investing. Previously, he worked at ETF.com, building an ETF analytics platform, writing about the ETF industry and moderating panels at Inside ETFs conferences. Paul has been in the financial services industry for 20 years. He is a CFA charter holder, holds an MBA from the University of British Columbia’s Sauder School of Business and a bachelor’s degree in Business Administration from California State University at Chico.

Key Takeaways

[03:12] - Paul’s professional background and what led him to focus on ETFs, in particular.
[07:04] - What is SS&C’s investment philosophy and how does it stand out as a firm?
[10:40] - Paul’s overall outlook for the ETF industry moving forward.
[14:42] - Where does Paul see innovation developing in the ETF industry moving forward?
[16:20] - What are some of the obstacles to growth that Paul sees for ETFs going forward?
[19:10] - SS&C ALPS offer more than 50 ETFs. Of this selection, where is Paul seeing the most growth and why does he think that is?
[23:30] - Which of the aforementioned strategies are not seeing as much growth and why?
[27:22] - Paul’s outlook on Active ETFs for 2024 and his thoughts on the evolution of Active ETFs as a category.
[30:55] - What are some potential catalysts that might encourage Small Caps to start regularly outperforming?
[34:48] - What are the risks of being in Small Cap indexing strategies, like the Russell 2000 or the S&P 600?
[37:26] - What is Paul’s overall outlook on non-US stock markets, both in absolute and relative terms?
[41:00] - What is currently Paul’s favorite investment idea?

Quotes

[15:42] - “There’s the ongoing sort of debate, and I have this debate myself, around tokenization of investment strategies [and] whether or not you can tokenize an asset class…Can you create a tokenized asset class of an ETF offering that allows you to provide that investment strategy in another format? That to me is another piece of innovation that might be 5 or 6 years down the road, or 10 years down the road, but is another driver of innovation as I see it.” ~ Paul Baiocchi

[26:12] - “Here we are in 2024, facing significant supply pressure on a number of key categories in the commodities space. We’re seeing energy prices start to bubble up again [and] we are also seeing weakness in specific commodities, namely natural gas…So the ability to be flexible in terms of what commodities you have exposure to, based on a really actionable model that the index uses to pick and choose among commodities, I think is a really compelling way to diversify an asset allocation, and we know historically that commodities can add a certain level of diversification to an asset allocation.” ~ Paul Baiocchi

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

1168-OPS-5/13/2024

Harry Hartford of Causeway Capital Management - Value Investing and the Case for International Markets

garegantuan@gmail.com (Harry Hartford, Robyn Murray, Rusty Vanneman) — Tue, 14 May 2024 04:00:00 +0000

Today Rusty & Robyn are joined by Harry Hartford, a Portfolio Manager at Causeway Capital Management in Los Angeles, CA. Mr. Hartford is the president at Causeway, fundamental portfolio manager, and head of fundamental research. Mr. Hartford co-founded the firm in June 2001 and is a member of the operating committee. From 1996 to June 2001, Mr. Hartford was a managing director for the Hotchkis & Wiley division of Merrill Lynch Investment Managers (HW-MLIM) and co-head of the firm’s HW-MLIM international and global value team. From 1994 to 1996, Mr. Hartford was a portfolio manager for Hotchkis and Wiley. From 1984 to 1994, Mr. Hartford was with The Investment Bank of Ireland, where he gained ten years’ experience in both international and global equity management. During this time, Mr. Hartford also managed the Irish Investment Fund, a closed-end country fund quoted on the NYSE. Before entering the investment business, Mr. Hartford lectured in micro and macroeconomics at Oklahoma State University. Mr. Hartford earned a BA, with honors, in economics from the University of Dublin, Trinity College, an MSc in economics from Oklahoma State University, and is a Phi Kappa Phi member. Mr. Hartford is a member of The Ireland Funds America Board of Directors.

Key Takeaways

[03:46] - Harry's professional background and what drew him to the field of investment.
[07:20] - What is Causeway’s investment philosophy and how does it differ from other international value managers?
[09:27] - Which one of Causeway’s non-US value strategies is generating the most interest from end investors right now and why?
[11:06] - Which of Causeway’s strategies does Harry think should be generating more investor interest in the current market environment?
[12:08] - What is the argument for investing overseas, strategically, in a time where international markets have underperformed US Markets for several years?
[13:50] - Is there a different argument for International Investing from a tactical standpoint?
[15:31] - Potential catalysts that might cause the non-US markets to start to consistently outperform again.
[19:52] - It seems like everyone is saying that the US Dollar is going to get stronger in the short term. What is Harry’s outlook on the US Dollar?
[22:04] - What does Harry see ahead for International Small Cap stocks?
[24:15] - What is Causeway’s “risk lens” model and how does it benefit their clients?

Quotes

[010:37] - “[Causeway Capital’s] Emerging Markets and International Small Cap strategies are primarily quantitative with a fundamental overlay, and they would be more tracking error oriented strategies.” ~ Harry Hartford

[20:53] - “There are things that are supporting that dollar at this point in time…but…you start to get concerned around the sustainability of the Federal deficit against a backdrop where the capital required to fund that deficit comes from overseas…and in addition to that, the absolute level of indebtedness is relatively high. So, I do worry that there are things that could derail the upward trajectory of the US Dollar and I would caution against getting overly complacent, simply because the dollar, for want of a better term, is the only game in town.” ~ Harry Hartford

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 1080-OPS-5/2/2024

Michael Arone of State Street Global Advisors - What Are the Odds of Seeing Stagflation in the Economy and How Should Investors Prepare?

garegantuan@gmail.com (Michael Arrone, Rusty Vanneman, Robyn Murray) — Tue, 7 May 2024 04:00:00 +0000

Today Rusty & Robyn are joined by Michael Arone, Chief Investment Strategist and Managing Director at State Street Global Advisors. Michael is the Chief Investment Strategist for the SPDR® Americas Business at State Street Global Advisors. He is responsible for expanding State Street Global Advisors’ footprint and thought leadership effort through frequent contributions to the financial news media, speaking engagements and client interactions. Michael is a highly regarded speaker at industry conferences and is the author of several articles related to investment management practices. He is a member of the firm’s Senior Leadership Team.

During his more than 20-year career as an investment professional, Michael has served as State Street Global Advisors’ Global and EMEA Head of Portfolio Strategy as well as a senior portfolio manager in the Global Active Quantitative Equity Group. He has substantial experience developing long-only and long-short quantitative strategies and managing investment portfolios using quantitative disciplines. Michael has worked extensively with the firm’s global institutional and intermediary clients to help them identify investment solutions that enable them to meet their long-term financial goals.

Key Takeaways

[03:28] - Michael’s professional background and highlights from his time at State Street.
[04:40] - What really makes State Street stand out in this industry?
[06:28] - What is the primary risk that Michael thinks investors are overlooking right now?
[08:06] - Even though The Fed is still suggesting it will cut rates soon, it hasn’t made any moves yet, so what should the takeaway be from that?
[09:27] - Why are growing government deficits and rising, bipartisan protectionism often two ingredients in Stagflation?
[10:52] - How does Michael assess the current inflation trend?
[13:02] - What are the potential odds that Stagflation actually occurs?
[14:32] - How can investors better prepare for all possibilities, Stagflation or otherwise?
[16:10] - What is driving the potential liquidity squeeze?
[19:58] - Why don’t investors know more about the surprising outperformance of small and mid cap stocks?
[21:20] - What should investors know about market concentration and “The Magnificent 7?”
[23:10] - What are some surprises that Michael has noticed in long maturity treasuries?
[25:30] - What is currently Michael’s favorite investment idea?

Quotes

[14:04] - “Maybe there’s only a 20% chance [of Stagflation], but it’s a chance that investors are not currently pricing in and they’re underestimating. They are pricing it as a 0% chance, and I think it is probably above that.” ~ Michael Arone

[26:56] - “The top 5 companies in the S&P 500, their market capitalization is more than 3.6x all of small cap put together. That surpasses where we were at the height of the Technology, Media and Telecom bubble, so I think you’ll get some mean reversion…I think small cap stocks are…under loved and that’s one of my favorite ideas for 2024.” ~ Michael Arone

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 0972-OPS-4/22/2024

Brian Storey and Andrew Goins of Brinker Capital - Managing Risk and The Art and Science of Portfolio Management

garegantuan@gmail.com (Brian Storey, Andrew Goins, Rusty Vanneman, Robyn Murray) — Tue, 30 Apr 2024 04:00:00 +0000

Today Rusty & Robyn are joined by Brian Storey and Andrew Goins of Brinker Capital, Deputy Chief Investment Officer and Senior Portfolio Manager at Brinker Capital respectively.

Key Takeaways

[03:47] - Andrew’s and Brian’s professional backgrounds and what they do in their current positions.
[09:05] - Who have provided some of their key philosophical insights over the years and how have those influences impacted their style of investing?
[12:10] - What is the elevator pitch for what the Destination Strategies at Brinker Capital are and what they are trying to accomplish?
[12:55] - How do the above strategies differ from other multi-asset strategies that are available?
[17:04] - How do they hone the art of Portfolio Management and how do Brian and Andrew interface in their day to day?
[21:17] - Learn a bit more about the due diligence process for Brinker’s Destination strategies.
[25:25] - When searching for managers, what are some of the key attributes they look for and, on the flip side, what are some reasons why they might terminate a manager?
[27:47] - What is some of the risk management research that goes into their Destinations portfolio?
[32:11] - What market environments might these strategies perform best in and vice versa?
[37:49] - What are each of their favorite investment ideas currently?

Quotes

[16:03] - “[Brinker’s] use of…diversifying asset classes or strategies [sets us apart]...As we look at some of our peers…they tend to be much more traditional asset classes, more focused on equities and Fixed Income…That’s been a hallmark of Destinations at Brinker Capital for many many years and we do think that is both an area where we add a lot of value but [is also] just a differentiator from our peers.” ~ Andrew Goins

[27:01] - “[When selecting an asset manager] you…want to see, you know, curiosity, creativity [and] the ability to adapt the process to potentially changing market conditions or different environments…being able to be flexible in their approach [is so important]...and can benefit the portfolio performance going forward” ~ Brian Storey

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Disclosure(s) - Custom Indexing offered through Orion Portfolio Solutions, LLC a registered investment advisor.

The Destinations Funds are distributed by Foreside Fund Services, LLC.

Compliance Code: 0969-OPS-4/22/2024

Ricky Schneider of Fort Washington Investment Advisors - Securitized Income and Structured Products: We’ll Break Down These Terms and What You Should Know About Them

garegantuan@gmail.com (Ricky Schneider, Rusty Vanneman, Robyn Murray) — Tue, 23 Apr 2024 04:00:00 +0000

Today Rusty & Robyn are joined by Ricky Schneider, Vice President and Senior Portfolio Manager at Fort Washington Investment Advisors. He is responsible for the commercial mortgage-backed securities portfolios for both Western & Southern Financial Group and third-party institutional clients. Schneider joined the firm in 2019. Prior to Fort Washington, he was with Mesirow Financial in Chicago where he was a Managing Director responsible for trading CMBS and other structured products. He also has previous experience at Loop Capital Markets, Lehman Brothers Asset Management, and Lincoln Capital Management.

Key Takeaways

[02:42] - Ricky’s professional background and what led him to the investment industry.
[03:57] - Fort Washington’s tagline is “uncompromised focus.” What is the significance of this for the firm and what really sets them apart in the industry?
[05:03] - A simple, functional definition of Securitized Income and Structured Products.
[06:05] - What are RMBS and CMBS and how do they differ? What about ABS?
[07:35] - What are CLOs?
[08:50] - How large are each of the above Fixed Income segments in terms of the overall Bond Market?
[10:01] - What is the value proposition for each of these segments and why would investors choose these structured opportunities over treasuries or corporate bonds?
[11:07] - What are some of the risks when investing in this part of the Fixed Income market? What are some scenarios in which they might underperform the overall bond market?
[12:35] - How has the Securitized market changed since the Global Financial Crisis of 2008?
[15:41] - Does Ricky have a favorite idea in the Securitized Income sector?
[16:46] - What part of an investor’s bond allocation might this sector replace?
[17:51] - Rules of thumb for sizing a position of Structured opportunities within a Fixed Income allocation?
[19:08] - Why does Securitized Income work in an ETF structure and what are the advantages of this?
[20:38] - What to avoid and what to embrace in commercial real estate and CMBS?
[24:20] - What is Ricky’s favorite investment idea at the moment?

Quotes

[12:20 ] - “..There is also inherently more risk the further you go down the capital structure in any of these sectors we are talking about” ~ Ricky Schneider

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 0910-OPS-4/15/2024

Matt Brown of CAIS - Alternative Investments: The Most Popular Alternative Strategies and What’s Ahead for the Market

garegantuan@gmail.com (Matt Brown, Robyn Murray, Rusty Vanneman) — Tue, 16 Apr 2024 04:00:00 +0000

Today Rusty & Robyn are joined by Matt Brown, Founder and CEO of CAIS. He has spent more than 30 years at the intersection of wealth management, alternative investments, and platform design. In 2009, Matt founded CAIS, the first truly open marketplace for alternative investments, where financial advisors and alternative asset managers can engage and transact directly on a massive scale.

Matt believes entrepreneurship is the major driver of economic and social change. He has spent the better part of two decades working with Endeavor, the world’s leading organization for high impact entrepreneurs. During his tenure, he had the opportunity to mentor dozens of entrepreneurs from locations around the world, including Africa, Latin America, and the Middle East. Matt is honored to have been on Endeavor’s South African and Turkish Boards, which ultimately led to a position on the Global Board of Directors. This experience deepened his belief that helping entrepreneurs build and scale their businesses promotes economic growth and prosperity. It is his personal mission to ensure that anyone with a dream, and the drive to achieve it, has an equal opportunity to make it happen.

Key Takeaways

[03:11] - Matt’s professional background and what led him to where he is today.
[04:41] - What really makes CAIS stand out in the Alternative Investments space?
[06:33] - How does Matt define Alternatives broadly?
[07:46] - How has investing in Alternatives changed in the past decade and how does Matt expect it might change, moving forward, in the next decade?
[09:35] - Rules of thumb or heuristics to consider when sizing a position in Alternative Investments.
[10:25] - What are the most popular Alternative strategies at the moment and what is driving their popularity?
[12:20] - How else is technology transforming the way people can invest in Alternatives and their opportunities to do so?
[15:51] - What is it going to take for RIAs to move from the traditional 60/40 portfolio to a 50 (stocks), 30 (bonds) and 20 (alts) portfolio?
[18:44] - What are some of the biggest opportunities in the Alternative space right now?
[20:21] - Is Blockchain a viable technology for creating greater liquidity for Alternatives in the future?

Quotes

[08:57] - “The modern portfolio is no longer going to be the 60/40, the modern portfolio is going to be the 50/30 and maybe Alts 20.” ~ Matt Brown

[10:56] - “One of the stronger trends, by far, in the past 24+ months has been this gravitational pull towards private credit...and really what is driving it and why it’s so attractive [are]...of course interest rates and also the lack of access to some in the public credit markets and bank lending…It’s really a huge, robust and deep market and [I think] we will continue to see…strong interest there. ” ~ Matt Brown

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 0875-OPS-4/10/2024

Jason Mertz of AllianceBernstein - Municipal Bonds: The Fastest Growing Segment in the Muni Market and the Outlook for 2024

garegantuan@gmail.com (Jason Mertz, Rusty Vanneman, Robyn Murray) — Tue, 9 Apr 2024 04:00:00 +0000

Today Rusty & Robyn are joined by Jason Mertz, Director and Fixed Income Investment Strategist at AllianceBernstein. Jason works extensively with the firm’s portfolio management, credit research and trading team to monitor and communicate portfolio positioning and analysis to clients around the US. Prior to joining AB in 2016, Mertz worked at BlackRock as a separately managed account analyst. He holds a BA in finance and international business from Muhlenberg College.

Key Takeaways

[03:15] - Jason’s professional background, what initially drew him to this industry and his current role at AllianceBernstein.
[04:30] - What really sets AllianceBernstein apart from other firms?
[07:26] - What is the current, overall state of the Municipal Market?
[08:20] - What are some of the high level investment benefits that investors are able to capture in the Muni Market?
[10:09] - What are the fastest growing segments of the Muni Market currently?
[11:30] - Jason’s outlook for the Muni Market in 2024.
[14:07] - How is AB positioning portfolios to take advantage of volatility and potential dislocations and opportunities?
[17:46] - Why would a client want a customized, separate account over a fund or collection of funds?
[19:48] - What is AllianceBernstein’s “Abbie Optimizer” and how does it generate alpha?
[21:34] - How does Jason define trading alpha and speed alpha?
[24:31] - What other ways does AllianceBernstein manage for taxes?
[28:25] - What is currently Jason’s favorite investment idea?

Quotes

[12:03] - “[In] 2023 [there was] a lot of volatility, [but] it actually ended up being a really great year for [Municipal Bond]performance; it was just backloaded to November and December.” ~ Jason Mertz

[13:37] - “Not only do we think The Fed is going to cut, [which is] traditionally a great thing for Fixed Income, but more Muni specific - that supply demand dynamic and having a lot more demand be allocated back into the market should be a [stabilizing] and driving force of returns for Muni clients going forward.” ~ Jason Mertz

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 0796-OPS-4/2/2024

Eduardo Repetto of Avantis Investors - ETFs: Their Impressive Growth and the Future of the Industry

garegantuan@gmail.com (Eduardo Repetto, Rusty Vanneman, Robyn Murray) — Tue, 2 Apr 2024 04:00:00 +0000

As Chief Investment Officer of Avantis Investors®, Eduardo is responsible for directing the research, design and implementation of our investment strategies, providing oversight of the investment team and the firm's marketing initiatives, and interacting with clients.

Prior to Avantis Investors' establishment in 2019, Eduardo was Co-Chief Executive Officer, Co-Chief Investment Officer and Director at Dimensional Fund Advisors LP ("DFA") until 2017. While at DFA, Eduardo provided oversight across the investment, client service, marketing, and operational functions of DFA and oversaw their day to day operations, directed the engineering and execution of investment portfolios and was involved in the design, development and delivery of research that informed the firm's investment approach as well as its application through portfolio management and trading.

Dr. Repetto earned a Ph.D. degree in Aeronautics from the California Institute of Technology, an MSc degree in Engineering from Brown University, and a Diploma de Honor in Civil Engineering from the Universidad de Buenos Aires. Eduardo is a Trustee of the California Institute of Technology. He is the recipient of the William F. Ballhaus Prize from the California Institute of Technology for outstanding Doctoral Dissertation in Aeronautics and the Ernest E. Sechler Memorial Award for his teaching and research efforts.

Key Takeaways

[02:52] - Learn more about Eduardo’s diverse professional background and how his engineering background informs his work in finance today.
[04:48] - What is unique about the Avantis investment philosophy and what does that mean for their advisors and investors?
[06:48] - Avantis’ Investment Solutions are designed to capture the benefits of indexing while simultaneously focusing on segments of the market that are likely to outperform. How does this work exactly?
[10:32] - Avantis recently published an article entitled “What is Value?” What are some of the big takeaways and how does their firm define value?
[12:20] - What are some of the key drivers in the ETF industry’s continued growth?
[15:50] - What are some of the latest trends and developments shaping the ETF market and which areas of the ETF market are experiencing the highest growth?
[18:37] - Which strategies in the Avantis product line are showing the best growth and why is that?
[20:54] - What strategies at Avantis may help advisors build more resilient portfolios?
[22:16] - What are some best practices for constructing resilient ETF portfolios?
[26:55] - How does Avantis set themselves apart in their client services and communication?
[29:00] - What is currently Eduardo’s favorite investment idea?

Quotes

[05:45] - “[Avantis formed]...in order to bring science, data and technology to analyze securities in a very very efficient way with low labor costs…We can provide portfolios that are very well diversified [with a] very low expense ratio and where the securities are analyzed on a daily basis." ~ Eduardo Repetto

[111:23] - “For us, value is companies that are traded with a very very big discount embedded in their price. In otherwards, companies that have a good balance sheet, good cash flows, but the price is low." ~ Eduardo Repetto

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Disclosure(s) ~ Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor. Wealth Management services are offered by Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor. Orion Portfolio Solutions, LLC is a wholly owned subsidiary of Orion Advisor Solutions, Inc. (“Orion”)

Compliance Code: 0726-OPS-3/25/2024

Josh Flade of Orion - Diversifying Asset Classes: What Are They and Why Do You Want Them?

garegantuan@gmail.com (Josh Flade, Rusty Vanneman) — Tue, 26 Mar 2024 04:00:00 +0000

This week, Rusty is joined by Josh Flade from Orion to discuss diversifying asset classes. Joshua is the Deputy Chief Investment Officer of Orion OCIO where he chairs the investment committee and oversees the firm’s four investment verticals: Public Equities, Fixed Income, ETF/Mutual Fund Models, and Private Investments. Previously, Joshua specialized in Fixed Income with 12+ years of experience and co-managed TownSquare Capital’s Fixed Income strategies as well as served as the vice-chair of the firm’s Investment Committee. Prior to TownSquare Capital, Joshua was a Senior Analyst/Associate PM within the Fixed Income Team at Ensign Peak Advisors with global coverage of Financial Institutions, REITs, and Healthcare industries. Prior to working at Ensign Peak Advisors, Joshua was an Associate within the Credit Research Group at Goldman Sachs with coverage of Central Counterparties (CCPs), Financial Institutions, and Oil and Gas industries in Central Eastern Europe, the Middle East, and Africa.

Joshua currently volunteers as the Chair of Programming for the CFA Society Salt Lake and previously served as the President of the CFA Society Salt Lake and President of the Salt Lake Chapter of the BYU Management Society. Joshua is a CFA charterholder and graduated from Brigham Young University with a double major in Finance and Russian. He is also licensed in series 65.

Key Takeaways

[02:40] - Joshua’s professional background and what his current roles at Orion are.
[05:10] - Who does Orion Fixed Income serve and why do they end up going with Orion over the alternatives?
[06:44] - More about Joshua’s fantastic team at Orion.
[07:54] - When it comes to Fixed Income, a lot of people like to use Mutual Funds or ETFs but some people prefer separate accounts – what are the pros and cons of each?
[10:54] - Are exits on SMA strategies more challenging than those utilizing ETFs or Mutual Funds?
[11:39] - What is Joshua’s current assessment of the Fixed Income markets?
[13:37] - How do you explain what the yield curve is, why is it important to follow it and how does it impact Joshua’s decision making?
[17:41] - What are the differences between liquid alts and illiquid alts and who might use each?
[19:28] - What alternative investments are particularly attractive to Josh at this moment?
[21:07] - How does Joshua define global credit and what are some of his favorite ideas in that space right now?
[23:57] - How to size your position in diversifying assets within your portfolio.
[25:30] - Joshua’s favorite overall investment idea in the current market environment.

Quotes

[15:54] - “Historically speaking, in this part of the interest rate cycle, what has performed well has been moving up in credit quality and adding some duration.” ~ Josh Flade

[24:06] - "It’s…not just the destination that matters, it’s also [about] the journey and the experience for the investor. By using diversified asset classes, you are helping smooth out the journey instead of being so focused on the destination. So, if you can get a similar expected return, in the end, but have a much smoother experience for your investors, your investors are going to be more likely to stay invested. ” ~ Josh Flade

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Disclosure(s) ~ OCIO services offered through TownSquare Capital, LLC, an Orion Company, a Registered Investment Advisor. TownSquare Capital, LLC, is an affiliated company of Orion Portfolio Solutions, LLC through their parent company, Orion Advisor Solutions, Inc.

Compliance Code: 0723-OPS-3/25/2024

Frank Nickel and Tom LaBarbera from Orion - Direct Indexing: How it Works and What You Need to Know About it

garegantuan@gmail.com (Frank Nickel, Robyn Murray, Rusty Vanneman) — Tue, 19 Mar 2024 04:00:00 +0000

This week, Rusty and Robyn are joined by Frank Nickel and Tom LaBarbera from Orion Portfolio Solutions to discuss Direct Indexing. Frank is an experienced investment professional known for his expertise in portfolio management and a history of contributing positively to performance outcomes.. He believes that a rigorously designed, flexible and robust investment process can add value by exploiting market opportunities. Thomas LaBarbera is a Quantitative Portfolio Manager at Orion who manages 23 SMA strategies within Beta, Factor and Thematic Portfolios for qualified and non qualified assets. In addition, he works alongside marketing and sales to enhance distribution channels and raise AUM.

Key Takeaways

[03:20] - The guests’ professional backgrounds and what they are doing in their current positions.
[04:36] - What is quantitative investing and what are some arguments for why it is an effective way to manage portfolios?
[06:35] - How do Frank and Tom define, measure and manage risk?
[09:25] - What do most people get wrong about, or not appreciate about, risk?
[11:30] - How exactly would they define Direct Indexing?
[12:42] - How much is Direct Indexing expected to grow?
[14:25] - What are the arguments for why certain clients would want customization and why others don’t want any customization?
[15:45] - Where does the “Disciplined Equity” product line at Orion align with Direct Indexing and how does it differ?
[16:50] - How “actively” are they working on the “Disciplined Equity” strategies?
[19:02] - What new strategies are they currently working on?
[20:56] - How does their team produce and vet new ideas before introducing them?
[22:22] - Where do they think the financial services industry is headed next?
[23:41] - How might AI impact the financial services profession?
[24:36] - What is currently their favorite investment idea?

Quotes

[19:10] - "We recently launched two new strategies. The first came up over the summer, and it was an Artificial Intelligence strategy. With all of our strategies that we run, how we get to them is, we take demand from the field…The most recent strategy we launched is called ‘Agressive Equity,’ and again that’s trying to provide a very aggressive profile. We’re looking at…companies with really high growth rates…and that came from, again, from demand from a very specific client that was looking to use that strategy in conjunction with a fundamental active manager. ” ~ Frank Nickel

[24:36] - "I love Small Cap. I was a Small Cap manager for 15 years, [and] I think for the last 10 it has been extremely undervalued. I think there are a lot of areas in the market that are undervalued, and they are not undervalued because they aren’t appreciated, I think tech has taken all of the air out of the room…This year could be a small cap rally if rates are reduced, but that’s dependent on rates and you can’t predict that.” ~ Tom LaBarbera

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Disclosure(s)

Custom Indexing offered through Orion Portfolio Solutions, LLC a registered investment advisor.

Compliance Code: 0613-OPS-3/11/2024

Chris King of Eaglebrook Advisors - Let’s Talk Crypto

garegantuan@gmail.com (Chris King, Rusty Vanneman, Robyn Murray) — Tue, 12 Mar 2024 04:00:00 +0000

Chris King is the founder and CEO of Eaglebrook Advisors. Eaglebrook is a crypto investment platform that provides RIAs with direct access to bitcoin and digital assets. The firm operates one of the largest SMA Platforms in the crypto market. Eaglebrook's investment platform offers access to tax optimized Bitcoin and Ethereum separately managed accounts (SMAs) and third-party investment manager strategies held at an institutional qualified custodian. Eaglebrook is an SEC registered investment advisor that works with over 70 RIAs and has over 700 financial advisors using Eaglebrook’s Platform. The company is backed by leading wealth management executives and financial institutions including Castle Island Ventures, Brewer Lane Ventures and Franklin Templeton.

Key Takeaways

[03:20] - Chris’ professional background and what drew him to digital assets specifically?
[06:02] - What really drives Eaglebrook’s investment philosophy?
[08:08] - What is the strategic, long term reason to own crypto?
[12:40] - What is the investment thesis for Ethereum in particular?
[14:30] - Chris’ shorter term, tactical outlook for Bitcoin.
[19:54] - Why does Bitcoin halving take place and why is it so significant?
[23:30] - Chris’ thoughts on the Bitcoin market cycles.
[26:20] - How large might the market opportunity be for Bitcoin ETFs?
[30:02] - Why are a lot of advisors still choosing crypto SMAs over ETFs and what are the best use cases for each of these investment vehicles?
[37:51] - What is the typical allocation to crypto and how has that changed in recent years, if at all?
[39:08] - Are there any salient differences in what retail and institutional investors are doing with their Bitcoin allocations?
[41:11] - Resource recommendations for those wanting to learn more about digital assets.
[42:56] - Chris’ counsel for those who think that crypto is too volatile to invest in.
[45:42] - What is currently Chris’ favorite investment idea?

Quote

[12:39] - “Moving on to the investment thesis for Ethereum – it is also an internet protocol, like Bitcoin, but it allows internet businesses to build applications on top of it. The analogy that I like to give is that Ethereum is like HTML. HTML is the internet protocol that companies like Amazon and Facebook built their businesses on top of." ~ Chris King

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Disclosure(s) ~ Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor. Wealth Management services are offered by Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor. Brinker Capital Investments and Orion Portfolio Solutions, LLC are both wholly owned subsidiaries of Orion Advisor Solutions, Inc. (“Orion”).

Compliance Code: 0548-OPS-3/5/2024

Fritz Folts of 3EDGE Asset Management - What Happened to the Markets in 2023 and What’s Ahead for 2024

garegantuan@gmail.com (Fritz Folts, Rusty Vanneman, Robyn Murray) — Tue, 27 Feb 2024 05:00:00 +0000

In this episode, Rusty Vanneman and Robyn Murray are joined by Fritz Folts from 3EDGE Asset Management. Fritz has over 20 years of experience at the investment committee level in the investment management industry. He was one of the co-founders of 3EDGE Asset Management, where he serves as the Chief Investment Strategist and Member of the Investment Committee.

Prior to 3EDGE, Fritz was one of the first team members at Windward Investment Management, a pioneer in constructing globally diversified portfolios utilizing index Exchange Traded Funds (ETFs). After the acquisition of Windward by Charles Schwab in 2010, the name of the firm was changed to Windhaven Investment Management. Fritz became responsible for distribution of Windhaven's investment solutions throughout the entire Charles Schwab nationwide retail branch network. He and his team raised over $15 billion in new assets under management. Later, Fritz was named Chief Investment Strategist at Windhaven. He began his career at The Boston Company, where he ultimately served as Vice President, and Director of Global Funding for the then-newly-formed Boston Safe Deposit & Trust Co. (U.K.) Ltd., in London, England.

Fritz received his B.A. with a major in Political Science from Connecticut College and his MBA from IESE (Instituto Estudios Superiores de la Empresa), a bilingual Spanish - English MBA program in Barcelona, Spain. He is the former Chair of the Board of Trustees at Connecticut College and now serves as an Emeritus Trustee. In addition, Fritz currently serves on the Investment Committee for the Connecticut College endowment fund and the Investment Committee for the Umbrella Center for the Arts in Concord, MA.

Fritz and his wife Cathy live in Concord, Massachusetts.

Key Takeaways

[03:06] - Fritz’s professional background and what drove him to 3EDGE.
[04:25] - The 3EDGE model is “human plus machine,” which powers their investment research process. How did they decide on this model and what really sets them apart as a firm?
[08:30] - For advisors and clients looking at their year end reports, how should investors consider their portfolio performance considering the state of the 2023 market?
[09:31] - What is 3EDGE’s baseline scenario, bull case and bear case for 2024?
[15:05] - Is it reasonable for investors to focus so much on The Federal Reserve and how much does 3EDGE factor this into their decision making process?
[17:30] - How should investors be thinking about the upcoming presidential election and how can they prepare for it, if at all?
[21:05] - What might it take for international stocks to outperform and how should investors be allocating to non-US equities?
[27:25] - Tips on how to size the positions of diversifying asset classes, such as alts and real assets.
[31:26] - What is currently Fritz’s favorite investment idea for 2024?

Quotes

[07:45] - "I do think that investors were probably disappointed in the performance of their portfolios, because we had a market that was driven by…these Magnificent 7 mega cap technology funds, and you are not going to keep up with that when that is driving the entire market. If I look at investors, I would say…‘it’s okay, that’s not normal…you just have to realize, it wouldn’t be realistic to keep up with an index where 7 stocks are driving the majority of the performance.’” ~ Fritz Folts

[21:56] - "I think the best chance for the non-US equities to take a leadership position, for an extended period of time, will only be after there is a material correction in the US market.” ~ Fritz Folts

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Compliance Code: 0280-OPS-2/6/2024

Disclosure(s) ~ Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Ron Ahluwalia, Mili Rosen and Will Girton of Brinker Capital - It’s All About Due Diligence

Tue, 20 Feb 2024 05:00:00 +0000

In this episode, Rusty Vanneman and Robyn Murray are joined by Ron Ahluwalia, Mili Rosen and Will Girton from Brinker Capital’s award winning due diligence team. Ron Ahluwalia is a Vice President, Senior Portfolio Manager at Brinker Capital, an Orion Company. In this role, he is responsible for the portfolio management, strategy planning, and communication of multi-asset class portfolios for high net worth clients and institutions. Ron has over 18 years of industry experience. Mili Rosen works on the Investment Due Diligence team as a Senior Investment Analyst covering a variety of managers on the firm's OPS/Brinker Capital platforms. Asset class coverage includes domestic and international equities, fixed income, real assets, alternatives, and private equity across various vehicles (i.e., SMAs, ETFs, Mutual Funds, LPs). Will Girton is an Investment Analyst on Brinker’s award winning Due Diligence team.

Key Takeaways

[07:12] - How many managers, strategies and research reports does the entire Brinker due diligence team take on each year?
[08:16] - Why is money manager due diligence so important to building out investment portfolios?
[09:40] - How often do they uncover “a snake in the attic,” so to speak, while doing due diligence?
[10:48] - How do the due diligence requirements differ when you are building out a “supermarket of strategies?”
[12:52] - How do they go about finding new managers? Are there certain characteristics they screen for?
[16:51] - How does Brinker Capital’s due diligence approach differ from other firms?
[23:27] - In the current environment, where is advisor demand and what are the strategies that people want?
[25:42] - Favorite money managers they’ve encountered over the years and why did they like them so much?
[31:15] - Advice for those wanting to enter the investment management profession?
[33:31] - Three characteristics that Ron looks for when hiring a due diligence analyst.
[35:55] - What investment ideas are looking particularly attractive to the team right now?

Quotes

[18:05] - "We really treat due diligence as an endogenous cycle. It never really stops, it’s not a ‘set it and forget it’ mentality, so [while] performance is very important…just focusing on performance is a very quick way to fail.’” ~ Mili Rosen

[35:03] - "I think communication skills are something that are very important. The ability to relate to people, particularly when you are serving clients on the outside [is so important]. Just the ability to find common ground and have a true, meaningful conversation that isn’t totally buttoned up…[and] having that ability to…have people lower their guard with you, I think that is a critical aspect as well.” ~ Ron Ahluwalia

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Disclosure(s) ~ Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Wealth Management services are offered by Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor. Brinker Capital Investments and Orion Portfolio Solutions, LLC are both wholly owned subsidiaries of Orion Advisor Solutions, Inc. (“Orion”).

Compliance Code: 0414-OPS-2/23/2024

Jeff Sherman of DoubleLine Capital - The Goldilocks Economy: How Long Can it Last

garegantuan@gmail.com (Jeff Sherman, Robyn Murray, Rusty Vanneman) — Tue, 13 Feb 2024 05:00:00 +0000

As DoubleLine’s Deputy Chief Investment Officer, Jeffrey Sherman oversees and administers DoubleLine’s Investment Management sub-committee coordinating and implementing policies and processes across the investment teams. He also serves as lead portfolio manager for multi-sector and derivative-based strategies. Mr. Sherman is a member of DoubleLine’s Executive Management and Fixed Income Asset Allocation Committees. He can be heard regularly on his podcast “The Sherman Show” (Twitter @ShermanShowPod, ShermanShow@Doubleline.com) where he interviews distinguished guests, giving listeners insight into DoubleLine’s current views. In 2018, Money Management Executive named Jeffrey Sherman as one of “10 Fund Managers to Watch” in its yearly special report. Prior to joining DoubleLine in 2009, Mr. Sherman was a Senior Vice President at TCW where he worked as a portfolio manager and quantitative analyst focused on fixed income and real-asset portfolios. He was a statistics and mathematics instructor at both the University of the Pacific and Florida State University. Mr. Sherman taught Quantitative Methods for Level I candidates in the CFA LA/USC Review Program for many years. He holds a B.S. in Applied Mathematics from the University of the Pacific and an M.S. in Financial Engineering from the Claremont Graduate University. Mr. Sherman is a CFA® charterholder.

Key Takeaways

[3:45] - Jeff’s professional background and career highlights.
[07:06] - Jeff helped found DoubleLine in 2009 – what were some of the joys and challenges they faced while starting the company and what sets them apart as a firm?
[10:20] - How long might the Goldilocks economy be able to last?
[14:22] - What is DoubleLine’s view on inflation and how might this impact what The Fed does and longer term interest rates?
[20:55] - Why not just buy treasury bills and chill?
[23:45] - How should investors be thinking about the upcoming presidential election and how might they be better prepared for the outcome?
[26:05] - How concerned is Jeff about the deficit and what might it mean for the economy and the markets?
[29:50] - How should investors be thinking about their fixed income allocations?
[35:30] - Jeff’s current thoughts on the dollar and also investing overseas.
[38:25] - Jeff’s thoughts on fixed income ETFs and the future of the ETF industry in general.
[41:35] - How might the Bitcoin ETFs affect the ETF industry and Bitcoin itself?
[44:32] - How have skill sets needed to change, if at all, for new people entering the industry?
[49:56] - Jeffs’s favorite investment idea for 2024.

Quotes

[12:25] - “So, when I look at the economy right now, it’s hard to see it being derailed without the labor market. Now, are there signs of cracks in the economy? Absolutely, we can talk about that, but ultimately I think that the recession at this stage has been delayed a bit." ~ Jeff Sherman

[25:08] - “From our standpoint, we don’t see a lot of election risk in markets unless it’s some exogenous policy that we can’t see at this point, and by definition, you can’t play for that. So, are you going to give up on the market just because you think your party isn’t going to win the election?" ~ Jeff Sherman

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Compliance Code: 0306-OPS-2/8/2024

Disclosure(s) ~ Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Ron Temple of Lazard Asset Management - The Market Outlook for 2024 and Top Geopolitical Trends

garegantuan@gmail.com (Ron Temple, Robyn Murray, Rusty Vanneman) — Tue, 6 Feb 2024 05:00:00 +0000

On the podcast today, Rusty Vanneman and Robyn Murray are joined by Ron Temple. Ronald Temple is the Chief Market Strategist for Lazard’s Financial Advisory and Asset Management businesses. In this role, Ron provides macroeconomic and market perspectives to Lazard’s investment teams on a firm wide basis and works closely with Lazard’s Geopolitical Advisory group to assess economic and market implications of key geopolitical issues globally. Ron also advises clients of Lazard’s Asset Management businesses regarding macroeconomic and market considerations that are important to achieving their objectives.Ron has an MPP from Harvard University and graduated magna cum laude with a BA in Economics & Public Policy from Duke University. He is a member of the Council on Foreign Relations, The Bretton Woods Committee, the Economic Club of New York, the CFA Society New York and is the chair of Duke University’s Graduate School Board of Visitors.

Key Takeaways

[02:33] - Ron’s professional background and what drives him.
[04:05] - How do Ron’s extracurricular involvements inform his work at Lazard?
[05:50] - For advisors and clients looking at their year end reports, what is Ron’s guidance on how to consider 2023? What were some of the key highlights of last year and how should investors consider their portfolio performance considering the state of the 2023 market?
[07:40] - What is Ron’s outlook on inflation and how might this affect both short-term and long-term interest rates?
[12:00] - What’s Ron’s current thinking about economic growth?
[15:20] - How might corporate earnings look in 2024?
[16:58] - What will be the catalyst for small cap stocks to finally outperform?
[19:25] - How should investors be thinking about non-US markets in both developed and emerging markets?
[25:00] - What are some of the major risks to Ron’s overall economic outlook?
[31:15] - What were some of the highlights of Ron’s recent report on “Top Geopolitical Trends in 2024?”
[35:50] - How should investors be thinking about Artificial Intelligence and Biotech?
[39:41] - What is currently Ron’s favorite investment idea for 2024?

Quotes

[09:38] - "There are two things to know about The Zillow Index. Number one - it only tracks asking rents, not what people agree to pay, so it tends to overstate rent inflation. Number two - it only tracks new leases, it does not include renewals, so it probably overstates the volatility of rent inflation…and number three, because of those factors, it tends to lead the CPI by a year.” ~ Ron Temple

[28:55] - "This is a year where the geopolitics are really important. I know the average American does not wake up every day fretting over whether NATO is going to be fine, but you know what, maybe we should be…These things do determine the long-term trajectory of peace and stability, and I think that matters. ” ~ Ron Temple

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Compliance Code: 0266-OPS-2/5/2024

Disclosure(s)

Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Alex Rabinovich of Halo Investing - Protective Investing: What Is It and Can It Work for Your Clients?

garegantuan@gmail.com (Alex Rabinovich, Robyn Murray, Rusty Vanneman) — Tue, 30 Jan 2024 05:00:00 +0000

Alex Rabinovich, CFA has a diverse range of work experience in the finance industry. Alex is currently the Head of Enterprise Sales at Halo Investing, a position they have held since January 2023. Prior to that, Alex worked at Russell Investments for almost a decade. Their roles at Russell Investments include Head of Strategic Accounts, where they led a team focused on expanding distribution with national intermediary partners and was responsible for planning and executing business plans. Alex also served as Director of Strategic Accounts, where they initiated and launched new strategic relationships with top broker dealers/distributors. Additionally, Alex worked as a Senior Strategic Account Executive at Russell Investments, collaborating with senior-level contacts at partner firms to grow market share and lead partner-focused initiatives. Before joining Russell Investments, Alex held roles at Morningstar as Vice President of National Accounts and Director of National Accounts, and at AssetMark Investment Services as a Regional Consultant. Alex began their career as a Financial Advisor at John Hancock. Overall, Alex's work experience demonstrates their expertise in strategic account management, sales, and leadership in the finance industry.

Key Takeaways

[03:18] - Alex’s professional background and career highlights.
[04:41] - What is “protective investing” in particular?
[06:30] - How do Defined Outcome products help clients achieve their financial goals?
[07:35] - Are the terms “Defined Outcome Investing” and “Protective Investing” synonymous?
[08:30] - How does Alex feel like the Defined Outcome landscape is changing?
[10:56] - How are advisors using structured products to really differentiate and grow their practices?
[14:18] - What exactly are structured notes and what are some of their use cases?
[16:52] - Why did structured notes often have a bad reputation in the past and was this reputation deserved?
[18:56] - How does Alex see structured notes fitting into broader portfolio allocations?
[22:49] - Why are structured notes more popular in Europe and how is the adoption of structured notes going in US markets?
[27:04] - Alex’s favorite investment idea for 2024.

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Compliance Code: 0178-OPS-1/24/2024

Disclosure(s) Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Phil Toews of Toews Asset Management - What's Ahead in 2024?

garegantuan@gmail.com (Phil Toews, Rusty Vanneman, Robyn Murray) — Tue, 23 Jan 2024 05:00:00 +0000

Phil Toews is Chief Executive Officer of the Toews Corporation and a Portfolio Manager of Toews Asset Management. His management strategies focus on creating “investor friendly” products designed to meet investors’ economic and behavioral needs. Phillip is the founder of the Behavioral Investing Institute, an organization devoted to helping advisors manage investor behavior through market challenges. Learn more at orion.com.

Key Takeaways

[03:55] - Phillip’s personal and career background.
[04:58] - What really sets Toews apart from other asset management firms?
[06:43] - Will this coming year be a case of the bears eating the “Goldilocks market?”
[08:58] - What are the odds that a recession is on the horizon?
[10:47] - Can we expect subsequent waves of inflation, as history might suggest?
[12:47] - Why is global debt a problem and what should investors be doing about their portfolios because of it?
[15:10] - What market scenarios do the terms “bezzle,” “bezzle fizzle” and “bezzle burst” describe?
[18:44] - What does Phil’s term “BFT” mean and how does it apply to investing?
[21:36] - How would Phil contrast a tactical strategy from a hedged strategy?
[24:48] - Are there any rough rules of thumb that Phil recommends for the respective portfolio weights for both trend following strategies or hedge strategies?
[28:42] - Words of wisdom for how financial advisors can properly utilize trend following and hedge strategies?
[31:30] - What is “National Investment Risk Day” and why did Toews help start this?
[37:11] - What is Phil’s favorite investment idea currently?

Quotes

[20:55] - "...People just are sort of not into the word ‘tactical’ anymore, and I think what’s happened over the years is that there are people out there that are trying to predict the markets and they haven’t done so well, and so I think it has gotten a little bit of a bad name…so we migrated that over to ‘trend following strategies.’" ~ Phil Toews

[32:32] - "Now Bitcoin is, or Cryptocurrencies are, the trifecta of dumb. No assets, no income or no projected income, so forget about a meme stock that potentially actually earns something one day - there’s nothing. [Yet] it has appreciated 18 million percent in the last 20 years, and only because [of that]...everyone says like…’I think this could be a legitimate thing, this could be a legitimate investment.’" ~ Phil Toews

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Compliance Code: 0131-OPS-1/17/2024

Disclosure(s)

Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Jeff DeMaso of The Independent Vanguard Adviser - Vanguard’s Biggest Moves in 2023

garegantuan@gmail.com (Jeff DeMaso, Rusty Vanneman, Robyn Murray) — Tue, 16 Jan 2024 06:00:00 +0000

As we move into the New Year, we take a closer look at the market’s historic year, offer a preview on the year to come, look at bond predictions, global investing and much more. Today on the podcast, Rusty and Robyn are joined by Jeff DeMaso - editor and founder of The Independent Vanguard Adviser. Jeff was previously the co-editor and research director of The Independent Adviser for Vanguard Investors. He also served as Portfolio Manager, Director of Research and the interim CIO at Adviser Investments, LLC—a leading investment advisory firm. He has been quoted in Forbes, The Wall Street Journal, Barron’s, InvestmentNews and Kiplinger, to name a few. Citywire named him a Rising Star of manager research in 2019. Jeff graduated magna cum laude from Tufts University with a B.A. in economics in 2006 and holds the Chartered Financial Analyst designation.

Key Takeaways

[03:04] - Jeff’s research, professional background and what drives him.
[05:57] - What really motivates Jeff’s newsletter, The Independent Vanguard Adviser?
[07:40] - What were some of the biggest events for Vanguard in 2023 and which are the ones that investors should care about the most?
[09:30] - What does Jeff like best about Vanguard and where does he think they could improve?
[11:02] - Vanguard’s latest thoughts on ESG strategies.
[13:55] - The top highlights and lowlights for the 2023 market.
[15:58] - Jeff’s economic and market outlook for 2024.
[19:00] - Jeff’s view on the healthcare sector moving forward.
[21:00] - How should investors be treating their bond allocations these days?
[22:35] - Are many of Jeff’s readers asking if they should move their investment funds to money market accounts? If so, how is he addressing this with them?
[24:23] - Jeff’s take on non-US stocks, both strategically and tactically, in balanced portfolios.
[26:17] - What is his favorite investment idea, currently, for 2024?

