Gaining Perspective

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.

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

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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.

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Here is a link to the Exit Planning Institute.

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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.

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

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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.

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

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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:

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

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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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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.

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Additional resources:

• Overview of the Ionic Inflation-Protected EF
• Fact Sheet
• Prospectus

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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.

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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 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.

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Here is a link to the FreedmanArt gallery.

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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.

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Additional Resources-

• Learn More: MEGMX
• Learn More: MEM
• Engines of EM Growth
• Take a Flight to Quality

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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.

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

• Putting a value on your value: Quantifying Advisor's Alpha
• Vanguard Advisor’s Alpha®: People with portfolios
• Consider portfolio and planning cleanup in volatile markets
• 2022 market decline continues

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