In this episode

• The red flags to watch for when evaluating model portfolios.
• How private markets could strengthen model portfolios—and the risks involved.
• Why technology will drive personalization, but human connection with remain key.

Additional resources:

Catch up on previous episodes: https://www.morningstar.com/views/podcasts/big-picture-in-practice

Subscribe to our newsletter: https://www.morningstar.com/business/insights/research/big-picture-in-practice-newsletter

In this episode:

• The tax advantages of ETFs and how they compare to other investment vehicles.
• How Section 351 conversions enable tax-efficient transitions from SMAs to ETFs.
• Potential regulatory risks and what they mean for the future of ETF tax benefits.

Additional resources:

Read a summary of this episode: https://www.morningstar.com/business/insights/blog/podcasts/big-picture-in-practice/351-conversion-sma-to-etf-white-label-etf

Catch up on previous episodes: https://www.morningstar.com/views/podcasts/big-picture-in-practice

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Questions or ideas? Email us at [email protected].

Deborah is the chief investment officer of global liquidity markets at Federated Hermes. She joined the Big Picture in Practice hosts to discuss this humble, yet sizable corner of the asset management industry.  

Listen now for:  

• A one-minute history of money market funds.
• The role of money market funds in cash management and capital preservation.
• Emerging innovations in money market funds.

Additional resources:

Read a summary of this episode: https://www.morningstar.com/business/insights/blog/big-picture-in-practice/money-market-funds-cash

Catch up on previous episodes: https://www.morningstar.com/views/podcasts/big-picture-in-practice

Subscribe to our newsletter: https://www.morningstar.com/business/insights/research/big-picture-in-practice-newsletter

Questions or ideas? Email us at [email protected].

Additional resources:

Read a summary of this episode: https://www.morningstar.com/business/insights/blog/podcasts/big-picture-in-practice/asset-management-new-tech-stack

Catch up on previous episodes: https://www.morningstar.com/views/podcasts/big-picture-in-practice 

Subscribe to our newsletter: https://www.morningstar.com/business/insights/research/big-picture-in-practice-newsletter

Questions or ideas? Email us at [email protected]

In this episode, Brent Beardsley, head of advisor solutions at Vanguard, explains how modern advisory firms can add value for clients and coexist with new technology.

Listen now for:

• How financial advice has evolved over the last 25 years.
• What advisors can outsource to free up time for client engagement?
• What advisor activities truly add value for investors.

You can listen to this and other episodes of Big Picture in Practice wherever you stream podcasts.

Additional resources:

• Read a summary of this episode: https://www.morningstar.com/business/insights/blog/podcasts/big-picture-in-practice/financial-advisor-value-proposition
• Catch up on previous episodes: https://www.morningstar.com/views/podcasts/big-picture-in-practice
• Subscribe to our newsletter: https://www.morningstar.com/business/insights/research/big-picture-in-practice-newsletter

Questions or ideas? Email us at [email protected].

AllianceBernstein’s Global Head of ETFs, Noel Archard, joins Big Picture in Practice to discuss the evolution of ETFs, their adaptability to changing markets, and the rising demand for tailored investment solutions. From the emergence of active ETFs to the integration of alternative wrappers like interval funds and SMAs, Noel sheds light on how these tools empower financial advisors to better serve their clients.

In this episode:

• The evolution of ETFs and their role in modern investing
• Active ETFs and their alignment with transparency and cost-efficiency
• The importance of liquidity and tax efficiency in portfolio management
• How interval funds and private credit solutions complement traditional portfolios

You can listen to this and other episodes of Big Picture in Practice wherever you stream podcasts.

Additional resources:

• Read a summary of this episode: https://www.morningstar.com/business/insights/blog/podcast/big-picture-in-practice/etf-interval-fund-trends
• Catch up on previous episodes: https://www.morningstar.com/views/podcasts/big-picture-in-practice
• Subscribe to our newsletter: https://www.morningstar.com/business/insights/research/big-picture-in-practice-newsletter

Questions or ideas? Email us at [email protected].

In this episode: 

• Understand the importance of aligning growth strategies with client needs and preferences.
• Learn practical techniques to enhance client engagement while pursuing new business opportunities.
• Explore how prioritizing client satisfaction can lead to sustainable growth in the wealth management sector.

Additional resources:

• Catch up on previous episodes: https://www.morningstar.com/views/podcasts/big-picture-in-practice
• Subscribe to our newsletter: https://www.morningstar.com/business/insights/research/big-picture-in-practice-newsletter

Questions or ideas? Email us at [[email protected]](mailto:[email protected]).

In this episode: 

• Alternative investments offer unique diversification opportunities.
• Interval funds provide liquidity and access to private assets.
• Tokenization could reshape access to alternative markets.

Additional resources:

• Read a summary of the episode: https://www.morningstar.com/business/insights/blog/podcast/big-picture-in-practice/future-of-investing-alternative-assets
• Catch up on previous episodes: https://www.morningstar.com/views/podcasts/big-picture-in-practice
• Subscribe to our newsletter: https://www.morningstar.com/business/insights/research/big-picture-in-practice-newsletter

Questions or ideas? Email us at [[email protected]](mailto:[email protected]).

In this episode:

• How advisors can focus on services over products to meet client needs.
• Why holistic guidance and treating the practice like a small business can help drive success.
• How staying informed on global trends and embracing continuous learning fosters long-term success.

You can listen to this and other episodes of Big Picture in Practice wherever you stream podcasts.

Additional resources:

Read a summary of this episode: https://www.morningstar.com/business/insights/blog/podcasts/financial-advisor-client-success

Catch up on previous episodes: https://www.morningstar.com/views/podcasts/big-picture-in-practice

Subscribe to our newsletter: https://www.morningstar.com/business/insights/research/big-picture-in-practice-newsletter

Questions or ideas? Email us at [email protected].

Dimensional Fund Advisors’ Katie Hendrix and Bryce Skaff dive into the firm’s new UMA platform.

In this episode:

• Differences between unified managed accounts, separate accounts, and direct indexing.
• A look inside UMA platform technology.
• How UMAs address tax considerations.

You can listen to this and other episodes of Big Picture in Practice wherever you stream podcasts.

Additional resources:

Read a summary of this episode: https://www.morningstar.com/business/insights/blog/podcasts/big-picture-in-practice/tax-managed-separate-accounts

Catch up on previous episodes: https://www.morningstar.com/views/podcasts/big-picture-in-practice

Subscribe to our newsletter: https://www.morningstar.com/business/insights/research/big-picture-in-practice-newsletter

Questions or ideas? Email us at [email protected].