Quotes

[04:18] - "That’s going to be my career hack…find the person you can learn the most from and go work with them as closely as possible. Ask questions, don’t be afraid to make mistakes and just keep learning." ~ Jeff DeMaso

[10:15] - "...Vanguard’s service in tech…continues to fall short of its competitors, and I cannot wait for the day when I get to write the article that says ‘Hey, Vanguard has really stepped up their game and their service is firing on all cylinders’ - today is not that day." ~ Jeff DeMaso

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Compliance Code: 0031-OPS-1/5/2024

Disclosure(s)

Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Kim Arthur of Main Management - Market Outlooks

garegantuan@gmail.com (Robyn Murray, Kim Arthur, Rusty Vanneman) — Fri, 12 Jan 2024 06:00:00 +0000

As 2023 comes to a close, this episode looks at what may be in store for the year ahead and covers things that investors and financial advisors should be considering going into 2024. Kim speaks to the state of the US market going forward and the outlook for international markets in the coming year. In addition, we take a closer look at why Kim views actively managed ETFs as superior, more tax efficient vehicles to mutual funds for investors. Lastly, we learn more about Main Management’s firm culture and how Kim, and his partners, have created such a sticky culture there.

Key Takeaways

[02:52] - Kim’s professional background and career highlights.
[04:32] - What makes Main Management really stand out as a firm?
[06:13] - Kim’s current thoughts on the economy and his outlook for 2024.
[08:02] - Kim’s view on interest rates and how investors should be treating their bond allocations.
[09:26] - Advice for income oriented advisors who want to stick their investment dollars into money markets.
[10:30] - The state of the US market going forward and the argument for staying diversified.
[11:55] - Kim’s philosophy around sector rotation and what sectors look attractive to him now.
[13:43] - Council for investors concerned with income generation and de-risking their equity allocation.
[15:23] - The outlook for international markets in 2024.
[17:01] - How Main Management helps mitigate the tax burden for their clients.
[19:31] - Why Kim views the ETF as a superior vehicle to mutual funds for investors.
[21:46] - The importance of firm culture and how Kim has excelled in this area.
[25:00] - Kim’s favorite investment idea currently.

Quotes

[04:34] - "When we founded the firm 21 years ago, we wanted to build the strategies using liquid, transparent ETFs, which for all intents and purposes had really just started at that point. There were only one hundred, there are thousands of them today…but what we wanted to deliver, the why for the business, was we wanted to have a client first, exceptional service and deliver on expectations." ~ Kim Arthur

[12:00] - "…Out of the eleven industry sectors that build up and make up the S&P 500, we typically overweight four of those. I’d love to be able to tell you ‘hey, every year all four of those are at the top of the price performance chart,’ but it usually does not end up that way. There’s typically a split of two of them up at the top and two of them at the bottom…[so] I like to say they’re ‘seasoning.’ " ~ Kim Arthur

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Compliance Code: 0067-OPS-1/9/2024

Disclosure(s)

Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Caleb Brown of New Planner Recruiting - How to Find the Best Talent for Your Firm

garegantuan@gmail.com (Caleb Brown, Rusty Vanneman, Robyn Murray) — Tue, 9 Jan 2024 00:00:00 +0000

As we move into the New Year, and firms are in the process of creating formal growth plans and budgets, we take a closer look at what it takes to find and keep new talent. In this episode, Rusty and Robyn are joined by hiring expert Caleb Brown, Co-Founder and CEO at New Planner Recruiting in Athens, GA. Caleb weighs in on strategies for financial advisory firms looking to recruit top talent and strategies for talent to find the best firms.

Key Takeaways

[03:05] - Caleb’s diverse professional background and his role at New Planner.
[05:39] - A macro assessment of the financial planning industry’s future growth
[06:52] - What salary and hiring trends is Caleb seeing in the financial planning space?
[08:29] - How might artificial intelligence impact the financial planning profession?
[10:32] - How big of an impact does the CFP credential have on getting a job in the industry? How does it impact your compensation level and attracting prospective clients?
[14:02] - What advice does Caleb have for financial planners looking for fresh talent?
[17:56] - What are best practices for creating enticing job listings?
[21:18] - How long is a typical hiring cycle and how does that differ if you are hiring a recent college graduate, a career changer or an experienced planner?
[23:17] - How does the recruiting process differ for Gen Y than for other generations?
[29:24] - How should people gauge if they are a good fit for the financial services profession?
[32:51] - What is Caleb’s favorite investment idea currently?

Quotes

[07:29] - "What we do is we ask all the candidates that we’re talking to, so it’s a little different from the other surveys out there that are having firm owners fill out how much they pay their people. We’re asking the candidates, because in my world what someone is making now is irrelevant - it’s, what is it going to take for them to look at something else?" ~ Caleb Brown

[28:22] - "I would say to try to promote people probably before they’re ready. Put them in there, let them take a swing…Looking back at my career, you know I was probably just a run of the mill, average candidate, but someone was constantly pushing me out of my comfort zone every day…I look back and I can’t believe all of the stuff we achieved at that firm." ~ Caleb Brown

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Compliance Code: 0022-OPS-1/3/2024

Disclosure(s)

Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Ed Rosenberg of Texas Capital Bank - Investing in Texas and the Future of the ETF Industry

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 26 Dec 2023 08:00:00 +0000

The case for investing in Texas goes beyond its iconic cowboy culture and vast scenery. It's deeply rooted in the state's business-friendly environment and thriving economic network. Capitalizing on its unique blend of tax advantages and unmatched potential for economic growth, Texas has emerged as an attractive destination for financial investments. Meanwhile, the ETF industry is expected to sustain its upward trajectory, with more assets flowing from mutual funds to ETFs.

In this episode, Rusty and Robyn talk with Edward Rosenberg, Managing Director and Head of ETF and Funds Management at Texas Capital Bank. Edward believes that every firm needs to have ETFs in its offerings, whether they realize it or not. Why? ETFs offer trading flexibility, diversification, greater transparency, tax benefits, and lower operating costs than traditional open-end funds. There is so much room for expansion, and the possibilities are endless.

Edward talks to Rusty and Robyn about the case for investing in Texas. He explains how Texas's business-friendly environment and tax benefits can contribute to a company's bottom line. Edward also shares his thoughts on the future of the ETF industry, including the projected growth and the role of direct indexing and model portfolios.

Key Takeaways

[02:59] - What led Edward to specialize in ETFs?
[05:20] - An overview of Texas Capital Bank and its ETF lineup.
[07:50] - The case for investing in Texas.
[12:21] - Composition of the Texas Capital Texas Equity Index ETF.
[14:01] - How ETFs fit into a portfolio.
[16:09] - The projected growth of the ETF industry.
[19:03] - How direct indexing complements ETF portfolios.
[21:58] - How the ETF models can compete against the models from big firms.
[24:25] - Edward's thoughts on the ETF industry and its future.
[27:14] - How Edward maintains his energy to perform at a high level.
[28:28] - Edward's favorite investment idea.
[31:06] - The people Edward is thankful for professionally.
[33:07] - Edward's recommendations for content.

Quotes

[09:39] - "The business environment of the Texas estate along with the tax benefits that individuals get can really add to a company's bottom line." ~ Edward Rosenberg

[11:17] - "Texas has more companies publicly traded or listed on the exchanges than any other state. This shows a diverse economy growing much faster than the entire U.S. economy and in most states across the board." ~ Edward Rosenberg

[23:09] - "If everybody's the same and you're an advisor, how can you differentiate yourself? You have to look at the newer products or active ETFs. You have to be different to really add value to what you're doing." ~ Edward Rosenberg

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3364-OPS-12/27/2023

David Schulhof of MUSQ - Exploring Investment Opportunities in the Growing Music Industry

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 19 Dec 2023 08:00:00 +0000

The music industry is a powerful force, shaping culture and influencing society across the globe. As the industry experiences a golden age, driven by increased streaming subscriptions, the resurgence of live music, and the advent of digital technology, those with a keen eye for innovation recognize that investing in the music industry is not just about the present but also a journey into the future of exciting possibilities.

In this episode, Rusty and Robyn talk with David Schulhof, Founder and CEO of MUSQ. David is an American music industry executive and investor with 30 years of experience in the field. David’s background in the music industry is extensive, having previously served as the president of music publishing at LiveOne, a global media company for live streaming and on-demand audio, video, and podcast content. He is also the former president of music at AGC Studios and IM Global Studios and was the co-founder and CEO of Evergreen Copyrights, where he pursued a global acquisition strategy of music publishing catalogs.

Having worked with top artists and Grammy winners and founded multiple music companies, David talks to Rusty and Robyn about the growing music industry and the investment opportunities it presents. He explores the different segments of the industry, including streaming, content, live music, technology, and radio. David also highlights the rapid growth of the music industry, particularly in streaming and live music, and the potential for further expansion in emerging markets.

Key Takeaways

[03:24] - David's career in the music industry.
[04:37] - The reason behind the creation of the MUSQ ETF.
[05:42] - How to get into MUSQ ETF.
[06:46] - Investment case for the music industry.
[11:35] - The expected growth in the music industry across different segments.
[15:44] - Global growth in the music industry.
[17:11] - The biggest players in streaming services.
[18:36] - Other companies investors should be paying attention to.
[19:52] - Valuations of music companies compared to other media companies.
[20:41] - The potential benefits and risks of AI in the music industry.
[23:33] - David's recommendations for new music.
[26:28] - How David maintains his energy and ability to perform at his best.
[28:11] - The people David is grateful for professionally.
[29:02] - David's recommendations for content.

Quotes

[06:54] - "Music today is the most overlooked, underhyped, and under-monetized media asset. And music today is the best content story in the history of media." ~ David Schulhof

[09:02] - "The music industry's really going through a golden age. It's growing and outperforming the GDP by four times." ~ David Schulhof

[13:53] - "In terms of music, AI is really disruptive right now. It is revolutionizing creativity and productivity for artists and songwriters." ~ David Schulhof

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3313-OPS-12/15/2023

Rand Wrighton of Barrow Hanley Global Investors - Value Investing: How Value Outperforms Growth

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 12 Dec 2023 08:00:00 +0000

Value investing has proven to be a successful strategy over the long term. While growth stocks have dominated the market, factors such as economic recovery, higher interest rates, inflation, and geopolitical risks could contribute to a sustained period of outperformance for value investing. By strategically investing in undervalued assets with strong upside potential, investors can navigate the complexities of the market, achieving superior returns over the long run.

In this episode, Rusty and Robyn talk with Rand Wrighton, Managing Director and Senior Portfolio Manager at Barrow Hanley Global Investors. Rand began his investment career at Barrow Hanley as a research analyst covering the Industrials, Energy, and Technology sectors. In 2006, he joined an internal group at Barrow Hanley to lead the firm's expansion into non-U.S., Global, and Emerging Market investment products. In his current role, Rand manages portfolios for the Barrow Hanley Emerging Markets and Non-U.S. Value strategies.

A value investor who focuses on finding undervalued stocks with strong fundamentals and good balance sheets, Rand talks about the current state and best market conditions for value investing. He also shares his insights on the current economic outlook and the impact of geopolitical risks. He touches on the U.S. dollar, the energy sector, recession, and inflation risk and offers advice on how to invest successfully in value.

Key Takeaways

[03:43] - Rand's professional background and how his experience shaped him to where he is today.
[06:02] - What sets Barrow Hanley apart from other firms?
[07:01] - How Barrow Hanley defines value investing.
[07:59] - The best market conditions for value investing.
[11:49] - How Barrow Hanley adapts its value investing strategy to changing market conditions.
[13:32] - Rand's outlook on recession and inflation risks.
[17:11] - How geopolitical risks impact Rand's decision-making.
[21:49] - How Rand positions his portfolio in the energy sector.
[24:35] - The impact of the U.S. dollar on Rand's portfolio positioning.
[26:38] - Rand's advice on how to be successful in value investing.
[29:04] - The people who have influenced Rand in value investing.
[30:20] - Rand's criteria for diversification within portfolios.
[32:21] - How Rand maintains his physical and mental energy to perform at his best.
[33:20] - The people Rand learned life lessons from.
[34:59] - Rand's recommendations for content.

Quotes

[09:30] - "Recessions are where you reallocate human and physical capital from areas that have been good places to be to areas that will be the next good places to be." ~ Rand Wrighton

[26:57] - "You need to think about investments in a way that makes sense to you and is tailored to your knowledge set, and that is something you can stick with." ~ Rand Wrighton

[30:07] - "Sticking to your discipline is really one of the secrets to success in our business." ~ Rand Wrighton

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3303-OPS-12/13/2023

Andy Smock of Merganser Capital Management - Navigating Volatility in the Interest Rate Markets

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 5 Dec 2023 08:00:00 +0000

Current economic conditions, marked by fluctuating interest rates and potential recessions, have sparked many investors to re-evaluate their investment strategies. By diligently monitoring trends and strategically adjusting asset allocations, investors can position themselves to not only weather the challenges but also capitalize on opportunities that arise from the ups and downs of the interest rate market.

In this episode, Rusty and Robyn talk with Andy Smock, Chief Investment Officer and Managing Principal at Merganser Capital Management. Andy joined Merganser in 2003. Earlier in his career, he focused on researching and trading both residential and commercial mortgage-backed securities. In his current role, Andy oversees the company's investment team and is a portfolio manager for their longer-duration strategies.

With extensive experience in the fixed-income market, Andy talks to Rusty and Robyn about fixed income and fluctuations in the interest rate market. He discusses the reasons behind the large swings in interest rates and the trends within fixed income, including shifting demands from investors. Andy also shares his macro perspective on inflation and the potential for a recession and provides insights on the status of regional banks and the commercial real estate market.

Key Takeaways

[02:32] - Andy's background and work at Merganser Capital Management.
[03:27] - The reasons behind the large swings in interest rates.
[05:22] - Strategic allocation shifts in response to interest rate movement.
[06:54] - Notable trends in fixed income.
[08:20] - What Andy sees as demands from investors.
[09:57] - Andy's view on inflation.
[12:05] - The possibility of a recession.
[14:12] - The reasons for a bank crisis.
[15:38] - The challenges facing commercial real estate.
[18:46] - How Andy maintains his mental and physical energy to perform at a high level.
[20:36] - The people Andy is professionally thankful for.
[23:16] - Andy's recommendations for content.

Quotes

[05:02] - "The drivers [large swing of interest rates] have been all over the place. You can really point to economic data on certain days or geopolitical." ~ Andy Smock

[10:04] - "Inflation is definitely coming down. Every way I look at the data, it's clearly dropping from really disturbingly high levels." ~ Andy Smock

[11:35] - "Inflation is coming down. And for it to meaningfully come down and quickly come down to target, we're going to need to see weakness in the consumer much more than we have." ~ Andy Smock

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3225-OPS-12/1/2023

Brett Van Bortel of Invesco Consulting - The Five Criteria for Building Successful Client Relationships

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 28 Nov 2023 08:00:00 +0000

Building strategic partnerships with attorneys and accountants can be a game-changer for financial advisors with the power to redefine the trajectory of an advisor's career. By unlocking the code of how to build a strategic partnership with these professionals, financial advisors can have a consistent flow of high-net-worth referrals.

In this episode, Rusty and Robyn talk with Brett Van Bortel, Director of Consulting Services at Invesco Consulting. Brett has been with Invesco since 2010 and specializes in helping financial professionals be more profitable, effective, and productive. He has developed and delivered numerous consulting programs designed to increase the profitability, effectiveness, and productivity of financial professionals. As a speaker and consultant, Brett focuses on helping financial professionals build strategic partnerships with attorneys and CPAs to create a pipeline of high-net-worth referrals.

Brett joins Rusty and Robyn to discuss how financial advisors can build strategic partnerships that grow their businesses. He dives into the importance of creating pipelines of high-net-worth referrals from attorneys and accountants and how to build successful client relationships. Brett also shares the challenges and solutions in building these partnerships and the five criteria for evaluating potential strategic partnerships.

Key Takeaways

[03:25] - Brett's career background.
[04:10] - What separates Invesco apart from other firms?
[04:52] - Why “The Referral Code” resonates with financial advisors.
[06:05] - The question financial advisors need to ask when starting a business.
[06:52] - How financial professionals create successful strategic partnerships.
[13:48] - The challenges and solutions in building strategic partnerships.
[16:28] - The five criteria for evaluating potential strategic partnerships.
[20:30] - The meaning of 'next' in Brett's “The Referral Code” presentation.
[22:08] - An overview of Invesco's Practice Innovation Index.
[24:09] - What Invesco's Total CX is all about.
[25:05] - How AI impacts the financial markets.
[26:38] - The people Brett is thankful for professionally.
[28:05] - Brett's recommendations for content.

Quotes

[07:54] - "One good COI (center of influence) doesn't make your year. It makes your career." - Brett Van Bortel

[11:02] - "You don't have to network with a huge number of people to be successful." ~ Brett Van Bortel

[26:14] - "The ability of the advisor to demonstrate that level of care really can't be matched by AI as we know it today." - Brett Van Bortel

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3177-OPS-11/27/2023

Todd Morris and Daniel Fields of Polen Capital Management - Investing in High-Quality International Stocks

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 21 Nov 2023 08:00:00 +0000

With some of the best, most innovative, and well-run businesses located beyond U.S. borders, limiting one's investments to the domestic market may inadvertently limit their portfolio's potential growth. While the world's economic activity is dynamic and diverse, smart investors are now exploring opportunities in previously seen as distant and foreign markets.

In this episode, Rusty and Robyn talk with Daniel Fields and Todd Morris, portfolio managers and analysts at Polen Capital Management. Before joining Polen Capital, Daniel spent eight years in Hong Kong, working for Gavekal Capital and Marshall Wace LLP as a research analyst evaluating Asian growth companies. Todd worked in research and marketing roles with Prudential Insurance and Millennium Global Asset Management, respectively, and served in the U.S. Navy for seven years.

Managing Polen Capital's international growth strategy, Daniel and Todd discuss with Rusty and Robyn the case for high-quality and international investing. They emphasize the importance of investing outside the United States. They also highlight the potential for international outperformance in the future, as well as the attractive valuations currently available in international markets.

Key Takeaways

[03:21] - Daniel and Todd's personal and professional backgrounds.
[04:35] - An overview of Polen Capital's culture and what makes it unique.
[05:45] - What compounders are and why they are important for investing.
[08:00] - Why Polen Capital invests in concentrated portfolios.
[08:48] - What Polen Capital's article, “Hidden in Plain Sight” is all about.
[10:59] - How Polen Capital specifically defines high-quality companies.
[13:11] - Potential catalysts for the dollar to weaken.
[15:24] - Key takeaways from Polen Capital's “Opportunity Beyond Borders” article.
[17:21] - Recommended allocation for non-U.S. securities.
[19:34] - Daniel and Todd's take on how AI impacts the markets and financial advice.
[21:19] - How Daniel and Todd maintain their physical and mental energy to perform at their best.
[22:32] - The people Daniel and Todd are thankful for professionally.
[24:47] - Daniel and Todd's recommendations for content.

Quotes

[08:33] - "We feel that concentration specifically among high-quality, profitable businesses offers the best odds of success over the long run. And so that is very central to how we think and operate as investors." ~ Todd Morris

[09:02] - "If you're not investing outside the United States, you're missing out on a whole lot of really good companies. Some of the best, most innovative, and well-run businesses are located outside the United States." ~ Daniel Fields

[15:42] - "More than 75% of global activity is happening outside the United States. And while a US-centric or a US-biased allocation has been sensible and has worked well for the last 15 years, that may not always be the case. We should all remember that much of the world's economic activity is happening outside our borders." ~ Todd Morris

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3129-OPS-11/17/2023

Michael Green of Simplify Asset Management - The Rise of Liquid Alternatives

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 14 Nov 2023 08:00:00 +0000

Historically, investors have predominantly relied on traditional assets such as stocks and bonds to build portfolios. These classic investments have undoubtedly proven their worth over time. However, the modern era has ushered in new opportunities that challenge the status quo. Liquid alternatives, also known as alternative investments, are at the forefront of this revolution.

In this episode, Rusty and Robyn talk with Michael Green, Portfolio Manager and Chief Strategist at Simplify Asset Management. Michael has been a student of markets and market structure for nearly 30 years. His proprietary research into the shift from actively managed portfolios and investment funds to systematic passive investment strategies has been presented to the Federal Reserve, the BIS, the IMF, and numerous other industry groups and associations. Michael joined Simplify in April 2021 after serving as Chief Strategist and Portfolio Manager for Logica Capital Advisers.

Known for his expertise in alternative investments, Mike talks to Rusty and Robyn about the rise of liquid alternatives, such as ETFs and managed futures, and their benefits to investors. He emphasizes the need for diversification and the opportunity to do something different in a market dominated by passive equity and bond exposure. Mike also shares insights on the role of commodities in portfolios.

Key Takeaways

[02:18] - Mike's background and how he got to his current position.
[03:38] - How Simplify differs from other investment firms.
[05:02] - Why investors should consider investing in alternatives.
[06:33] - Mike's thoughts on liquid alternatives such as ETFs.
[08:13] - Challenges and reasons for the limited number of ETFs in the alternative space.
[09:49] - Examples of alternative strategies that work well in an ETF format.
[11:27] - The pros and cons of managed futures as a strategy.
[14:38] - Mike's view of commodities from a strategic standpoint.
[21:03] - The recommended strategic weight for alternatives in portfolios.
[23:08] - The concept of crowding out in passive investing.
[29:23] - The catalysts for a shift in portfolio construction.
[32:34] - Mike's take on the credit markets.
[37:18] - Mike's thoughts on how AI impacts the markets and financial advice.
[39:27] - How Mike maintains his physical and mental energy to perform at a high level.
[42:12] - The people Mike is thankful for professionally.
[43:44] - Mike's recommendations for content.

Quotes

[05:26] - "The opportunity to do something different is actually a chance to get in front of the crowd in terms of changing the allocation." ~ Michael Green

[11:54] - "The real core behind managed futures is simply to reinforce momentum trends and the strength of those trends. It's a strategy that does really well in periods of uncertainty, moving to the resolution of that uncertainty." ~ Michael Green

[15:13] - "Commodities are something that we require on a go-forward basis. It's one of the better vehicles for protecting yourself against potential inflationary outcomes. It's also one of the more powerful tools for effectively isolating very significant changes in either supply or demand characteristics in the global economy." ~ Michael Green

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3072-OPS-11/10/2023

Tom Galvin of Columbia Management - Growth Investing and the Future of Active Management

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 7 Nov 2023 08:00:00 +0000

Growth investing has long been a favored strategy for investors seeking to capitalize on the potential of high-growth companies. It's a path often chosen by those who firmly believe in the power of innovation, the potential of disruptive technologies, and the dynamic nature of markets in constant flux. While growth investing is not without risks, it promises the thrill of discovering the next big thing.

In this episode, Rusty and Robyn talk with Tom Galvin, Lead Portfolio Manager at Columbia Management. Tom has led the strategy since he joined one of the Columbia Threadneedle Investments legacy firms in 2003. With over 20 years of experience as a leading equity strategist and securities analyst, Tom has been named to Institutional Investor's All-America Research Team and The Wall Street Journal’s All-Star Analyst Team.

Known for his expertise in highly concentrated growth investing and deep understanding of the technology and consumer sectors, Tom talks about growth investing, diversification, and the future of active management. He also shares his thoughts on the current market conditions, the impact of higher interest rates on growth companies, and his outlook for the “magnificent seven” stocks.

Key Takeaways

[02:46] - Tom's background and experience at Columbia Threadneedle Investments.
[05:36] - How Tom manages his team through the changes in the industry.
[06:41] - Three ways investors can implement the growth strategy.
[11:09] - Using correlations to reduce risk and increase diversification.
[14:56] - Money managers who are great at growth investing.
[16:45] - How active managers using fundamental analysis perform.
[18:19] - The connection between the markets and the economy.
[23:00] - How higher rates impact growth investing.
[25:40] - Tom's outlook for the “magnificent seven” companies.
[30:10] - Analysis of Apple's growth potential.
[32:23] - The impact of AI on markets and financial advice.
[35:46] - Tom's perspective on Schwab's performance this year.
[37:38] - Mentors and colleagues Tom is professionally thankful for.
[40:47] - How Tom maintains his physical and mental energy to perform at a high level.
[41:58] - Tom's recommendations for content.

Quotes

[07:01] - "Our growth strategy is not 'the' solution, but we're part of a solution." ~ Tom Galvin

[16:13] - "As analysts or portfolio managers, we are like detectives. Any detective story you have ever seen on TV usually follows the money trail. That's exactly what we're trying to accomplish." ~ Tom Galvin

[18:45] - "The market tends to lead the economy because it's less interested in what happened last year and more interested in what might happen in the future." ~ Tom Galvin

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3052-OPS-11/8/2023

Bob Doll of Crossmark Global Investments - Aligning Investments and Personal Values

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 31 Oct 2023 07:00:00 +0000

For many, faith provides a moral compass, guiding decisions and actions in both personal and professional matters. This compass extends its influence into the world of investing, giving rise to faith-based investing. This approach allows individuals to merge their faith with their financial portfolio, fostering a harmonious coexistence of monetary growth and ethical principles.

In this episode, Rusty and Robyn talk with Bob Doll, Chief Investment Officer at Crossmark Global Investments. With over 40 years of experience in the investment management business, Bob has a deep understanding of managing large-cap U.S. equities. He is known for his expertise in faith-based investing and helping clients align their investments with their values. He also utilizes his investment expertise to provide weekly and quarterly investment commentaries and annual market predictions. Bob is a regular guest and contributor to multiple outlets such as Bloomberg TV, Fox Business News, CNBC, and Faith & Finance Live Radio.

A legend in the financial services industry, Bob talks about faith-based investing, market predictions, and the current market outlook. Bob shares his insights on the impact of values in investing and how investors can align their investments with their personal beliefs. He also provides his outlook for the economy and the market, including his predictions for inflation, the Fed, and interest rates.

Key Takeaways

[02:33] - Bob's background and experience in investment management.
[03:24] - What Crossmark Global Investments is all about.
[04:54] - Aligning faith with financial decisions.
[06:26] - The long-term viability of value-based investing.
[07:21] - How people can learn more about faith-based investing.
[08:17] - How Bob's top 10 predictions for 2023 turned out.
[10:12] - Bob's thought process for creating the top 10 predictions.
[11:35] - Bob's current economic and market outlook.
[13:13] - Possible projections for inflation and interest rates.
[14:58] - Outlook on the “magnificent seven” companies.
[18:34] - Portfolio allocation between high-yield bonds and fixed income.
[22:11] - The impact of geopolitics on investment.
[25:15] - How Bob maintains his physical and mental energy to perform at his best.
[26:54] - How AI can impact the markets and financial advice.
[28:11] - The people Bob is thankful for professionally.
[29:56] - Bob's recommendations for content.

Quotes

[04:24] - "People spend a lot of time making sure that how they spend money lines up with who they are. But in between the investment piece, 'Oh, I'll leave that to somebody else.' And they end up owning investments they may not know a whole lot about." ~ Bob Doll

[05:13] - "We do our best job to suggest what good values might be in terms of the companies we exclude and the companies we give. My faith as a Christian is there's a standard. It's called God's word, the Bible. We use that as our best attempt to figure out what should be included and what should get excluded." ~ Bob Doll

[05:35] - "We sit down with our clients and say, 'What are your values? Let's define them. Get them on a piece of paper so we can try to manage money to fit those values.'" ~ Bob Doll

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2951-OPS-10/27/2023

George Svagera and Ryan Donovan of Orion - FinTech Trends That Help Advisors Win More Business

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 24 Oct 2023 07:00:00 +0000

The impact of fintech on financial advisory practices has been nothing short of transformative. The collaboration between fintech innovators and financial advisors not only drives innovation but significantly enhances the overall client experience, revolutionizing the way financial services are delivered and received. However, it is not merely about adopting technology. It's about being purposeful in adopting new technology and seeking solutions that align with the specific needs of their business.

In this episode, Rusty and Robyn talk with Ryan Donovan, Senior VP of Institutional Sales, and George Svagera, Senior VP of Business Development for Enterprise at Orion. In his role, Ryan works to show registered investment advisors how Orion's technology and integrations can help them grow and improve efficiency. On the other hand, George oversees Orion's enterprise sales. He works with mainly broker-dealers, banks, and custodians in leveraging both the tech and wealth management sides.

George and Ryan talk to Rusty and Robyn about disruptive trends, top tech features, and how advisors can leverage fintech to stay ahead of the curve. They highlight the impact of fintech on financial service providers and the importance of integration and seamless workflows for advisors. George and Ryan also discuss how emerging technologies change how advisors operate and deliver value.

Key Takeaways

[04:25] - George and Ryan's professional backgrounds and roles at Orion.
[06:45] - What led to the creation of Ryan and George's podcast, The Fuse Show.
[08:24] - FinTech trends impacting the financial advisory space today.
[12:46] - How technology is changing the way advisors operate and deliver value.
[23:06] - Features and capabilities advisors value the most.
[27:59] - How advisors can leverage fintech to stay ahead of the curve and meet client expectations.
[32:46] - Ryan and George's advice to financial advisors looking to leverage the fintech landscape.
[34:49] - Ryan and George's favorite investment idea.
[35:24] - How Ryan and George maintain their physical and mental health to perform at their peak.
[37:15] - The people Ryan and George are thankful for professionally.
[39:39] - Ryan and George's recommendations for content.
[41:13] - Upcoming episodes of The Fuse Show that Ryan and George are excited about.

Quotes

[08:40] - "When you look at advisors, regardless of your affiliation with a broker-dealer or whether you're independent, you're an RIA, or you're with a wirehouse, ultimately, what you want is to minimize the friction of interacting with your clients so that you could serve them best." ~ Ryan Donovan

[21:51] - "One of the biggest game changers that will impact advisors, but something that their firms don't necessarily have to do, is real-time data streaming more than anything else." ~ George Svagera

[28:13] - "As a technology company, we leverage a lot of technology to run our business. You have to be purposeful in it. You have to set aside time to learn what it does to train yourself on it to understand what it does and how it can help run your day or make you more efficient." ~ George Svagera

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2905-OPS-10/23/2023

John Davi of Astoria Portfolio Advisors - ETF Model Portfolios and Factor Investing

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 17 Oct 2023 07:00:00 +0000

The future of ETF model portfolios and factor investing appears promising. With the continued growth of the ETF industry and the increasing demand for diversified and risk-adjusted investment solutions, ETF model portfolios are likely to gain further traction. As investors navigate the challenges of a deglobalized world environment, the principles of factor investing and quality investing will continue to play a crucial role in achieving long-term financial goals.

In this episode, Rusty and Robyn talk with John Davi, Founder, CEO, and CIO at Astoria Portfolio Advisors. John is an award-winning research strategist with over 20 years of experience across macro ETF strategy, quantitative research, and portfolio construction. Before starting Astoria, he was the head of Morgan Stanley's Institutional ETF Content and advised many of the world's largest hedge funds and asset managers on ETF portfolio construction. John published hundreds of reports in his research career across various topics, from ETFs, indices, and futures to structured products.

John talks to Rusty and Robyn about ETF model portfolios and factor investing. He emphasizes the importance of active management, diversification, and quality investing in the current market environment.

Key Takeaways

[03:14] - What inspired John to get into investment management.
[04:29] - An overview of Astoria Portfolio Advisors and its services.
[05:53] - John's journey in developing ETF Model Portfolios.
[07:36] - What sets Astoria's ETF Model Portfolio apart from others?
[09:09] - How boutique ETF strategists can compete against major ETF providers.
[10:32] - The future growth of the ETF industry and ETF models.
[11:39] - How factor investing works.
[16:02] - Why quality is Astoria's true north.
[17:40] - How real estate investing is similar to factor investing.
[18:51] - John's view on the macroeconomic landscape.
[20:34] - Investing in a deglobalized world.
[23:03] - John's outlook for the next three quarters.
[25:25] - Recommended strategic weight for non-U.S. equities.
[26:50] - John's view of artificial intelligence in investment management.
[28:05] - John's favorite investment idea.
[29:26] - How John maintains his physical and mental energy to perform at his best.
[30:51] - The people John is thankful for professionally.
[31:58] - John's recommendations for content.

Quotes

[09:55] - "Diversifying our factors and using liquid alts can help you get higher up in the efficient frontier." ~ John Davi

[15:21] - "It's very attractive to just own beta. But when you own a few factors, you get a smoother return." ~ John Davi

[16:26] - "Quality is the most consistent of the factors. It's basically like buying good companies with good balance sheets. They pay dividends, they don't take on a lot of debt, and the consistency of their earnings and their earnings beats." ~ John Davi

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2851-OPS-10/16/2023

Mike Akins with ETF Action - How to Navigate the ETF Marketplace

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 10 Oct 2023 07:00:00 +0000

As investors increasingly seek to optimize their portfolios and adapt to changing market conditions, exchange-traded funds (ETFs) have emerged as an effective and rapidly evolving investment vehicle. While ETFs have proven superior to traditional mutual funds, they have also ushered in a new era of opportunities and challenges for investors, financial advisors, and the industry.

In this episode, Rusty and Robyn talk with Mike Akins, Founding Partner at ETF Action. Mike has over 20 years of financial industry experience spanning multiple disciplines. Before founding ETF Action, Mike served as SVP and Head of ETFs at ALPS Advisors, overseeing all aspects of the $15 billion ALPS ETF Trust. Throughout his career, Mike has held various management positions in product development, research and data analytics, risk management, compliance, audit, and operations.

Mike talks to Rusty and Robyn about how to navigate the ETF marketplace, covering topics such as the growth and future of the ETF industry, the historical and projected growth of ETFs, the rise of ETF model portfolios, and the challenges and opportunities facing the industry.

Key Takeaways

[03:53] - Mike's career journey from compliance to ETFs.
[05:01] - The historical and projected growth of the ETF industry.
[07:12] - Competitive threats to ETFs.
[10:18] - Potential benefits and limitations of direct indexing.
[12:13] - Possible risks that may hinder the growth of ETFs in the future.
[13:36] - The percentage of advisors choosing ETFs themselves vs. outsourcing to ETF models.
[15:41] - How ETF Action supports advisors in adopting ETF models.
[17:41] - The growth prospects of models in the coming years.
[18:37] - How other models compete against giant industries.
[21:21] - Delivering ETFs that align with investors' criteria.
[23:15] - Opportunities and challenges for the future of the ETF market.
[25:46] - Mike's concerns about liquidity and market complacency.
[26:58] - The impact of artificial intelligence on the ETF industry.
[28:16] - Mike's favorite investment idea.
[29:25] - How Mike maintains his physical and mental energy to perform at his best.
[30:31] - The people for whom Mike is grateful, both personally and professionally.
[32:23] - Mike's recommendations for content.

Quotes

[05:35] - "The ETF is a superior structure to mutual funds. Therefore, as people have the opportunity to transfer assets, whether it's required minimum distributions from their qualified accounts or there's a reason to sell their mutual fund and realize those gains, it naturally flows into the ETF market." ~ Mike Akins

[18:07] - "If you're an advisor or if you're an independent network of advisors, having models not only will lead to better outcomes, which is the ultimate game, but it also is going to lead to more efficiencies and time saved, and it's going to allow advisors to continue to scale their business." ~ Mike Akins

[21:30] - "What attracts me to the ETF market is the ability to map almost any liquid investment in the world. You have every corner of the market covered by an ETF, and with a push of a button, I can track in real-time what's going on with that market through the ETF." ~ Mike Akins

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2774-OPS-10/6/2023

Vern Montross of City National Rochdale - The Complexity of Managing High-Net-Worth Portfolios

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 3 Oct 2023 07:00:00 +0000

High-net-worth individuals often have many objectives, ranging from wealth preservation and growth to estate planning and philanthropy. Each objective has its own intricacies, requiring careful consideration and customization to meet each client's unique needs.

In this episode, Rusty and Robyn talk with Vern Montross, Western Division Managing Director at City National Rochdale. In his role, Vern is responsible for cultivating and developing relationships with financial professionals, including financial advisors, CPAs and attorneys, and their high-net-worth clients in Texas. He works in concert with these professional advisors and City National Rochdale portfolio managers to develop long-term, risk-managed investment strategies.

Working in close partnership with each client's trusted advisor to develop an insightful personal benchmark, Vern talks about the complexity of managing high-net-worth portfolios, what it takes to serve high-net-worth clients, and what intelligent personalization is all about.

Key Takeaways

[03:30] - How Vern transitioned from biology to finance.
[05:13] - The role of CNR in the investment management industry.
[07:51] - What makes CNR different from other investment firms that manage high-net-worth investors?
[11:15] - What it is like to work with CNR's portfolio managers and investment consultants.
[12:54] - How CNR works with high-net-worth investors.
[16:22] - What intelligent personalization means.
[19:08] - Vern's outlook for the stock market, inflation, interest rates, and the bond market.
[24:37] - How CNR applies its market outlook to client portfolios.
[27:59] - Vern's thoughts on artificial intelligence's impact on investing.
[31:07] - One of Vern's favorite investment ideas.
[33:35] - How Vern maintains his physical and mental energy to perform at a high level.
[34:54] - The people Vern is thankful for professionally.
[37:18] - Vern's recommendations for content.

Quotes

[06:04] - "We're a collection of problem solvers, very much like scientists and engineers. We want to study what a potential solution looks like, stress test it, and make sure it works and is appropriate." ~ Vern Montross

[06:31] - "We don't pre-manufacture our solutions. We don't have inventory on the shelf, and we don't pre-manufacture products. We work with every single client based on their unique situation." ~ Vern Montross

[16:50] - "Just because something is different or specific doesn't mean it's also optimal. So, I think of intelligent personalization as customization with intelligent awareness." ~ Vern Montross

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1592-OPS-6/12/2023

Julie Cane of Democracy Investments - Investing in Freedom

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 26 Sep 2023 07:00:00 +0000

Democracy as an investment theme is not solely driven by ideology. It's grounded in data and a deep understanding of global dynamics. By understanding the relationship between geopolitics and investment, individuals can make more informed decisions about where to allocate their capital, aligning their investments with their values and convictions.

In this episode, Rusty and Robyn talk with Julie Cane, Co-Founder, Managing Partner, and CEO of Democracy Investments. Julie began her career as a U.S. naval aviator flying the SH-3 Sea King helicopter. In 2002, Julie developed Wells Fargo Private Bank's first high net worth and segmentation strategies, resulting in over a 100% increase in the division's profits for the next three years. Julie's background in financial services includes developing market-leading innovations at Wells Fargo, Charles Schwab Advisor Services, SEI Investments, and Autodesk Ventures.

Having served in a capacity that allowed a unique vantage point into the world's political landscape, Julie talks to Rusty and Robyn about democracy and how it is good for investors. She highlights how global democracies impact the markets and why it makes sense to invest in freedom. Julie also provides an interesting and useful perspective on international investing, shedding light on the benefits of transparency, stability, and a commitment to freedom.

Key Takeaways

[02:47] - Julie's background and professional career.
[03:54] - The inspiration behind Democracy Investments' foundation.
[05:53] - What sets Democracy Investments' international ETF apart from other international funds.
[07:15] - Why the economies and markets of democratic economies are better than the authoritarian ones.
[08:24] - Julie's thoughts on the decline of democracy over the last 16 years.
[09:36] - How Democracy Investments uses The Economist's democracy index to measure democracy.
[10:23] - The countries with the best and worst performance in terms of democracy.
[12:42] - The countries whose portfolio weights have gained and lost the most.
[13:51] - Julie's perspective on the shifting structure of the global economy.
[15:59] - Julie's take on the congressional probe into MSCI and BlackRock.
[19:19] - Julie's view on the impact of artificial intelligence on the industry.
[20:10] - The investment idea Julie likes the most.
[21:05] - How Julie maintains her physical and mental energy to perform at her best.
[23:21] - The people Julie is thankful for professionally.
[26:22] - Julie's recommendations for content.

Quotes

[04:00] - "Our company was born out of concern for democracy. With my time serving, I became aware, at a young age, of trends in democracy. After I got out, I stayed in touch with my friends who are still serving, and they opened my eyes to everything going on in the world." ~ Julie Cane

[06:08] - "We want to provide investors with an alternative for international exposure that accounts for geopolitical risk. We achieve that by starting the same basket on stocks in an all-world ex-U.S. index." ~ Julie Cane

[08:02] - "We believe democracies will outperform authoritarians because they're more transparent and are less corrupt. Authoritarians do not want capitalists to be bigger than the state." ~ Julie Cane

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2667-OPS-9/25/2023

Dr. Daniel Crosby of Orion - What's on Your Bookshelf

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 19 Sep 2023 07:00:00 +0000

This edition of The Weighing Machine marks the inaugural episode of "What's on Your Bookshelf," a segment that delves into the personal libraries of guests. This literary journey begins with exploring Dr. Daniel Crosby's bookshelf, Orion's Chief Behavioral Officer.

What makes this edition so extraordinary is its unique focus on the world of books and their impact on Dr. Daniel's life. From the book that has left a mark on his heart and mind to the oldest resting on his bookshelf, this episode goes deep into the world of literature.

Key Takeaways

[02:24] - The book that’s had the most significant impact on Dr. Daniel's life.
[04:34] - The books that he has given most.
[08:34] - Books Dr. Daniel authored that he is most proud of.
[11:31] - Best books in finance Dr. Daniel has not written.
[14:11] - Favorite author.
[15:48] - The story behind the oldest books on Dr. Daniel's bookshelf.
[20:23] - Annual book selection.
[23:17] - Criteria for purchasing new books.
[27:07] - The book that challenges his perspective.
[32:52] - Dr. Daniel's take on the impact of AI on the financial industry.
[34:09] - Favorite investment strategy.
[35:11] - How Dr. Daniel maintains his physical and mental energy.
[37:07] - The people Dr. Daniel is thankful for professionally.
[39:54] - Podcast recommendations.

Quotes

[03:03] - "The most valuable part of my education was having to ground your interventions and thinking in a philosophy and make sure that the things that you were doing with clients were underpinned by research and theory and just some consistent thinking and not just grab baggy." ~ Dr. Daniel Crosby

[21:40] - "Behavior change is the root of everything I do. I love the themes of reinvention. I am a foolish optimist in thinking that even really wayward people can, at any moment, turn it all around and totally reinvent themselves and do differently." ~ Dr. Daniel Crosby

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2602-OPS-9/19/2023

Brian Ferguson of Newton Investment Management Group - Investing in Value

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 12 Sep 2023 07:00:00 +0000

Investors often find themselves at a crossroads when deciding how to allocate their resources for optimal returns. But one of the timeless strategies that has captivated investors seeking sustainable growth and long-term success in finance and investment is value investing, a philosophy made famous by Benjamin Graham and later championed by his protégé Warren Buffett. Value investors, armed with a keen eye for bargain opportunities, endeavor to uncover the hidden gems amidst the market's ups and downs.

In this episode, Rusty and Robyn talk with Brian Ferguson, Senior Portfolio Manager at Newton Investment Management Group. Brian has been with BNY Mellon companies for over 26 years, specifically for the U.S. Dynamic Large Cap Value Fund (BNY Mellon Dynamic Value Fund). He joined Newton in September 2021, following the integration of Mellon Investments Corporation's equity and multi-asset capabilities into the Newton Investment Management Group.

With a value-based investment philosophy, Brian talks to Rusty and Robyn about value investing. He shares insights into how investors should allocate between value and growth and the future of active management. Brian also discusses other important value sectors, including energy and healthcare.

Key Takeaways

[03:30] - Brian's career background and role at Newton Investment Management Group.
[04:26] - What distinguishes Newton Investment Management Group as a firm?
[07:11] - What is it like to work with John Neff?
[08:49] - How value investing has evolved over time.
[12:28] - Brian's rule of thumb for allocating between growth and value investing.
[14:00] - Brian's thoughts on active management.
[17:48] - How the energy sector has changed over the years.
[23:27] - How the financial sector plays offense and defense across the different sectors.
[28:22] - The opportunities in the healthcare industry.
[32:01] - Brian's thoughts on how AI impacts the financial industry.
[35:05] - Brian's favorite investment idea.
[41:15] - How Brian maintains his physical and mental energy to perform at a high level.
[42:28] - The people Brian is grateful for professionally.
[46:12] - Brian's recommendation for content.

Quotes

[09:22] - "Being a student of the marketplace and the markets, if you look at a hundred years of history, values outperform, on average, two out of three years. And that speaks to the notion that it does matter what you're paying for something, and it's easier to outperform low expectations than high expectations." ~ Brian Ferguson

[13:47] - "The better way to allocate between value and growth investing is to get a great manager and team with a proven process and philosophy, do both styles, blend it together, and then periodically rebalance it." ~ Brian Ferguson

[16:41] - "The dispersions of results and outlooks on the things that drive intrinsic value, namely cash flow and earnings, have never been wider. And in my 30-year career as an equity investor, I've never seen it as wide as it is. And that is music to the ear of active managers." ~ Brian Ferguson

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2519-OPS-9/11/2023

Chris Shuba of Helios - The Rise of Insourced Chief Investment Officer (ICIO)

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 5 Sep 2023 07:00:00 +0000

The rise of insourced chief investment officers (ICIOs) poses a direct challenge to old-guard legacy providers. Equipped with contemporary insights, data-driven decision-making, and quantitative investment management solutions, ICIOs are transforming investment strategies and setting new heights in the area of financial growth and security.

In this episode, Rusty and Robyn talk with Chris Shuba, Founder and CEO of Helios Quantitative Research. After spending time at Ameriprise Financial and as a senior quant analyst at Columbia Threadneedle, Chris focused on developing mathematical models that could help financial advisors mitigate the market's volatility. These models were met with interest by a broad range of clients, and within the year, financial advisors nationwide were accessing his algorithms.

Believing that the majority of existing services available to financial advisors lack innovation, are too expensive, and enable commoditization in the wealth management industry, Chris talks to Rusty and Robyn about how he created his own service category, the insourced chief investment officer, and how this service can help financial advisors grow their firm.

Key Takeaways

[02:55] - A brief history of Chris' career.
[04:46] - What led to the creation of Helios?
[07:39] - What sets Helios apart from other asset management firms?
[09:26] - The difference between an ICIO and an OCIO.
[12:18] - How having an ICIO can help advisors grow their firm.
[14:54] - Why advisors are attracted to model portfolios.
[18:13] - Customized vs. personalized model portfolios.
[21:42] - How Helios boosts customization.
[25:08] - How Helios handles large amounts of data.
[26:51] - Chris' outlook on interest rates.
[29:13] - Chris' thoughts on the impact of AI in the financial industry.
[32:11] - Chris's favorite investment idea.
[33:22] - How Chris maintains his energy to perform at a high level.
[34:19] - The people Chris is grateful for professionally.
[36:13] - Chris' recommendations for content.
[38:05] - Tips for fantasy football drafts.

