Invest Well, Be Well

In this episode, we discuss how to reframe uncertainty into a strength rather than a liability, how advisors and leaders can build resilience for market shocks, how advisors can better integrate investing well with living well, why repairability trumps compatibility in teams and relationships and much more.

•  Learn more about Naomi’s research and her role at Orion Advisor Solutions.
• How should a high-performing investor, or leader, reframe uncertainty so that it becomes a strength rather than a liability?
• What does Naomi see as the most common de-railers for investors when markets turn volatile and how can advisors and leaders build resilience for upcoming shocks?
• How can we get people to become more comfortable sitting with uncertainty without rushing to coping strategies and quick fixes?
• What are some of the key levers that advisors can use to move their clients from feeling like they are just invested to feeling that they are living well?
• What role does vulnerability play in decision making and how does it map onto investment behaviors in a world that celebrates confidence?
• Why does Naomi think repairability trumps compatibility in relationships and how does this manifest in investment teams?
• What can firms do to engineer better investor behavior and better decision-making behavior?
• What behavioral tools or frameworks does Naomi recommend to close the gap between what clients say they want and what they actually want?
• When an advisor is growing their firm, how should they weave in some of these behavioral questions into their work on prospecting and during the onboarding process?
• What role does advisor self-awareness play in forging trust with clients?
• In Naomi’s view, how do habits in physical fitness, social connection and mental health connect with investment behaviors?
• What are some emerging tools, from the standpoint of behavioral science and wealth technology, that Naomi recommends advisors look into?
• What is one behavioral bias that kills long-term investing discipline and what's one actionable fix Naomi has used with clients to deal with that?

Quote

“Uncertainty being treated as if it’s just naturally a liability would be like saying ‘being alive is a liability,’ which is entirely correct but not necessarily helpful. So, if we think about uncertainty in terms of how we break it down psychologically…we want to embrace space to make meaning in that. If something is ambiguous, that can be a little scary and also it gives us space to make meaning.” - [02:30] Naomi Win

Links

• Naomi Win on LinkedIn
• “My World Is You” by ESG

Connect with Us

• Rusty Vanneman on LinkedIn
• Robyn Murray on LinkedIn

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In this episode, we discuss Bob’s ilustrious and varied career, what he remembers about growing up in Germany during WWII, his thoughts on the role of central banks and crypto currency, why he believes Keynesian Economics is fundamentally flawed and much more.

• What did growing up in Germany during WWII teach Bob about risk, scarcity and humility, both professionally and personally?
• What was Bob’s experience like moving to the US as a German immigrant? What cultural or psychological adjustments did he make and how did this prepare him for later high-stakes professional roles?
• What were some of the hardest parts of Bob’s major career transitions and were there skills that were acquired in one realm that turned out to be surprisingly useful in another?
• Is there a moment or decision from his tenure at The Federal Reserve that still gives him pause and what did he learn from it?
• As a Fed Governor, how did Bob manage times of stress or friction on the governor’s board?
• Why did Bob describe Visa as torn between chaos and order and how did he strike the balance during his time there? Also, what’s a tough decision he made to preserve innovation there?
• From Bob’s vantage point as a former Fed Governor, how does he see the evolving role of central banks today and where does crypto currency fit into all of this?
• What does Bob believe are the characteristics that separate financial systems that survive crises from those that don’t?
• What are some of the warning signals that Bob looks for in financial markets or financial institutions that may signal they’re too fragile?
• Why does Bob believe that Keynesian Economics is fundamentally flawed?
• What mental framework did Bob utilize when making large decisions, often with limited information?
• How did Bob manage his work life balance during his high pressure career?
• What was a failure or misstep, either professional or personal, that taught Bob an enduring lesson?

Quote

“Having grown up in Europe, where they have what the Europeans called universal banks, for me it was a natural thing to have investment banks and commercial banks together. The advantage obviously was that they were more stable institutions, because they had the possibility to diversify more. They had more diversified portfolios, they had different ways to earn money, they had more capital and as a result you had, overall, more stable organizations.” - [18:18] Bob Heller

Links

• Bob Heller on LinkedIn
• Bob’s The Authentic Class Interview with Fernando Rincon
• The Unlikely Governor (Book)
• Elvis Presley - "My Way" (Live From Hawaii, 1973)
• Black Fooss - Ich möch zo Foß noh Kölle jon

Connect with Us

• Rusty Vanneman on LinkedIn
• Robyn Murray on LinkedIn

In this episode, we discuss the problem Parti Pris is solving for advisors and their clients, the non-negotiable principles of wise investing, how to achieve true diversification at a household level, the most crucial risk management tools, how Joe’s entrepreneurial journey has shifted the way he thinks, how the ETF and Direct Indexing landscape may evolve in the coming five years and much more.

