Gaining Perspective

The State of Journalism Serving the Advisory Profession

Advisor Perspectives — Tue, 30 Apr 2024 13:24:36 -0500

This is a bittersweet moment. We are recording this on April 26, and April 30 will be my final day at VettaFi, after which I will no longer be associated with the Advisor Perspectives publication. This will be the final episode of the nearly 500 that I have hosted for the Gaining Perspective podcast.

There is no better topic to discuss in this podcast than the state of journalism in the advisory profession. “The profession of journalism exists, at its best, to inform and occasionally correct the record, to right a wrong, especially an awful thing that is wrong.” Those are not my words, but those of my guest today, who stands at the pinnacle of the journalism profession for advisors.

Here are some links on this topic:

Bob Veres’ Inside Information service - https://bobveres.com/
Bob Huebscher’s farewell article - https://www.advisorperspectives.com/articles/2024/04/23/farewell-robert-huebscher?topic=global-markets

The Power of Tax-Loss Harvesting

Advisor Perspectives — Tue, 30 Apr 2024 12:03:17 -0500

Tax-management strategies are crucial for clients, and they need today’s most sophisticated tools to relieve the tax burden for their clients. In this episode, my guest will dive into those strategies, such as tax-loss harvesting, and will explain how tax technology plays a significant role in driving value through smart, automated processes that find the right investment strategies for every client. We’ll also discuss why it’s important to deliver tax-loss harvesting with a purpose as well as some other hot topics affecting the advisory profession.

Here are some links to learn more about Hiren and 55ip:

55ip – www.55-ip.com
Tax Harvest Indicator (as of Dec. 31, 2023) - https://info.55-ip.com/hubfs/Marketing%20Library/55ip_TaxHarvestIndicatorQ42023.pdf

DISCLOSURE

55ip is the marketing name used by 55 Institutional Partners, LLC, an investment technology developer, and for investment advisory services provided by 55I, LLC, an SEC-registered investment adviser. 55ip is part of J.P. Morgan Asset Management, the brand for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

Telephone calls and electronic communications may be monitored and/or recorded. Personal data will be collected, stored and processed by 55ip in accordance with our privacy policies at https://www.55-ip.com/email-disclaimer/.

If you are a person with a disability and need additional support in viewing the material, please call us at 1-800-343-1113 for assistance.

The impact of a tax-loss harvesting strategy depends upon a variety of conditions, including the actual gains and losses incurred on holdings and future tax rates. The results shown in these materials are for illustrative purposes only and do not represent actual investment decisions.

The tax-loss harvesting service is available for an additional advisory fee and the results shown represent the net effect of the advisory fees but may not consider the impact of fees charged by others, including transaction costs or other brokerage fees. The information contained herein is subject to change without notice, is not complete and does not contain certain material information about the investment strategy, including additional important disclosures and risk factors associated with such investment and information about fees, trading costs and taxes.

Why Invest in Small Caps Now

Advisor Perspectives — Tue, 30 Apr 2024 05:00:00 -0500

My guest today believes that the underperformance of the Magnificent 7 is creating opportunities in small-cap equities as investors look to loosen their portfolio concentration in large-cap names. In addition, increased small-cap M&A activity, better credit market conditions, and a lower cost of capital, are creating fertile ground for small-cap companies.

Here are some links to learn more about Rayna and Polen Capital:

www. Polencapital.com

A Unique Platform for Alternatives

Advisor Perspectives — Mon, 29 Apr 2024 20:00:00 -0500

Most platforms for alternative investments are just concerned with getting advisors access to those investments. But advisors need education on the role alternatives can play in asset allocation and how creating portfolios that complement traditional assets drive business growth. My guest today will discuss:

How alternative investments benefit an RIA’s client’s portfolio and grow their business.
Why access to alternatives is a given, and the focus should be on portfolio construction of alternatives with traditional assets.
The unique demand among RIAs for different alternative investments, including private credit and infrastructure.
Why semi-liquid alternatives funds may not be the best option for RIAs versus institutional offerings.

Here is a link to learn more about Alan’s work and Crystal Capital Partners:

Crystal Capital Partners

How RIAs Should Prepare for New Cybersecurity Regulations

Advisor Perspectives — Mon, 29 Apr 2024 17:00:00 -0500

The advisory profession is sitting on the precipice of major cyber-related regulation set to impact advisors of all sizes. But RIAs are not cybersecurity experts; many are not prepared for the requirements expected to be released by the SEC, and it could negatively impact their businesses. The cost of a cyber incident and reputational damage is further amplified given the deeply personal nature of an advisor-client relationship, which is rooted in trust. My guests today will share advisors’ top concerns regarding cybersecurity, what cyber regulation looks like in 2024, and how advisors can calm client fears about the protection of their data.

Here are some links to learn more about Gabe, Mike and SEI:

The Hidden Opportunity in “Secondaries”

Advisor Perspectives — Mon, 29 Apr 2024 13:18:49 -0500

Private equity and venture capital funds have consistently outperformed public markets. But beyond those funds, there is a more specialized approach for investors to capitalize on the private markets: secondary transactions, often known as “secondaries.” My guest today, Andrew Krei, will navigate through the complexities of this dynamic sector, highlighting its potential rewards for investors seeking alternative paths for capital growth. He will also discuss the trends and advantages that the secondaries market offers over traditional PE or VC investments.

Show Notes

How to Know if it’s Time for a New Custodian

Advisor Perspectives — Mon, 29 Apr 2024 12:00:00 -0500

How can financial advisors navigate the changing custody landscape and keep up with the ongoing demands of their clients? My guest will discuss the keys to advisor success, including how technology is impacting the profession, advisors' biggest pain points, unique offerings that firms should consider for their clients, and how to find the right custodian who will help during times of transition and periods of uncertainty. This episode is for any advisor looking to differentiate themselves in the market, considering a new custodian, or going multi-custodial.

Here are some links to learn more about Mike and Axos Advisor Services:

How to Give Retirees the Freedom to Spend

Advisor Perspectives — Mon, 29 Apr 2024 05:00:00 -0500

Most clients have no idea what retirement failure means to them and how a given failure rate should influence their planning. My guests today will present a planning framework that improves existing models by dynamically adjusting for market performance and longevity.

When saving for retirement it’s common for advisors to evaluate progress toward a savings goal and recommend course corrections to stay on track. Making course corrections after retirement means that the retiree must either spend less if investment returns are low or be able to spend more if markets rise.

Clients need to understand how investment and longevity risk will affect their lifestyle as they make these adjustments to avoid running out of savings. The best way to understand how these risks might affect their lifestyle is through a visualization of spending paths. Visualizations are a powerful and accurate way to understand how spending more early in retirement, taking greater investment risk, and using an annuity change the course of possible lifestyle paths.

Here are some links to learn more about Tamiko, Michael and IncomePath:

The Big Risk in Holding Cash

Advisor Perspectives — Sun, 28 Apr 2024 19:32:16 -0500

Amid higher interest rates and consequently higher yields, investors have piled into cash. My guest today will explain why it’s time to make a move. His position is that cash should be an asset to provide for short-term (less than 12 months) liquidity needs. Beyond that, investors should consider an appropriately diversified portfolio to achieve their financial goals. While short-term performance may work in investors’ favor, he will argue that over the long term, the benefits of being invested outweigh the potential short-term benefits of sitting in cash.

Here are some links to learn more about Seth and Janus Henderson:

How to Go From Good to Great

Advisor Perspectives — Sat, 27 Apr 2024 07:00:00 -0500

Change is happening all around us at an accelerating rate. To exploit that change, rather than be exploited by it, professional advisors need power and capability that is protected by true independence. My guest today is a pioneer of the business model that was created to deliver that combination, what is now called outsourced chief investment officer (OCIO).

Jon Hirtle will explain why he is just as passionate about power, capability and true independence as he was when he founded an industry and a firm over 35 years ago. He has been an active investor and successful entrepreneur for 40 years and I look forward to discussing the lessons he has learned as well as the trends he finds compelling.

How do good RIAs become great ones? How do $1 billion-dollar practices become $20 billion-dollar practices? Today, I talk with someone who has done both.

Here are some links to learn more about Jon and Hirtle Callaghan:

The Enduring Power of the 60/40 Allocation

Advisor Perspectives — Fri, 26 Apr 2024 13:00:00 -0500

Diversification is a core principle of sound investing, but building a diversified portfolio is much easier in theory than in practice. In the recently published “2024 Diversification Landscape,” portfolio strategist Amy Arnott of Morningstar took a deep dive into the diversification potential of several major asset classes. As advisors build their clients’ portfolios, there are a few lessons from this research. First, it is impossible to predict which asset class will do well in any given year. Holding a variety of asset classes helps guard against being overly exposed to an area that falls out of favor. Second, while the correlation between stocks and bonds has increased, bonds still provide relatively strong diversification benefits. This means that the classic 60/40 portfolio is tough to beat, having produced returns of about 18% in 2023. Third, the asset classes with the strongest diversification benefits may come as a surprise to some advisors. Real estate is a questionable diversifier despite its popularity, while cash is a strong diversified.

Show Notes

Here are some links to learn more about Amy and her research:

Get the full report: 2024 Diversification Landscape

ESG Has Become a Meaningless Term

Advisor Perspectives — Fri, 26 Apr 2024 07:00:00 -0500

The multi-trillion-dollar ESG fund industry faces a regulatory problem. By the end of 2025, funds with net assets of $1 billion or more must comply with the amendments to SEC Rule 35d-1, better known as the “names rule.” It requires funds with names that include ESG terms have at least 80% of the fund invested in assets that aligned with those terms. The amendments strengthen prospectus disclosure requirements, and mandate that terms used in the fund’s name suggesting an investment focus be consistent with their plain-English meaning or established industry use.

My guest today will explain how ESG has become a meaningless term to investors. The result has been massive flows to ESG funds that have large holdings in oil companies, agricultural chemical manufacturers and similar companies that many investors are not aware of. Fund managers are struggling to explain what is going on, as they must to comply with the names rule.

Show Resources
Here are some links to learn more about Jason and Reflection Asset Management:

Embracing Automation

Advisor Perspectives — Thu, 25 Apr 2024 06:00:00 -0500

Today’s technology-driven landscape makes it easier than ever for RIAs to embrace automation across their tech stack and supercharge their businesses. Advisors can save time and minimize errors by using trading and rebalancing tools, portfolio management and CRM systems to manage accounts. Automation in data analysis also frees up time to provide more personalized advice or pursue new business. During this episode, Steve Sanders of Interactive Brokers will cover How automation increases operational efficiencies for advisors, why data aggregation and integrated reporting are critical to serving clients holistically and so much more.

Show Notes
Below are some links to learn more about Steve and Interactive Brokers:

Interactive Brokers home page: https://www.interactivebrokers.com/en/home.php
Interactive Brokers page for RIAs: https://www.interactivebrokers.com/en/accounts/advisor.php

The Power of RILAs in Retirement Planning

Advisor Perspectives — Wed, 24 Apr 2024 17:04:25 -0500

With nearly 4.5 million Americans turning 65 in 2024, advisors are navigating four core risks that will impact their portfolios in retirement: longevity, inflation, volatility, and emotions. We will discuss new research by Dr. Wade Pfau, professor at The American College of Financial Services. He did this research on behalf of Equitable to look at how to improve the efficient frontier, enhance risk-adjusted returns and help advisors – and their clients – make the most of their assets through their retirement.

The research looks at the role of a registered index linked annuity (RILA) with lifetime income for a portion of a portfolio and the resulting impact on meeting lifetime spending goals, preserving assets and managing volatility as part of an overall retirement plan.

Show Resources
Here is a link to learn more about Wade, Pete and Equitable’s offerings:
Equitable’s retirement guide: https://equitable.com/financial-professionals/annuities/tool-center?utm_source=rgnov23

Democracy as a Factor in International Investing

Advisor Perspectives — Tue, 23 Apr 2024 06:00:00 -0500

Large international index funds do not account for geopolitical risk. Corruption has costs, and in this age of conflict with rising tensions in the Middle East, Russia, Ukraine and elsewhere, investors are faced with a daunting landscape while US markets are near highs. Should investors ride the momentum or transition and rotate to sectors that represent greater value and higher forward expected returns? The traditional international funds are attractively valued relative to the US but are fraught with risk. Today we will hear from Julie Cane and Chris Browne from Democracy Investments to discuss democracy as a factor in international investing.

Show Resources

Here are some links to learn more about Julie, Chris and Democracy Investments:

To learn more about Democrqacy Investments, and the DMCY fund visit https://www.advisorperspectives.com/pdfs/2024/DI-Overview-3_20_24.pdf
Please find more information and important disclosures at https://www.democracyinvestments.com/fund

The Hidden Risks in Cash-Sweep Accounts

Advisor Perspectives — Thu, 18 Apr 2024 06:00:00 -0500

Let’s explore the world of cash. One year after the collapse of SVB, fiduciaries need to understand the cash management platforms on the market, including the fine print that can make or break a client relationship. The right platform will help the advisor provide more holistic advice and grow their AUM organically. My guest will discuss what advisors need to know about cash sweep accounts and how advisors can evaluate different platforms. We hope to provide a better understanding of the cash management landscape, the inherent conflicts of interest that occur, and how to talk to clients about cash.

Show Resources

Here are some links to learn more about Gary and MaxMyInterest:

The Power of Options-Overlay Strategies

Advisor Perspectives — Thu, 11 Apr 2024 06:00:00 -0500

On March 8 of this year, BlackRock announced its agreement to acquire the remaining equity interest in SpiderRock Advisors, LLC, a leading provider of customized option overlay strategies in U.S. wealth markets – a move that builds on BlackRock’s minority investment in SpiderRock, made in 2021, and reinforces BlackRock’s commitment to personalized separately managed accounts.

Led by President and Chief Investment Officer Eric Metz, SpiderRock Advisors is a Chicago-based asset management firm focused on providing customized option overlay strategies to investors. The company excels in innovating options strategies, making them a vital asset class for institutions and advisors. By combining technology with comprehensive derivative management expertise, SpiderRock Advisors is committed to making it easy for financial advisors and institutions to add option overlay strategies to their portfolios. SpiderRock Advisors manages approximately $5 billion.

Show Resources

Press release (March 8, 2024): BlackRock to Acquire SpiderRock Advisors- https://ir.blackrock.com/news-and-events/press-releases/press-releases-details/2024/BlackRock-to-Acquire-SpiderRock-Advisors/default.aspx

Web site: www.spiderrock.com- http://www.spiderrock.com/

How to Position Fixed Income as the Fed Eases

Advisor Perspectives — Tue, 09 Apr 2024 06:00:00 -0500

Investors are choosing bonds in record numbers – in 2023, global bond ETFs gathered an annual record of over $300 billion in flows with iShares leading with $113 billion. My guest today will explain why this will continue, as many investors are still significantly underweight to fixed income, with a 22% average allocation. You will hear why investors need to step out of cash and move faster into fixed income because, historically, the market has priced in rate actions long before they occur.

Show Resources
Here are some links to learn more about Steve and BlackRock:

The SEC’s Proposed Liquidity Rule is a Threat to Clients’ Retirement

Advisor Perspectives — Thu, 04 Apr 2024 07:00:00 -0500

The easiest new client to get is the one that you don’t lose. Focusing on client retention is the key to the success of any business – whether you are an RIA or FA with 300 clients, or a mutual fund manager with 300,000 or three million shareholders. What are the lessons learned from past periods of stock and bond market stress applicable to client retention? How can regulators, watching the mutual fund industry and the advisory profession – so important to the national’s retirement savings – benefit from these lessons?

Show Resources
Here are some links to learn more about Avi and his work:

A like to the latest study: https://www.linkedin.com/feed/update/urn:li:activity:7174395341968920576/
2015 study: https://static1.squarespace.com/static/579505b4b8a79baa23c97c61/t/65b51ddbba4ee864a636622b/1706368477762/Strategic+Insight+Study+-+Mutual+Funds+and+Systemic+Risk%2C+March+2015+%28FSOC+Submission+Docket+2014-0001%29.pdf
Avi's LinkedIn page: https://www.linkedin.com/in/avinachmany/
Avi's personal web site: https://www.avinachmany.com/

Is It Time to Back Away from Big Tech?

Advisor Perspectives — Thu, 04 Apr 2024 06:00:00 -0500

The economy, inflation, interest rates and market valuations drive the key questions facing advisors. Does the tech stock landscape mirror the boom of 1996 or the bust of 2000? What will be the impact of Meta's inaugural dividend payment? Is now the time to increase allocations to international Markets? What are the challenges faced by retail banks by not providing competitive rates and the resulting opportunity cost of holding cash? Finally, we will address the complexities advisors face in investment management, client growth, and retention.

Show Resources

Here are some links to learn more about Jeremy and Wisdom Tree Financial:

Jeremy Schwartz | ETFs (Exchange Traded Funds) & ETF Investments from WisdomTree- https://www.wisdomtree.com/investments/jeremy-schwartz
2024 Economic Outlook & Market Signals | WisdomTree- https://www.wisdomtree.com/investments/strategies/on-the-markets

Transitioning for the Next Generation of Advisors and Clients

Advisor Perspectives — Tue, 02 Apr 2024 06:00:00 -0500

The impending retirement wave poses a critical challenge to the advisory profession. Nearly 40% of advisors plan to retire in the next decade. My guest today will explain why the profession is at an inflection point and proactive planning is essential for continued success. We will delve into best practices to transition to the next generation of advisors and investors, strategies for recruiting junior advisors, and how to appeal to emerging investor demographics and scaling engagement models to navigate a shrinking advisor pool.

Show Resources

Here are some links to learn more about Matt and AssetMark:

AssetMark web site- https://www.assetmark.com/
Matt Matrisian, MBA | LinkedIn- https://www.linkedin.com/in/matt-matrisian/
Matt Matrisian's previoius podcast in 2023- https://www.advisorperspectives.com/podcasts/2022/03/23/how-top-advisory-firms-and-finding-and-retaining-the-best-employees

What Explains the Outperformance of Loans?

Advisor Perspectives — Mon, 01 Apr 2024 06:00:00 -0500

Guessing the direction of interest rates is no easier than any other tactical or market timing decision. The yield on the benchmark 10-year Treasury note is just under 3.9%. That is about 100 basis points less than it was a few months ago. Fed policy is uncertain, inflation has not been fully controlled, and fiscal deficits loom as a long-term risk for yields to go higher.

Those factors argue in favor of an allocation to floating-rate notes. My guest today will help us explore this asset class, its opportunities and its risks.

Show Resources:
Here are some links to learn more about EVLN and Eaton Vance

Eaton Vance Floating-Rate ETF - https://www.eatonvance.com/im/en-us/financial-advisor/product-and-performance/etfs/fixed-income/.ev.html/ev?cid=bn:etf2:vettafi:launchaccel:podcast:na:na:na
All Eaton Vance ETFs- https://www.eatonvance.com/etfs.php?cid=bn:etf2:vettafi:launchaccel:podcast:na:na:na

The Commodity Outlook for 2024

Advisor Perspectives — Thu, 28 Mar 2024 07:00:00 -0500

Commodities have played a pivotal role in financial markets since 2020. Pipelines have been blown up, shipping routes have been disrupted, droughts lowered electricity output, Panama Canal traffic increased, and agricultural prices rose to name just a few recent incidents. Yet commodities also remain an asset class that is not well understood. Today, we will dive into the state of the commodity market, and how opportunities and pitfalls in 2024 may affect your portfolio.

Show Resources

Here are some links to learn more about Bob and abrdn:

Simplifying the Path to Becoming a Fee-Based Advisor

Advisor Perspectives — Wed, 27 Mar 2024 06:00:00 -0500

More advisors and firms are moving to fee-centric affiliation models, dropping their FINRA registrations and focusing on providing investment advice for a fee. What is the driver behind this trend? Today, we’ll explore the models under which an advisor could move to a fee-based practice, the benefits, the changes from a product and compensation perspective, and the key considerations for those considering this move. The three main ways an advisor could move to a fee-based model are becoming an investment adviser representative of a corporate RIA (like Commonwealth), starting their own RIA, or joining an independent RIA. At the end of our conversation, I hope to illuminate the differences between those models and what you should focus on if you are considering a change in your affiliation model.

Show Resources

Here are some links to learn more about Alex and Commonwealth Financial Network:

Commonwealth’s new guide: How to Navigate a Fee-Only Path (commonwealth.com) - https://crmsf.commonwealth.com/going-fee-only
Learn more about Commonwealth: Affiliation Flexibility | Be the Independent Advisor You Want to Be (commonwealth.com)- https://www.commonwealth.com/advisor-solutions/affiliation-flexibility

The Future of Defined-Outcome ETFs

Advisor Perspectives — Tue, 26 Mar 2024 09:00:00 -0500

In a chaotic and uncertain world, investors crave a measure of predictability. Despite the best efforts of strategists and analysts to predict how markets will perform, no one knows what the future will hold. Defined-outcome ETFs offer investors a new way to reduce uncertainty while still maintaining exposure to the market’s upside. This has been one of the fastest-growing segments of the ETF market and many believe it’s got a long way to go.

Show Resources

Here are some links to learn more about Graham and Innovator:

The Innovator ETF web site- https://www.innovatoretfs.com/
Equity defined protection strategies- https://www.innovatoretfs.com/protect/
Defined income ETFs- https://www.innovatoretfs.com/define/income/

What Higher for Longer Means for Investors

Advisor Perspectives — Fri, 22 Mar 2024 07:00:00 -0500

The Fed seems headed for a "higher for longer" interest rate policy. My guest and I will explore the implications of fiscal and monetary policy on the shape of the yield curve, personal balance sheets, pension plans, private credit, and opportunities for public companies. We will also discuss the implications for the upcoming election.

Show Resources

Here are some links to learn more about Sal and Coherence Credit Strategies:

The Tiptree home page- https://www.tiptreeinc.com/
Sal’s LinkedIn page- https://www.linkedin.com/in/sal-naro-34855414/
Contact Sal via email- snaro@coherencecap.com

How Predictive AI Will Transform Investment Products

Advisor Perspectives — Thu, 21 Mar 2024 08:00:00 -0500

Kaiju Worldwide operates under the belief that the potential of predictive AI is limitless and is driven by the desire to create better outcomes for investors and industries through responsible innovation and common data standards. The company applies predictive AI across diverse fields, including investment management and maritime navigation. When it comes to investment management, it uses the power of AI across private and public investment funds, including ETFs, to unlock new value for investors.

Show Resources
Here are some links to learn more about Ryan and Kaiju:

Forbes Council – Ryan’s bio as a member of the Forbes’ Council- https://councils.forbes.com/profile/Ryan-Pannell-CEO-Chair-Kaiju-Worldwide/70153da8-bbc6-48b9-8a98-d60214282958

Why Growth Investing? Why Now?

Advisor Perspectives — Tue, 19 Mar 2024 09:00:00 -0500

My guest today will speak to the benefits of active management, why growth investors can generate attractive returns in the current market environment, and the importance of adopting a long-term perspective in investment strategies. We will discuss the mindset that is required for successful growth investing and how financial advisors can help their clients evaluate global growth stocks.

Show Resources

Here are some links to learn more about Mark and Ballie Gifford: https://www.bailliegifford.com/en/uk/individual-investors/insights/ic-article/2023-q4-why-growth-why-now-10041074/

The Democratization of Access to Private Investments

Advisor Perspectives — Thu, 14 Mar 2024 08:00:00 -0500

Today, we will discuss the evolving role of private equity. We will start with a discussion of the state of the global economy, the opportunities for investment and how the world of private equity is changing. We will explore the need to democratize access to private investments, expand access to private investments in 401(k)s and the role advisors will play in providing access for their clients.

Show Resources
Here are some links to learn more about Joe and Axxes Capital:

The Axxes Capital web site- https://axxescapital.com/
Axxes Capital on LinkedIn- https://www.linkedin.com/company/axxescapital/

How to Use Social Listening to Drive Advisor Growth

Advisor Perspectives — Tue, 12 Mar 2024 07:00:00 -0500

In this episode, we will be talking about how to use social listening to inform your content marketing strategy and for lead generation. We will cover what social listening is and why LinkedIn is a gold mine for your practice. You'll walk away with data insights, specific recommendations to engage with prospects and a social media tool kit you can apply today.

Show Resources

Advisor Perspectives article, “How Social Listening Drives Results”- https://www.advisorperspectives.com/articles/2023/06/12/marketing-leverage-social-listening-results
LinkedIn cheat sheet- https://drive.google.com/file/d/16qWU_emblDkNJyMLjiXqKeYUocEZMreo/view
Upcoming webinar about video content marketing- https://us06web.zoom.us/webinar/register/WN_vj12gdw1TtKZBUeaMJPPSQ#/registration

Vanguard’s Forecast for Advisor Technology

Advisor Perspectives — Thu, 07 Mar 2024 06:00:00 -0600

Technology continues to play an important role in transforming the advice profession. From streamlining administrative tasks to creating personalized experiences for clients at scale, technology provides advisors with meaningful ways to prioritize their time so they can focus on valuable relationship-based services like behavioral coaching and building trust among clients.

My guest and I will discuss the latest technology trends for advisors, the importance of developing and introducing technology skillsets, the rise of GenAI and other emerging technologies, and more, in this episode.

Show Resources
Here are some links to learn more about Lauren and Vanguard:

Putting a value on your value: Quantifying Advisor's Alpha- https://advisors.vanguard.com/insights/article/putting-a-value-on-your-value-quantifying-advisors-alpha
Emerging technologies and their impact on your practice- https://advisors.vanguard.com/insights/article/emerging-technologies-and-their-impact-on-your-practice

Impact Investing for Retail Clients

Advisor Perspectives — Tue, 05 Mar 2024 06:00:00 -0600

According to my guest today, impact investing can provide the means to combine community action, government support and private capital to achieve rewarding sustainable results.

The pandemic and social unrest of 2020 inspired communities, government officials, and business leaders to voice their concerns for social and environmental justice. Echoing these values, investors within the finance industry have the power to use their knowledge and resources for social advancement and community development through impact investing.

Show Resources
Here are some links to learn more about Ron and RBC:

Supporting small business through impact investing- https://usmutualfunds.rbcgam.com/us/article/supporting-small-business-through-impact-investing/detail
Impact report 2022 | Letter from our Chief Strategist of Impact Investing | RBC Global Asset Management - Institutional- https://institutional.rbcgam.com/en/us/campaigns/impact-investing-annual-report-2022/
RBC becomes signatory for Impact Operating Principles- https://usmutualfunds.rbcgam.com/documents/insights/impact-operating-principles-disclosure-report-2023.pdf
Beyond ESG and green bonds- https://usmutualfunds.rbcgam.com/us/article/beyond-esg-and-green-bonds/detail
How impact investing can uplift local communities (An interview with Ron Homer)- https://usmutualfunds.rbcgam.com/us/article/how-impact-investing-can-uplift-local-communities/detail
An art, not a science: how to invest for impact (By Harrison Hill)- https://usmutualfunds.rbcgam.com/us/article/an-art-not-a-science-how-to-invest-for-impact/detail

The Opportunity in Middle Market Private Credit

Advisor Perspectives — Thu, 29 Feb 2024 06:00:00 -0600

Private credit markets have shifted upmarket. Many larger financial players are seeking bigger deals that can have a greaterimpact on their portfolios. This has led to a vacuum in small/mid-cap deals where investors can get a significant yield premium to the overall market. In this episode, we will look at the public debt markets, where one can invest in high-yield/lower-rated bonds (e.g., triple Cs) to construct a portfolio that has a 200 or 300 basis point yield premium and has default losses equal to or less than the market. Investors can take advantage of market inefficiencies by participating in a part of the market that others are avoiding.

Here are some links to learn more about Ben and Polen Capital: https://www.polencapital.com/people/ben-santonelli

How the Human Capital Factor Generates Alpha

Advisor Perspectives — Tue, 27 Feb 2024 06:00:00 -0600

Today’s episode will focus on the Human Capital Factor (HCF). This factor applies workplace behavioral science, financial acumen and deep data science to capture the powerful connection between human capital and stock performance. By understanding company culture and intrinsic employee motivation, my guests have transformed these insights into investment strategies. For advisors looking for a way to generate additional alpha in client portfolios, understanding the HCF and how these products fit in a portfolio may lead to better returns and greater client satisfaction levels.

Show Resources
Here are some links to learn more about David, Kristof, Irrational Capital and Harbor Advisors:

Irrational Capital home page- https://www.irrational.capital/
HAPY ETF- https://www.harborcapital.com/etf/HAPY/
HAPI ETF- https://www.harborcapital.com/etf/HAPI/
HAPS ETF- https://www.harborcapital.com/etf/haps/

How Advisors are Using Defined-Outcome ETFs

Advisor Perspectives — Thu, 22 Feb 2024 06:00:00 -0600

The relatively new category of buffered or “defined-outcome” ETFs has grown to $30 billion in assets, with more than $10 billion in inflows in 2023 alone. Amid significant uncertainty surrounding the Fed's trajectory for rate cuts, geopolitical tensions, and a presidential election year, investors are seeking new ways to mitigate risk in their portfolio while still participating in the returns of the equity market. AllianzIM entered the ETF market in 2020 to address this need with a growing suite of buffered ETFs. Buffered ETFs are a powerful tool for advisors and their clients to reduce volatility and diversify a traditional allocation.

Show Resources
Here is a link for more information about Johan and Alianz:

Allianz website- https://www.allianzim.com/
Buffered ETF resource library- https://www.allianzim.com/resources/
Allianz Life’s Q4 Quarterly Market Perceptions study- https://www.allianzlife.com/about/newsroom/2024-Press-Releases/Fewer-Americans-are-Optimistic-About-the-Economy-in-2024

The Future of AI in the Advisory Profession with Josh Pantony

Advisor Perspectives — Tue, 20 Feb 2024 11:21:54 -0600

The biggest trend in the advisory profession over the last year was the integration of AI into practices. Using generative AI for finance allows advisors to enhance their efficiency across multiple areas of their business, letting them do more with less. Increasing their productivity in investment management allows them to spend more time with their clients, and AI – which can reveal relevant news items for advisors – gives them natural touch points to reach out to their clients more often.

Here are some links to learn more about Josh and Boosted.ai: https://boosted.ai/

An Insider’s View of the Spot Bitcoin ETF Launch

Advisor Perspectives — Tue, 13 Feb 2024 07:00:00 -0600

The SEC's approval of spot bitcoin ETFs was a watershed moment for crypto in the US. Grayscale's flagship product, GBTC, continues to be a compelling offering for investors looking to access a bitcoin ETF with liquidity, tight spreads, high trading volumes, and a decade-long track record of operational success. Since launch, GBTC has dominated trading volume, and outflows have moderated over the last few trading sessions. Grayscale is dedicated to providing investors with exposure to digital assets in the form of a security without the challenges of buying, storing, and safekeeping crypto.

Here are some links to learn more about Grayscale:

January market commentary on spot bitcoin ETFs- https://www.grayscale.com/research/market-commentary/january-2024-the-debut-of-spot-bitcoin-etfs
White paper: The Role of Crypto in a Portfolio- https://www.grayscale.com/research/reports/the-role-of-crypto-in-a-portfolio
My previous podcast with David- https://www.advisorperspectives.com/podcasts/2022/03/04/investing-in-the-digital-currency-infrastructure

The Keys to Successful In-Person Events

Advisor Perspectives — Tue, 06 Feb 2024 07:00:00 -0600

As advisors are striving for that truly personal touch with their clients (and how much more personal can you get than eye-to-eye), there is increased interest in more in-person prospecting events. My guest today will discuss how he and his team have unlocked the power of seminars, giving advisors and firms opportunities to make a lasting impression and turn intrigued prospects into clients.

Additionally, as people are getting so much spam through their email and on their cell phones, he will share how to gain mindshare in a meaningful way.

Show Resources
Here is a link for more information about Greg and White Glove:

White Glove's website- https://www.whiteglove.com/
Greg’s LinkedIn- https://www.linkedin.com/gregbogich
FPA research: New Study Reveals Psychological Factors Hindering Growth for Financial Advisers- https://www.financialplanningassociation.org/press-room/releases-announcements/fpa-janus-henderson-adviser-growth-research

Are Alternatives Right for Your Clients?

Advisor Perspectives — Thu, 01 Feb 2024 09:00:00 -0600

Advisors are increasingly shifting away from a traditional 60/40 portfolio as they realize the full potential of alternatives and the benefits they can provide for their clients. Yet, despite increasing demand, hurdles to accessing and understanding alternative investment strategies still exist. My guest, Abby Salameh, will leverage findings from the CAIS-Mercer second annual survey – which was conducted at the second annual CAIS Alternative Investment Summit last month – to expand on the shift that’s taking place as investors adopt a modern three-dimensional portfolio, the challenges that advisors continue to face when accessing these investments, how technology platforms like CAIS are addressing those hurdles, and her outlook for the alternatives industry into 2024.

Here are links for more information about Abby and CAIS IQ:

CAIS Website- https://www.caisgroup.com/home
CAIS Brand Refresh Press Release- https://www.caisgroup.com/our-company/press/cais-modernizes-brand-to-reflect-role-in-transforming-the-world
SS&C Advent white paper: Meeting the Demand for Diversification- https://www.advisorperspectives.com/pdfs/2023/meeting-demand-for-diversification-paper.pdf
See the results of CAIS’ 2023 survey, developed in partnership with Mercer- https://info.caisgroup.com/state-of-alternative-investments-in-wealth-management?utm_campaign=cais-mercer-survey-2024&utm_source=press&utm_medium=pws

How to Attract Tomorrow’s Clients

Advisor Perspectives — Tue, 30 Jan 2024 08:00:00 -0600

The biggest recipients of the "great wealth transfer" aren't happy with their advisor. These investors – women and NextGen (GenX, millennial and Gen Z) prospects – seek a modern advisory relationship focused on a personal connection with an advisor who they can trust to understand their unique needs and help them achieve their financial and life goals.