Quotes

[16:16] - "Models will always have a flaw. If they're designed well, a model will always have an Achilles heel because it's going to have its sweet spot. But to have that, you have to have that part where it's designed to fail. And the beautiful part about a model is essentially what you're doing is picking what type of failure you're okay with." ~ Chris Shuba

[22:00] - "A well-built, mathematically diverse portfolio can do very well in some of the most extreme environments." ~ Chris Shuba

[26:03] - "There is a very definitive line between academia and the real world. And one of the big differences about Helios is that we do everything we can to live in the real world. That is where the rubber meets the road conversation between the advisor and their client and what they see on TV." ~ Chris Shuba

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2439-OPS-9/1/2023

Daniel Villalon of AQR - Replay: Investing in the Face of Market Risks

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 29 Aug 2023 07:00:00 +0000

Due to the many risks facing today's market, many investors wonder whether now is the time to invest or just sit on the sidelines. While diversification can minimize exposure to any single economic, political, or market event, it's important to know the market's top risks to enable investors to manage expectations and protect their portfolios. But what are today's top market risks, and how can investors move forward?

In this episode, Rusty and Robyn talk with Daniel Villalon, Principal and Global Co-Head of the Portfolio Solutions Group at AQR Capital Management. In his role, Daniel oversees the team responsible for advising clients on portfolio challenges and creating investor-oriented thought leadership. Additionally, Daniel founded, co-wrote, and hosted AQR’s podcast, The Curious Investor.

Daniel talks with Rusty and Robyn about the market's top risks, what investors should expect moving forward, and how they can stay invested and reach their financial goals.

Key Takeaways

[05:25] - How Daniel went from the vineyard to the financial industry.
[08:28] - The key role Daniel plays at AQR Capital Management.
[11:04] - AQR's market outlook for the remainder of the year.
[12:37] - The inflation perspective of AQR.
[14:10] - Daniel's thoughts on recession risk.
[17:01] - How Daniel rates the risk of fighting the Fed.
[18:54] - How AQR measures the impact of investor expectations.
[21:29] - Another potential risk Daniel is keeping an eye on.
[23:38] - What investors could expect in terms of market returns in the years ahead.
[26:58] - The return expectations for growth stocks versus value stocks.
[32:16] - Why firms should have CMAs.
[36:42] - What investors should do with their portfolios, given all the risks and challenges in the current market.
[41:48] - AQR's perspective on commodities and real estate.
[46:06] - How Daniel views long-short strategies.
[47:50] - AQR's thoughts on managed futures and merger arbitrage.
[52:48] - Daniel's personal investment strategy.
[54:50] - How Daniel maintains his physical and mental well-being to perform at his best.

Quotes

[11:23] - "Coming up with an expected return for the future is easy to do, but very hard to do well." - Daniel Villalon

[12:00] - "Diversification is the most reliable or least imperfect solution when positioning yourself for a world where you don't know with certainty what the next few months will bring." - Daniel Villalon

[13:53] - "Inflation is a risk that neither of the two biggest traditional asset classes is particularly well suited to address." - Daniel Villalon

[20:55] - "One of the challenges in terms of investor expectations is a lot of folks, implicitly or not, set their expectations based on what they've seen recently. That’s created a massive disconnect regarding what people expect from markets and what they're likely to get over the next five to 10 years." - Daniel Villalon

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1211-OPS-7/12/2022

Adam Hetts of Janus Henderson - Portfolio Construction Strategy and Market Outlooks

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 22 Aug 2023 07:00:00 +0000

Portfolio construction is a crucial aspect of investment management, directly influencing the trajectory of one's financial endeavors. As the global economy is constantly in flux, the challenge for financial advisors lies in constructing portfolios that cope with the changing dynamics of the economic landscape while achieving clients' long-term goals.

In this episode, Rusty and Robyn talk with Adam Hetts, Portfolio Manager and Global Head of Multi-Asset at Janus Henderson Investors. Before joining the firm in 2017, Adam held various roles at Goldman Sachs, including Vice President and Senior Portfolio Strategist, where he led efforts in the U.S. and the Asia Pacific regions. At Janus Henderson, Adam and his team of strategists serve as a resource to their clients, assisting them in deconstructing, analyzing, and reconstructing their portfolios to identify risks and achieve results aligned with their investors' long-term objectives.

Leading a team that constructs multi-asset solutions for clients' complex investment objectives, Adam talks to Rusty and Robyn about portfolio construction strategy and market outlooks. He shares insights on the current market environment, investor sentiment, and the questions financial advisors are receiving from clients. Adam also provides an in-depth analysis of the 60/40 balanced investment portfolio, discussing the equity side, fixed income concerns, and the importance of diversification.

Key Takeaways

[02:57] - Adam's professional background and role at Janus Henderson.
[05:24] - Key takeaways from portfolio construction and strategy team discussions.
[07:22] - Janus Henderson's insights on the equity side of the market.
[10:16] - Adam's outlook and recommendations on non-U.S. stocks.
[12:49] - The most common concerns about fixed income.
[15:53] - The philosophy Adam and his team apply when building model portfolios.
[19:05] - Adam's thoughts on the impact of artificial intelligence in the financial industry.
[20:15] - How Adam maintains his physical and mental energy to perform at a high level.
[21:46] - Adam's recommendations for content.

Quotes

[05:58] - "What we've seen happening now is the environment and the sentiments have been improving. It's not so much the Fed pivot as the big obsession for our clients. It's the portfolio pivot from defense to offense and just how soon and how aggressive to be with that pivot." ~ Adam Hetts

[06:49] - "The most common conversation for us on our equity consultations is digging into the nuance and balance between the historically overvalued large cap and the undervalued small and mid-cap pieces." ~ Adam Hetts

[16:48] - "We know clients want low fees, so we're open architecture to bring in a bigger opportunity set, including blending in passive ETFs. We know clients want to stay in their comfort zone, so we're globally diversified in our models. The goal is to help clients stay invested in the long run." ~ Adam Hetts

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2307-OPS-8/18/2023

Charles Goldman of Orion - The Future of Holistic Wealth Management

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 15 Aug 2023 07:00:00 +0000

As the advice model continues to evolve, harnessing the power of technology is not just a competitive edge but a necessity. However, amidst this technological revolution, financial advisory firms have to maintain sight of innovations' true purpose. The most successful firms skillfully strike a balance between cutting-edge innovation and the human touch, ensuring that technology enhances, rather than replaces, the art of conversation.

In this episode, Rusty and Robyn talk with Charles Goldman, Executive Chairman of the Board at Orion. Charles is also a member of the Board of Directors of Genstar portfolio companies ACA Group, AmeriLife, Cerity Partners, Mercer Advisors, and Orion. He is chairman of FinTech Evolution Acquisition and an American Mountain Guides Association board member.

Charles talks with Rusty and Robyn about the importance of technology in the financial advisory space, how the advice model is changing, and how to build great relationships with clients.

Key Takeaways

[03:02] - Charles’ career highlights and his most rewarding experience.
[05:58] - Charles' early observations of Orion as Executive Chairman.
[08:41] - The challenges for financial advisors in the coming years.
[12:12] - How technology impacts the advisory model.
[15:51] - The gaps in the advisory space that need to be filled.
[17:32] - The most important factors when building and maintaining client relationships.
[21:45] - The benefits of private equity in the financial industry.
[24:50] - The best investment styles for investors.
[28:31] - What the future of a full-service advisory firm looks like.
[32:25] - Charles' advice to aspiring leaders in the financial services industry.
[35:51] - Charles' favorite investing idea.
[38:18] - How Charles maintains his physical and mental energy to perform at a high level.
[40:51] - The people Charles is thankful for professionally.
[43:22] - Charles’ recommendations for content.

Quotes

[04:37] - "When you're trying to get a leadership point across and build culture, it starts with the firm's mission. It needs to be something you can grab hold of, something you can understand." ~ Charles Goldman

[05:45] - "The thing that grabs employees and excites clients is when you live by a mission where you put the client first." ~ Charles Goldman

[20:47] - "When you ask questions about building trust and creating conversation, it really is the quality of the conversation and the quality of listening. It's asking the question that stems from your expertise and knowledge of the client and their situation. Those are the best and most trusting relationships." ~ Charles Goldman

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2233-OPS-8/14/2023

Chris Ryan of BlackRock - Exploring Fixed Income SMAs

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 8 Aug 2023 07:00:00 +0000

Renowned for its expertise and commitment to client satisfaction, BlackRock has made significant strides in revolutionizing the financial industry through its Separately Managed Accounts (SMAs) offering. BlackRock places an emphasis on meeting the needs of its end clients, regardless of whether they are institutional giants or retail investors.

In this episode, Rusty and Robyn talk with Chris Ryan, BlackRock's Senior Fixed Income Portfolio Manager. In his role, Chris primarily covers the southeast part of the U.S., delivering model-based and custom solutions in both the taxable and tax-exempt space for high-net-worth individuals, institutions, foundations, pensions, charitable organizations, and religious organizations, among others. He works closely with their New York-based corporate team to help filter out the most appropriate credits for their SMA clients while providing consistent updates to help drive decisions to buy, sell and hold positions.

With nearly 13 years of experience at BlackRock and previous experience at Merrill Lynch, Chris talks with Rusty and Robyn about fixed income separately managed accounts (SMAs) and how they differ from bonds and ETFs. He also discusses the benefits of fixed income separately managed accounts, the current challenges of the bond market, and the opportunities of municipal bonds.

Key Takeaways

[02:32] - Chris's background and career in the financial industry.
[03:37] - What a fixed income separately managed account (SMA) is and its benefits.
[05:36] - What it's like to work as a fixed income SMA portfolio manager.
[08:17] - What sets BlackRock apart and its secret sauce for success.
[12:02] - BlackRock's views on the bond markets.
[15:34] - What BlackRock's state-specific personalization in municipal bonds is all about.
[17:33] - BlackRock's offerings on Orion, including strategies, minimums, and fees.
[19:39] - How Chris maintains his physical and mental energy to perform well.
[20:16] - The mentors and colleagues Chris is grateful for.
[21:06] - Chris' recommendations for content.

Quotes

[05:08] - "Separately Managed Accounts (SMAs) give the client the ability to personalize their holdings not only to their tax situation but also to their values preferences." ~ Chris Ryan

[09:03] - "One factor that has set BlackRock apart is that it focuses on end clients' needs first and foremost, whether that be institutional or retail clients. BlackRock provides the client a better overall understanding of the risks within their investible universe." ~ Chris Ryan

[11:03] - "Interactions that are built on trust and solid client service lead to a longer-lasting relationship." ~ Chris Ryan

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2146-OPS-8/4/2023

Jim Cullen of Schafer Cullen Capital Management - Value Investing: A Time-Tested Strategy for Long-Term Success

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 1 Aug 2023 07:00:00 +0000

Time and again, investors are reminded of the turbulent nature of financial markets. Attempting to predict short-term market movements can lead to a myriad of pitfalls and missed opportunities. Wise investors recognize that true wealth creation lies in the ability to weather market downturns and emerge stronger on the other side.

In this episode, Rusty Vanneman and Robyn Murray talk with Jim Cullen, Chairman and CEO at Schafer Cullen Capital Management. Jim founded the firm in 1983 and is responsible for overseeing Schafer Cullen Capital Management and has served as the CEO and Co-Portfolio Manager on all of the firm's strategies. Jim has also been responsible for overseeing the affiliated firm, Cullen Capital Management LLC, since its formation in 2000. His experience in the investment business spans over 60 years.

A leading value manager for decades, Jim talks about how the markets have changed over the last 60 years. He also discusses long-term value investing and how it makes sense for investors, the importance of dividends and dividend growth, and why market timing is the root of all evil for most investors.

Key Takeaways

[03:06] - What the market looked like 60 years ago.
[06:15] - How the 1970 bear market impacted Jim's investment philosophy.
[11:20] - The inspiration behind Jim's book, “The Case for Long-Term Value Investing.”
[15:06] - A look back at Schafer Cullen Capital Management's origins.
[16:23] - Why Schafer Cullen Capital Management includes dividend growth in its value investing.
[17:17] - How Jim tackles market timing with investors.
[19:02] - Jim's approach to stock selection.
[20:51] - What happens when the market is concentrated?
[22:14] - What Jim has to say about financials.
[23:59] - What Jim has to say to young people looking to invest in today's market.
[25:23] - Jim's thoughts on how AI might affect the investment industry.
[27:24] - Jim's favorite investment idea.
[29:25] - The people Jim is thankful for professionally.
[31:24] - Content recommendations from Jim.

Quotes

[10:00] - "Every five-year period has some tough periods, recessions, bear markets, and all the negative stuff. But the five-year time horizon bailed you out on all of them." ~ Jim Cullen

[17:40] - "Market timing is the root of all evil for most investors. It's the killer of long-term performance." ~ Jim Cullen

[18:04] - "Don't try to time the market because you make all your money when you come out of that recession. That's the biggest part of all the gains in the market over time." ~ Jim Cullen

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Disclosure

Advertisement supplied by Schaeffer Cullen Capital Management. Schaeffer Cullen Capital Management and OPS are not affiliated companies and the advertisement is not a recommendation or endorsement by Orion Portfolio Solutions, LLC for any of the services referenced or provided.

2044-OPS-7/28/2023

Bruce Bond of Innovator ETFs - Defined Outcome ETFs

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 25 Jul 2023 07:00:00 +0000

The marketplace is no stranger to speculation and unpredictability, with investors often left to navigate the highs and lows of the financial rollercoaster. As more investors seek to balance risk and reward, defined outcome ETFs present an enticing solution that marries the quest for growth with the imperative for protection.

In this episode, Rusty and Robyn talk with Bruce Bond, Co-Founder and CEO of Innovator ETFs. He also co-founded PowerShares Capital Management in 2003. In addition to being recognized for best-in-class products, Bruce has been named the ETF industry's most influential person on multiple occasions and has been quoted in financial publications around the world.

Bruce talks to Rusty and Robyn about the growth and changes in the ETF industry, as well as the key drivers of growth and trends to watch. He also shares how Innovator ETFs differentiates itself from other investment management firms and what advice he gives to investors when selecting and evaluating ETFs for their portfolio.

Key Takeaways

[04:01] - How Bruce got started in the EFT industry.
[05:24] - How the ETF industry has evolved over time.
[07:11] - Innovator ETFs’ mission and approach to innovation
[10:48] - How advisors use the Defined Outcome ETFs.
[15:01] - A look at Innovator ETFs’ Premium Income Barrier ETFs.
[18:23] - The anticipated launch of Defined Protected ETFs.
[21:02] - Growth and obstacles in the ETF industry.
[23:09] - How Innovator ETFs adapted to future ETF trends.
[24:24] - What investors should consider when selecting ETFs for their portfolios.
[26:02] - Bruce's thoughts on the impact of AI on the markets and industry.
[28:22] - Bruce's favorite investment idea.
[29:30] - How Bruce maintains his physical and mental energy to perform at his peak.
[30:51] - The people Bruce is thankful for professionally.

Quotes

[11:39] - "A lot of guessing goes on in the marketplace, but no one has a good handle on it. So having a product that provides a buffer against those losses on the equity side and simultaneously gives you access to a significant portion of the upside has huge value." ~ Bruce Bond

[20:12] - "The beauty of protected ETFs is they're so efficient. They will give you the maximum you can get from the options market on the upside over two years. It removes all the middlemen, all the banks, all the annuities, all the funds, and all these people that get their hands in the pot." ~ Bruce Bond

[23:38] - "The defined outcome category is gaining a lot of traction. This controlled exposure to the marketplace is where we will see a lot of growth in the future." ~ Bruce Bond

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1856-OPS-7/11/2023

Doug Lennick of think2perform - Why Behavioral Finance Is Important

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 18 Jul 2023 07:00:00 +0000

In finance, understanding the intricate workings of the human mind can be just as important as comprehending the numbers and market trends. Furthermore, behavioral finance acknowledges the undeniable truth that humans are not always perfectly rational when managing their finances. Our minds are prone to biases, emotions, and irrational behaviors that can derail even the most intelligent and successful individuals.

In this episode, Rusty and Robyn talk with Doug Lennick, CEO and Co-Founder of think2perform. Doug leverages his 40+ years of experience as a Fortune 100 executive, a seasoned small business owner, and an entrepreneur to help clients achieve optimal results. At think2perform, Doug leads a team that serves the needs of executives and their organizations. He helps clients improve their bottom-line results by enhancing revenue growth.

Doug talks to Rusty and Robyn about behavioral finance and why people need to understand it for themselves and their businesses, how behavioral advice helps advisors and investors build and maintain strong relationships, and how to get started writing a book.

Key Takeaways

[04:52] - Why Doug built a career around behavioral finance.
[07:07] - What think2perform is all about.
[09:42] - How behavioral finance can help investors and advisors.
[14:35] - What think2perform's Behavioral Finance Advice Program is about.
[17:14] - What it takes to be a behavioral financial advisor.
[21:10] - A list of Doug's published works.
[24:51] - Doug's advice for improving interpersonal connections and creating meaningful relationships.
[30:21] - How people can cultivate healthy relationships with money.
[38:52] - Doug's advice to financial advisors who want to become authors.
[41:44] - Doug's take on how artificial intelligence impacts financial advisors.
[44:51] - One of Doug's favorite investment ideas.
[46:01] - How Doug maintains his mental and physical health to perform at his best.
[50:29] - The people Doug is grateful for professionally.
[55:03] - Doug's recommendations for content.

Quotes

[09:18] - "We help people to understand that their mind has the authority to override the brain's desire to repeat behavior. We help smart people who are starting to do dumb things with their money go ahead and assess how smart they are, even in the presence of competing and difficult to deal with emotions." ~ Doug Lennick

[10:07] - "Behavioral finance helps people make rational, smart, responsible, and values-based decisions with their money and their life in the presence of competing and difficult-to-deal-with emotions." ~ Doug Lennick

[24:14] - "The common pursuit all humans have is that we all want to be happy with ourselves. We want to live a happy life. And by leveraging our financial intelligence, we create an intersection where our money, health, and happiness come together." ~ Doug Lennick

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1757-OPS-6/28/2023

Fritz Folts of 3EDGE Asset Management - Multi-Asset Investing

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 11 Jul 2023 07:00:00 +0000

Investing has become a delicate balance between opportunity and risk. The potential for substantial gains is undoubtedly enticing, but the inherent volatility and unpredictability can be unnerving. Furthermore, the emotional rollercoaster that accompanies market volatility is another challenge.

In this episode, Rusty and Robyn talk with DeFred "Fritz" Folts. Fritz has over 40 years of experience in the investment management industry. He was one of the co-founders of 3EDGE Asset Management, serving as the Chief Investment Strategist and member of the Investment Committee. Before 3EDGE, Fritz was one of the first team members at Windward Investment Management, a pioneer in constructing globally diversified portfolios utilizing index Exchange Traded Funds (ETFs).

As an ETF strategist, Fritz talks to Rusty and Robyn about multi-asset investing and how to do it well. He also speaks about managing investment risk and his market outlook for multiple asset classes.

Key Takeaways

[03:06] - The experience Fritz has in managing investments.
[04:43] - 3EDGE Asset Management's investment approach and philosophy.
[07:14] - How 3EDGE incorporates investor psychology into their model.
[09:03] - How advisors use the 3EDGE strategies on behalf of their clients.
[11:41] - What 3EDGE's tactical multi-asset approach looks like.
[14:40] - Why 3EDGE focuses so much on managing investment risk.
[17:01] - Differences between total return and ESG strategies.
[19:55] - 3EDGE's market outlook for all asset classes, including crypto.
[28:01] - Fritz's take on how artificial intelligence could impact investment management.
[30:10] - Fritz's favorite investment idea.
[31:44] - How Fritz remains physically and mentally healthy to perform well.
[35:13] - The people for whom Fritz is professionally grateful.
[36:52] - Fritz's recommendations for content.

Quotes

[05:54] - "Markets are not completely random. They're driven by the cause-and-effect relationships that impact equities, bonds, commodities, and currencies across the globe. And these relationships are interrelated." ~ DeFred "Fritz" Folts

[06:37] - "There's more risk out there than people understand. So, our approach to managing that risk is to be tactical, meaning we make changes to the portfolio when our investment outlook changes and are always globally diversified." ~ DeFred "Fritz" Folts

[15:40] - "It's really difficult to hang in there as an investor when you're watching your portfolio and your net worth decline. Having to live through that is hard." ~ DeFred "Fritz" Folts

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1640-OPS-6/15/2023

Sean O'Hara of Pacer ETFs - Rethinking Value Investing

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 4 Jul 2023 07:00:00 +0000

Value investing has long been a pillar of success for many savvy investors. However, as the markets evolve and new dynamics emerge, this conventional approach may no longer provide optimal results. Recognizing the need for a fresh perspective, investors are now turning their attention to a different lens through which to view value investing—one that takes into account a company's free cash flow yield.

In this episode, Rusty and Robyn talk with Sean O'Hara, President at Pacer ETFs and Director at Pacer Financial. Sean began his career at PLANCO/Hartford in 1985, where he spent 22 years as a wholesaler, divisional manager, and managing director of the national wholesaler team. In 2007, Sean joined Joe Thomson at Pacer Financial to serve as a national wholesaling company for various products, including exchange-traded funds, exchange-traded notes, annuities, and SMAs. In 2015, Pacer ETFs was launched.

A leader of an award-winning ETF provider, Sean talks about cash cows, ETFs, SMAs, and artificial intelligence. More importantly, Sean speaks about the potential problems with traditional value investing and how value investing can be improved.

Key Takeaways

[02:52] - Sean's career history and why he created Pacer ETFs.
[04:19] - What makes Pacer ETFs unique?
[05:42] - What cash cow means to Pacer ETFs.
[06:22] - The pitfalls of traditional value and how Pacer thinks about value differently.
[08:44] - How Sean defines book value and intangible value.
[09:29] - The difference between enterprise value and free cash flow.
[10:23] - The impact of higher interest rates on free cash flow and dividends.
[11:10] - Tax efficiency comparison between ETFs and SMAs.
[13:16] - Sean's outlook on the market.
[15:24] - How Pacer ETF's cash cow philosophy works.
[17:31] - Sean's take on how artificial intelligence impacts market investing.
[19:20] - Sean's favorite investing idea.
[20:19] - How Sean maintains his physical and mental well-being to perform at his best.
[21:04] - The people Sean is professionally thankful for.
[22:43] - Sean's recommendations for content.

Quotes

[08:14] - "If you're going to find cheap stocks today, you can't be constrained by looking at traditional low price-to-book. You have to look at it in a different way. And free cash flow yield does that." ~ Sean O'Hara

[10:30] - "Free cash flow is the mother's milk of dividend payments. If you don't have excess free cash flow, you can't pay dividends unless you borrow money to pay them. So, if you like and want to own dividends and grow your dividends over time, companies have to have excess free cash flow." ~ Sean O'Hara

[16:49] - "The interesting offshoot to using free cash flow yield is you get a high-quality portfolio, and the names tend to have better earnings growth, which ultimately, in the end, drives stock prices." ~ Sean O'Hara

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1474-OPS-5/30/2023

Jennifer Grancio of Engine No.1 - Shaping a Sustainable Future Through Activist Investing

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 27 Jun 2023 07:00:00 +0000

Activist investing embodies a powerful call to action, urging investors to engage actively and purposefully in shaping the corporate world. This approach presents a unique opportunity to tackle pressing societal challenges, celebrate transformative opportunities, and drive a more sustainable and prosperous future for both investors and society as a whole. By embracing the total value framework and wielding the power of shareholder votes, investors can foster positive change that transcends mere financial gains.

In this episode, Rusty and Robyn talk with Jennifer Grancio, CEO of Engine No. 1. In her role, Jennifer guides the firm’s strategy and vision. Before Engine No. 1, Jennifer founded an advisory firm where she worked closely with CEOs to accelerate growth. She also served as a founding member of BlackRock's iShares business, where she led European, U.S., and global distribution and drove the growth of the global ETF industry and iShares’ leadership role. During her tenure at BlackRock, she led teams across wealth, personal, technology, and venture investing.

With over 25 years of experience scaling businesses across financial services, Jennifer talks about activist investing and why it is good for investors and society. She also shares the power of shareholder votes and the reindustrialization of North America.

Key Takeaways

[02:56] - Jennifer's career background and how she got to Engine No. 1.
[05:53] - How Engine No. 1 won a proxy battle with Exxon.
[08:28] - How Engine No. 1's total value framework works.
[10:12] - Why investors need both good index funds and active thematics.
[11:47] - How VOTE uses shareholder votes to drive long-term value.
[13:33] - Engine No. 1's proxy voting committee and its custom voting framework.
[16:00] - The reindustrialization of North America.
[19:37] - Jennifer's favorite investment idea.
[20:24] - How Jennifer maintains her physical and mental well-being.
[20:55] - The people Jennifer is thankful for on a professional level.
[22:19] - Jennifer's content recommendations.
[23:19] - A look at Jennifer's team at Engine No. 1.

Quotes

[05:23] - "We saw an opportunity to build a firm that was looking forward in time to ensure that the average investor and wealth portfolios could take advantage of some of these megatrends. So, Engine No. 1 was built to let people access wealth creation and economic opportunity and some of these huge themes that will unfold over the next 20 years." ~ Jennifer Grancio

[09:59] - "The total value framework is an approach that goes deep and is very specific with these big public companies on their material risks because that's an important consideration as an investor." ~ Jennifer Grancio

[20:02] - "We could be very sad about our world and some of the challenges ahead, or we can celebrate and take advantage of some of the opportunities. So there's a huge opportunity for jobs, economic wealth creation, and reassuring of jobs and manufacturing back to the U.S. and North America." ~ Jennifer Grancio

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1361-OPS-5/17/2023

Mike Singleton of Invictus Research - Macro-Economy and Market Dynamics

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 20 Jun 2023 07:00:00 +0000

Comprehending the interplay between the macro-economy and market movements can be challenging for investors. Yet, it is a pursuit that holds immense significance in today's complex financial landscape. With its multifaceted indicators and trends, the macro-economy is a powerful compass, guiding investors toward informed decision-making. By grasping the fundamental forces at play, investors can better gauge their investments' potential risks and rewards.

In this episode, Rusty and Robyn talk with Mike Singleton, Senior Analyst and Principal at Invictus Research. Mike had the opportunity to work for several years with Broad Run Investment Management, where he spent most of his time conducting deep, fundamental diligence on the highest-quality companies he could find. Since then, most of his time has been spent researching the economy at-large and its relationship with the liquid asset markets.

Providing institutional-grade macroeconomic research to a wide range of clients, Mike talks about his outlook for the macro-economy, what that means for the market, and his technical analysis of the market price movement. He also speaks about how investors should consider asset allocation, stock bonds, real assets, and cash when building their portfolios.

Key Takeaways

[02:56] - What inspired Mike to enter the wealth management industry?
[05:37] - What Invictus means by its tagline, “Macro Made Simple.”
[06:42] - Mike's investment philosophy.
[07:42] - Mike's technical analysis of the market price movement.
[10:52] - How Mike assesses real economic growth.
[11:50] - Mike's outlook on inflation.
[12:52] - How artificial intelligence impacts economic growth and inflation.
[14:53] - Mike’s fiscal and monetary policy outlook.
[16:56] - How the presidential election affects the economy markets policy.
[20:48] - Mike's outlook for the near-term stock and bond markets.
[24:46] - Mike's forecast for real assets.
[26:02] - How investors should think about asset allocation, stock bonds, real assets, and cash when building their portfolios.
[27:35] - Alternative investments that suit the current market environment.
[28:42] - Mike's favorite investment idea.
[29:22] - How Mike stays mentally and physically healthy to perform at his best.
[30:52] - The people Mike is grateful to on a professional level.
[32:15] - Mike's recommendations for content.

Quotes

[05:47] - "One of the things that deter retail or professional investors from integrating a top-down or macro perspective into their investment process is that it has a reputation for being extremely complicated, esoteric, and difficult to understand. And there are certainly a lot of macro analysts and public figures that make it seem that way." ~ Mike Singleton

[09:06] - "Many people think that markets move randomly, that they're disconnected from the fundamentals, or that the Fed has destroyed rational price discovery. But the truth is, real trending moves in markets almost always reflect real fundamental trends. And that's not just a theory." ~ Mike Singleton

[26:18] - "It's generally a good idea to play defense rather than offense when growth is slowing. That means having a net at the low end of whatever you are comfortable with." ~ Mike Singleton

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Kostya Etus of Dynamic Advisor Solutions - The Five Key Concepts of Building Successful Investment Models

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 13 Jun 2023 07:00:00 +0000

Building successful investment models is a multifaceted endeavor, where allocation, security selection, selecting the right model provider, rebalance, and trading best practices can make all the difference. By understanding the key concepts behind building investment models, investment firms can navigate the complexities of the financial markets with confidence. Ultimately, this will provide their clients with optimal investment outcomes and create lasting value for all stakeholders involved.

In this episode, Rusty and Robyn talk with Konstantin "Kostya" Etus, Chief Investment Officer at Dynamic Advisor Solutions. In his role, Kostya is responsible for leading Dynamic's Investment Management team and overseeing all investment operations, including investment people, philosophy, process, portfolios, and performance. Kostya's experience includes managing mutual funds, ETF strategies, and 529 plans and evaluating investment strategies through a robust due diligence framework, including SMAs, model portfolios, and individual funds.

With specialized experience in asset allocation and security selection of various ETF and mutual fund portfolios, Kostya talks about what goes into building successful investment models, how to choose the best model provider, and what sets investment firms apart. A self-proclaimed movie buff, Kostya also shares a list of recommended summer movies worth watching.

Key Takeaways

[04:07] - An interesting story about Kostya's personal and professional life.
[07:54] - What Dynamic Advisor Solutions does.
[10:02] - A walkthrough of Dynamic's Berkshire Hathaway weekend blog.
[16:06] - The five key concepts to building investment models.
[22:07] - How advisors can choose the best investment model.
[26:24] - What sets investment firms apart?
[29:57] - The role culture plays in choosing the right partnership.
[32:04] - The must-see summer movies of the year.
[48:01] - Kostya's favorite investment idea.
[49:55] - How Kostya maintains a high energy level to perform at his best.
[51:51] - The people Kostya is thankful for on a professional level.
[55:03] - Kostya's recommendations for content.

Quotes

[26:06] - "When choosing the right manager, you need to partner with somebody you believe will be best for your clients and who you believe your personal philosophy as an advisor aligns best with that investment manager." ~ Kostya Etus

[26:48] - "Everyone has their unique philosophy and investment process — people, philosophy, process. The first P has consistently been the driving differentiator amongst investment firms." ~ Kostya Etus

[31:36] - "Culture has to be absorbed in this idea of compliance and doing the right thing. Everybody needs to take care of the clients and do everything in the best interest of the clients. That leads to taking care of your employees, taking care of your partners, and your relationships." ~ Kostya Etus

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1455-OPS-5/26/2023

Alex Oxenham of Hilton Capital Management - Tactical Income Strategies

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 6 Jun 2023 07:00:00 +0000

In pursuing financial success, investors seek strategies that offer attractive returns and prudent risk management. As strategic decision-making is key to optimizing returns and weathering market volatility, tactical income strategies have emerged as a promising solution. By analyzing macroeconomic factors, assessing market trends, and identifying the most attractive income-generating opportunities, portfolio managers can make informed decisions about asset allocation, selecting the most promising income-generating securities while avoiding those with the highest risk.

In this episode, Rusty and Robyn talk with Alex Oxenham, Portfolio Manager and Co-CIO at Hilton Capital Management. Alex joined Hilton Capital in 2011 from HSBC Private Bank. As a portfolio manager, Alex looks for opportunities throughout the entire investable universe. He selects investments primarily in the context of a macro-economic backdrop which provides a solid framework for idea generation.

With a combined knowledge of debt and equity markets and successfully institutionalizing Hilton's research and investment process, Alex talks about Tactical Income strategies, how they work, and how to incorporate them into investment portfolios.

Key Takeaways

[03:36] - Alex's career highlights and how he got to Hilton Capital Management.
[04:44] - Alex's investment philosophy and tactical income strategy.
[06:03] - The macro framework Alex uses for stocks and bonds.
[07:54] - The time frame Alex looks at when making investment decisions.
[08:57] - The kind of investors best served by tactical income.
[10:18] - How tactical income fits into a portfolio.
[12:03] - Alex's rule of thumb for the overall stock market.
[13:00] - What the current portfolio yield looks like.
[16:20] - The most challenging aspect of Alex's job at Hilton.
[20:03] - One of Alex's favorite investment ideas.
[21:42] - How Alex maintains his energy to perform at a high level.
[24:32] - The people Alex is grateful for professionally.
[27:13] - Alex's recommendations for content.

Quotes

[07:25] - "When we think about positioning our tactical strategies at Hilton, we think about whether the economy's growing or shrinking or maintaining a neutral base. And then, we adjust our allocations based on those rates of changes that occur in the macro environment." ~ Alex Oxenham

[09:22] - "For 21 years, we have been trying to deliver a consistent standard deviation for clients through a market cycle. And what we found from a practical standpoint is that 60% to 30% equity waiting and then fixed income and cash make up the difference." ~ Alex Oxenham

[13:23] - "If you target a yield, you end up having undue influence on the portfolio. You have factor exposure to whatever yield goes out of favor. So you end up not being able to control your standard deviation." ~ Alex Oxenham

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1318-OPS-5/12/2023

Philipp Hecker of Bento Engine - Advice Beyond Investing

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 30 May 2023 07:00:00 +0000

When it comes to wealth management, investment advice is just one piece of the puzzle. Financial advisors who focus on investing miss out on a key opportunity to provide comprehensive, holistic advice that can create real value for their clients. In fact, the importance of providing advice that goes beyond investing has been highlighted by recent research showing that many Americans are leaving significant amounts of money on the table by not optimizing their social security benefits.

In this episode, Rusty and Robyn talk with Philipp Hecker, Co-Founder and CEO of Bento Engine. Philipp is a Procter & Gamble trained Brand Manager, recovering BCG Consultant, and Wall Street veteran. He held several senior leadership positions at Deutsche Bank and J.P. Morgan. He is passionate about bringing better advice beyond investing to more American families and using technology to make human advisors more human more often.

Passionate about financial planning, behavioral finance, and teaching children about the important concepts of money and wealth, Philipp talks about what advisors need to know about advice beyond investing, why Americans need more advice than just investing, and what Bento's wealth program for children is all about.

Key Takeaways

[03:55] - Philipp's personal and professional background.
[06:36] - The why and how of Philipp's creation of the Bento Engine.
[09:15] - Why advisors should take their conversations beyond dollars and cents.
[14:49] - Bento Engine's programs for advisors.
[17:10] - The impact Bento Engine expects on its wealth and children's programs.
[19:47] - What drives the human side of giving advice?
[21:54] - How artificial intelligence could potentially impact financial advisors.
[23:44] - How Bento Engine provides holistic financial advice.
[28:13] - How Bento's technology and content help advisors increase engagement and client satisfaction.
[29:22] - Philipp's favorite investment idea.
[30:49] - How Philipp maintains his physical and mental health to perform at a high level.
[31:31] - The people Philipp is grateful for on a professional level.
[33:17] - Philip's recommendations for content.

Quotes

[10:12] - "Advisors have a unique opportunity to show how much they care by proactively advising clients and prospects on wealth management questions that create quantifiable after-tax value without necessarily having a solution or product to sell at the same point in time." ~ Philipp Hecker

[10:37] - "Leading with client-centric advice creates invaluable trust that matters greatly in any relationship." ~ Philipp Hecker

[11:57] - "Many Americans leave hard-earned social security benefit dollars on the table. The median lifetime benefit they leave on the table by making suboptimal decisions around social security benefit timing is a whopping $182,000. These are big opportunities where advisors can lead with advice and create real value for their clients." ~ Philipp Hecker

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1210-OPS-5/1/2023

Jeff Strese of Jeff Strese Consulting Group - Why Emotional Intelligence Is Important for Financial Advisors

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 23 May 2023 07:00:00 +0000

Making financial decisions can be a stressful and emotional experience for clients. Plus, with the increasing complexity of financial markets and the growing diversity of clients' needs, financial advisors have to develop new skills to remain relevant in the industry. Beyond their traditional financial, technical, and legal knowledge, advisors have to incorporate emotional intelligence to provide better advice and create stronger relationships with their clients. But what exactly is emotional intelligence, and how can it help advisors create the most favorable outcomes for their clients?

In this episode, Rusty and Robyn talk with Jeff Strese, Principal at Jeff Strese Consulting Group. Jeff has over 25 years of experience working across industries in leadership development, organizational effectiveness, and family dynamics. He is passionate about helping family businesses and organizations create clarity out of the complex as well as inspiring leaders from all backgrounds to develop and master critical skills like coaching, communication, and emotional intelligence.

An executive coach and consultant to multi-generational family enterprises, corporations, and mission-driven nonprofit organizations, Jeff talks about what emotional intelligence is and why financial advisors need to understand it. He also discusses incorporating emotional intelligence, active listening, and other qualitative skills in financial services to improve practice and strengthen client relationships.

Key Takeaways

[04:33] - How Jeff got into leadership development and family advisory services.
[06:27] - The meaning of emotional intelligence and why advisors should have it.
[09:32] - Why active listening is important in today's advisory practice.
[10:49] - What emotional hijacking is all about.
[12:36] - What overgeneralization and labeling mean in organizations.
[14:43] - The blame game and personalization in organizations.
[16:38] - What discounting the positive means.
[17:28] - The concept of Wealth 3.0 and how advisors can put it into practice.
[21:11] - Jeff's favorite investment idea.
[22:55] - How Jeff maintains his ability to perform at his best.
[25:40] - People to whom Jeff is grateful on a professional level.
[27:49] - Jeff's recommendation for content.
[30:07] - Jeff's insights on AI in financial advice.

Quotes

[06:45] - "In the financial advising space, having a baseline of financial, technical, and legal skills is an incomplete package in this day and age. When you begin adding other kinds of qualitative skills like emotional intelligence and active listening, you have a very well-rounded, seasoned advisor." ~ Jeff Strese

[11:00] - "The first and basic line of emotional intelligence is around self-awareness. That's the ability to understand how your communication style impacts other people, particularly under stress or tension." ~ Jeff Strese

[14:08] - "Advisory firms need to see themselves as learning organizations. If the insides and culture of the organizations do not match the outsides, it ultimately will dumb down the effectiveness of the overall firm and its growth and potential." ~ Jeff Strese

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1157-OPS-4/24/2023

Bryan Keller of Dakota Wealth Management - The Future of RIAs

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 16 May 2023 07:00:00 +0000

Registered Investment Advisors (RIAs) have become popular for individuals and businesses seeking personalized investment advice. They have won the trust and loyalty of clients who value tailored investment strategies with their direct and personalized approach. While the current economic environment presents its fair share of challenges, many experts believe the industry is well-positioned to navigate these obstacles and continue its growth trajectory. RIAs remain confident about the future of their industry and are expected to be vital players in the financial services industry for years to come.

In this episode, Rusty and Robyn talk with Bryan Keller, Chief Strategic Officer at Dakota Wealth Management. In his role, Bryan focuses on the firm's merger & acquisition efforts, creating strategic opportunities with industry partners, Dakota's investment policy and portfolio management, custodian and trading platforms, and ensuring a superior client experience.

Skilled in managing the mechanical details of investment management offerings and strategically developing customized client portfolios, Bryan talks about the future of Registered Investment Advisors (RIAs), the ins and outs of the RIA landscape, and how mergers and acquisitions (M&A) are playing out in the RIA industry today.

Key Takeaways

[03:54] - Bryan's career history.
[06:56] - How Bryan began working with Dakota Wealth Management.
[09:02] - What a typical day for a Chief Strategic Officer is like.
[10:58] - How M&A plays out in the RIA industry today.
[13:51] - How high-interest rates and volatility in equity markets impact M&A activity.
[15:54] - Factors that can make RIAs ineffective at selling their businesses.
[18:06] - How advisors can sift through the overwhelming information involved in M&A.
[21:24] - How likely are smaller RIAs to succeed in the future?
[22:46] - The top challenges and needs of advisors in the future.
[24:52] - How generative AI can impact financial services.
[27:13] - What a snowflake investor and a snowflake market are.
[31:11] - What advisors should consider when building portfolios in the current economic climate.
[36:25] - Bryan's outlook for inflation and economic growth.
[37:52] - How Bryan maintains his ability to perform at a high level.
[39:59] - The people Bryan is grateful to on a professional level.
[43:46] - Bryan's recommendations for content.

Quotes

[16:40] - "Every seller wants to get everything they want as part of a deal. They want the highest price, they want the loosest terms, and they want it all. But if the buyer is doing the same thing for every transaction they're doing, what they end up getting at the end is just an aggregated business." ~ Bryan Keller

[21:28] - "RIAs are phenomenal businesses. The clients like them more because they're getting that direct, customized approach." ~ Bryan Keller

[37:29] - "We have a challenging economic environment at the headline level, but it's navigatable. I don't see it as something I'm particularly worried about." ~ Bryan Keller

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1100-OPS-4/18/2023

Phil Voelker of AAMA - Understanding the State of the Economy and Markets

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 9 May 2023 07:00:00 +0000

The current state of the market and economy is a topic of great concern for many people. With inflation still on the rise, interest rates increasing, recession risk looming, and banking crises, it is understandable that individuals and businesses alike are left uncertain about their future.

In this episode, Rusty and Robyn talk with Phil Voelker, Chief Investment Officer at Advanced Asset Management Advisors (AAMA). In his role, Phil directs and manages AAMA's investment policy strategy. Throughout his career, Phil has pursued and secured a broad spectrum of objectives, from short-term cash management to aggressive growth of investments. Before joining AAMA, Phil served as Chief Investment Officer for a large regional investment firm, directing its multi-billion dollar investment portfolio.

With over 40 years of experience managing securities portfolios, Phil answers the top questions and concerns about the market and how it compares to historical experience. He also shares his view on inflation, interest rates, recession risk, and the banking crisis.

Key Takeaways

[03:03] - Phil's career history in investment management.
[03:51] - The role AAMA plays in the industry.
[04:52] - Phil's assessment of the current banking situation.
[06:09] - Phil's take on the current inflation environment.
[10:06] - Are we heading for a recession?
[11:54] - What Phil thinks about the current volatility in the stock market, the economy, and corporate earnings.
[17:25] - How the current inflation compares with the long-term experience.
[19:34] - One of the key points to remember in 2023.
[21:42] - How AAMA positions its portfolios in response to market and economic conditions.
[22:44] - Phil's favorite investment idea.
[24:14] - How Phil maintains his energy to perform at a high level.
[25:08] - The people Phil is grateful to on a professional level.
[26:34] - Phil's recommendations for content.

Quotes

[09:47] - "There's a disconnect between what the Fed's saying and what the market is expecting. Unless something major breaks, we don't expect a pivot." ~ Phil Voelker

[19:08] - "From a historical perspective, today's interest rates are not excessive, certainly not relative to inflation. They're not excessive relative to long-term averages. And it would be nice for everyone if the Fed would stay away from trying to control interest rates and let the market figure it out." ~ Phil Voelker

[20:49] - "It's sad that when the Fed's done fighting inflation and it drops back to 2%, that doesn't mean anybody recovers their dollars' purchasing power. It means that they're losing it more slowly than they had before." ~ Phil Voelker

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0960-OPS-4/4/2023

Steven Atkinson of Buckingham Strategic Partners - Becoming an Admired Financial Advisor

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 2 May 2023 07:00:00 +0000

In a dynamic field such as financial advisory, becoming successful takes more than technical knowledge and expertise. It also requires a unique combination of qualities that enable advisors to connect with clients on a deeper level, understand their unique circumstances, and ultimately help them achieve their financial goals.

In this episode, Rusty and Robyn talk with Steven Atkinson, Executive Vice President at Buckingham Strategic Partners. In his role, Steve leads a team committed to providing a transformational experience to investment advisors who have chosen to partner with their firm. His team proactively and reactively works with advisors, ensuring they understand their goals, obstacles, and business plans.

Having a passion for helping advisors do more, Steve talks about what makes a good advisor, the qualities of a successful and admired financial advisor, and how to build good relationships and get fans.

Key Takeaways

[03:12] - How Steven got into investing.
[04:56] - How Buckingham Strategic Partners serves financial advisors.
[06:40] - What it's like to be Buckingham's Vice President.
[08:05] - The key qualities that make the best advisors.
[11:25] - What the best advisors do to build relationships.
[18:14] - The key principles of a good leader.
[20:10] - Steve's take on how AI could impact financial advisors.
[21:43] - What inspired Steve to create the Admired Advisor podcast.
[23:17] - What Steve's book, “27 Principles Every Investor Should Know”, is about.
[29:41] - Steve's favorite investment idea.
[30:28] - How Steve maintains his ability to perform at a high level.
[31:46] - The people Steve is thankful for professionally.
[34:00] - Steve's recommendation for content.

Quotes

[14:24] - "Every single client views you as a leader. You're handling their financial future, and they're trusting that you know the pathway and how to get there." ~ Steven Atkinson

[18:33] - "There's no better time to show up as a leader than during times of crisis, and some of the best advisors lean into those crisis moments. They grow their reputation and their business when things go wrong. They show up, and they're present for their clients." ~ Steven Atkinson

[21:24] - "If you're in the people business, you'll always have to spend time with people. That's one of the things you can't outsource. I don't think you can outsource the human element of making that connection and having those real conversations." ~ Steven Atkinson

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0891-OPS-3/29/2023

Andrew Rosenberger of Orion - Creating Personalized Portfolios to Attract and Retain Clients

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 25 Apr 2023 07:00:00 +0000

Creating personalized investment portfolios tailored to individual clients' unique needs and preferences has gained traction in the financial industry in recent years. As investors become increasingly savvy and demand more control over their investments, traditional approaches to portfolio management are no longer enough. Custom indexing is a powerful strategy that financial advisors can use to differentiate themselves and build stronger, more loyal client relationships.

In this episode, Rusty and Robyn talk with Andrew Rosenberger, Head of Custom Indexing at Orion. In this role, Andrew oversees the management and monitoring of all investments under Orion's custom indexing offering. He is focused on delivering tax-optimized solutions to help financial advisors build customized client portfolios, emphasizing tax efficiency and tax transitions. Before joining Orion, Andrew served as a Senior Portfolio Manager for Brinker Capital's Wealth Advisory Team, where he was responsible for portfolio management, strategy planning, and communication of multi-asset class portfolios for high net-worth clients and institutions.

Recognizing that custom indexing solutions are an effective means for financial advisors to solve clients' complex problems, Andrew talks about why custom indexing has gained popularity over the past few years, how it differs from other solutions, and why it works for investors.

Key Takeaways

[03:47] - A brief history of Andrew's career in wealth management.
[06:34] - How custom indexing differs from direct indexing.
[07:42] - What clients gain from custom indexing.
[11:16] - What makes tax harvesting a value-add for clients.
[13:34] - Why custom indexing isn't right for all investors.
[15:17] - A few examples of custom indexing being used successfully.
[18:47] - Why direct indexing has gained popularity over the past few years.
[22:14] - The biggest challenges direct indexing faces in the future.
[23:32] - What investors are most concerned about with custom indexing.
[24:51] - How custom indexing affects active management.
[26:36] - Andrew's favorite investment idea.
[30:00] - How Andrew maintains his ability to perform at a high level.
[32:30] - Andrew's recommendation for content.