• What is the exact problem that Parti Pris is solving for advisors and their clients?
• What is the core principle behind Joe’s personal investment philosophy today?
• From Joe’s many years of experience leading multi-asset portfolios, what are some of his non-negotiable principles of wise investing?
• How does Joe define, and measure, true diversification at the household level?
• What tools does Joe think matter the most, in terms of risk management, for clients?
• How does Joe think that behavior and process intersect? How does he design portfolios that investors can actually stick with?
• How has Joe’s entrepreneurial journey affected the way he thinks? 
• Listen to a walkthrough on Parti Pris and how they save their advisors time.
• What are “advisor sketchbook” and “advisor wealth design” on the Parti Pris platform?
• If Joe has an RIA that’s starting from model portfolios and ETFs, what’s the pragmatic 90 day path to that household level of personalization that Parti Pris shoots for?
• Are there trackable metrics that illustrate how personalization can create better client outcomes?
• How does Joe see the ETF versus Direct-Indexing split evolving over the next 3-5 years?
• What does Joe think the most underrated advantage of direct indexing is, beyond tax loss harvesting? What does he think is the most overrated?
• How does Joe define “culture” within the context of an investment firm?
• As an entrepreneur, what are some of the hardest lessons Joe has learned and does he have any advice for any potential founders listening today?
• What does performance mean to Joe, both personally and professionally?
• How does Joe strive to maintain his work-life balance?

Quote

“A lot of what we’ve done [at Parti Pris] is frankly years of consulting and working with both small and large wealth management organizations to really understand where do they find parts where the process breaks for them. [Then we ask ourselves] how can we come up with something that can alleviate that pain for them? Again, [we just want to] get them back towards saving time and focusing on working with clients.” - Joe Smith

Links

• Joe Smith on LinkedIn
• Parti Pris
• “The Show Goes On” by Lupe Fiasco

Connect with Us

• Rusty Vanneman on LinkedIn
• Robyn Murray on LinkedIn

In this episode, we discuss the underlying principles of technical analysis, why so many institutional investors overlook or misunderstand technical analysis, what disciplined investing looks like, how quantitative investing and behavioral investing overlap with technical analysis and much more.

•  Learn a bit about Dave’s professional journey and what he’s doing today.
• In Dave’s own words, what is technical analysis?
• What are some of the underlying principles in technical analysis that make it a valuable tool for investors?
• Why does Dave think that so many investors, particularly institutional investors, overlook technical analysis or misunderstand it?
• How does Dave define discipline in the context of investing?
• How does discipline show up in Dave’s actual process such as his rules, review cycles and decision making?
• What are the consequences when investors lose discipline?
• How does technical analysis compliment fundamental analysis?
• Are there moments in market cycles where technicals matter more, or differently, than fundamentals?
• How do quantitative investing and behavioral investing overlap with technical analysis?
• How would Dave describe today’s current market structure and does he think we are in a bubble?
• What are some of the technical signals that Dave is watching to know when to get out of a bubble?
• In the kind of fragile market environment we are currently in, how can investors prepare and how can they balance caution and opportunity?
• Who have been some of Dave’s biggest influences in the world of technical analysis? What books, mentors or resources have shaped his philosophy
• For investors who are new to technical analysis, how can they begin to blend this strategy into a long-term, diversified portfolio?
• What is the mission of the CMT Association and what does a CMT designation represent in today’s investment landscape?
• What inspired Dave to start his podcast, “Fill the Gap?”
• What is Dave’s approach to retaining physical and mental resilience?
• What are some of Dave’s daily or weekly habits that support his high performance?
• How has Dave’s mindset evolved over the years, both as a market professional and a human being?