According to McKinsey and Company’s research, an estimated $59 trillion will be passed down from baby boomers to their spouses and heirs in the next 40 years. By 2030, $30 trillion will be controlled by women.

With the great wealth transfer as the catalyst for change, advisors need to update their strategy and tactics to better connect with, retain and grow relationships with these clients who stand to inherit the bulk of the assets. Demographic shifts will drive the need for advisors to better understand how to connect with and support traditionally underrepresented groups.

Show Resources

Here is a link for more information about Lacy and Willow: https://www.trustwillow.com/

Amundi’s 2024 Global Market Outlook

Advisor Perspectives — Thu, 25 Jan 2024 08:00:00 -0600

According to my guest today, the lagging effects of central bank tightening will lead to a further deceleration in growth, a mild U.S. recession, anemic growth in Europe, but more resilience in emerging markets. Past episodes of high U.S. inflation suggest it will take about two years to bring core inflation down by half from its peak level. Equity valuations are stretched, particularly in big tech. Monetary authorities have decreased their support. And governments have probably already reached the limits of the fiscal stimulus they can provide.

Given those challenges, you will learn about the opportunities for investors across a range of asset classes. There are quality U.S. and international stocks that trade at reasonable valuations and stand to benefit from important technology and secular trends. The expectation of lower interest rates in the future is creating opportunities in fixed income markets. That is in longer duration and in niche parts of the market like cat bonds and agencies.

Here are links for more information about Marco and Amundi US:

Amundi Website- https://www.amundi.com/usinvestors
Marco’s LinkedIn- https://www.linkedin.com/authwall
Amundi US site- https://www.amundi.com/usinvestors/Insights/Research-Insights

The RIA M&A Outlook for 2024

Advisor Perspectives — Tue, 23 Jan 2024 03:00:00 -0600

RIA merger and acquisition activity has slowed this year. Activity in Q4 accelerated but it may not be enough to eclipse the annual total of 264 in 2022. I’ll get into the details as well as what’s beneath the numbers with David DeVoe in this podcast. I have had the privilege of interviewing David every year around this time, and this is the fourth in that series.

Episode Resources:

Here is a link to DeVoe & Co.’s web site- https://www.devoeandcompany.com/
Here is a link to last year’s podcast- https://www.advisorperspectives.com/podcasts/2023/01/19/m-a-valuations-and-the-landscape-for-2023
Here is a link to DeVoe & Co.’s dealbook- https://www.devoeandcompany.com/ria-ma-deal-books
Here is a link to the DeVoe Elevate conference- https://www.devoeandcompany.com/elevate

Recession Likely in the First Half of 2024

Advisor Perspectives — Thu, 18 Jan 2024 03:00:00 -0600

From March 2022 to July of this year, the Fed raised rates by 500 basis points. But the economy has done well this year, with GDP growth of 2.0%, 2.1% and 5.2% in the first three quarters. Does that mean the lagged impacts of the Fed's aggressive monetary tightening cycle will be fully felt in the year ahead? Is a second wave of inflation remains a major risk? The answers to those questions have implications for equities as the economic environment is likely to be volatile.
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Here are links for more information about Jeff and ClearBridge:

The Fed is Done, What’s Next? (blog) - https://www.clearbridge.com/blogs/2023/aor-update-the-fed-is-done-whats-next
Not Always a Straight Line Down (blog) - https://www.clearbridge.com/blogs/2023/aor-update-not-always-a-straight-line-down
Economic Outlook 2024: The Year of Lagged Effects (podcast) - https://www.clearbridge.com/perspectives/podcasts/2023/economic-outlook-2024-the-year-of-lagged-effects

How Real Assets Hedge Against Inflation and Provide Diversification

Advisor Perspectives — Tue, 16 Jan 2024 03:00:00 -0600

If there’s anything advisors have learned this year it’s to expect the unexpected, and that volatility isn’t likely to end anytime soon. As we look ahead to the rest of 2024, we’ll explore one strategy that may help advisors weather the storm – real assets. Real asset categories – such as natural resources, infrastructure and real estate – have historically served as an effective hedge against inflation, demonstrated resilience across economic cycles, and provided diversification to more traditional portfolios. As such, they can remain a popular option for navigating inflation and recessionary risk. My guest today, Christopher Huemmer, senior client portfolio manager at FlexShares Exchange Traded Funds, will offer insights into how to invest in real assets and ways to get exposure with ETFs.

Here are links for more information about Chris and Northern Trust:

My 2021 podcast with Chris- https://www.advisorperspectives.com/podcasts/2021/12/13/the-three-topics-that-will-dominate-advisor-client-conversations
Here is a link to more information the FlexShares product line- https://www.flexshares.com/us/en/individual

Which Bonds Belong in Your Clients’ Allocations

Advisor Perspectives — Wed, 10 Jan 2024 04:00:00 -0600

The turmoil in the bond market over the past three years has been dramatic. The yield on the benchmark 10-year Treasury has risen approximately 360 basis points since the beginning of 2021, and it nearly hit 5% in late October. That has caused investors to question the value and role of a fixed-income allocation within portfolios. But two nagging uncertainties – the Fed and inflation – should be less of a problem as we enter 2024. Despite the recent volatility and negative returns, there are clear and compelling opportunities for investors willing to take the long view and evaluate fixed income from a historical perspective.

Here are some resources to learn more about Todd and Reams Asset Management:

Reams Asset Management home page- https://www.reamsasset.com/
Raymond James Investment Management home page- https://www.rjinvestmentmanagement.com/
The Raymond James Investment Management Markets in Focus Podcast- https://www.rjinvestmentmanagement.com/podcast

A message from Advisor Perspectives and VettaFi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.

How Advisors Can Reduce the Risk of Long-Term Care

Advisor Perspectives — Tue, 09 Jan 2024 02:00:00 -0600

The world population is aging rapidly – 65 million people over the age of 65 will live in the U.S. by 2030.

The disparity between the length of time a person lives (their lifespan) and how long they are in good health and can function well (their healthspan) is widening. As a result, a significant portion of aging adults are spending longer portions of their lives in poor health as they struggle to pay for caregiving assistance. This grim trend is the reason why 73% of aging adults in the U.S. cite sickness as their main concern. They want to improve their health to protect their retirement. Surprisingly, this is a highly underserved market. Many aging adults have savings, income and wealth-transfer solutions, but due to a broken insurance market and old paradigms, very few can get solutions to hedge against disability and its wealth-draining consequences.

In 2020, the NeverStop platform was launched to allow life and health insurers to help their policyholders live longer and better by protecting them from disability and its financial consequences.

Here are links for more information about Larry and Assured Allies:

The Assured Allies home page- https://www.assuredallies.com/
The NeverStop home page- https://www.neverstop.com/

Thematic Investments Now Have Lower Fees

Advisor Perspectives — Thu, 04 Jan 2024 02:00:00 -0600

Themes ETFs, a new ETF sponsor, offers products that seek to provide investors with a way to own the opportunities that are shaping the future and moving markets, with expense ratios 40% cheaper than the average charged by competitor funds. The offering at Themes ETFs spans both cutting-edge technologies and traditional industries, with targeted exposure ranging from generative artificial intelligence and cybersecurity to airlines and banks. Backed by a former cofounder of GlobalX and a team of dynamic portfolio management professionals who collectively bring decades of prior experience and extensive expertise managing ETF portfolios for multibillion-dollar asset managers, Themes ETFs aims to disrupt the market with its competitive fee structure. Themes ETFs has forgone a traditional wholesaling model to minimize its distributional expenses and maximize cost efficiency, passing those savings directly on to investors in the form of lower fees.

Here are links for more information about Taylor and Themes ETFs:

The Themes ETF home page- https://themesetfs.com/
The Themes ETF lineup- https://themesetfs.com/etfs/
WISE - Generative AI ETF- https://themesetfs.com/etfs/WISE/
SPAM - Cybersecurity ETF- https://themesetfs.com/etfs/SPAM/
AIRL - Airlines ETF- https://themesetfs.com/etfs/AIRL/
GSIB - Global Systemically Important Banks ETF- https://themesetfs.com/etfs/GSIB/
Meet the Team at Themes ETFs- https://themesetfs.com/about/

Is Direct Indexing Right for Your Clients?

Advisor Perspectives — Tue, 02 Jan 2024 11:36:23 -0600

Across the U.S. wealth spectrum, $2 out of $3 of investable assets are in taxable accounts. Having a comprehensive tax management strategy is critical. In the context of separately managed accounts, tax-loss harvesting is one component of a tax management strategy. Tax-efficient or tax-aware portfolio rebalancing is a key part of that. That includes the ability to evolve or rebalance the portfolios periodically in a tax-efficient manner by minimizing the overall tax liability. The tax-efficient techniques involve pairing gains against losses or avoiding short-term gains in favor of long-term gains, or capping gains in general to minimize overall tax cost.
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Here are links for more information about Manju and Allspring:

Unlock Smart Outcomes (white paper)- https://www.allspringglobal.com/globalassets/assets/public/pdf/insights/investing/unlock-smart-outcomes.pdf
Megatrends: Tax Management (podcast)- https://blogs.allspringglobal.com/2023/09/megatrends-tax-management/?utm_source=insights&utm_medium=website&utm_campaign=podcast
Tax-Loss Harvesting: Seizing Opportunity in Fixed Income (white paper)- https://www.allspringglobal.com/globalassets/assets/public/pdf/insights/investing/tax-loss-harvesting-seizing-opportunity-in-fixed-income.pdf

Ned Davis’ Stock Picks for 2024

Advisor Perspectives — Thu, 28 Dec 2023 03:00:00 -0600

Ned Davis Research (NDR) is a global provider of independent investment research, solutions and tools. Founded in 1980, NDR helps clients around the world make objective investment decisions. Its strategists and analysts use fundamental and technical research with models, charts, indicators and weight-of-the-evidence methodology to help clients see the signals and invest with confidence. NDR is headquartered in Sarasota, Florida with offices in New York, London, and Hong Kong.
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Here are links for more information about Brian and Ned Davis Research:

https://www.ndr.com/

David Tice: “The Market is Going Down”

Advisor Perspectives — Wed, 27 Dec 2023 01:00:00 -0600

With the S&P 500 hitting the lowest levels since last June, I thought it would be great to talk to Ranger Alternative about how advisors should be incorporating a hedge in clients' portfolios regardless of the market environment.

Ranger Alternative is sub-advisor to AdvisorShares' Ranger Equity Bear ETF (HDGE). The brains behind HDGE is my guest, David Tice (senior advisor), as well as John Del Vecchio (co-portfolio manager) and Brad Lamensdorf (co-portfolio manager).

HDGE is an actively managed ETF rooted in forensic accounting and technical analysis.

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Here is a fact sheet for AdvisorShares' Ranger Equity Bear ETF (HDGE) - https://advisorshares.com/etfs/hdge/

A message from Advisor Perspectives and VettaFi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.

The Latest Trends in Advisor Technology

Advisor Perspectives — Tue, 26 Dec 2023 02:00:00 -0600

Advisors are being asked to provide their clients with a full suite of solutions, ranging from estate and tax planning to portfolio management, and everything in between. Clients are increasingly eager to gain access to fully customizable solutions that meet their individual needs. Advisors, meanwhile, are facing constraints while grappling with a volatile market, and their relationships with clients are being tested.

To address those market challenges, SS&C Rendezvous was launched in 2023, offering advisors a turnkey, front-end investment management platform embedded in the Black Diamond portfolio management system. Featuring an open architecture model marketplace and an integrated proposal-generation tool targeting clients and prospects, Rendezvous empowers advisors with the technological resources to streamline goals-based financial planning and proposal generation, offer investment solutions and asset allocation tools that achieve clients’ goals and reclaim time to focus on building relationships.

Here are links for more information about Eric and SS&C ALPS:

The Rendezvous home page - https://www.alpsadvisors.com/rendezvous
The ALPS Funds home page - https://www.alpsfunds.com/

A message from Advisor Perspectives and VettaFi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.

How Muni-Bond ETFs Help with Tax-Loss Harvesting

Advisor Perspectives — Thu, 21 Dec 2023 02:00:00 -0600

As 2023 is nearing its end, tax-loss harvesting season is in full swing. This is often top of mind for advisors and their clients. But Capital Group is seeing some advisors hesitate to harvest losses due to ongoing volatility in the equity and bond markets, and general uncertainty about 2024.

My guest, Courtney Wolf, joins me today to talk about why to deploy cash and use tax-loss harvesting via active fixed income ETFs. Courtney is a muni portfolio manager at Capital Group and the principal investment officer for the firm’s active muni ETF, CGMU. With nearly two decades of muni investing experience, Coutney will offer her forecast for munis more broadly in 2024 as well.

Here is a link for more information about Capital Group and its resources on active ETFs and tax loss harvesting:

Meet the suite: Get to know Capital Group's ETFs- https://www.capitalgroup.com/advisor/investments/exchange-traded-funds/resources/meet-the-suite.html
Capital Group Municipal Income ETF- https://www.capitalgroup.com/advisor/investments/exchange-traded-funds/details/cgmu
Active ETFs to pursue more control over your clients' tax liabilities- https://www.capitalgroup.com/advisor/investments/exchange-traded-funds.html?cid=p73043655040&ad_id=620524608858&ext_id=&ds_rl=1292280&gclid=CjwKCAjwg-GjBhBnEiwAMUvNWzh8XQRd_WZ2v1JKROrAAb3gOQL6II-7iVU0RLtEZFtlAW8qDkFNkxoCtxMQAvD_BwE&gclsrc=aw.ds
5 ways to pursue greater tax efficiency with ETFs- https://www.capitalgroup.com/advisor/investments/exchange-traded-funds/resources/5-ways-to-pursue-greater-tax-efficiency-with-etfs.html
Capital Ideas Insights – How to harvest tax losses in pursuit of portfolio efficiency- https://www.capitalgroup.com/advisor/investments/exchange-traded-funds/resources/tax-loss-harvesting-improved-efficiency.html
Capital Group 2024 Outlook- https://www.capitalgroup.com/advisor/insights/webinars/2024-outlook.html

A message from Advisor Perspectives and VettaFi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.

New ETF Democratizes Access to Hedge Funds

Advisor Perspectives — Wed, 20 Dec 2023 02:00:00 -0600

Investors were taught a lesson in 2022 when equities and fixed income delivered double-digit, negative returns. No longer could the major asset classes be counted on for diversification. That outcome has led to a surge of interest in alternative investments. My guest today will argue why alternatives are important for advisors to consider and how doing so in a cost-sensitive way is important. Hedge funds and private equity can provide significant alpha but are often unobtainable for retail, non-accredited investors. ETF structures offer advisors and their clients access to those types of investments in a liquid, transparent way.

Here are some resources to learn more about Bob and the Unlimited Funds:

Unlimited Funds' home page- https://www.unlimitedfunds.com/
Follow Bob Elliott on X (Twitter)- https://twitter.com/BobEUnlimited
View the performance of HFND- https://www.unlimitedetfs.com/hfnd/

A message from Advisor Perspectives and VettaFi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.

How to Create a Winning Advice Experience

Advisor Perspectives — Thu, 14 Dec 2023 01:00:00 -0600

According to a recent J.D. Power study, fewer than 15% of clients say their advisor provides an ideal advice experience; and yet many advisors likely suffer from Dunning Kruger cognitive bias, where they think they are among that 15% when for the majority, that’s impossible.

Why is financial advice in such a state? Because, despite their best efforts, financial advisors aren’t hitting the core attributes of comprehensive advice.

To solve this, Practice Intel, a new firm led by Dr. Preston Cherry, Tom Rieman, Larry Shumbres, and Nick Gudz, among others, has launched. Combining practice-level insights with innovative e-learning resources and a proprietary index that benchmarks a firm’s valuation against its peers, Practice Intel helps advisors enhance their advice experience while achieving more organic growth and, ultimately, increasing their valuation.
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Here are some resources to learn more about Practice Intel and its offerings:

Practice Intel home page- https://pracintel.com/home
Tom Rieman's LinkedIn page- https://www.linkedin.com/in/tom-rieman/
Preston Cherry's LinkedIn page- https://www.linkedin.com/in/drprestoncherry/
Bios for Tom Rieman and Preston Cherry- https://pracintel.com/about
An article about Practice Intel: "Putting Your Clients First"- https://www.wealthmanagement.com/client-relations/putting-your-clients-interests-first

A message from Advisor Perspectives and VettaFi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.

How to Talk to Clients About Annuities

Advisor Perspectives — Wed, 13 Dec 2023 01:00:00 -0600

With Americans living longer and deferring retirement for lots of reasons, the retirement planning landscape is changing. Employers are not offering pensions. All these factors make planning for retirement income crucial. We’ll explore this in depth with my guest, Matt DiGangi.

Here are some resources to learn more about MassMutual Strategic Distributors (MMSD) and its offerings:

Learn More about MMSD Annuity Solutions and Check Rates - https://mmsd.massmutual.com/products/annuities
For more thought leadership, follow Matt DiGangi and MMSD on LinkedIn
- www.linkedin.com/showcase/massmutual-strategic-distributors/
- www.linkedin.com/in/matthew-digangi-mba-cltc-2416556/

Referenced in this podcast:

In Retirement Planning, It's What You Don't Know That Can Hurt Them - https://fieldnet.massmutual.com/public/ltc/pdfs/sdp6026.pdf
Fixed Annuities and Consumer Literacy Study - https://fieldnet.massmutual.com/public/ann/pdfs/sdp5045.pdf
Health Care Costs in Retirement - https://fieldnet.massmutual.com/public/ann/pdfs/an6722.pdf

A message from Advisor Perspectives and VettaFi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.

The Future of AI in the Advisory Profession

Advisor Perspectives — Tue, 12 Dec 2023 03:00:00 -0600

We are speaking on November 3, but the big headline for 2023 has already been written. This will be the year of artificial intelligence (AI) and machine learning (ML). Not only have AI and ML driven the soaring valuations of stocks like NVDIA, but they have also demonstrated the potential to increase the efficiency of advisory practices.

My guest today will provide an update on the latest in AI/ML and how solutions such as ChatGPT will positively impact financial professionals. Prepare to be informed, inspired, and equipped with the knowledge to navigate the exciting horizons that lie ahead.
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For more information, visit Osaic online at www.osaic.com

A message from Advisor Perspectives and VettaFi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.

The Case Against Factor Investing

Advisor Perspectives — Fri, 08 Dec 2023 00:00:00 -0600

Investing in “smart beta” was the rage in the early 2000s, as small-cap-value stocks vaulted over large-cap-growth stocks. But like all supercharged investment strategies, it didn’t last. Factors premiums have not materialized since the financial crisis. For most of the last decade, value has underperformed growth, driving the underperformance of the largest category of smart-beta strategies. We’ll go over the case for and against factors in this interview with long-term investment adviser, Rick Ferri.

Here are a few links to resources:

Rick’s PowerPoint presentation, “The Case Against Factor Investing”
Rick's firm, Ferri Investment Solutions

AllianceBernstein’s Strategy for the ETF Market

Advisor Perspectives — Thu, 07 Dec 2023 01:00:00 -0600

As of last week, Morningstar Direct calculated that 391 new ETFs had begun trading in 2023. That's significantly higher than the 311 that had debuted by the final week of October in 2021, the year ETF launches set a record of 475.

Active strategies are playing a key role in that record-breaking pace. Despite holding about 6% of total assets, actively managed ETFs still added almost one-third of total flows in September. Nearly 75% of the launches so far this year have been active ETFs.

AllianceBernstein (AB) launched its first ETFs into that intensely competitive marketplace. My guest, Noel Archard, is here to discuss the competitive dynamics of the ETF industry and his strategy to gain market share in the advisor intermediary channel.

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AB ETFs Website: www.alliancebernstein.com/go/etfs

A message from Advisor Perspectives and VettaFi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.

The New “Clean Ocean” ETF

Advisor Perspectives — Tue, 05 Dec 2023 01:00:00 -0600

In mid-September, Rockefeller Asset Management, the asset management arm of Rockefeller Capital Management, and KraneShares, a leading global ETF provider specializing in China, climate, and uncorrelated assets, launched the KraneShares Rockefeller Ocean Engagement ETF (ticker: KSEA). The fund invests in public companies with significant impact on oceans and ocean resources, reflecting the meaningful investment opportunities within the blue economy.

KSEA aims to generate competitive returns and improve ocean health through shareholder engagement activity focused on pollution prevention, carbon transition, and ocean conservation. Holdings include companies from diverse sectors such as aquaculture, commercial fishing, waste management, renewable energy, and logistics, among others.

My guest, Casey Clark, will discuss this new ETF.
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Here are a few links to resources:

Rockefeller Capital Management’s website- https://www.rockco.com/
Fact sheet for the KraneShares Rockefeller Ocean Engagement ETF (ticker: KSEA) - https://kraneshares.com/ksea/

A message from Advisor Perspectives and VettaFi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.

Diversification does not ensure a profit or guarantee against a loss.

The Advantages of Free-Cash Flow in Portfolio Construction

Michael Mack of Victory Capital Management — Thu, 30 Nov 2023 04:00:00 -0600

Free-cash-flow yield is the surplus cash after expenses and investments divided by the price of the security. Free-cashflow yield has been used for a long time by active hedge funds. Now it has become part of the indexing landscape, competing for assets with other quantitative approaches. It has historically outperformed in markets that favored value stocks and shown resilience in growth markets. My guest today will explain why, in today's intangible asset-driven economy, traditional metrics like price to earnings and price to book face challenges, making free cash flow a more relevant valuation metric. We will discuss how advisors should think about free cash flow and the steps VictoryShares & Solutions has taken to enhance traditional approaches.

All investments involve some degree of risk.
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Here are some resources to learn more about VictoryShares:

VictoryShares Free Cash Flow ETF (VFLO) Product Page- https://www.vcm.com/products/victoryshares-etfs/victoryshares-etfs-list/victoryshares-free-cash-flow-etf
VFLO Brochure- https://www.vcm.com/content/dam/vcm/campaigns/intermediary/VS%20VLFO%20IB.pdf
VFLO Factsheet- https://www.vcm.com/assets/etf/factsheet-pdf/VS%20VFLO%20FS.pdf
VettaFi Free Cash Flow Channel- https://www.etftrends.com/free-cash-flow-channel/

Distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Victory Capital Management Inc. or its affiliates.

A message from Advisor Perspectives and VettaFi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.

New Ways for Advisors to Access Alternative Investments

Advisor Perspectives — Tue, 28 Nov 2023 03:00:00 -0600

With relentless market volatility and other stubborn headwinds, advisors must find an adequate portfolio balance for their clients. What role will alternative investments play in offsetting market challenges? In this episode, we dive into this question with Andrea Mody, U.S. wealth private markets head at Macquarie Asset Management. We discuss how Macquarie continues to be a trailblazer for the democratization of alternatives, how traditional asset managers are reorganizing to incorporate alternatives, the roadblocks for allocation and Andrea’s outlook for the space.

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Here is a link to the Macquarie Asset Management home page- https://www.macquarie.com/au/en/about/company/macquarie-asset-management.html

Here is a link to the podcast I did with Andrea in November, 2021- https://www.advisorperspectives.com/podcasts/2021/11/05/democratizing-alternatives-for-the-advisory-channel

A message from Advisor Perspectives and VettaFi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.

Risks and Opportunities in Structured Credit

Advisor Perspectives — Wed, 22 Nov 2023 03:00:00 -0600

My guest, Sam Reid, is here to discuss the role and impact of structured credit within a retail investor portfolio. In an environment of rising rates and accumulating debt, this asset class offers investors a chance to alleviate risks and further enhance their portfolios.

Sam uses a process-driven approach to minimize the impact of rising rates, and his underwriting standards allow for enhancements to be built into securities. He focuses on short-duration investments.

Here are some links to learn more about Sam and the funds we discussed:

River Canyon Fund Management- https://www.rivercanyonfunds.com/about/
River Canyon Total Return Bond Fund Overview- https://www.rivercanyonfunds.com/total-return-bond/

A message from Advisor Perspectives and VettaFi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.

What Advisors Get Wrong About the Great Wealth Transfer

Advisor Perspectives — Tue, 21 Nov 2023 03:00:00 -0600

What if everything you’ve been told about cultivating client assets from one generation to the next is wrong and unhelpful? Yes, the ”great wealth transfer” is a massive opportunity for financial advisors and wealth managers, but Meg Carpenter believes the advisory profession is looking at the opportunity through the wrong lens. In this conversation, we will focus on why the next generation of clients nearly always leaves their parents’ advisor, and how you can rethink your marketing efforts to attract the right clients across generations.
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Additional resources:

FiComm Partners website- https://ficommpartners.com/
Meg Carpenter's LinkedIN page- https://www.linkedin.com/in/meganficomm/

A message from Advisor Perspectives and VettaFi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.

The Insider's Guide to Transition

Advisor Perspectives — Thu, 16 Nov 2023 02:00:00 -0600

Are you curious about what a transition in the digital age truly entails? My guest, Lizzie Warner, and I will step inside the world of broker-dealer/RIA transitions and unveil the timeline and milestones of these transformations. We want this to be your gateway to making your move smoother and more accessible than ever before.

Lizzie Warner, vice president of transition and strategic acquisitions at Cambridge, will shares her insights and stories from guiding countless financial advisors through this pivotal change.

Lizzie will also introduce Cambridge's complimentary resource, “Asking the Right Questions of Your Next Transition Team.”
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Here is a complimentary checklist: “Asking the Right Questions of Your Next Transition Team" - https://www.joincambridge.com/insights/insights/critical-questions-to-plan-your-transition/

A message from Advisor Perspectives and VettaFi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.

BlackRock’s New Defined-Maturity TIPS ETFs

Advisor Perspectives — Tue, 14 Nov 2023 05:00:00 -0600

On October 24, 2022, precisely a year ago, we published an article by Allan Roth in Advisor Perspectives, The 4% Rule Just Became a Whole Lot Easier. The idea for that article came from a conversation that Allan and I had. I noted that real rates, as expressed by TIPS, were about 1.75%. I thought that it would be possible to lock in the proverbial 4% safe withdrawal rate. Allan did the analysis and found that, indeed, a 4.36% safe withdrawal rate was possible. That article received widespread attention throughout the financial media. Perhaps it even had a role in the introduction of BlackRock’s new suite of defined-maturity TIPS ETFs.
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Here are a few links to resources:

Allan Roth’s article, The 4% Rule Just Became a Whole Lot Easier - https://www.advisorperspectives.com/articles/2022/10/24/the-4-rule-just-became-a-whole-lot-easier
Allan Roth’s article, A Case for BlackRock’s New Defined-Maturity TIPS ETFs - https://www.etf.com/sections/features/case-blackrocks-new-defined-maturity-tips-etfs
IShares iBonds TIPS ETFs - https://www.ishares.com/us/literature/press-release/tips-ibonds-press-release.pdf
BlackRock Flexible Income ETF (BINC) - https://www.blackrock.com/us/individual/products/331752/blackrock-flexible-income-etf
BuyWrites Suite - https://www.ishares.com/us/literature/press-release/buywrites-pr-fnl.pdf
A Wall Street Journal article about using TIPS ladders - https://www.wsj.com/personal-finance/tips-treasury-inflation-protected-securities-2023-7886474e?st=845ykpj6qxa4zfu&reflink=desktopwebshare_permalink

A message from Advisor Perspectives and VettaFi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.

Do Advisors Deliver What Consumers Want?

Advisor Perspectives — Thu, 09 Nov 2023 03:00:00 -0600

Earlier this month, I attended Bob Veres’ Insiders Forum conference in San Antonio. As it is every year, the highlight of the conference is Bob’s presentation of the Insiders Forum leadership award. This year’s recipient was Angie Herbers, my guest today. I cannot overstate the significance of this award. Virtually every other award in the advisor profession is part of a pay-for-play scheme, where the award is made with the expectation that the recipient will pay to attend some expensive dinner or to get the right to use the award publicly. But this award is purely merit-based and recognizes the contributions that individuals have made to advance the advisor profession.

Those contributions were evident in the presentation Angie made about her most recent research after receiving her award, and she is here today to share some of those findings.
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Here are a few links to resources:

Herbers & Company consulting- https://www.herbersandcompany.com/
Angie’s LinkedIn page- https://www.linkedin.com/in/angieherbers/
Angie's prior research on the relationship between money and happiness- https://www.herbersandcompany.com/trending/the-value-of-a-financial-advisor
Angie’s article about selling a minority stake to a PE firm- https://citywire.com/ria/news/ask-angie-should-i-sell-a-minority-interest-to-private-equity/a2428327

A message from Advisor Perspectives and VettaFi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.

A New ETF Targets the SMID Space

Advisor Perspectives — Tue, 07 Nov 2023 13:34:00 -0600

Zacks Investment Management has been managing money for more than 30 years. It is a subsidiary of Zacks Investment Research, which is one of the largest independent research providers in the United States. In 2021, Mitch Zacks, its CEO, decided it was time to bring the research-driven approach to investing that the firm has become known for to the exchange-traded product market. The firm's first active ETF was launched in the summer of 2021. Since then, it has been focused on being committed to expanding its footprint in the ETF product space while bringing continued risk-adjusted returns to clients.

Here are a few links to resources:

Zacks ETFs: https://zacksetfs.com
Additional resources about Zacks ETFs: https://zacksetfs.com/resources.php

A message from Advisor Perspectives and VettaFi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.

A Pure Play, Institutional Grade Private Credit Portfolio

Robert Behan of Calamos Investments — Tue, 31 Oct 2023 04:00:00 -0500

Calamos Investments and Aksia joined forces this year to launch the Calamos Aksia Alternative Credit and Income Fund (CAPIX), an interval fund designed to provide advisors and their clients access to private debt investments – most of them historically only accessible to institutions – with the liquidity investors demand. The accessibility concept was nothing new for Calamos – it created one of the first retail liquid alternatives funds three decades ago – and for private credit, it engaged a partner, Aksia, that has been managing private credit for institutions almost as long. (For its part, this is Aksia’s first foray into advisors and retail clients.). Calamos’s Bob Behan is here to talk about the partnership and the current opportunity set in private credit.
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Here are a few links to resources about the fund:

A message from Advisor Perspectives and VettaFi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.

How AI is Transforming Wealth Management

Andrew Altfest of Altfest Personal Wealth Management — Thu, 26 Oct 2023 01:00:00 -0500

Andrew Altfest has had a unique journey through the advisory profession. He joined the firm founded by his father, Lew Altfest, and rose to become president of Altfest Personal Wealth Management. He then founded the technology firm, FP Alpha, and became its CEO. Andrew will walk us through his journey to become an advisor and how that experience led to the creation and evolution of FP Alpha. The expectations of advisors and their clients continue to change, which is what led to the introduction of advanced technologies based on AI. This allows firms to scale their practices with innovative technologies.
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Here are some additional resources to learn more about Andrew and FP Alpha:

Link to FP Alpha website - https://fpalpha.com/
Here is a link to the webinar we did with Andrew in 2020

A message from Advisor Perspectives and VettaFi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.

A New Risk-Controlled Fixed Income ETF

Mike Sanders of Madison Investments — Tue, 24 Oct 2023 09:24:09 -0500

As interest rates have risen dramatically over the past year, income-oriented funds have become more attractive. With the income finally back in fixed income, advisors are searching for new opportunities to generate yield while mitigating risk in their bond investments. That’s why Madison Investments, an independently owned investment firm managing $22.9 billion in assets, recently launched its first suite of four income-oriented ETFs. The firm provides a range of investment strategies across mutual funds, managed accounts and customized investment portfolios. It added ETFs to its offerings in August. Two of the funds in its suite – the Madison Aggregate Bond ETF (NYSE: MAGG) and the Madison Short Term Strategic Income ETF (NYSE: MSTI) – seek to capitalize on the growing demand for dynamic, risk-managed fixed income strategies. My guest today will discuss how advisors can use these actively managed ETFs to get the most value out of their fixed income allocation.
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Here are some resources to learn more about Madison Investments:

Madison Investments website – https://madisoninvestments.com
Madison Aggregate Bond ETF (MAGG) – https://madisonfunds.com/etfs/madison-aggregate-bond/
Madison Short Term Strategic Income ETF (MSTI) – https://madisonfunds.com/etfs/madison-short-term-strategic-income/
Follow Madison Investments on LinkedIn – https://www.linkedin.com/company/madison-investment-advisors/

A message from Advisor Perspectives and VettaFi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.

Why CLOs Offer the Best Risk-Adjusted Return Among Fixed Income

Advisor Perspectives — Wed, 18 Oct 2023 14:20:33 -0500

My guest today is here to talk about an asset class that is often misunderstood. It wasn't until recently that all investors had access to collateralized loan obligations (CLOs). Institutional investors have benefitted from the ownership of CLOs for over 25 years, and the asset class has grown to over $1 trillion.

These are not the same bonds that eroded the economy in 2008 during the global financial crisis. It's a similar name in "C blank O," but a very different asset class. John Kim and his team at Panagram are experts in CLO investing. He is here to explain how they work, why now for individual investors, the benefits of owning CLOs, and dispel some of the myths about this often-misunderstood asset class. John will share what Panagram is doing to educate and explain why advisors should consider an allocation.

Here is a link to the Panagram website.

Here are links to the two ETFs mentioned in this podcast: CLOZ and CLOX.