Quotes

[19:28] - "Many asset managers left out of the ETF renaissance are looking at direct indexing as a way where they don't have to be just a commoditized ETF but can now add some value to a client." ~ Andrew Rosenberger

[25:22] - At Orion, we're trying to help change the narrative that custom indexing is just another version of an ETF that we have to compete against, but rather as a partnership." ~ Andrew Rosenberger

[26:23] - "As we continue evolving the custom indexing narrative, people will think of it more as a technology rather than a replacement or substitute for traditional active managers." ~ Andrew Rosenberger

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0739-OPS-3/14/2023

Eric Mueller of BlackRock - Unlocking the Potential of ETFs, Sustainable Investing, and Alternative Investments

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 11 Apr 2023 07:00:00 +0000

There has been a growing interest in sustainable investing over the last few years as investors seek to invest in companies and initiatives prioritizing environmental, social, and governance factors. Along with this trend, alternative investments have become popular for non-traditional investment opportunities. Meanwhile, ETFs have provided investors with a convenient way to invest in a diversified portfolio of stocks, bonds, and other assets. But what potential lies in the intersection of sustainable investing, alternative investments, and ETFs?

In this episode, Rusty talks with Eric Mueller, Managing Director, Model Portfolio Strategist at BlackRock. For over 15 years at BlackRock, Eric worked closely with investment teams and portfolio managers to help clients reach and achieve their objectives. Today, Eric focuses on model portfolio business in the U.S., working closely with financial advisors and their clients.

Live at the Orion Ascent Conference, Eric talks with Rusty about Exchange-Traded Funds (ETFs) and ETF portfolios. They also speak about the market outlook, sustainable investing, and the role of alternative investments.

Key Takeaways

[01:46] - Eric's career history and his role at BlackRock.
[02:25] - The elevator pitch for BlackRock ETF strategies.
[03:52] - The strategies that would complement BlackRock's ETF strategies.
[05:08] - What the future holds for ETFs.
[06:13] - The growth rate of ETFs in the years ahead.
[07:33] - The fastest-growing part of the ETF industry.
[09:32] - How investors can make their portfolios more tax-efficient.
[10:59] - How BlackRock defines sustainable investing.
[13:09] - How BlackRock incorporates ESG investing into its portfolio.
[15:11] - Eric defines alternative investments and how investors should use them.
[17:51] - BlackRock's outlook for stocks, bonds, real assets, and alternative investments.
[20:23] - Eric's favorite investment strategy.
[21:13] - What Eric does to maintain his ability to perform at a high level.
[22:12] - The people Eric is professionally thankful for.
[23:32] - Eric's recommendation for content.

Quotes

[05:33] - "We're still in the early innings of investors truly recognizing ETFs' power as building blocks in a portfolio, whether it's the cost-effectiveness, liquidity, transparency, or specificity you can get as a model portfolio manager or asset allocator." ~ Eric Mueller

[08:15] - "The trend of model managers, asset managers, wealth managers, and building portfolios with ETFs are some of the most significant trends we will continue to see over the coming years." ~ Eric Mueller

[09:17] - "As you look at the market environment around us that is so dynamic and ever-changing, ETFs are a great way to make changes to the portfolio without incurring substantial costs along the way." ~ Eric Mueller

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0675-OPS-3/7/2023

Phillip Toews of Toews Asset Management - The Hidden Implications of Global Debt

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 4 Apr 2023 07:00:00 +0000

The issue of global debt has been a source of concern for policymakers, economists, and investors alike. While it's easy to get lost in the numbers and statistics, it's important to understand the implications of the growing debt on the economy. How can investors make informed decisions and optimize their investment portfolios to minimize the risks associated with global debt?

In this episode, Rusty talks with Phillip Toews, Founder and CEO of Toews Asset Management. Phillip's management strategies focus on creating "investor-friendly" products designed to meet investors' economic and behavioral needs. Phillip is also the Founder and CEO of the Behavioral Investing Institute, an organization devoted to helping advisors manage investor behavior through market challenges.

Live at the Orion Ascent Conference, Phillip talks with Rusty about the hidden implications of record global debt and what investors should be thinking and doing about it. They also speak about why tactical investments make sense for many investors, not only because of the potential market in economic conditions but also due to behavioral reasons. Moreover, Phillips explains the words bezzle, bezzle burst, and bezzle fizzle and why they should be considered part of the investing lexicon.

Key Takeaways

[03:21] - Phillip's professional history and the origins of Toews Asset Management.
[05:03] - The strategies that complement Toews Asset Management's models.
[07:14] - What Phillip's presentation, The Hidden Implications of Record Global Debt, is about.
[09:29] - Why no one talks about global debts today.
[11:30] - The implications of debt on the economy.
[13:03] - How Phillip explains the chart showing U.S. wealth relative to GDP.
[13:58] - What bezzle burst and bezzle fizzle mean.
[15:44] - How to restore balance from high debt.
[20:34] - Phillip's outlook on financial oppression, bezel burst, and bezzle fizzle.
[25:58] - Why behavioral portfolios can be an all-season investment strategy.
[29:57] - What investors should look for in an adaptive fixed income strategy.
[33:10] - Phillip's thoughts on trend following.
[36:49] - An overview of the Behavioral Investing Institute.
[38:03] - What the Toews Asset Management national holiday is all about.
[40:07] - Phillip's favorite investment strategy.
[42:08] - How Phillip maintains his physical and mental health to perform at a high level.
[43:33] - What Phillip learned from his mentors.
[44:50] - Phillip's recommendations for content.

Quotes

[08:10] - "We are at a full stop. Unprecedented levels of global debt are taking place in the government sector. The U.S. and many vast economies have around 100% of GDP and about 150% of GDP if you combine non-financial corporations and private debt." ~ Phillip Toews

[10:45] - "When you look at the consequences of debt, economists tend to underestimate the effect of the buildup of debt on the positive implications on the economy when it's growing. Then they always tend to underestimate the impact during falling markets as well." ~ Phillip Toews

[27:11] - "The behavioral portfolio is a construct we built as a part of our behavioral investing institute that attempts to not leave the ranch. It attempts to stick to its relatively conventional construct in terms of your allocation to stocks and bonds." ~ Phillip Toews

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0673-OPS-3/7/2023

Brian McLaughlin of Orion - How People, Culture, and Technology Drive Business Success

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 28 Mar 2023 07:00:00 +0000

In today's business landscape, success is not solely dependent on products or services. Instead, the combination of people, culture, and technology drives business success. This trifecta of factors plays a crucial role in shaping the trajectory of any organization, influencing everything from employee productivity and customer satisfaction to innovation and long-term growth.

In this episode, Rusty and Robyn talk with Brian McLaughlin, President at Orion Advisor Tech. Prior to Orion's acquisition in June 2022, Brian was the CEO and Co-Founder of Redtail Technology, where he worked closely with advisors, broker-dealers, and industry partners for nearly two decades. Through innovation and cooperation, Brian's touchstone has always been to make the industry a better place for those who depend upon it. He is passionate about the CRM-driven solutions Redtail Technology provides to the financial services community and enjoys getting his hands dirty to pursue continuous innovation.

Having the desire to improve CRM-driven solutions, Brian talks about culture and technology. He explores how advisors can use technology to enhance and support their businesses, select the best investment solutions, and increase engagement in client satisfaction.

Key Takeaways

[03:25] - How Redtail Technology came to be.
[08:05] - How the merging of Orion and Redtail Technology came about.
[11:57] - Brian's definition of culture and why it's so important to an organization.
[14:17] - How Brian adapted to the merging of Orion and Redtail's cultures.
[16:46] - Brian's goals and objectives for building a fintech ecosystem.
[19:20] - The qualities Brian looks for in teammates and creators.
[21:17] - The power of integration and connected technology.
[23:30] - What the Redtail Campaigns is all about.
[25:36] - What Redtail Speak is and how it works.
[29:05] - How advisors can best serve their clients in the current market environment.
[30:49] - The most vital piece of fintech in 2023.
[33:17] - How technology can increase client engagement and satisfaction.
[39:25] - The cool stuff Brian does as a tech nerd.
[41:46] - How financial advisors can use technology to identify and select investment opportunities.
[43:40] - Brian's favorite investment idea.
[45:51] - How Brian keeps his energy up to perform at his best.
[47:43] - The people Brian is professionally thankful for.
[49:04] - Brian's recommendations for content.

Quotes

[12:01] - "Culture is the foundational element of any successful business. We have to have core values that everybody can relate to in the organization to help drive us when times are challenging or even when times are good." ~ Brian McLaughlin

[22:36] - "The power of integration is simplification, so you get back to what's really the most important thing. For an advisor, that's the client relationship and spending all their money and time there." ~ Brian McLaughlin

[33:40] - "Technology is designed to make the advisor's life easier. It's meant to make their business operate easier." ~ Brian McLaughlin

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0652-OPS-3/2/2023

Michael Ashton of Enduring Investments - Inflation and Economics From a Trader's Seat

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 21 Mar 2023 07:00:00 +0000

Inflation is a term that has been on everyone's lips recently. For investors and policymakers alike, staying on top of the latest trends in the inflation market is essential for making informed decisions about their investments and financial strategies.

In this episode, Rusty and Robyn talk with Michael Ashton, a.k.a. The Inflation Guy. Michael, Managing Principal at Enduring Investments, is one of the pioneers in U.S. inflation market innovation. Since 2003, Michael has played a role in developing the U.S. inflation derivatives markets and is a subject matter expert on inflation products and inflation trading. Before founding Enduring Investments, Michael worked in research, sales, and trading for several large investment banks, including Bankers Trust, Barclays Capital, and J.P. Morgan.

Michael talks with Rusty and Robyn about inflation and economics from a trader's seat. He speaks about his inflation outlook, how people should think and respond to inflation, and what makes a good trader.

Key Takeaways

[03:32] - An overview of Michael's professional history.
[05:36] - What Michael says about the current inflation environment.
[06:43] - Michael's outlook for inflation for the rest of the year.
[10:49] - How people should think about inflation.
[11:28] - What Michael has to say about the Fed's efforts to combat inflation.
[13:44] - Why the markets are more optimistic about inflation dropping right now.
[16:08] - Michael's outlook on interest rates, stocks, and real assets.
[19:38] - What the government debt levels mean for the economy and the markets.
[24:39] - How investors should manage their portfolios in an inflationary environment.
[28:57] - How investors and advisors should think about high-frequency economic data.
[31:05] - Michael's approach to using consensus expectations and surveys.
[35:53] - What Michael meant when he said boredom is winning.
[37:51] - How AI is going to change investing.
[41:56] - What Michael advises people about consuming content.
[45:05] - Michael's favorite investment idea.
[47:06] - How Michael maintains his energy to perform at his best.

Quotes

[06:17] - "The inflation derivatives markets are pricing in that inflation would reach two and a quarter by June, and that's just not going to happen. Core inflation and median inflation will take a long time to get back to any semblance of what we thought and what used to be normal. And when I say a long time, I mean years." ~ Michael Ashton

[10:50] - "The debate coming into this year wasn't whether inflation would decline as much as the market thought. The question was, when does everyone realize that inflation won't be 2% by the middle of the year?" ~ Michael Ashton

[24:55] - "One of the things that happen when you get to higher inflation, in addition to having more volatile inflation, is all of the financial variables get more volatile. You need to diversify more than you otherwise would have in real assets, particularly commodities." ~ Michael Ashton

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0584-OPS-2/23/2023

Eric Godes of FP Transitions - The Foundation of a Successful Succession Plan

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 14 Mar 2023 07:00:00 +0000

Succession planning is essential for any organization to ensure its long-term sustainability and success. However, creating a successful succession plan is not as simple as identifying potential leaders and hoping for the best. What are the steps that organizations need to take to develop a robust and effective plan?

In this episode, Rusty and Robyn talk with Eric Godes, Senior Vice President and Senior Consultant at FP Transitions. Eric has been a pioneer in the wealth management industry. At Fidelity Investments, he helped to launch the first-ever ever home stock trading system. Also, he founded one of the country's first Registered Investment Advisors, Kobren Insight Management. At FP Transitions, Eric works with financial advisory firms across the country to help them reach all their goals, including internal and external solutions.

A longtime leader in the wealth management industry, Eric talks with Rusty and Robyn about succession planning and how it works. He also speaks about the foundation of a successful succession plan, the compensation structure, and finding the right partner.

Key Takeaways

[04:08] - Eric's career history in wealth management and what led him to FP Transitions.
[06:58] - An overview of Eric's role at FP Transitions.
[08:27] - How Eric defines succession planning.
[10:07] - The elements of an internal succession plan.
[13:02] - The foundation of a successful succession plan.
[14:27] - How a firm's compensation structure impacts an internal succession plan.
[15:38] - What advisors should know about synthetic or phantom equity.
[17:35] - The qualities to consider when designing a successor team.
[19:33] - What good revenue growth looks like in an internal succession plan.
[21:30] - The current market drivers for succession planning.
[22:48] - The alternatives firms can use if their internal succession plan isn't well-positioned.
[23:25] - How advisors can find the right succession planning partner.
[27:45] - How consolidators fare in the M&A market.
[31:55] - Eric's favorite investment strategy.
[33:16] - How Eric maintains his ability to perform at a high level.
[34:52] - The people Eric is professionally thankful for.
[37:33] - Eric's recommendations for content.

Quotes

[08:57] - "Succession planning is a thoughtful, well-planned transition from one generation to the next. It doesn't happen at the moment, but it's usually a lengthy process." ~ Eric Godes

[13:22] - "A stronger, growing, and thriving business will be more attractive to successors. It's also going to help them afford the succession plan financially." ~ Eric Godes

[17:45] - "The first thing most owners would think about is, ‘does my potential successor have the same value set that I have?’ It's hard if you're not thinking similarly about the clients, the business, and what's best about servicing the clients." ~ Eric Godes

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0476-OPS-2/15/2023

Christopher Hart of Brinker Capital - Why Due Diligence Is Critical for Successful Investments

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 7 Mar 2023 08:00:00 +0000

When it comes to investing, the stakes are high. One bad decision can mean a loss of money, time, or opportunity. While there are many products and strategies an advisor can access and implement, how can they find the best ones to ensure their clients avoid costly mistakes and maximize their returns?

In this episode, Rusty and Robyn talk with Christopher Hart, Head of Investment Due Diligence at Brinker Capital. In his role, Chris oversees all investment products that advisors can use within their client portfolios. These include interviewing managers and talking to analysts to make sure they're doing what they say they will. He is responsible for ensuring the quality of all investment products curated by Orion and Brinker.

With over a decade of experience in due diligence in the investment industry, Chris talks with Rusty and Robin about why due diligence is an important step in building an investment portfolio, how to choose a manager or a strategy, and how Orion's due diligence process is different from other firms.

Key Takeaways

[03:18] - Rusty's review of the market.
[06:01] - Chris' professional background and what brought him to Brinker Capital.
[08:01] - What it's like to be the head of investment due diligence.
[09:02] - Why due diligence is important in building an investment portfolio.
[10:53] - Chris and his team's due diligence process.
[14:52] - The amount of work Chris and his team put into due diligence.
[17:09] - The time it takes for a new strategy to become available to investors and advisors.
[18:03] - The qualities Chris looks for in an investment manager.
[21:38] - What a successful investment strategy looks like.
[23:32] - What causes an investment strategy to be removed from the platform.
[25:55] - How Chris' due diligence process differs from other investment firms.
[28:22] - The five P’s of due diligence.
[30:41] - How due diligence has evolved over time.
[33:22] - What investors and financial advisors look for in a due diligence manager.
[35:13] - What Chris looks for in an analyst.
[38:01] - The person who influenced Chris' investment philosophy.
[39:33] - Chris' favorite investment strategy.
[41:23] - How Chris maintains his physical and mental health to perform well.
[43:02] - The people Chris is professionally grateful to.
[45:14] - Chris' recommendations for content.

Quotes

[09:36] - "There are so many products out there for advisors to access, and they could spend all day looking at them, reading about them, and trying to figure out which is the best to use in portfolios for their clients. Our job is to filter that universe and bring that universe down to a manageable number." ~ Christopher Hart

[10:15] - "Time is everyone's most precious commodity. Anything we can do to save advisors time and help them deliver better client outcomes is the central tenet of what we're trying to accomplish." ~ Christopher Hart

[27:25] - "Many due diligence firms will pass along fact sheets, pitchbooks, and explainers of how a particular manager does what they do. What a lot of firms are lighter on is opinion around whether they think what those firms are doing is good or bad. And we make a conscious effort to weave that opinion in our guiding star reports." ~ Christopher Hart

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0482-OPS-2/15/2023

Eric Biegeleisen of 3EDGE Asset Management - Navigating the World of ETF (Exchange-Traded Fund)

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 28 Feb 2023 08:00:00 +0000

Exchange-traded funds, or ETFs, have become increasingly popular as investors look for a simple, diversified, and cost-effective approach to investing. While ETFs provide a convenient way for investors to gain exposure to a wide range of assets, in what direction is the ETF market headed in the future?

In this episode, Rusty and Robyn talk with Eric Biegeleisen, Partner and Deputy Chief Investment Officer at 3EDGE Asset Management. In his role, Eric is responsible for the research operations at 3EDGE. His research focuses on discovering and exploring the interconnectedness of global capital markets through quantitative and qualitative analyses. Under Eric's leadership, 3EDGE has significantly enhanced its proprietary global capital markets model.

Having a goal to steward 3EDGE's relationships with ETF managers to help bring new products to market, Eric talks with Rusty and Robyn about the ins and outs of exchange-traded funds (ETFs), the projected growth, and how they stand up against direct indexing. Eric also shares some of the opportunities ETF offers in the investment industry.

Key Takeaways

[02:59] - Eric's path to becoming 3EDGE Asset Management's Deputy Chief Investment Officer.
[04:29] - How 3EDGE Asset Management serves private and institutional clients.
[07:15] - How 3EDGE Asset Management constructs portfolios.
[09:14] - What makes 3EDGE different from its competitors and peers.
[10:28] - Eric's outlook on exchange-traded funds (ETFs).
[11:32] - The pros and cons of investing in ETFs.
[12:32] - How 3EDGE can compete against the big proprietary ETF providers.
[15:01] - Eric's take on direct indexing being a threat to ETFs.
[16:05] - The 3EDGE view on the stock market for 2023.
[19:10] - Eric's tactical strategies for international equity.
[21:57] - The strategy Eric uses to diversify assets.
[25:11] - One of Eric's favorite investment strategies.
[26:11] - How Eric maintains his energy and ability to perform at a high level.
[27:11] - The people Eric is grateful for professionally.
[28:36] - Eric's recommendation for content.

Quotes

[07:42] - "Behaviorally, investors can act as a herd, whether in a virtuous or vicious way. We need these behavioral factors to identify the real short-term potential changes." ~ Eric Biegeleisen

[10:49] - "The ETF space continues to grow as it siphons off assets from other wrappers and large mutual funds. As new money folds in as it's gotten even larger, institutional dollars roll in." ~ Eric Biegeleisen

[11:39] - "The pros (of ETFs) are a long list: transparent, low cost, tax efficient. There are over 1,700 listed ETFs in the U.S. alone, so there are exposures to nearly everything one would want." ~ Eric Biegeleisen

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0141-OPS-1/19/2023

Art Lutschaunig of Parti Pris Investment Partners - Direct Indexing and the Future of FinTech and Managed Accounts

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 21 Feb 2023 08:00:00 +0000

Direct indexing is becoming one of the fastest-growing strategies in wealth management. This strategy involves creating and maintaining a portfolio that tracks the constituents of a benchmark index, such as the S&P 500. As direct indexing allows investors to customize and tailor their portfolios around specific investment interests and weight holdings according to their preferences, the trend of financial firms acquiring fintech platforms for their direct indexing technology is on the rise.

In this episode, Rusty and Robyn talk with Art Lutschaunig, Co-Founder and CEO at Parti Pris Investment Partners. Art brings almost 40 years of financial industry experience to his position at Parti Pris. In his leadership role, Art calls upon his extensive experience and expertise in designing, building, and implementing large-scale wealth management organizations, services, and products to drive the development of Parti Pris’ services dedicated to portfolio personalization on behalf of financial advisors.

Art talks with Rusty and Robyn about what financial advisors and investors need to know about direct indexing, the future of fintech and managed accounts, and his outlook on the current market.

Key Takeaways

[04:47] - How Art got started in the financial services industry.
[13:38] - The story behind the name Parti Pris Investment Partners.
[15:35] - What financial advisors and investors need to know about direct indexing.
[20:21] - Why the advisory community favors direct indexing strategies.
[26:05] - How technology simplifies portfolio management for advisors.
[32:46] - How the managed account business can be improved.
[37:44] - The qualities Art is looking for when hiring people.
[42:34] - Art's advice for people thinking about starting their own business.
[45:16] - What Art thinks about the current market.
[51:41] - How Art maintains his physical and mental health to perform at his best.
[55:33] - The people Art is professionally thankful for.
[59:17] - Art's recommendations for content.

Quotes

[27:43] - "We're driving technology to simplify the complex for the advisor. And Orion is one of the fintech firms creating lots of technology to provide seamless integration and simplify the advisor's ability to run a practice and a portfolio." ~ Art Lutschaunig

[29:08] - "Our technology is getting to the point where we can acquire data, manage data, create security and data, create information out of data, and integrate across multiple constituent parts to offer a better, more simplified way for an advisor to implement their portfolios and practices." ~ Art Lutschaunig

[41:54] - "Every time you look at a problem, flip the pancake. When you run into a problem, turn it upside down and see if the answer is on the other side of the pancake. ~ Art Lutschaunig

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2472-OPS-12/21/2022

Paula Wieck of Commerce Trust Company - What Investors Need to Know About Today's Economy

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 14 Feb 2023 08:00:00 +0000

In today's economy, investors face both challenges and opportunities. With global events, changing interest rates, and market volatility impacting the investment landscape, it's more important than ever to stay informed and educated on the industry's most pressing issues.

In this episode, Rusty and Robyn talk with Paula Wieck, Vice President and Senior Portfolio Manager at Commerce Trust Company. In her role, Paula comprehensively represents the firm's research and goals-based investment process, from initial assessment and creation of an investment objective to ongoing evaluation and adjustments based on changing market and life circumstances. She serves clients with thought leadership, insight, and consulting services.

With knowledge of the market and experience in investment management, Paula answers some of the toughest issues in the investment industry today. These include questions about why investors should invest in the stock market despite the recession just around the corner, why rising interest rates are good for investors moving forward, and how to communicate effectively with clients.

Key Takeaways

[03:34] - Paula's journey to becoming a vice president and senior portfolio manager.
[05:06] - Commerce Trust Company's investment philosophy.
[05:59] - Paula's economic outlook.
[07:32] - What Paula's typical day looks like.
[09:14] - How client communication for investment managers has changed over time.
[12:00] - Paula's favorite approach to communicating with clients.
[14:27] - Paula's thoughts on what makes a good advisor.
[16:32] - The qualities that make a good client.
[17:26] - The advice Paula gives to people interested in becoming investment professionals.
[21:52] - How women can accelerate their involvement in the investment industry.
[24:07] - Why people should invest in the stock market during a recession.
[27:40] - Why bonds fail to protect investors in a bear market for equities.
[32:17] - Why rising interest rates are good for investors moving forward.
[33:55] - Paula's investment strategy for clients who fear entering the market.
[35:59] - Paula's favorite investment idea.
[36:49] - How Paula maintains her energy and ability to perform at a high level.
[38:11] - Some of the people Paula is grateful to professionally.
[41:01] - Paula's recommendations for content.

Quotes

[17:51] - "Always stay eager and hungry to learn, and never feel like a project or task is below you. Always look for ways to make things more efficient." ~ Paula Wieck

[26:58] - "It's impossible for people to time the market precisely on both sides very well. So you hurt your returns over the long term by missing those best days that are close to the worst days. Stay invested." ~ Paula Wieck

[33:24] - "Our projections show that the loss we experienced in bonds will recoup around the end of 2025 or early 2026, just from the reinvestment. The older bonds with lower yields will be able to be reinvested in bonds with much higher yields, and that'll be beneficial and be a good time for conservative investors again." ~ Paula Wieck

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0116-OPS-1/17/2023

Stanley Sattler of Belle Haven Investments - The Beauty of Investing in Municipal Bonds

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 31 Jan 2023 08:00:00 +0000

As we move into 2023, the global economy remains in flux. Despite some signs of recovery, uncertainty continues to dominate the financial markets, and investors are increasingly looking for a safe haven to protect their money. What are some of the investment strategies that can help investors manage risk and maximize returns?

In this episode, Rusty and Robyn talk with Stanley Sattler, Director of Investment Solutions at Belle Haven Investments. In his role, Stanley is responsible for operating as a liaison between the investment team and Belle Haven's strategic partners. His primary duties are business development through supporting advisors and consultants across the country. Stanley is motivated by learning about clients' needs and wants to help ensure that their investments receive the attention they deserve.

As a fixed-income expert, Stanley talks with Rusty and Robyn about what's in store for bonds and the fixed-income market in 2023, his outlook for bonds, Fed policy, and interest rates, and why municipal bonds are a unique investment opportunity.

Key Takeaways

[02:59] - Stanley's journey to becoming an investment solutions director.
[03:47] - What Belle Haven does for its clients.
[04:59] - Belle Haven's outlook on inflation.
[06:38] - Stanley's perspective on how the Fed deals with interest rates.
[09:21] - What Stanley thinks about the current recession risk.
[13:57] - Belle Haven's view of municipal bonds.
[17:17] - Why municipal bonds are a unique investment opportunity.
[20:19] - Other fixed-income markets Stanley is interested in.
[21:11] - Stanley's favorite investment strategy.
[22:49] - How Stanley maintains his physical and mental health to perform at his best.
[24:15] - The people Stanley is grateful to professionally.
[25:52] - Stanley's recommendation for content.
[28:36] - The best time to invest in fixed-income funds and laddered portfolios.

Quotes

[10:12] - "Recession probability is high to significantly high this calendar year, but it's just a scary word that's frowned upon. Recession is a natural part of the business cycle and a natural part of investing over long periods to grow and preserve wealth." ~ Stanley Sattler

[15:19] - "For investors looking for a place to step out a few years on the yield curve and get incremental income and yield, you can do that in the municipal marketplace because the municipal bond space is 80+ percent individual investor driven." ~ Stanley Sattler

[25:21] - "It's exciting to be involved and learn from a culture of entrepreneurship and service and putting the client first rather than what you typically see in the industry where ego or selfishness is involved." ~ Stanley Sattler

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0073-OPS-1/11/2023

David Lundgren of MOTR Capital Management and Research - Technical Analysis Strategies and Market Outlook for 2023

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 24 Jan 2023 08:00:00 +0000

Investing in the stock market can be tricky. With so many different strategies available, it can be difficult to know where to start. Considering the current rollercoaster scenario in the market, how can investors make informed decisions about buying and selling assets and maximize their returns?

In this episode, Rusty and Robyn talk with David Lundgren, Founder and Chief Market Strategist at MOTR Capital Management and Research. David is a 30-year investment industry veteran focusing on technical analysis strategies, particularly momentum and trend following. He is the former Director of Technical Research at Wellington Management and held senior analyst positions at Fidelity & Thomson Financial.

With a demonstrated history of working in the investment management industry, David talks about technical analysis, momentum and trend following, and his outlook for stocks, bonds, cryptocurrencies, and commodities for 2023.

Key Takeaways

[04:29] - David's career history in the investment management industry.
[07:54] - How David defines technical analysis.
[10:48] - What it takes to be a successful technical analyst.
[12:21] - The strengths and weaknesses of technical analysis.
[14:45] - The different schools of thought in technical analysis.
[17:11] - What to do when trend following fails.
[19:42] - The best allocation of trend following and technical analysis in a portfolio.
[23:41] - How a CMT differs from a CFA.
[26:09] - What is the CMT Association?
[27:21] - A sneak peek at this year's CMT Symposium.
[28:57] - The top charts to watch in 2023.
[31:38] - How David's multiframework approach works.
[33:06] - Among David's favorite equity stocks for 2023.
[35:48] - David's outlook for the bond market.
[39:27] - What Dave thinks about bitcoin and cryptocurrencies.
[43:13] - David's favorite investment idea for 2023.
[45:25] - How David maintains his energy to perform at a high level.
[47:31] - The people David is thankful for professionally.
[49:07] - David's recommendations for content.

Quotes

[08:18] - "Most money managers are schooled in the principles of fundamental analysis, capital asset pricing theory, dividend discount models, and other traditional fundamental analysis techniques. Unfortunately, almost 90% of active managers underperform their benchmark using the tools they learn in business school." ~ David Lundgren

[09:30] - "The market is the best fundamental analyst on the planet. Listen to what the market's trying to tell. And the best way to do that is to identify trend change and stay with the trend as long as the trend changes and goes in the other direction." ~ David Lundgren

[26:58] - "There's a big hole in the body of knowledge of most investors, which contributes to their difficulty in keeping pace with the benchmark. That hole can be filled with a better understanding of technical analysis." ~ David Lundgren

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0032-OPS-1/6/2023

Venk Reddy of Osterweis Capital Management - Sustainable Credit Strategies

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 17 Jan 2023 08:00:00 +0000

Sustainable investing has gained significant traction as more investors integrate environmental, social, and governance (ESG) factors into their investment decision-making process. Although there are many different sustainable investing strategies that investors can choose from, they are all intended to generate long-term financial returns while creating a positive impact on society and the environment.

In this episode, Rusty and Robyn talk with Venk Reddy, Chief Investment Officer of Sustainable Credit at Osterweis Capital Management. Venk joined Osterweis Capital Management in 2022 as part of the Zeo Capital Advisors team transition, where he brings knowledge and experience in credit investing and absolute return investing.

Also a portfolio manager for sustainable credit strategies, Venk talks with Rusty and Robyn about what sustainable investing means, how sustainable credit differs from green bonds, and what catalysts could make sustainable investments a hit.

Key Takeaways

[01:06] - The top things to watch in 2023.
[02:45] - What brought Venk to Osterweis.
[04:48] - What sustainable investing means.
[07:12] - How sustainable credit differs from green bonds.
[10:38] - Venk's insights into the future growth of the ESG market.
[12:30] - How investors should allocate their funds to ESG investments.
[14:12] - The catalysts that could make sustainable investments a hit.
[19:42] - Venk's outlook on interest rates and sustainable income.
[27:44] - One of Venk's favorite investments.
[29:47] - How Venk maintains his physical and mental health to perform at a high level.
[32:27] - What Venk has to say about the people he works with.
[34:16] - Content recommendations from Venk.

Quotes

[06:41] - "Our goal is to align performance and progress. But to align performance and progress, you need a situation in which the investments you're making are truly impacted by the management team's decision to make more progress and improve their standing along the categories of risk that they have." ~ Venk Reddy

[12:17] - "The more investors focus on ESG as a risk, the larger that market becomes. Not because the market's getting bigger but because people realize that this approach is as appropriate for traditional portfolios as it is for mission-driven ones." ~ Venk Reddy

[18:02] - "Security selection matters when people think it matters, and risk is a long-term concept. Once we get to a place where that's the discussion around ESG, risks, and sustainability, the market will grow substantially." ~ Venk Reddy

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0034-OPS-1/6/2023

Kim Arthur of Main Management - The Economic Outlook for 2023

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 10 Jan 2023 08:00:00 +0000

It’s that time of year again! Investors and market analysts are looking ahead to the coming year, and 2023 is shaping up to be an exciting year for the economy. Looking ahead, what factors will likely shape the market, and how can advisors utilize them to their advantage?

In this episode, Rusty and Robyn talk with Kim Arthur, President and CEO of Main Management, LLC. Kim is a regular speaker at national conferences and was a featured speaker at the Inside ETFs conference in Hollywood, Florida. He has been profiled in Index Universe articles and referenced in Barron’s, Wall Street Journal, Business Week, and Fortune Magazine.

Kim talks with Rusty and Robyn about his outlook on inflation, the U.S. economy and corporate earnings, and the U.S. and international markets. As a portfolio manager, Kim also speaks about how investors should allocate their funds to international stocks and what advice he gives to investors in times of geopolitical crisis.

Key Takeaways

[03:24] - Kim's role at Main Management and what the firm is all about.
[05:39] - Main Management's outlook on inflation.
[07:20] - How investors should treat their bond allocations.
[08:47] - Kim's outlook for the U.S. economy and corporate earnings.
[11:01] - Kim's views on the U.S. and non-U.S. stock markets.
[18:35] - How investors should allocate their funds to international stocks.
[20:36] - Kim's advice to investors in times of geopolitical crisis.
[22:40] - Kim's favorite investment strategy.
[24:55] - A regimen that keeps Kim on top of his game.
[26:57] - The people Kim is grateful to professionally.
[28:42] - Kim's recommendation for content.

Quotes

[15:52] - "The U.S. dollar is the number one predictor of the international stock market outperforming the U.S. stock market. So if you're in a strong U.S. dollar environment, no matter how much you stomp your feet and want the U.S. market to underperform, it will not." ~ Kim Arthur

[21:26] - "Investors need to realize that when geopolitical crises happen, you want to be putting money into the market because almost 12 or 24 months later, you're up significantly from those periods when they went down. It shows the tenacity and the growth mindset of the globe that when these things happen, everybody gets together and works to find a solution to that problem." ~ Kim Arthur

[22:10] - "In the equity market, fear is temporary, and greed is permanent." ~ Kim Arthur

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2450-OPS-12/19/2022

Kurt Brown of TownSquare Capital - Outsourced Chief Investment Officer (OCIO) Services for Institutions and Advisory Firms

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 3 Jan 2023 08:00:00 +0000

As the need for sophisticated investment management has grown, OCIO has become an increasingly popular solution for institutional investors and advisory firms looking for comprehensive, turnkey investment management. Partnering with an OCIO team connects investment strategies and products directly to investors' unique financial goals, risk targets, and plans. It is a powerful model to increase operational efficiencies and drive growth.

In this episode, Rusty and Robyn talk with Kurt Brown, Chief Investment Officer at TownSquare Capital and Head of OCIO at Orion. In his role, Kurt oversees the firm’s bespoke, high-touch services that power advisory practices, family offices, and institutions to more efficiency and higher growth. His team has consistently helped advisor practices accelerate their growth rates while enhancing investor returns, tax efficiency, and client retention.

An Outsourced CIO for institutions and advisory firms, Kurt talks with Rusty and Robyn about how TownSquare Capital started the OCIO trend, what the role of the OCIO entails, and why advisors that should consider an OCIO's services.

Key Takeaways

[04:14] - An overview of Kurt's professional background.
[05:33] - How Town Square Capital started the OCIO trend.
[07:41] - What the Ballard Center for Social Impact is all about.
[09:08] - What the role of the OCIO entails.
[12:32] - Why advisors should consider an OCIO's services.
[14:15] - The opportunity for OCIO in the market.
[15:23] - Why Kurt chose Orion for his OCIO efforts.
[16:18] - Why custom indexing is so popular today.
[18:37] - Kurt's outlook for wealth management.
[20:00] - What advisors and their clients want most these days.
[24:47] - The qualities of a high-performing financial advisor.
[28:26] - Kurt's outlook for the global economy.
[32:48] - The advice Kurt has for aspiring entrepreneurs.
[35:21] - Kurt's secret to success.
[37:29] - One of Kurt's favorite investments.
[40:04] - How Kurt maintains his physical and mental health to perform at his best.
[41:24] - The people Kurt is grateful to professionally.
[42:52] - Kurt's recommendation for content.

Quotes

[19:41] - "If you're an advisor living and dying by just having a basket of ETFs, it will be a much more challenging environment in the future. You have to be able to provide these other elements of customization, service, and sophistication." ~ Kurt Brown

[27:10] - "It's difficult to build a great business without partners. It is possible, but partnership models are incredibly powerful." ~ Kurt Brown

[33:27] - "The faster you can learn what you're exceptional at, the easier and quicker your career and income will grow." ~ Kurt Brown

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2443-OPS-12/16/2022

Shawn Reynolds of VanEck - The Unique Benefits of Investing in Natural Resources and Commodities

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 27 Dec 2022 08:00:00 +0000

Natural resources and commodities provide investors with a unique opportunity to benefit from the long-term appreciation of these assets. While global economic trends largely drive the performance of natural resources and commodities, these assets have historically outperformed traditional asset classes, such as stocks and bonds, during periods of inflation.

In this episode, Rusty and Robyn talk with Shawn Reynolds, Portfolio Manager for the Natural Resources Equity Strategy at VanEck. Before VanEck, Shawn served as a board member of several private Latin American oil and gas exploration and production companies and an energy analyst at Petrie Parkman & Co., covering U.S. oil and gas exploration and production companies. At VanEck, Shawn oversees the Natural Resources Equity Investment Team, including asset allocation, company research, and security selection.

Shawn talks with Rusty and Robyn about all things natural resources. He takes a deep dive into various natural resource sectors such as energy, agriculture, and precious metals, how natural resources fit into investment portfolios in the current environment, and how they complement other assets.

Key Takeaways

[03:02] - What drew Shawn to the energy industry.
[04:18] - The role of a portfolio manager for an active natural resource equity strategy.
[05:29] - VanEck's economic outlook.
[07:24] - How VanEck views inflation.
[11:07] - VanEck's take on a recession in 2023.
[12:39] - How natural resource stocks will fit into portfolios in 2023.
[13:58] - What is meant by natural resource stocks.
[15:19] - Why natural resources are a great inflation hedge.
[18:03] - Shawn's recommendations for natural resource allocation.
[21:38] - How recession can impact natural resource stocks.
[23:51] - Do natural resource stocks replace or complement other real assets?
[25:11] - Why investors should consider an ETF for their natural resource exposure.
[26:25] - The difference between VanEck Agribusiness ETF (MOO®) and YUMY VanEck Future of Food ETF.
[28:14] - What investors need to know about gold mining ETFs.
[30:57] - VanEck's other natural resource ETFs.
[32:00] - Shawn's favorite investment.
[33:39] - How Shawn maintains his physical and mental well-being to perform at a high level.
[34:42] - The people Shawn is thankful for professionally.
[35:32] - Shawn's recommendation for content.
[37:11] - What Shawn thinks about infrastructure.

Quotes

[04:28] - "The active natural resource strategy looks at the whole natural resource space. It's trying to drive alpha from all the aspects that natural resources and the underpinning of the global economy provide." ~ Shawn Reynolds

[14:15] - "When we think about inflation protection and leverage to global growth, which we think resources are, they are undoubtedly traditional oil and gas, renewable energy and green energy, and metal in all its forms." ~ Shawn Reynolds

[15:29] - "The great thing about the natural resource is that it does what it is supposed to do when it is supposed to do it. In times of inflationary periods, natural resource equities outperform the rest of the market." ~ Shawn Reynolds

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2447-OPS-12/19/2022

Jeff DeMaso of The Independent Vanguard Investor and Adviser Investments- An Independent Voice on Vanguard

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 20 Dec 2022 08:00:00 +0000

In this episode, Rusty talks with Jeff DeMaso, Editor and Founder of The Independent Vanguard Adviser. Jeff is also the interim CIO and Director of Research at Adviser Investments. He has been quoted in USA Today, Forbes, The Wall Street Journal, Barron's, InvestmentNews, and Kiplinger, to name a few, and named a Rising Star of manager research in 2019 by Citywire.

Jeff launched The Independent Vanguard Adviser to provide independent, honest, and unbiased coverage of all things Vanguard. The goal is to give practical investment advice and education in a language everyone can understand.

Jeff talks with Rusty about what's great about Vanguard, what could be improved, why the company is having a tough year of sales, and a whole lot more.

Key Takeaways

[02:30] - Jeff's career history and how he came to be in The Independent Vanguard Adviser.
[05:22] - The best things about Vanguard as a company and a product.
[08:50] - What Vanguard needs to do better.
[11:50] - Why Vanguard is having its worst year of sales.
[14:21] - Jeff's take on ETFs as the new trend.
[17:04] - What Jeff thinks about Vanguard's asset allocation products.
[21:09] - How Jeff rates Vanguard Wellesley Income.
[22:13] - What Jeff expects for 2023.
[25:22] - Jeff's outlook on inflation.
[29:05] - Jeff's thoughts on real assets.
[31:52] - The qualities Jeff looks for in a team member.
[33:13] - How Jeff personally invests.
[34:03] - How Jeff maintains mental and physical health to perform at his best.
[35:30] - The people Jeff is grateful for on a professional level.
[38:33] - Jeff's recommendations for content.

Quotes

[05:45] - "There's a lot to like about Vanguard. It's bringing low-cost investing to the masses. And not just within Vanguard, they put fee pressure on other players in the industry. We can thank Vanguard for that general pressure on fees coming down and making it such a great time to be an investor today." ~ Jeff DeMaso

[09:07] - "There are some things Vanguard could improve upon, without a doubt. The biggest one is the customer service and technology side. And this is the other coin of their low-cost effort, where Vanguard has been cutting costs for years and years." ~ Jeff DeMaso

[18:50] - "I always recommend ETFs and index funds, particularly for someone looking to get exposure to the market, keep costs low, keep things straightforward, and don't feel they have an edge." ~ Jeff DeMaso

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2253-OPS-11/21/2022

Paul Ma of Fidelity Institutional Asset Management - Helping Advisors Build a Better Portfolio

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 13 Dec 2022 08:00:00 +0000

In the current market conditions, investors are looking for more than just average returns. They are looking for protection against downside risk and the ability to generate alpha. While the question of how to best construct a portfolio has no one-size-fits-all answer, certain best practices can help advisors build a better portfolio.

In this episode, Rusty and Robyn talk with Paul Ma, Vice President and Lead Portfolio Strategist at Fidelity Institutional Asset Management. Paul and his team at Fidelity focus on helping advisors build a better portfolio.

Paul talks with Rusty and Robyn about the trends in portfolio construction and diversification, how he builds a better portfolio, and how to adapt the classic 60/40 portfolio to the current environment.

Key Takeaways

[02:56] - Paul's career history and how he came to join Fidelity.
[03:50] - How Paul helps advisors build better portfolios.
[04:42] - Paul's key message to financial advisors and investors in today's market.
[05:25] - Paul's recommendation for rebalancing.
[06:52] - Is the classic 60/40 portfolio dead?
[07:42] - The role inflation plays in a 60/40 portfolio.
[08:50] - The latest trends advisors use to go beyond stocks and bonds.
[11:31] - Fidelity's benchmark for liquid alternatives and real assets.
[12:52] - Paul's personal investment strategy.
[13:48] - How Paul maintains his physical and mental health to perform at his best.
[14:34] - The people Paul is grateful for professionally.
[15:34] - Paul's recommendation for content.

Quotes

[04:07] - "We try to help advisors be more forward-looking because one of the biggest mistakes advisors make is by whatever's working, looking backward. And we are open architecture and find the best breed names from different fund families to help advisors build a better portfolio." ~ Paul Ma

[07:13] - "I hear people say that 60/40 is dead almost every year for the last decade. And they were wrong. 60/40 was awesome for two decades, with a sharp ratio much higher than a hundred percent equity sharp ratio." ~ Paul Ma

[11:05] - "The most famous disclaimer in finance is that past performance is no predictor of future performance. Being contrarian, we are moving into a different era of higher inflation. So, new era, new asset classes like commodities and liquid alts." ~ Paul Ma

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2158-OPS-11/9/2022

Bryce Skaff of Dimensional Fund Advisors - Bringing Systematic Investment Strategies to Advisors

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 6 Dec 2022 08:00:00 +0000

Advisors are an important part of the investment ecosystem. They help clients develop investment strategies and provide guidance on allocating assets best. Although every advisor has a unique approach to managing portfolios, they share one goal in common: to manage a portfolio that meets their client's expectations.

In this episode, Rusty talks with Bryce Skaff, Co-Head of Global Client Group at Dimensional Fund Advisors. Bryce has been with Dimensional since 1998. He was most recently Dimensional's Head of U.S. Financial Advisor Services, which helped advisory firms design more effective investments, messaging, and business strategies. Before joining Dimensional, Bryce was a secondary markets analyst for Provident Funding.

Bryce talks with Rusty about the value Dimensional Fund Advisors place on advisors, why the firm introduces exchange-rated funds in addition to their mutual funds, and the motivation behind Dimensional's recent introduction of ETF models.

Key Takeaways

[02:11] - An overview of Bryce's personal and professional background.
[04:25] - How Bryce got started at Dimensional Fund Advisors.
[06:29] - The value Dimensional Fund Advisors places on advisors.
[10:10] - A historical overview of Dimensional Fund Advisors and its value factors.
[15:54] - Are value investments finally on the rise?
[20:10] - Why Dimensional introduces exchange-rated funds in addition to their mutual funds.
[23:53] - The motivation behind Dimensional's recent introduction of ETF models.
[29:03] - How investors and advisors can access Dimensional's material resources.
[31:10] - Bryce's perspective on what makes a good financial advisor.
[34:38] - Some of the people Bryce is grateful to on a professional level.
[38:25] - How Bryce maintains his physical and mental well-being.
[41:04] - Content recommendation from Bryce.

Quotes

[07:11] - "We strongly believe advisors are a linchpin in the process. Advisors do a good job increasing the odds of success for investors." ~ Bryce Skaff

[27:53] - "As an industry, we default to complexity. When in reality, it's often the simplest of concepts that make the biggest impact on investors." ~ Bryce Skaff

[33:29] - "Great advisors are doing the right thing because they understand the truth and are willing to embrace it and give that dose of reality to the investor." ~ Bryce Skaff

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1735-OPS-9/22/2022

Colleen Ambrose of Capital Group - The Possibility of a Global Recession

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 29 Nov 2022 08:00:00 +0000

Inflation has been rising steadily since the beginning of the year and is now at a level considered concerning by many economists. And while the Fed has been raising interest rates to keep inflation in check, it is becoming increasingly difficult. With inflation remaining stubbornly high, many believe a recession is becoming increasingly likely. What does this mean for the fixed-income market and the bond market?

In this episode, Rusty and Robyn talk with Colleen Ambrose, Director of Fixed Income Markets at Capital Group. Colleen has 35 years of industry experience and has been with Capital Group for two years. Before joining Capital Group, Colleen was a portfolio manager at Bank of America. Before that, she was a fixed-income client portfolio manager at American Century Investments. Colleen holds the Chartered Financial Analyst® designation and is a member of the CFA Institute, the CFA Society of Chicago, and Women Investment Professionals.

Colleen talks with Rusty and Robyn about her outlook for fixed income, the bond market, and the headwinds in the economy, including inflation, Federal Reserve policy, and a potential recession.