Quote

“[Colleges] can’t tell you that momentum works, because [then] they can’t justify…all the courses they teach, the infrastructure around it and everything else, so it’s too risky for them to say that momentum works. Now, having said that, the room that I am in is not a very big one, but you could definitely fill this room with all the white papers that have been written by academia in support of the momentum factor.” - [13:33] Dave Lundgren

Links

• Dave Lundgren on LinkedIn
• MOTR Capital Management & Research
• “Here it Goes Again” by OK Go
• Fill the Gap Podcast
• Dave Lundgren on The Weighing Machine

Connect with Us

• Rusty Vanneman on LinkedIn
• Robyn Murray on LinkedIn

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In this episode, we discuss how to best balance tech efficiency and human empathy, how data is changing the way advisors serve investors, why advisors and investors should consider allocating with boutique managers, advice for business founders in present day and much more. 

• In Robbie’s view, what is the right balance between tech efficiency and human empathy in wealth management?
• How does Robbie think data is changing the way that advisors serve investors and what does he think are the biggest opportunities ahead?
• Learn more about the Money Management Institute that Robbie participates in and what excites him about how MMI is helping the industry evolve.
• What’s a success story, or an example, from THRIVE that demonstrates the program’s impact on innovation or inclusion for these emerging managers?
• Why should financial advisors and investors consider allocating with emerging and boutique managers?
• What challenges do these emerging managers face, particularly against these larger firms in the broader ecosystem?
• What were some of Robbie’s pivotal lessons in growing the asset management firm Horizon into a recognized brand?
• What advice would Robbie give to business founders today who want to grow their firm sustainably as the landscape becomes increasingly competitive?
• How does Robbie maintain his energy and pace, both physically and mentally?
• Are there any habits, routines or practices that Robbie maintains to promote his wellbeing?
• How has Robbie’s approach to balance and recovery evolved as his career and responsibilities have grown?
• What is one practice or principle, outside of work, that Robbie believes most enhances his decision making as a leader?

Quote

“I think mobile has won, I think we can say that, right? Mobile over Desktop has won, and the problem with mobile is that everything is set up for you to make an emotional or quick decision…We want clients to make really good, well-informed decisions, and the device that has won, mobile, and the way we put technology in mobile is actually not suited to make that well-informed decision.” - [04:45] Robbie Cannon

Links

• Robbie Cannon on LinkedIn
• The Advice Age
• “Sound of Madness” by Shine Down

Connect with Us

• Rusty Vanneman on LinkedIn
• Robyn Murray on LinkedIn

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In this episode, we discuss Fritz’s work at 3EDGE, three timeless investment principles, the difference between real risk and perceived risk, how diversification in today’s world may be more nuanced than ever and much more.

• Learn about 3EDGE and the work that Fritz does there.
• At the highest level, what would Fritz say are three investment principles that are timeless?
• From Fritz’s vantage point, how does he balance the pursuit of upside versus the protection of downside when building portfolios?
• How does Fritz advise investors about the importance of asset allocation versus securities selection? What matters more for longterm outcomes?
• How does Fritz educate investors on the differences between real risk and perceived risk?
• What’s Fritz’s current high-level read on the market and why does he think it's different from the last 5-10 years?
• How does Fritz view diversification in today’s world where a lot of elements of the market seem to rise and fall together? How can investors recognize false diversification?
• What routines or practices does Fritz use to maintain his mental clarity and high-quality decision making?
• What does Fritz do to emotionally regulate and avoid behavioral traps during difficult market moments?
• How does Fritz maintain his work-life balance and how important is this balance for his long-term performance?
• If Fritz were mentoring a younger investor, what would he tell them about living well while also building a long-term investing mindset?
• On Fritz’s team, what do they do to cultivate a high-performance, disciplined investment culture and how does this reflect in his personal leadership habits?

Quotes

“In our model we have factors we call canaries, the canaries in the coal mine, and we are looking very closely at those to see if any of those should start to signal that the market might start to crack in here. So, one thing that we watch closely are credit spreads, and credit spreads…are actually starting to widen out now, not to the extent that it’s a problem yet, but that would be one of the warning signs. So, go ahead and stay invested in the equity markets but understand there are a lot of potholes out there that you need to be aware of and take defensive action.” - Fritz Folts

“I really feel like that is a good approach to investing, think about yourself as an athlete. You’re not going to go win a gold medal, but you need to keep your body in shape, you need to sleep, you need to get nutrition and take it seriously and it will really help you.” - Fritz Folts

Links

• Fritz Folts on LinkedIn
• 3EDGE Asset Management
• Email Fritz
• 3EDGE Youtube Channel
• 3EDGE Brochure
• Hard Assets Whitepaper
• "Bulletproof" by La Roux 

Connect with Us

• Rusty Vanneman on LinkedIn
• Robyn Murray on LinkedIn

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In this episode, we discuss how to take great investment theory and make it actionable for the everyday investor, some of the biggest behavioral mistakes Donald has seen in both individual and professional investors and how to synthesize the cultures of two merging finance firms.