A message from Advisor Perspectives and VettaFi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.

Northern Trust Asset Management’s 2023 Capital Market Forecast

Advisor Perspectives — Thu, 05 Oct 2023 05:00:00 -0500

Northern Trust’s Capital Market Assumptions (CMA) report, an annual report of long-term average annualized return expectations for a wide range of asset classes, forecasts below-trend global growth at an annualized rate of 2.4% over the next 10 years, moderating developed-market inflation of 2.4%, and a lower global equity return of 6.3% a year on average. The CMA report’s asset class forecasts are driven by six key themes that Northern Trust investment experts see affecting markets and the economy over the next 10 years: restraints on global economic growth, geopolitical fault lines, adaptation to persistent inflation, central bank concessions to inflation, a sustainable green transition, and growing private markets.

Rooted in the firm’s deep capital market analysis, the CMA report informs the investment decisions and asset allocation recommendations made by Northern Trust, which as of June 30, 2023, had US$1.4 trillion in assets under management. Forecasts are created with a “forward-looking, historically aware” approach, analyzing the past drivers of returns across asset classes and developing investment themes that inform how those return drivers may evolve in the future.

Here is a link to the CMA report- https://www.capitalmarketsassumptions.com/
Here is a link to the press release announcing the CMA report- https://www.businesswire.com/news/home/20230912762715/en/Northern-Trust-Forecasts-Slow-Economic-Growth-and-Moderating-Inflation-Over-the-Next-10-Years
Here is a link to the podcast I did with Chris in October of last year- https://www.advisorperspectives.com/podcasts/2022/10/05/northern-trust-asset-managements-capital-market-forecast

A message from Advisor Perspectives and VettaFi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.

The Outlook for Alternative Investments

Advisor Perspectives — Tue, 19 Sep 2023 09:00:00 -0500

Managing volatility is a high priority for advisors. The right investments can stabilize a portfolio and dampen volatility, while keeping goals on track. Increasing bond allocations used to be the standard way to reduce volatility, but with bonds more correlated to equities, their diversification value has decreased. With high inflation, bonds also aren’t providing enough real income for many investors.

Demand for private credit has increased because of its low correlation to traditional equities and bonds, and enhanced income potential. As an asset class, private credit has a history of resiliency throughout economic downturns. That was true during the pandemic, and last year when these types of loans largely held up, in contrast to the bond market which had historically bad performance.

My guest today will discuss how advisors can reduce volatility, increase income and diversify equity and bond allocations through private credit and other alternatives.

Here is a link to the CION website- https://www.cioninvestments.com/

A message from Advisor Perspectives and VettaFi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.

The Future of AI-Powered Investment Management

Advisor Perspectives — Thu, 14 Sep 2023 09:00:00 -0500

Artificial Intelligence has been a category-killer among investment themes in the past year.

Its impact on the wealth management profession has been profound, from gravity-defying value creation on the stock market to optimizing the day-to-day operations of an advisory practice.

Every participant in financial services, in companies large or small, needs to embrace and integrate this powerful technology into its future, or risk falling behind.

My guest today, Valery Talma, will share his perspective on the state of the art in AI investment management and how advisors can serve their clients better with AI-powered strategies.

Here is a link for more information about Val and QueensField:

QueensField AI Technologies website - http://www.queensfield.ai/
Product Brochure : 5 Model Strategies Brochure
QueensField AI Technologies Public Indexes Indexes:
- https://merqube.com/index/MQQFUSAI
- https://merqube.com/index/MQQFUSAT
White Paper on the Performance of AI-Powered ETFs
Valery Talma Linkedin page: Valery Talma Profile

A message from Advisor Perspectives and VettaFi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.

The Exceptional Opportunity in REITs

Advisor Perspectives — Tue, 12 Sep 2023 09:00:00 -0500

The rise in global interest rates is driving a “great reset” of real estate values. With the ongoing correction in private markets, REITs offer an attractive entry point with valuations at historic lows. In addition, a number of factors favor REITs:

Large differences in valuation between public and private RE markets, while rare, have historically benefited REITs.
REITS have historically outperformed the S&P post-Fed tightening cycles.
REIT sectors are more concentrated in areas with strong sector secular growth, including senior housing, industrials, data centers, and residential/specialty housing.
If the real estate repricing process continues, there will be a wave of consolidation as well-capitalized firms buy attractive properties at steep discounts.
Longer-term, falling rates combined with an imbalance of supply and demand will be bullish for REIT valuations.

Here is a link for more information about Rick and PGIM:

PGIM Select Real Estate Fund- https://www.pgim.com/investments/mutual-funds/pgim-select-real-estate-fund
US Real Estate Fund Performance- https://www.pgim.com/investments/getpidoc?file=8CE3D7D87B7CAE1285258138004284B8
Rick’s Latest Perspectives on REITs- https://www.pgim.com/real-estate/commentary/manager-minutes-inflection-point-reits

A message from Advisor Perspectives and VettaFi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.

ABLE Accounts for the Disability Community

Advisor Perspectives — Tue, 05 Sep 2023 05:00:00 -0500

One of the hardest parts of planning for our loved ones with disabilities is getting started. It’s overwhelming. Thinking of who will care for your child when you or your partner cannot is not easy. While we realize no one will care for your child like you do, you need to plan for the day when you no longer can.

In this session, we talk about one tool that may help with some of the financial responsibilities for supporting your loved one while helping them stay qualified for means-tested benefits supplemental security income (SSI) and Medicaid. My guest will introduce the importance of planning ahead and maintaining eligibility for public benefits whether the family is wealthy or has limited means.

Here is a link for more information about Jeff and Vistica Wealth Advisors:

A message from Advisor Perspectives and VettaFi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.

The Compelling Opportunity in Small-Cap Stocks

Advisor Perspectives — Thu, 24 Aug 2023 05:00:00 -0500

Several factors point to why this is an exceptional time to invest in small-cap stocks. Small-cap stocks tend to outperform after inflation peaks and in the aftermath of recessions. Small-cap valuations are at 20-plus-year lows relative to large-cap equities. Earnings revisions for small caps are stabilizing and beginning to outpace those of large caps. The M&A market is recovering, which historically correlates with improved small cap performance.

Here is a link for more information about Eric and Penn Capital:

Penn Capital web site- https://www.penncapital.com/
Connect with Eric Green on LInkedIn- https://www.linkedin.com/in/eric-green-cfa-333335/
Penn Capital Special Situa�ons Small Cap Equity Fund (PSCMX) fact sheet- https://www.penncapital.com/sites/default/files/media/documents/Penn%20Capital%20Special%20Situations%20Small%20Cap%20Equity%20Fund%20Factsheet_2Q23.pdf
Penn Capital Mid Cap Core Fund (PSMPX) fact sheet- https://www.penncapital.com/mutual-funds/penn-capital-mid-cap-core-fund

A message from Advisor Perspectives and VettaFi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.

The Future of Private Equity for the RIA Profession

Advisor Perspectives — Thu, 17 Aug 2023 05:00:00 -0500

Private equity has backed many of the recent acquisitions in the RIA profession. Indeed, approximately 77% of transactions in the first quarter of this year involved private-equity funding. Many of the largest acquirers are backed by PE firms, including Mariner, Carson, Mercer, Focus, Savant, Pathstone and the Wealth Exchange Group. When evaluating a PE-backed acquirer, there are a few things to consider, including possible drawbacks and how it will impact the future of your firm.

Here is a link for more information about Advisor Growth Strategies:

Advisor Growth Strategies website - https://www.advisorgrowthllc.com/

John Furey bio - https://www.advisorgrowthllc.com/team/john-furey

John Furey’s Advisor Perspectives article, The Permanent Role of Private Equity in the RIA Profession - https://www.advisorperspectives.com/articles/2023/04/14/the-permanent-role-of-private-equity-in-the-ria-profession

AGS’ annual report, the RIA Deal Room, which shares real-time, data-driven M&A industry trends looking at the mechanics underlying transactions - https://www.advisorgrowthllc.com/ria-deal-room

A message from Advisor Perspectives and VettaFi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.

The Strategy Behind Last Year’s Top-Performing Small-Cap Fund

Advisor Perspectives — Thu, 10 Aug 2023 05:00:00 -0500

The SouthernSun Small Cap fund (symbol: SSSIX) is up 13.5% this year, versus 10.33% (as of July 18, 2023) for its Morningstar small-blend peer group. Last year was even more impressive, when it was down only -1.37%, versus its peer group, which was down -16.24%, putting SSSIX in the first percentile of that peer group. It has approximately $400 million in assets and is a highly concentrated portfolio, with only 21 holdings as of March 31, 2023.

Here is a link for more information about SouthernSun:

SouthernSun web site- https://southernsunam.com/
SSSIX fact sheet and performance- https://southernsunam.com/investment-products/small-cap-fund/

Important Disclosures

AUM mentioned is as of 07/18/2023; Morningstar Ranking out of 611 funds in the Morningstar Small Blend category for 1-year period ended 12/31/2022. Past performance is no guarantee of future results; The information discussed represents the opinion of the host, and is subject to change. It is not intended to be a forecast of future events, a guarantee of future results, and is not intended as an offer or solicitation of the Fund nor any other products or services. It is for general informational purposes only and should not be considered an individualized recommendation or investment advice. Some of the statements contained in this podcast may be forward-looking and contain certain risks and uncertainties. Investing involves risk, including the possible loss of principal.

A message from Advisor Perspectives and VettaFi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.

The Future of Advice is Fee-Based

Advisor Perspectives — Tue, 01 Aug 2023 05:00:00 -0500

Great things rarely occur within your comfort zone. Earning revenue via commission-based mutual funds or annuities might seem straightforward and familiar, but it isn’t a sustainable way to grow your practice.

There’s been a steady trend in the advisory profession to fee-based practices and holistic wealth-management services. But just because this trend is widespread doesn’t mean that transitioning to fee-based models comes without challenges. My guest today, Jen Gloss, will discuss the why and how of transitioning from commissionable products to fee-based wealth management.

If you’re thinking about transitioning to fee-based, but also thinking about the challenges you’ll face, download our guide:

The Future of Advice Is Fee-Based. What's Holding You Back? - https://www.assetmark.com/commission-to-fees-2023?utm_campaign=Commission%20to%20Fees%202023&utm_source=3rd%20Party%20%7C%20Vettafi%20%7C%20Podcast%20%7C%20C2F2%20%7C%207%2F13%2F23

This guide explores the three fears many advisors face when considering the move from a commission to fee-based model and ways to overcome those fears, including:

How to price your services and create more stable revenue for your business;
Communication tips to help you discuss this change with your clients; and
Simple, five-step process for making the transition easy for you and your clients.

See how to tackle the obstacles advisors commonly cite to making the transition to fee-based with guidance, best practices, and insights to help you pave the way to a fee-based model.

Get the guide here- https://www.asstmark.com/commission-to-fees-2023utm_campaign=Commission%20to%20Fees%202023&utm_source=3rd%20Party%20%7C%20Vettafi%20%7C%20Podcast%20%7C%20C2F2%20%7C%207%2F13%2F23

Here is a link for more information about AssetMark:

AssetMark web site- https://www.assetmark.com/

A message from Advisor Perspectives and VettaFi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.

The Case for Private-Market Investing

Advisor Perspectives — Thu, 27 Jul 2023 05:00:00 -0500

Hamilton Lane (Nasdaq: HLNE) is one of the largest private-market investment firms globally, with nearly $857 billion in assets under management, providing innovative solutions to institutional and private wealth investors around the world.

In this episode, my guest, Steve Brennan, will discuss the private market opportunity for advisors and HNW investors. For financial advisors looking to minimize the impact of public-market volatility on their clients’ portfolios, private equity is a long-term investment vehicle that gives an investor an extended period to invest their money and protect it from the turbulence of the markets. Private-market investing can provide gains for HNW investors who have traditionally focused on real estate and private-credit strategies.

But many advisors still don't invest in private markets. Steve will discuss the opportunity in private investing, how it works, and most importantly, how to use it in the context of a portfolio.

Here is a link for more information about Hamilton Lane:

2023 Market Overview - https://explore.hamiltonlane.com/2023-market-overview/home
A Guide To Private Markets - https://www.hamiltonlane.com/en-us/insight/private-markets-a-guide
Hamilton Lane’s Private Wealth Knowledge Center- https://www.hamiltonlane.com/en-us/education/private-markets-education
https://www.hamiltonlane.com/en-us

A message from Advisor Perspectives and VettaFi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.

The All-Weather Approach for an Unpredictable Future

Advisor Perspectives — Tue, 25 Jul 2023 05:00:00 -0500

Standpoint is an investment firm focused on providing all-weather investment solutions to U.S. financial advisors. An all-weather approach is an asset allocation methodology that diversifies across geographic regions, asset classes, and investment styles. The goal of this multi-layered diversification is to shield investors from the pitfalls of concentrated investing by relying on thoughtful preparation rather than unreliable predictions.

Here is a link for more information about Standpoint:

BLNDX/REMIX Performance Highlights - https://www.standpointfunds.com/fund/highlights
A comparison of the top 20 liquid alt funds - https://www.standpointfunds.com/fund/top-20
Standpoint's most recent market commentary - https://www.standpointfunds.com/fund/commentaries/june-2023

A message from Advisor Perspectives and VettaFi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.

Inside the Latest High-Income ETFs

Advisor Perspectives — Thu, 20 Jul 2023 04:00:00 -0500

NEOS is an ETF sponsor, and its ETFs aim to deliver the next evolution of options strategies that seek income as the outcome. Built on decades of research and experience, NEOS ETFs aim to empower investors with portfolio building blocks to provide high monthly income, tax efficiency, and diversification through data-driven options-based ETFs. Today, we’ll be speaking with Garrett Paolella of NEOS investments, to learn more about its suite of ETFs, its potential benefits, and where they may fit in investment portfolios.

Here is a link for more information about NEOS:

NEOS Website: https://neosfunds.com
Schedule a Meeting: https://neosfunds.com/contact-us/

NEOS ETF Comparisons:

SPYI: https://neosfunds.com/spyi-comparison
CSHI: https://neosfunds.com/cshi-comparison
BNDI: https://neosfunds.com/bndi-comparison

A message from Advisor Perspectives and VettaFi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.

Help Clients Prepare, Not Predict

Advisor Perspectives — Tue, 18 Jul 2023 05:00:00 -0500

Uncertainty around the direction of inflation, interest rates, and the U.S. economy will continue to drive market volatility. Doug Wolff, the CEO of Security Benefit – a leader in the U.S. retirement industry – is my guest today to offer valuable insight on how to navigate this landscape for the remainder of 2023 and beyond.

The traditional 60/40 asset mix is facing several challenges due to that volatility. Both stocks and bonds were battered in 2022, and while both have come back a bit this year, the uncertainty makes it difficult to optimize portfolio allocations. Doug will discuss bond alternatives, like fixed-rate annuities, to diversify and de-risk client portfolios.

Here is a link for more information about Security Benefit:

Security Benefit website - https://www.securitybenefit.com/splash-page

A message from Advisor Perspectives and VettaFi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.

The Trends in Private-Credit Investing

Advisor Perspectives — Wed, 12 Jul 2023 23:00:00 -0500

Churchill Asset Management invests in middle-market companies. It is part of Nuveen, and it raises capital from investors through comingled funds, separately managed accounts, business development companies (BDCs) and collateralized loan obligations (CLOs).

In February, Nuveen and Churchill announced the launch of PCAP, a BDC that offers individual investors access to private capital investments across the U.S. middle market. My guest today, Alona Gornick, works with advisors who invest in this space. She will discuss the market environment and how advisors are approaching it, the risk-return profile for this type of investment, and the questions advisors should ask as they approach this opportunity.

Here is a link for more information about Churchill Asset Management:

Churchill Asset Management web site - https://www.churchillam.com/

A message from Advisor Perspectives and VettaFi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.

New Actively Managed ETF Targets Industrial Technology

Advisor Perspectives — Thu, 29 Jun 2023 05:00:00 -0500

Spear Advisors is a fundamental asset manager specializing in industrial technology.

My guest today is the founder of Spear. She will explain how investors can do better than passively tracking the broader market. You will hear why adding a thoughtfully managed product to your portfolio can help you capture more upside in the long run.

Here is a link for more information about Spear Advisors:

The Spear Advisors website - https://spear-funds.com/

A message from Advisor Perspectives and VettaFi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.

Bond Allocations that Protect Against Inflation

Advisor Perspectives — Thu, 22 Jun 2023 04:00:00 -0500

Few of the advisors who will listen to this podcast have had professional careers that spanned a period of rising interest rates. But rates have been rising, and passive allocations to bonds or stocks cannot be counted on to provide the same results they did for the last 40 years.

Given that regime change, my guest today is here to discuss what should be the appropriate allocation to fixed income in a multi-asset portfolio. We will discuss how advisors should think about liquidity in their bond allocations, and to what extent tactical adjustments will be needed.

Here is a link for more information about BlackRock and its ETF lineup:
- The 360 evaluator tool - https://www.blackrock.com/us/financial-professionals/tools/360-evaluator
- The iBonds ladder tool - https://www.ishares.com/us/resources/tools/ibonds
- The recent iShares fixed income whitepaper, “The Great Reset” - https://www.ishares.com/us/literature/whitepaper/the-great-yield-reset-stamped.pdf

A message from Advisor Perspectives and Vetta Fi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.”

The Advantages of Donor-Advised Funds

Advisor Perspectives — Thu, 15 Jun 2023 04:00:00 -0500

Schwab Charitable donors gave $4.7 billion in 2022 despite the difficult economic environment, up 7% from the year before. Schwab Charitable's mission is to increase giving in the U.S. with donor-advised funds and philanthropic resources that make charitable giving tax-smart, simple, and efficient. Here today to talk about how advisors can help support clients’ charitable giving and planning, and the benefits a donor-advised fund provides is Fred Kaynor.

Here is a link for more information about Schwab Charitable:

Why charitable giving matters to clients - https://www.schwabcharitable.org/advisors
A comprehensive guide to create a giving strategy - https://www.schwabcharitable.org/maximize-your-impact/advisors-giving-guide
How a Schwab Charitable account works - https://www.schwabcharitable.org/Advisors-DAF-Fact-Sheet
Ways to invest clients’ charitable assets - https://www.schwabcharitable.org/investment-options-advisor
Tax-smart charitable giving tips to share with your clients - https://www.schwabcharitable.org/12-tax-smart-charitable-giving-tips-for-2023
Stories of Impact—Alex and Will Ed - https://www.schwabcharitable.org/advisor-story-will-ed

A message from Advisor Perspectives and VettaFi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.”

The Hidden Benefits of 529 Plans

Advisor Perspectives — Tue, 13 Jun 2023 04:00:00 -0500

Saving for college and other educational needs is one of the most pressing financial planning concerns. Investors are looking to their financial advisors for guidance. In this episode, we’re going to look at the role 529 plans play and why they’re so important in improving client outcomes and in supporting practice management.

My guest, Leslie Geller, will be talking about the expanded set of educational expenses 529 assets can fund, details of Capital Group’s CollegeAmerica savings plan – one of the largest in the country with approximately $80 billion in assets under management, as well as how Secure 2.0 has lowered barriers to opening and funding a 529.

Here is a link for more information about Capital Group and its 529 offerings:

CollegeAmerica 529 Savings Plan - https://www.capitalgroup.com/individual/what-we-offer/college-america-529.html
529 Advisor Research Report – Benefits and Barriers: How advisors and clients view education savings in the current market - https://www.capitalgroup.com/content/dam/cgc/shared-content/documents/reports/03_FF_PR-529_Advisor_Study.pdf
My previous podcast with Leslie: The Questions to Ask Your Female Clients - https://www.advisorperspectives.com/podcasts/2019/12/16/the-questions-to-ask-your-female-clients

A message from Advisor Perspectives and Vetta Fi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.”

How to Visualize Your Clients’ Assets and Financial Needs

Advisor Perspectives — Wed, 07 Jun 2023 23:00:00 -0500

Asset-Map is a tool for financial professionals to visually map and provide feedback on their client’s financial picture. With better insights into a client’s financial inventory, advisors can help clients identify risks, opportunities and track progress to their financial goals. Adam Holt joins me to discuss Asset-Map and his vision for the future of technology-enabled advice delivery.

Here are some links for more information about Asset-Map:

Asset-Map’s company website
David Leo’s article on Asset-Map, How Asset-Map Serves a Multi-Service Financial Organization
Asset-Map’s Compass tool.

A message from Advisor Perspectives and Vetta Fi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.”

The Case for Non-U.S. Allocations

Advisor Perspectives — Tue, 06 Jun 2023 04:00:00 -0500

At of the start of this year, Rick Pitcairn took on a new position as the chief global strategist at Pitcairn, a 100-year-old multi-family office with $7bn in client assets. In this position, he is focusing on macro-economic trends and is searching for new global initiatives that will add to the firm’s growth.

Rick recently journeyed to India where he met with some of the wealthiest local families to discuss multi-generational wealth transfer. He saw that people all around the world want the same things, including economic security and a safe environment to raise their children. But the investing and business environments differ significantly. Rick knows that U.S. investors have a home bias, but he saw substantial economic growth is happening outside our borders. Rick is here to discuss if an international allocation is appropriate or too risky.

Here are some links for more information Rick and Pitcairn:

Rick Pitcairn’s bio
Pitcairn’s company website

A message from Advisor Perspectives and Vetta Fi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.”

How SmartAsset Connects Advisors to Prospects

Advisor Perspectives — Thu, 01 Jun 2023 04:00:00 -0500

As an advisor-growth solution, SmartAdvisor™ continuously focuses on helping advisors grow their practices. Last month, in April 2023, it acquired DeftSales, a leading prospect engagement company for financial professionals. DeftSales and SmartAsset™ will combine to offer a robust user interface that is fully compliant, including automated campaigns and analytics, which allow advisors to spend more time honing their communications and improving their skills.

Here is a link for more information about SmartAsset:

SmartAsset’s website - https://smartasset.com/

A message from Advisor Perspectives and Vetta Fi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.”

Size, Value and Factor Exposures Improve Retirement Outcomes

Advisor Perspectives — Tue, 30 May 2023 04:00:00 -0500

Some of the most common questions clients ask advisors revolve around retirement:

How should I save for retirement?
Will I have enough money to retire?
Will I be able to leave something behind for my children or for philanthropic causes?

New research from Dimensional addresses these questions. The study found that investors who tilt towards size, value, and profitability in their equity allocation are likely to enter retirement with significantly more assets, sustain their retirement spending longer, and to leave behind larger bequests than with a standard, broad-market-index portfolio. Given the popularity of broad market indexing, the findings have implications for advisors. Joining us to talk about the research is Mathieu Pellerin.

Here is a link for more information about Mathieu’s research: https://www.dimensional.com/us-en/insights/how-targeting-size-value-and-profitability-can-improve-retirement-outcomes

A message from Advisor Perspectives and VettaFi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.”

A New, Low-Cost REIT ETF

Advisor Perspectives — Tue, 23 May 2023 16:00:00 -0500

Many investors view real estate as an attractive long-term investment opportunity that plays an important role in portfolio diversification. With that in mind, Columbia Threadneedle Investments recently announced the expansion of its exchange-traded fund offerings with the launch of the Columbia Research Enhanced Real Estate ETF (Ticker: CRED). The fund offers investors and allocators an accessible, research-driven way to gain exposure to the real estate asset class. REITS have a history of low correlations and attractive long-term returns and have a strong historical performance record in high inflation. According to a recent Columbia Threadneedle survey, 93% of financial advisors plan to maintain or increase their real estate allocations over the next 12 to 24 months.

Here are some links for more information on Columbia Threadneedle and its ETF product line:

A message from Advisor Perspectives and VettaFi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.”

How to Invest in Innovation

Advisor Perspectives — Thu, 18 May 2023 04:00:00 -0500

BNY Mellon Investment Management recently launched its latest suite of thematic ETFs, including the BNY Mellon Innovators ETF. It is managed by John Porter, who joins us today to discuss the ETF, what it means to invest in innovation, and why thematics.

The BNY Mellon Innovators ETF was created to support innovation across a wide range of industries and sectors, not just technology. It invests in companies that can provide economic benefits, create new jobs, and improve the quality of life for people worldwide. John’s broad definition of innovation is unique and we’re here to discuss more about the strategy with him.

Latest suite of thematic ETFs: https://www.etftrends.com/thematic-etfs-bny-mellon-launches-womens-opportunities-innovators-funds/

Here are some additional resources to learn more about Newton Investment Management:

BNY Mellon Investment Management ETFs: www.im.bnymellon.com/etf
Newton Investment Management: https://www.newtonim.com/
John Porter’s LinkedIn: https://www.linkedin.com/in/john-porter-a85b56a/
Thematic ETF Launch Press Release: https://www.prnewswire.com/news-releases/bny-mellon-investment-management-launches-the-bny-mellon-womens-opportunities-etf-and-bny-mellon-innovators-etf-301826933.html
BNY Mellon Investment Management Thematic ETF Suite: https://im.bnymellon.com/us/en/intermediary/campaign/thematic-etf-suite.html

A message from Advisor Perspectives and Vetta Fi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.”

Robert Sofia on the Trends Reshaping Advisor Marketing

Advisor Perspectives — Tue, 16 May 2023 03:00:00 -0500

Building a marketing presence is essential to the success of an advisory practice. Gone are the days of dinner seminars and cold calling. Today, marketing success requires not just understanding but mastering digital technology – disciplines like search engine optimization, social media and text messaging. To make that challenge more daunting, it must be done at scale and continually adapt to new technology. My guest today is one of the foremost experts on advisor marketing, and he will discuss the latest trends he is seeing.

Here are some links for more information on Robert and Snappy Kraken:

· Robert’s personal web page

· Snappy Kraken’s web page

A message from Advisor Perspectives and Vetta Fi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.”

How to be Heroes in Your Client’s Eyes

Advisor Perspectives — Thu, 11 May 2023 04:00:00 -0500

According to new research from Fidelity, just one in five advisors has an asset-weighted client age under 60. The average firm derives an overwhelming majority of its revenue from older clients, yet advisors have initiated contact with just 13% of their clients’ children. Meanwhile, despite women’s burgeoning share of the wealth pie, financial professionals are missing out on a $14 billion opportunity to serve them via segment-specific experiences, appropriately tailored enablement programs, and targeted products and services.

Here today to talk about how advisors can engage with and offer products that resonate with next-gen and female clients is Zach Conway.

Here are links to additional information about Seeds and Zach:

Seeds Investor Website
Seeds Investor Twitter
Seeds Investor LinkedIn
Zach Conway’s LinkedIn
Prepare to Meet the New Generation of Clients (article in Advisor Perspectives)

Introducing AP Premium! Download and brand thousands of articles, summaries & commentaries in minutes. Unlock Premium today and receive $10 off your first monthly or annual payment with promo code PODCAST2022.

The Behavioral Benefits of Annuities

Advisor Perspectives — Tue, 09 May 2023 04:00:00 -0500

Last year, 2022, saw record annuity sales across several categories. Now, nearly halfway through 2023, many of the same macro-economic factors that drove sales last year are still present. While it’s too soon to say what 2023 annuity sales will look like, our guest today will share why annuities can be a valuable addition to a retirement strategy, regardless of market and economic conditions.

Here are some links for more information on New York Life’s annuities:

The Power of an Insourced CIO

Advisor Perspectives — Thu, 04 May 2023 04:00:00 -0500

Helios was founded in 2016 with the goal of equipping advisors with new and relevant tools that could drastically improve their client's asset management experience, expand their firm's margins, and challenge the old-guard legacy providers as well as the emerging robos of Silicon Valley. Chris Shuba identified services that lacked innovation and were too expensive. He and his team created their own service category – the insourced CIO (iCIO), to provide three outcomes for a firm: differentiation, increased profitability and scale and efficiency.

Here are some additional resources to learn more about Chris and Helios:

How to Educate "Next-Gen" Clients about Investing

Advisor Perspectives — Tue, 02 May 2023 04:00:00 -0500

Educating children on basic financial concepts from an early age can set a practice apart while empowering your clients’ children. The benefits of doing so are many, including earning goodwill and trust from parents and providing an opportunity to connect with the “next-gen” investor in early and constructive ways.

Here are some additional resources to learn more about Phillipp and Bento Engine:

Aaron Klein of Riskalyze on Risk, SVB, and the Future of Advisor Technology

Advisor Perspectives — Thu, 27 Apr 2023 04:00:00 -0500

A new report from Bain highlighted a key statistic: Individual investors hold roughly 50% of the estimated near-$300 trillion of global assets under management. Yet those same investors hold just 16% of AUM in alternative investment funds. Some HNW investors are seeking to diversify away from public equities to safeguard their portfolios and are allocating to private market investments through alternatives. Opto Investments and Riskalyze recently announced a strategic partnership that combines Riskalyze’s growth platform with Opto's technology-enabled private markets solution to build investment strategies that offer exposure to private credit, private equity, real estate, venture capital, and infrastructure.

Here are some additional resources to learn more about Riskalyze:

The Riskalyze website
· A press release announcing the new partnership with Opto: Riskalyze Partners with Opto Investments to Expand Access to Private Market Investment Solutions
Aaron Klein’s Twitter handle: https://twitter.com/AaronKlein
Aaron on LinkedIn: https://www.linkedin.com/in/aaronklein/
Riskalyze on LinkedIn: https://www.linkedin.com/company/riskalyze/
Riskalyze on Twitter: https://twitter.com/Riskalyze

Retirement Trends Anticipated by 2030

Advisor Perspectives — Tue, 25 Apr 2023 04:00:00 -0500

Principal Financial Group® recently released the results of an extensive survey it conducted asking advisors and employers their expectations for the future of retirement. Among the key trends it identified were an aging workforce with evolving financial planning needs. At the other extreme, Gen Z workers are beginning their careers with investment and planning preferences that differ markedly from older generations. Other findings included the anticipated need for personalization, financial wellness monitoring and counseling, and better services for retirement planning.

Principal Financial Group® (Nasdaq: PFG) is a global financial company with 19,000 employees passionate about improving the wealth and well-being of people and businesses. In business for more than 140 years, we’re helping more than 62 million customers plan, protect, invest, and retire, while working to support the communities where we do business, and build a diverse, inclusive workforce. Principal® is proud to be recognized as one of the 2023 World’s Most Ethical Companies® by Ethisphere, a member of the Bloomberg Gender Equality Index, and a “Best Place to Work in Money Management.”

Retirement and Income Solutions serves more than 46,000 employers and nearly 12 million participants. Total account value as of December 31, 2022, was $447 billion.

Learn more about Principal and our commitment to building a better future at principal.com

Insurance products issued by Principal National Life Insurance Co (except in NY) and Principal Life Insurance Company®. Plan administrative services offered by Principal Life. Principal Funds, Inc. is distributed by Principal Funds Distributor, Inc. Securities offered through Principal Securities, Inc., member SIPC and/or independent broker/-dealers. Principal Global Investors leads global asset management. Referenced companies are members of the Principal Financial Group®, Des Moines, Iowa 50392.

2836360-042023

Minimize Risk and Participate in the Market Upside

Advisor Perspectives — Thu, 20 Apr 2023 03:00:00 -0500

My guest today, Harin de Silva, is one of the leaders of the quantitative investing community and the winner of several Graham Dodd Awards for institutional research. He is a member of the Q Group and a pioneer in factor investing.

Here are some additional resources to learn more about Allspring Global Investments:

Ric Edelman on the Future of Crypto

Advisor Perspectives — Tue, 18 Apr 2023 04:00:00 -0500

The Digital Assets Council of Financial Professionals (DACFP) gives financial professionals the ability to establish expertise in blockchain technology and digital assets through its online self-study program, the Certificate in Blockchain and Digital Assets®, webinars and conferences, video interviews with leaders in the field, the DACFP Yellow Pages and unmatched consulting services.

Here are some additional resources to learn more about Ric and the DACFP:

Digital Assets Council of Financial Professionals (DACFP)
The DACFP’s certificate program
Ric’s financial education platform, The Truth About Your Future
Ric’s latest book released last year, The Truth About Crypto.

Vanguard's Approach to Direct Indexing

Advisor Perspectives — Thu, 13 Apr 2023 04:00:00 -0500

While direct indexing has been a hot topic for the past couple of years, many advisors and investors are still trying to assess what it is, if it's right for them, and where it might fit into their portfolios. Head of Vanguard Personalized Indexing Emily LeStrange works with advisors to understand where direct indexing fits into an advisor's practice – and whether the benefits of direct indexing outweigh the challenges.

Here are some additional resources to learn more about Vanguard and its direct-indexing offering:

Model Marketplaces and the Future for TAMP Technology

Advisor Perspectives — Tue, 11 Apr 2023 04:00:00 -0500

Model portfolios have become an essential component of virtually every advisor’s investment processes. Models can be constructed to meet investor profiles, including their level of risk tolerance, need for income, or tax considerations. Countless third parties, including many asset managers, offer models. That has led other firms to create model marketplaces, where advisors can research and choose from commercially available model portfolios.

My guest today is Lee Andreatta of Advyzon Investment Management, and his firm just announced that it has added a model marketplace that enhances its TAMP offering and moves Advyzon closer to offering a fully comprehensive solution for financial advisors and investment managers to run their firms.

Here are some additional resources to learn more about Advyzon Investment Management:

How to Evaluate a Platform for RIA Independence

Advisor Perspectives — Wed, 05 Apr 2023 04:00:00 -0500

Transitioning to the independent RIA business model is the most consequential decision advisors will make in their career. A successful outcome requires choosing the right partner. That means identifying a good cultural fit, the right technology, and an open-architecture platform that affords access to the investment products that best meet a client’s needs.