Key Takeaways

[02:34] - Colleen's professional background and what she does at Capital Group.
[04:29] - What Women Investment Professionals is all about.
[05:27] - Colleen's advice to investors in light of global financial market events.
[07:54] - Capital Group's outlook on inflation.
[09:32] - Colleen's thoughts on the Federal Reserve's inflation policy.
[10:24] - What Capital Group has to say about recession risk.
[11:46] - The impact of geopolitical risks on the fixed-income market.
[13:17] - How the fixed income bear market will end.
[14:59] - Colleen's view on long-term interest rates.
[15:46] - What Capital Group thinks about investment grade bonds, high yield bonds, emerging markets, and debt.
[17:21] - Why investors should consider fixed-income assets during market volatility.
[19:30] - Colleen's personal investment strategy.
[20:28] - How Colleen maintains her physical and mental health to perform at her best.
[21:29] - The lessons Colleen learned from her mentors.
[22:35] - Colleen's recommendation for content.

Quotes

[04:05] - "I love being that point person between our investment team and the end user clients to help them optimize what they're doing with their fixed income. Fixed income can be archaic and complex to understand. I like putting it in user-friendly terms to help people understand the messaging and move forward the right way." ~ Colleen Ambrose

[10:39] - "We're not there yet. But 2023 is likely to see a recession, potentially a global recession. The U.S. will be slowing from the impact of Federal Reserve hikes and higher inflation. In terms of the employment landscape, we start to see layoffs in the economy that could impact things." ~ Colleen Ambrose

[22:01] - "In the real world, you learn so much by doing. I equate learning about the bond market or financial markets to being plopped down in the middle of a foreign country, not knowing the language. And every day, you have to get up and learn the language." ~ Colleen Ambrose

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2145-OPS-11/8/2022

James St. Aubin and Kenneth Sleeper of Sierra Mutual Funds and Ocean Park Asset Management - Tactical Investment Strategies

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 22 Nov 2022 08:00:00 +0000

In this episode, Rusty and Robyn talk with Kenneth Sleeper, Ocean Park Asset Management's Co-Founder, Co-Managing Director, and Portfolio Manager. Also joining them is James St. Aubin, Chief Investment Officer for Sierra Mutual Funds and Ocean Park Asset Management.

Kenneth oversees all aspects of the organization's activities, including asset management, research, and client relationships. Before co-founding Sierra Investment Management, the parent company of the Sierra Mutual Funds and Ocean Park Asset Management, Kenneth applied his extensive background in statistical and computer applications to develop and refine computerized techniques for reducing downside risk. James, on the other hand, is an accomplished investment management executive. His experience in over 20 years in the industry includes asset allocation, manager research, and portfolio construction leadership roles.

Kenneth and James talk with Rusty and Robyn about how they manage portfolios in today's market environment, what strategies they're implementing in their investments, and how they help investors stay calm, carry on, and stay on course during market downturns.

Key Takeaways

[03:41] - Why Ocean Park Asset Management was founded.
[06:51] - An overview of James St. Aubin's career in wealth management.
[08:30] - The factors influencing the market's movement.
[12:32] - How Ocean Park Asset Management manages portfolios in the current market environment.
[14:09] - How Ocean Park Asset Management helps investors stay calm and carry on in the face of market negativity.
[17:18] - How James and Ken manage client expectations.
[21:19] - What James and Ken say about geopolitical turbulence.
[23:39] - How Ocean Park Asset Management uses tactical analysis in its investment process.
[26:05] - How James keeps his mental and physical health to perform at his best.
[29:05] - The people Ken and James are grateful for professionally.
[32:13] - James and Ken's recommendations for content.

Quotes

[10:02] - "2022 has been about dealing with the consequences of the policy mistake, a double whammy of rate hikes and QT (Quantitative Tightening) at a pace and up to a level not easily digested by financial markets. Think about it as a shock and awe in the opposite direction, but this time it's intended to beat inflation." ~ James St. Aubin

[13:41] - "We can't predict what the future holds, but we have a lot of history showing that this will eventually work itself out. It's just patience that's required right now. And that goes to the heart of investor education for all professionals that manage money." ~ Kenneth Sleeper

[20:05] - "The number one value add for advisors is keeping them from capitulation in times of stress. This, too, shall pass is a perfect phrase for both up and down markets, honestly not to get people too greedy or fearful that we have to stay the course. The key ingredient to success is ensuring that this environment does not knock them off their path." ~ James St. Aubin

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2142-OPS-11/8/2022

Samuel Lau of DoubleLine - Fixed Income Asset Allocation

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 15 Nov 2022 08:00:00 +0000

Throughout history, there have been different schools of thought regarding investing. Some investors believe in taking on more risk to achieve higher returns, while others prefer preserving capital and generating stability. In this current economic climate, however, many investors are worried about the stock and bond markets and how they will affect their investments.

In this episode, Rusty and Robyn talk with Samuel Lau. Samuel is a Portfolio Manager on DoubleLine's strategic commodity strategy while working in portfolio management and trading for derivatives-based and multi-asset strategies, including DoubleLine's Shiller Enhanced CAPE®, Shiller Enhanced International CAPE®, Real Estate and Income, and Multi-Asset Trend strategies. He also co-hosts the Sherman Show and the Monday Morning Minutes podcasts.

A fixed-income asset allocation strategist, Samuel talks with Rusty and Robyn about the fixed-income market, the headwinds facing the bond market, and the inflation and Federal Reserve policy.

Key Takeaways

[03:43] - Among the many roles Samuel plays at DoubleLine.
[07:48] - What Samuel has learned from podcasting.
[09:03] - One of Samuel's favorite episodes.
[11:00] - What Samuel thinks about the stock market and bonds.
[12:59] - DoubleLine's view on inflation.
[16:21] - What DoubleLine thinks about the Federal Reserve policy.
[19:28] - A possibility of an economic recession.
[23:55] - How Samuel considers geopolitical risk when building portfolios.
[27:29] - Samuel's outlook for interest rates.
[31:05] - An overview of investment-grade corporate bonds.
[35:56] - Samuel's perspective on emerging market debt.
[37:12] - Diversifying portfolios with real assets and low volatility assets.
[40:23] - Samuel's forecast for the stock market.
[42:47] - Why investors should consider fixed-income investments.
[44:47] - Samuel's personal investment strategy.
[45:48] - How Samuel maintains his mental and physical health to perform at his peak.
[48:02] - The people Samuel is grateful for on a professional level.
[49:48] - Samuel's recommendations for content.

Quotes

[12:06] - "On the bond side of things, it's very painful. It's the worst year-to-day performance in the U.S. bond market on record going back to the index's inception. But investors have their heads wrapped around the rationale behind it." ~ Samuel Lau

[17:48] - "We all fear the risk of the Fed and the FOMC over-tightening through their rate hikes and sending the economy into a hard landing, which people would refer to as a policy mistake." ~ Samuel Lau

[38:32] - "When you look at the positive performers, commodities are one of the two asset classes that have that plus sign in front of it on a year-to-date basis. The other asset class is the U.S. dollar." ~ Samuel Lau

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2077-OPS-11/1/2022

Andrew Beer of Dynamic Beta Investments - Bringing Hedge Fund Portfolio Solutions to Investors

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 8 Nov 2022 08:00:00 +0000

The last few years have been a rollercoaster for investors. The market has been volatile, asset values have declined, and there is general uncertainty about the future. In times like these, it's important to have a diversified portfolio that can weather the storm. Hedge funds offer a unique opportunity for investors to hedge against risk and protect their portfolios.

In this episode, Rusty and Robyn talk with Andrew Beer, Managing Member at Dynamic Beta investments. Andrew started in the hedge fund industry in 1994 when he joined the Baupost Group as one of six generalist portfolio managers. Over the past decade, Andrew's singular focus has been to identify strategies to match or outperform portfolios of leading hedge funds with low fees, daily liquidity, and less downside risk.

A pioneer in hedge fund replication, Andrew talks with Rusty and Robyn about hedge funds, hedge fund strategies that investors find helpful, and how hedge funds are becoming a new fixed-income substitute.

Key Takeaways

[03:06] - What motivated Andrew to specialize in hedge funds.
[07:24] - The role of Dynamic Beta investments in the hedge fund industry.
[08:53] - Andrew's thoughts on what's currently driving the markets.
[10:44] - The outlook for traditional stock and bond markets.
[11:58] - How investors can improve the risk-adjusted return potential of a traditional balanced portfolio.
[14:12] - An in-depth look at hedge funds.
[15:36] - What replication means at Dynamic Beta investments.
[17:29] - Hedge fund strategies that investors find helpful.
[20:01] - What investors should look for when investing in managed futures.
[22:11] - How hedge funds are becoming a new fixed-income substitute.
[25:09] - Typical allocations to hedge fund strategies and managed futures.
[29:43] - How Andrew invests personally.
[31:34] - How Andrew keeps his physical and mental well-being to perform at his best.
[32:49] - People Andrew is thankful for on a professional level.
[35:41] - Andrew's recommendations for content.

Quotes

[12:19] - "What's the best diversifier on planet earth, where we want to put our money if we can? The answer for us is managed futures." ~ Andrew Beer

[13:20] - "Stocks and bonds are incredible investments over time. But stocks, bonds, and managed futures are the right diversified portfolio." ~ Andrew Beer

[27:43] - "The vast majority of products created in the ETF world are single-manager products, and single-manager products on a standalone basis don't have a role in the asset allocation model." ~ Andrew Beer

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2004-OPS-10/25/2022

Brett Van Bortel of Invesco Consulting - Enhancing Top Client Retention

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 25 Oct 2022 07:00:00 +0000

There is nothing more frustrating for an advisor than losing a client. It's even more difficult when high-net-worth clients leave. High-net-worth clients are an important segment for any financial advisor. Not only do they bring in more revenue, but they also refer other high-net-worth individuals to the firm. What can advisors do to ensure they don't lose their best clients?

In this episode, Rusty and Robyn talk with Brett Van Bortel, Director of Consulting Services at Invesco Consulting. Brett has developed and delivered numerous consulting programs to increase financial professionals' profitability, effectiveness, and productivity. At Invesco Consulting, Brett develops and delivers business development models to assist advisors in distributing investment management products.

As a consultant, Brett talks with Rusty and Robyn about some tips and tricks for maintaining client relationships, why high-net-worth clients leave their advisors, and what advisors can do to prevent losing top clients.

Key Takeaways

[02:42] - What led Brett to a career in consulting services.
[03:48] - The key role Brett plays at Invesco.
[04:58] - How The Golden Hour program got its name.
[06:37] - How The Golden Hour applies to business and practice.
[07:33] - Why Invesco conducts its own research.
[10:55] - Why high-net-worth clients leave their advisors.
[14:22] - How Brett solves the problem of clients leaving their advisors.
[16:51] - What advisors can do to avoid losing top clients.
[19:05] - How much communication is needed to protect client relationships.
[22:12] - The findings of a dial session study on advisor-client communication.
[24:14] - A proactive communication strategy to build stronger client relationships.
[28:16] - How advisors can implement relationship equity conversations.
[33:29] - Brett's personal investment strategy.
[34:27] - How Brett keeps his mental and physical health to perform at his best.
[36:03] - The book Brett recommends reading.

Quotes

[05:31] - "What we saw in our research was a ticking time bomb inside the majority of advisors' practices. A significant number of top clients began to look for the exit sign from an advisor's practice." ~ Brett Van Bortel

[06:45] - "Getting high-net-worth clients, typically the top clients for any advisor, is one of the greatest challenges. And there are a lot of programs out there on new client acquisition, but no one was looking at the other side of the coin of new client acquisition, which is top client retention. They're on a treadmill running fast but not getting anywhere." ~ Brett Van Bortel

[11:21] - "The vast majority of top clients weren't leaving because of performance. They were leaving because of something to do with a breakdown in the relationship and communication with their advisor." ~ Brett Van Bortel

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1930-OPS-10/13/2022

Glenn Dorsey of Clark Capital Management - The Current State of Inflation, Bond Markets, and Growth Stocks

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 18 Oct 2022 07:00:00 +0000

Recent months have been nothing short of a rollercoaster ride for the markets. We have seen a lot of ups and downs, and it doesn't seem like the volatility will subside anytime soon. As an advisor, it's important to have a game plan for when the market is going through a rough patch.

In this episode, Rusty and Robyn talk with Glenn Dorsey, Senior Vice President and Head of Client Portfolio Management at Clark Capital Management Group. In this role, Glenn directs Clark Capital's Client Portfolio Team and leads the firm's efforts to deliver a highly personalized, collaborative portfolio construction process to advisors. He is responsible for portfolio construction and the clear communication of investment strategy to advisors and their clients.

Back by popular demand, Glenn talks with Rusty and Robyn about what's happening with the bond market, growth stocks, and inflation. Glenn shares Clark Capital's tactical strategies for navigating a seasonally sloppy market, the impact of a strong dollar on international stocks, and how the firm manages portfolios based on market activity.

Key Takeaways

[03:38] - Glenn's career history and role at Clark Capital Management Group.
[05:21] - Are bonds still worth owning despite the downturn in the bond market?
[07:30] - How to protect ourselves from inflation.
[09:05] - Will there be a recession?
[11:42] - Clark Capital's strategies for navigating a seasonally sloppy market.
[14:32] - Glenn's outlook for growth stocks.
[16:08] - The impact of a strong dollar on international stocks.
[18:46] - How Clark Capital manages portfolios based on market activity.
[21:03] - Glenn's personal investment strategy.
[23:30] - How Glenn stays in top physical and mental shape to perform well.

Quotes

[08:15] - "We always say the best cure for high prices is high prices because that leads to two things. You're going to have an increase in supply, the manufacturers of those goods that sell things higher are going to find a way to produce more, and you're going to have demand destruction. People start to use less of those things. And the result of that is prices come down." ~ Glenn Dorsey

[17:53] - "We're in a transition where different parts of the world react differently to this inflationary spiral. Keep in mind that a strong dollar is inflationary for most other countries. If the dollar is getting more expensive, that's creating inflation elsewhere." ~ Glenn Dorsey

[21:50] - "If you don't need distributions from your account, don't take them right now. This is a good time to put it in the market if you have extra money." ~ Glenn Dorsey

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Disclosure

The views expressed are those of the speaker and do not necessarily reflect the views of Clark Capital. Investors must make their own decisions based on their specific investment objectives and financial circumstances. Economic and market forecasts presented herein reflect a series of assumptions and judgments as of the date of this presentation and are subject to change without notice. Before investing, an investor should consider their investment goals and risk comfort levels and consult with their investment advisor and tax professional.

1918-OPS-10/12/2022

Paul Curley of ISS Market Intelligence - A Tax-Advantaged Way to Save for Education

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 11 Oct 2022 07:00:00 +0000

Tuition inflation is not a new issue for college. Tuition fees and other related expenses tend to increase every year. As a result, many parents are looking for ways to start saving for their children's education early on. There are several alternatives for saving and paying for education.

In this episode, Rusty and Robyn talk with Paul Curley, Director of Savings Research at ISS Market Intelligence. In his role, Paul oversees 529 and ABLE market data, research, events, and digital products and services for institutional clients, including the 529 Conference. Also, an Editor-in-Chief of the 529 Dash e-newsletter and the 529 Insiders website for financial advisers, institutions, and the media, Paul presents educational seminars and conferences to financial industry experts on 529 plans and ABLE accounts.

Paul talks to Rusty and Robyn about investing in children's education through 529 plans. Paul speaks about why financial advisors should discuss 529s with their clients, the pros and cons of 529 plans, and the advisor's role in helping clients invest in 529 plans.

Key Takeaways

[03:54] - An overview of Paul's responsibilities at ISS Market Intelligence.
[06:07] - How ISS Market Intelligence serves its clients.
[07:06] - Trends in student loan debt.
[12:22] - Why financial advisors should discuss 529s with their clients.
[13:40] - What investors and advisors should look for in a 529 plan.
[15:01] - The pros and cons of 529 plans.
[16:43] - What the whole 529 landscape looks like.
[18:19] - The growth rate of the 529 savings plan.
[20:05] - Demographics of 529's primary consumers.
[21:20] - Some of the biggest concerns about saving money for college.
[23:14] - How to encourage more investors to contribute to 529 plans.
[24:54] - Paul's personal investment strategy.
[26:21] - How Paul maintains his mental and physical health to perform at his best.
[27:25] - Paul's book and content recommendations.

Quotes

[11:29] - "A 529 plan is a nice tax advantage vehicle to help families save efficiently for education." ~ Paul Curley

[16:22] - "There are several alternatives for saving and paying for an education. But 529 provides the most flexibility and provides a market return, which does benefit compared to a bank account." ~ Paul Curley

[23:28] - "Although parents or grandparents want their kids or grandkids to go to college to get a full education, whether an apprenticeship, grad school, or whatever it may be, no one has a fully created game plan from a saving and paying perspective." ~ Paul Curley

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1626-OPS-9/7/2022

John Crawford and David Gilmore of Equity Investments and Crawford Investment Council - Dividend-Focused Investment Strategies

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 4 Oct 2022 07:00:00 +0000

Income generation is one of the primary concerns of investors today. This is especially true in light of recent market volatility. With investors always looking for new opportunities, how can dividend-focused portfolios and high-quality securities be among the best investing options, especially in today's low-yield environment?

In this episode, Rusty and Robyn talk with John H. Crawford, Managing Director of Equity Investments, and David Gilmore, Senior Equity Analyst at Crawford Investment Counsel. Having been with the firm since 1990, John works closely with equity research analysts on stock selection and portfolio policy for all equity strategies. David is responsible for equity research in the consumer and utilities sectors and serves as a voting member of the Equity Investment Team.

John and David talk about how dividends, yields, and income play into Crawford's investment philosophy, the relationship between stocks with higher dividends and risk, and what makes Crawford unique among dividend-focused asset managers.

Key Takeaways

[04:07] - An overview of John Crawford's professional career.
[06:33] - David's career background and role at Crawford Investment Counsel.
[08:14] - How dividends, yields, and income play into Crawford's investment philosophy.
[10:31] - How Crawford's strategy performed both in the short and long run.
[12:41] - What Crawford Investment Counsel's self-discipline looks like.
[14:19] - The relationship between stocks with higher dividends and risk.
[18:39] - What makes Crawford unique among dividend-focused asset managers.
[20:03] - John's personal investment strategy.
[21:17] - How John and David maintain their well-being to perform at their best.
[23:16] - John and David's recommendations for content.

Quotes

[16:27] - "When you focus on companies with dividend integrity, the income helps in periods of market stress. The higher quality businesses, the strong balance sheets, the high returns, and the predictable and consistent earnings all serve as a flight-to-quality when there are periods of market stress." ~ John Crawford

[16:50] - "Dividend integrity manifests in what we call the dividend effect, which is a less volatile, higher income, and very attractive total investment return." ~ John Crawford

[19:08] - "Dividends and quality are joined at the hip. But most people don't think about it that way. That's one of the things that makes us unique." ~ John Crawford

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1623-OPS-9/7/2022

Billy Oliverio of United Planners Financial Services - Taking Financial Services to New Heights

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 27 Sep 2022 07:00:00 +0000

In recent years, new technologies, economic changes, and shifting consumer behavior have fundamentally changed how financial services are delivered. That has led to financial services firms rethinking their business models and strategies.

In this episode, Rusty and Robyn talk with Billy Oliverio, Executive Vice President and Chief Marketing Officer at United Planners Financial Services. Having been in the industry for 30 years, Billy has worked in various executive capacities in small, medium, and large-sized firms to tackle complex projects and initiatives. He has also served time in the regulatory environment as the Chief Investigator of Enforcement for the AZ Securities Division and has orchestrated all aspects of white-collar crime investigations. At United Planners, his responsibilities include but are not limited to the firm's vision, strategy & business planning.

Billy talks with Rusty and Robyn about his outlook on the industry's current and future trends, what United Planners Financial Services has to offer clients, and how the financial services industry can improve in the future.

Key Takeaways

[04:27] - An overview of Billy's professional career.
[05:53] - Billy's investigative experience.
[09:48] - What United Planners Financial Services has to offer.
[12:25] - Billy's role at United Planners Financial Services.
[15:33] - What the future holds for United Planners.
[18:20] - Billy's outlook on the industry's current and future trends.
[21:47] - How the financial services industry can improve in the future.
[24:49] - The qualities of a good financial advisor and wealth manager.
[25:59] - Billy's personal investment strategy.
[31:15] - The lessons Billy learned from his mentors.
[32:53] - What Billy wants to do next.
[34:48] - How Billy keeps his physical and mental well-being to perform at his best.

Quotes

[15:08] - "Advisors are tired of being bought and sold like a commodity or a widget, which is extremely disruptive to their practices as independent business owners. And it's certainly not fair to the investors, who may get impacted by proprietary platforms, changes, fees, and costs." ~ Billy Oliverio

[20:15] - "Advisors need to spend more time on client components, such as prospecting and onboarding, engagement, and overall client experience, which is directly tied to revenue-generating activities rather than the operational components that are more non-revenue generating." ~ Billy Oliverio

[22:32] - "We, as an industry, should do better with our regulatory landscape. My position is to centralize and unify regulations regardless if you earn a commission or a fee. Reg BI (Regulation Best Interest) is a step to drive best practices of doing what's in the investor's best interest as a common theme, regardless if you are a broker or an advisor." ~ Billy Oliverio

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1620-OPS-9/7/2022

Lori Hardwick of Red Rock Strategic Partners - Trends and Innovations in Wealth Management

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 20 Sep 2022 07:00:00 +0000

In recent years, the wealth management industry has undergone many changes. The industry is ripe for disruption, and many companies are already beginning to offer new and innovative solutions.

In this episode, Rusty and Robyn talk with the “swiss army knife” of financial services leadership, Lori Hardwick. Lori is the CEO of Wealth Tech at Red Rock Strategic Partners. She brings over 25 years of experience working in the financial industry as a prominent voice and is known for her passion for continuous improvement in the financial advisory industry. In her role, Lori works directly with C-suite executives at some of the largest financial services companies. She helps them create and execute winning growth strategies and improve the overall experiences for advisors and their clients.

Lori talks with Rusty and Robyn about trending topics in the financial services industry. Among these are how wealth management has evolved over the years, the challenges financial advisory services face today, and how to increase women's participation in the financial services industry.

Key Takeaways

[03:37] - How Lori became involved in many financial services companies.
[07:02] - Lori's most remarkable achievements.
[08:53] - What excites Lori about the financial services industry?
[13:50] - How wealth management has evolved over the years.
[16:45] - Identifying and addressing challenges in financial advisory.
[18:21] - What broker-dealers look for in wealthtech providers.
[21:38] - How to increase women's participation in the financial services industry.
[27:51] - The qualities that make a good financial advisor or wealth manager.
[30:14] - Lori's personal investment strategy.
[32:28] - How Lori motivates people to do their best.
[33:36] - Lori's recommendations for content.
[35:27] - What Lori does for fun.

Quotes

[14:18] - "The historic bold lines that used to be drawn between wirehouses, banks, independent broker-dealers, and RIAs are starting to blend. And watching these firms morph into new services and solutions makes it easier for advisors and their clients to have a better experience." ~ Lori Hardwick

[15:41] - "If you can build efficiencies and the power to help advisors to empower their end clients with more information, that will win the day. That is, having that transparent view across the board and having at least one place where you can see everything in one area and track where you are against your financial plan every day." ~ Lori Hardwick

[27:34] - "If the advisors can relate to their clients about their relationship with money, that is the core to having that great trusting relationship. Advisors don't have to change their client's views on money. They need to understand it." ~ Lori Hardwick

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1539-OPS-8/24/2022

Michael Gates of BlackRock - Industry Trends, ETFs, and Model Portfolios

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 13 Sep 2022 07:00:00 +0000

Diversification is vital to any investment portfolio. Exchange-Traded Funds (ETFs) have become one of the most popular vehicles for implementing a multi-asset strategy, as they offer broad diversification, low costs, and flexibility. As the industry trends continue to evolve, how can investors position themselves to capture potential upside in different market environments?

In this episode, Rusty and Robyn talk with Michael Gates, Managing Director and Head of Model Portfolio Solutions in the Americas at BlackRock. In his role, Michael leads BlackRock's suite of Target Allocation and Target Income models and mutual funds. Morningstar has awarded the Target Allocation ETF and Long Horizon ETF models that Michael manages a gold medal.

Michael talks with Rusty and Robyn about the ETF industry and model portfolios. Michael also shares his outlook for the overall ETF industry, why investors prefer ETFs to direct index solutions, and what Blackrock's multi-asset investment strategy entails.

Key Takeaways

[02:48] - How Michael got into financial services.
[05:00] - How BlackRock has evolved over the years.
[07:18] - Michael's outlook for the overall ETF industry.
[09:30] - Why investors prefer ETFs to direct index solutions.
[10:17] - The driving force behind the flow of mutual funds into ETFs.
[11:26] - Michael's multi-asset strategy.
[16:49] - Michael's rule of thumb when investing in alternatives and real assets.
[18:34] - The tools BlackRock provides to advisors.
[21:17] - Michael's thoughts on the possibility of a recession and how it might impact BlackRock's model portfolios.
[25:44] - Michael's personal investment strategy.
[27:44] - How Michael keeps his physical and mental health to perform well.
[30:05] - Book and content recommendations from Michael.

Quotes

[08:11] - "ETFs are a big part of what financial advisors want to use because ETFs are reliable in terms of what they deliver, and they're low fees relative to legacy mutual funds." ~ Michael Gates

[10:09] - "The ability to take and deliver in kind is something that you can only do with an ETF structure. It's not something you can do with the direct index." ~ Michael Gates

[10:31] - "The trend that flows from mutual funds into ETFs is partly driven by the transition that we've observed of the brokers becoming advisors." ~ Michael Gates

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1516-OPS-8/22/2022

Michael Petro of Putnam Investments - Investing in Small-Cap Value Stocks

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 6 Sep 2022 07:00:00 +0000

The stock market is often seen as a place for high-risk, high-reward investments. But for those willing to do their research and take a more patient approach, there can be great rewards in investing in small-cap value stocks. Small-cap investing focuses on companies that have smaller market caps than most stocks. They tend to be more volatile but offer greater potential rewards.

In this episode, Rusty talks with Michael Petro, Portfolio Manager at Putnam Investments. Michael has been in the investment industry since 1999 and joined Putnam Investments in 2002. In his role, Michael is responsible for the overall strategy and positioning of Putnam's small-cap value products.

Michael talks with Rusty about investing in small-cap value stocks, how these stocks perform in different market environments, and how inflation impacts this fund.

Key Takeaways

[01:49] - How Michael entered the world of investing.
[08:20] - Michael's investment philosophy and strategy mandate at Putnam.
[10:59] - How small-cap value stocks perform in different market environments.
[12:48] - What Michael thinks about the economy and the market.
[16:02] - How inflation impacts small-cap value stocks.
[19:22] - How Michael invests his own money.
[21:14] - How Michael maintains his physical and mental health to perform at his best.

Quotes

[03:10] - "I learned a lot about business at a young age, and I'd like to bring some of that knowledge and experience with me to my investing." - Michael Petro

[11:50] - "Small-cap value stocks do well in the broad middle of the cycle in normal times when the economy is growing because there's a lot of opportunity in small-cap value stocks." - Michael Petro

[13:11] - "The strength of the consumer balance sheet keeps us out of recession." - Michael Petro

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1496-OPS-8/18/2022

Maxwell Gold of State Street Global Advisors - A Gold-Based Investment Strategy

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 30 Aug 2022 07:00:00 +0000

There are many different schools of thought when it comes to investment strategies. Some people invest based on stocks, others on cryptocurrency. And then some invest in gold. Gold has been used as a form of currency and investment for centuries, and it’s still a popular choice today. How can investors own gold and include it in their portfolios?

In this episode, Rusty and Robyn talk with Maxwell Gold, Head of Gold Strategy at State Street Global Advisors. Before joining SSGA in July 2019, Maxwell served as the Director of Investment Strategy at Aberdeen Standard Investments, heading macroeconomic and commodity thought leadership for its $3B U.S. ETF business. Today, Maxwell talks about the gold-based investment strategy, how gold can be used in an investment portfolio, and the risks and rewards associated with such an investment.

Key Takeaways

[03:36] - What drew Maxwell to specialize in gold investments.
[04:51] - Maxwell's outlook for the gold market for the rest of the year.
[06:53] - Should gold be considered for a permanent strategic allocation and investment portfolio?
[09:54] - How gold diversifies market risks.
[14:00] - How investors can own gold.
[17:29] - Comparing silver and gold investments.
[21:44] - Maxwell's view on digital gold, such as Bitcoin and cryptocurrencies.
[25:55] - How Maxwell keeps his physical and mental health to perform at his best.

Quotes

[07:22] - "Gold is a unique asset class. It has a low negative correlation to stocks, bonds, and other alternative assets over time." - Maxwell Gold

[11:47] - "When you look at gold and evaluate it as an asset class, it's unique and very distinct. It's hard to replicate the exact factors or risk exposure it provides compared to any other asset class out there." - Maxwell Gold

[12:55] - "The real power and benefit of gold ‘inflation hedge’ comes from monetary inflation and gold's ability to serve not as an inflation hedge per se but much more as a store value asset and ability to preserve spending power, particularly over the long run over several years, if not longer." - Maxwell Gold

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1357-OPS-8/1/2022

Kate Guillen of Simplicity Operations Management - Why Advisors Need CRM

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 23 Aug 2022 07:00:00 +0000

To maintain a successful business, advisors need to have a system to manage client relationships. That is where a CRM or Customer Relationship Management system comes in. CRM provides a centralized place for advisors to store and track customer data, automate tasks, manage interaction, and cultivate relationships. In addition, CRM provides valuable insights that advisors can use to improve their business operations.

In today's episode, Rusty and Robyn talk with Kate Guillen, Founder and Lead Trainer at Simplicity Operations Management. Kate has been working in the financial services industry since 2014 in a client service and operations capacity. In 2017, Kate joined an RIA as the Operations Manager. To streamline the firm's operational procedures, Kate utilized their Redtail CRM to standardize the team's systems for managing daily tasks, their calendar, the sales pipeline, and a proactive client service schedule.

Kate talks with Rusty and Robyn about the world of CRMs (Customer Relationship Management) and how advisors can use these systems to get organized, stay on track, and build their businesses.

Key Takeaways

[02:48] - How Kate used Redtail CRM to manage her business.
[05:46] - Kate's thoughts on Orion Advisor Solutions' acquisition of Redtail.
[06:54] - What is CRM?
[09:12] - CRM's role in advisors' day-to-day operations.
[11:04] - The value of using CRM as a centralized hub.
[12:33] - How CRM can be used to manage sales pipelines.
[15:47] - How CRM can help advisors manage the inflow and stay organized.
[18:09] - The benefits of automating tasks for advisors.
[19:54] - How CRM automation feature helps advisors take time off.
[21:04] - What tech stacks are and how they relate to CRM.
[23:41] - How Kate maintains her mental and physical health to perform well.

Quotes

[08:29] - "Your CRM should be the hub of your practice and a one-stop shop to see everything going on for your clients, tasks, activities, new revenue opportunities, and accounts." - Kate Guillen

[17:52] - "Workflows are a fabulous way of not having to reinvent the wheel every single time you go to do whatever the repeatable process is." - Kate Guillen

[18:35] - "As a business owner, you want to know that your clients are being served by your team as well as you would serve them. And so, creating workflows, processes, and procedures that standardize how you handle whatever the request ensures that. It's repeatable and nobody has to recreate a process." - Kate Guillen

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1265-OPS-7/19/2022

Colleen Jaconetti of Vanguard - A Goals-Based Approach to Retirement Spending

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 16 Aug 2022 07:00:00 +0000

As people live longer and market uncertainty increases, the need for informed retirement portfolio spending strategies is becoming more important than ever.

In this episode, Rusty and Robyn talk with Colleen Jaconetti, a Senior Investment Analyst at Vanguard Investment Strategy Group. Colleen is responsible for establishing and overseeing the investment philosophy, methodology, and portfolio construction strategies used to support Vanguard's advisory services, products, and strategies. With over 25 years of experience in the financial services industry, her areas of expertise include portfolio construction and financial planning, specializing in retirement planning topics, retirement income solutions, and wealth management strategies.

Colleen talks with Rusty and Robyn about Vanguard's research paper, From Assets to Income: A Goals-Based Approach to Retirement Spending. Colleen speaks about interesting topics around the goals-based retirement approach, the four factors that affect people's ability to spend funds from their portfolios, and how investors should consider taxes when planning to withdraw funds.

Key Takeaways

[02:41] - Colleen's role at Vanguard.
[04:21] - Why investors should read Vanguard's paper, From Assets to Income: A Goals-Based Approach to Retirement Spending.
[05:22] - How a goals-based retirement approach outperforms a traditional retirement spending strategy.
[06:22] - Four factors affecting people's ability to spend their portfolios.
[10:16] - Risks associated with income-focused investing.
[12:43] - How investors should consider taxes when planning to withdraw funds.
[15:41] - Colleen's personal investment strategy.
[17:00] - How Colleen maintains her mental and physical well-being to perform at her best.
[17:53] - A list of Colleen's favorite books.

Quotes

[05:02] - "It's important for retirees now, especially with the dynamic spending that as there's market volatility, some retirees may be tempted to reach for yield. In addition, some retirees are asking, can I afford to retire? How much can I spend in light of some of the recent performances in the market?" - Colleen Jaconetti

[06:46] - "When developing a prudent spending rule, the goal for many retirees is to bounce current spending with the potential for future spending, bequest, or other goals." - Colleen Jaconetti

[12:01] - "We try to tell retirees that overweighing dividend-paying stocks are high-yield bonds. For the sole purpose of increasing cash on the portfolio, the income approach can put their principle at higher risk than just spending from it." - Colleen Jaconetti

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1268-OPS-7/19/2022

Thomas Forsha of River Road Asset Management - A Value-Based Strategy to Generating Attractive Returns

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 9 Aug 2022 07:00:00 +0000

Investing is so much more than just numbers and trends. It's about psychology and temperament. While risk management and market volatility both play an important role in investor success, the investor's overall attitude towards investing is just as important. Though financial advisors are highly regarded for their investment recommendations, what are the best ways for investors to remain invested during uncertain economic times?

In this episode, Rusty and Robyn are joined by Thomas Forsha, Co-Chief Investment Officer and Portfolio Manager for River Road Asset Management's Dividend All-Cap Value and Focused Absolute Value® Portfolios. Prior to joining River Road in 2005, Thomas served as Equity Analyst and Portfolio Manager for ABN AMRO Asset Management USA. At River Road, Thomas and his investment team aim to provide attractive total returns and capture the strong downside they typically expect with dividends.

Thomas talks with Rusty and Robyn about value investing, market risks, and River Road Asset Management's strategies for creating portfolios that generate attractive total returns.

Key Takeaways

[04:56] - What drew Thomas to the investment industry.
[05:59] - Thomas’ role at River Road Asset Management.
[06:47] - River Road Asset Management's value investment philosophy.
[11:25] - What River Road Asset Management sees as the market's future.
[13:58] - Today's biggest market risk.
[16:48] - Thom's outlook on value investing.
[20:27] - How River Road Asset Management creates portfolios in today's market.
[22:41] - Thom's perspective on the financial and technology sectors.
[25:45] - Thom's personal investment strategy.
[26:36] - How Thomas maintains his physical and mental well-being to perform at his best.
[29:37] - River Road Asset Management's Reading Recommendations.

Quotes

[07:08] - "Value is in the eye of the beholder. Two value managers can look at the same stock and have two very different opinions on how attractive it is." - Thomas Forsha

[08:51] - "If you go too much in the deep value, you're going to sacrifice some of that downside protection as those types of companies typically don't do particularly well when credit markets tighten up and markets get quite volatile." - Thomas Forsha

[11:33] - "We have a simple, consistent framework that we've been using to look at the market forward-looking over the years. And it's based upon five key factors: valuation, monetary policy/credit markets, fiscal policy, regulation sentiment, and then what we call a wild card." - Thomas Forsha

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1208-OPS-7/11/2022

Daniel Villalon of AQR Capital Management - Investing in the Face of Market Risks

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 2 Aug 2022 07:00:00 +0000

Daniel talks with Rusty and Robyn about the market's top risks, what investors should expect moving forward, and how they can stay invested and reach their financial goals.

Key Takeaways

[05:25] - How Daniel went from the vineyard to the financial industry.
[08:28] - The key role Daniel plays at AQR Capital Management.
[11:04] - AQR's market outlook for the remainder of the year.
[12:37] - The inflation perspective of AQR.
[14:10] - Daniel's thoughts on recession risk.
[17:01] - How Daniel rates the risk of fighting the Fed.
[18:54] - How AQR measures the impact of investor expectations.
[21:29] - Another potential risk Daniel is keeping an eye on.
[23:38] - What investors could expect in terms of market returns in the years ahead.
[26:58] - The return expectations for growth stocks versus value stocks.
[32:16] - Why firms should have CMAs.
[36:42] - What investors should do with their portfolios, given all the risks and challenges in the current market.
[41:48] - AQR's perspective on commodities and real estate.
[46:06] - How Daniel views long-short strategies.
[47:50] - AQR's thoughts on managed futures and merger arbitrage.
[52:48] - Daniel's personal investment strategy.
[54:50] - How Daniel maintains his physical and mental well-being to perform at his best.

Quotes

[11:23] - "Coming up with an expected return for the future is easy to do, but very hard to do well." - Daniel Villalon

[13:53] - "Inflation is a risk that neither of the two biggest traditional asset classes is particularly well suited to address." - Daniel Villalon

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1211-OPS-7/12/2022

Matt Werner of Chilton Capital Management - Investing in REITs

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 26 Jul 2022 07:00:00 +0000

Real estate investment trusts (REITs) are one of the most popular investments for income-seeking investors. They can be a valuable addition to any portfolio as they offer high dividend yields and the potential for capital appreciation.

In this episode, Rusty and Robyn talk with Matt Werner, Managing Director and Portfolio Manager at Chilton Capital Management. In his role, Matt leads the Chilton REIT Team, performs analysis, conducts property tours, and meets with REIT management teams to assemble a portfolio that seeks to outperform the benchmark. His team is also responsible for managing accounts for institutions, high net-worth individuals, and a public 40 Act Fund.

Matt talks with Rusty and Robyn about Real Estate Investment Trusts (REITs), how they work, why investors and advisors should consider investing in them, and the general rule of thumb for investing in REITs.

Key Takeaways

[03:41] - What attracted Matt to real estate investment trusts.
[06:30] - How Chilton Capital Management's REITs strategy differs from others.
[08:07] - REITs: What they are and how they work.
[10:24] - Why investors and advisors should consider investing in REITs.
[12:51] - A general rule of thumb for investing in REITs.
[14:33] - Matt's forecast for the macroeconomy in the coming months.
[17:13] - Matt's outlook for commercial properties.
[20:16] - What Matt thinks about multi-family, rentals, and mobile home parks.
[22:13] - Matt's personal investment strategy.

Quotes

[05:11] - "In 2008, REITs were the first ones to be able to break through the capital barrier. And they were able to raise debt and equity, albeit at a very dilutive price, and it shows me that this is a cool way to apply some knowledge I learned in real estate." - Matt Werner

[09:54] - "I think the public REITs will continue to show their superiority for individuals as we go along and grow their share of the pie, which has been growing rather slowly but still making headway." - Matt Werner

[11:23] - "Residential real estate has done well in times of inflation. And thinking logically, you could apply that to something like multi-family or single-family rentals that inflation should help on that top-line growth for rent." - Matt Werner

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1177-OPS-7/6/2022

Chip Roame of Tiburon Strategic Advisors - The State Of Wealth And Investment Management

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 19 Jul 2022 07:00:00 +0000

Changes in technology, demographics, and the economy are having an impact on how people invest their money. New opportunities are emerging for those willing to take risks.

In this episode, Rusty talks with Chip Roame, Founder & Managing Partner of Tiburon Strategic Advisors and the Tiburon CEO Summits. He is responsible for all of Tiburon's advisory, research, service, and marketing activities, keeping him on the leading edge of strategic initiatives in the industry's fastest-growing businesses.

Chip shares with Rusty the five key things everyone in financial services should consider regarding the industry, gives advice to aspiring financial advisors, and provides insight into future-proofing financial service practices.

Key Takeaways

[03:49] - Chip Roame's professional background.
[05:39] - Tiburon Strategic Advisor's role in wealth and investment management.
[07:18] - The fun of Tiburon Strategic Advisors.
[10:38] - The current and future states of wealth and investment management.
[14:00] - Chip’s investment equation solution.
[16:38] - Chip's thoughts on direct indexing and ETFs.
[17:55] - Chip's perspective on the new tax alpha.
[19:46] - A piece of advice Chip has for aspiring financial advisors.
[21:12] - Two channels that are gaining traction with financial consumers.
[23:00] - The impact of COVID on financial services.
[25:05] - Chip's outlook on mergers and acquisitions.
[27:07] - How registered investment and financial advisors can future-proof their practices.
[29:57] - How Chip's investment strategy looks.
[31:01] - The qualities of a good financial advisor.
[31:55] - How Chip manages his time effectively.

Quotes

[11:34] - "The Gen X generation is your big opportunity in the next decade. Gen X will save and invest more money than millennials and baby boomers added together in the next 10 years." - Chip Roame

[13:38] - "Women trade less and buy more cost-competitive products. So, two reasons they do better are they buy cheaper stuff and don't turn it over and create taxes. So, if you compare women and men, that's why they beat men." - Chip Roame

[20:59] - "If I were a young person wanting to join the wealth industry, I would certainly look to join an RIA registered investment advisor who's charging fees, acting as a fiduciary, and doing a lot of planning." - Chip Roame

[35:17] - "The wealth management industry is a great profession. On both ends of the spectrum, I think you can build a huge business in wealth management right now, whether through organic growth or inorganic acquisitions." - Chip Roame

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1171-OPS-7/6/2022

Cody Wheaton and Brian Demain of Janus Henderson Investors - Mid-Cap Growth Stock Investing

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 12 Jul 2022 07:00:00 +0000

Mid-cap growth stocks are the sweet spot for many investors. They offer the potential for significant capital appreciation while providing downside protection. Despite being overlooked and under-allocated, why are mid-cap growth stocks a good investment option, and why are they an excellent addition to portfolios?

In this episode, Rusty talks with Cody Wheaton and Brian Demain, Co-Portfolio Managers at Janus Henderson Investors. With more than 20 years of experience in fundamental investment due diligence and securities analysis in the small and mid-cap space, Cody and Brian know mid-cap strategies. In addition to the portfolio responsibilities, Cody also serves as an equity research analyst focusing on small and mid-cap stocks within the financials and consumer sectors.

Cody and Brian talk with Rusty about mid-cap growth stock investing, the impact of inflation, and potential paradigm shifts in the markets.

Key Takeaways

[03:53] - A quick look at Brian and Cody's backgrounds.
[05:18] - What are growth and mid-cap stocks?
[06:39] - The investment philosophy and strategies of Janus Henderson Investors.
[09:03] - How Janus Henderson Investors' strategies differ from other firms.
[11:55] - How Janus has changed over the years.
[14:21] - An example of how Janus puts their strategies into action.
[18:14] - How Janus’ growth stock strategy performed relative to the overall market.
[21:38] - A rule of thumb for how much exposure one should have in mid-cap growth.
[26:31] - What the article, “Investing Through A Paradigm Shift In Mid-Cap Growth”, is about.
[35:21]- Cody's takeaways on the financial and consumer sectors for small and mid-cap stocks.
[38:13] - Cody and Brian's personal investment strategy.
[41:38] - How Cody and Brian maintain their physical and mental well-being to perform at their best.
[45:59] - A list of Cody and Brian’s favorite books and podcasts.

Quotes

[08:48] - "Trading is a hard thing to get right. But if you find the right stocks and let them compound value, that will deliver value for clients. And our goal is to outperform the peer group and the benchmark and do so with less absolute volatility than both over time." - Brian Demain

[12:39] - "Being part of a larger organization means more scale. It means more diversity of assets, more stability to the organization, and better resources to ultimately try to do what we do. And as very long-term oriented investors, it's essential to be part of an organization that's stable and financially healthy." - Cody Wheaton

[24:25] - "As investors in the mid-cap category, we're always looking to buy companies in that mid-cap range. We have the flexibility to hold them as they grow and become large-cap companies, as long as we continue to believe in the business and the investment thesis." - Cody Wheaton

[38:40] - "One of the most important things for investors, before they contemplate getting involved in the markets, is having an honest assessment with themselves and with their financial advisors about their goals and risk tolerance." - Cody Wheaton

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1172-OPS-7/6/2022

Joshua Emanuel of Wilshire - A Simple Guide To Liquid Alternatives

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 5 Jul 2022 07:00:00 +0000

Investors are increasingly looking for ways to diversify their portfolios and generate alpha. One way to do this is by investing in liquid alternatives. But what exactly are liquid alternatives? How can investors use them to protect themselves from market volatility?

In this episode, Rusty and Robyn talk with Joshua Emanuel, Chief Investment Officer at Wilshire. Prior to Wilshire, Joshua also served as CIO for The Elements Financial Group, where he developed and managed various multi-asset investment strategies, portfolio manager of two actively managed exchange-traded funds, and co-developed RiskPro®. In his current role, Joshua is responsible for the Wilshire business unit's investment platform and directly supervises the portfolio management, manager research, and investment research teams.

Joshua talks with Rusty and Robyn about what liquid alternatives are, the pros and cons of investing in these assets, and how investors buy and use them.

Key Takeaways

[03:50] - An overview of Joshua's career and his role at Wilshire.
[05:02] - What Wilshire's Monday Market Flash is all about.
[05:59] - Joshua's market outlook for the rest of the year.
[08:06] - What liquid alternatives are and how they work.
[10:36] - The pros and cons of liquid alternatives.
[12:09] - How investors buy and use liquid alternatives.
[15:46] - How liquid alternatives fit into the current market environment.
[17:20] - What makes a good investment manager.
[20:50] - Joshua’s best practices for investment committees.
[22:55] - How Joshua manages money on a personal and professional level.
[24:27] - How Joshua maintains his physical and mental well-being to perform at his best.
[26:09] - Joshua’s book recommendations for advisors.

Quotes

[10:16] - "Liquid alternatives are solutions that can be beneficial from a portfolio construction perspective. It allows investors to diversify their risk away from the traditional sources of return, which, as we have seen year to date, whether you're in bonds or equities, there's been nowhere for you to hide." - Joshua Emanuel

[11:04] - "The biggest challenge for many financial advisors and even for investors is managing emotion." - Joshua Emanuel

[16:47] - "Multi-strategy is a category commonly used by investors as a core anchor to substitute both equity and fixed income risk into one underlying fund." - Joshua Emanuel

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1072-OPS-6/17/2022

Scott Ladner of Horizon Investments - Goals-Based Financial Strategies

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 28 Jun 2022 07:00:00 +0000

As the financial landscape changes, so do the goals of investors. Rather than simply trying to achieve the highest return, investors are increasingly focused on achieving specific financial goals. As investors are shifting the way they view their portfolios, how can they construct a portfolio tailored to their unique circumstances and goals?