• Learn more about Mercer’s culture and investment philosophy from their CIO
• How does Mercer balance the insights of academic research with the practical realities of working with clients and real world markets?
• How does Donald take great investment theory and make it work for the everyday investor?
• How does Donald incorporate new structural changes into his investment thinking when they don’t have long historical data sets?
• How do you determine when a secular shift truly changes the investment landscape vs. when it is simply just another market cycle?
• As a Chief Investment Officer, how does Donald balance the data-driven discipline with the human side of investing like client emotions, behaviors and their expectations?
• What are some of the biggest behavioral mistakes Donald has seen both individual and professional investors make and how does he help them stay disciplined?
• When Mercer acquires advisory firms that have long been independent, how do they strike the right balance between keeping their individuality and creating a standardized investment approach across all Mercer advisors?
• What does a typical day, or week, look like for Donald and how does he maintain his energy with his demanding schedule?
• Does Donald have any non-negotiables or family routines that really help him stay balanced?
• How does Donald’s experience with farmland inform how he thinks about the markets or patience more generally?
• What advice would Donald give to other executives, or investors, who are trying to maintain high performance and wellness over the long run?

Quote

“We live in an age where there is so much of what I call ‘financial pornography’ out there, on the internet and everywhere else, that really does a poor job managing investor expectations. So, I think, a big part of our job as advisors is to manage investor expectations [and] to use technology to personalize their portfolios where we can and where is appropriate. I think that’s really the hallmark of what it means to be a wealth manager, is marrying the personal with the portfolio.” - Donald Calcagni

Links

• Donald Calcagni on LinkedIn
• “Eye of the Tiger” by Survivor
• Mercer Advisors

Connect with Us

• Rusty Vanneman on LinkedIn
• Robyn Murray on LinkedIn

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In this episode, we discuss Randy’s work at Intention.ly, what being future ready means and why it is so urgent now, what separates firms that strive through industry change from those that struggle, how Randy helped craft the culture at Orion and much more.

• How would Randy describe his professional journey and what led him to his current work at Intention.ly?
• What does being “future ready” mean in Randy’s view and why is it so urgent now?
• What separates firms that strive through industry change from those that struggle?
• How did Randy help craft the culture at Orion Advisor Solutions?
• How can wealth management firms stay resilient amid consolidation and changing client expectations?
• What does the phrase “human plus digital” really look like in practice?
• What is engagement AI and how is it changing the advisor experience?
• What are practical ways advisors can integrate data and new technology to really improve their efficiency and deepen client relationships?
• What’s an example of a firm going from a reactive to a proactive transformation?
• Looking ahead in the next couple of years, what does Randy think will define the most successful firms?
• What are some actionable steps that leaders can take today to really start future proofing their businesses?
• How is Randy investing in his family as empty nesters and what have they learned from being intentional about that?
• How does being intentional at home, and in his family life, help him lead more effectively at work? 
• What fuels Randy’s contagious energy? How does he maintain this energy in high stress situations?

Quote

“Engagement AI surfaces insights and helps advisors anticipate [the] needs of the customer [and] deliver timely outreach. You know, these are just things that they haven’t been able to do in the past and now they have this layer of intelligence, with some of the tools that they have, that allow them to do that. So, a core part of what we do to help future proof firms is we help blend that data, the technology, into those outcomes that they’re looking for in the experience delivery of their service.” - [13:50] Randy Lambert

Links

• Randy Lambert on LinkedIn
• Intention.ly
• “Thunderstruck” by AC/DC

Connect with Us

• Rusty Vanneman on LinkedIn
• Robyn Murray on LinkedIn

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In this episode, we discuss why The Great Wealth Transfer is often overstated and we add some nuance to that conversation, how wealth managers should rethink their strategies to better serve the next generation, what product innovations are true innovations and which are overhyped and why next gen investments like tokenization & sports betting may be here to stay, for better or for worse