Here are some additional resources to learn more about tru Independence:

How A Liquid Alt Strategy Defends Against Volatility

Advisor Perspectives — Mon, 03 Apr 2023 06:00:00 -0500

U.S. economic growth has been stable, but investors are worried about the risks of a recession, the ongoing war in Ukraine and now systemic problems in the bank sector, triggered by the failure of Silicon Valley Bank. Equities are certain to highly volatile this year. My guest today is here to discuss how a liquid alternative strategy will participate in upside gains and reduce volatility through options-based risk management.

Here is a link to the Core Alternative Capital website.

The New Landscape for Growth Investing

Advisor Perspectives — Tue, 28 Mar 2023 04:00:00 -0500

Ignore short-term market moves and volatility. The biggest investment returns are driven by a handful of outliers in the long run. Growth investing is for patient capital seeking long runways for companies that will ultimately generate outsized returns for investors. Baillie Gifford is uniquely positioned as a global asset manager that is entirely owned by a private partnership. My guest today, Stuart Dunbar, has identified a few technologies that will be important in driving growth in sectors where we will see transformation in the years to come.

Here are some links to learn more about Ballie Gifford and its products:

A video where Stuart Dunbar explains why focusing on innovation and ignoring short-term market fluctuations is key to backing future winners.
An article by Stuart Dunbar explaining that it’s not about growth or value; it’s about trying to identify the small number of companies that have the potential to be truly world-beating.
A podcast where Stuart Dunbar looks at the purpose of investing.

The Macro Investing Outlook

Advisor Perspectives — Thu, 23 Mar 2023 06:00:00 -0500

Fulcrum Asset Management oversees $6.2 billion in assets. It is headquartered in London and has an office in New York. Like the other executives at Fulcrum Asset Management, Nabeel Abdoula is enthusiastic about the ability of macro fund strategies to deliver results for the clients of advisors during the tough times as well as better economic/market conditions.

Here is a link where you can learn more about Fulcrum Asset Management.

How to Frame Client Discussions About Lifetime-Income Solutions

Advisor Perspectives — Thu, 16 Mar 2023 07:00:00 -0500

Advisors are increasingly using annuities when they determine that it is in their clients’ best interests. They recognize that it is a client’s income – not their wealth – that matters in retirement, and annuities are the only way to provide a longevity-protected income solution. Rising inflation and uncertainty over high market valuations have made the need to secure lifetime income more acute, and rising interest rates have made annuities more affordable.

Here to discuss how to help clients and prospects determine if an annuity is a good fit for their financial needs are three members of the Protective Life team: Lori Marino, Tom Sullivan and Mark Berwanger.

Here is a link where you can learn more about Protective.

M&A Trends in 2023

Advisor Perspectives — Thu, 09 Mar 2023 06:00:00 -0600

In the next 10 years, 37% of financial advisors, collectively controlling $10.4 trillion, or 40% of the assets controlled by the advisory profession, are expected to retire. Yet, one in four advisors who expect to transition their business in the next 10 years is unsure of their succession plan.

Commonwealth Financial Network’s Matt Chisholm, SVP of RIA services and practice management, is here today to break down the options and opportunities for advisors looking to grow their practice in anticipation of succession. He will share how they can plan for the future.

Here is a link where you can learn more about Commonwealth Financial Network.

Breakthrough Technology to Monitor Your Clients' Financial Health

Advisor Perspectives — Wed, 08 Mar 2023 06:00:00 -0600

Clients and prospects are demanding a more flexible, iterative financial planning process that evolves as their financial lives do. That is why my guest today created Elements, a mobile-first, client-centric, financial monitoring platform. Elements builds a one-page financial plan that helps the modern advisor remain in closer, deeper communication with clients as their financial needs shift. It encourages better behaviors with clients that promote financial health by displaying digestible pieces of critical financial data, including debt, savings, spending, insurance, investments, and more.

Here are additional resources:

How to Position Your Practice for Growth in 2023

Advisor Perspectives — Wed, 01 Mar 2023 06:00:00 -0600

Balancing the needs of your clients with the needs of your advisory business is challenging, but it’s essential to maintaining growth and scale. My guests today will discuss how to navigate the challenges advisors face through phases of growth by identifying opportunities to increase value, drive growth, and boost your firm’s performance. From client segmentation to succession planning to other key issues, my guests will identify the key decisions advisors must make to build a sustainable, successful business.

AssetMark is a turnkey asset management platform for financial advisors specifically tailored to help investors achieve their life goals. It supports more than $80 billion in client assets.

“Maneuver the economic downturn while supporting your clients effectively and strengthening your business with the new guide, Recession Proof Your Business.”

Here is a link where you can learn more about AssetMark and its business consulting services.

Take the First Step With AssetMark here.

Why Growth Will Dominate in 2023

Advisor Perspectives — Mon, 27 Feb 2023 06:00:00 -0600

Last year, 2022, was very challenging for equities, particularly for growth-equity investing. Today, we’ll be discussing the style headwinds investors faced last year and the outlook for high-quality, large-cap growth investing in 2023. The William Blair Large Cap Growth fund (LCGFX) focuses on growing companies in growing industries – what its team calls structurally advantaged companies – whose long-term growth they believe will persist in a variety of economic environments.

Here is a link where you can learn more about William Blair’s large-cap-growth strategy.

The Thematic Outlook for 2023

Advisor Perspectives — Mon, 13 Feb 2023 06:00:00 -0600

This year, 2023, markets are poised for performance dispersion among equities (i.e., some stocks will do quite well and some quite poorly). That means it pays for growth and tech equity investors to be selective. We face a challenging economic outlook, from rates to a potential recession, but there are themes will shine within growth and technology. Here to explain how advisors can be more precise about where to find opportunities to navigate challenging near-term economic conditions, while seeking to capture exposure to long-term structural megatrends, is Jay Jacobs.

Here is a link to Jay’s outlook, 2023 Thematic outlook: Rethink growth.

Beware of Technology Buzzwords

Advisor Perspectives — Fri, 10 Feb 2023 06:00:00 -0600

The asset management industry is infected with buzzwords. Nowhere is that more obvious than in technology. Advisors are confronted with an array of labels like innovation, disruption, AI and deep learning. My guest is here to explain how providers of thematic technology ETFs are abusing industry buzzwords. You will learn how to inspect an ETF to prevent being victimized by “techwashing” – throwing buzzword labels on investment products with the goal of improving their marketing appeal but not necessarily their performance.

Here are links to the TrueShares web site and to the LRNZ fund page.

What Drove the Hottest ETF Category in 2022?

Advisor Perspectives — Thu, 09 Feb 2023 06:00:00 -0600

Last year, 2022, the 10-year bond yield rose 225 basis points, delivering record losses to bond investors. Equities were not much better, as the S&P lost 18.11% of its value. But this year has been different. The 10-year yield is down 27 basis points, and the S&P 500 is up 6.08%. Here to discuss whether those rallies in stocks and bonds will continue, and how advisors can protect portfolios from the volatility that we saw last year is Tim Urbanowicz.

Here is a link to the Innovator ETF web site, where you can read more of the research that Tim and his team produce, and about Innovator’s defined-outcome product suite.

The Pervasive Effects of Uncompensated Risks

Advisor Perspectives — Tue, 07 Feb 2023 06:00:00 -0600

Northern Trust Asset Management (NTAM) is a leading global investment manager with $1 trillion in assets under management. It released “The Risk Report” late last year, which is an aggregated analysis of 280 institutional equity portfolios across the globe. The report revealed six common drivers of unintended investment results. As an investment manager that employs a quantitative risk-aware approach, NTAM regularly partners with investors and their consultants to provide them with a distinct analysis of underlying risk components impacting their portfolios’ ability to achieve intended outcomes. Of utmost importance to our Advisor Perspectives listeners and readers, the findings of the research are as applicable to portfolios managed by advisors for individual investors as they are to institutional investors. NTAM does indeed serve individual advisors through a number of offerings, including Northern Mutual Funds, FlexShares ETFs, and Diversified Strategist model portfolios. NTAM’s purpose in conducting the research behind the Risk Report was to help investors make needed adjustments consistent with NTAM’s core philosophy, which is that investors should get paid for the risks they take – in all market environments and in any investment strategy.

Here is a link to The Risk Report. Here is a link to the previous podcast I did with Mike in 2019.

Join us for Exchange: An ETF Experience February 5th - February 8th. Register now and receive $50 off your ticket price with promo code PODCAST.

How to Help Clients with Exit Planning

Advisor Perspectives — Thu, 26 Jan 2023 06:00:00 -0600

Formed in 2005 to serve educational and resource needs of professional business advisors, the Exit Planning Institute is a trendsetter in the field of exit planning for business owners across the globe. It is the only organization that offers the Certified Exit Planning Advisor Program (CEPA) and qualifies for continuing education credits with 12 major professional associations, making it the most widely endorsed professional exit planning program in the world.

Here is a link to the Exit Planning Institute.

Join us for Exchange: An ETF Experience February 5th - February 8th. Register now and receive $50 off your ticket price with promo code PODCAST.

The Post-2022 Asset Management Landscape

Advisor Perspectives — Tue, 24 Jan 2023 05:00:00 -0600

For the 15 years preceding 2022, asset management was a great business, fueled by near-double-digit AUM growth driven by rising equity and bond markets. But that party ended in 2022, with big losses in the stock market and record losses in the bond market. My guest today is here to discuss what that means for asset managers, advisors, and the consumer who ultimately own mutual funds and ETFs.

Here is a link to the podcast that I did with Neil in June of last year.

Join us for Exchange: An ETF Experience February 5th - February 8th. Register now and receive $50 off your ticket price with promo code PODCAST.

M&A Valuations and the Landscape for 2023

Advisor Perspectives — Thu, 19 Jan 2023 06:00:00 -0600

RIA merger and acquisition activity had yet another record year, although the year-over-year increase was less steep than prior years. There were 264 transactions in 2022. M&A activity was nearly 10% higher than last year's 241 transactions. But 2022 ended with a slower fourth quarter, 20% below last year's blockbuster Q4 total. We'll get into the details beneath the numbers with David DeVoe in this podcast. I have had the privilege of interviewing David every year around this time, and this is the third in that series.

Here is a link to DeVoe & Co.’s web site. Here is a link to last year’s podcast.

Join us for Exchange: An ETF Experience February 5th - February 8th. Register now and receive $50 off your ticket price with promo code PODCAST.

How to Protect Against Inflation and Slow Growth

Advisor Perspectives — Wed, 04 Jan 2023 06:00:00 -0600

Although the latest CPI data showed that inflation is slowing, it is still the number-one concern for clients. Investors are worried about the Fed’s reaction to interest rates, economic turbulence, and a potential recession. My guest today is here to discuss four topics:

Why adding low volatility to a portfolio is a defensive mechanism;
Where there is opportunity in dividend income, and what elements to prioritize;
What high yield bonds offer as a less risky risk asset; and
How to use real assets when seeking out inflation protection.

FlexShares website: https://www.flexshares.com/us/en/individual

FlexShares on social:

- LinkedIn: https://www.linkedin.com/company/flexshares/

Three Reasons for QDF: https://www.flexshares.com/us/en/individual/insights/three-reasons-for-qdf

Three Reasons for GUNR: https://www.flexshares.com/us/en/individual/insights/three-reasons-for-gunr

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The New Inflation-Protection ETF

Advisor Perspectives — Thu, 29 Dec 2022 06:00:00 -0600

My guest today is from Ionic Capital Management LLC, a $3.8 billion New York-based alternative asset manager. Ionic uses long volatility, relative value arbitrage, inflation protection, and value equity investment strategies on behalf of private and regulated investment funds. Since its inception in 2006, Ionic has been managing proprietary strategies and customized solutions. The Ionic Inflation Protection ETF (CPII) launched at the end of June 2022 and is an actively managed ETF that seeks to profit from its direct exposure to inflation and inflation expectations as well as increasing interest rates.

Additional resources:

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New Research on Tax-Advantaged Direct Indexing

Advisor Perspectives — Tue, 20 Dec 2022 06:00:00 -0600

As investors increasingly seek out more personalized options, many advisors are seeing direct indexing grow in popularity. Direct indexing is a type of separately managed account or SMA, where investors can express their personal values and tax preferences. The personalization and flexibility afforded by an SMA allows advisors the flexibility to manage each client’s tax situation and reflect their values. Dimensional Fund Advisors recently conducted research into the tax management benefits of an SMA. It found that a multifaceted tax management approach that goes beyond tax loss harvesting and considers tax implications at every step of the investing process can lead to more significant, longer-term gains. Here from Dimensional to discuss further is Kaitlin Hendrix, senior researcher and vice president.

To learn more about Dimensional’s Separately Managed Account offering: https://www.dimensional.com/us-en/smas

To learn more about Dimensional’s research into multifaceted tax management within SMAs: https://www.dimensional.com/us-en/insights/dimensionals-multifaceted-tax-management-of-smas

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Art Collecting as a Pastime and an Investment

Advisor Perspectives — Tue, 29 Nov 2022 06:00:00 -0600

Art collecting is a passion for many wealthy Americans. This was on display earlier this month, when the collection of Paul Allen, the late cofounder of Microsoft, was auctioned for $1.6 billion, setting a single-evening record. I doubt many of our listeners will have clients who amass a collection of that magnitude, but many will use their wealth to purchase art – either for esthetic reasons or in the hope that its value will appreciate. My guest today will discuss some of the principles and nuances one should know before purchasing art.

Here is a link to the FreedmanArt gallery.

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The 2023 Outlook for Emerging Markets

Advisor Perspectives — Sun, 27 Nov 2022 23:00:00 -0600

Emerging markets have been rattled by inflation, weakness in China’s growth and the war between Russia and Ukraine. Wave after wave of bad news came in 2022; however, there are reasons for optimism as we approach 2023. Emerging markets are resilient and better positioned than developed markets to face the uncertain environment and lead the global recovery.

Additional Resources-

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How Vanguard’s Advisor's Alpha Helps Advisors and Their Clients

Advisor Perspectives — Mon, 21 Nov 2022 06:00:00 -0600

Over more than two decades, Vanguard Advisor's Alpha® has shown how advisors can add value, or alpha, through relationship-based services such as financial planning, discipline, and guidance, rather than by trying to outperform the market. Vanguard’s Investment Advisory Research Center, led by Fran Kinniry, is charged with exploring how advisors provide value to investors.

This year has served as a harsh reminder of why so many investors seek a trusted advisor to navigate their financial journeys. During market declines, investor emotions easily crowd out wisdom and long-term thinking. However, through financial planning and behavioral coaching, advisors can help investors improve their chances of reaching their long-term financial goals.

Here are links to four whitepapers from Vanguard’s research center:

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Gifting Strategies for HNW and UHNW Client

Advisor Perspectives — Fri, 18 Nov 2022 06:00:00 -0600

My guest today will discuss how he works with UHNW/HNW individuals and families when it comes to charitable giving and meeting philanthropic needs. We will talk about the issues individuals should consider when making a gift of a business interest to a public charity. We will discuss the benefits for donors in making the decision to give a gift of a business interest to a public charity, the types of business interests that a donor may give to charity and the trends he’s seeing across his client base when it comes to charitable giving strategies such as this one.

Here is a link to BNY Mellon WM’s piece, Considerations in Making a Gift of a Business Interest to a Public Charity.

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How whole life can be a life stage planning tool

Advisor Perspectives — Thu, 10 Nov 2022 06:00:00 -0600

Clients often assume that their need for life insurance ends when they stop working. In fact, whole life insurance can play an important role in your client’s retirement income strategy. For higher income earners, a whole life policy may also be an effective way to help protect income and accumulate additional funds for retirement. Here to discuss the role whole life insurance can play in your clients’ retirement strategies is Neil Drzewiecki.

Here is a link to the MassMutual web site.

Disclaimers to include in show notes:

The decision to purchase life insurance should be based on long-term financial goals and the need for a death benefit. Life insurance is not an appropriate vehicle for short-term savings or short-term investment strategies. While the policy allows for loans, you should know that there may be little to no cash value available for loans in the policy’s early years.

The information provided is not written or intended as specific tax or legal advice. MassMutual®, its subsidiaries, employees and representatives are not authorized to give tax or legal advice. Individuals are encouraged to seek advice from their own tax or legal counsel.

*Distributions under the policy (including cash dividends and partial/full surrenders) are not subject to taxation up to the amount paid into the policy (cost basis). If the policy is a Modified Endowment Contract, policy loans and/or distributions are taxable to the extent of gain and are subject to a 10% tax penalty if the policyowner is under age 59½. Access to cash values through borrowing or partial surrenders will reduce the policy’s cash value and death benefit, increase the chance the policy will lapse, and may result in a tax liability if the policy terminates before the death of the insured.

The products and/or certain features may not be available in all states. State variations will apply. Whole Life Legacy series policies ((Policy Forms: MMWL-2018 and ICC18-MMWL in certain states, including North Carolina)/ (MMWLA-2018 and ICC18-MMWLA in certain states, including North Carolina)) and MassMutual Whole Life series policies on the digital platform (Policy Forms: WL-2018 and ICC18WL in certain states, including North Carolina) are level-premium, participating, permanent life insurance policies issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001.

FOR FINANCIAL PROFESSIONAL USE. NOT FOR USE WITH THE PUBLIC.

Compelling Opportunities in the Muni Bond Market

Advisor Perspectives — Wed, 02 Nov 2022 06:00:00 -0500

The fixed income market is on the verge of having its worst year of performance in several decades, and for many of us, the worst of our careers – but there are still fixed income opportunities for investors to consider.

In our discussion, we want to share with you insight on a segment of the fixed income market that we believe presents an opportunity for investors – municipal bonds.

Here is a link to the MFS site.

Here are more links to find out about MFS and Fixed Income:

Emerging Trends in the RIA Profession

Advisor Perspectives — Tue, 01 Nov 2022 06:00:00 -0500

Among financial advisors, 57% have reported spending a significant portion of their time discussing non-financial topics with clients. To retain clients, advisors need to provide a more connected and emotional financial experience to help clients achieve and sustain financial freedom. The role of an advisor is changing, and advisors should use technology for the more technical aspects of the job, to focus on the emotional, human-to-human connections. As advisors’ roles evolve, they face ongoing challenges of capacity and scale. To respond, they must be intentional about how they use their time, where they invest, and the new skills they develop. My guests will delve into this topic, and why it requires the right infrastructure to maintain capacity, and how advisors can use specialization, partnership, technology, and operations to gain capacity and grow.

Links to resources about SEI and its advisor offering

About SEI’s Advisor Business: https://www.seic.com/rias-independent-advisors/overview
Link to Growth Lab: https://info.seic.com/welcome-to-the-sei-growth-lab
Link to Scale with Technology toolkit: https://info.seic.com/scalewithtech
Link to Scale with Operations toolkit: https://info.seic.com/growth-lab-scale-with-operations

Nebo - GMO’s New Asset Management Platform

Advisor Perspectives — Fri, 28 Oct 2022 06:00:00 -0500

The advisors who are listening to this podcast will start a financial-planning process with a risk assessment for a client. That exercise will evaluate how much volatility the client can tolerate. It will serve as input to constructing a portfolio that optimizes returns given a client’s risk tolerance.

My guest today is here to explain why that is the wrong approach. The problem is not to minimize volatility, he says, but to figure out how money a client needs, when they need it, and to solve for that problem.

Here is a link to the Nebo site.

a. Investing for Retirement III: Understanding and Dealing with Sequence Risk Sequence of return risk is entirely ignored in much of academic finance. But it is a meaningful risk for the vast majority of investment portfolios and there are useful tools that can mitigate its effects. We believe a portfolio construction framework that takes into account the lifespan of the portfolio and its expected cashflows can account for sequence of return risk better than any standard single-period optimization. And by dynamically reallocating portfolios, portfolio managers can substantially further improve outcomes for their clients

b. Investing for Retirement II: Modeling Your Assets Standard financial industry practice builds retirement portfolios using mean-variance optimization and validates them using Monte Carlo simulations that assume asset returns are a random walk. The unsurprising result of a process stuck over 50 years in the past is portfolios that burden future retirees with an unnecessarily high risk of financial ruin.

We believe an approach to retirement investing that better models and understands the ways in which financial markets differ from the outdated academic assumptions of market efficiency and random walks will result in substantially superior portfolios.

c. Investing for Retirement: The Defined Contribution Challenge The retirement landscape has changed. The risk of failure with the traditional glide paths and savings/spending assumptions seems to us to be disturbingly high.

To address this shortcoming, we introduce a framework based on a common-sense definition of risk: not having enough wealth in retirement. The goal is not to put investors into yachts, but rather to increase the odds that they have the appropriate level of resources in retirement. We show that dynamic asset allocation – moving your assets – is an essential part of achieving retirement goals.

Note: this was one of the most downloaded papers on Advisor Perspectives in 2014.

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How Blockchain-Enabled Products Will Transform Asset Management

Advisor Perspectives — Wed, 26 Oct 2022 06:00:00 -0500

In September, WisdomTree announced its first blockchain-enabled fund, The WisdomTree Short-Term Treasury Digital Fund (WTSY). The fund brings a mainstream, traditional asset, U.S. Treasury bonds, into the digital ecosystem to unlock use cases and distribution opportunities.

Jarrett Lilien, president and COO of WisdomTree, is here to discuss the “why” behind this fund and what it means as traditional asset management moves to the blockchain. We will also discuss:

The company's upcoming blockchain-native app, WisdomTree Primel
The company’s strategy on crypto and blockchain enabled finance; and
And why Jarret believes the future of the asset management industry is in blockchain-enabled finance.

Here are some links to learn more about WisdomTree:

Value Investing in a Time of Fear and Uncertainty

Advisor Perspectives — Fri, 21 Oct 2022 06:00:00 -0500

Fear and uncertainty in financial markets driven by inflation-fighting central banks, slowing economic growth and geopolitical tensions has driven risk-off investor behavior. While this can be disorienting, the U.S. Value team at Artisan Partners, led by portfolio manager Daniel Kane, views the current market drawdown as a healthy readjustment to the cost of capital. This comes after years of central bank interventions that distorted asset prices and provided a tailwind for growth stocks. It drove less selective managers to pay higher price multiples. He will explain why today’s shifting financial landscape will create more attractive investment opportunities, particularly for disciplined value investors.

Here is a link to the Artisan Partners web site, and here is a link for more information about the Artisan Value Income fund.

The Case for Annuities in Today’s Market

Advisor Perspectives — Fri, 14 Oct 2022 06:00:00 -0500

There are continuing pressures on investment portfolios as advisors and their clients need to manage pressures they have not seen for 20 years: market volatility, inflation, rising interest rates and a potentially rising tax rate environment. Some of these pressures have not surfaced in 20 years. With fixed income not holding up as a low-risk part of the portfolio, right now is an opportune time to look at other strategies to protect client portfolios.

Here is a link to the Equitable website

Here is the Equitable Annuities link

Here is a link to the previous Gaining Perspective episode featuring Scanlon

The Future for Alternative Investing

Advisor Perspectives — Thu, 13 Oct 2022 04:00:00 -0500

CAIS is a truly open marketplace for alternative investments, where financial advisors and asset managers can engage and transact directly on a massive scale. Advisors do not have the same access to alternative investments as large institutions. Without that access, advisors have fewer tools to capitalize on opportunities or withstand market downturns. This unlevel playing field puts financial advisors at a meaningful disadvantage when building and protecting wealth. CAIS is aiming to change that.

Technology Trends that are Reshaping the Advisor Profession

Advisor Perspectives — Tue, 11 Oct 2022 06:00:00 -0500

The right technology platform with the right integrations and support is critical to the success of an advisor's growth and client engagement. Each piece must be right, but it's the blending that drives the value. Understanding the advisor's needs and involving them in the decision process is vital to the success. This needs to be done at all levels of product development, from strategy and design, to testing, support and ongoing feedback. My guest today will explain how he has managed and navigated this process with one of the largest advisor networks, Commonwealth Financial.

Click here to learn more about Commonwealth’s technology solutions.

Here is an article by Patrick: An Office Technology Blueprint for Financial Advisors.

The Latest Developments in Direct Indexing

Advisor Perspectives — Thu, 06 Oct 2022 06:00:00 -0500

Direct indexing is the most powerful trend sweeping through the advisory profession. When done right, it lets clients build low-cost, tax-efficient, and highly customized portfolios. Those portfolios can track a broad market index or implement a factor-based strategy. They can follow an ESG or sustainability mandate. Here to discuss the latest developments in the direct indexing world are two members of Envestnet’s management team.

Here is a link to the Direct Indexing Overview and a link to the QRG Website. Here is a link to the Quantitative Portfolio brochure.

Disclosure

The information, analysis and opinions expressed herein are for informational purposes only and do not necessarily reflect the views of Envestnet. These views reflect the judgement of the author as of the date of writing and are subject to change at any time without notice. Nothing contained in this piece is intended to constitute legal, tax, accounting, securities, or investment advice, nor an opinion regarding the appropriateness of any investment, nor a solicitation of any type. Intended for investment professionals only. Past performance is not indicative of future results. Advisor Perspectives and Envestnet are separate and unaffiliated firms.

Northern Trust Asset Management’s Capital Market Forecast

Advisor Perspectives — Wed, 05 Oct 2022 06:00:00 -0500

Every year, Northern Trust Asset Management issues a multi-asset class, five-year investment outlook known as its Capital Market Assumptions Report. Per the recently released 2023 edition, Northern Trust is expecting market returns to be slightly below long-term historical averages. While they believe lower stock valuations may provide some support, upside will be limited by higher interest rates. They see a somewhat similar dynamic playing out with bonds, where returns will be supported by higher yields that will be capped by flatter global yield curves. Among the Every year, Northern Trust Asset Management issues a multi-asset class, five-year investment outlook known as its Capital Market Assumptions Report. Per the recently released 2023 edition, Northern Trust is expecting market returns to be slightly below long-term historical averages. While they believe lower stock valuations may provide some support, upside will be limited by higher interest rates. They see a somewhat similar dynamic playing out with bonds, where returns will be supported by higher yields that will be capped by flatter global yield curves. Among the six investment themes they’ve identified as driving markets over the next five years are Slow Growth Transitions, which looks at such slow transitions across the globe as pandemic to endemic; globalization to regionalization; and fossil fuels to renewables. Here today to discuss CMA’s themes and forecasts is Chris Shipley.

Here is a link to Northern Trust’s Capital Market Assumptions Report.

The Untold Story of Convertible Bonds

Advisor Perspectives — Thu, 29 Sep 2022 06:00:00 -0500

There is no relief in sight. The market remains volatile. Both equity and fixed-income assets are taking a beating as investors grapple with 40-year-high inflation and the Federal Reserve’s attempts to rein it in. My next guest says there is potential upside in this tumultuous market. He claims high volatility has historically had positive effect on a little-known class of bonds known as convertibles. He will explain why adding convertible bonds to your portfolio is a smart move as we weather this financial storm.

Here is a link to the Wellesley Asset Management web site.

Important Disclosure

This podcast is meant for broad discussion purposes only, and is not intended as a recommendation to buy or sell any security. An investment in convertible securities involves a risk of loss and may not be suitable for all investors.

Joe Namath, Bernie Sanders and the Medicare Dilemma for Clients

Advisor Perspectives — Mon, 19 Sep 2022 06:00:08 -0500

The commercials are relentless. Cleverly nestled between episodes of Matlock and Golden Girls, each ad features boomer-friendly celebrities like Joe Namath, Mike Ditka and Jimmie “JJ” Walker breathlessly imploring viewers to find out if they’re missing out on “important new Medicare benefits.” And, to do so now “before it’s too late!”

“Call the number on your screen now,” urges Broadway Joe in one Medicare Advantage plan spot. “It’s free!”

And call they do.

My guest is here to explain why Joe Namath and others may be the biggest threat to your clients’ retirements.

Here is a link to the article Melinda wrote for Advisor Perspectives: Why Joe Namath May Be the Biggest Threat to Your Clients’ Retirement.
Here is a link to Melinda’s company, 65 Incorporated.

Insights from Dimensional’s Advisor and Client Surveys

Advisor Perspectives — Fri, 16 Sep 2022 06:00:37 -0500

Tides are shifting in the world of financial advice, especially in advisor-client dynamic. During a record bull market, advisors were the investment experts that would deliver the retirement that their clients demanded. But if the last year in the market has shown us anything, it’s that advisors need to be more for their clients than simply portfolio managers.

Dimensional’s Global Investor and Global Advisor studies bear that out. In fact, results from those studies reveal how top quartile RIA firms stand out by emphasizing offerings that bottom quartile firms do not. What difference has it made for these firms? Dimensional found that they are growing faster, driving more revenue and landing bigger clients. Coincidence? I think not.

Here is a link to register for the September 20 webinar: “Perception vs. Reality – the Vital Role of Insurance in a Thriving Advisory Practice.”
Here’s the link to the RetireOne survey mentioned in the podcast.
Here is a link to the RetireOne website and to its Constance website.
Here is a link to the Dimensional website.

The Next Frontier in Advisor Marketing and Client Service

Advisor Perspectives — Thu, 15 Sep 2022 06:00:34 -0500

The big trends in advisor marketing and client service are differentiation, specialization, and digitalization. In this podcast, Stephanie explains how they sit at the intersection in terms of what’s possible and how advisors operate today.

Here is a link to Stephanie’s firm, Limitless Advisor Coaching.

If you'd like to learn more about Stephanie's strategies and Limitless Advisor Coaching, please visit https://limitlessfa.life. Stephanie will be hosting an introductory webinar on September 27th, where she and other Limitless coaches will share tried and true strategies for building a wildly successful business and life you love. You can register for that at https://limitlessfa.life/ap-09-27. Limitless is offering Advisor Perspectives members a $1500 discount on any Lifestyle Program or a $3000 discount on their Leaders Program. SImply use the promo code AP23 when enrolling.

The Global Outlook for Multi-Asset Management

Advisor Perspectives — Wed, 14 Sep 2022 06:00:41 -0500

The global economy and financial markets have suffered a dreadful first half of the year, ravaged by a severe commodity shock, strict COVID-19 lockdowns in the world’s second largest economy, and one of the most aggressive Fed tightening cycles in recent history. The second half looks equally tough.

Given that backdrop, now is a critical time for multi-asset investors to revisit their investment approach. There is a sharp divergence in the investment opportunities across equities, fixed income, and real assets.

My guest today, Todd Jablonski, will share how he’s thinking about investing across the multi-asset universe. Todd is the chief investment officer and head of multi-asset investment strategies and solutions for Principal Global Investors. He is responsible for the business, research, and investment management of Principal Global Asset Allocation.  

Here is a link to Principal’s Global Asset Allocation Viewpoints, 3Q 2022 – “Reaching fever pitch.”

How to Invest for the Coming Energy Regime Change

Advisor Perspectives — Tue, 06 Sep 2022 06:00:23 -0500

The world is undergoing a dramatic energy regime shift that has been accelerated by recent events, including the COVID crisis, the Ukraine war and growing concerns about climate change. Harbor Capital Advisors recently introduced the Harbor Energy Transition Strategy ETF – ticker symbol RENW – which is subadvised by Quantix Commodities, a specialist in the development and management of innovative commodity-based investment strategies.

My guests today believe this will be one of the largest macro themes in investing over the next several decades and will fundamentally change the commodities landscape.

Their new ETF offers an opportunity to invest in this transition in a distinct and differentiated manner, through the commodities needed to facilitate change.

The Emerging Trends Among HNW Investors

Advisor Perspectives — Fri, 02 Sep 2022 06:00:53 -0500

For HNW clients, it’s not just about investments. It’s about what their money can do for them. Whether it’s leaving a legacy for their grandchildren, sailing around the world, or establishing a non-profit, these investors expect that you know what’s important to them, and you are both working toward that. AssetMark is a leading provider of wealth management and technology solutions that helps thousands of financial advisors meet the ever-changing needs of their HNW clients.

Why WisdomTree is Gaining Assets

Advisor Perspectives — Wed, 24 Aug 2022 06:00:35 -0500

While market volatility is to thank for significant portfolio losses across the board, WisdomTree funds attracted almost $4 billion of inflows in the second quarter of 2022, the firm’s strongest quarter since 2015, and met a new milestone with 82% of its AUM exceeding benchmarks – something my guest, E-Trade veteran and WisdomTree president and COO, Jarrett Lilien, hasn’t seen any asset manager achieve over his 30+ year career.

We will discuss what’s driving this growth at a time when so many investors are tracking losses.

How Joe Namath Transformed Medicare Planning

Advisor Perspectives — Tue, 23 Aug 2022 06:00:43 -0500

When it comes to choosing Medicare Supplement plan options, new-to-Medicare beneficiaries are opting for lower cost plans. During the first six months of 2022, some 38% opted for Medigap Plan N. Just over half (51%) selected Plan G coverage. Nearly 6% enrolled in a High Deductible Plan G (HDG) plan.

My guests today will discuss those and other trends in Medicare planning and how advisors can best help their clients with their healthcare needs.

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Understanding Vanguard’s ESG Strategy

Advisor Perspectives — Tue, 16 Aug 2022 06:00:21 -0500

On July 18, Vanguard launched the Vanguard Baillie Gifford Global Positive Impact Stock Fund, which is the firm’s first impact fund and is designed for clients looking to invest in companies that have the potential to outperform the broad market as well as deliver positive change. Vanguard introduced the fund by adopting an existing impact fund managed by Baillie Gifford since 2017. The fund’s portfolio manager, Kate Fox, was previously a guest on Gaining Perspective.