In this episode, Rusty and Robyn talk with Scott Ladner, CEO and Chair of the Investment Committee at Horizon Investments. In these capacities, he oversees all aspects of the firm's Investment Management division. He also provides macro analysis and interpretation of global derivatives, credit, foreign exchange, equity, and funding markets.

Scott talks with Rusty and Robyn about what goals-based investing is and how it differs from traditional investing, how to mitigate the risks associated with investing, and what his outlook is for the ETF industry.

Key Takeaways

[03:09] - Scott Ladner's career and his role at Horizon Investments.
[06:44] - How goals-based investing differs from traditional investing.
[09:17] - The desired outcomes and planning horizons of goals-based investing.
[11:04] - The primary risks of investing and how to mitigate them.
[13:52] - What their blog, 5 Years, is all about.
[15:48] - Inflation and the battle against it.
[18:53] - The impact of inflation on interest rates.
[21:28] - What the expression 'don't fight the feds' means to Scott.
[23:05] - Scott's take on valuations and possible recessions.
[29:30] - Scott’s outlook on the ETF industry.
[31:40] - How Scott manages his wealth personally.
[32:29] - How Scott maintains his physical and mental health to perform at his best.

Quotes

[11:32] - "When we're talking about our gain strategies where the primary thing we're trying to do is make money, the primary risk for us is volatility." - Scott Ladner

[16:54] - "For the rest of this year, we're going to be fighting a battle between falling goods prices and rising food, energy, and services prices." - Scott Ladner

[22:14] - "Don't fight the fed in 2022 means that the only thing the fed can do to fight this inflation problem they see now is demand destruction." - Scott Ladner

[30:06] - "It's great to have the ability to use these ETFs, but the knowledge about how to use them and generate expectations are complex." - Scott Ladner

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1041-OPS-6/14/2022

Herb Morgan of Efficient Market Advisors - ETF Investing, ESG Strategies, and Total Return

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 21 Jun 2022 07:00:00 +0000

As investors continue to search for opportunities that align with their personal beliefs and goals, ESG considerations are playing an increasingly important role in the evaluation of potential investments. As such, ETFs that focus on ESG strategies are growing in popularity.

In this episode, Rusty talks with Herb Morgan, Sr. Managing Director and Chief Investment Officer at Efficient Market Advisors (EMA). Prior to founding EMA in 2004, Herb was Senior VP of Advisory at Linsco/Private Ledger Financial Services, Inc. now known as LPL Financial. Today, Herb is one of the financial industry’s recognized experts in the area of ETFs and the creator of the Efficient Market Advisors Managed ETF Account, a low-cost, tax-efficient investment account that utilizes ETFs.

As an ETF strategist, Herb talks with Rusty about the current market conditions and his outlook for the ETF industry, how investors should build portfolios for income, and how EMA builds ESG portfolios.

Key Takeaways

[02:31] - A brief overview of Herb Morgan's professional history.
[04:16] - What Herb’s current outlook is for the ETF industry.
[06:53] - How investors should build portfolios for income.
[09:16] - EMA's approach to building ESG portfolios.
[15:09] - Herb’s thoughts on inflation and how he manages it.
[18:36] - Herb's forecast on where the market is headed given the inflation.
[22:04] - How Herb adapted portfolios based on inflation and interest rate forecasts.
[25:12] - Herb’s thoughts on the possibility of a recession and corporate earnings.
[28:18] - What Herb has to say about stock market valuations.
[30:10] - The geopolitical situation in Europe and its impact on portfolios.
[32:16] - The implications of global debts for markets and the economy.
[34:54] - What Herb's personal portfolio looks like.
[36:39] - How Herb keeps himself physically and mentally healthy to perform at his best.
[38:03] - Herb’s advice for investors in terms of growth.

Quotes

[24:19] - "How can you tell everybody to stay home and close an economy? But to make it up for you, we're going to give you money and therefore you have more money chasing no goods and services because we shut down everything. So, it just created inflation." - Herb Morgan

[33:23] - "We're the only country in the world that really has the luxury and can therefore run this perpetual deficit. And the deficit is financed by the trade deficit. It's one of the reasons we live so much better than anybody else." - Herb Morgan

[38:24] - "Growing is sort of everybody's objective. But the work that it takes to grow does not always appeal to everyone." - Herb Morgan

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1018-OPS-6/13/2022

Kostya Etus of Dynamic Advisor Solutions - Why Advisors Should Outsource Investment Management

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 14 Jun 2022 07:00:00 +0000

Financial advisors are responsible for the well-being of their clients, and with that comes a fiduciary duty to act in their clients' best interests at all times. In order to do so, they need to juggle working with clients, maintaining compliance, keeping up with market trends, performing due diligence on potential investments, and more. Advisors who attempt to manage everything on their own quickly find themselves stretched thin and overwhelmed.

In this episode, Rusty talks with Kostya Etus, Head of Strategy, Portfolio Services Team at Dynamic Advisor Solutions. Prior to Dynamic, Kostya served the Orion organization (CLS Investments and Orion Portfolio Solutions) for more than 10 years where he held a variety of roles, including Trading Specialist, Research Analyst, Portfolio Manager, and Director of Research.

Kostya talks with Rusty about why advisors should outsource money management, how advisors can help investors, and how technology plays a key role in helping investors. Also, given Kostya's expertise about movies, we review the hot movies this coming summer!

Key Takeaways

[05:44] - An overview of Kostya's background and his work at Dynamic Advisor Solutions.
[10:29] - Why advisors should outsource money management.
[15:47] - How technology plays a key role in helping investors.
[18:34] - What Kostya looks for in an investment manager.
[21:44] - What makes a good financial advisor.
[23:23] - Kostya’s advice to investors during difficult market conditions.
[26:45] - How to stay on top of the latest market trends.
[30:04] - Movie recommendations to watch this year.
[38:19] - The secret behind Kostya's fantasy football strategy.
[40:44] - How Kostya maintains physical and mental health to perform at his best.
[43:30] - Favorite resources and book recommendations.

Quotes

[03:19] - "I'm a strong believer that in any situation, no matter how different a set of people's views is or opinions, there's always a way to walk out of a situation where both parties are happy." - Kostya Etus

[13:14] - "If you're outsourcing, you don't have to spend time on some of the investment management responsibilities. You spend more time focusing on your client relationships. You can focus on what matters most, whether it's enhancing your business or just spending time on yourself." - Kostya Etus

[16:27] - "Technology is what helps advisors streamline their day-to-day tasks. That's what really helps them make their lives easier." -Kostya Etus

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0992-OPS-6/7/2022

David Ledgerwood of Turncast - Podcasting As a Revenue Generator for Financial Services

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 7 Jun 2022 07:00:00 +0000

It is no secret that content is king when it comes to marketing. Advisors looking for ways to reach and engage clients should consider starting a podcast. Podcasting is an intimate medium, providing advisors with the opportunity to connect with existing clients and build relationships with prospective clients. Podcasting is also a great way for advisors to position themselves as thought leaders in the industry.

In this episode, Rusty and Robyn talk with David Ledgerwood, B2B Podcast Strategist and Revenue Lead at Turncast, a podcast production company for fintech and financial services. Prior to joining Turncast, David has more than a decade of experience leading companies to 7- and 8-figure revenue growth.

David talks with Rusty and Robyn about how podcasting can be a valuable asset in business, why financial advisors should consider launching their own podcast, and how to create a great podcast that listeners will subscribe to and keep listening to.

Key Takeaways

[03:39] - What David has been up to over the past 20 years.
[07:00] - What Turncast offers the fintech and financial services industries.
[09:48] - Why the podcast industry is exploding and booming in popularity.
[12:05] - David's outlook on the future of podcasting.
[14:37] - Why financial advisors should consider having their own podcast.
[18:20] - What equipment is needed to start a podcast.
[20:16] - David's recommendations for using video on Zoom calls.
[22:28] - What makes a good podcast.
[26:31] - The ideal length for a podcast.
[28:04] - How podcast creators can reach the right audience and market.
[32:32] - How David stays physically and mentally fit to perform at his best.

Quotes

[12:58] - "Podcasting offers an interesting dynamic because it's audio. And we know audio consumption goes up while people are driving, doing chores, doing other things — thus making it very different than video consumption." - David Ledgerwood

[24:32] - "What you're really trying to do as a host or creator of a show is develop the habit that a listener will keep coming back because they like the experience of being a listener and they'll subscribe to your thing and they'll keep coming back on a regular basis." - David Ledgerwood

[28:31] - "I'm a big fan of content reuse. I love podcasting because it's not just about the podcast. It's forcing you to have conversations." - David Ledgerwood

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0913-OPS-5/24/2022

William B. Irvine of Wright State University - The Stoic Approach to Navigating Financial Markets

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 31 May 2022 07:00:00 +0000

The philosophy of stoicism teaches that humans are capable of enduring any hardship by focusing on what is in their control and by accepting the things they cannot change. In the investing world, this means not getting caught up in market noise and instead focusing on the long term.

In this episode, Rusty and Robyn talk with William B. Irvine, professor of philosophy at Wright State University and author of several books, including A Guide to A Good Life and The Stoic Challenge. William is an internationally acclaimed author whose work explores philosophy and stoicism.

William talks with Rusty and Robyn about the philosophy of stoicism, how it can help investors navigate the market, how it can be applied in everyday life, and how it can help people cope with setbacks.

Key Takeaways

[02:09] - William's professional background.
[05:56] - What made William interested in stoicism.
[08:22] - The key principles of stoicism.
[11:34] - How negative visualization breeds positive results.
[14:13] - How stoic principles can be applied in daily life.
[15:41] - What the stoics think about money.
[19:22] - How stoicism helps advisors be successful in the long run.
[23:43] - How stoicism can help investors cope with losses.
[26:06] - The impact of desire on investors.
[29:19] - William's advice when it comes to dealing with insults.
[31:47] - How stoicism can be used to cope with setbacks.
[34:57] - How William maintains his physical and mental health to perform at his best.
[41:43] - The impact of William's stoicism on his investments.
[43:12] - William's book recommendations on stoicism.

Quotes

[08:50] - "Focus your attention on the things you can control. Because if you focus your attention on the things you cannot control, you're wasting your time and your emotion." - William B. Irvine

[11:50] - "One of the ways to increase the number of positive emotions you experience and to make whatever you're now experiencing vastly more tolerable is to take a moment to think about how things could be worse." - William B. Irvine

[19:32] - "Emotions are your biggest enemy and you are your biggest enemy. You are your biggest obstacle to successful investing. And the problem is your emotions are gonna give you all the wrong answers." - William B. Irvine

[30:09] - "Insults are just words. It's your response to an insult that does you the harm." - William B. Irvine

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0856-OPS-5/17/2022

Rayna Lesser Hannaway of Polen Capital Management - Managing Investments That Are Built to Last

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 24 May 2022 07:00:00 +0000

Given rising interest rates, slower economic growth, and geopolitical tensions, it goes without saying that the current market climate is turbulent. As a result, many investors are left wondering how they can still achieve their financial goals. While there is no one silver bullet that can guarantee success in every situation, there are a number of strategies that investors can utilize in order to put themselves in a good position to meet their targets.

In today’s episode, Rusty and Robyn talk with Rayna Lesser Hannaway, Head of the Portfolio Manager & Analyst Team, Small Company Growth and Co-Chair of WISE (Women Inspiring Success & Engagement) ERG at Polen Capital Management. In her 26 years in the investment industry, Rayna has developed an investment philosophy that combines growth, quality, concentration, and long-term holding periods. Additionally, she believes that women can thrive in fund management. Thus, empowering and supporting them to succeed in the wealth and investment management arena.

Rusty and Robyn talk with Rayna about how investors can meet their financial goals even when the markets are turbulent, what investment strategies they employ at Polen Capital, and Rayna’s advice for investors during this time of market volatility.

Key Takeaways

[03:58] - Rayna's career background and investment experiences.
[05:56] - How Polen Capital inspires women in investment management.
[07:36] - How Polen Capital is performing in the current market environment.
[09:53] - Four investment strategies that Rayna manages at Polen Capital.
[13:52] - Rayna’s advice for investors in today's volatile market.
[15:09] - What Rayna looks for in a good research analyst and portfolio manager.
[18:05] - Rayna’s personal investment strategy.
[19:53] - How Rayna maintains her mental and physical health.
[21:56] - Rayna's book and podcast recommendations.

Quotes

[04:54] - "The most important thing I've learned over my career is that focusing on companies that are built to last is the best way to drive great long-term outcomes, especially in the small and mid-cap market." - Rayna Lesser Hannaway

[06:31] - "There actually hasn't been that much progress that's been made in bringing more women and other underrepresented groups into research and portfolio management. And so, at WISE, we're really trying to build a strong community amongst the women and people that identify as women and make sure that we help them on their journey." - Rayna Lesser Hannaway

[14:05] - "It's so easy to lose emotional discipline during a time like this. So, I think it's really important for investors to stay focused on the long term and stay focused on companies that can endure some of the obstacles that we're facing today." - Rayna Lesser Hannaway

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0861-OPS-5/18/2022

Robert Baker of Advanced Asset Management Advisors - The Competitive Advantage of Working with Boutique Strategist Firms

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 10 May 2022 07:00:00 +0000

In times of political and economic uncertainty, some investors choose to stay the course, while others take a more tactical approach, seeking opportunities amid market volatility. While there is no one-size-fits-all answer for how investors should invest during uncertain times, there are ways to help navigate the market.

In today’s episode, Rusty and Robyn talk with Robert Baker, President of Advanced Asset Management Advisors (AAMA). Prior to founding AAMA, Robert served as Vice President of a large regional investment firm and President of a national advisory group. He founded AAMA in 1998, with the mission of creating a better client investment experience. Today, he remains heavily involved in carrying that vision forward, overseeing the daily management of the company.

Robert talks with Rusty and Robyn about why advisors and investors should consider working with smaller, boutique strategist firms, what advisors can do in a volatile market, and why the global debt crisis is alarming.

Key Takeaways

[02:31] - The history of AAMA.
[03:38] - Why advisors should consider working with smaller boutique strategist firms.
[06:00] - Some key lessons from Robert’s career.
[08:01] - How AAMA deals with inflation.
[09:57] - How Robert responds to investors who claim the stock market isn't expensive.
[11:11] - Robert’s advice to investors during a volatile market.
[12:30] - How investors can prepare for a possible recession.
[14:49] - Why global debt is alarming.
[15:39] - What is positive about the economy today.
[17:42] - How Robert maintains his physical and mental well-being to perform at his best.

Quotes

[04:04] - "We realized pretty quickly that every strategist would like to have 100% of a portfolio. But in reality, most investors and most advisors are going to be most well served to have their portfolios allocated amongst a couple of diversification control risks. And not all firms can be everything to all clients." - Robert Baker

[04:40] - "We've firmly believed that client expectations and consistencies are a key to positive experiences. So, we like to think that a smaller and a medium-size asset base gives us that flexibility that people can get ahold of us." - Robert Baker

[20:12] - "We have the greatest country and the greatest economy in the world. We've weathered a lot of storms at times. It seems like there are so many negatives out there, but you have to look through and look for the positives and you can't overreact to things either way in the marketplace." - Robert Baker

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0633-OPS-4/18/2022

Michael Ashton of Enduring Investments - Everything You Need To Know About Inflation with "The Inflation Guy"

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 3 May 2022 07:00:00 +0000

Inflation is an enduring economic challenge that has persisted throughout human history. Despite the many efforts of economists and governments to control it, inflation remains a problem. What can advisors do to prepare and protect their investment portfolios?

In today’s episode, Rusty and Robyn talk with Michael Ashton, a.k.a. "The Inflation Guy", Managing Principal at Enduring Investments. Michael is recognized as one of the pioneers in U.S. inflation market innovation. Prior to founding Enduring Investments, he worked in research, sales and trading for several large investment banks including Bankers Trust, Barclays Capital, and JP Morgan. As a result of his deep experience and knowledge about inflation and how it impacts markets, Michael is considered the expert to the experts in the world of inflation.

Michael talks with Rusty and Robyn about the causes and concerns around inflation, how investors can potentially adjust their investment portfolios in an inflationary environment, as well as his outlook on inflation over the next few years.

Key Takeaways

[03:20] - An overview of Michael Ashton's professional career.
[05:40] - What Enduring Investment has to offer investors.
[09:41] - Michael's forecast on inflation over the next few years.
[12:46] - How investors can prepare for inflation.
[14:19] - The pros and cons of TIPS.
[17:00] - Michael's perspective on I Bonds.
[19:07] - Can digital assets or cryptocurrencies be used to fight inflation?
[21:53] - The best time to purchase a car or to build a house.
[28:16] - Michael's outlook on grain prices and food prices.
[31:08] - Michael’s forecast on educational inflation.
[34:40] - What global debt means for financial portfolios.
[39:10] - Why “defend your money” became Michael’s tagline.
[45:02] - What makes a good investment manager.
[46:41] - How Michael maintains his physical and mental health.

Quotes

[16:49] - "Inflation exposes securities. That's what regular treasuries are. And TIPS are immune to inflation." - Michael Ashton

[18:05] - "If you're a small investor, the first investment you should be making is to take everything and put in into I Series Savings Bonds which have no interest rate risk, have no credit risk, and pay you inflation." - Michael Ashton

[30:13] - "Food and energy prices change a lot. They also feedback very quickly on our perceptions of inflation as well. And global food shortages lead to political unrest at home and abroad and further the deglobalization trend that's in process." - Michael Ashton

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0631-OPS-4/18/2022

Yoav Sharon of Driehaus Capital Management - Event-Driven Investing Strategies

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 26 Apr 2022 07:00:00 +0000

When it comes to investing, there are many strategies that can be employed to achieve success. One of these is event-driven investing. At its core, this type of investing focuses on capitalizing on idiosyncratic corporate events and taking advantage of catalysts that can move stock prices.

In today’s episode, Rusty and Robyn talk with Yoav Sharon, Portfolio Manager at Driehaus Capital Management. Yoav has been in the investment management industry for more than 16 years. Prior to joining Driehaus Capital Management in 2012, he was a senior analyst and trader at Peak6 Investments. In his current role, Yoav is responsible for idea generation, portfolio construction, security selection, and investment research.

Yoav talks with Rusty and Robyn about what event-driven investing is, what the three different strategies within event-driven investing are, and how this differs from other alternative investments.

Key Takeaways

[03:16] - An overview of Yoav’s journey into investment management and what he does at Driehaus Capital Management.
[04:17] - What is event-driven investing?
[05:22] - The three different strategies within event-driven investing.
[09:12] - How Yoav allocates assets based on event-driven investing strategies.
[10:59] - What sets event-driven investing apart from other alternative investments.
[12:23] - What relative volatility looks like compared to the overall stock market.
[14:02] - How investors utilize event-driven investing strategies.
[16:05] - Yoav's personal investment strategy.
[17:35] - How Yoav put event-driven investing into practice.
[20:58] - How M&A has gone so far this year.
[22:55] - His views on the future of the credit markets.
[26:28] - What makes a good investment manager.
[28:27] - How Yoav maintains his physical and mental health to perform at a high level.

Quotes

[20:32] - "Everything we're doing is trying to laser focus on finding events that are going to unlock value. And during periods of market turbulence, instability, or uncertainty, we tend to really focus even more on hard catalysts and events that are near term in nature so that we can insulate ourselves even more from market turmoil." - Yoav Sharon

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0582-OPS-4/7/2022

Christopher King of Eaglebrook Advisors - Why Investors Should Consider Digital Assets

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 19 Apr 2022 07:00:00 +0000

Cryptocurrencies and the underlying blockchain technology have exploded in value and popularity at an exponential rate. Despite their rapid growth, many investors remain hesitant to invest in them due to their volatility.

In today’s episode, Rusty and Robyn talk with Christopher King, Founder & CEO of Eaglebrook Advisors, a tech-driven investment manager that provides independent financial advisors with streamlined, secure, and compliant access to bitcoin and digital assets.

Originally involved in bitcoin and digital assets in 2014, Christopher transitioned into the crypto industry full-time in 2018 as a venture capital investor at Morgan Creek Capital. During this time, he noticed a gap in the market between independent RIAs and digital asset investments. In 2019, he founded Eaglebrook Advisors to bridge the gap between the digital asset market and the wealth management industry.

Christopher talks with Rusty and Robyn about why investors should consider adding digital assets to their portfolios, how they are allocated, and his outlook on bitcoin over the next 10 years.

Key Takeaways

[02:45] - An overview of Chris's career and what inspired him to build Eaglebrook Advisors.
[06:26] - How the argument for digital assets has changed over the last year.
[12:15] - How investors are allocating to digital asset classes.
[14:09] - Chris' investment strategy in digital assets.
[17:49] - Chris’ advice for those who are new to the digital asset space.
[20:44] - Chris’ view on whether bitcoin is going to become a less risky asset in the future.
[22:21] - What prevents some financial advisors from investing in digital assets?
[25:04] - Are crypto benefits not as great as people think?
[27:13] - Conclusions from “The Bitcoin Market Cycle” report.
[30:54] - The impact of rising rates on cryptocurrencies.
[33:46] - Takeaways from President Biden's Executive Order on Ensuring Responsible Development of Digital Assets.
[34:59] - Chris' outlook on Bitcoin over the next 10 years.
[40:47] - Chris’ take on investing in digital asset companies rather than digital assets themselves.
[42:25] - What Chris found surprising about digital asset management.
[45:16] - How Chris maintains his physical and mental health to perform at his best.

Quotes

[03:46] - "There was a very small overlap of people that understood how to build secure compliance, scalable investment solutions, and infrastructure in the digital asset world and people that understood wealth management as well." - Christopher King

[10:09] - "There's a lot of interesting applications for NFTs, for decentralized finance, for crypto gaming, and for entertainment that a lot of traditional companies and brands are starting to leverage so they can digitize their products and service in a way that both brings value to the company and brings values to the consumer." - Christopher King

[35:49] - "I believe that Bitcoin will reach parity with gold because I think it's a better version of gold. There are a lot of generational preferences and transfer of wealth for people that would rather hold Bitcoin portfolios than gold. Us being in a digitally native world, a lot of the wealth is getting transferred to digitally native generations." - Christopher King

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0566-OPS-4/5/2022

Courtney Rosenberger of Strategas Asset Management - Why Lobbying Is A Great Investment Strategy

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 12 Apr 2022 07:00:00 +0000

Lobbying is a necessary part of the political process and a powerful tool for organizations and businesses alike. If done correctly, it can be an important investment strategy as well.

In today’s episode, Rusty and Robyn talk with Courtney Rosenberger, Managing Director of Policy Research at Strategas Securities, a registered investment advisor specializing in macro thematic investing.

In her role, Courtney directs Strategas’ policy research efforts. This involves the construction, maintenance, and analysis of Strategas’ equity portfolios based on public policy themes. Courtney also serves as the lead portfolio analyst for Strategas Asset Management’s widely followed Policy Opportunities Portfolio.

Courtney talks with Rusty and Robyn about what the Strategas Policy Opportunities Portfolio is all about, why lobbying can be a powerful investment tool, as well as how to encourage women to pursue careers in investing.

Key Takeaways

[03:47] - What attracted Courtney to the world of investing.
[04:50] - What the Strategas Policy Opportunities Portfolio is about.
[08:02] - The dominant themes of Strategas Policy Opportunities Portfolio.
[13:16] - The market environment that best suits lobbying strategy.
[14:50] - A detailed overview of lobbying and why it is important.
[18:18] - The challenges women face in the investment industry.
[21:54] - What can be done to encourage women to pursue careers in investing.
[24:40] - What makes a good portfolio analyst.
[26:50] - How Courtney maintains her physical and mental health.

Quotes

[06:28] - "Lobbying is not just about trying to make sure the government doesn't have a negative impact on our business. It's also about trying to position yourself for a potential positive benefit." - Courtney Rosenberger

[18:52] - "I think that the combination of both societal changes and perceptions, as well as the industry really realizing the value that women can bring to strategies, I think we're really moving in the right direction. I know a lot of great women who are rising up in their companies and they're game-changers for the industry." - Courtney Rosenberger

[23:52] - "If we were to talk about finance more in terms of the decision-making processes and the fact that it isn't just a purely mathematical grind every day punching numbers into a keyboard, you would attract a lot more people, not just women. I think you would get a lot more people with different interests and different skill sets." - Courtney Rosenberger

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0461-OPS-3/16/2022

David Sherman of CrossingBridge Advisors - Investment Strategies That Work In Highly Volatile Markets

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 5 Apr 2022 07:00:00 +0000

Investing takes many forms. For most people, it is a way to grow their money and protect their financial future. This means that they are more likely to invest in things they are comfortable with and believe will give them the best return on investment. But when it comes to diversification, what are the best strategies?

In today’s episode, Rusty talks with David Sherman, President of Cohanzick Management and Founder & Portfolio Manager of CrossingBridge Advisors, an investment management firm specializing in ultra-short and low duration strategies, including special purpose acquisition companies (SPACs).

David talks with Rusty about the current market environment, particularly the high yield bond market, what investors should know about SPACs, and what the true risk-free investment rate is.

Key Takeaways

[01:54] - David’s role at CrossingBridge Advisors.
[04:27] - What makes David’s Global Value Investing class interesting.
[07:14] - What distinguishes his students from one another.
[09:15] - What qualifications David seeks in an analyst.
[12:07] - How the current market conditions affect the global economy.
[15:40] - Factors that influence David's investment decisions.
[20:12] - His perspective on high yield as an asset class.
[24:03] - How he manages the tail risk of high yield assets.
[28:07] - Are high yield bonds a good inflation hedge?
[30:19] - What investors need to know about investment grade bonds.
[31:38] - SPACs: What they are and why investors and financial advisors should care.
[40:03] - How investors are allocating to SPACs.
[45:44] - What the true risk-free rate is for most investors.
[48:04] - The qualifications of a good portfolio manager.
[53:44] - How David personally invests his money.
[56:46] - What David does to maintain his mental and physical health.

Quotes

[20:58] - "I think people have a core belief, a DNA of what makes them comfortable. And they only invest the best when they do things they are comfortable with. When you're not making money on things you're not comfortable with, it's just not a good psychological environment." - David Sherman

[25:44] - "Most high yield doesn't have a long tail risk. Most high yield is five years or less in maturity. You can say that's a lot of tail risk but that's not nearly what it used to be. A lot of high yield and leveraged loans have certain covenants like change of control provisions if a company gets acquired which investment grade bonds don't, typically." - David Sherman

[52:47] - “People underperform and outperform at various times depending on the economic environment or on the product cycle. And certain products are more opportunistic at certain times. There are a lot of good distressed investors, there’s just not a lot of good product right now. I would much rather have a mediocre distressed investor with a lot of product that's cheap, who's disciplined, than a great distressed investor who's clever by half who is a little less disciplined and there's not enough product." - David Sherman

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0540-OPS-3/29/2022

Manish Khatta of Potomac Fund Management - Marketing and Branding Strategies That Work

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 29 Mar 2022 07:00:00 +0000

Marketing is a critical piece of any business. It is the function that focuses on bringing awareness and interest to a company, its products, and services. When done correctly, marketing can help a business achieve incredible results.

In this episode, Rusty and Robyn talk with Manish Khatta, CEO & CIO of Potomac Fund Management, a boutique investment strategy firm for financial advisors.

Manish is a quant, a true math geek. He has spent his career creating and refining trading strategies built on mathematical computations and number crunching. He is a lifelong Potomac employee who started with the firm after college and programmed the initial work behind Potomac’s mechanical trading systems. Manish is a staunch believer that investment risk is something that can be contained and conquered using quantitative trading systems.

Manish talks with Rusty and Robyn about how Potomac Fund Management helps financial advisors, the value of marketing, and what marketing and branding strategies he uses on social media.

Key Takeaways

[02:56] - What Potomac offers financial advisors.
[04:00] - How Potomac deals with volatile markets.
[06:01] - How Manish uses technical analysis in decision-making and risk management processes.
[09:39] - What 'build in public' means in asset management.
[11:07] - Marketing and branding strategies Manish employs on social media.
[15:01] - Potomac’s motivation and goals for producing content.
[17:24] - What the 'Profound Industry Maker and Player Awards' is all about.
[19:30] - Potomac's most popular YouTube video.
[21:17] - How Manish invests for himself and his family.
[22:42] - How Manish maintains his physical and mental health to stay on top of the game.
[25:29] - Manish's top five favorite podcasts.

Quotes

[06:06] - "We build everything through indicators, quant indicators. We're not just looking at charts and deciding subjectively. It's based on numbers." - Manish Khatta

[08:50] - "Part of the culture that permeates our entire firm is just being transparent and brutally transparent to the point where I could come across as very abrasive because I'm very forward. I literally don't have time to beat around the bush. I think that's the best way to run a business. I think that's the best way to run an asset management firm " - Manish Khatta

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0485-OPS-3/21/2022

Jeff Spiegel of BlackRock - Megatrends: The Biggest Trends Shaping Our Future

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 22 Mar 2022 07:00:00 +0000

New technologies, economic shifts, demographic changes, urbanization, and climate change are global trends that have a significant impact on society and the economy. They are also shaping the way people invest their money. While these megatrends offer investors a great way to tap into new markets and opportunities, how can they be effectively incorporated into portfolios?

In this episode, Rusty and Robyn talk with Jeff Spiegel, Director, US Head of iShares Megatrend, Sector and International ETFs at BlackRock, a global asset manager and technology provider.

At BlackRock, Jeff manages product, sales, and marketing for the Megatrend and International franchises.

In this episode, Jeff talks with Rusty and Robyn about megatrend investing strategy, the general guidelines for incorporating megatrends into a portfolio, and the top three investment themes that investors need to keep an eye on in 2022.

Key Takeaways

[03:49] - What is a megatrend investing strategy?
[05:39] - The role of technological breakthroughs in megatrend investing.
[06:47] - How demographics and social change fit into the five megatrends.
[10:23] - The difference between personalized medicine and precision medicine.
[11:43] - Why rapid urbanization is a topic of interest today.
[13:08] - How climate change and resource scarcity are both part of the megatrends.
[15:00] - What investors should know about emerging global wealth.
[16:39] - How thematic investing has performed over the past couple of years.
[21:05] - How iShares views megatrend ETF returns and risks.
[23:59] - General guidelines for incorporating megatrends into a portfolio.
[27:29] - The top three investment themes that investors need to keep an eye on in 2022.
[32:28] - How Jeff's knowledge and expertise influence his personal investing.
[33:46] - How Jeff maintains his physical and mental health.

Quotes

[24:03] - "A great investor, a great financial advisor, or a great institutional investor who's thinking holistically about their portfolio starts with asset allocation. That's the name of the game in terms of the overall most important determinant of the returns in your portfolio." - Jeff Spiegel

[25:41] - "The most thoughtful way to incorporate megatrends into a portfolio is to actually just start a portfolio or pick the megatrends in a way that keeps your intended asset allocation in line. Don't take unintended bets in technology, on size, in sector or geography just by adding those megatrends securities in." - Jeff Spiegel

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0431-OPS-3/9/2022

Kenneth Sleeper of Ocean Park Asset Management - Balancing Risk In Uncertain Times

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 15 Mar 2022 07:00:00 +0000

Global markets have been experiencing a lot of volatility lately, leaving many investors wondering how to respond. What strategies are successful money managers using to protect their clients' investments?

In today’s episode, Rusty and Robyn talk with Kenneth Sleeper, Co-Founder, Co-Managing Director, and Portfolio Manager at Ocean Park Asset Management, a firm with a unique investment approach that limits downside risk and delivers satisfying returns.

Before co-founding Sierra Investment Management (parent company of Ocean Park Asset Management) in 1987, Kenneth applied his extensive background in statistical and computer applications to develop and refine computerized techniques for reducing downside risk. In his current roles at Ocean Park Asset Management, Kenneth jointly oversees all aspects of the organization’s activities, including asset management, research, and client relationships. He utilizes his experience to help create productive investment solutions for clients so they can retire safely and successfully.

Kenneth talks with Rusty and Robyn about how successful money managers are responding to volatility, how investors can balance risk in uncertain times, and the biggest problems people face when it comes to investing.

Key Takeaways

[03:00] - What asset managers are responsible for.
[05:05] - Kenneth's extensive experience in the investment management industry.
[10:08] - How seasoned asset managers navigate the market in turbulent and volatile times.
[14:36] - How the balanced risk model works.
[16:57] - What keeps Kenneth's physical and mental health in peak condition.
[22:27] - One of the biggest problems people face when it comes to investing.

Quotes

[03:00] - "We have to manage our portfolios both in good times and bad times, times when the markets are just trending uninterrupted for months and months, and then periods like this, where there's extreme volatility. We're still responsible for managing the portfolios every day. Every day the markets are open. We have to be doing that and we don't get a rest to think about what must be done." - Kenneth Sleeper

[04:30] - "If we didn't have a process, if we didn't have discipline, where would we be? Where would our clients be? It’s even more important during this period of volatility." - Kenneth Sleeper

[22:27] - "I think the biggest problem investment people have is having a mindset that doesn't make them open to change, that doesn't make them open to what can happen moving outside of their comfort zone." - Kenneth Sleeper

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0403-OPS-3/2/2022

Eben Burr of Toews Asset Management - Hedging Against Inflation, and Preparing for a Potential Bear Market

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 8 Mar 2022 08:00:00 +0000

In this episode, Rusty and Robyn talk with Eben Burr, President of Toews Asset Management.

Eben came to the financial industry with an unusual background. With degrees in architectural history and product design, he studied architecture in Paris, designed products, and worked in NYC real estate market, before eventually landing at Toews.

That said, the common thread throughout Eben’s career has been a focus on user experience — a skill that turned out to be a huge asset at Toews.

Eben talks with Rusty and Robyn about preparing for a potential bear market, hedging portfolios against inflation, and bringing introspection to investing.

Key Takeaways

[06:45] - Are we in a superbubble?
[10:52] - Are advisors ready for a bear market in the stocks?
[15:58] - Some evidence-based findings on inflation.
[19:30] - What's the hedge equity approach?
[24:47] - Keeping up with quick volatility and market downdraft.
[26:14] - Advice on unconstrained fixed income strategies.
[27:48] - The importance of behavioral finance.
[30:50] - A balance of empathy, integrity, and confidence.
[32:54] - Why introspection is underrated.
[34:54] - Eben’s personal investing practices.
[37:23] - Eben’s book and podcast recommendations.

Quotes

[27:13] - “We've gotten so complacent with thinking about S&P large caps that we no longer have this idea of true diversification, where there's intentionally something underperforming, right? There's intentionally something not going well.” - Eben Burr

[29:14] - “Seeing someone really compelling at a conference is not likely to change your behavior. There is a deep, deep gulf between inspiration and implementation. So we're working every day with advisors to help them improve their communication, portfolio construction (which is really important in behavior), and implement structure so that the advisor practice is really embracing behavioral change on all levels. Really you need to look at things like client delight and retention, as well as just their understanding. All those things come into play.” - Eben Burr

[33:26] - “Know your strengths and weaknesses. I mean, introspection, I think is so fantastically underrated in American society. You know, we're amazing doers as Americans, right? We're just like, give me something to do and I will do it to death but don't ask me to think about it after I've done it. Cause I don't want to do that.” - Eben Burr

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0348-OPS-2/23/2022

Justin Christofel of BlackRock - How to Build Global Multi-Asset Income Portfolios

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 1 Mar 2022 08:00:00 +0000

In this episode, Rusty and Robyn talk with Justin Christofel, Portfolio Manager at BlackRock.

For more than a decade, Justin has been overseeing and managing income-oriented multi-asset portfolios. His focus is to generate a consistent level of cash flow for clients, particularly for those who are living through retirement.

Justin talks with Rusty and Robyn about active management strategies, the challenge of measuring volatility for the investing population, and the need for a disciplined and methodical investing approach during highly inflationary periods.

Key Takeaways

[01:19] - COVID, tech stocks, and the Fed’s actions toward inflation.
[02:10] - The state of the labor economy.
[05:37] - The difference between CFA and CA designations.
[07:05] - What's the best way to build a portfolio?
[11:10] - How can investors adjust their portfolios according to how inflation will move?
[14:53] - Learning from active management strategies at BlackRock.
[17:39] - Domestic vs global exposure of investment portfolios.
[19:11] - Is targeting an absolute yield viable?
[20:56] - Justin's outlook on the economy.
[23:49] - What makes a good investment manager?
[26:05] - The importance of psychology in finance.
[27:34] - Why boring return generators are better most of the time.

Quotes

[15:45] - “We're trying to hit singles and doubles consistently for clients. We're not trying to hit triples and home runs. And we're certainly trying hard not to strike out. We want to get on base all the time.” - Justin Christofel

[22:19] - “A little bit of volatility in the short run begets a much healthier backdrop for taking risk over time. I think continuing to run pretty high allocations to equities focused more so on value and dividend orientations, as opposed to the sexier growth stuff that's worked over the last three to five years makes a lot of sense.” - Justin Christofel

[26:51] - “As much as we all like to think that there's a science to investing, that having a great process or focusing on the fundamentals and valuations will lead to success, I think perhaps equally important is managing emotions, and kind of combating the falsehoods and the biases and the tricks that our minds can play on us.” - Justin Christofel

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0260-OPS-2/9/2022

John Davi of Astoria Portfolio Advisors - Managing Investment Risks through ETFs

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 22 Feb 2022 08:00:00 +0000

When it comes to building an investment portfolio, it's important to have a diversified mix of assets in order to reduce risk. While there are a number of different options to choose from, Exchange-Traded Funds (ETFs) can be an attractive choice for investors looking to add some diversity. How can ETFs be a low-risk option for diversifying portfolios and why might they be a good option for you?

In this episode, Rusty and Robyn talk with John Davi, Founder, CEO, and Chief Investment Officer of Astoria Portfolio Advisors, an investment management firm that specializes in research-driven, cross-asset, ETF, and thematic equity portfolio construction.

John Davi is an award-winning research strategist and has more than 20 years of experience in macro ETF strategy, quantitative research, and portfolio construction. Prior to founding Astoria, he was the head of Morgan Stanley’s Institutional ETF Content and advised many of the world’s largest hedge funds and asset managers on ETF portfolio construction. John is a regular contributor to CNBC, Bloomberg, and other media outlets. He was recognized by Bloomberg as an “ETF Master Chef”.

John talks with Rusty and Robyn about what makes ETFs attractive as investment vehicles, how his company addresses inflation, and how he uses social media to engage with his audience.

Key Takeaways

[02:18] - The story behind John's walk-up song.
[03:33] - What led John to start his own company.
[05:04] - What makes ETFs attractive as investment vehicles.
[09:16] - Why some people think direct indexing could kill ETFs.
[11:31] - John's market outlook for 2022.
[14:30] - The key differences to look for in 2022.
[16:06] - How John and his team plan to tackle inflation.
[19:08] - How ETF PPI came about.
[22:13] - John's recommendation on how to allocate equity using PPI.
[24:35] - John’s perspective on traditional fixed income and how he uses it.
[28:05] - How John uses social media platforms to reach his audience.
[29:51] - What qualifies someone to become a member of John’s team.
[31:21] - What makes a good investment manager.
[32:05] - What makes a good financial advisor.
[34:10] - John's investment strategy for himself and for his family.
[36:40] - What John does to stay at the top of his game.

Quotes

[05:26] - "Over time, ETFs proved that they're tax-efficient, they're liquid. You can build a portfolio and you can basically replicate any risk-return profile that you want." - John Davi

[18:34] - "What we're seeing now in terms of inflation and all the crosscurrents between COVID is just something that we haven't seen in a long period of time. So, you want to have a strategy for inflation and then you want to embrace it. And you want to look for sectors that benefit from higher inflation. Don't be scared of it, try to embrace it and build a portfolio that can actually benefit from it." - John Davi

[20:13] - "Different asset classes perform at different stages of the inflation cycle. So cyclical stocks tend to be early, commodities tend to be a little bit later. So, we think that there's value in all three of those asset classes, but you want to tilt more toward the four sectors - banks, energy, materials, and industrials." - John Davi

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0244-OPS-2/8/2022

Geremy van Arkel of Frontier Asset Management - Managing Downside Risk, and Protecting Your Investments

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 15 Feb 2022 08:00:00 +0000

Risk is inherent in any investment. It is therefore crucial to plan your investment portfolio in a way that protects you against losses. Without a solid downside risk management strategy in place, you are exposing yourself to unnecessary losses and financial instability. Taking steps to protect yourself from losses can help ensure that your portfolio remains healthy and profitable, even in difficult market conditions.

In today’s episode, Rusty talks with Geremy van Arkel, Principal and Director of Strategies at Frontier Asset Management, an independent national asset manager that supports and manages strategies for the clients of investment advisors.

With more than 25 years of extensive experience working with national accounts as well as with financial advisors and their clients, Geremy has developed expertise in managing global allocation portfolios, performing manager due diligence, and working with advisors and enterprise clients. As a member of Frontier’s Investment Committee, he is an expert in mutual fund selection, asset allocation, and portfolio optimization.

Rusty talks with Geremy about the importance of downside risk management, why Frontier Asset Management puts a lot of emphasis on actively managed mutual funds, and how international and emerging markets are becoming a serious part of the investment opportunity set.

Key Takeaways

[03:44] - How Geremy began his asset management career.
[05:17] - What Frontier Asset Management is all about.
[07:11] - Why risks are like a black swan.
[11:57] - What led Geremy to establish his firm in Sheridan, Wyoming.
[14:53] - Overview of the Deconstructing Alpha Podcast.
[17:14] - How Frontier Asset Management views valuation.
[21:29] - Frontier's preferred valuation metric.
[28:24] - Why Frontier puts a lot of emphasis on actively managed mutual funds.
[34:42] - Frontier's approach to identifying superior, actively managed funds.
[38:36] - The reasons for low interest rates.
[43:25] - Why values are great in emerging markets.
[48:22] - What makes a good investment manager or investment professional.
[51:58] - Qualities that make a good financial advisor.
[53:56] - How Geremy invests for himself and his family.
[56:23] - How Geremy ensures a high level of performance.

Quotes

[07:19] - "Risk in the modern markets happens like a black swan. We don't get these obvious signs that it is happening. If you just look at all the risks that have occurred in my entire career, the last 30 years, every risk event was a complete surprise." - Geremy van Arkel

[15:17] - “I have a deep affection for the management and the art and science that security selection managers bring to the table. I understand the difference between different types of stocks and different types of exposures within a portfolio. And I believe in this day of indexing, it's almost like a lost art." - Geremy van Arkel

[49:00] - "You have to be unafraid to be wrong and alone in some areas. So, the key is understanding history and then being able to look forward and balancing all the opportunity sets that are in front of you. Not just betting on what you think will happen, but really balancing multiple outcomes to end up being on the right side of things." - Geremy van Arkel

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0243-OPS-2/8/2022

Noreen Beaman of Orion - The Importance of Behavioral Finance, and the Future of the Investment Industry

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 8 Feb 2022 08:00:00 +0000

Firms and investment professionals must keep up. Tech innovations, demographic shifts, redefined client-advisor engagement—you name it. The future of the investment management industry is promising. But, how can the industry keep its vision to provide continuous better outcomes for clients?

In this episode, Rusty and Robyn talk with Noreen Beaman, President at Orion Advisor Solutions.

Aside from oversight of the firm’s operations, Noreen serves as a leader and a mentor to almost 1200 investment professionals at Orion. Her focus is mainly on the firm’s investments and sales and marketing operations. Prior to that, Noreen was the Founding Partner and CEO at Brinker Capital where she offered her expertise for 29 years

Noreen talks with Rusty and Robyn about the importance of behavioral finance, the strategies of being a successful professional, and the future of Orion and the entire investment industry.

Key Takeaways

[04:28] - What is the secret to being a successful investment firm?
[05:45] - Noreen’s industry forecast.
[07:37] - What Noreen is most excited about for Orion's future.
[08:46] - Why mentors are so important.
[11:40] - How to bridge the gender gap in finance.
[13:47] - The effect of financial advising on Noreen's life.
[15:03] - How a financial advisor can land a dream job in the advisory space.
[16:21] - Noreen's tip for financial advisors: Listen.
[17:32] - Noreen’s fiction and non-fiction reading list.
[20:23] - How to take the first step as an investment professional.
[21:21] - Essential books on financial advising.
[22:25] - Noreen’s podcast recommendations.
[23:21] - How the president of an investment firm stays on top of every aspect of her life.

Quotes

[06:13] - “The consumer today and the end investor is smarter than they've ever been because they have access to so much information. They're going to drive for continued personalization. And I'm a big believer in that. We need to be ahead of that curve, thinking about what they are going to want.” - @nbeaman

[13:15] - “There are women in our organization that have had the opportunity to be successful. And now we need to continue to mentor and bring the next generation of young women into this industry.” - @nbeaman

[15:40] - “This is not an easy business. I would say it's not for the faint of heart. So this is not an easy job to have. It's a lot of responsibility, but going after that with the right attitude and being resilient, and being able to weather those storms, when the markets go in a direction that you might not have expected them to—it’s important to have an open mind.” - @nbeaman

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0150-OPS-1/24/2022

Eric Clarke of Orion - Leveraging Tech for Better Investor Outcomes

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 1 Feb 2022 08:00:00 +0000

In this episode, Rusty talks with Eric Clarke, CEO of Orion Advisor Services. Eric is a high-profile industry speaker and advocate, and has won numerous industry awards. As Orion’s CEO, he’s focused on creating a suite of technology that can fully transform every client-advisor journey for the better.

Eric talks with Rusty about how tech integrations can help build meaningful and seamless client-investor connections, and what the coming months and years look like for Orion and the industry.

Key Takeaways

[03:46] - Fintech in 2022, according to Eric Clarke.
[05:23] - Exploring new dimensions after the merger with Brinker Capital.
[06:41] - Implementing tools to build better relationships between advisors and investors.
[08:43] - Evolving value propositions in the fintech industry.
[10:53] - How does a firm keep productivity high in a remote-working world?
[13:41] - Orion’s acquisition of Brinker Capital.
[15:52] - Why is pays to stick with your long-term investing strategy.
[19:35] - Eric's first investment story.
[20:56] - Eric's insights on digital assets and cryptocurrency.
[23:58] - A CEO's morning routine.
[27:59] - What’s in store for Orion Advisor Services in 2022?

Quotes

[07:18] - “The basis of all great relationships, at least I believe, are founded on trust. And being able to help the advisor understand the investor in at a more meaningful level is something that we think will set the relationship off to a good start and help the investor better respond to the coaching that they are receiving from all these great advisors that we work with.” - Eric Clarke

[17:29] - “Obviously, as an investor, every time you can have that long-term perspective and not panic and stick with your strategy, you’re rewarded for that. And I'm a believer that whether that's a strategic or tactical or even an alternative strategy, if you stick with it over the long-term, odds are you'll be rewarded for that and it'll be worth it.” - Eric Clarke

[28:49] - “What we're focused on here in 2022 is all about connecting that experience through technology integrations, through seamless user experience, helping our advisors connect with their client in a more meaningful, seamless way and using technology to efficiently make that happen.” - Eric Clarke

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Jamie Susanin of Brinker Capital - Effective Mentoring and Proactive Tax Management

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 25 Jan 2022 08:00:00 +0000

In this episode, Rusty and Robyn talk with Jamie Susanin, portfolio manager at Brinker Capital Investments, LLC.