• Why does Chip believe that the traditional narrative around “The Great Wealth Transfer” is overstated and how there is an under appreciated horizontal wealth transfer happening right now. What does this mean for advisors in practice?
• How should wealth managers rethink their client strategies to serve this next generation effectively?
• How does Chip see independent advisors competing in a landscape that includes “The Big 4,” roboadvisors and other new developments?
• How might the trends of RIA mergers, and the growing number of companies that run 401k plans, might affect everyday investors and financial advisors?
• What product innovations excited Chip most and which does he think are overhyped?
• Are “next gen investments,” such as sports betting, tokenization and meme coins, just fringe curiosities or signals of something broader in terms of investing?
• What best practices, in terms of marketing, does Chip see that separates firms that grow versus ones that stall?
• How far does Chip think we are from genuine, scaleable human-grade AI advice?
• Across investment management, wealth tech and advice Chip sees venture capital, mergers & acquisitions and IPOs accelerating - in short, what does this mean for advisors choosing partners or platforms?
• What is Chip’s headline for where the industry is heading in the next 3-5 years?
• How does Chip maintain his energy, decision making clarity and balance?
• What habits or practices does Chip believe consistently show up among the top performers in their field?
• If Chip had to summarize his personal philosophy on performance, professional or personal, what would it be?

Quotes

“The generational wealth transfer is the headline, yes it’s 100 Trillion, but don’t forget about the liquidation, don’t forget about the spouse-to-spouse horizontal transfer and don’t forget about healthcare expenses at the end…that [money] will go to the insurance company, not to the kids.” - [03:48] Chip Roame

“On the horizon, we would suggest that…the consolidation of the consolidators…is coming to a station near you soon here. You’re going to wake up someday and Mercer will have bought Mariner, or Mariner will have bought Cap Trust…or something like that. You’re going to see the big firms start merging with each other at some point. Again, if you know history, that’s how the wire houses became the wire houses…so nothing all that unique about predicting the consolidation of the consolidators, but you haven’t really seen it get started yet, so I think that’s going to happen.” -  Chip Roame

Links

• Chip Roame on LinkedIn
• “The Itsy Bitsy Spider”
• Tiburon Strategic Advisors

Connect with Us

• Rusty Vanneman on LinkedIn
• Robyn Murray on LinkedIn

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In this episode, we discuss how to foster cross-functional collaboration when silos start to form, what leadership practices are transferable across different disciplines, how the Fintech industry will continue to shape the investment landscape and much more.

• What first drew Chris into the fintech and financial services industry and what helps him stay energized about it today?
• As Chris looks back over his career, what are some common threads across his senior leadership roles?
• What are some of the ways that Chris has successfully fostered cross-functional collaboration when silos start to form?
• How do you build a culture where accountability is embraced rather than feared?
• What leadership practice has been most transferable across different industries in Chris’s experience? 
• From Chris’s perspective, how critical is unique insight and consistent high-quality information when you’re talking about successful investing?
• How does Chris see the Fintech industry continuing to shape the investment landscape, particularly for advisors trying to deliver better outcomes to clients?
• How do “ultrahiking” and other wellness activities help shape Chris’s leadership and decision making process? 
• What practices does Chris rely on for recovery after feats of endurance?
• How does Chris maintain energy and focus while he is balancing some of these demanding professional responsibilities?
• If Chris could give one piece of advice to young professionals about sustaining a career over the long run, what would it be?
• Looking ahead, what excites Chris the most about the future of fintech and financial services?
• What does living life to the fullest look like for Chris?
• What does “invest well, be well” mean to Chris personally?

Quote

“I look at accountability [and] it’s not punishment, it’s ownership, right? I focus on building a culture where people feel trusted to make decisions and actually feel supported when things are not going as planned. So, when leaders model accountability with either transparency or humility, it becomes something that the organization should value and not really avoid.” - [06:33] Chris Riggio

Links

• Chris Riggio on LinkedIn
• “Seven Nation Army” by The White Stripes
• LegitScript

Connect with Us

• Rusty Vanneman on LinkedIn
• Robyn Murray on LinkedIn