Vanguard now has six ESG offerings in the U.S.: three index ETFs, two active mutual funds, and one index mutual fund.

The New Compliance Challenges Facing Advisors

Advisor Perspectives — Mon, 15 Aug 2022 06:00:33 -0500

Restrictive compliance and new, rapid-fire regulatory rules pose a challenge for independent advisors who often do not have the bandwidth to respond in a timely manner. Corporate RIAs must differentiate themselves on how they can help advisors navigate this often-confusing reality. My guests today lead one of the fastest growing independent broker-dealer/RIA hybrid platforms, CoastalOne, with over 150 financial professionals nationwide. CEO and president, Charles Reiling, and chief compliance officer, Barrett Schultz will discuss new compliance realities and challenges advisors are facing, as well as the importance of fintech solutions in the modern advisor’s practice.

Why the FPA is Pursuing Title Recognition for Financial Planners

Advisor Perspectives — Thu, 04 Aug 2022 06:00:40 -0500

If you want to call yourself a lawyer, doctor or accountant, you must adhere to strict regulatory requirements. Even electricians and plumbers must be properly licensed. But that is not and has not been true of financial planners. Anyone can call themselves a financial planner.

That is about to change.

On July 21, the Financial Planning Association® (FPA®), the leading membership organization and trade association for Certified Financial Planner™ professionals and those engaged in the financial planning process, announced that it will lead a multi-year advocacy effort to achieve the legal recognition of the term “financial planner” through title protection.

My guests today are the two individuals charged with implementing that decision.

A New Platform to Access Real Estate Alternative Investments

Advisor Perspectives — Tue, 26 Jul 2022 06:00:35 -0500

A couple of weeks ago, DWS Group, a global asset manager and one of the world’s largest real estate investment managers, announced it was making a strategic investment in its Americas Alternatives distribution platform to make its real estate products more widely available to the retail market. The investment is part of a longer-term initiative to provide retail investors with access to DWS’s broad alternatives platform.

My guests today are the two individuals charged with leading DWS’ expansion in the real estate market.

The New CFP Book on the Psychology of Financial Planning

Advisor Perspectives — Wed, 20 Jul 2022 06:00:16 -0500

The CFP Board published a book called the Psychology of Financial Planning. This groundbreaking new material incorporates interpersonal components of financial planning and the effects of money on individuals. My guests today are here to talk about that book.

The Toughest Questions Advisors Will Get From Clients

Advisor Perspectives — Thu, 14 Jul 2022 05:00:34 -0500

Market volatility, inflation, and talk of a recession certainly has grabbed the headlines over the past few months. As financial planners, this is your chance to differentiate yourself as you walk your clients through turbulent times. My guests today form the leadership team for one of the country's most prominent planning firms, Integrated Financial Group (IFG), IFG consists of 60 teams of financial planners in 13 states. Founder and chief strategy officer, Don Patrick, and current CEO, Land Bridgers will share what their financial planners are doing right to help their clients navigate the headlines and the uncertainty of the economy. Focusing on financial planning is at the heart of this discussion, along with the conversations financial planners have had with their clients over the years to prepare for times such as this.

What HNW Investors are Saying About ESG

Advisor Perspectives — Thu, 30 Jun 2022 06:00:26 -0500

In April of this year, the FlexShares team at Northern Trust conducted a survey of more than 500 high-net worth investors who work with financial advisors. The survey asked investors a range of questions about ESG investing including, but not limited to: how much they understand it, why they are or aren’t interested, whether their advisors are recommending it, and how and where they’re learning about ESG investing. My guest today will explain how she and her team used the data to identify trends across different generations, genders, and wealth brackets when it comes to ESG investing.

The Summer of Bear Markets

Advisor Perspectives — Thu, 16 Jun 2022 06:00:43 -0500

The S&P 500 officially fell into bear market territory during the month of May, although a late month bounce allowed it to finish the month only slightly down from April. It is down about 2.5% thus far in June. The tone of the market has changed, and it doesn’t appear to be calming down anytime soon.

According to my guest today, Greg Taylor, when looking at the performance of the large-cap tech stocks, it was inevitable that the broader market would touch bear market levels. He is here to discuss the market environment, not just in equities, but across asset classes including gold and cryptocurrencies.

The Key Drivers of Advisor Recruitment

Advisor Perspectives — Wed, 15 Jun 2022 06:00:11 -0500

The most consequential decision an advisor will face is transitioning to a new broker dealer. It will affect the products they can sell, the service their clients will receive, the support they will have in running their practice, and ultimately how they will be compensated. My guest today will discuss how those transitions are being navigated by advisors who are seeking better outcomes for their clients.

Engine No. 1 and Its Compelling Approach to ESG Investing

Advisor Perspectives — Tue, 14 Jun 2022 06:00:41 -0500

As proxy season comes to a close, investors and advisors have grappled with company stewardship on a wide variety of issues. But what’s the best way to get a company to listen? Is divestment the way to go? Or must you engage with a company? And how do investors in ETFs and mutual funds make sure their voices are heard at the asset managers they invest with?

Engine No. 1 focuses on engaging with companies constructively to make sure they are taking the costs they impose on society and other stakeholders into account. It operates on the belief that climate and social concerns are economic issues and companies that fail to address them will underperform for the long term.

Trends in Charitable Giving Among Wealthy Families

Advisor Perspectives — Mon, 13 Jun 2022 06:00:34 -0500

BNY Mellon Wealth Management released its inaugural Charitable Giving Study a couple of weeks ago. It was a survey of 200 people with at least $5 million in AUM. It painted a vivid picture of high-net-worth investors’ behaviors, attitudes and experiences towards charitable giving. Some of the key findings included that only 56% had a charitable giving strategy, and that the top motivators for giving were personal satisfaction and connections. Here to discuss the findings of that study is Crystal Thompkins.

Longevity and the New Journey of Retirement

Advisor Perspectives — Fri, 10 Jun 2022 06:00:03 -0500

Edward Jones and Age Wave’s latest study, “Longevity and the New Journey of Retirement,” explores how the journey of retirement unfolds, the patterns of people’s experience in retirement, and the keys to thriving along the way. Among the findings, nearly 70% of Americans reported wanting to live to be 100 years old. The study also shows how the definition of retirement has vastly changed from that of previous generations. While pre-retirees and retirees viewed their parents’ version of retirement as a time for “rest and relaxation,” more than half of today’s pre-retirees define it as “a new chapter in life.”

These insights are intended to contribute to the well-being of retirees and to give Edward Jones’ 19,000 financial advisors a deep understanding of the way its seven million clients think about their needs and priorities across generations. Today, I am joined by Ken Cella, principal of branch development at Edward Jones, to discuss the key findings from the report and how advisors can support clients in planning for longevity and a successful retirement.

The Overarching Themes in the Asset Management Industry

Advisor Perspectives — Tue, 07 Jun 2022 06:00:11 -0500

The past few decades presented an outstanding market environment for the asset management industry. Global AUM rose at a steady pace between 2001 and 2021, thanks largely to the strength of the world’s equity markets, which were able to rebound even after several severe downturns. And 2021 was even stronger. Global AUM grew at 12% last year, to more than $112 trillion, a growth rate well above the 7% average of the previous 20 years.

Last week, Boston Consulting Group (BCG) released its 20th annual report on the global asset management industry, it offers a retrospective analysis of the effects of this strong market – and as the industry enters a more uncertain era, it looks at the expected impact of new technologies such as direct indexing, increasing investor demand for alternative products, and a focus on decarbonization.

The Hidden Opportunity to Serve Millennial Clients

Advisor Perspectives — Thu, 02 Jun 2022 06:00:32 -0500

We’re here to talk about misconceived notions that advisors have about millennial investors. While it is often reported that millennials are rejecting financial advisors, my guest says this is not the case. The biggest issue that he sees is that financial advisors have minimums that make it difficult to serve millennials at the tail-end of the age bracket (those born between 1990-1996, or age 26 to 32). That cohort typically has not accumulated enough money to meet the minimum requirement needed to work with fee-based advisors.

The 9.62% Opportunity in I Bonds

Advisor Perspectives — Mon, 16 May 2022 06:00:09 -0500

The best retirement-savings vehicle is one that few have heard about: I bonds. They offer a risk-free yield of 9.62%, yet the amount of I bonds issued is only a small fraction of the total volume of bond issuance by the U.S. Treasury. My guest today will explain that paradox. This is also the 300th episode of the Gaining Perspective podcast, and no guest would be more appropriate than Zvi Bodie. He has eloquently and persuasively made the case for the financial services industry to provide products that respond to the needs of everyday investors.

We are On the Brink of a Global Downturn

Advisor Perspectives — Tue, 10 May 2022 06:00:02 -0500

Since 1992 the Belkin Report has been helping portfolio managers outperform their benchmark indices, and allowing hedge funds to harvest absolute gains. The BR combines a weekly x-ray of market sector performance with forecasts for each one. Its proprietary forecast model focuses on sectors, groups, and individual stocks, with a particularly strong emphasis on sector rotation. The report also features a macro view on global market developments, with a critical eye on central bank credit operations. The BR’s track record of accurate calls has earned it the attention and loyalty of major investment houses around the world.

Which Sectors Will Outperform Under Inflation

Advisor Perspectives — Thu, 28 Apr 2022 06:00:11 -0500

In the span of just over two years, the world economy has been stricken by a pandemic and challenged by a military conflict in the heart of Europe. Major historical turning points are nearly always accompanied by fundamental shifts in the economy. The pace of history is accelerating with the global energy transition, urgency to secure reliable supplies of traditional energy, and locking in renewable alternatives. This shift will be driven by technology and innovation.

Using Private Credit Interval Funds During Inflationary Times

Advisor Perspectives — Wed, 27 Apr 2022 06:00:19 -0500

Since the global financial crisis, assets in private credit have grown exponentially as investors search for yield while protecting against inflation and rising interest rates. Once a small corner of the investment universe, private credit has boomed into a major asset class that does not show signs of slowing. Over the 2010-2020 period, assets grew by 12.8% annually. However, not all private credit is created equal. My guests today will explain how the private credit landscape is quite diverse relative to its publicly traded counterpart, and investors should take time to fully understand the differences within the space.

A Top-Performing ETF for Rising Rates

Advisor Perspectives — Fri, 22 Apr 2022 06:00:41 -0500

Mortgage-backed securities (MBS) have taken a hit over the last several weeks with the news of the Fed’s plans to shrink its balance sheet. Today's guest, Dean Smith of FolioBeyond, will discuss why the combination of the rise in Treasury yields and the widening of MBS spreads is continuing to increase the valuations of certain types of mortgage-backed securities. With the expectation that the pace of rate hikes will soon be more aggressive, Dean will explain how the actively managed rising rates ETF, RISR, will benefit and generate alpha. The FolioBeyond Rising Rates ETF (RISR) is up 26.55% YTD (as of 4/13/2022) and is ranked #1 by Morningstar among non-traditional bond strategies.

What Fed Policy Means to the Markets

Advisor Perspectives — Fri, 08 Apr 2022 06:00:46 -0500

As expected, on March 16, the Fed signaled its intention to hike the Fed Funds rate by 25bps. My guest today, Matt Dines, the CIO of Build Asset Management, sees three big takeaways from its report. First, the Fed’s guidance on the path of the policy rate telegraphed its commitment to addressing the rising price levels afflicting the economy. Second, the FOMC’s guidance on the Fed Funds rate joined other key and important rate curves in the global financial system in inversion – i.e., the level for longer-dated maturities lies below those that come before them. Third, the strong rally across financial assets after they digested the FOMC's report was an understanding that the "Fed Put" will be in play the next time trouble arises.

How to Fine Tune Your Digital Marketing

Advisor Perspectives — Thu, 07 Apr 2022 06:00:34 -0500

Last year, Commonwealth Financial introduced the Brand Studio to help advisors establish a name, logo and website – all the fundamentals to get marketing off the ground. Brand Studio provides advisors with resources and services in a centralized portal and serves as the engine for strategic advisor marketing support. My guest today, Sarah Howes, oversees that effort.

Intergenerational Transfers for UHNW Clients

Advisor Perspectives — Tue, 05 Apr 2022 06:00:31 -0500

Family wealth transfers are complicated conversations. My guest, Jim Bertles of Tiedemann Advisors, has managed those conversations among his many UHNW clients and their millennial children. He has extensive experience overseeing and coordinating these transfers. Jim and I will discuss the dynamics of a successful family wealth transfer. I will ask Jim about the questions he is encountering with beneficiaries and what insights advisors should be sharing with them. Jim believes that advisors should work towards creating strong relationships with these younger beneficiaries now, as they will need ongoing advice to update their plans as major life changes occur.

The Latest Innovation in Retirement Planning

Advisor Perspectives — Fri, 01 Apr 2022 06:00:27 -0500

Roughly half of adults over the age 55 say their biggest financial fear is not having enough money saved for retirement. Add in inflation, market volatility and low interest rates, and that’s enough for any investor to have serious cause for concern. Those at or near retirement don’t have time on their side. Enter Constance. Last October, RetireOne, an independent distribution platform for fee-based life insurance products, introduced Constance - a zero-commission, flat-fee annuity built to enable financial advisors to integrate life insurance into client portfolios. With Constance, RIAs give their clients a lifetime income guarantee without cannibalizing their assets under management. By unbundling the insurance component from its underlying investments, advisors can wrap client brokerage accounts, IRAs, or Roth IRAs with lifetime income protection. My guests today are RetireOne’s president, Ed Mercier, and Dimensional Fund Advisors’ head of retirement distribution, Tim Kohn, on the show to discuss their recent announcement and the trends facing advisors who work with clients approaching or entering retirement.

What to Look for in the SEC’s ESG Rulemaking

Advisor Perspectives — Thu, 31 Mar 2022 06:00:34 -0500

ESG regulations and standards are proliferating across the globe. Along with that has been a surge in ESG investor appetite and fund launches. That puts ESG at the center of dialogue among financial advisors. It is increasingly likely that US policymakers will move to integrate ESG into its regulatory landscape in the near future, as Europe has already done. My guest, Adrian Whelan, will discuss the key ESG themes, including how these are likely to influence US policymakers. It is Adrian’s contention that ESG Is everywhere!

What Advisors Should Look for in Outsourced Solutions

Advisor Perspectives — Tue, 29 Mar 2022 06:00:03 -0500

Amid the human tragedy brought on by the war in the Ukraine, there is a need to quickly and reliably expose assets aligned with Russia. But it’s hard to track the risks faced by big investors across diverse public and private assets that are multinational. Asset managers and regulators are turning to STP Investment Services, a Westchester, PA-based company and its BluePrint software platform that collects, processes, and presents constantly changing asset valuations for investments, from the investors who own them and from outside sources.

How Tactical Bond Management Delivers Value

Advisor Perspectives — Mon, 28 Mar 2022 06:00:55 -0500

Investors continue to need a balanced portfolio, including fixed income. But the bond markets are challenging: Rates are low, duration risk is high, and runaway inflation is putting pressure on long-term rates. “Buy and hold” fixed-income strategies will not work as well as they have in the past. A better alternative is a tactical, disciplined approach to when and how to invest in fixed income.

How Top Advisory Firms and Finding and Retaining the Best Employees

Advisor Perspectives — Wed, 23 Mar 2022 06:00:33 -0500

One of the biggest challenges facing advisory firms is growing their human capital – hiring and retaining the best people. As in any service-oriented profession, there is no substitute for motivated, intelligent workers with a team-oriented attitude. Add to that the facts that the pandemic has expanded the need to communicate with clients in a remote work environment, and the job market has tightened with many more vacancies than workers seeking employment. My guest today will discuss how advisory firms are solving for that human capital challenge.

A Structural Arbitrage Opportunity in SPACs

Advisor Perspectives — Thu, 10 Mar 2022 06:00:13 -0600

One of toughest challenges for advisors and their clients is the relentless downward pressure on interest rates. It has pressured savers to stretch for yield and take incremental risk for the safest portion of their portfolios. Morgan Creek and Exos have a long history of providing innovation investment solutions to address the most pressing challenges in markets. Taking advantage of structural arbitrage has long been a preferred method of earning consistent returns. Morgan Creek and Exos have collaborated to deliver an investment opportunity to capitalize on a unique structural arbitrage in the SPAC markets. CSH is an investment vehicle engineered to provide all investors access to the types of arbitrage strategies normally restricted to accredited investors and qualified purchasers.

Achieving Diversity through Empathy and Authenticity

Advisor Perspectives — Tue, 08 Mar 2022 06:00:09 -0600

Racial equity is imperative to ensure change in a world that is becoming more diverse. We all can lead with kindness and empathy when it comes to learning about the differences of others. We can’t continue to have conversations about racial equity that are not followed by actions that do more than level the playing field. C-suite executives are adding more DEI professionals to their leadership teams to drive internal changes. Organizations are promising upward mobility for Black and brown people. But they still do not see much representation. My guest today is Dana Wilson, and her goal is to enhance the visibility of financial professionals of color and break down barriers for Black and brown consumers around the country who have established wealth for their families or are looking to build it.

Is it Time to Refinance Consumer Debt?

Advisor Perspectives — Mon, 07 Mar 2022 06:00:42 -0600

With several rate hikes on the horizon, inflation weighs heavy on the minds of most investors. Yet, over two-thirds of individuals with debt are not planning to refinance or consolidate their debt in the next year. That presents a valuable financial planning opportunity for advisors. Half of Gen Zers and Millennials, those carrying the most student loan debt burden, are considering working with financial advisor this year according to a recent D.A. Davidson survey. My guest today, Andrew Crowell, will outline how advisors can help investors capitalize on consolidation and refinancing opportunities ahead of rising rates, better understand the impact of inflation and rising rates, and set achievable financial goals.

Investing in the Digital Currency Infrastructure

Advisor Perspectives — Fri, 04 Mar 2022 06:00:19 -0600

manager, launched its first ETF, the Grayscale Future of Finance ETF (symbol: GFOF). It is built upon the thesis that the digital economy will boost global commerce, drive market efficiencies, and provide access to new pools of capital, while reducing the need for costly and cumbersome intermediaries. GFOF is the first equity ETF to track the investment performance of the Bloomberg Grayscale Future of Finance Index, which comprises companies representing three “future of finance” pillars: financial foundations, technology solutions, and digital asset infrastructure.

Finding Alpha in Bond Market Minicycles

Advisor Perspectives — Wed, 02 Mar 2022 06:00:27 -0600

The fixed income markets have changed dramatically since the global financial crisis, providing the opportunity for disciplined investment managers to add alpha. My guest will discuss ways to navigate the changing fixed income markets, including the difficulty in consistently calling interest rate moves, how conditions in the credit markets have dramatically changed, and how his firm manages fixed income.

Using Free-Cash Flow to Invest in Value Stocks

Advisor Perspectives — Thu, 24 Feb 2022 06:00:09 -0600

As we head into 2022, the two major fears clients face are inflation and rising interest rates. Multiple rate hikes are already priced in, which will be a challenge for once high-flying growth stocks. This is the time to consider value stocks – which have been outperforming growth stocks over the past six months. But how can advisors make sure they are making the right move to value stocks? My guest today will explain why investing in companies with high-free-cash flow is particularly attractive.

Serving Multicultural Clients

Advisor Perspectives — Wed, 23 Feb 2022 06:00:19 -0600

Diversity among financial planners improved in 2021, but the profession still has work to do to ensure all investors have the tools and resources they need to achieve successful financial outcomes for their clients. In this episode, James Seth Thompson will discuss his role in promoting financial literacy and expanding opportunities for diverse investors through his recruitment efforts at Bernstein.

How to Use Podcasts to Grow Your Practice

Advisor Perspectives — Thu, 17 Feb 2022 06:00:34 -0600

Podcasting is the most intimate medium for communicating and building a relationship with clients and prospects on their time – through opt-in marketing. My guest today, Matt Halloran, has founded the only podcasting company that has compliance completely figured out. It specializes in helping advisors and professionals in highly regulated industries to start a podcast that turns skeptics into pre-sold fans

The Role of Gender in Delivering Financial Advice

Advisor Perspectives — Tue, 08 Feb 2022 06:00:35 -0600

A recent study by Hartford Funds revealed that more than half of respondents believe that men and women have different financial needs. But only 24% said they want to work with a financial professional who caters to the needs of their gender. It is clear that investors simply want to be treated as individuals. To provide sound financial advice, it’s imperative that advisors avoid making generalizations based on age or gender. Instead, they must help clients plan for life’s circumstances by asking thoughtful questions. My guest today will explain why this enhanced focus on lifestyle goals and personalization will be the key to attracting the next generation of clients.

What’s Driving the Usage of Alternative Assets by Advisors?

Matt Brown of CAIS — Thu, 03 Feb 2022 06:00:35 -0600

Financial advisors are increasingly abandoning the 60/40 portfolio for higher allocations to alternative investing strategies. They have found that alternatives enhance returns, diversify risk, and supplement income. In this episode, we will discuss the trends shaping the future of wealth management and driving growth of alternative product usage, including regulatory easing, product innovation, and the changes in advisor behavior brought on by the pandemic.

A Historical Look at Inflation

Advisor Perspectives — Mon, 31 Jan 2022 06:00:43 -0600

Inflation, as measured by the CPI, is at muti-decades highs. The last time the U.S. experience inflation at current levels was in the early 1980s. That was coming off the energy crisis of the 1970s, when CPI climbed over 14% and interest rates on the 10-year U.S. Treasury were pushing 16%. My guest is here to examine U.S. inflationary periods from 1965 through the current episode, the relationship between inflation and interest rates, and what to expect from this inflationary period.

The Future for Large-Cap Growth

Jim Golan of William Blair — Thu, 27 Jan 2022 10:28:42 -0600

The William Blair Large Cap Growth fund (LCGFX) has been one of the top performing funds in its class, returning 20.72% over the last decade, which puts it in the top 8th percentile of its Morningstar large-growth peer group. The fund focuses on growing companies in growing industries—what they call structurally advantaged companies—whose long-term growth is underappreciated by the market.

New Black Swan ETF

Advisor Perspectives — Tue, 25 Jan 2022 06:00:25 -0600

Last month, Amplify ETFs expanded its suite of BlackSwan ETFs with the launch of the Amplify BlackSwan Tech & Treasury ETF (NYSE Arca: QSWN). QSWN is an index-based ETF that seeks to hedge against significant losses while still participating in technology & growth equities, without an artificial cap.

QSWN is Amplify’s third BlackSwan ETF. The other BlackSwan ETFs, SWAN and ISWN, have together amassed close to $1 billion in assets. Launched in 2018, SWAN has shown to be an attractive risk-managed investment in the marketplace. ISWN is approaching its one-year anniversary and provides access to international equities.

A Private Fund to Invest in Cryptocurrencies

Advisor Perspectives — Wed, 19 Jan 2022 06:00:00 -0600

With more than 12,000 crypto assets in existence and the potential to power decentralized transactions using blockchain technologies, crypto assets are a new and evolving approach to capturing highly sought-after benefits. Together with renowned index provider Nasdaq, Inc. and crypto-focused asset manager Hashdex Asset Management Ltd., Victory Capital has created a way for investors to gain broad-based market exposure to an emerging asset class for a relatively low cost and without lockups.

The 2021 RIA M&A Scorecard: Trends and Valuations

Advisor Perspectives — Tue, 11 Jan 2022 06:00:00 -0600

RIA merger and acquisition activity achieved yet another milestone, crossing 200 transactions within a calendar year for the first time ever. The year’s 200th RIA M&A transaction was announced just prior to the Thanksgiving holiday. 2021 is the eighth successive record year for RIA M&A activity. For context, the industry posted 159 transactions in 2020 and 131 in 2019.

Northern Trust’s 2022 Global Outlook

Advisor Perspectives — Tue, 04 Jan 2022 06:00:00 -0600

Northern Trust, one of the world’s largest asset managers, foresees 2022 as a year of transitions. Central bank fiscal policy might become less accommodative or stimulative through a reduction in bond purchases. After years of virtually no inflation, investors are becoming more aware of the importance of hedging against it, given its recent sharp emergence. While there are indications of inflationary pressures decreasing in key supply chain bottlenecks, this is countered by strong housing and labor markets.

The Key Trends in the Retirement Income Industry

Advisor Perspectives — Wed, 22 Dec 2021 06:00:00 -0600

Research from the Alliance for Lifetime Income shows that individuals’ concerns about financing their retirement increased during the pandemic. Eighty percent of American pre-retirees are at least somewhat anxious that their savings may not provide them enough to live on in retirement.

Where a Top Manager Finds Value Outside the U.S.

Advisor Perspectives — Wed, 15 Dec 2021 06:00:00 -0600

Investors are taught that highly concentrated portfolios mean taking on more risk, but that is not always the case. In some cases, the perceived risk of holding a concentrated portfolio can be offset by owning high-quality investments. By owning a concentrated portfolio containing only the highest quality companies, investors can take meaningfully less risk than the market while generating greater long-term performance.

The Three Topics that will Dominate Advisor-Client Conversations

Advisor Perspectives — Mon, 13 Dec 2021 06:00:00 -0600

Among the many themes that advisors must consider in constructing portfolios for clients, three stand out: reducing volatility, hedging against inflation and incorporating ESG factors. My guest today, Chris Huemmer of Northern Trust FlexShares, will discuss why a low volatility approach to equities makes sense, his preferred ways to help clients address rising inflation, and how clients are looking to invest with ESG concerns in mind.

How Personalization Accelerates the Sales Cycle

Advisor Perspectives — Mon, 06 Dec 2021 06:00:00 -0600

Last night, I went to the Positivly site and took its financial personality assessment. I was asked a series of 13 questions about my risk tolerance, investment priorities, and which causes – such as ESG – were most important to me. It took less than five minutes, and the results were quite accurate. It showed that I place a lot of weight on the safety of my investments and the purpose they fulfill, and that I don’t want to be burdened by worrying about my portfolio.

The Asymmetric Solution to Risk Protection

Advisor Perspectives — Mon, 22 Nov 2021 06:00:00 -0600

The bull market in U.S. equities has driven a need for investment products that protect against downside risk. But those products must offer upside participation because nobody will ring a bell when the market peaks. Advisors must consider defined-outcome ETFs, low-vol and long-short funds, structured insurance offerings and a variety of other products. My guest today is here to discuss a unique solution that meets the goals of upside participation and downside protection.

An Overview of Defined-Outcome ETFs

Advisor Perspectives — Fri, 19 Nov 2021 06:00:00 -0600

As we head towards the close of 2021, advisors are faced with the challenge of managing client expectations amid record-high equity markets, dismal interest rates, and heightened threats of inflation. In addition to market headwinds, the gap in future return expectations between advisors and clients is at all-time highs.

Has Market Dispersion Turned Investors into Speculators?

Advisor Perspectives — Thu, 11 Nov 2021 06:00:00 -0600

The U.S. equity market is characterized by extreme dispersion. Virtually all the gains in the last eight years have been concentrated in six stocks: the FAANGs plus Microsoft. Strip out those six stocks, and the S&P 494’s performance has been utterly mediocre, roughly equal to that of the rest of the world. Here to discuss the role that dispersion plays in fund management is Chris Davis.

Kevin Keller and Tom Sporkin on the CFP Board’s Response to the WSJ Article

Advisor Perspectives — Wed, 10 Nov 2021 06:00:00 -0600

I attended the annual NAPFA conference a couple of week ago, which was held in Boston, where I live. One of the most important sessions featured Kevin Keller, and he spoke about the initiatives and priorities of the CFP Board. Kevin is here today, along with Tom Sporkin, to talk about those initiatives. We’ll also talk about the steps the CFP Board took following an article that appeared in the Wall Street Journal a little more than two years ago. That article cited some problems with the monitoring of infractions by advisors.

Why Retirement Risk Requires Dynamic Planning

Advisor Perspectives — Tue, 09 Nov 2021 06:00:00 -0600

Retirement planning is complex and risk in retirement is real. To improve the confidence clients have in working with an advisor, you need to prepare them for changes in retirement and avoid the talk of probability of failure and success. Ongoing adjustment-based planning aligns clients’ perceptions of risk in retirement with reality. This often results in small course corrections with many retirees finding they can spend more than originally planned. My guest, Justin Fitzpatrick, is here to discuss new research and technology that helps advisors paint a more realistic picture of what retirement could look like and guides clients through retirement more successfully.

Where to Find Value in International Markets

Advisor Perspectives — Mon, 08 Nov 2021 06:00:00 -0600

Warren Buffett once said, "When a bad business meets a good manager, it's the reputation of the business that survives." He was making the point that the business is more important than management. But my guest today, Krishna Mohanraj, disagrees. Krishna is a value manager with a solid track record and is here to discuss his firm’s investment process and the opportunities he sees in the global markets.

Democratizing Alternatives for the Advisory Channel

Advisor Perspectives — Fri, 05 Nov 2021 06:00:00 -0500

Alternatives have long been a cornerstone of institutional investment portfolios for their higher returns, lower volatility and diversification, but have historically been difficult for individual investors and financial advisors to access. In this episode, Andrea Mody, head of alternatives for Macquarie Asset Management’s Client Solutions Group, will discuss her firm’s efforts to democratize access to institutional-quality diversified private markets solutions for investors. We’ll delve into the increased demand from individual investors, the challenges that financial advisors face in meeting that demand, and Macquarie’s efforts to provide advisors with the resources, education and tools they need to provide their clients with access to alternative investments.

Unique Ways to Make Planning a Core Offering

Advisor Perspectives — Tue, 02 Nov 2021 06:00:00 -0500

Advisors must embrace financial planning as a core service. It gives them an edge against competition, provides a diversified revenue source and deepens their relationships with clients. But there is no universal process for planning, and my guest today, Justin Duft, will discuss how advisors need to customize their approach to fit their client base. He will also highlight how his firm, Commonwealth Financial, has embraced planning and how it supports its advisors.

Advanced Tax Planning Under the Biden Proposals

Advisor Perspectives — Mon, 01 Nov 2021 06:00:00 -0500

The end of the year is approaching, and time is running out for 2021 tax planning. Compounding the problem is the uncertainty around taxes. Pandemic, massive spending proposals and a record high level of debt have created an impasse in Washington and increased levels of anxiety among wealthy clients. Over the last year, the Biden administration and Congress have proposed several unprecedented changes to taxes that would impact investing for affluent clients. With the specter of tax reform and the end of the year on the horizon, my guest today, Ryan Bertrand, is here to provide guidance for financial advisors.

Is the 4% Rule Still Viable?

Advisor Perspectives — Fri, 29 Oct 2021 06:00:00 -0500

With COVID-19 variants keeping retirement-ready consumers wondering what’s next for potential market volatility, many are reevaluating a once common rule of thumb for retirement: the 4% rule. It held up well for many retirees in the past, but most fixed income financial products like bonds no longer yield anything close to the 4% that would be required to support withdrawals. With rates actually hovering around 0%, what is a viable strategy today?

FIAs, or fixed index annuities, offer some advantages, especially given COVID-19’s impact on the market. When combined with a sensible systematic withdrawal plan, they can provide an alternative with the potential for upside return, via interest credits based on partial returns of market indexes. This may allow for a yield closer to 4% while still preserving some or all of the principal. Doug Wolff, President of Security Benefit is here today to discuss how FIAs could be a useful consideration for retirees amid today’s shifting markets.

How Bond Issuers are Responding to ESG Issues

Advisor Perspectives — Thu, 28 Oct 2021 06:00:00 -0500

Breckinridge Capital Advisors, a $47 billion, Boston-based asset manager, just released its 2021 Issuer Engagement report. It focused on climate change risk as a unifying theme. The report cited climate change as a risk multiplier for corporate, municipal, and securitized bonds. Climate change is an integral factor in Breckinridge’s approach to environmental, social and governance (ESG) risk assessment.

Introducing Scientific Fixed-Income ETFs

Advisor Perspectives — Wed, 27 Oct 2021 06:00:00 -0500

Science and technology have disrupted the active fixed income asset management industry, as they have so many industries before it. With the conditions in place for scientific fixed income investing to flourish, investors have available both an alternative and a complement to the traditional active fixed income strategies that dominate their portfolios today.

James Montier on Whether Inflation will be Transitory

Advisor Perspectives — Tue, 19 Oct 2021 06:00:00 -0500

If there was a word of the year for 2021, it would be “transitory.” Ever since the Fed declared that inflation would be transitory in March 2021, analysts have challenged that assertion and, indeed, have questioned the definition of transitory. Inflation has broad ramification for financial plans, since it affects interest rates, the price of assets and whether cash flows will be sufficient to keep pace with rising prices of goods and services. Here to discuss that question is James Montier, the co-author of two recent commentaries on the likelihood of transitory inflation and how investors should protect against various outcomes.

Achieving Diversity in the Financial Planning Profession

Advisor Perspectives — Thu, 14 Oct 2021 06:00:00 -0500

Diversity initiatives are being prioritized now more than ever—just a few weeks ago, the SEC approved Nasdaq’s board diversity policy. My guest today is here to discuss diversity and inclusion within the financial planning profession as well as the efforts the CFP Board’s Center takes to increase diversity within the profession.

Inside a Global Fund with a Stellar 15-year Track Record

Advisor Perspectives. — Wed, 13 Oct 2021 06:00:00 -0500

The Thornburg Global Opportunities Fund (THOAX) is a concentrated, focused portfolio that invests in 30 to 40 securities. Brian McMahon and his co-portfolio manager, Miguel Oleaga, utilize a flexible approach seeking intrinsically valuable companies not fully recognized by the broader market through bottom-up, fundamental research. The fund recently celebrated its 15th anniversary, and for the 15-year period ending July 31, 2021, Thornburg Global Opportunities Fund has a top percentile ranking in the Morningstar World Large-Stock Blend category among 81 funds based on total returns without sales charge.