At an early age, Jamie was already learning about the basics and even foundational skills in finance from her then-advisor grandfather. While Jamie was in sales, one of the (toughest) first clients she served was her grandfather. There was pressure, but most of all there was a lot of mentoring and guidance.

Currently, Jamie is part of the Tax Management Team at Orion- Brinker. Applying what she has learned from her mentor-grandfather, she helps clients keep unrealized gains invested within their portfolio through effective tax management.

Jamie discusses with Rusty and Robyn the impact of investing in yourself, the importance of having a mentor, and the true value of tax management.

Key Takeaways

[01:16] - The rise of long-term interest rates.
[01:56] - The current state of labor markets.
[06:01] - How Jamie Susanin started her journey into the world of finance.
[08:05] - Who are Jamie’s key mentors?
[10:50] - Removing the intimidation factor in the workplace.
[11:00] - Why perception is different from reality.
[13:13] - What it’s like having your grandfather as a client.
[14:35] - How to kickstart your career in the investment industry.
[15:36] - Finding ways to creatively invest in yourself.
[18:02] - How the industry can create equal opportunities for men and women.
[20:01] - Why learn about finance early on?
[24:57] - What is direct indexing?
[27:25] - The true value of tax management.
[28:13] - Tax alpha vs. tax savings.
[34:17] - How Jamie stays on top of her health and performance.

Quotes

[15:44] - “What’s very important is this concept of investing in yourself. And that looks different for different people and you can go about it in different ways. One of which is pursuing a designation or postgraduate education or something along those lines. But there are other soft skills that are really important in the industry as well.” - Jamie Susanin

[10:18] - “It can be hard in the industry to feel comfortable asking questions and challenging things. And having someone to go to for these seemingly dumb questions got me comfortable being someone who continually asks questions and challenges what's going on. That was so helpful for my professional development. And it's definitely something that I've carried into when I'm considering being a mentor for other people as well.” - Jamie Susanin

[29:09] - “The other part of that tax savings number that's very important is the upfront tax savings when we do that tax transition of a portfolio. So the fact that a client comes to us, we're able to keep a lot of their unrealized gains invested within the portfolio—that's a value added to them since day one.” - Jamie Susanin

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0077-OPS-1/13/2022

Kim Arthur of Main Management - Thematic Investing and 2022 Investing Strategies

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 18 Jan 2022 08:00:00 +0000

The start of the year is always interesting for investors and advisors. In this episode, Rusty and Robyn talk with Kim Arthur, President and CEO of Main Management, LLC.

Kim has been in the finance sector for 35 years. At Main Management, he’s laser-focused on delivering beta plus strategies to clients. According to Kim, investors should keep more of their returns by having control over costs and taxes.

Kim talks with Rusty and Robyn about thematic investing, active strategies, and insightful investment predictions for 2022.

Key Takeaways

[01:03] - Tougher Federal Reserve, higher interest rates, and higher cases in COVID.
[05:39] - Stock market return estimate in 2022.
[06:40] - Kim Arthur’s insights on inflation.
[08:04] - How investors can diversify equity risk.
[10:08] - What is thematic investing?
[11:44] - What’s the rule of thumb when portioning your investment portfolio?
[12:29] - What’s the active sector rotation strategy?
[14:17] - The promise of international stocks to outperform in 2022.
[15:23] - What negative surprises might come in 2022?
[19:32] - Resources for investors and advisors.

Quotes

[03:54] - “If you constantly put the client first and you deliver exceptional service, I think you can win in this game. If you lose sight of that, then some bad things happen. And I think the other piece too, that is very important, that hasn't changed is trust. You have to earn the client's trust.” - Kim Arthur

[10:37] - “We define thematic as investing in the future. And typically what happens with that is the total addressable market is the portion that the market usually does not get dead right. It typically ends up being much larger than they expect. So what ends up happening is the return stream is not a straight or it's not a 45 degree line up into the right. It tends to be very stairstep-ish.” - Kim Arthur

[18:16] - “I've got four things that I focused on on a daily basis. The first is making sure that I've got that balance with family and work. I think that's very important because that can obviously lower the stress levels. The other three pieces are sleep, nutrition, and exercise.” - Kim Arthur

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0070-OPS-1/12/2022

Brian Dobbis of Lord Abbett - Smart Ways to Save for Retirement

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 11 Jan 2022 08:00:00 +0000

When it comes to retirement, the difficult part is figuring out what retirement plan will work best for you. Many people are afraid to invest their money because they don't know how or where to start. Fortunately, there are lots of options.

In today’s episode, Rusty and Robyn talk with Brian Dobbis, Director of Retirement Solutions at Lord Abbett.

Having spent 19 years of his professional career carrying out various roles under the retirement umbrella, Brian has lived and breathed retirement. Being well versed in the industry, he provides clients with smart retirement savings plans tailored to their unique needs.

Brian talks with Rusty and Robyn about the ins and outs of Roth IRAs, the best retirement vehicles, and how to save smart for your retirement.

Key Takeaways

[05:58] - Brian's role at Lord Abbett.
[09:15] - How financial advisors help investors prepare for retirement.
[11:42] - What you need to know about Roth IRAs.
[14:16] - How backdoor Roth IRAs work.
[15:28] - How minors can contribute to Roth IRAs.
[17:10] - HSAs (Health Savings Accounts): What are they and how do they work.
[19:49] - What makes a good financial advisor.

Quotes

[09:25] - "What I tell the advisors to continue to focus on is taxes. Not only federal and state taxes, but all that I call stealth taxes, all the other things that can impact a retirement account withdrawal." - Brian Dobbis

[15:28] - "There is no minimum age to establish a Roth IRA. All that is needed to make a Roth IRA contribution is earned income. We're seeing a lot more teenagers that own businesses. They're entrepreneurial and they're self-employed. As long as they have the earned income, they are eligible to fund a Roth IRA up to the lesser of $6,000 or the amount that they earned for the year." - Brian Dobbis

[18:01] - "If you make an HSA contribution, you have a triple tax advantage. You receive a federal and most likely a state tax deduction, your dollars grow tax-deferred, and all your earnings are distributed tax-free for qualified medical expenses." - Brian Dobbis

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3128-OPS-12/16/2021

Jay Jacobs of Global X ETFs - Thematic Investing: Capitalizing on Trends

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 4 Jan 2022 08:00:00 +0000

The world of investing is constantly evolving. The traditional approach of diversifying portfolios is no longer the only way to go. Today, thematic investing is one of the most exciting investment strategies.

The popularity of thematic investing continues to skyrocket, and for good reason. It allows investors to invest in themes or sectors that may be performing well now or have the potential for growth in the future based on current trends and market conditions.

In today’s episode, Rusty and Robyn talk with Jay Jacobs, Head of Research and Strategy at Global X ETFs, about the biggest investing themes of 2022 and how these trends impact the market.

Key Takeaways

[03:15] - How Global X formulated the outlook for 2022.
[04:46] - The eight major themes of Charting Disruption.
[05:46] - What investors need to know about robotics and artificial intelligence.
[07:31] - What the future holds for mobility.
[08:41] - The future of blockchain, cryptocurrencies, and digital assets.
[10:27] - Why climate change is a very complex theme.
[12:44] - How the digital economy is becoming a major part of the market economy.
[15:49] - Why robotics and artificial intelligence will be a trend in the future.
[17:07] - The most overlooked theme for the coming years.
[18:48] - The market's response to electric vehicles and infrastructures.
[20:47] - Why thematic investing is on the rise.
[22:41] - An ideal investment for thematic investing.
[23:56] - How Jay maintains a high level of physical and mental performance.

Quotes

[11:00] - "We're at this inflection point in the world where, especially coming out of the COVID 19 pandemic, I think there's this enhanced sense of collaboration that if we tackle this pandemic, we can tackle the next big challenges for the world. And that certainly is looking like climate change." - Jay Jacobs

[13:42] - “What we're seeing in the post-pandemic is that people have shifted to this digital world and are getting more and more comfortable with it. And more of that economy is happening online." - Jay Jacobs

[19:14] - "Thematic investing is really done best when focused on long-term trends. Not just taking profits or cutting losses in the short term, but seeing it fully through over the decades that it takes for a theme to fully play out." - Jay Jacobs

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3107-OPS-12/14/2021

Brie Williams of SPDR Exchange Traded Funds - The Power of Women in Economic Development

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 28 Dec 2021 08:00:00 +0000

In today’s episode, Rusty and Robyn talk with Brie Williams, Vice President and Head of Practice Management at SPDR Exchange Traded Funds.

Women make up half of the population, but they are vastly underrepresented in the investment industry. Traditionally, they have been economically disadvantaged relative to their male counterparts. In recent years, however, there has been a changing role for women as financial decision-makers. How can financial advisors help women break through the barrier of navigating into the investing world?

Rusty and Robyn talk with Brie about the SHEconomy, the changing role of women as financial decision-makers, and how to encourage women to be part of the investment industry.

Key Takeaways

[3:16] - What attracted Brie to the marketing field.
[5:59] - How advertising contributed to her early success.
[7:35] - Her role at SPDR Exchange Traded Funds.
[10:33] - What the statue of the fearless girl represents.
[13:13] - The impact of the fearless girl after four years.
[16:06] - How the dynamic is shifting to make women the new face of wealth.
[19:12] - Why women's overall experience in the investment industry is less than positive.
[25:24] - The unique challenges women investors face.
[27:26] - How financial advisors recognize and overcome gender bias.
[29:33] - The things advisors should take into account when working with women investors.
[33:37] - How traditional male-female partnerships work to make important financial decisions.
[36:18] - The impact of the pandemic on women's financial and investment goals.
[41:17] - Strategies to attract more women to careers in investment and financial advice.

Quotes

[18:34] - "When you have an affluent woman taking over financial decisions in her household, she typically is going to be seeking out a new wealth management relationship to better suit her needs. We currently have a gap in advice when it comes to how we connect with women and we need to close that gap." - Brie Williams

[35:34] - "When you can talk about money productively as a couple and truly work together as a team, then you can have a better handle on owning your own worth, owning your family's worth, and are in a much better position to tackle the curveball when life throws it to you." - Brie Williams

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3106-OPS-12/14/2021

Jeremy Schwartz of WisdomTree Asset Management - Inflation and the Economy Today

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 21 Dec 2021 08:00:00 +0000

In an economy characterized by uncertainty, can decentralized finance offer a better solution to protect your money and investments?

In today’s episode, Rusty and Robyn talk with Jeremy Schwartz, Global Chief Investment Officer at WisdomTree Asset Management.

Jeremy had an innate interest in numbers as a kid, and grew up reading the Wall Street Journal and watching stock prices. He began his career as a head research assistant to Wharton finance professor, Jeremy Siegel. Their work, The Future for Investors, has become a key element of WisdomTree.

Jeremy talks with Rusty and Robyn about WisdonTree’s market outlook, how they are embracing digital assets, and how Jeremy Siegel played a significant role in his career development.

Key Takeaways

[4:20] - What drew Jeremy to investing.
[6:13] - The many roles he’s played at WisdomTree.
[7:52] - What makes a good research team.
[9:46] - What he learned from Jeremy Siegel, personally and professionally.
[13:02] - His favorite podcast topics.
[15:36] - WisdomTree's current view of the economy and inflation.
[18:56] - How long does inflation last and what's the best way to hedge it?
[21:09] - Where investors can find real value over the next few years.
[24:22] - How WisdomTree works with digital assets.
[28:18] - The qualities of a good investment manager.
[30:14] - How Jeremy keeps his performance at a high level.

Quotes

[19:39] - "Equities are the best hedge for inflation. If you look at the 60-year dividend growth on the S&P 500, 5.7% over 60+ years inflation, you’ve got real growth on top of inflation. On average, the S&P can give you 2% real growth on top of inflation. That’s one of the reasons why we think that stocks are the ultimate real assets. " - Jeremy Schwartz

[23:59] - "For us, it's more than bitcoin, ether, and exposures, it's trying to tokenize all sorts of assets like treasuries, like gold - have a WisdomTree wallet that these things are operating in. So DeFi to us is something we're investing a lot of resources on." - Jeremy Schwartz

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3071-OPS-12/8/2021

Brian Selmo of First Pacific Advisors - An Unconventional Approach to Building Your Portfolio

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 14 Dec 2021 08:00:00 +0000

The economy is changing. Markets are shifting. As you make decisions about retirement or other long-term goals, it's important to think about the types of investments that will be appropriate for those goals. How does focusing on conventional investment strategies limit your potential to succeed?

In today’s episode, Rusty and Robyn talk with Brian Selmo, Partner and Portfolio Manager at First Pacific Advisors (FPA).

Prior to joining FPA, Brian was the founder and managing member of Eagle Lake Capital as well as an analyst at Third Avenue Management and Rothschild, Inc. With his extensive experience in the financial services industry, Brian is well versed in formulating strategies that will adapt to the world's ever-changing economy.

Brain talks with Rusty and Robyn about FPA Crescent Fund, why it is different from other asset allocation funds, and how it works in the financial markets.

Key Takeaways

[03:50] - Brian's role at FPA.
[06:32] - The qualities FPA looks for in an analyst.
[09:42] - What sets Crescent Fund apart from other asset allocation funds.
[13:13] - How Crescent Fund manages its three different types of equity investments.
[16:23] - Crescent Fund’s unique investment strategy.
[20:19] - Why FPA's Crescent Fund is more net long than usual.
[27:16] - Qualities of a good financial manager.

Quotes

[10:18] - "We don't start from a position of trying to fit in a box. I think our overarching idea or goal is to treat the fund as if it was 100% of a wealthy family's assets and to manage it accordingly." - Brian Selmo

[21:31] - "When we own on average higher-quality businesses, we want to be more fully invested than if you own a portfolio of lower quality, more cyclical businesses at a different point." - Brian Selmo

[26:03] - "I think the world is constantly changing and evolving and you have to respond to it as it exists, not try to look at it through the rearview mirror." - Brian Selmo

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3031-OPS-12/1/2021

Scott Henderson of Calamos Investments - Maximizing Your Investment Returns

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 7 Dec 2021 08:00:00 +0000

Inflation is one of the many things that can erode your investment returns, leaving you with far less than you anticipated. How can you protect yourself from inflation and maximize your yield?

In today’s episode, Rusty and Robyn talk with Scott Henderson, Senior Vice President and Portfolio Specialist at Calamos Investments. Being with Calamos Investments since the beginning of his career, Scott has gained a deep understanding of alternative investments and convertible funds. Because of the many hats he wears, he has been part of the company's transformation into a diversified global investment firm today.

Scott talks with Rusty and Robyn about alternative and convertible bond investing, the pros and cons of convertible funds, and what makes a good investment manager and a good investor.

Key Takeaways

[4:14] - Scott's role at Calamos Investments.
[5:38] - What attracted Scott to the world of investment.
[7:06] - How market-neutral funds work.
[7:40] - What sets Calamos’ market-neutral fund apart from other market-neutral funds.
[9:15] - Simple rules for evaluating alternative funds.
[11:26] - The challenge of chasing yield in income funds.
[12:40] - Scott's recommendations for managing investments in alternative and convertible bonds.
[13:59] - The concept of convertible funds.
[17:02] - The pros and cons of convertible bonds.
[18:50] - How financial advisors and investors maximize current yields.
[20:08] - What makes a good investment manager.
[21:33] - The qualities of a good investor.

Quotes

[9:15] - "The problem with alternative investments, many of the firms that do the analytic work try to just compartmentalize a lot of different funds into one category. So my thinking when it comes to market-neutral funds or even alternative funds is to really start by asking the question, what problem is this investment trying to help me solve?" - Scott Henderson

[11:51] - "I think one of the challenges that we tend to see with chasing yield is that we either try to extend our durations in our bond portfolio out very long to get more yield or we dip down into lower credit quality." - Scott Henderson

[17:07] - "Convertibles can be complicated investments. So you need someone that's really looking at the convertibles, looking at the credit quality, or looking at the upside potential. But if they're managed correctly, convertibles can provide an attractive risk/reward as well as that yield advantage over the common stock." - Scott Henderson

[20:18] - "Good managers should possess benchmark awareness. They need to have a strong understanding of the risks in their asset class that they invest in and make a sound decision with those risks in mind, not just increase their portfolio's risk in order to match or exceed the benchmark returns." - Scott Henderson

[21:33] - "A good financial advisor is one that's keeping up to date with the market environment, listens to the needs of their client, provides education to them, does a thorough analysis, and looks into the client's willingness and ability to take those risks." - Scott Henderson

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3030-OPS-12/1/2021

Dirk Hofschire of Fidelity Investments - Investing in the Face of a Global Economic Downturn

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 23 Nov 2021 08:00:00 +0000

The world is changing and it's time to change with it. As global debt and inflation rise, how can investors navigate the challenges of the global economy?

In today’s episode, Rusty and Robyn talk with Dirk Hofschire, Senior Vice President of Asset Allocation Research at Fidelity Investments.

Prior to joining Fidelity, Dirk was a foreign service officer for the U.S. Department of State and a financial economist for the Bureau of Western Hemisphere Affairs. As he traveled the world, he developed an interest in economics.

Dirk talks with Rusty and Robyn about the risks of rising global debt, how investors can stay ahead of an unsustainably challenging economy, the business cycle, and other risks to the global economy.

Key Takeaways

[5:16] - Dirk Hofschire’s role at Fidelity Investments.
[6:58] - How multi-time horizon asset allocation works.
[8:18] - Why analyzing the business cycle is important.
[12:48] - Why debt has ballooned so much around the world in recent years.
[18:01] - What investors need to remember when dealing with a highly-indebted world.
[26:31] - How professional investment managers view government as a larger part of the global economy.
[35:24] - Dirk's perspective on digital assets.

Quotes

[19:12] - "Diversification is obviously the bread and butter for long-term portfolio building. But over the past 10 or 15 years, it would've been very easy to learn the opposite. If you had owned a US dominant 60-40 portfolio, that’s all you needed. So the diversification in part is against inflation, but it’s actually much broader than that. It's against the sort of extreme events with policy that could mean a much weaker dollar." - Dirk Hofschire

[27:54] - "When you think about government regulation and you just think about government policy being more involved in general, I'm not worried that the US is going to become a socialist country by any actual meaning of the term. But what I do worry about is when you sum up all the different things that are happening, all of those things have the potential to seep into reducing corporate profitability, potentially acting as a drag on growth, or potentially being more inflationary, but maybe not. But at the bottom line, it's hard to see how this is positive for profits." - Dirk Hofschire

[29:49] - Some of the things like shorter duration on the bond side, or on the stock side, commodities and traditional hedges, as well as some of the things like real assets, real estate and gold, and other types of commodities—those will all still be pretty good inflation hedges. Even if they get expensive, they should still hedge, somewhat, that surprise of potentially even higher inflation or greater inflation that's already priced in." - Dirk Hofschire

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2901-OPS-11/13/2021

Frank Nickel of Brinker Capital - Decoding the Hype Behind Direct Indexing

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 16 Nov 2021 08:00:00 +0000

In today’s episode, Rusty and Robyn talk with Frank Nickel, Head of Quantitative Strategies and Investments at Brinker Capital.

Frank oversees the setup of the investment process that drives direct investing strategies and risk mitigation across various platforms at Brinker. Prior, Frank spent 27 years in various roles at Morgan Stanley—from asset allocation strategist to director of investment strategy to portfolio manager.

Frank talks with Rusty and Robyn about the ins and outs of direct investing, the concept of “searching for alpha”, and the impact of direct investing on the future of investing (especially with ETFs).

“We have the ability to give investors a high price momentum, a version of our direct indexing strategies that allow them to have that ‘search for alpha’. I think the way traditional people think about the ‘search for alpha’, it’s at the individual security level. We are not going to really attempt to provide that. Our search for alpha is providing some type of factor exposures that investors believe can outperform.” ~ Frank Nickel

Main Takeaways

With a direct indexing strategy, you may see bigger returns, compared to a traditional separately managed account.
Direct indexing has been on the roll because of tech innovation. From high-net-worth individuals to the mainstream area, firms can manage to bring it to smaller accounts.
Direct indexing won't kill ETFs. The only two viable reasons for ETFs to fail are if the government changes taxation, or if technological evolution can lower direct indexing's minimum.
Fractional shares trading might be the future with how tech is evolving right now. This can also help to bring the account minimums down.
Searching for the alpha involves investing in areas of the market that are projected to outperform. Right now, there's a growing interest in biotech and cybersecurity.

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2742-OPS-10/27/2021

Simeon Hyman of ProShares - Diversifying with BITO and Bitcoin ETFs

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 9 Nov 2021 09:00:00 +0000

In today’s episode, Rusty and Robyn talk with Simeon Hyman, Global Investment Strategist at ProShares.

From the initial idea of an ETF to product development to the roll-out, Simeon creates—and even customizes—a smooth product strategy to ensure every client and prospect understands the ETF's scope. Prior to creating successful ETFs with ProShares, Simeon held investment leadership roles at Bloomberg Wealth and UBS.

Simeon talks with Rusty and Robyn about all things Bitcoin Futures ETF, and the rationale behind its advantage over Bitcoin or other altcoins.

"Bitcoin’s a volatile thing. Nobody can tell you it’s not. And our ETF, BITO, delivered. That volatility in itself is a ‘feature’ from our perspective, not a bug. There are fewer and fewer things that don’t approach this kind of correlation, so finding something that behaves differently is a very valuable diversifier.” ~ Simeon Hyman

Main Takeaways

Bitcoin is volatile, but it can be a great inflation hedge and diversifier. Through Bitcoin ETFs you can gain Bitcoin exposure while maintaining a well-performing portfolio over time.
The value of a digital asset will greatly differ depending on how a person uses it. For investors, they keep watch on how it will compete in their investment portfolio. For a typical cryptocurrency user, it's just another modicum of exchange.
BITO recognizes Bitcoin and other crypto volatility. With the advent of a regulated futures market, it's easy to appropriately place Bitcoin in your portfolio.
The cryptocurrency market is unregulated by nature, so there’s no safe and tactical approach on how to invest in Bitcoin and it would be difficult to speculate and diversify with altcoins.

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2742-OPS-10/27/2021

Mike Van Wyk of Capital Group - Pathways to Business Growth

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 2 Nov 2021 08:00:00 +0000

In today’s episode, Rusty and Robyn talk with Mike Van Wyk, Vice President of Research and Insights for Capital Group.

Mike has studied human behavior throughout his two-decade career to better understand what truly drives consumer behavior and business growth. Whether it be packaged goods or financial services, Mike brings game-changing insights to the table. His research helps others skyrocket the growth of their business or their professional career.

Mike talks with Rusty and Robyn about the difference between a “sage” and “caregiver” advisor and the three success factors of existing high-growth firms.

"Every financial professional has to have a side that's more quant-focused and can talk the numbers, but you also have to be able to connect emotionally with your clients and be there as a support for them. Those who are most successful are those who understand there's an aspect of being a sage that they need to bring to the job daily, and there's an aspect of being a caregiver that needs to be present there as well.” ~ Mike Van Wyk

Main Takeaways

Three success factors of the highest growth firms are the always-on acquisition factor, relationship alpha, and strategic skills. All habits, behaviors, and practices during client engagement should be refined to achieve high performance and increase revenues.
Spend more time on high-value business activities. Advisors easily get distracted with small tasks, when they should be spending their time on growth creation.
Advisors need help, too. It's best to tap into resources about advisor-client engagement that are backed by robust data.
There are two types of advisors: the ‘sages’ who like numbers and the ‘caregivers’ who like helping people. An effective advisor has to find a balance between these two.

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2731-OPS-10/25/2021

Maria Quinn of Vanguard - Understanding the Behavior Gap and Reducing Client Churn

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 26 Oct 2021 08:00:00 +0000

In today’s episode, Rusty and Robyn talk with Maria Quinn, national spokesperson and thought leadership ambassador at Vanguard.

Maria provides her expertise in Vanguard’s largest business line by working externally with financial advisors and intermediaries. Before starting her journey with the firm, Maria was involved with non-profit organizations that provide marginalized people with access to education.

Maria talks with Rusty and Robyn about what causes the behavior gap in investing, how human psychology and behavior affect financial success, and how we can use the Advisor Alpha model and the “Three P’s” framework to foster long-term relationships with clients.

"The way we think about planning is having those deep conversations with clients that require a lot of trust. We define their values (what is of greatest importance to them). And then, we find a way to translate them into a goal.” ~ Maria Quinn

Main Takeaways

With the help of an advisor, a client's chance of achieving financial success is significantly higher. In addition, according to Advisor's Alpha, there are seven key areas improved through best practices, which increases your value up to three percent.
Behavioral coaching practices should focus on investment management and wealth management to help improve client retention.
Every investment outcome is heavily driven by psychology and human behavior. Factors like overconfidence, recency bias, and over-competence should be avoided if you want rational and perfectly timed decisions.
Providing a financial plan is foundational. Use the “Three P’s” framework as a guide. Plan thoughtfully, be proactive, and imbibe positivity.
Global equity investing has the following benefits: diversification in the portfolio, mitigation of some potential volatility, and increase in portfolio exposure.

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2651-OPS-10/13/2021

Carl Kaufman of Osterwise Management - Rising Inflation and Changing Markets

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 12 Oct 2021 08:00:00 +0000

In today’s episode, Rusty and Robyn talk with Carl Kaufman, Co-CEO, Co-President, and Managing Director of Fixed Income at Osterwise Management in San Francisco.

Before it was the norm, Carl was designing flexible fixed income strategies for his firm’s clients. His decades of industry experience built the trust necessary to switch to the brokerage industry and start work on some game-changing advancements.

Carl talks with Rusty and Robyn about the difference between investment-grade and high-yield bonds, the post-pandemic state of the US market, and inflation projections.

"Try to keep perspective. Ask yourself what is really important. And, don’t forget to look into the real world because sometimes you get so caught up in the Wall Street hype and you forget what the real world is. I learned this lesson very early on unfortunately in the crash of ‘87." ~Carl Kaufman

Main Takeaways

Be flexible enough to tap into investment grades to get better downside protection. You can achieve better results with high-yield bonds if you deploy the right strategy.
As long as the economy remains strong and interest rates remain low, companies that have leverage will still do better.
A three to five percent rate of inflation is normal, but it will take time for the market to achieve that target.
Be willing to take lower yields for a period of time. Be patient and stay defensive as there will always be corrections.
The dollar will remain the world reserve currency. As long as the world continues to rely on the US Treasury, dollars stay in a safe position.

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Jeremy Siegel of WisdomTree Asset Management - Market Outlook and Concerns about Inflation

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 5 Oct 2021 08:00:00 +0000

In today’s episode, we’re sharing Rusty’s recent live interview with Jeremy Siegel from Orion’s Ascent conference. Jeremy Siegel is a professor of finance at the Wharton School of Business and a Senior Investment Strategy Advisor at WisdomTree Asset Management.

Jeremy’s opinion on the economy and the financial markets has long been trusted and sought after by Wall Street firms because of his decisive and evidence-based approach. His view on inflation is notable and provides valuable insight into the markets from someone who’s been in the industry for a long time.

Jeremy talks with Rusty and Robyn about the benefits of value and global investing, the future of stocks and bonds, and insights regarding the future of the US market after an inflation run.

"Volatility is a mark of equities and all speculative markets, so we're not going to be immune to it. But right now, when I look at relative valuations, they still argue in the direction of stocks over bonds." ~Jeremy Siegel

Main Takeaways

The markets aren’t all doom and gloom. When the inflationary run is over, we'll be enjoying inflation rates as low as four to seven percent—rates that are still lower than those we had in the 1970s.
Value stocks are projected to outperform other asset classes over the next 12 months. When the market is experiencing moderate inflation, choose stocks over bonds.
Bonds with stabilized yields do not necessarily mean they are good investments. As long as inflation goes up, bonds are just depreciating assets. If you do invest in bonds, corporate bonds will fare better than noncallable bonds and long-term treasuries.
Advisors need to do two things: manage expectations and prepare investors for volatility. Investors get easily swayed by the doomsayers, but advisors must give them the long-term perspective, the history of the market, and help them stick with their plan.
Crypto assets aren't serious competitors to the dollar in terms of being an efficient transaction scheme. However, they present promising tech to innovate fund transfer operations.

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2469-OPS-9/17/2021

Suzanne Daly of Fidelity Investments - Holistic Wealth Planning and Outsourcing Money Management

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 28 Sep 2021 08:00:00 +0000

In today’s episode, Rusty and Robyn talk with Suzanne Daly, Vice President of Model Portfolios at Fidelity Investments.

After working with brokers, dealers, RIAs, and multi-family offices at Fidelity for more than 18 years, Suzanne now oversees the managed account model portfolios and managed accounts distribution efforts. Together with her team, she helps firms optimize their tech stacks, assembling efficient workflows, and outsource investment management.

Suzanne talks with Rusty and Robyn about the framework for holistic wealth planning, the criteria for outsourcing investment management, and the generational differences and challenges in the advising workplace.

"A financial plan is the map of how individuals get from point A to point B. But there couldn't be a more personalized journey. Your point A looks a lot different than my point A, and my point B may look a lot different than your point B. So the beauty of what an advisor has to do is chart that course for the client." ~ Suzanne Daly

Main Takeaways

Gen Z investors have changed the pace of advisor-client relationships. Baby Boomer investors put a lot of value in portfolio construction management, research, and due diligence whereas Gen Zs are considering the non-financial aspects of their assets (i.e. digital presence).
The three key principles of holistic financial planning include continuous engagement, creating comfortable and personable experiences, and comprehensive services.
Outsourcing to third-party investment managers can help you save time, especially if they are experts in portfolio construction.
Segmentation drives personalization across portfolios. It also ensures high performance and strong ties with every client.
Advisors with high emotional intelligence (EQ), listening skills and empathy, are the ones who build and maintain lasting relationships with their clients.

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2427-OAS-9/8/2021

Glenn Dorsey of Clark Capital - The Importance of Client Portfolio Management

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 21 Sep 2021 08:00:00 +0000

In today’s episode, Rusty and Robyn talk with Glenn Dorsey, head of client portfolio management at Clark Capital Management Group.

By the time he was 10, Glenn already had a deep fascination with the market and was trading stocks. In college, he double-majored in accounting and finance and got his CFA and CAIA designations. Glenn has been offering his expertise in portfolio management to well-known firms for more than three decades, putting Clark Capital’s client advisor service on an explosive growth trajectory.

Glenn talks with Rusty and Robyn about the impact of COVID resurgence and the effects of inflation and government debt on investment decisions.

"It’s like an analogy for turbulence. Would it be surprising if you need to put your seatbelt on for a little bit? No, not really. Is it something that we need to make major changes in the portfolio for? No, not really. Let's just be aware that all of the flights won't be 100 percent smooth all the time." ~ Glenn Dorsey

Main Takeaways

Communication is the key to achieving high performance in an investment firm. Partners and financial advisors need to rally around the goal of delivering excellent results for clients.
Advisors need to be observant of national and local pandemic mandates. The unknown nature of the pandemic makes open communication and ongoing education even more important.
Regardless of the inflation measure you’re looking at, it’s better to be invested and actively managing your portfolio than to hold back.
Most portfolios are balanced between areas that benefit from an economic reopening and those that benefit from work-from-home culture.

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2368-OAS-8/24/2021

Larry Swedroe of Buckingham Strategic Wealth -Evidence-Based Investing and Sustainability

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 14 Sep 2021 08:00:00 +0000

In today’s episode, Rusty talks with Larry Swedroe, the director of research for Buckingham Strategic Wealth.

Larry finished his MBA in Finance and Investment from NYU. Larry stays connected to the financial industry by spearheading research for Buckingham and the BAM Alliance, but he’s also a prolific writer who has authored or co-authored 16 books. His mission is to explain investing theories to investors in an accessible and straightforward way.

Larry talks with Rusty about evidence-based investing, the effects of sustainability on investing, and diversifying portfolios with risky assets.

"You should invest in as many unique sources of risk as you can identify that meet all of the criteria that I established—those five criteria of persistence, robustness, pervasiveness, implementability, and intuitive rationale. Everything we do is based upon not my opinion, but the evidence has to meet those criteria" ~ @LarrySwedroe

Main Takeaways

Evidence-based investing is always the winning strategy. Focusing on the risk you can handle and ignoring stock picking and market timing can help you beat the market.
Larry’sMy three rules of investing — are: give advice based on evidence, identify risk factors, and examine the robustness of the market.
The five criteria for examining risk —are persistence, robustness, pervasiveness, implementability, and intuitive rationale.
Sustainable companies get better ratings, which then eventually helps them increase their cash flows and drive their valuations up. Investors are now seeing this trend, too, and their actions as investors can impact how companies implement their objectives.
Risky assets should have similar risk-adjusted returns. Portfolios must be diverse and should consider including alternative investments.
Blockchain technology is truly innovating the finance world, but the key advice for investors is to assess and accept the changing regulations and the massive illiquidity it might face.

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2344-OAS-8/19/2021

Manish Khatta of Potomac Fund Management - How to Conquer Risk Through Quantitative Investing

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 7 Sep 2021 08:00:00 +0000

In today’s episode, Rusty and Robyn talk with Manish Khatta, President and CIO at Potomac Fund Management, Inc.

Manish is a quantitative analyst and a self-professed math geek. His love for mathematical algorithms and finance blossomed from what was supposed to be a summer job with Potomac before entering law school. Now, a lifelong Protomac employee, he continues to lead and share his expertise in quantitative trading systems.

Manish talks with Rusty and Robyn about conquering risks through tactical investing, the need for creative multimedia in finance, and insights on the future of the industry

"True tactical investing is all about approaching it with a risk mindset. Having the comfort level to exit positions, go to cash, raise cash when you need to be, but then also get back into the market when your signals turn." ~ @ManishKhatta

Main Takeaways

Buy high and sell higher, whatever the asset class. For quantitative investors, their strategy only involves looking at the price without external factors such as climate change, earnings, etc.
Conquering risk is all about avoiding the maximum drawdown. Clients must be educated about it so they can tolerate loss and comfortably go through it in the future.
There are two types of tactical investing: constrained and unconstrained. Constrained only deals with minor adjustments, while unconstrained is freer, without any limitations.
Giving easy access to updates and innovation about your company and the industry, in general, is helpful for retaining clients. Clients want honest, raw, and open truth about the investment process.

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2297-OAS-8/16/2021

Aaron Scully of Janus Henderson Investors - The Promise of Sustainable Investing

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 31 Aug 2021 08:00:00 +0000

In today’s episode, Rusty talks with Aaron Scully, Portfolio Manager on the Global Sustainable Equity Team at Janus Henderson Investors.

Aaron has been with Janus Henderson Investors for more than two decades. Since the beginning, he has helped with implementing the best investment strategies to move sustainability forward. When not at his desk, Aaron enjoys climbing Colorado's 14ers. As a person who grew up in the Midwest, he remembers falling in love with Colorado's scenic environment. The great career development opportunities it offered were just a bonus.

Aaron and Rusty discuss the impact of sustainable investing in our future, different sustainable investing themes, and the effect of sustainable investing on portfolio performance.

"Investing is something you do that seems like a small decision. But it can have a profound impact on society and the environment, depending on how you invest." ~ Aaron Scully

Main Takeaways

Companies that have a product or service that is helping the world are eligible for sustainable investing. Conversely, it must not have any product or service that is detrimental to society.
Sustainability drives high performance. Companies that address huge societal problems can ensure longevity in the industry and attract greater human capital.
The environmental and societal involvement of companies are great indicators in the future of sustainable investing.
Portfolio managers focus on three things when they implement sustainable investing: exclusionary criteria, ESG (environmental, social, and governance) issues tackled, and engagement.
The future is now in sustainable investing. Begin a socially responsible investing journey. More and more companies are allocating their resources to drive sustainability.

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2149-OAS-7/28/2021

Vance Howard of Howard Capital Management - Quantifying Risk and Tactical Investing

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 24 Aug 2021 08:00:00 +0000

In today’s episode, Rusty and Robyn talk to Vance Howard, CEO and Portfolio Manager of Howard Capital Management.

Vance's professional money management career started in 1992 when he founded Chartered Financial Services, Inc. Before founding Howard Capital Management, Vance was also elected four times to Huntsville, Texas City Council and twice as mayor pro tem. His expertise lies in the implementation of various trading systems.

Vance talks with Rusty and Robyn about the difference between tactical investing and defensive investing, using trend indicators to quantify risk, and the overall benefits of the mathematical quantitative approach.

"By having that mathematical mechanism that we've built and that we trade-off of, it took all that emotion out of the equation. You did what the market was doing. The market had turned, the market was going up. And if it didn't go up, the byline would have kicked us back out anyway." ~ Vance Howard

Main Takeaways

Stop guessing and rely on non-emotional mechanical methodologies and mathematical models when investing.
Tactical investing and defensive investing strategies can create great results when they go hand in hand. Know how to tread lightly in a bad market.
To quantify risk, learn to look at indicators. It does not matter what you own, you just have to know what the market’s direction is.
A great money manager and investor knows how to sit through uncomfortable situations and believes in the benefits of the mathematical quantitative approach.

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2110-OAS-7/26/2021

Harin de Silva of Wells Fargo Asset Management - The Role of Big Data in Quantitative Investing

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 17 Aug 2021 08:00:00 +0000

In today’s episode, Rusty and Robyn talk with Harin de Silva, Portfolio Manager for the Analytics Investors Group at Wells Fargo Asset Management.

Harin's focus as a portfolio manager is on equities and factor-based asset allocation strategies. He is also regarded as one of the top quantitative managers in the US and has received the prestigious Graham and Dodd Award of Excellence for his research. Before joining Wells Fargo, Harin also provided economic research services to investors through the Analysis Group, Inc.

Harin talks with Rusty and Robyn about factor-based investing, long/short funds, perspectives on risk analysis, and incorporating big data in investing.

"Our role as quantitative investors is to take what people are doing from a fundamental standpoint and then apply that systematically across a wide range of stocks. And technology is what allows us to do that." ~ Harin de Silva

Main Takeaways

In factor-based investing, investors can easily understand performance and the common themes in structuring portfolios.
Quantitative investing is systematic investing. Quantitative investors don’t just acquire the relevant data; they decide and assign the weight of the factors that affect the structure of the portfolio.
Coming up with an idea is just the first step. Using technology to transform big data into useful information is also critical, especially in improving investment strategies.
In analyzing the performance, volatilities, and drawdowns of funds, consider looking at risk adjustment metrics like the Sortino ratio and the VIX index.
Lower volatility stocks tend to outperform higher volatility stocks because of two key things: human behavior and volatility drag.

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2041-OAS-7/19/2021

Grant Engelbart of Brinker Capital - The Future of ETFs and Cryptocurrency

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 10 Aug 2021 08:00:00 +0000

In today’s episode, Rusty and Robyn talk to Grant Engelbart, Senior Portfolio Manager at Brinker Capital.

Grant has been in the industry for more than a decade. His focus is on trading and managing assets, including ETF mutual funds and single securities. Before working as a portfolio manager, Grant was part of the trading and investment research team at Orion Advisor Solutions.

Grant talks with Rusty and Robyn about ETF investment strategies, crypto as a new alternative asset class, and the non-financial skills needed in finance.

"One of the biggest issues we have in the advisor and investor world today is income generation. With cryptocurrencies, if done the right way, you can create pretty substantial income streams and uncorrelated income streams off of these products." ~ Grant Engelbart

Main Takeaways

When choosing an ETF, the first step is to know the exposure you’ll gain from it. Other factors to consider are ETF concentration, maximum security weight, index ETF, and consistent growth.
Crypto can be a new alternative asset class. The possibilities with crypto are endless, especially with the creation of crypto ETFs and the growth of decentralized finance (DeFi).
Getting familiarized with programming languages, improving your writing, and maintaining positive client relationships are non-financial skills needed in finance.
Be disciplined and recognize the power of staying in the market long-term. Having a consistent yet adaptable process that is aligned with the client’s investment beliefs is important.

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2011-OAS-7/13/2021

Skip Schweiss of the Financial Planning Association - The Merits of CFP Credentials and Fiduciary Standards

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 3 Aug 2021 08:00:00 +0000

In today’s episode, Rusty and Robyn talk to Skip Schweiss, President of the Financial Planning Association (FPA).

Skip has long been passionate about educating financial planners on how they can increase the value they provide to consumers. Before FPA, Skip oversaw TD Ameritrade’s retirement plan services business and public policy advocacy efforts among others. When not in his office, he's hiking somewhere in Colorado.

Skip talks with Rusty and Robyn about the merits of a CFP credential, the importance of personal finance education, and the impact of recent legislative developments and emerging secular trends on the financial planning industry.

"My philosophy is maximum consumer protections, consistent with a reasonable regulatory level of regulatory burden on the providers. If you burden the providers so heavily that they can't even provide the services, you haven't done consumers any good. So, you've got to balance those out." ~ Skip Schweiss

Main Takeaways

Being CFP-certified is one way to increase your credibility and easily gain trust from clients. The profession of financial planning is embedded in the CFP designation.
Promoting consumer protection and minimizing regulatory burdens for financial advisors can go hand in hand. It’s good to have balance in the industry.
There’s a secular trend in the finance industry where advisors are going from being commission-based to fee-based. Conflict of interests can still arise in both approaches so it’s important to remember that financial planning should not be focused on the money, but on how you can help clients.
Urge young people to dive into programs that involve financial planning. The industry can be lucrative since there are a variety of career paths to follow.

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2002-OAS-7/13/2021

Scott Helfstein of ProShares - How to Leverage and Position Thematic Funds

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 27 Jul 2021 08:00:00 +0000

In today’s episode, Rusty and Robyn talk to Scott Helfstein, Executive Director of Thematic Investing at ProShares.

Scott's military background and investing expertise paved the way for understanding the complexity of decision-making and resource allocation for individuals, especially in times of uncertainty. Recently, his focus has been on helping people build thematic portfolios that can boost long-term returns. Together with Proshares, Scott brings cutting-edge innovation to the ETF space.

Scott talks with Rusty and Robyn about the benefits of thematic investing, the positioning of thematic funds in portfolios, and the four themes to look out for when investing in the long-term.

Themes give people things they experience in the everyday world that they associate with. And I think that's really what's driven the growth. That’s part one. Part two is that most of the themes that are put out in the market are future-forward." ~ Scott Helfstein

Main Takeaways

There are three selling points of thematic investing: secular changes to the global economy, long-term trends, and high-growth opportunities.
Rather than anticipate linearly, learn to see the exponential changes—especially with regard to the four long-term themes: work, genomics & telehealth, digital consumer, and food revolution.
You can allocate 5-10% of your portfolio in thematic ETFs. However, do the basket approach first and weigh meticulously what would be an immense player in the long-term.
Whatever ETF you put out, make sure that you’re bringing in something new at the table—innovate.

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1941-OAS-7/1/2021

Sal Gilbertie of Teucrium Trading LLC. - The Future of Commodity Markets and Creative Diversification

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 20 Jul 2021 08:00:00 +0000

In today’s episode, Rusty and Robyn talk to Sal Gilbertie, President and Chief Investment Officer at Teucrium Trading, LLC.

Sal’s first experience in trading and brokering was at Cargill in the early 80’s. After getting some reps in, he realized that trading securities stocks wasn’t a long-term venture for him. He moved on from there to an ethanol futures desk, which traded about 30 different commodities. Building on his experience, Sal created ETFs on agricultural products, and consequently, launched his own firm.

Sal talks with Rusty and Robyn about agriculture-focused portfolio diversification, the challenges to the agriculture industry, and the future of the commodity market.

"There's so much innovation going on. It's astounding. What's happening now is I'd say, in 10 years, big grains are the place that money's going to flow—as it has been doing." ~ Sal Gilbertie

Main Takeaways

Diversify your portfolio by investing in agricultural products. Commodities have volatility like stocks, but they have low correlations to stocks like bonds.
The best time to buy grains is when they’re flatline, when they’re ‘boring’. Most are yet to realize the great potential of agricultural investment funds.
Good traders must focus on the opportunities more than the risks. Good investors, on the other hand, must do open-minded research and then have a patient, disciplined approach when investing.

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1940-OAS-6/30/2021

Ken Sleeper of Sierra Investment Management - Tactical Investing and Rejecting Popular Opinion

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 13 Jul 2021 08:00:00 +0000

In today’s episode, Rusty and Robyn talk to Ken Sleeper, Co-Founder and Managing Director of Sierra Investment Management.

Ken has been the industry’s go-to expert for advanced risk and portfolio management for decades. Unswayed by hype, Ken is known for making company decisions based on relevant information and remaining firm in his choices.

Ken talks with Rusty and Robyn about the secret behind Sierra’s decades of success, tactical rules-based investing, and the current market outlook on income, equity, and cryptocurrencies.

"There are almost too many points of view—what we need to have is a cohesive strategy and not react to the latest talking head or the latest point of view. Having a strategy that gets implemented on a daily basis is so important." ~ Ken Sleeper

Main Takeaways

Clients come first. The secret to staying on top is knowing what your firm is good at and sticking to it.
The three main asset classes at this point are income, equity, and cryptocurrencies. Always think about your level of knowledge about your investment, your risk exposure, and your resources.
To be a great financial advisor and investor, you have to be tactical. Learn from others’ mistakes and keep your eyes on the market, but don’t make quick decisions because of hype.

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1915-OAS-6/28/2021

Dave Lundgren of the Fill the Gap Podcast - Mastering Your Investment Style

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 6 Jul 2021 07:00:00 +0000

In today's episode, Rusty and Robyn talk with Dave Lundgren, a 30-year investment veteran who is now the co-host of the Fill The Gap podcast.

Dave is an expert in technical analysis strategies. He’s especially adept at watching trends and momentum swings in stock valuation. Currently, Dave serves on the CMT Association’s board of directors and is a private investor.

Dave talks with Rusty and Robyn about the wonders of technical analysis, the difference between following trends and the following momentum, the role of sentiment in stock valuation, and how to master your investment style.

“It's not about finding the holy grail—finding the style that makes money all the time. It's about finding the style that fits you, and knowing that style inside and out so that when things are going wrong, you don't take it personally." ~ Dave Lundgren

Main Takeaways

Technical analysis is as important as fundamental analysis. It's your road map; it shows you how to get to your destination.
Focus on the price. There's a universal formula for price and it involves stock valuation and sentiment.
Master your own investing style. There's no absolute investing approach that makes more money over the long-term. Making money and overcoming setbacks are all about the execution of whichever method you use.