The Importance of Marginal Tax Rates in Retirement Planning

Advisor Perspectives — Tue, 12 Oct 2021 06:00:00 -0500

We published an article in late September, Pay Attention to Marginal Tax Rates and Not Tax Brackets, that highlighted how the analytic framework for providing retirement income planning advice can be improved. It focused on three decisions that investors sometimes need to make: (1) whether to convert funds this year from a tax-deferred account (TDA), like a 401(k), to a Roth account; (2) whether to contribute this year to a TDA or a Roth account; and (3) how to tax-efficiently withdraw funds in retirement, where withdraw is interpreted broadly to include Roth conversions. The author of that article is with me today to discuss how advisors should approach those decisions.

Minisode - Are You Using the Right Custodian?

Advisor Perspectives — Fri, 08 Oct 2021 06:00:00 -0500

With so much change in the RIA custody space and more options than ever to choose from, this is a good time to rethink the core pieces of your business. It is time to be proactive and weigh your options in light of the changes across the custodial industry. Doing nothing and staying put at your current custody provider might be the best strategy. But we are here to learn how to perform due diligence on different options.

Direct Indexing versus ETFs – Which One Will Dominate?

Advisor Perspectives — Mon, 04 Oct 2021 06:00:00 -0500

Direct indexing has gathered a lot of buzz in the headlines and for good reasons; this advancement makes it possible for advisors to customize their clients' portfolios down to the individual security level. Direct indexing offers tax efficiency benefits and granular customization that ETFs can't match. But there's a tradeoff; it's not as accessible, requires account minimums, and is more work for investors to manage. Rahul Sen Sharma is here to discuss whether direct indexing has bright future, or whether ETFs will remain the preferred vehicle given their ease-of-access and hands-off management.

How Target-Distribution Strategies Deliver a 7% Yield

Advisor Perspectives — Thu, 30 Sep 2021 10:00:00 -0500

Seeking income with Treasury yields at rock bottom levels and investors enduring widespread dividend cuts this year presents a daunting challenge. The HNDL ETF was created to address this challenge, and to meet the cash flow needs of its investors. It is a target distribution strategy that leverages a modern portfolio theory approach focused on risk-adjusted returns to deliver steady cash flow to investors while maintaining the principal over the long-run.

Minisode - How to Handle Difficult Client Conversations

Advisor Perspectives — Mon, 27 Sep 2021 06:00:00 -0500

As a financial advisor, you must be there for your clients during hard times and address challenging topics head on with them. The approach you should take depends on the relationship you have with the client and the style of advising that resonates with them. In this podcast, Corey Schmidt will discuss how to approach clients when a difficult conversation is necessary and why it’s important to prioritize those conversations. He will give us examples from his own client relationships.

Minisode - Investment Success is About Avoiding the Losers

Advisor Perspectives — Thu, 16 Sep 2021 06:00:00 -0500

New Age Alpha is an asset manager that takes existing investment universes and makes them better…by providing ETFs, SMAs and tools that avoid the losers. It has re-engineered active stock selection through a systematic and repeatable process that seeks to provide uncorrelated returns without additional risk.

Minisode - A New Data Platform for Data on Alternatives

Advisor Perspectives — Tue, 14 Sep 2021 06:00:00 -0500

The volatility caused by the pandemic has driven greater interest in alternatives to diversify portfolios and preserve wealth. It is part of a shift from passive to active management. However, getting information on these alternative assets has been disjointed. My guest, Mark Salameh, created AltsAxis to fill a major gap by becoming that one place allocators can access a wide range of dynamic, comprehensive, and objective data that they can use to make a well-informed alternative investment decision.

Minisode - A Fund that Targets Positive Change

Advisor Perspectives — Tue, 14 Sep 2021 06:00:00 -0500

The Baillie Gifford Positive Change Equity Fund seeks to invest in companies whose products and services are providing solutions to global challenges. So, it’s unsurprising that Tesla (transforming the automotive sector), Moderna (unlocking a new paradigm of medicine) and Safaricom (providing connectivity and access to financial tools in Kenya) are all holdings. But when I saw that it owns a semiconductor equipment manufacturer (ASML) and semiconductor manufacturer (TSMC), it piqued my curiosity.

Reducing the Compliance Burden for Advisors

Advisor Perspectives — Mon, 13 Sep 2021 06:00:00 -0500

With a history spanning nearly 40 years and a mission to cultivate meaningful relationships, Grove Point Financial, a boutique broker-dealer and RIA solution with large firm resources, serves over 500 financial professionals across the country and prides itself on its nimble, visionary, and forward-thinking approach to client service. It is a partnership of professionals who share the passion and strength to grow independent businesses that serve the clients and the communities in which they operate. Its highly engaged leadership listens to advisors and evolves to serve them better.

The True Story Behind Frank Abagnale

Advisor Perspectives — Fri, 10 Sep 2021 06:00:00 -0500

For decades, Frank W. Abagnale’s story has captured the imagination of audiences around the world as a modern-day folk hero—but the truth could not be more different from the fictitious autobiography he sold to Hollywood. Self-proclaimed as “the world’s greatest con man,” the true dimensions of Abagnale’s hoax have been revealed for the first time in a new book by my guest today, Alan Logan.

New ETFs Target Semiconductors and Biotechnology

Advisor Perspectives — Wed, 08 Sep 2021 06:00:00 -0500

Invesco recently expanded its ETF lineup launching two new exchange-traded funds that capture timely technology themes – biotechnology and semiconductors. The new ETFs will track well-recognized Nasdaq Indexes with nearly 30 years of live track record; the Nasdaq Biotechnology Index and the PHLX Semiconductor Sector Index. In the last year, the advances of technology – in which semiconductors are critical – deeply impacted the way people engaged during the pandemic. The biotechnology space has paved society's way out of the pandemic. The past year has underscored the importance of these companies, which are often well-positioned to capitalize on transformative technology themes, as these companies continue to expand their critical roles in society.

Four Ways to Improve Team Efficiency

Advisor Perspectives — Tue, 07 Sep 2021 06:00:00 -0500

So, you’re in charge of a team, but you wonder many things about it. Are the members motivated, stressed out, or bored? Do they understand the mission? Is each team member the right fit? Julie Genjak tells us that getting these answers isn’t always easy because team dynamics can be quite complex.

Improving Financial Literacy in the U.S.

Advisor Perspectives — Thu, 02 Sep 2021 06:00:00 -0500

While Covid-19 appears to be dissipating with the rollout of the vaccine, there is a persistent financial literacy epidemic that threatens the financial futures of millions. Financial advisors can serve as an antidote to this epidemic. My guest Andrew Crowell, is here to talk about how financial literacy programs, like the one that his firm, D.A. Davidson, offers in partnership with the YMCA, can positively impact urban communities and set teenagers up for financial success.

Minisode - The Future for Options-Based Strategies

Advisor Perspectives — Fri, 27 Aug 2021 06:00:00 -0500

The big story in the ETF industry over the last several years has been the growth of options-based strategies. Those products have accumulated assets at a rapid pace. They are offering advisors and their clients low-cost solutions that have return profiles, including downside protection and upside participation, that are not available in conventional strategies.

Minisode -- The Technology Gap in the Advisory Profession

Advisor Perspectiveds — Tue, 24 Aug 2021 06:00:00 -0500

Financial firms are not growing and not adapting as quickly as businesses in other industries. Slow to employ new technologies, look at client segmentation, and consider new outlets for client growth, the financial industry seems stuck in a bygone era. Matt Reiner shares a solution to these issues.

The Trends Reshaping the Advisory Profession

Advisor Perspectives — Mon, 23 Aug 2021 06:00:00 -0500

My guest today, Stephanie Bogan, is here to talk about the key trends that will drive growth in the advisor profession over the next several years. We all know that the pandemic has disrupted the ways advice is marketed and delivered, placing a lot more emphasis on technology and competitive differentiation. Stephanie is here to explore those trends and offer steps for advisors seeking to achieve breakthrough growth.

Minisode - Making Annuities Available for RIAs

Advisor Perspectives — Tue, 17 Aug 2021 07:00:00 -0500

Insurance-backed investments, or annuities, offer unique benefits not available in other asset management or investment strategies. And RIAs are starting to see the light, according to a recent survey from RetireOne and Protective Life Insurance. David Stone, RetireOne’s CEO, is my guest today, and will outline the results of its recent survey, how insurance products have changed in recent years, and the upcoming innovations in annuity products that financial advisors should keep an eye on.

Minisode - The Trends That Will Reshape the Advisory Profession

Advisor Perspectives — Thu, 12 Aug 2021 06:00:00 -0500

The wealth management industry is consolidating. A global pandemic did not slow the pace of merger and acquisition activity, with advisory practices being bought up by roll-up firms, banks and larger advisory firms. Some of the activity was fueled by private equity money and cheap debt financing abetted by the low-interest rate environment. Some of the activity is from publicly traded firms. Here to talk with me today about this and other key trends in the wealth space is Maura Creekmore.

Minisode - Filling the Need for Low-Cost, Passive ESG Solutions

Advisor Perspectives — Tue, 10 Aug 2021 06:00:00 -0500

Over the past year there has been a groundswell of interest in passive ESG ETF products as investors look to fill the core areas of their investment strategy with more sustainable solutions, while gaining substantial returns. Despite the increased interest, financial advisors and retail investors have been slower to embrace this generational-driven change due to a lack of education or by not having the investment solutions at the ready.

The Primacy of Income Generation in a Post-Pandemic Market

Advisor Perspectives — Mon, 09 Aug 2021 06:00:00 -0500

Fear of inflation and nerves around the all-time equity market highs are driving investors to seek protection from the volatility markets experienced during the pandemic. More importantly, investors are starved for income. We are recording this in mid-July, and the 10-year Treasury is yielding only 130 basis points. Here to talk about a solution to those challenges is Troy Cates.

Minisode - Helping Businesses with Retirement Planning

Advisor Perspectives — Wed, 04 Aug 2021 06:00:00 -0500

At the beginning of July, Equitable announced the addition of customized managed accounts and a cash balance plan to its group retirement plans for small-to-medium sized businesses. These additional services will allow business owners and their employees to further tailor their investment portfolios and allow business owners to lower their tax burden.

These solutions come at a critical time for small-to-medium sized business owners saving for retirement. Research conducted by Equitable showed that while almost 40% of small businesses have reported a loss of income due to COVID-19, only 12% have stopped or lowered their retirement contributions and only 2% pulled money out of the markets.

The Next Generation of Risk Management Technology

Advisor Perspectives — Tue, 03 Aug 2021 11:00:00 -0500

My guest today, Rick Bookstaber, has held chief risk officer roles at Morgan Stanley, Salomon, Bridgewater, and the University of California Regents Pension Fund and served at the U.S. Treasury in the aftermath of the 2008 crisis. He is the author of The End of Theory (Princeton, 2017) and A Demon of Our Own Design. He is founder and head of risk at Fabric RQ.

How the Pandemic Disrupted the Global Asset Management Industry

Advisor Perspectives — Fri, 30 Jul 2021 06:00:00 -0500

The Boston Consulting Group just released its 19th annual Global Asset Management report. The report, The $100 Trillion Machine, takes a look at some of the most promising ways that asset managers can become private market investment leaders in a post-pandemic economy, including developing products for retail investors, gaining an edge in advanced data and analytics, and moving to the forefront of ESG strategies for private-market portfolios.

Volatility as an Asset Class

Advisor Perspectives — Tue, 27 Jul 2021 06:00:00 -0500

Early adopters to VIX options, Brian Stutland and Joe Tigay were active pit traders who grew the firm into the largest electronic market makers of VIX options at a time when VIX popularity was second only to the SPX. The team identified a knowledge gap for advisors wanting to hedge for their customers versus experienced traders. Using their expertise, the team forged Equity Armor Investments into an advisory firm in 2011, developing strategies and supporting advisors with access to professional VIX hedging knowledge that few industry professionals possess.

Minisode - Can the SECURE Act 2.0 Get Retirement Planning Back on Track?

Advisor Perspectives — Mon, 26 Jul 2021 06:00:00 -0500

With the SECURE Act 2.0, Improving Access to Retirement Savings Act, looking like it will become law, 401(k)s and other retirement plans finally have a chance to recover some of the ground lost as defined contribution plans eclipsed defined benefits.

Minisode - A New Resource to Help with Charitable Giving

Advisor Perspectives — Thu, 15 Jul 2021 06:00:00 -0500

Charitable giving is triggered by one of five events, when clients have:

1. Experienced a financial life-changing liquidity or similar event;

2. Had a life-threatening health situation themselves or have a family member who has, and they want to honor them;

3. Expressed an interest in talking to the next generation about their wealth;

4. Stated the intention to establish a legacy; or

5. Volunteered their time or sit on a nonprofit board.

The Next Generation of Option-Based Strategies

Advisor Perspectives — Wed, 14 Jul 2021 06:00:00 -0500

Today's market presents a unique set of challenges to building robust portfolios. Advisors have a wide range of client preferences and needs that those portfolios must address. My guest, Eric McArdle, is here to discuss how to identify the most critical portfolio challenges, both market-based and client-based, and how to directly address them by deploying options.

Minisode - An Inside Look at Innovator’s Success

Advisor Perspectives — Thu, 08 Jul 2021 06:00:00 -0500

One of the great success stories in the ETF industry over the last several years is Innovator Capital Management. Since its launch four years ago, it has accumulated approximately $5.2 billion in assets in the 70 ETFs it offers. It has led the ETF industry in the development and commercialization of defined-outcome ETFs, and has built a suite of unique, risk-protection strategies for advisors and their clients covering all the major asset classes.

Introducing the ProShares Nasdaq-100 Dorsey Wright Momentum ETF

Advisor Perspectives — Wed, 07 Jul 2021 06:00:00 -0500

Nasdaq Dorsey Wright is a recognized global leader in momentum investing. Advisors rely on its flagship “Relative Strength” system that powers the investment decisions for $11 billion in assets. Dorsey Wright and Nasdaq are one of the largest smart-beta providers, with over $450 billion tracking their indexes.

The ProShares Nasdaq-100 Dorsey Wright Momentum ETF (QQQA), which is the topic for the discussion that will follow, seeks investment results, before fees and expenses, that track the performance of the Nasdaq-100 Dorsey Wright Momentum Index.

Minisode - The Story Behind the Success of Integrated Partners

Advisor Perspectives — Fri, 02 Jul 2021 06:00:00 -0500

The fastest-growing financial advisory firm this year, according to SmartAsset, is Integrated Partners. It has added nearly $1 billion in recruited advisory assets this year to date.

How to Surprise and Delight Clients

Advisor Perspectives — Wed, 30 Jun 2021 06:00:00 -0500

Studies show that customized marketing makes clients feel more appreciated and understood. In today’s episode, we are going to learn how to implement your own efforts to surprise and delight clients.

Minisode - The Mother of All Recoveries

Advisor Perspectives — Mon, 28 Jun 2021 07:57:11 -0500

My guest today, Ken McAtamney, says we are witnessing the “Mother of All Recoveries,” with yearly growth at a level not seen in decades. He expects this recovery to last years, not months or quarters. Unlike the post-global financial crisis recovery, he says this cycle will likely be driven by domestic demand, not relying on China’s stimulus to drive the global economy. I am going to ask Ken about what led him to this forecast.

Creative Solutions to Generate Income for Clients

Advisor Perspectives — Thu, 24 Jun 2021 06:00:00 -0500

The yield on the benchmark 10-year Treasury note is 1.62%, and that is up approximately 130 basis points from its low of 32 basis points in March of last year. Moreover, the central debate among economists is whether the U.S. faces a new regime of inflation and higher rates, or whether inflation will be only transitory, as the Fed expects. This context of volatility and uncertainty about interest rates makes the job for advisors who want to generate steady income for their clients exceedingly difficult. Here to discuss one solution to that problem is Scott Kefer of Victory Capital.

Minisode - The Future of the Retirement Income Industry

Advisor Perspectives — Wed, 23 Jun 2021 06:00:00 -0500

New York Life Insurance recently celebrated its 175th anniversary. It is the largest mutual life insurance company in the U.S., with approximately $605 billion in assets under management. It is very committed to helping advisors deliver innovative solutions to help their clients achieve financial security in their retirement. Here today to talk about some of those solutions and the ways in which New York Life educates advisors is Dylan Huang.

Advanced Tax Planning Issues for Advisors

Advisor Perspectives — Tue, 22 Jun 2021 06:00:00 -0500

Today’s episode will focus on advanced tax-planning issues. There are a couple of issues that my guest, Steven Jarvis, says will come as a surprise to advisors.

The first is qualified disaster retirement plan distributions reported on form 8915-E. This was an election that had to be made for 2020 but Steven keeps running into advisors who are caught off guard that their clients' tax preparers made this election and even more advisors that aren't even checking to see if this applies to their clients.

The second is the Augusta Rule. This isn't new but is not widely known. It potentially allows for two weeks of tax-free rental income including business owners being able to rent their personal residence to their business and deduct the expense on the business side without having to include the income on their personal return as taxable.

Minisode - The Relevancy of Midstream Energy Today: Income and Total-Return Potential

Advisor Perspectives — Wed, 16 Jun 2021 06:00:00 -0500

The global energy landscape has changed dramatically over the last decade, primarily as a result of the significant growth in production and exports of oil and natural gas from the United States. Energy infrastructure companies have played a significant role in facilitating the growth of US energy production and moving the US towards energy independence all while generating fees that support generous dividends. Here to discuss the income opportunity and current tailwinds for the energy infrastructure and MLP space is Stacey Morris.

Minisode - The Enhancements to Protective Life’s Annuity Products

Advisor Perspectives — Tue, 15 Jun 2021 06:00:00 -0500

Earlier this month, Protective Life Corporation announced enhancements to its variable annuity product line, recommitting to the space. We are going to talk about those enhancements, which include the addition of four investment managers for its subaccounts, as many new sub accounts for its commission and fee-based products. Throughout its history, Protective’s variable annuity products have allowed the company to deliver high-quality, trusted support to advisors and their millions of customers across the country. Understanding what financial professionals and clients need when it comes to asset protection and growth to lifetime income and wealth transfer solutions, the company is investing resources to strengthen its variable annuity product suite.

Staley Cates: Where Value Investors are Finding Opportunities

Advisor Perspectives — Fri, 11 Jun 2021 06:00:00 -0500

David Swensen, the manager of Yale’s endowment who passed away earlier this month, wrote the following in his 2005 book Unconventional Success:

Southeastern Asset Management (sponsor of the Longleaf Partners mutual-fund family) exemplifies every fundamentally important, investor-friendly characteristic conducive to active-management success. Portfolio managers exhibit the courage to hold concentrated portfolios, to commit substantial funds side by side with shareholders, to limit assets under management, to show sensitivity to tax consequence, to set fees at reasonable levels, and to shut down funds in the face of diminished investment opportunity.

Minisode - Understanding Financial Wellness

Advisor Perspectives — Thu, 03 Jun 2021 06:00:00 -0500

My guest today, Christine D. Moriarty, has more than 25 years of experience coaching individuals, couples and business owners on their finances. Her focus has been the intersection of emotions, behavior and money. She brings deep experience in financial planning to national conferences for planners.

Minisode - New Research on Retirement Readiness

Advisor Perspectives — Wed, 02 Jun 2021 06:00:00 -0500

A just-released study from Allianz Life analyzed what financial advisors consider the most significant threats to their clients’ retirement security. It also looked at the solutions and tools advisors are exploring to help mitigate these risks. One of the key findings was that 88% of advisors said it is more

CI Financial’s Growth Strategy in the U.S. RIA Market

Advisor Perspectives — Tue, 01 Jun 2021 06:00:00 -0500

My guest today is Kurt MacAlpine, the CEO of CI Financial. CI is one of Canada's largest asset and wealth management firms. Over the past 18 months, CI Financial has bought a majority or outright ownership in 13 independent wealth advisory firms across the U.S. That may be the fastest sequence of M&A deals in the history of the wealth management industry. As of today, May 17, CI Financial has $74 billion in wealth management assets. The firm started with zero at the start of 2020.

Minisode - Inside a Top-Performing Global ESG Fund

Advisor Perspectives — Tue, 18 May 2021 06:00:00 -0500

based on environmental, social, and governance (ESG) principles. Virtually every major asset management firm has stepped up their commitment to ESG, along with introducing new funds to meet client demand. But not all ESG products are the same. They vary along important dimensions, such which metrics they use for screening out companies and industries. Here to talk with me today are two people who have been at the forefront of the ESG movement.

Leadership Roles for Women in Financial Services

Advisor Perspectives — Mon, 17 May 2021 06:00:00 -0500

Very few financial service firms are led by women. That is especially true among broker dealer firms. Although there are a handful of female leaders gaining attention for big roles, most top leadership positions in this industry remain in the hands of men. My guest today, Michelle Barry, is the exception. She is the president of Grove Point Financial, a $6 billion broker dealer/RIA, and she is here to talk about her career path and how she came to lead that firm.

Rich Pzena on the Outlook for Value Investing

Advisor Perspectives — Thu, 13 May 2021 06:00:00 -0500

Pzena Investment Management is well-known among financial institutions but is new to the advisor community. The firm was started by Rich Pzena, my guest today, in late 1995. It ended the first quarter of 2021 with $49.2 billion in AUM, which is an all-time high, and it has had positive net flows for the past four years. Rich and I will talk about the global deep value discipline his firm is known for, as well its concentrated, high-active-share strategies, and its bottom-up methodology that is focused on company-level research.

How to Improve the Virtual Client Meeting Experience

Advisor Perspectives — Wed, 12 May 2021 06:00:00 -0500

My guest today, Ryan Sullivan, has written that, in crisis moments, the “pros” are “active.” If a client hasn’t called you, don’t assume they are not concerned. If they get the sense you’re avoiding contacting them, they may reach out to another financial professional for help. But in-person meetings have been ill-advised and phone calls don’t provide the level of connection clients need. Virtual meeting technology is a great option for staying in touch with clients, and Ryan is here to share his research on this topic.

Is “Sales” a Dirty Word for Fiduciaries?

Advisor Perspectives — Wed, 21 Apr 2021 06:00:00 -0500

Advisors, particularly those with a fiduciary mindset, want nothing to do with sales. That is understandable, as sales in the world of retail financial advice has caused a lot of harm. We need to look no further than the almost daily accounts of Ponzi schemes and fraudulent tactics that have deprived too many Americans of their life savings. But growth requires business development, marketing, promotion and … yes … sales. Here to talk about sales, why it has been labeled a dirty word, and how to redefine sales and make it work in a fiduciary context is Shauna Mace of Inspire Growth.

Navigating the Inflection Points as an Advisor Practice Grows

Advisor Perspectives — Thu, 15 Apr 2021 06:00:00 -0500

As an advisor firm grows, it will face a series of inflection points: when it transitions from a solo practitioner to a more leveraged business model; as it moves from a co-operative practice to an ensemble; and in the transition from a multi-advisor firm to a large-scale enterprise. Here to talk about those inflection points at the unique challenges they present is Kenton Shirk.

A Debate on Whether RIAs Should Use Annuities in Retirement Plans

Advisor Perspectives — Tue, 13 Apr 2021 06:00:00 -0500

One of the most contentious topics among RIAs is whether to recommend annuities. While many will recommend a single-premium immediate annuity (a SPIA) or a deferred-income annuity (a DIA), those products represent only a small fraction of annuity sales. We are here to talk about whether RIAs should use the other 95% of annuity products for their clients in their retirement plans – specifically variable annuities, equity-indexed annuities and other related products.

Our discussion will take the form of an informal debate on the following proposition, “Resolved: Annuities should play a prominent role in most retirement plans.”

Minisode -Investing in the Post-Pandemic Economy

Advisor Perspectives — Fri, 09 Apr 2021 06:00:00 -0500

The three-decade bull market in bonds may finally be over. Since the start of this year, the yield on the 10-year Treasury bond has risen 70 basis points. Since its low in August of last year, it has risen 111 basis points. The fear of inflation has been a key driver, fueled by a rapidly rising federal deficit and stimulus checks that will soon be in the wallets of American consumers. Here to discuss what that means for advisors and more importantly for your clients’ portfolios is Simeon Hyman of ProShares.

Minisode - SEI Systematic Core Personalization

Advisor Perspectives — Thu, 01 Apr 2021 06:00:00 -0500

What if you could have an indexed portfolio tailored to personal priorities such as ESG that was highly tax efficient? My guests today, J. Womack and Erich Holland, will discuss how that is now possible, and how mass personalization like this is pivotal for advisor growth in an increasingly digital and personal world.

The Case for a Low-Volatility, High-Quality Strategy

Advisor Perspectives — Tue, 30 Mar 2021 06:00:00 -0500

One of the most widely studied aspects of the capital markets is the low-volatility anomaly. It is the fact that low-volatility stocks have achieved higher performance than what theory predicts. My guest today, Dan Waldron, oversees one of the most popular ETFs based on that strategy. He is here to talk about how a low-volatility and high-quality strategy will achieve superior returns over time.

Diversity and Inclusion in the Asset Management Industry and Advisory Profession

Advisor Perspectives — Mon, 29 Mar 2021 06:00:00 -0500

Shundrawn Thomas is perhaps the only and certainly one of the few African Americans who leads a global investment firm. He’s been quite outspoken and visible with his views on racism and inequities. Over the last year, he wrote three open letters to civic and business leaders which addressed them in an extremely personal and direct manner. He has also appeared numerous times on television presenting the investment case for gender diversity.

Introducing Accelerated ETFs™: Designed to double your upside, to a cap, not your downside

Advisor Perspectives — Thu, 25 Mar 2021 09:00:00 -0500

Our listeners do not need to be reminded of the lofty valuations in the U.S. equity market. The Shiller CAPE ratio is approximately 35, a value exceeded only at the peak of the dot-com bubble. Some claim those valuations are justified by the low-yield environment. But interest rates are pushing up, and equity prices continue to climb higher and higher. That has left advisors seeking solutions that protect against downside equity risk, but still offer upside opportunity.

Nationwide’s Sixth Annual Advisor Authority Study – Women’s Retirement

Advisor Perspectives — Mon, 22 Mar 2021 06:00:00 -0500

As the COVID-19 pandemic wears on, women investors are more concerned about their finances and feel less prepared than they’ve been in years. Nearly three in four women with investable assets of $100,000 or more said the pandemic has negatively impacted their ability to retire. Ann Bair and Lori Hall present findings from Nationwide’s sixth annual Advisor Authority study, powered by the Nationwide Retirement Institute®, reflecting the responses of more than 2,500 individual investors, advisors and financial professionals.

Minisode - How Behavioral Finance Leads to Better Returns and Investor Behavior

Advisor Perspectives — Tue, 16 Mar 2021 06:00:00 -0500

My guest today, Dr. Daniel Crosby, is the author of a New York Times bestselling book that was named the best investment book of 2017, The Behavioral Investor. He has looked at how psychology should inform the art and science of investment management. Daniel has examined the sociological, neurological and psychological factors that influence our investment decisions, and he is here to offer some practical solutions for improving both returns and behavior.

Minisode - Market Euphoria – How Long Can It Last?

Advisor Perspectives — Mon, 15 Mar 2021 06:00:00 -0500

On February 11, 2020, my guests published a paper titled, “The Next Bear Market” while U.S. stock prices were at all-time highs and climbing daily to new records. At that time, the prospect of a bear market seemed distant. But eight days later, the steepest stock market descent in history began, with the S&P 500 Index falling 34% during a five-week period. We will discuss their new commentary, “Market Euphoria – How long can it last?”

Mastering the Science of Digital Marketing

Advisor Perspectives — Mon, 08 Mar 2021 06:00:00 -0600

My guest today, Taylor Schulte, has achieved what virtually every advisor seeks but few attain. He has designed and implemented a successful digital marketing strategy that provides an ongoing source of qualified leads for his fast-growing advisory practice. He is here to share his knowledge of digital marketing tactics with our listeners.

Minisode - A New Actively Managed ETF – the Love Our Planet & People Fund (LOPP)

Advisor Perspectives — Tue, 02 Mar 2021 23:00:00 -0600

Last month, Gabelli Funds launched the Love Our Planet & People ETF – symbol LOPP – to reflect its mandate to invest in companies committed to sustainable practices such as renewable energy and the reduction or recycling of long-lived wastes. LOPP will focus on areas where the team already has extensive experience researching and investing in companies involved in forward-looking sectors including renewable power generation (wind, solar, water), electric transmission and storage, electric mobility, waste reduction and recycling, water conservation and treatment, and human nutrition throughout the world.

Todd Stottlemyre on Mastering the Art of Being an Observer

Advisor Perspectives — Tue, 02 Mar 2021 06:00:00 -0600

Kat Van Slyke, the protagonist in my guest’s new novel, is a woman living a seemingly wonderful life. She runs a thriving apparel business that she built herself. She has a son who is a budding baseball star, and a role model in her father, who was once a star major league player. She lives in a fancy condominium, travels by private jet and has an expensive vacation home. But through a series of events, most of which were of her own making, her life quickly unravels. In that downward spiral, she learns many important lessons about business, family and life.

Minisode - A Platform for Investing in the Private Markets

Advisor Perspectives — Fri, 26 Feb 2021 06:00:00 -0600

PPB Capital Partners is a platform to access alternative funds with investment minimums as low as $100,000 and no sales charges or platform fees. It was launched in July of 2008, meaning that it successfully navigated the 2008 financial crisis. PPB has successfully invested in over 250 funds and it is actively working with over 100 private wealth firms around the U.S., with nearly $2 billion in capital commitments. PPB delivers a process to operationally streamline the often complicated and onerous process of investing in the private markets.

Minisode = How Digital Automation Will Drive the Next Generation of Investment Platforms

Advisor Perspective — Thu, 25 Feb 2021 06:00:00 -0600

RIA technology products are not known for their efficiency, low cost or delightful user experience. Altruist is a new, seamlessly integrated digital investing platform, which results in extraordinary ROI for financial advisors and enables them to spend far more time with clients.

Minisode - Overcoming the Diversity Challenge in the Advisory Profession

Advisor Perspectives — Mon, 22 Feb 2021 06:00:00 -0600

It doesn’t take Black History Month to remind our listeners of the lack of diversity in the advisory profession. Of the countless conferences I’ve attended – when it was possible to attend such conferences – the overwhelming majority of attendees were like me: white, male and middle aged. We’ve seen a number of efforts to address this lack of diversity, particularly in the last year in light of the tragic events that have particularly affected people of color. Here to talk with me today is someone at the forefront of those efforts within the advisory profession.

Lessons for Advisors from the GameStop Saga

Advisor Perspectives — Thu, 18 Feb 2021 06:00:00 -0600

Over the last two weeks, we have seen how a cadre of retail traders on Reddit can lay siege on a group of hedge funds that had shorted the stock of the retail company GameStop. We saw the price of GameStop rise from about $20 at the beginning of the year to a peak of $347.5 on January 27. Yesterday, on February 4, it closed at $53.50. This is a brick-and-mortar company that sells video games and lost about $20 million last year. Today we will explore deeper issues surrounding the GameStop saga.

The Future of the Financial Planning Association

Advisor Perspectives — Tue, 16 Feb 2021 06:00:00 -0600

The Financial Planning Association, FPA, is the principal membership organization for CERTIFIED FINANCIAL PLANNER™ professionals and those who support the financial planning process. I am joined today by the two leaders of the FPA and a veteran observer of the financial planning profession. I am looking forward to a spirited discussion about the role that the FPA will play among financial planners, the challenges it faces and how my guests plan to overcome those challenges.

Twitter and the Debate Over Free Speech

Advisor Perspectives — Thu, 11 Feb 2021 06:00:00 -0600

Following the rioting at the Capitol building on January 6, Twitter permanently deleted President Trump’s Twitter account. Twitter accused Trump of repeated and severe violations of its Civic Integrity policy. While applauded by many, that move was controversial on the basis that it inhibited free speech. My guest today, Barry Ritholtz, defended Twitter’s action on the basis that Twitter is analogous to the host of a dinner party, and as the host it can throw out guests it does not like. Barry and I had an email exchange about that analogy, and we agreed to continue our discussion in this podcast.

How Advisors Can Help Small Companies Provide Retirement Plans

Advisor Perspectives — Tue, 09 Feb 2021 06:00:00 -0600

Americans used to fund their retirement through corporate pension plans. But over the last 50 years, the burden of saving has fallen on the employees, and providing a framework for retirement savings has become the responsibility of American businesses. One of the first questions asked by a prospective employee is what type of 401(k) or other plans a company offers. Providing a well-designed plan at a reasonable expense is especially challenging for small companies. My guest today, Chad Parks, provides solutions to that problem.

How to Become a Thought Leader

Advisor Perspectives — Tue, 02 Feb 2021 09:58:52 -0600

A couple of weeks ago I was sent a new industry report, the Visible Experts Study, from the Hinge Research Institute reveals. It shows what it took for 220 thought leaders to gain recognition for their expertise, how thought leaders and their firms benefit from the recognition, and how techniques to build visibility has changed over the years.

Minisode - Why Traditional Valuation Metrics Don’t Work Any More

Advisor Perspectives — Fri, 29 Jan 2021 08:30:00 -0600

We live in an era where traditional valuation metrics are under greater scrutiny, and investors are looking for an updated toolset to make better decisions. My guest today, Tom Cole, will explain how investors can better answer their valuation concerns by utilizing modern tools instead of outdated ratios. He will tell us why the shares of Apple (AAPL) are no longer attractively valued and the ex-US markets are ripe for value investors.

A Practical Guide to Behavioral Finance

Advisor Perspectives — Wed, 27 Jan 2021 06:00:00 -0600

The future of financial advice is evolving. The real value of an advisor not only requires the ability to build a plan and portfolio, but to guide clients through the process, unearth their values and emotions, and change their behavior for the better. A realm of the relationship is called the human side of money. Here today to talk about that human side and how advisors can leverage the science of behavioral finance is Brendan Frazier.

Why Emerging Markets are Exceptionally Attractive

Advisor Perspectives — Mon, 25 Jan 2021 07:00:00 -0600

One of the best kept secrets in the investment world is the long-term outperformance of emerging markets. Over the last 20 years, the MSCI Emerging Markets Investable Index outperformed the S&P 500 Index – 7.2% versus 6.6%. That index also outperformed the S&P 500 in 2020, 18.8% versus 18.4%. Despite that outperformance, emerging markets are cheap, trading at a 14.8 p/e versus 21.6 for the S&P 500. Here today to discuss the potential that the emerging markets holds for investors is Chelsea Rodstrom of Global X.

Minisode: The Early-Stage Megatrends that Will Drive Outsized Returns

Advisor Perspectives — Fri, 22 Jan 2021 06:00:00 -0600

The new year brings a new set of opportunities for savvy investors who are willing to dig beneath the headlines to uncover lesser-known companies taking advantage of early-stage megatrends. I am here today with the founder of Changebridge Capital, a new company that offers two actively managed ETFs built to capitalize on those early-stage megatrends.

Minisode: How to Prepare for the Key Tax and Estate Issues in 2021

Advisor Perspectives — Wed, 06 Jan 2021 07:00:00 -0600

As we look toward 2021, one of the key issues facing wealth managers will be the changes that may come with the Biden administration. There has been talk of raising both income and capital gains tax rates, as well as Social Security taxes that could be imposed on high earners. Although Biden has rejected a wealth tax advocated by some in the Democratic Party, he has proposed changes to estate tax laws, such as taxing unrealized capital gains at someone’s death.

Minisode: Strategic Beta Solutions for the Fixed Income Market

Advisor Perspectives — Mon, 04 Jan 2021 07:00:00 -0600

What if you could target more consistent income — in any bond market? By looking beyond the bond benchmark and broadening your fixed-income allocation, you enhance your potential to achieve your clients’ financial goals. That is the premise behind the concept of strategic beta ETFs, which my guest today, Gene Tannuzzo, will discuss.

A Conversation with Trap Kloman, COO of Commonwealth

Advisor Perspectives — Wed, 23 Dec 2020 10:39:33 -0600

Commonwealth Financial Network opened its doors in 1979 as a small Massachusetts broker/dealer with big aspirations. While remaining privately held, it has grown rapidly, along the way establishing itself as a pioneer in advancing practice management and in leading the way for fee-based advisor business solutions. It now operates in all 50 states, empowering more than 2,000 independent advisors who manage over $200 billion in assets, with a home office staff of 770 professionals.

How to Avoid the IRA Tax Time Bomb

Advisor Perspectives — Wed, 23 Dec 2020 06:00:00 -0600

Take your retirement account and divide it by half. This is the real amount that you have saved for retirement. Taxes can cut your retirement funds in half, according to Ed Slott, the nationally recognized IRA and retirement planning expert, founder of IRAHelp.comand author of the forthcoming book, The New Retirement Savings Time Bomb: How to Take Financial Control, Avoid Unnecessary Taxes and Combat the Latest Threats to Your Retirement Savings.

Minisode: Looking Ahead Into 2021

Advisor Perspectives — Tue, 22 Dec 2020 15:45:17 -0600

The year of 2020 was like no other in our lifetimes as a once in a century pandemic shut down the world as we all knew it and the global economy experienced its worst shock since the Great Depression of the 1930s. The stock and bond markets sent investors on a roller-coaster ride. The S&P 500 experienced its fastest 35% decline ever during February and March, only to skyrocket back to all-time highs. Investment--grade and high-yield bonds had a similar experience as credit spreads shot up and back down and Treasury bond yields plummeted to record lows. We also had a presidential election. As this historic year is put into the history books, investors are left to ponder – what should we expect in 2021?

The Digital Marketing Practices that Distinguish High-Growth Advisors

Advisor Perspectives — Sat, 19 Dec 2020 07:00:00 -0600

Broadridge recently released its second annual financial advisor marketing survey, which revealed the contrasts between effective and ineffective marketers, as well as an expected move to digital from the continued impact of COVID-19. This year’s survey also shed light on the lack of marketing strategy among advisors and in turn, dissatisfaction with marketing ROI.

M&A Valuations - Could This Be Your Time to Sell

Advisor Perspectives — Wed, 09 Dec 2020 07:00:00 -0600

Merger and acquisition (M&A) activity in the wealth management profession has reached record levels for yet another year. There was a pandemic-driven pause in Q2, but Q3 saw a record-setting 44 transactions, the first time there was more than 40 transactions in a quarter. With 111 transactions through Q3, it is likely we will surpass the previous record of 132 transactions in 2019.

Minisode - How Advisors Can Excite and Delight Clients

Advisor Perspectives — Tue, 08 Dec 2020 07:00:00 -0600

Technology helped transform advisors from brokers to someone who needs to listen more to clients’ unique situations and help them develop a plan that’s not strictly about investments.

My guest today, John Diehl, has written that, “Today’s advisor needs to better understand the context of their clients’ needs,” The financial piece isn’t the problem. The emotions, high-level goals, and the aspirations are the challenge.”

How to Target 7% Annual Retirement Distributions

Advisor Perspectives — Fri, 04 Dec 2020 07:00:00 -0600

Meeting cash flow needs through distributions is challenging, with Treasury yields at rock-bottom levels and investors enduring widespread dividend cuts this year. Trying to generate a meaningful yield means unacceptable credit risk at a time when the bankruptcies are getting announced following months of government-mandated shutdowns. For investors looking to fund their day-to-day lives, a better approach is to focus on maximizing risk-adjusted returns to meet individual cash flow needs.

Target-distribution strategies, such as those developed by my guest today, leverage a modern-portfolio theory approach focused on risk-adjusted returns to deliver steady cash flow to investors while maintaining the principal over the long-run.

Minisode: A Unique Approach to Target-Date Funds

Advisor Perspectives — Tue, 24 Nov 2020 06:00:00 -0600

For retirement-oriented investors, especially those saving through 401(k) and other defined-contribution plans, the most popular solution is a target-date fund. Those funds are designed to build retirees’ wealth through a carefully constructed asset allocation and glide path that minimizes risk. But designing those funds is a complex process, as my guest today will explain.

Where to Find Income in a Low--Rate World

Advisor Perspectives — Mon, 23 Nov 2020 14:31:45 -0600

Amid historically low rates, the income solutions of yesterday are not going to cut it. My guest today will discuss how his firm has recognized and reacted to this paradigm shift by developing alternative, higher-yielding strategies.

Minisode: Understanding the Hispanic Wealth Management Market

Advisor Perspectives — Thu, 19 Nov 2020 06:30:00 -0600

Retirement savings for those in the Latino community are low. According to a 2018 UnidosUS report, only 31% of Latino workers participate in an employer-sponsored retirement plan, compared to 48% of all other workers ages 21 to 64. According to a CNBC story, 54% of Latinos work for an employer that offers a retirement plan compared to nearly 70% for all other workers in the same category. My guest today has devoted his career to service the Hispanic community and will tell us how advisors can help address those gaps.

Minisode: Using Annuities in a Recession

Advisor Perspectives — Mon, 02 Nov 2020 11:26:15 -0600

With the economic and market uncertainty brought on by the pandemic, investors, especially those nearing retirement, are looking to protect their savings. They need to guard the wealth that they worked hard to build. That has led to a growing interest in certain types of annuities that provide shelter against market volatility and offer the promise to grow one’s wealth and income.

Minisode - Understanding the New “Stacker” ETFs

Advisor Perspectives — Fri, 30 Oct 2020 07:00:00 -0500

We are roughly six months into the pandemic. Equity markets have regained nearly all of their losses following their precipitous decline in March. But the economy remains in a recession. Some are even calling it a depression. Advisors and their clients want downside protection, but also want to participate in the upside if markets continue to perform well. That has made defined-outcome ETFs the most popular product type among ETFs. Here today to talk about how those ETFs work is Bruce Bond of Innovator ETFs, the leading provider of defined-outcome ETFs.

The Future for Thematic ETFs

Advisor Perspectives — Thu, 29 Oct 2020 13:20:52 -0500

Founded in 2018, Defiance ETFs is an ETF sponsor and registered investment advisor focused on thematic investing. Its suite of rules-based ETFs allows retail and institutional investors to express a targeted view on dynamic sub-sectors that are leading the way in disruptive innovations.

The Man Who Exposed Harvey Weinstein

Advisor Perspectives — Thu, 22 Oct 2020 06:00:00 -0500

My guest today is a distinguished trial lawyer who has won cases against some of the biggest Wall Street firms, including Wells Fargo, Paine Webber, Securities America and the Prudential Equity Group. He was also one of the first to uncover and report on convicted Hollywood producer Harvey Weinstein’s crimes and played a big role in Weinstein’s downfall and conviction.

Minisode: Is it Easier to Pick the Losers than the Winners?

Advisor Perspectives — Tue, 20 Oct 2020 23:00:00 -0500

The problems of active management have been well documented. It has been statistically proven that it is incredibly difficult to identify managers who will outperform the market on a risk-adjusted basis. Those managers make a living by picking winning stocks that are likely generate above-market returns. My guest today, David Barse, has built a company around the premise that it is easier beat the market by identifying the losers rather than the winners.

Minisode: New Insights in Behavioral Finance

Advisor Perspectives — Tue, 20 Oct 2020 06:00:00 -0500

From the sage investor to the novice with little to no experience, humans are inherently emotional and often irrational when it comes to money decisions. This year alone, we’ve already seen how a global pandemic, unstable markets, and a sensationalized news cycle can influence investor behavior. This begs the question: How can financial professionals help keep their clients on track through uncertainty?

My guest today, Mark Halloran, answered that question in a webinar we hosted in August. There were so many questions from the audience that I decided to have Mark back as my guest today to dig a little deeper into the critically important topic of behavioral finance.

Get Clear, Get Focused, Get to Work

Advisor Perspectives — Mon, 19 Oct 2020 11:39:27 -0500

Today I am speaking with one of the advisory profession’s preeminent thought leaders, business strategist and success coach Stephanie Bogan. Stephanie is going to share her perspective on the value of coaching, some of her favorite lessons she has learned along the way as a coach and what it takes to really be Successful…in all aspects of your life, not just as an advisor.

Minisode: Understanding Gender-Lens Investing

Advisor Perspectives — Thu, 15 Oct 2020 22:50:35 -0500

Gender-lens investing is one of the fastest-growing subsets of sustainable or impact investing—and should be of particular interest to you and your clients as you guide them toward their investment goals. Traditionally, gender-lens investing focused on investing in companies with a higher representation of women on their boards or in senior positions. Stopping at representation, however, may not be enough to achieve gender diversity and equality. Here to discuss the full scope of gender-lens investing is Anuradha (“Anu”) Gaggar.

Minisode - Thematic Investing in the Era of the Pandemic

Advisor Perspectives — Mon, 21 Sep 2020 07:00:00 -0500

One of the enduring effects of the pandemic will be the structural changes it inflicts on the economy. Some industries – hotels, travel, restaurants – may be obliterated or radically changed. Others, like those that support the podcasting technology I am using now, will be at the forefront of accelerated growth. With the advent of thematic ETFs, investors can position themselves for this structurally evolving economy. My guest today, Jon Maier is here to discuss the role of thematic ETFs in your clients’ portfolios.

Minisode: A Reality Check on Behavioral Coaching

Advisor Perspectives — Fri, 18 Sep 2020 14:46:38 -0500

Over the past few months, advisors and investors have been whipsawed by market movements and emotions have been magnified due to the pandemic. And while the term behavioral finance has often been discussed in the advisor world, the application of it into practice tends to lag.

MInisode - The Latest Developments in Hedge Fund Replication

Advisor Perspectives — Fri, 18 Sep 2020 06:00:00 -0500

Dynamic Beta’s portfolios seek to match or outperform the portfolios of leading hedge funds by identifying, and investing directly in, the key drivers (or factors) that explain recent pre-fee performance. Its engine is based on over a decade of research into the primary sources of returns among Equity Long/short, Managed Futures and Multi-strategy hedge funds. Its portfolios consist only of highly-liquid futures and/or ETFs.

Minisode: A Truly Unique Hedging Strategy

Advisor Perspectives — Wed, 16 Sep 2020 14:01:44 -0500

Nancy is the founder and managing partner of Quadratic Capital Management. She is the portfolio manager for The Quadratic Interest Rate Volatility and Inflation Hedge ETF (NYSE Ticker: IVOL).

Minisode - The Key Issues for Clients with Irrevocable Trusts

Advisor Perspective — Thu, 03 Sep 2020 06:00:00 -0500

Irrevocable trusts are an effective way to minimize the tax consequences of transferring wealth to future generations. My guest today, Michael Roberts, will discuss how they are set up, who they are most effective for and how advisors can advance their relationships with clients by using them.

Minisode - The Keys to Successful Family Wealth Planning

Advisor Perspectives — Wed, 02 Sep 2020 06:00:00 -0500

Individuals are often reluctant to speak to their heirs about the amount of wealth they will leave behind for a variety of reasons. Jan Blakeley Holman, my guest today, will explain the common barriers to those discussions and how advisors can help their clients overcome them.

Minisode - The Next Generation of Structured-Outcome ETFs

Advisor Perspectives — Tue, 01 Sep 2020 06:00:00 -0500

Structured-outcome ETFs have garnered tremendous interest from investors in light of the rampant volatility this year. But those defensive-minded funds have also revealed their often overlooked drawbacks – they limit upside gains up to a certain level in order to provide their downside buffer. As a result, the unexpectedly sharp rebound that began in April has whip-sawed investors holding first generation structured-outcome ETFs, and they are now trailing behind as the next leg of the bull market has taken root.

The 80th Anniversary of the ‘40 Act

Advisor Perspectives — Sun, 30 Aug 2020 23:00:00 -0500

The Investment Advisers Act of 1940, more commonly known as the 40 Act, is a U.S. federal law that defines the role and responsibilities of an investment advisor. Prompted in part by a 1935 report to Congress on investment trusts and investment companies prepared by the SEC, the act provides the legal groundwork for monitoring those who advise pension funds, individuals and institutions on investing. It specifies what qualifies as investment advice and stipulates who must register with state and federal regulators in order to dispense it.

Where Has All the Alpha Gone?

Advisor Perspectives — Fri, 28 Aug 2020 07:38:43 -0500

Active managers persistently lag the returns of benchmarks and index funds that track them, with the excuses for underperformance recycled every year. We are going to discuss a book, The Incredible Shrinking Alpha, which is the antidote for the active managers’ siren song. It will reinforce your commitment to indexing or systematic investing, while increasing your knowledge. Larry Swedroe, my guest today, and Andrew Berkin, are co-authors of The Incredible Shrinking Alpha, the second edition of which has just been released.

Minisode: The Defined-Risk ETF That is Dominating Its Competitors

Advisor Perspectives — Thu, 20 Aug 2020 09:03:49 -0500

The key challenge facing advisors this year has been to keep their clients invested and focused on their long-term goals. That challenge came about when we saw a steep market decline in the first quarter followed by a strong rally. Now, the dissonance between market valuations and an unhealthy economy is leading many to question whether their financial plans and asset allocations will withstand the next round of volatility.

Minisode: What it Means to be a Relative Value Investor

Advisor Perspectives — Wed, 12 Aug 2020 07:00:00 -0500

Colorado-based Cambiar Investors is known for its ability to adapt to evolving markets and industries. It has weathered numerous market cycles and knows how to position portfolios with the goal of delivering long-term performance to its investors. It makes decisions that are aligned with positive outcomes for its clients.

Behind the July Unemployment Data

Advisor Perspectives — Mon, 10 Aug 2020 09:39:47 -0500

(Recorded Friday, August 7 2020) This morning we learned that 1.8 million jobs were added in July and yesterday the Department of Labor’s weekly unemployment claims reported that another 1.2 million individuals filed for unemployment last week.

How to be a leader before, during, and after a crisis.

Advisor Perspectives — Tue, 04 Aug 2020 07:00:00 -0500

Discover how Kestra Private Wealth Services is using leadership, rather than mere cheerleading, to shine a light on the best path forward for their associated financial professionals, and why the bond they established before the crisis allows for honest conversations today.

Has the Pandemic Altered Valuations for RIA Firms?

Advisor Perspectives — Tue, 21 Jul 2020 11:38:57 -0500

It’s rare that anyone outside of a few investment bankers gets to take a look at transaction data for M&A deals in the RIA industry. But the RIA Deal Room 2020 report from Advisor Growth Strategies goes “under the hood” to show how M&A has continued to shape RIAs in recent years, while also providing a first look at how the pandemic will affect transactions moving forward.

Which Dividend Investing Strategy is the Best?

Advisor Perspectives — Wed, 15 Jul 2020 06:30:00 -0500

Investing in companies with accelerating dividends – as opposed to those that simply offer a high current dividend yield – may prove invaluable in the current environment. Here to talk to me today are two people who can expand on the strategy of selectively investing in dividend-paying stocks.

How to Deliver 2x the Value in Half The Time (and Have a Life)

Advisor Perspectives — Wed, 08 Jul 2020 06:00:00 -0500

Join me as I interview Industry thought leader, business strategist and success coach Stephanie Bogan. She will share 4 success strategies advisors can use to deliver 2x the value to clients in half the time, while having a life you love in the process.

Disconnected Fundamentals and Market Valuations

Advisor Perspectives — Tue, 07 Jul 2020 06:00:00 -0500

The P/E for the S&P 500 is about 25, near historic highs. Credit spreads in both developed and emerging markets are tight. Real government bonds yields are negative. Companies have repurchased own shares at record levels for almost 10 years, reducing outstanding stock of marketable securities. Asset price volatility has been extraordinary. Contrast that with market fundamentals: the U.S. economy entered recession in February; total hours worked in May were 12.5% below Q1 average; total wages paid were down 8.5%; and governments have provided cash transfers and guaranteed loans to support incomes.

Minisode - Leadership Lessons from the COVID Crisis

Advisor Perspectives — Fri, 26 Jun 2020 07:00:00 -0500

Find out how their culture of open communications has served Kestra Financial throughout the Covid-19 pandemic and how the best practices that emerged during this time will shape how they operate even after the current crisis subsides.

Minisode - An Exceptional Time for Special-Situation Investing

Advisor Perspectives — Wed, 24 Jun 2020 08:39:00 -0500

Evermore Global Advisors is an opportunistic, global, special-situation investor. It employs a fundamental, bottom-up approach to investing. It focuses on complex, misunderstood and under-researched companies around the world that can be purchased for substantially less than their intrinsic values, and where catalysts exist to create value.

Stephanie Kelton in Defense of MMT

Advisor Perspectives — Mon, 22 Jun 2020 09:44:02 -0500

Stephanie Kelton’s much-awaited book, The Deficit Myth, is now available. In it, she makes the case for modern monetary theory – or MMT – as the paradigm to guide our fiscal policies. This book is exceptionally relevant, as we have seen several trillion dollars added to the federal deficit and a broad expansion of the Fed’s balance sheet in response to the coronavirus pandemic. That has fostered widespread speculation about the wisdom of those policies and whether they will lead to slower economic growth, inflation or something worse. MMT provides a clear answer to those questions.

Minisode - What Matters in Emerging Market Investing

Advisor Perspectives — Sun, 07 Jun 2020 23:00:00 -0500

Most advisors get exposure to China through a broad emerging market mandate. But that exposure is typically weighted to large-cap companies and what my guest today would call “stagnant, old economy” sectors such as financials. In response, many are rethinking their approach to investing in China in order to access the drivers of growth and market expansion.

Today’s Surprising Unemployment Report

Advisor Perspectives — Fri, 05 Jun 2020 13:18:59 -0500

This morning we learned that 2.5 million jobs were added in May, and that the unemployment rate fell from 14.7% to 13.3%. That was a surprise to virtually all economic forecasters. That has led some to conclude that this recession, which has not been officially declared, may turn out to be the shortest on record.

Minisode - The Evolution of Defined-Outcome Investing

Advisor Perspectives — Wed, 03 Jun 2020 12:48:59 -0500

The concept of define-outcome investing has evolved from the use of options in conventional portfolios to structured notes and now to turnkey funds and ETFs that offer built-in downside protection with participation in the market upside. Those ETFs and related products have become extremely popular in this environment, where advisors and their clients are tuned in to the higher level of market volatility and the fear of a large market downturn.

Minisode - Where a Veteran Value Investor is Finding Opportunities

Advisor Perspectives — Tue, 26 May 2020 10:59:41 -0500

The last decade has been hard on value investors. Even the most disciplined disciples of Graham and Dodd, who have diligently sought bargains that were out-of-favor with the market, have fared poorly relative to growth investors. But the market volatility that began in February has exposed the kind of market dislocations that value investors crave.

Minisode: How the Baron Opportunity Fund Outperformed in Q1

Advisor Perspectives — Thu, 21 May 2020 07:40:55 -0500

A Wall Street Journal article at the beginning of April reported that actively managed U.S. stock funds lost an average of 24.6% in the first quarter of this year. But there were some noteworthy outperformers, including the Baron Opportunity Fund. That journal article noted that this fund had the second-best performance over 12 months ending in March 31, and that it lost only 6.7% in the first quarter of this year. The strong performance of the Baron Opportunity Fund extends back even further. It has been among the top 4% of its Morningstar peer group – large-growth funds – in each of the last four years.

Minisode - Downside Protection with Long/Short Funds

Advisor Perspectives — Wed, 20 May 2020 06:00:00 -0500

In a down market, one of the types of investments that should perform well is long-short funds. But not all those funds have given investors the downside protection they need. I am talking today with the manager of a long-short fund that has delivered this year. That fund is the 361 Global Long/Short Equity Fund (AGAZX). Although it is down 8.21% this year, that is 132 basis points better than the S&P 500 total-return index, and 244 basis points better than the Morningstar long-short fund category average.

Woody Brock on Our Economic Future

Advisor Perspectives — Tue, 19 May 2020 06:00:00 -0500

I am in Gloucester, MA at the home of the noted economist Dr. Horace “Woody” Brock. I visited Woody here two months ago and recorded a podcast as the coronavirus crisis was unfolding. Today, I am going to ask Woody some follow-up questions.

April Retail Sales and Industrial Production

Advisor Perspectives — Mon, 18 May 2020 08:32:37 -0500

On May 15th we learned that both Industrial Production and Retail Sales took a dive for April.

Minisode - Understanding the Popularity of Defined-Outcome ETFs

Advisor Perspectives — Wed, 13 May 2020 11:31:47 -0500

In this era of pandemic-induced market volatility, advisors are systematically searching for investment products that limit downside losses. They are willing to give up some upside potential to reduce their exposure to painful, black-swan events like we have seen. One of the product types designed to do this and that has benefited from strong asset flows is defined-outcome ETFs. Here today to talk about how those ETFs work is one of the principals from Innovator ETFs, the leading provider of defined-outcome ETFs.

Minisode - The Post-Crisis Future for Fintech Vendors

Advisor Perspectives — Mon, 11 May 2020 10:38:26 -0500

This is the first major market downturn experienced by most advisor technology platforms. My guest will discuss some of the unique challenges facing fintech vendors as a result of the newly enforced virtual work environment and by the sudden market correction.

The Future of Active Management

Advisor Perspectives — Sat, 09 May 2020 06:00:00 -0500

Over the last decade, the dominant trend in the asset management industry has been the flow from active to passive products. According to Morningstar, actively managed U.S. stock funds posted outflows in 11 out of the last 12 years. Indeed, as of the middle of 2019, passive and active U.S. equity funds each had a total of about $4.3 trillion in assets, essentially reaching asset parity. What has been the underlying driver of that trend? And what, if anything, will cause it to reverse?

Behind May’s Disastrous Unemployment Numbers

Advisor Perspectives — Fri, 08 May 2020 16:11:44 -0500

This morning we learned that there was a loss of 20.5 million jobs in April and the unemployment rate is now at 14.7%.

Understanding the Q1 GDP Report

Advisor Perspectives — Fri, 01 May 2020 10:02:58 -0500

Yesterday’s release of Q1 GDP showed a contraction of 4.8% and was slightly worse than expected. It was the first contraction since 2014 and the largest contraction since the financial crisis.

Minisode - The Unique Investment Opportunities in India

Advisor Perspectives — Thu, 30 Apr 2020 11:19:07 -0500

I was invited to travel to Mumbai, India in January this year to speak at an investment conference. It was my first trip to India and, in fact, my first trip to Asia. It was a great experience and an opportunity to learn a lot about India’s history, economy and culture. But the India I visited four months ago is very different from today – at least from an economic and investment perspective. Here to talk with me about the investment opportunities in India are two fund managers from Wasatch Global Investors with deep experience in that part of the world.

Minisode - Wasatch Advisors

Advisor Perspectives — Thu, 30 Apr 2020 11:00:00 -0500

Minisode - The Impact of the Coronavirus on E-Commerce

Advisor Perspectives — Mon, 27 Apr 2020 14:10:47 -0500

On March 24, I hosted a webinar with my guest today on how advisors can capitalize on the explosive growth in e-Commerce. In our interconnected world, significant disruptions underscore the need for resilient supply chains. We explored the risks posed by COVID-19 to economic growth, particularly with respect to the consumer, cold storage, and cannabis. That webinar was so popular that we were overwhelmed with more questions than we could answer. But I am fortunate a presenter from that webinar is with me today to answer the unanswered questions.

A History of Financial Scams

Advisor Perspectives — Fri, 24 Apr 2020 08:15:40 -0500

Look in your email, and it’s a sure bet that in the last 24 hours you will have received offers of millions of dollars from Nigerian princes or lottery winners looking for ways to share their riches with you. You probably wondered how anyone could be so gullible to fall for those scams. But, as my guest today will explain, at some point we’ve all been tempted by the prospect of easy money, improved health or a romantic relationship.

Why NASDAQ Options Generate Superior Risk-Return Portfolios

Advisor Perspectives — Thu, 23 Apr 2020 10:04:29 -0500

A proven strategy to increase income on an equity portfolio, while maintaining some of the upside potential, is to sell call options against the holdings. That strategy is often implemented with the S&P 500. But what advisors may not know is that this buy-write strategy can also be pursued with Nasdaq indices.

Minisode - How the Coronavirus is Reshaping Global Investment Opportunities

Advisor Perspectives — Tue, 21 Apr 2020 14:53:37 -0500

If China is a benchmark for the scale of economic disruption caused by the coronavirus, the impact has been colossal. Industrial production declined by 13.5% year-over-year in January and February. Retail sales and auto sales declined by 20.5% and 37.0%, respectively, during the same period. Now that the peak of the outbreak seems to have passed in China, its economic growth is starting to recover, albeit at depressed levels.

Minisode - Which Factors Should Advisors Overweight

Advisor Perspectives — Fri, 17 Apr 2020 11:00:00 -0500

MSCI is a leading provider of indices for a variety of asset classes. Its factor Indexes, which we are going to talk about today, are designed to capture the return of factors which have historically demonstrated excess market returns over the long run. These are rules-based, transparent indexes that target stocks with favorable factor characteristics – as backed by robust academic findings and empirical results – and are designed for simple implementation, replicability, and use for both traditional passive and active mandates.

The Exceptional Post-Crisis Investment Opportunities

Advisor Perspectives — Thu, 16 Apr 2020 11:00:00 -0500

My guest, Rob Arnott, is here to discuss the big questions that should concern all advisors and their clients. How deep and how prolonged will the expected recession be? Have we reached a tipping point where we have passed the maximum level of fear? If so, how should advisors allocate their clients’ assets? What is in store for the capital markets over next decade?

Minisode - A Tactical Approach to Factor Investing

Advisor Perspectives — Thu, 09 Apr 2020 11:00:00 -0500

The last decade has been a painful one for investors who believe in a factor-based approach to investing and have stuck with those factors that historically performed well – namely the value factor, which has severely underperformed growth over those 10 years. But a breed of products have avoided that plight. Funds and ETFs that have were designed to be nimble and allocate across a range of factors have not suffered the same performance deficit.

Understanding the Impact of Today’s Employment Data

Advisor Perspectives — Fri, 03 Apr 2020 11:00:00 -0500

Today’s release of employment data confirmed what we were all expecting – a precipitous collapse in the number of Americans who are gainfully employed.

Shirl Penney - The Elements of Crisis Leadership

Advisor Perspectives — Wed, 25 Mar 2020 11:00:00 -0500

Crises call for leadership. But leadership is not something that can be precisely defined. On an intellectual level, it combines an understanding of risks and opportunities, and a realistic assessment of one’s strengths and weaknesses. But it also demands a realistic vision of what the future holds and how to get there. And then leadership calls for the skills to communicate that vision and motivate your team to get there. I am privileged to speak today with one of the leaders in the wealth management industry, Shirl Penney, to talk about leadership in the coronavirus crisis.

Woody Brock - The Economic Impact of the Coronavirus

Advisor Perspectives — Thu, 19 Mar 2020 11:00:00 -0500

The coronavirus put an end to America’s longest post-war expansion. We are all but certain to face a recession this year. But that recession will be wholly different from any other in our economic history. It will inflict its damage primarily on the service sector of our economy: travel, hospitality, entertainment, restaurants and a host of other services. I am here today to talk with one of the world’s foremost economic thinkers who will reflect on that scenario.

Minisode - How to Leverage Technology for a Virtual Business

Advisor Perspectives — Wed, 18 Mar 2020 11:00:00 -0500

For many businesses, the sudden transition from a physical to a virtual company has been jarring. But other businesses have been operating remotely since their inception. One example is Advisor Perspectives, and another is the marketing platform, Twenty Over Ten. I am joined today by two of the principals of Twenty Over Ten, who will talk about their unique story, what they did to create an effective virtual company and how they are helping advisors with their communications strategy.

Understanding the Upheaval in the Muni Bond Market

Advisor Perspectives — Tue, 17 Mar 2020 11:00:00 -0500

Over the last two weeks, our collective focus has been on the equity markets. But the sharp drop in prices among U.S. stocks has been matched by a dramatic spike in municipal bond yields. That has created a compelling, but little-noticed opportunity to buy safe, highly rated muni bonds at exceptional spreads to U.S. Treasury bonds.

What to Say When Your Clients Yell “Sell!”

Advisor Perspectives — Fri, 13 Mar 2020 11:00:00 -0500

When this podcast was recorded, on March 11, U.S. equities were down 13.7% since February 21, when the threat of the coronavirus infected the markets. At best, advisors are faced with clients asking what this means for their future. At worst, clients are calling to demand that advisors sell and de-risk their portfolios. My guest and I will focus on the importance of client communication, especially in today's market conditions. What can advisors do to keep their clients calm and informed in the "panic" we've seen recently?

Minisode - The Latest Developments in Advisor Regulation

Advisor Perspectives — Tue, 25 Feb 2020 11:00:00 -0600

My guest today is Dave Whitaker, who is president of Foreside. Foreside provides a suite of services and a platform-based model to automate and simplify compliance and distribution for asset management firms. Dave is going to talk to about some of the latest developments in the regulatory arena, including form CRS, and what they mean for advisors.

Minisode - The Case for High Dividend, Low Volatility Investing

Advisor Perspectives — Mon, 24 Feb 2020 11:00:00 -0600

Our topic today is multi-asset class and multi-factor-equity strategies. One of the leaders in that field is QS Investors. It offers a quantitative approach that unites the intellectual and academic precision of science, engineering, mathematics, and finance and investment expertise with the power of data and technology.

Minisode - Meeting the Income Challenge for Advisors and their Clients

Advisor Perspectives — Sat, 22 Feb 2020 11:00:00 -0600

There is an income challenge for advisors that doesn’t seem to be going away anytime soon. Virtus ETFs offer a distinctive and innovative solution to that problem, which is a collection of non-traditional income-oriented investment strategies that provide investors the potential for higher levels of income.

What to Do When a Strategy Performs Poorly

Advisor Perspectives — Fri, 21 Feb 2020 11:00:00 -0600

In recent years, U.S. stocks have far outperformed international stocks, and growth stocks have far outperformed value stocks. That has led many to question the benefits of diversification and ask what they should do when an investment strategy performs poorly. This podcast will answer that question.

Minisode - Using Non-Traditional Sources of Income

Advisor Perspectives — Thu, 20 Feb 2020 11:00:00 -0600

In today’s low-interest-rate environment, a pervasive challenge for advisors is the need for income-oriented solutions for clients, especially those at or nearing retirement. That need has led many to seek high-risk sectors of the bond and equities markets. The consequences of those decisions could be disastrous for investors. So we are going to look at another solution.

Minisode - Hedge-Fund Replication in an ETF

Advisor Perspectives — Wed, 19 Feb 2020 11:00:00 -0600

We are here to talk about hedge fund replication and how advisors can access hedge fund strategies without the burdensome cost and illiquidity of alternative investment classes.

Minisode - Which ETFs WIll Dominate in 2020

Advisor Perspectives — Tue, 18 Feb 2020 11:00:00 -0600

SSGA issued the first ETF in 1993 and today is a dominant leader in the ETF industry. It offers the world’s biggest ETF, SPY, with $314 billion in assets. From sectors and smart beta to fixed income, SSGA has relentlessly pursued new ways to solve client's most complex investment challenges.