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Jake Gilliam of Charles Schwab & Co. - Reimagining Asset Allocation and Building Investment Portfolios

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 29 Jun 2021 07:00:00 +0000

In today’s episode, Rusty and Robyn talk with Jake Gilliam, Head of Multi Asset Solutions at Charles Schwab & Co. Inc.

Jake is a 20-year veteran at Charles Schwab, who has taken on a lot of different positions in his tenure, eventually landing in the multi-asset solutions group. The investment bug bit him early on as an intern with Schwab, and he never looked back.

Jake talks with Rusty and Robyn about fundamental weighting, what it means to be strategic and tactical, and how human-to-financial capital shifts over time and what that means for risk tolerance.

“If you do the right thing for clients with a multi-asset class portfolio or any other service that truly helps them, you can help a lot of people that you’ll never meet eye-to-eye, and that’s something really powerful about our industry.” ~ Jake Gilliam

Main takeaways

Being strategic means that you’re making an investment decision for the long-term and recognizing what the market conditions might be during that time rather than trying to time the markets.
Advisors or those in financial services should always be focused on helping investors get a plan, stick to that plan, and have a good outcome. We want them to be in a place where clients won’t overreact or sell off their assets at the worst times.
If you look at how the ratio of human and financial capital changes over time with a client, it can help you understand where they might be able to tolerate more or less risk along the way.

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Christopher King of Eaglebrook Advisors - Understanding the Urgency of Crypto for Advisors

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 22 Jun 2021 07:00:00 +0000

In today’s episode, Rusty and Robyn talk to Christopher King, Founder and CEO of Eaglebrook Advisors.

Christopher King is a seasoned financial advisor who’s based in Jersey City, New Jersey. Together with his team at Eaglebrook Advisors, they provide digital asset-focused investment management solutions to wealth managers, RIAs, private banks, and institutions.

Chris talks with Rusty and Robyn about the role of bitcoin as an emerging store value, why advisors need to educate themselves around crypto, and some brilliant strategies on why to use crypto as a portfolio diversifier.

“We’re seeing from an advisor’s perspective that understanding how Bitcoin and crypto work from an education perspective is a now defense as opposed to offense. Advisors need to talk about it articulately to their clients—or their clients are gonna go somewhere else.” ~ @cjking711

Main takeaways

Bitcoin is an emerging store value, comparable to gold, even with its extreme volatility. This blue-chip asset satisfies Paul Tudor Jones’ four characteristics of a store value: trustworthiness, liquidity, portability, and purchasing power.
Advisors need to talk about crypto investing articulately to their clients. They need to be informed and updated with how crypto is changing the investment landscape.
There are 3 (+1) talking points for advisors when clients are looking into adding crypto to their portfolios. And, in terms of position sizing, a 3-4% slice of a client’s portfolio can be allocated to crypto.

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Ryan Issakainen of First Trust Portfolios - Inflation Concerns and a Deep-Dive on ETFs

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 15 Jun 2021 07:00:00 +0000

In today’s episode, Rusty and Robyn talk with Ryan Issakainen, ETF strategist and SVP at First Trust Portfolios.

When Ryan graduated college, he spent nine weeks traveling Europe and hopped from temp job to temp job before landing at First Trust Portfolios. He realized pretty quickly that First Trust was a place he could happily grow into professionally. 22 years later, he’s certainly done so.

Investors succeed as a result of the advice and conviction presented by investment professionals. So for Ryan and First Trust, the best way to help investors is to help the advisors in their ears. At First Trust, Ryan helps the firm advocate for advisors through innovative products and intellectual property.

Ryan talks with Rusty and Robyn about all things ETFs including what’s ahead for the ETF industry, whether advisors should worry about inflation, and why transparency is everything.

“The most important thing that an economist can do isn’t that they nail the S&P end of the year number, because nobody’s really gonna do that consistently. They’re not fortune-tellers. It’s really directionally, and that’s what their team is more focused on. They’ve got their models, but what they want to make sure they get right is to say, ‘the market is too cheap or too expensive with stocks’ or ‘commodities are going to be a good place to be.’ That is the most important part.” ~ Ryan Issakainen

Main takeaways

The ETF industry will continue to grow. However, the growth may not be in the S&P 500, but the less obvious avenues like active management, factors, and themes.
ETFs tend to be more tax-efficient regardless of which bracket you land in. However, it’s not the only feature that makes ETFs a hot commodity. The transparency and the real-time pricing are equally as valuable.
The benefits of transparent portfolios always outweigh the downfalls of transparency.

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1757-OAS-5/28/2021

Amy Magnotta of Brinker Capital - The Future of Portfolios, and Women in Finance

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 8 Jun 2021 07:00:00 +0000

In today’s episode, Rusty and Robyn talk with Amy Magnotta, SVP and Head of Discretionary Portfolios at Brinker Capital Investments.

Amy landed a job in investments right out of college. While it wasn’t her ideal job, she learned a great deal about investments, particularly fixed income. After stints at BlackRock and Franklin Park, Amy joined Brinker in 2006 and hasn’t looked back. Today Amy manages active and diversified portfolios, constantly focusing on helping advisors and clients achieve their financial goals through investments.

Amy talks with Rusty and Robyn about key qualities of top investment firms, the role of behavioral finance, why the pandemic helped women in finance, and her outlook on the evolution of portfolios.

“Challenge yourself to read opposing opinions. I think that’s hard for most people. It’s hard for me. But you should really be able to. Especially when you’re thinking about making investment decisions you should really be able to have that opposing opinion and make sure your thesis is bulletproof by being able to defend it.” ~ Amy Magnotta

Main takeaways

Mentors don’t need to be professionals in your field. Seek out whoever can be helpful.
Read as much as you can, always ask questions, and always ask others how you can be helpful. Don’t worry about being annoying, worry about being an advocate for yourself.
Find ways to wade through the overwhelming amount of information that’s out there. Set a specific time to catch up on trends and reading each day and always read opposing viewpoints.

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1689-OAS-5/20/2021

Jay Jacobs and Tom Driscoll of Global X ETFs - Thematic ETFs and Income-Based Investing

garegantuan@gmail.com (Orion Portfolio Solutions) — Mon, 31 May 2021 07:00:00 +0000

In today’s episode, Rusty and Robyn talk with Jay Jacobs & Tom Driscoll of Global X ETFs in New York City. Jay is the Head of Research & Global Strategy while Tom leads model portfolio sales.

Jay’s goal at Global X ETFs is to develop a deep understanding of new industry products and share those insights with clients as products are released. In doing so, his team works to strategize the implementation of advances in technology and integrate new products into clients’ overall portfolios. Tom is responsible for bringing thematic and income-based strategies straight to the marketplace.

Jay and Tom talk with Rusty and Robyn about the progression of our modern economy, why thematic investing is much more than a marketing gimmick, and exactly how much investors should allocate to thematic investing.

“The way I think about thematic investing is trying to get a jumpstart on the next leaders. The next leaders of individual sectors, the next leaders of the S&P 500, maybe even the NASDAQ 100. Not all of these companies will succeed, but the idea is that investing in an ETF that can give you exposure to 30, 40, or 50 names in a space like Genomics or in a space like FinTech, lets you participate in the rise of that industry before it even starts to be a blip on the S&P 500.” ~ @jayjacobsCFA

Main takeaways

The new investors of our time getting into robo advising have a bright future ahead. Those platforms aren’t going away and they’re an opportunity for advisors and investors alike to improve client outcomes and expand their portfolios.
Change in the financial industry is driven by investor demographics. ETFs like FinTech are helping an industry known for being the last to change, embrace disruption. Advisors must develop technology and services that can meet the unmet needs of the next generation of investors.
Global X ETFs approaches thematic investing from a model portfolio perspective as a type of satellite strategy, using ETFs to compliment someone’s core portfolio.

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1717-OAS-5/24/2021

Scott Ladner of Horizon Investments - Income Investing and Risk Management

garegantuan@gmail.com (Orion Portfolio Solutions) — Fri, 21 May 2021 20:30:56 +0000

In today’s episode, Rusty and Robyn talk with Scott Ladner, Chief Investment Officer at Horizon Investments in North Carolina.

After majoring in economics and Russian literature in college, Scott decided that the financial industry was a better career path for him. He started as a derivatives and volatility trader for banks and hedge funds, before starting his own arbitrage hedge fund that eventually folded into Horizon Investments.

Scott talks with Rusty and Robyn about the tailwinds that are pushing the markets forward, the state of cryptocurrency, and what it means to be a truly tactical investor. He also shares strategies for how to change and evolve in a fast-paced industry.

“In a goals-based framework, the way you define the return and the way you define risk mathematically changes depending on where your client is with respect to their financial plan. Is their primary objective growing assets or protecting assets? That primary objective will help inform the primary metric we use to define risk. And that combination will drive how the money ends up being managed.” @horizoninvestment

Main takeaways

There are consistent positive returns if you look in unlikely places. A bond portfolio is going to do well and provide positive returns.
Like everything else in life, a portfolio is about trade-offs. Clients should think about the four most critical components of their portfolio before making decisions about allocation: liquidity, inflation protection, portfolio growth, and legacy wealth.
Clients thrive with clear expectations. Happy clients come from clear expectations of how a product is meant to perform.

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1694-OAS-5/20/2021

Dr. Daniel Crosby of Orion - Behavioral Finance Strategies & Best Practices

garegantuan@gmail.com (Orion Portfolio Solutions) — Thu, 8 Apr 2021 17:15:11 +0000

In today’s episode, we discuss behavioral finance as a practical tool for advisors to enhance their business & strengthen client relationships. A deep understanding of these strategies can help advisors identify bias while better understanding investor behavior and the overall market. Guest: Orion Advisor Solutions’ Dr. Daniel Crosby.

Show Notes:

Brinker Capital Investments Blog Post: Positioning yourself as a behavioral coach

Ted Talks from Dr. Daniel Crosby:

Latest Books by Dr. Daniel Crosby

Rusty on The Meb Faber Show Podcast

Dr. Daniel Crosby on The Meb Faber Show Podcast

1198-OAS-04/08/2021

Klaus Thuerbach of PIMCO - Commodities Uncovered

garegantuan@gmail.com (Orion Portfolio Solutions) — Mon, 29 Mar 2021 13:51:03 +0000

In today’s episode, we discuss all things commodities along with the risk and reward associated with this asset class and a few of the best ways advisors can invest in the market. We also recap the recent volatility in the fixed income markets and how those market moves could impact portfolios going forward. Guest: PIMCO’s Klaus Thuerbach

0956-OPS-3/22/2021

Jeff Spiegel of iShares - Investing in Megatrends

garegantuan@gmail.com (Orion Portfolio Solutions) — Mon, 8 Mar 2021 19:03:00 +0000

In today’s episode, we analyze various megatrends impacting global economies, how advisors can tap into these movements through ETFs and what goes into a good story. We also discuss monumental trends on the horizon and how/when these trends become investable. Guest: iShares’ Jeff Spiegel.

3194-OAS-11/24/2020

Felipe Toews of Toews Asset Management - The Behavioral Portfolio Design

garegantuan@gmail.com (Orion Portfolio Solutions) — Mon, 25 Jan 2021 20:51:28 +0000

In today’s episode, we discuss the major headwinds impacting the market landscape in 2021, investing in fixed income today and risk management strategies. We also discuss how advisors can utilize behavioral finance to build client relationships and help navigate market uncertainty along with the practical implication of both strategies. Guest: Felipe Toews, Founder and CEO of Toews Asset Management.

Show Notes:

IWI White Paper: New Investor Research by Investments & Wealth Institute and Toews Asset Management Provides Unique Insights into Investors’ Behavior and Perception Under Extraordinary Market Conditions.

Behavioral Investing Institute website.

Past Episode: Episode 53: The Orion Due Diligence Process | Guest: Phil Toews, Toews Corp

0217-OAS-01/25/2021

Kim Arthur of Main Management - Investing in Disruption & Innovation

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 5 Jan 2021 15:45:36 +0000

In today’s episode, we discuss how advisors can tap into the growth of disruptive technologies and areas of innovation around the world. We also give an in-depth look at how these investment opportunities could remain attractive over the long-term. Guest: Main Management’s Kim Arthur.

Show notes:

Kim Arthur on The Weighing Machine - February 20, 2020.

Main Management and Orion Webinar: “‘Four Legs of the Stool’ with Main Management's CEO and Portfolio Manager, Kim D. Arthur”

0007-CLS-01/04/2021

Tom Lydon of ETF Flows - Past, Present & Future of ETFs

garegantuan@gmail.com (Orion Portfolio Solutions) — Fri, 11 Dec 2020 15:45:43 +0000

In today’s episode, we dive head-first into the ETF landscape and what the future could hold for thematic, non-transparent and actively managed ETF strategies. We also discuss the tailwinds and potential headwinds facing these investments today, like direct indexing. Guest: ETF Flows’ Tom Lydon.

Show notes:

ETF Trends Working From Home FA Survey

3314-OAS-12/09/2020

Matthew Goulet of Fidelity Investments - Understanding The Model Marketplace

garegantuan@gmail.com (Orion Portfolio Solutions) — Fri, 13 Nov 2020 20:44:24 +0000

In today’s episode, we give an in-depth look at the model marketplace, why more advisors are using model portfolios today and how these investment products can help advisors scale their business and enhance client relationships. Guest: Fidelity Investments’ Matthew Goulet.

3037-OAS-11/12/2020

Chris Romano of Orion - Cybersecurity & The Power of Direct Indexing

garegantuan@gmail.com (Orion Portfolio Solutions) — Thu, 29 Oct 2020 17:39:32 +0000

In today’s episode, we discuss why the cybersecurity sector is an attractive investment play as the digital age continues to take shape, where advisors can find opportunities to hedge inflation in today’s market and how to position portfolios during and after election season. We also provide an indepth look at direct indexing and how it can help provide superior client service. Guest: Orion Advisor Tech’s Chris Romano.

2774-OAS-10/27/2020

Tim Holland of Brinker Capital - What Really Matters: Politics or Policy?

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 13 Oct 2020 20:28:27 +0000

In today's episode, we discuss the upcoming election and its impact on the market, what headwinds face advisors during this time, how to address them, and tips to encourage investors to stay the course. Guest: Tim Holland of Binker Capital Investments.

2601-OAS-10/13/2020

Jeff Mueller of Polen Capital - Different Take on Long Term Investing

garegantuan@gmail.com (Orion Portfolio Solutions) — Fri, 2 Oct 2020 16:19:44 +0000

On today’s episode, we’re joined by Jeff Mueller, portfolio manager at Polen Capital, who explains how his career in the Marines inspired him to get into the investing business. Jeff also gives an in-depth look at Polen Capital’s unique investment strategies, which are available on the Orion platform and how they work in today’s environment.

2514-OAS-10/01/2020

Episode 69: A Modern Day Golden Era?

garegantuan@gmail.com (Orion Portfolio Solutions) — Thu, 24 Sep 2020 17:45:37 +0000

On the podcast today, we discuss how advisors should diversify their portfolios as volatility returns, inflation increases and Big Tech’s dominance is tested. We also share our economic outlook on the market & Orion’s latest wins at the 2020 Wealth Management Awards.

2452-OAS-09/24/2020

Rob Arnott of Research Affiliates - Suggestions For Today’s Market

garegantuan@gmail.com (Orion Portfolio Solutions) — Fri, 21 Aug 2020 14:26:27 +0000

In this episode, we discuss whether or not a market bubble is on the horizon, why value is more attractive than growth, and the limitations of a traditional 60/40 portfolio. Plus, we cover the “Three ‘D’ Hurricanes” that can impact global asset classes. Special guest: Rob Arnott, founder and chairman of the board of Research Affiliates.

2170-OAS-08/20/2020

Episode 67: Is Your Portfolio Good As Gold?

garegantuan@gmail.com (Orion Portfolio Solutions) — Mon, 17 Aug 2020 14:31:08 +0000

In this episode, we provide an up-to-date market outlook and discuss the importance of due diligence. Plus, the largest antitrust investigation in 50 years, opportunities in fixed income and why investors should own gold.

2114-OAS-08/14/2020

Bob Baker of Advanced Asset Management Advisors - Tailwinds Propelling Market Momentum

garegantuan@gmail.com (Orion Portfolio Solutions) — Fri, 24 Jul 2020 19:21:19 +0000

In this episode, we discuss the market's steady, yet choppy incline and what advisors need to know when navigating the market environment. Special guest: Advanced Asset Management Advisors Bob Baker (3:20).

1896-OPS-7/24/2020

Episode 65: Staying Balanced Plus Big News From Orion

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 14 Jul 2020 19:19:29 +0000

In this episode, we find some positivity in a sea of negative news. We also discuss balanced portfolios — and how we might want to change them — and what will the election mean for the markets? Plus, big news from Orion and Brinker Capital.

1778-CLS-07/14/2020

Horacio Carias of Orion - Second Half 2020 Expectations Plus New Strategy Launches

garegantuan@gmail.com (Orion Portfolio Solutions) — Mon, 29 Jun 2020 21:16:13 +0000

In this episode, we discuss what the future could hold for investors in the second half of 2020; Robyn asks some tough questions to Rusty; Rusty turns the tables on Robyn; and we get an in-depth look into Orion's new biotech, metals & mining strategies. Special guest: Orion Portfolio Solutions' Horacio Carias.

1677-OPS-6/29/2020

Case Eichenberger of CLS Investments - The End of Value Investing?

garegantuan@gmail.com (Orion Portfolio Solutions) — Thu, 11 Jun 2020 18:50:49 +0000

In this episode, will value investing ever come back? Or are traditional market cycles being upended in a new world order? We tackle your most common questions as the economy reopens. Special guest: CLS Investments' Case Eichenberger.

1529-OAS-6/11/2020

Jack McIntyre of Brandywine Global - Bear Market Optimism & Overlooked Opportunities

garegantuan@gmail.com (Orion Portfolio Solutions) — Fri, 22 May 2020 15:47:53 +0000

In this episode, we discuss several reasons why investors should be optimistic about the market going forward, the potential for a market recovery, and major takeaways from the digital Berkshire Hathway meeting. Special guest: Brandywine Global's Jack McIntrye (33:38).

1369-OAS-5/21/2020

Michael Arone of State Street Global Advisors - Earnings Season and The Coronavirus Crash

garegantuan@gmail.com (Orion Portfolio Solutions) — Wed, 6 May 2020 14:12:28 +0000

In this episode, we evaluate the economic environment heading into earnings season as the market recovery continues and share five key takeaways from the COVID-19 outbreak. Special guest: State Street Global Advisors Michael Arone (11:47).

1196-OPS-5/5/2020

Marc Nabi of Capital Group - Global Markets' Reaction to Turm-Oil

garegantuan@gmail.com (Orion Portfolio Solutions) — Wed, 29 Apr 2020 11:45:53 +0000

In this episode, we discuss how the price war between Saudi Arabia and Russia oil has impacted the global market environment, the impact of a major cash drawdown, and how economies are restarting around the world. Special guest: Capital Group's Marc Nabi (16:58).

1133-CLS-4/28/2020

Sean Clark of Clark Capital - Economic Recovery Prospects

garegantuan@gmail.com (Orion Portfolio Solutions) — Fri, 24 Apr 2020 14:39:19 +0000

In this episode, we recap the worst Q1 in market history and the odds of an economic recovery in the near-term. We also explain how advisors can rebalance their portfolios to prepare for what's ahead and how ETFs have fared during the COVID-19 outbreak. Special guest: Clark Capital's Sean Clark (34:16)

Clark Capital is not affiliated with Orion and does not explicitly approve or endorse any services, information, recommendation, or other opinions expressed or presented by Orion as part of these materials.

Compliance Code: 1055-OPS-4/21/2020

Abe Sheikh of Cougar Global Investments - Economic Impact of COVID-19

garegantuan@gmail.com (Orion Portfolio Solutions) — Mon, 30 Mar 2020 18:19:53 +0000

In this episode, we review the economic impact of the coronavirus pandemic. Will the historic stimulus package and unprecedented steps by the Fed be enough to stem the damage? Special guest: Cougar Global Investments’ Abe Sheikh (33:37) 0801-OPS-3/30/2020

Peter Sousa of Litman Gregory - Weathering the Storm

garegantuan@gmail.com (Orion Portfolio Solutions) — Mon, 23 Mar 2020 19:56:49 +0000

In today’s episode we review the market turmoil — what’s crashing, what’s surviving, and is anything thriving? We also discuss what we’re doing to combat the crisis and keep your portfolios safe. Special guest: Litman Gregory’s Perter Sousa (29:37) 0712-OPS-3/23/2020

Erin Leighty of PIMCO - Pandemic Impact

garegantuan@gmail.com (Orion Portfolio Solutions) — Mon, 16 Mar 2020 17:22:16 +0000

In this episode, we discuss the market impact of the coronavirus, as the implications of the outbreak reverberate around the world. Special guest: PIMCO’s Erin Leighty (24:21) 0624-OPS-3/16/2020

Terri Spath of Ocean Park - USA! USA!

garegantuan@gmail.com (Orion Portfolio Solutions) — Mon, 2 Mar 2020 14:51:00 +0000

In this episode, we discuss the current risk-off environment, Americans’ approach to saving money, the benefits of international diversification and why we may appear to have a “bias” against the U.S. market. Along with CLS Investment Research Analysts Michael Hadden and Nick Codola, we also discuss which sectors are making money and our newest publication: The Snapshot....

Kim Arthur of Main Management - Market Volatility

garegantuan@gmail.com (Orion Portfolio Solutions) — Thu, 20 Feb 2020 15:28:01 +0000

In this episode, CLS Investments’ Chief Investment Officer, Marc Pfeffer, discusses the reasons for the market’s recent sell-off (including the coronavirus and U.S. elections), insights on market volatility, whether Tesla is a good buy, and income strategies for the current market environment. In addition, (at the 17:30 mark) Rusty talks to the CEO and president...

Phil Toews of Toews Corp - The Orion Due Diligence Process

garegantuan@gmail.com (Orion Portfolio Solutions) — Mon, 3 Feb 2020 02:55:39 +0000

We are excited to introduce a new format for The Weighing Machine podcast. From now on, in addition to hearing market insights from the investment team at CLS Investments, you will also hear an in-depth interview with a strategist at Orion Portfolio Solutions, CLS’s sister company. In this episode, Orion Director of Investment Due Diligence...

Grant Engelbart of CLS Investments - The State of ETFs

garegantuan@gmail.com (Orion Portfolio Solutions) — Fri, 17 Jan 2020 20:00:06 +0000

A look at the state of the ETF marketplace, important changes to retirement planning, and the market impact of recent military action in Iran. CLS Director of Research and Senior Portfolio Manager Grant Engelbart sits down to discuss the most attractive areas of the market and improvements made to CLS’s Risk Budgeting methodology. This week’s...

Marc Pfeffer of CLS Investments - The Value of Financial Planning

garegantuan@gmail.com (Orion Portfolio Solutions) — Wed, 18 Dec 2019 20:40:24 +0000

This week, Orion CIO Rusty Vanneman, CFA, CMT, digs into the value of outsourcing investment management, the importance of due diligence, and how news headlines have driven markets in 2019. Rusty is joined by CLS CIO Marc Pfeffer who shares his take on recent market news, including a “phase one” trade deal between the U.S....

Grant Engelbart of CLS Investments and Ryan Beach of Orion - Active Management’s Time to Shine

garegantuan@gmail.com (Orion Portfolio Solutions) — Fri, 6 Dec 2019 21:49:50 +0000

Rusty is joined by CLS Directors of Research and Senior Portfolio Managers Grant Engelbart, CFA, CAIA, and Kostya Etus, CFA, to discuss the return of active management, lingering fears of a recession, how to measure risk, and finding diamonds in the rough. This week’s guest is Orion Chief Operating Officer Ryan Beach. Ryan talks about...

Jeovany Zelaya, Michael Hadden, and Nick Codola of CLS Investments - Common Investor Questions

garegantuan@gmail.com (Orion Portfolio Solutions) — Fri, 15 Nov 2019 18:02:19 +0000

This week, we answer some of the most common recent questions we’ve been hearing from investors, and we share our expectations for the rest of 2019. Plus, CLS Client Portfolio Manager Jeovany Zelaya and analysts Michael Hadden and Nick Codola sit down to discuss the importance of diversification, connecting with new generations of investors, and...

Marc Pfeffer of CLS Investments - Yield Curve Un-Inversion

garegantuan@gmail.com (Orion Portfolio Solutions) — Thu, 31 Oct 2019 18:11:16 +0000

As the U.S. and China seem to be making progress on trade negotiations – we’re discussing what the latest developments could mean for investors. Plus, after the recent un-inversion of the yield curve – is there still a possibility of an impeding recession? And, CLS Chief Investment Officer Marc Pfeffer discusses why bonds have had...

Marc Pfeffer and Bruce Bischoff of CLS Investments - Tweet-Sized Insights & A Sales Master

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 10 Sep 2019 21:15:48 +0000

Lessons from a volatile month, Tweet-sized answers to your top questions, and is Warren Buffett’s investing style still relevant? [2:05] CLS Chief Investment Strategist Marc Pfeffer talks about moves by the Federal Reserve, trade tensions, and President Trump’s Tweets that have prompted recent market volatility. [33:15] This week’s guest is Bruce Bischoff, CLS’s head of...

Grant Engelbart of CLS Investments - Implications of the Fed Rate Cut

garegantuan@gmail.com (Orion Portfolio Solutions) — Thu, 8 Aug 2019 15:10:50 +0000

In this jam-packed episode, Rusty discusses the Fed’s rate cut, ETF performance, and the surprising relationship between ETFs and expense ratios. [14:20] Plus, CLS Director of Research and Senior Portfolio Manager Grant Engelbart sits down to talk about the power of compounding, small-cap stocks, and highlights from CLS’s recent Investment Committee meeting. [27:59] This episode’s...

Dr. Nicholas Arreola of CLS - Resilience & Inflation

garegantuan@gmail.com (Orion Portfolio Solutions) — Thu, 25 Jul 2019 15:06:20 +0000

[2:23] A lot has changed since the birth of our nation, but one thing that has persevered is inflation! [5:02] Plus, CLS Senior Client Portfolio Manager Case Eichenberger talks about why investors should learn to love their bonds and the importance of being resilient. [24:04] Rusty interviews CLS Chief Behavioral Scientist and Analytics Officer Nicholas...

Michael Arone of State Street Global Advisors - How Likely is a Recession?

garegantuan@gmail.com (Orion Portfolio Solutions) — Mon, 8 Jul 2019 14:30:45 +0000

CLS President & CIO Rusty Vanneman answers some of the top questions he has been hearing from investors – including “how likely is a recession?”. [6:20] CLS Deputy Chief Investment Officer Joe Smith breaks down how we’re helping investors search for yield in a low-rate environment. [21:26] Plus, a discussion on investing opportunities in artificial...

Mike Forker of Orion Advisor Tech - Value Investing & The Importance of Global

garegantuan@gmail.com (Orion Portfolio Solutions) — Mon, 3 Jun 2019 20:56:41 +0000

[1:15]Rusty reviews the markets, what to expect from the negative investor sentiment, and the highly bullish bond sentiment. [3:00] Plus, key points to keep in mind when evaluating earnings data. [4:40] Senior Portfolio Manager Kostya Etus covers the importance of global investing for a smoother investment ride, and [15:35] is value investing dead? [22:08]Why are...

Bill Hoyt of Lattice Strategies - Sell in May and Go Away? Not so Fast!

garegantuan@gmail.com (Orion Portfolio Solutions) — Wed, 8 May 2019 20:12:31 +0000

[3:08] We debunk the old saying “Sell in May and go away.” [5:41] CLS Deputy Chief Investment Officer Joe Smith explains why healthcare stocks have lagged behind the rest of the U.S. market lately. [7:27] Plus, we check in on past returns and future expectations. [23:17] Rusty interviews Bill Hoyt, Head of Research and Portfolio...

Kray Zeller of CLS Investments- March Madness & Construction Management

garegantuan@gmail.com (Orion Portfolio Solutions) — Fri, 29 Mar 2019 14:01:29 +0000

Rusty is joined by CLS Director of Research and Senior Portfolio Manager Grant Engelbart for a discussion on recent market activity and sentiment. [4:19] Many parallels exist between March Madness and the way some people select their investments. We look at lessons from the sports world that can help lead to better investing choices. [6:57]...

Todd Clarke of NorthStar - True Value of Financial Advice

garegantuan@gmail.com (Orion Portfolio Solutions) — Fri, 8 Mar 2019 20:18:58 +0000

Guest: Todd Clarke, NorthStar Financial Services Board Member & Former CEO of CLS. [4:44] Why long-term investors should avoid the pitfall of chasing performance. [6:45] CLS Client Portfolio Manager Jeovany Zelaya discusses the true value of a financial advisor in the ever-changing financial environment. [24:52] NorthStar Board Member & former CLS CEO Todd Clarke sits...

Eric Clarke of Orion - Trading Lessons from the NBA

garegantuan@gmail.com (Orion Portfolio Solutions) — Thu, 14 Feb 2019 19:41:51 +0000

Guest: CEO of Orion Advisor Services Eric Clarke. [2:14] When will the market reward its most attractive segments? It’s actually already happening. [6:12] Plus, CLS Chief Investment Strategist Marc Pfeffer discusses how the NBA can teach investors a lesson of avoiding bad trading partners. [19:23] Orion Advisor Services CEO sits down with Rusty to discuss...

Mike Zarren of CLS Investments - Staying Disciplined & What’s New with Brexit

garegantuan@gmail.com (Orion Portfolio Solutions) — Thu, 31 Jan 2019 22:48:31 +0000

Guest: CLS Senior Vice President of National Accounts Mike Zarren. [1:27] What’s happening with Brexit, do we think a bear market is on the horizon, and lessons learned from John C. Bogle, founder of The Vanguard Group. [8:15] CLS Portfolio Manager Shana Sissel discusses where we are in the economic cycle and potential diversification benefits...

Michael Hadden, Dustin Dorhout, and Aleck Liu of CLS Investments - Reasons to be Optimistic

garegantuan@gmail.com (Orion Portfolio Solutions) — Wed, 9 Jan 2019 18:36:46 +0000

Guests: CLS Analysts Michael Hadden, Dustin Dorhout, and Aleck Liu. [2:30] A play-by-play of some of the wildest swings in December, starting with the yield curve inversion, and major factors that sparked the increase in market volatility. [11:04] What we think about a potential looming recession, and reasons investors should be optimistic in 2019. [18:50]...

Dean Cook of FTJ FundChoice - Staying Focused in the New Year

garegantuan@gmail.com (Orion Portfolio Solutions) — Fri, 28 Dec 2018 16:07:34 +0000

Guests: Dean Cook, CEO of FTJ FundChoice and Julie Lane, Head of Human Resources at Northstar Financial Services. [1:36] We dig into some of the biggest reasons 2018 was a tough year in the markets and how we’re staying focused in the new year. [3:55] CLS Chief Investment Strategist Marc Pfeffer explains what the yield...

Paul Baiocchi of Fidelity - Defense Wins Championships

garegantuan@gmail.com (Orion Portfolio Solutions) — Mon, 26 Nov 2018 19:22:07 +0000

Guest: Paul Baiocchi, VP, ETF Business Development at Fidelity Institutional Asset Management. [1:23] Why we believe the markets could finish the year on a strong note. [4:26] CLS Senior Portfolio Manager Kostya Etus discusses how we can focus on controlling risk during choppy markets – why a globally balanced portfolio can benefit investors – and...

John Diehl of Hartford Funds - The October “Correction” & A New Vision of Retirement

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 6 Nov 2018 22:51:30 +0000

Guest: John Diehl, Senior Vice President of Strategic Markets for Hartford Funds. [1:25] How CLS portfolios fared in a rough month for the markets and what we expect moving forward. [9:00] CLS Senior Portfolio Manager Case Eichenberger discusses whether the October correction fits the technical definition of a “correction.” Plus, is CLS interested in including...

Kevin Zlomke and Grant Engelbart of CLS Investments - Time is on Our Side & Myths of ESG

garegantuan@gmail.com (Orion Portfolio Solutions) — Mon, 8 Oct 2018 14:00:34 +0000

Guest: Kevin Zlomke, CLS Institutional Trading Manager. [2:20] A discussion with CLS Senior Portfolio Manager/Co-Director of Research Grant Engelbart on how investors benefit from having time on their side, a major change to the financial market classification, and how different asset classes have different seasons. [13:50] Plus, we break down three myths and three key...

Case Eichenberger and Jeovany Zelaya of CLS Investments - Worried About the Next Bear Market?

garegantuan@gmail.com (Orion Portfolio Solutions) — Fri, 21 Sep 2018 16:22:14 +0000

Guest: Case Eichenberger, CIMA, and Jeovany Zelaya, Client Portfolio Managers. [3:45] How CLS has evolved as an ETF strategist since the early 2000’s. [7:28] Why international markets are a great place to be investing right now. [10:53] Are investors worrying too much about the next bear market? [13:07] Rusty interviews CLS Client Portfolio Managers Case...

Dawn Batho of CLS Investments - The Drivers of Warren Buffett's Success & Importance of Market Sentiment

garegantuan@gmail.com (Orion Portfolio Solutions) — Thu, 6 Sep 2018 15:54:30 +0000

Guest: Dawn Batho, CLS Director of Inside Sales & Service. [4:06] CLS Senior Portfolio Manager & Co-Director of Research Grant Engelbart, CFA, CAIA, discusses how market sentiment is impacting short-term equity. [8:15] Plus, three factors that have driven Warren Buffett’s remarkable success for decades and how we take advantage of his lessons. [11:23] Also, a...

Chelsey Duncan of CLS Investments - Hidden Risk & Taking Advantage of Volatility

garegantuan@gmail.com (Orion Portfolio Solutions) — Mon, 27 Aug 2018 13:18:37 +0000

Guest: Chelsey Duncan, CLS Director of Marketing. [4:29] Headlines can be deceiving and hidden risk may be preying on your “safe” investment. [10:33] Plus, Senior Market Strategist Joe Smith talks about why now might not be the time to accelerate into U.S. stocks and how to take advantage of market jitters to reduce the tax...

Meb Faber of Cambria - Importance of “Expectations” & Is it Time to Buy FANG Stocks?

garegantuan@gmail.com (Orion Portfolio Solutions) — Fri, 3 Aug 2018 20:27:15 +0000

Guest: Meb Faber. [4:02] How much should we care about GDP, is now the time to buy FANG stocks, and the role of “expectations” in the markets. [16:41] CLS Portfolio Manager Kostya Etus discusses tariffs, two beautiful countries, and evaluating risk. [36:07] And a very special interview with Meb Faber, Co-Founder/Chief Investment Officer of Cambria...

Gene Frerichs of CLS Investments - Our #1 Concern & Risks of Tariffs

garegantuan@gmail.com (Orion Portfolio Solutions) — Fri, 20 Jul 2018 20:15:13 +0000

Guest: Gene Frerichs. [4:14] Our view on emerging markets, why advisors get fired for outperforming, and whether stock buybacks can benefit investors. [14:43] Plus the pros and cons of dynasties and the biggest risks of new tariffs with CLS Senior Portfolio Manager, Marc Pfeffer. [22:59] Special interview with CLS Senior Performance Analyst, Gene Frerichs. And...

Bill Wostoupal and Marc Pfeffer of CLS Investments - Trade Wars & Market Timing

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 3 Jul 2018 14:51:29 +0000

Guest: Bill Wostoupal. [2:34] Trade wars, volatility in emerging markets, and the link between smart beta ETFs and taxes. [8:07] Plus the record-breaking economic expansion and what’s new at the Fed with CLS Portfolio Manager, Marc Pfeffer. [20:52] Special interview with NorthStar’s EVP of Sales, Bill Wostoupal. 1674-CLS-7/3/2018

Grant Engelbart of CLS Investments - A.I. and Shark Bites

garegantuan@gmail.com (Orion Portfolio Solutions) — Fri, 15 Jun 2018 19:30:50 +0000

Guest: Robyn Murray. The rise of artificial intelligence, where to find value, and how to add tax alpha to returns. Plus: the race to zero, how to evaluate active managers, and how to avoid a shark bite! Special guest: Grant Engelbart, CFA, CLS Portfolio Manager. 1607-CLS-6/14/2018

Todd Clarke of Northstar - Be Different

garegantuan@gmail.com (Orion Portfolio Solutions) — Wed, 6 Jun 2018 15:39:47 +0000

Guest: Todd Clarke, Managing Director of NorthStar. To succeed as investors, we must be different! A look at CLS’s contrarian views: why we like commodities and emerging markets before anyone else did. Plus: What’s keeping investors up at night and why is smart beta so smart? 1576-CLS-6/6/2018

Chad Boyer of CLS Investments - Better to Row or Sail

garegantuan@gmail.com (Orion Portfolio Solutions) — Wed, 23 May 2018 18:18:47 +0000

Guest: Chad Boyer, Chief Technology Officer at CLS. As investors, should we sail, or should we row? And is it time to sell and go away? Plus the benefits of bonds, a hidden gem: emerging market tech stocks, and a look back at Berkshire’s shareholder’s meeting with guest Joe Smith, CLS Portfolio Manager. 1541-CLS-5/22/2018

Paul Curbo of Invesco - The Loser's Curse: Market Timing & the NFL Draft

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 8 May 2018 15:11:24 +0000

Guest: Invesco’s Paul Curbo with a deep dive into real estate. This is a jam-packed episode covering market timing, the NFL draft, Risk Budgeting, and bargain shopping with our guests, CLS portfolio managers Grant Engelbart and Josh Jenkins. 1493-CLS-5/4/2018 Not FDIC Insured | May Lose Value | No Bank Guarantee There are risks involved with...

Ryan Beach of CLS Investments - Tariffs, Tech Wrecks and How to Improve Performance

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 17 Apr 2018 18:48:00 +0000

Guest: CLS CEO Ryan Beach. How can we improve performance during this lackluster time for returns? And are smart people better investors? We also discuss tariffs, technology, and managing for the next black swan with our guest, CLS Client Portfolio Manager Case Eichenberger. 1422-CLS-4/17/2018

Kostya Etus of CLS Investments - Stay Calm and Invest On

garegantuan@gmail.com (Orion Portfolio Solutions) — Thu, 5 Apr 2018 20:50:35 +0000

Guest: CLS Portfolio Manager, Kostya Etus. A look back at a volatile first quarter and how investors should respond. We also discuss the impact of tariffs, the down sides of ETFs, and the new face of values-based investing. CLS Investments, LLC was selected as a winner for ETF.com’s ETF Investor of the Year – 2017. ETF.com...

Anders Smith, Myles Bozinovski, Brian Ragle, Darrell Saathoff, and John Welch of CLS Investments - Special Edition (Part 2): Words of Wisdom from the CLS Sales Team

garegantuan@gmail.com (Orion Portfolio Solutions) — Thu, 29 Mar 2018 19:23:23 +0000

Guests: Regional Vice President of Sales Anders Smith, Myles Bozinovski, Brian Ragle, Darrell Saathoff, and John Welch. CLS’s Chief Investment Officer, Rusty Vanneman, continues his discussion on sales best-practices and experiences. 1346-CLS-3/21/2018

Shari Rash, Mark Soukup, and Jon Trbovich of CLS Investments - Special Edition: Words of Wisdom from the CLS Sales Team

garegantuan@gmail.com (Orion Portfolio Solutions) — Wed, 21 Mar 2018 22:15:36 +0000

Guests: Regional Vice President of Sales: Shari Rash, Mark Soukup, and Jon Trbovich. And CLS’s Executive Vice President of Sales, Bruce Bischoff, sits with Chief Investment Officer, Rusty Vanneman, to discuss sales best-practices and experiences. Part 2 of this special series will release next week. 1346-CLS-3/21/2018

Brian Kelleher of PIMCO and Bobby Brooks of Deutche Asset Management -Active Investing and a Bumpy Ride for Income Investing

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 13 Mar 2018 14:22:30 +0000

Guests: Brian Kelleher, Senior Vice President, ETF Strategy, for PIMCO, and Bobby Brooks, Managing Director, National Sales Manager, for Deutche Asset Management. CLS announces a new investment theme: Be Active! We also take a look at the hidden risks in income investing and discuss the bond market’s bumpy ride with our guest, CLS Portfolio Manager Josh...

Sal Gilbertie of Teucrium Trading and Brent Leadbetter of Research Affiliates - Episode 10

garegantuan@gmail.com (Orion Portfolio Solutions) — Wed, 21 Feb 2018 15:06:18 +0000

Guests: Sal Gilbertie of Teucrium Trading and Brent Leadbetter of Research Affiliates. Hosts: Rusty Vanneman, CFA, CMT – Chief Investment Officer, CLS Investments and Robyn Murray – Writer Production: Series Producer – Sadie Brewer, Producer & Engineer – Nicholas Harnack, Artwork – Gary Withrow 1252-CLS-2/20/2018

Brian Ragle of CLS Investments - The Comeback of Volatility

garegantuan@gmail.com (Orion Portfolio Solutions) — Tue, 20 Feb 2018 14:58:43 +0000

Guest: Brian Ragle, Senior Regional Vice President of Sales. Volatility finally returns in 2018. We’ll look back at last week’s market slide and review the U.S. dollar, emerging markets, and lessons from 2017 with Case Eichenberger, CLS Client Portfolio Manager. Hosts: Rusty Vanneman, CFA, CMT – Chief Investment Officer, CLS Investments and Robyn Murray –...

Josh Jenkins of CLS Investments - Coming in 2018: Volatility?

garegantuan@gmail.com (Orion Portfolio Solutions) — Thu, 18 Jan 2018 21:20:54 +0000

Guest: Josh Jenkins, CFA – Portfolio Manager. Will volatility make a comeback in 2018? A closer look at CLS’s outlook for the new year, a review of the bond market, and tips on how to prepare for a rising-rate environment. Hosts: Rusty Vanneman, CFA, CMT – Chief Investment Officer, CLS Investments and Robyn Murray – Writer...

Paula Wieck of CLS Investments - Taxes and Trends in 2018

garegantuan@gmail.com (Orion Portfolio Solutions) — Thu, 4 Jan 2018 17:00:47 +0000

Guest: Paula Wieck, CFA – Portfolio Manager. A look back at 2017 and how CLS portfolios performed plus a dive into tax reform and the so-called trend from active to passive investing. Hosts: Rusty Vanneman, CFA, CMT – Chief Investment Officer, CLS Investments and Robyn Murray – Writer Production: Producer – Sadie Brewer, Engineer –...

Kostya Etus and Grant Engelbart of CLS Investments - Millennials & Bitcoin Mania

garegantuan@gmail.com (Orion Portfolio Solutions) — Mon, 18 Dec 2017 14:00:25 +0000

Guests: CLS portfolio managers Kostya Etus and Grant Engelbart. How can advisors reach millennials — and why do they need to? Is Bitcoin mania all speculation, or does this cryptocurrency deserve another look? Hosts: Rusty Vanneman, CFA, CMT – Chief Investment Officer, CLS Investments and Robyn Murray – Writer Production: Producer – Sadie Brewer, Engineer...

Marc Pfeffer of CLS Investments - Could Tax Reform Impact the Housing Market?

garegantuan@gmail.com (Orion Portfolio Solutions) — Mon, 4 Dec 2017 15:48:07 +0000

Guest: Marc Pfeffer – CLS Senior Portfolio Manager. A look at the housing market and the ever-present influences of politics and taxes. CLS’s Marc Pfeffer discusses two favorite topics – fixed income ETFs and Bitcoin. Hosts: Rusty Vanneman, CFA, CMT – Chief Investment Officer, CLS Investments and Robyn Murray – Writer 3271-CLS-12/4/2017

Joe Smith of CLS Investments - Beta & Taxes

garegantuan@gmail.com (Orion Portfolio Solutions) — Fri, 17 Nov 2017 12:00:01 +0000

Guest: Joe Smith – CLS Senior Market Strategist. What do we mean by investment theme? And just what – again – is smart beta?? Plus special guest Joe Smith, portfolio manager and human computer, discusses the impact of tax reform on your portfolio and whether machines are going to replace us all! Hosts: Rusty Vanneman,...

Reggie Brown of ETF Group - Halloween and Unhappy Anniversaries

garegantuan@gmail.com (Orion Portfolio Solutions) — Thu, 2 Nov 2017 15:23:38 +0000

Guest: Reggie Browne – Senior Managing Director – ETF Group, Cantor Fitzgerald. Just how much money are we going to spend on Halloween? What’s happening with cash, and is the strength of the market’s positive returns all that durable? Plus an interview with Marc Pfeffer, senior portfolio manager and resident East Coaster at CLS. Investments Hosts:...

Kostya Etus of CLS Investments - Fears and Expectations

garegantuan@gmail.com (Orion Portfolio Solutions) — Wed, 18 Oct 2017 14:49:05 +0000

Guest: Kostya Etus – CLS portfolio manager. How might President Trump’s tax cuts impact your portfolio? And what are some of the behavioral biases that get investors off track? With special guest Kostya Etus, we’ll discuss unwarranted fears, managing expectations, and, of course, movies. Hosts: Rusty Vanneman, CFA, CMT – Chief Investment Officer, CLS Investments...

Q&A with Chris Davis

garegantuan@gmail.com (Orion Portfolio Solutions) — Mon, 9 Oct 2017 19:49:58 +0000

Chris Davis, Portfolio Manager, Davis Funds. 2667-CLS-6/19/2017

Q&A with Chris Davis

garegantuan@gmail.com (Orion Portfolio Solutions) — Mon, 9 Oct 2017 19:49:58 +0000

Chris Davis, Portfolio Manager, Davis Funds. 2667-CLS-6/19/2017

Case Eichenberger of CLS Investments - Bullish or Bearish – Does It Matter?

garegantuan@gmail.com (Orion Portfolio Solutions) — Wed, 4 Oct 2017 18:46:54 +0000

Guest: Case Eichenberger, CLS client portfolio manager. Are we heading for a bear market? Or will this bull keep going? On this episode, we review investor sentiment and how we can prepare for either scenario. We’ll also discuss commodities, factor investing, and why we might have it totally wrong on dividends. Hosts: Rusty Vanneman, CFA,...

Joseph Smith of CLS - CLS Weekly 3: September 20, 2017

garegantuan@gmail.com (Orion Portfolio Solutions) — Wed, 20 Sep 2017 18:04:29 +0000

Guest: Joseph Smith, CFA – CLS Senior Market Strategist Episode topic: September Fed meeting, Future of bitcoin, and Current inflation breakdown Hosts: Rusty Vanneman, CFA, CMT – CLS Chief Investment Officer and Robyn Murray

CLS Weekly 3: August Market Review

garegantuan@gmail.com (Orion Portfolio Solutions) — Fri, 1 Sep 2017 17:00:54 +0000

Diversification is working. CLS & behavioral analysis. Why benchmark construction is important.

Reference Guide Webinar – August 2017

garegantuan@gmail.com (Orion Portfolio Solutions) — Fri, 18 Aug 2017 18:50:09 +0000

Reference guide: https://clsinvest.com/referenceguide