Minisode - A Dividend-Value Income Solution

Advisor Perspectives — Mon, 17 Feb 2020 11:00:00 -0600

Advisors Asset Management (AAM) is a leading provider of income-generating investment solutions. It entered the ETF market in 2017 and offers investors an innovative high dividend value strategy across domestic, emerging and international developed markets. These ETFs focus on income and value, seeking to help investors meet their current cash flow and future capital appreciation goals.

Minisode - The Trends That Will Dominate the ETF Industry

Advisor Perspectives — Sat, 15 Feb 2020 11:00:00 -0600

One of the most prominent research studies in the ETF market is the survey that Brown Brothers Harriman does in cooperation with ETF.COM. This is the seventh year that study has been conducted, and my guest, Ryan Sullivan, and I will discuss the results.

Minisode - What Was Behind Last Year’s Outperformance in Precious Metals?

Advisor Perspectives — Fri, 14 Feb 2020 11:00:00 -0600

Last year – 2019 – was a strong year for precious metals. Gold had its strongest increase since 2010. Silver and platinum also saw their largest annual gains in several years. But the big winner was palladium, which gained over 50%.

TIGER 21: How the ultra-wealthy are investing

Advisor Perspectives — Mon, 10 Feb 2020 11:00:00 -0600

Founded in 1999, Tiger 21 is a peer-to-peer network of wealthy individuals who meet on a regular basis to discuss the issues that matter most to them. Many of those discussions are focused on investing.

Its 700+ members include entrepreneurs who have created, built, and sold their own businesses. Others are Wall Street executives, CEOs of major companies, and real estate investors. All have been successful in their chosen fields and have a minimum of $10 million in assets to invest and the average member has $100 million in assets.

Minisode - The Role of Succession Planning in Taking on Institutional Capital

Advisor Perspectives — Sat, 08 Feb 2020 11:00:00 -0600

A recent study by Charles Schwab revealed that succession planning ranks last on the list of top priorities for RIAs. Moreover, 92% of firms are considering internal succession. As someone who has first-hand experience selling a business, my guest, Stuart Silverman, will explain why advisors are hesitant to part ways with their firms, how they can identify a successor and how institutional capital can help fuel succession strategies.

Minisode - A New Tool to Forecast ETF Performance

Advisor Perspectives — Fri, 07 Feb 2020 11:00:00 -0600

After 40 years on Wall Street, stock market expert Marc Chaikin, whose technical indicators are industry standards, introduced a suite of groundbreaking tools to provide a directional edge for investors and advisors. Chaikin Analytics was launched in March 2011 and is a suite of research tools and portfolio management services that help pick winning stocks and ETFs and drop losers ahead of market shifts.

Minisode - The New ETF That Avoids Losers Instead of Picking Winners

Advisor Perspectives — Thu, 06 Feb 2020 11:00:00 -0600

Granite Shares is an ETF company focused on simple, cost-effective access to commodity and alternative investments.

Minisode - The Extraterrestrial ETF (UFO)

Advisor Perspectives — Tue, 04 Feb 2020 11:00:00 -0600

Since the beginning of humankind, we have looked to the skies with immense curiosity in search of answers. Space has always captured human interest, but recently, the space economy has also captured commercial interest like never before. UFO, the Procure Space ETF, is positioned to provide diversification beyond the limitations of solely earthbound companies.

Will Large-Cap Growth Continue to Outperform?

Advisor Perspectives — Mon, 27 Jan 2020 11:00:00 -0600

This year, 2019, may be remembered as the year to be invested in large-cap growth stocks, with the Russell 1000 large-cap growth index returning over 30% year-to-date. One of the standout funds this year is the William Blair Large Cap Growth (LCGNX), which has returned over 35% with less than a week to go in the year. But its strong track record extends back even longer. It has returned 9.78% annually over the last 15 years, beating the Morningstar large-cap growth category average by 47 basis points.

Contrarian views from Rupal Bhansali, CIO-Global Equities & Author, ‘Non-Consensus Investing’

Advisor Perspectives — Tue, 21 Jan 2020 11:00:00 -0600

Only 2% of mutual fund assets are managed by women. One of them is Rupal Bhansali, who also happens to be a woman of color. She offers some insights into the keys to her successful career path, as well as the top contrarian opportunities she sees in the non-U.S. markets.

The Future of Advisor Technology

Advisor Perspectives — Fri, 10 Jan 2020 11:00:00 -0600

One of the most consequential decisions an advisory firm must make is the suite of technology applications it will use – everything from financial planning to investment management to CRM and the myriad ancillary systems that streamline operations and deliver clients the information they want. My guest today has seen the advisory technology industry evolve from a collection of stand-alone software packages to an integrated, web-based platform, and she will give us her predictions for what the next decade will bring.

How This Small-Cap Value Fund Keeps Outperforming

Advisor Perspectives — Tue, 31 Dec 2019 11:00:00 -0600

Hotchkis & Wiley is true value investor that has performed well in a growth-dominated equity market. It also has a large following among advisors. Its Small Cap Diversified Value Fund has strong numbers and a history of outperformance versus its benchmark. The fund has considerable exposure to micro caps, which has helped it to consistently outperform on a rolling three-year basis since its inception in 2014.

The Groundbreaking Innovation in Active ETFs

Advisor Perspectives — Mon, 23 Dec 2019 11:00:00 -0600

Our topic today is actively managed ETFs. On November 14, the SEC gave contingent approval for new proxy-based, semi-transparent active ETF structures to four fund families: Natixis, T. Rowe Price, Fidelity and the Blue Tractor Group. This overcomes a major impediment to active ETFs – transparency. No longer do those ETFs need to disclose their underlying holdings – their “secret sauce.”

What Will Drive Growth in ETFs?

Advisor Perspectives — Wed, 18 Dec 2019 11:00:00 -0600

The nearly unbridled growth of the ETF industry in the last 15 years has paralleled one of the greatest bull markets ever. What are the key themes that are likely to drive the next leg of growth? What do the next 5-10 years look like for ETFs? My guest today leads one of the most prominent ETF providers, and he and I discuss those questions and more.

The Shifting Regulatory Landscape for Advisors

Advisor Perspectives — Tue, 17 Dec 2019 11:00:00 -0600

John Gebauer and I discuss the key regulatory issues facing advisors, including RegBI, form CRS, the SEC’s planned changes to its advertising and cash solicitation rules and the Michael Kiitces/XYPN lawsuit against the SEC.

The Questions to Ask Your Female Clients

Advisor Perspectives — Mon, 16 Dec 2019 11:00:00 -0600

What are the key issues that female clients face? How can advisors gain the confidence of those clients and ensure that their assets are protected under any scenario? What are the big mistakes that female spouses make when it comes to marital assets?

The Risks and Opportunities in Emerging Markets

Advisor Perspectives — Sun, 15 Dec 2019 11:00:00 -0600

For the past 30 years, emerging markets have provided return enhancement and risk diversification opportunities for global equity investors. That has been fueled by the liberalization of the Chinese capital market, which comprises about a third of the allocation to emerging market indices. In 2019, emerging markets have been volatile, driven by changes in U.S. monetary policy, increasing political uncertainty and deteriorating conditions for international trade. My guest, Peter Gillespie, and I discuss whether these factors are temporary or will have a long-lasting impact.

Matthews Asia - Opportunities in Emerging Markets

Advisor Perspectives — Sat, 14 Dec 2019 11:00:00 -0600

The emerging markets (“EM”) equity asset class has evolved considerably over the past decade such that many active EM equity managers may find it challenging to create long-term alpha over the benchmark. Countries such as China and India are moving to the fore, historical drivers of growth are changing and technology, innovation and health care are becoming a larger part of the opportunity set. It has been difficult for EM investment teams to keep up with these changes. My guest today, David Dali, wrote those words in a recent commentary, and we discuss how he and his team are positioning to adapt to that changing landscape.

The Future for Invesco and Active Management

Advisor Perspectives — Fri, 13 Dec 2019 11:00:00 -0600

In May of this year, Invesco completed its acquisition of OppenheimerFunds, bringing its AUM to $1.2 trillion and making it the sixth largest U.S. retail asset manager. In April of 2018, Invesco completed its ETF business Guggenheim partners. Those deals come at a time when many investors were deserting actively managed funds, in favor of passive, index-tracking strategies.

Identifying and Avoiding Conflicts of Interest

Advisor Perspectives — Thu, 12 Dec 2019 11:00:00 -0600

MarketCounsel is known as the “adviser’s advisor.” It is the leading business and regulatory compliance consulting firm to the country’s preeminent entrepreneurial investment advisors. It delivers comprehensive, regulatory compliance solutions. It works with startup investment advisors through its RIA Incubator program, and it offers outsourced compliance department capabilities through its RIA Institute.

How UMA Platforms Drive Better investment Outcomes

Advisor Perspectives — Wed, 11 Dec 2019 11:00:00 -0600

One of the growing trends in the advisory profession is outsourced investment management – specifically using a unified managed account (UMA) platform. Many advisors have found that those solutions optimized their practices and helped deliver better investment outcomes for clients. I am speaking today the leader of one of the most popular solutions in that market, and we will discuss the trends and disruptors that advisors should prepare for over the coming decade.

How Real Assets Hedge Against Stocks and Bonds

Advisor Perspectives — Tue, 10 Dec 2019 11:00:00 -0600

One way to address market volatility is through real assets – natural resources, infrastructure, and global real estate. Those tend to have low correlations with traditional stock and bond allocations. I am speaking today with Michael Natale, who explains why an allocation to real assets can hedge against the risks in stocks and bonds.

How Captrust Blends Organic and Inorganic Growth

Advisor Perspectives — Mon, 09 Dec 2019 11:00:00 -0600

One of the fastest growing and most active acquirers has been CAPTRUST, an RIA based in Raleigh, NC. In October, it acquired the wealth management business of Boston Advisors. In August, South Texas Money Management joined CAPTRUST. In June, it announced the addition of McQueen, Ball & Associates and Cornerstone Capital Advisors to its growing team. In 2018, CAPTRUST saw 21.5 percent revenue growth and $65 billion in new client assets. The firm now has more than 200 advisors across 43 locations and advises on more than $300 billion in client assets across its wealth management, retirement plan, and endowment and foundation lines of business.

The Key Trends in the ETF Industry

Advisor Perspectives — Sat, 07 Dec 2019 11:00:00 -0600

Matthew Bartolini has recently recommended cybersecurity protection, housing and healthcare stocks for Q4 of 2019. He has also commented on the fact that fixed-income ETFs have recorded record inflows for 2019, and has likened investing the context of weakness in the U.S. manufacturing sector to “driving with the check engine light on.” We discuss those calls as well as other key developments in the ETF industry.

The Fund That Isn’t Following the ESG/SRI Herd

Advisor Perspectives — Fri, 06 Dec 2019 11:00:00 -0600

In the U.S., between one quarter and one third of all assets are managed with an ESG/SRI mandate. Outside the U.S., that percentage is even higher. So I am going to explore what must be an unpopular topic – investing in so-called “sin” stocks. I am talking with the co-managers of the Vitium Global Fund – formerly the Vice Fund. That fund buys what most ESG/SRI investors scorn: stocks in the tobacco, alcoholic beverage, gaming and aerospace/defense industries.

Neil Hennessy’s Forecast for 2020

Advisor Perspectives — Sun, 01 Dec 2019 11:00:00 -0600

We discuss Neil Hennessy’s thoughts on the market as 2019 concludes, along with his 2020 outlook. Neil explains the key tenets of his investment strategy and why he thinks the market is not overvalued. Neil spends a great deal of his time talking to advisors and he discusses the key themes he is hearing.

The Case for an Allocation to Real Assets

Advisor Perspectives — Fri, 29 Nov 2019 11:00:00 -0600

Andy Wilson discusses how real assets have historically provided investors with solid returns, attractive income, portfolio diversification and a hedge against inflation. DWS has a 45-year investment heritage and is one of the world's leading alternatives managers.

The Next Generation of ESG/SRI Investing

Advisor Perspectives — Wed, 27 Nov 2019 11:00:00 -0600

Our topic today is ESG/SRI investing – one of the most important themes in the asset management industry over the last several years. One of the questions I will explore is whether the importance, history and culture of ESG at the asset manager firm level is more important than individual strategies. Indeed, greenwashing has become a serious issue, as advisors and asset managers need to understand which companies are making a genuine effort to implement meaningful ESG/SRI policies, and which ones have succeeded in putting a positive PR spin on their efforts.

Where to Find Income in a Low-Yield Environment

Advisor Perspectives — Tue, 26 Nov 2019 11:00:00 -0600

Global rates have fallen over the course of 2019. Indeed, trillions of dollars in sovereign debt now carry negative yields. This has forced income-oriented investors to look to non-traditional sources to find sustainable, low-risk yields. Ben Kirby discusses the Thornburg Investment Income Builder fund, which has had an exceptional track record over the last 15 years.

The Case for Liquid Alternative Funds

Advisor Perspectives — Tue, 05 Nov 2019 11:00:00 -0600

The first Litman Gregory Masters Fund was launched December 31, 1996. Litman Gregory Masters Equity was created because, as financial advisors, the team at Litman Gregory wanted more control over the mutual funds they used in its client portfolios, and it had specific ideas about how to build a “better fund.” Since then, Litman Gregory has been a pioneer in the development of liquid alternative funds and, in 2018, launched a high-income alternatives fund.

What Behind the Surge in RIA M&A Activity?

Advisor Perspectives — Mon, 04 Nov 2019 11:00:00 -0600

Merger and acquisition (M&A) activity in the wealth management profession has reached record levels this year, highlighted by mega-deals such as the acquisition of United Capital by Goldman Sachs. Indeed, the total AUM of deals more than doubled since 2018, according to some reports. My guest today is David DeVoe, who will help us understand what is behind that trend, whether it will continue and what advisors should consider if they want to position themselves for a sale.

The Tough Truth About a Profitable Practice

Advisor Perspectives — Sun, 03 Nov 2019 11:00:00 -0600

Growing your practice isn’t just about good marketing. If you’re looking to make a better impression outwards, look inwards first at the foundation of any future growth – your profitability. The need to achieve profitability is something that most business owners take for granted. But for financial advisors, achieving that goal is especially important, as my guest, Jim Palumbo, explains.

Does the Investment Performance of Robo Advisors Matter?

Advisor Perspectives — Sat, 02 Nov 2019 11:00:00 -0500

The conventional wisdom around digital advice platforms – what are commonly referred to as “robo advisors” – is that they will commoditize the investment process, and push traditional, human advisors to justify the value they add – and, hence, justify their fees – with services other than investment management. So far, however, the performance results of those platforms have been unimpressive. What do those results bode for the future of digital advice?

How Philanthropic Planning Retains Assets

Advisor Perspectives — Fri, 01 Nov 2019 11:00:00 -0500

Your client's heirs will fire you as often as 90% of the time within one year of your client's death because they have no relationship with you. Arlene Cogen explains how to bridge those relationships and retain assets.

The Coming Crisis in Hiring Talented Financial Advisors

Advisor Perspectives — Thu, 31 Oct 2019 11:00:00 -0500

Approximatley 40% of financial advisors plan to retire within the next 10 years, according to Cerulli and Associates. The CFP Board says that there are more certified financial planners over 70 than under 30. Replacing those professionals will be a challenge for the industry. The advisor profession faces a talent and hiring crisis. My guest today is Kate Healy, who is charged with solving that crisis by opening the RIA career path to fresh faces – including new graduates, career changes, military veterans, and other groups that aren’t traditionally represented in the financial advice field.

Behavioral Finance - So What?

Advisor Perspectives — Tue, 29 Oct 2019 11:00:00 -0500

In recent years, behavioral finance has become really popular. But taking a step back, one of the biggest questions I have about this field is -- “So what?” There are so many behavioral finance theories. But where is the practical application? What can we actually do with this stuff?

How to Position Portfolios for the Next Recession

Advisor Perspectives — Wed, 23 Oct 2019 11:00:00 -0500

Guggenheim’s macroeconomic team is predicting a recession by mid-2020. We discuss the underlying drivers of this forecast, the steps the Fed can take to address a weakening economy, and how advisors should allocate for the period ahead.

Where the Davis Funds is Finding Great Opportunities

Advisor Perspectives — Wed, 16 Oct 2019 11:00:00 -0500

The Davis Funds is celebrating its 50th anniversary this year, and has been owned by the Davis family for that entire period. In addition to that longevity, the Davis Funds is notable in that it has pursued the same, value-oriented, long-term investing discipline over that period. Chris Davis discusses the opportunities his team is pursuing in financial stocks, as well as his take on the three biggest issues facing the advisory profession: how to compete with digital advice platforms, the flow of funds from active to passive strategies, and ESG/SRI investing.

How To Build a Great Practice and Take 100 Days Off Per Year

Advisor Perspectives — Thu, 03 Oct 2019 11:00:00 -0500

What holds advisors back from building the business they ideally want is not their environment or skill set. It is the “mindset.” Stephanie Bogan explains how advisors can overcome the obstacles that prevent them from building a thriving practice and leading a joyful and fulfilling personal life.

A Top Bond Manager Explains His Bottom-up Approach

Advisor Perspectives — Wed, 02 Oct 2019 11:00:00 -0500

Yields have declined sharply over the course of the year. The 10-year yield has dropped about 100 basis points; the 30-year about 80 basis points; and short-term rates are down about 50 basis points. Can rates go any lower? How should advisors position their clients in this environment?

Why Advisors Should Consider Self-Directed IRAs

Advisor Perspective — Fri, 20 Sep 2019 11:00:00 -0500

A self-directed IRA is very similar to other IRA accounts, with the primary difference that you can control what you invest in and how you invest in it. For example, a self-directed IRA can own real estate, precious metals, crowdfunded assets and private equity.

The Facts Are In: Factor Investing Works

Advisor Perspectives — Mon, 16 Sep 2019 11:00:00 -0500

Mike Hunstad was recently featured in an article in Institutional Investor magazine that was titled Why Factor Investing Isn’t Working? We at Advisor Perspectives subsequently ran an article, Factor Investing Works (Despite What Some May Say), by Larry Swedroe, director of research for BAM Alliance, in which readers might have been led to believe that Northern Trust does not believe in factors when, in truth, Mike is going to tell us that the exact opposite is true.

Can a Low-Volatility Strategy Reduce Risk?

Advisor Perspectives — Mon, 05 Aug 2019 11:00:00 -0500

According to Morningstar, in the first four months of the year, funds trying to mitigate risk raised nearly $10 billion. My guest today will explain how his firm combined quality with low volatility in a suite of three funds that were launched very recently. Indeed, this approach can be seen as the “next evolution of low volatility-based strategies.”

How to Prepare for the Coming Market Volatility

Advisor Perspectives — Thu, 25 Jul 2019 11:00:00 -0500

Asset allocation, manager diligence and selection and risk control are the core contributors to investment performance. As investors face a subdued economic outlook with increased volatility, making the right decisions in each of those disciplines is essential.

How to Choose the Right Medicare Plan When Turning 65

Advisor Perspectives — Wed, 24 Jul 2019 11:00:00 -0500

One of the most consequential decisions in every one of our lives is enrolling in Medicare. We will make fateful decisions that will affect our healthcare for the rest of our lives. Danielle Roberts, an expert on Medicare enrolment, examines the choices we must make.

The Interview Questions That Only Outstanding Job Candidates Can Answer

Advisor Perspectives — Fri, 19 Jul 2019 11:00:00 -0500

Dr. Suzanne Peterson delivered a keynote presentation at the NAPFA spring conference, and Bob discusses her penetrating insights about the unconventional questions advisors should ask to select for exceptional new hires. Bob also tells us what he really thinks about Reg BI - and what is in store for attendees of his upcoming conference.

An Economist Walks Into a Brothel - Lessons for Financial Advisors

Advisor Perspectives — Mon, 15 Jul 2019 11:00:00 -0500

Several years ago, Allison Schrager walked into the Moonlite BunnyRanch, a legal brothel in Nevada. She was there to study economics – specifically how the owners and sex workers dealt with and reduced the risks of their professions. Allison discusses the lessons from that experience, as well as a number of other professions she has studied - including the recent Jeopardy champion, James Holtzhauer.

How to Invest in On-Line Commerce

Advisor Perspectives — Wed, 10 Jul 2019 11:00:00 -0500

ONLN is the only ETF that lets investors tap into the explosive growth of online retail by pinpointing retailers that principally sell online—and then zeroing in on its largest, most iconic companies, like Amazon and Alibaba.

A Way to Build Customized ESG Portfolios for Clients

Advisor Perspectives — Wed, 26 Jun 2019 11:00:00 -0500

A barrier to ESG and SRI adoption is the one-size-fits-all approach inherent in mutual funds and ETFs. But a new solution allows advisors to create SMAs that are customized based on each of your clients’ values, needs and preferences.

What Technical Analysis Says About US Stocks

Advisor Perspectives — Wed, 19 Jun 2019 11:00:00 -0500

Do you play the piano with one or both hands? That is how Nasdaq Dorsey Wright describes the relationship between using fundamental and technical research for thousands of advisors who use both in their investment practice. Technical analysis focuses on the steadfast relationship between supply and demand in the markets. No firm has been as dominant and successful in the field of technical analysis and research than that of Nasdaq Dorsey Wright, which has been helping clients see through the day-to-day noise of market movements by providing a clear understanding of where market strength lies at all times.

Want to Create an ETF? Here’s How

Advisor Perspectives — Tue, 11 Jun 2019 11:00:00 -0500

A white label approach streamlines the ETF launching process, by using filings and approvals that are already in place with the SEC

Why Advisors Often Sacrifice Value in Muni Bonds

Advisor Perspectives — Sat, 01 Jun 2019 11:00:00 -0500

If there is one asset class where advisors have taken a do-it-yourself approach, it is municipal bonds. Advisors and their clients often buy individual muni bonds and hold them until maturity. But the muni market is very broad, diverse and complex – and those are the ingredients that favor professional management.

The Key Risks Facing Bond Investors

Advisor Perspectives — Fri, 31 May 2019 11:00:00 -0500

Recessionary fears have subsided and all signs are that the global economy has stabilized, albeit at a less-than-desired growth rate. But risks abound – tariffs on Chinese goods that could trigger a trade war, Brexit negotiations, rising oil prices and a possible Fed rate hike.

What to Watch Out for When Outsourcing Investment Management

Advisor Perspectives — Thu, 30 May 2019 11:00:00 -0500

Ever since the growth of robo advisors began to accelerate nearly a decade ago, the dominant trend facing advisors has been the commoditization of investment advice. With the proliferation of high-quality, low-cost investment solutions, advisors have increasingly outsourced their investing, freeing up valuable resources to help clients in other ways. But that doesn’t mean that all outsourced solutions are created equal or that advisors cannot add value through the investment choices that are made on behalf of their clients. Here’s what advisors need to know when choosing an outsourcing solution.

How Leading Advisors Select Technology Solutions

Advisor Perspectives — Wed, 29 May 2019 11:00:00 -0500

The most successful advisory firms are building their technology framework around their optimal client and the experience they want to deliver to that client. What’s most important when designing an experience is considering how it adds value to the advisor-client relationship.

Overcoming the Fears about ESG Investing

Advisor Perspectives — Tue, 28 May 2019 11:00:00 -0500

Many advisors have yet to take the plunge into ESG Investing. They see the ESG label, and fear client portfolio performance will suffer for the sake of impact. Strip away that label, and advisors immediately see the value of planning for sustainability and avoiding companies exposed to negative events such as fraud, ethics violations and environmental catastrophes.

Where is the Economy and the Bond Market Headed?

Advisor Perspectives — Thu, 23 May 2019 11:00:00 -0500

After the tumult of Q4 2018, investors deserved an easy quarter, and they got it. The Q4 trends of falling rates and rising economic concerns continued. But risk assets, like stocks and non-government fixed income spread products, pulled out of their nose dives with strong performances in Q1 2019. As we look ahead to the remainder of this year, what should bond investors expect?

The Failure of Conventional Financial Planning

Advisor Perspectives — Wed, 22 May 2019 11:00:00 -0500

There are three legs to the retirement problem: determining an appropriate savings and spending plan, having the right amount of insurance, and constructing an appropriate portfolio. Achieving those three goals and smoothing consumption, especially during the critical period just before and after retirement, is a complex and computationally intensive undertaking.

A Top-Performing Asia Value Fund

Advisor Perspectives — Tue, 21 May 2019 11:00:00 -0500

Value investors have fared poorly over the last decade, as traditional value indices have trailed their corresponding growth counterparts. But that doesn’t mean that all value funds have done poorly. Indeed, one notable exception has been the Matthews Asia Value Fund (MAVRX).

The Role of Alternative Investments

Advisor Perspectives — Mon, 20 May 2019 11:00:00 -0500

With equity valuations at elevated levels, subdued economic growth due to changing demographics and stubbornly low productivity gains, as well as a bleak outlook for fixed income, advisors are challenged to rethink foundational portfolio elements of investor portfolios—which means seeking out strategies that bolster the core going forward.

What to Expect from Envestnet and MoneyGuide

Advisor Perspectives — Fri, 17 May 2019 11:00:00 -0500

Nearly two million financial plans were created in the last year using MoneyGuidePro®. The two individuals who are charged with overseeing the success of the acquisition of PIEtech®, the parent company of MoneyGuidePro®, discuss what that means for their clients.

How Should Advisors Evaluate Model Portfolios?

Advisor Perspectives — Thu, 16 May 2019 11:00:00 -0500

As advisors have expanded their suite of financial planning services and sought new ways to add value to their client relationships, they have also committed to solutions to streamline their investment management. One of those solutions is a model portfolio, which consist of allocations to a group of mutual funds that meet the goals and risk tolerances of their clients.

Understanding Multifactor Portfolios

Advisor Perspectives — Wed, 15 May 2019 11:00:00 -0500

While there are many ways to gain individual exposure to the value, size, quality, momentum and low volatility factors, multifactor strategies combine exposure to all of them. Choosing the right one for client portfolios is incredibly difficult.

The Six Themes Driving the Global Economy

Advisor Perspectives — Tue, 14 May 2019 11:00:00 -0500

The chief investment strategist at one of the world’s largest asset managers provides insight into the six themes that will drive the global economy and capital market returns.

Beyond Traditional Asset Management

Advisor Perspectives — Mon, 13 May 2019 11:00:00 -0500

The traditional role of asset managers has been limited to investment management, which is understandable considering the challenge of consistently delivering superior returns. While many asset managers provide resources and education to advisors, rarely do they make that part of their core mission.

Achieving Financial Wellness

Advisor Perspectives — Thu, 09 May 2019 11:00:00 -0500

American investors are confronted by accelerating complexity, sub-par returns and minimal coordination between their assets, investment strategies and underlying liabilities. When one considers that millions of investors struggle with the same challenges, you realize that America’s multi-trillion-dollar personal savings market is plagued by systemic inefficiency.

The Changing Landscape of Investment Offerings

Advisor Perspectives — Mon, 29 Apr 2019 11:00:00 -0500

In the aftermath of the global financial crisis, many individual investors were left questioning the effectiveness of their investment strategies. While many believed their portfolios were well-diversified, as the financial system faltered, they saw a large portion of their investments decline. Investors have grown weary of fund managers who profess to provide excess returns, while gains they realize are diminished by fees. Investors are more keenly focused on portfolio risk and efficient, cost-effective implementation. So given this heightened focus, how can advisors help investors work toward their goals efficiently and effectively?

The Top Performing U.S. Large Cap ETF

Advisor Perspectives — Wed, 24 Apr 2019 11:00:00 -0500

VSL uses a volatility-driven, short-term capital appreciation model. Don Catrambone explains how that has made VSL the top performing large-cap ETF in 2019 year-to-date.

Capturing the Outsized Returns from Robotics and Artificial Intelligence

Advisor Perspectives — Tue, 23 Apr 2019 11:00:00 -0500

It will soon be possible for guests at Marriott hotels in China to bypass lines at the registration desk and check in at a kiosk using facial recognition. Halfway across the globe, Marriott workers are going on strike, seeking higher wages and workplace safety. Artificial intelligence and robotics are at the heart of those highly promising but disruptive innovations. I am speaking today with someone whose index invests in robotics, automation and artificial intelligence companies that are at the heart of those trends.

Investing to Solve the Global Water Crisis

Advisor Perspectives — Mon, 22 Apr 2019 11:00:00 -0500

One billion people lack access to safe drinking water, and this number is likely to grow to nearly 3 billion by 2050. To complicate this problem, 60 percent of the world’s population lives in crowded water basins shared by multiple states — many of whom are failing or are at war with one another. There is a lack of fresh water resources to meet water demand. It affects every continent and was listed in 2015 by the World Economic Forum as the largest global risk in terms of potential impact over the next decade. My guest today invests in solutions to this looming global water crisis.

The Biggest Development in ETFs in the Last Decade

Advisor Perspectives — Wed, 10 Apr 2019 11:00:00 -0500

I speak with Steve Deroian about the future of the partnership between Dimensional and John Hancock, and explore the reasons behind their fee reductions and the new products coming from this relationship.

GMO’s Approach to ESG Investing

Advisor Perspectives — Fri, 05 Apr 2019 11:00:00 -0500

In the U.S., $12 trillion of investments carry an environmental, social and governance – or ESG – mandate. That is nearly a quarter of all professionally managed assets in the U..S. – and the same percentage of global assets have an ESG mandate. Boston-based Grantham Mayo van Otterloo and its chairman, Jeremy Grantham, are among the leading and most outspoken proponents of ESG investing and related issues.

The Role of Private Equity in Wealth Management

Advisor Perspectives — Tue, 26 Mar 2019 11:00:00 -0500

Private equity funding is behind many of the big roll-up firms, including High Tower Advisors, Atria Wealth Solutions, Edelman Financial Services and the Carson Group. Most prominently, PE investments fueled Focus Financial Partners, which went public in July of last year. James Poer, the CEO of Kestra Financial, recently partnered with a private equity investor and discusses the role of private equity in wealth management.

Insights from Leaders of the Top Wealth Management Platform

Advisor Perspectives — Wed, 20 Mar 2019 11:00:00 -0500

With consolidation looming in the ETF industry, who will be the likely winners? Will advisors continue to shift allocation to passive products and will ETFs be the primary recipients of those flow? Two industry experts sort out those issues.

The Future of Actively Managed ETFs

Advisor Perspectives — Tue, 19 Mar 2019 11:00:00 -0500

ETFs have become a cornerstone of portfolio construction across the advisory industry. Over the last three decades, they have grown from zero to a $4 trillion market. My guest today is Ed Rosenberg, who will help us understand the key trends in the ETF market and what they mean for advisors.

The Outlook for Fed policy, China and Brexit

Advisor Perspectives — Wed, 27 Feb 2019 11:00:00 -0600

Making sense of the complex global economic environment is essential for advisors, at least for the very important reason of being able to intelligently answer their clients’ questions. Today, the greatest uncertainties are in Fed policy, China and Brexit. We hear from Gene Tannuzzo, whose job it is to make sense of those issues for advisors and their clients.

Trends in Thematic Investing

Advisor Perspectives — Mon, 25 Feb 2019 11:00:00 -0600

A compelling feature that draws investors to ETFs is “thematic investing.” We’ll discuss how it allows investors to target companies that are poised to benefit from structural shifts in technology, people, demographics and infrastructure development.

The Dividend Opportunity in ETFs

Advisor Perspectives — Fri, 22 Feb 2019 11:00:00 -0600

Dividend growth strategies showed their worth during the most recent stock market turbulence. While the S&P 500® declined more than 8% in October and November last year, dividend growth strategies fared far better. And that wasn’t limited to the domestic large-cap stock universe. It applied to mid-cap and small-cap stocks as well. I talk to the person behind the products that benefitted the most from that outperformance.

The Price War in the ETF Industry

Advisor Perspectives — Fri, 22 Feb 2019 11:00:00 -0600

Sue Thompson oversees the distribution of the SPY ETF, which now has over $250 billion in assets. She discussed what SSgA is doing to ensure the SPDR product line is priced competitively.

The Coming Demise of Robo Advisors

Advisor Perspectives — Thu, 14 Feb 2019 11:00:00 -0600

Robo advisors suffer from a common flaw, according to Zvi Bodie. They don’t use a “safety first” methodology and are exposing users to unnecessary risks.

How Model Portfolios Are Upending Asset Management

Advisor Perspectives — Wed, 13 Feb 2019 11:00:00 -0600

According to research from Cerulli, nearly half of advisors use a model portfolio to manage $2.7 trillion in assets. We’ll discuss how those models are permeating all aspects of investment management in the financial advisory industry.

The Fiduciary Outlook for 2019

Advisor Perspectives — Sat, 26 Jan 2019 11:00:00 -0600

2018 may have been the toughest year for investors insofar as federal regulations are concerned. That goes back to when the SEC began reviewing conduct standards in 1995. We’ll look at what changed in the fiduciary landscape in 2018 and the outlook for 2019.

Tyler Cowen: Economic Growth and the Threat to Our Distant Future

Advisor Perspectives — Fri, 25 Jan 2019 11:00:00 -0600

The chief goal of society should be to maximize wealth, according to Tyler Cowen. Pursuing that goal has delivered everything from nutritious and abundant food to air conditioning and smartphones in the developed world, and those benefits are spreading rapidly to the developing world. We’ll look at whether Cowen’s single-minded focus on growth make sense and what it means for investors.

What Happened to All the Public Equities?

Advisor Perspectives — Thu, 24 Jan 2019 11:00:00 -0600

One of the most remarkable developments in the financial markets over the last 25 years is that the number of publicly traded companies has declined by half. We’ll look at the reasons for that decline and what it means for investors.