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

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

Key Takeaways

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

Links

• Fritz Folts on LinkedIn
• 3EDGE Asset Management
• 3EDGE Week in Review Video Series
• 3EDGE Commentary Paper  – The Power of Multi-Asset Investing

Connect with Us

• Meet Ben Vaske, Manager Investment Strategy
• Check Out All of Orion’s Podcasts
• Power Your Growth with Orion

Disclosure(s)

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

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

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

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

Compliance Code: 0548-R-26048

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

Key Takeaways

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

Links

• Michelle Cluver on LinkedIn
• Global X ETFs

Connect with Us

• Meet Ben Vaske, Manager Investment Strategy
• Check Out All of Orion’s Podcasts
• Power Your Growth with Orion

Disclosure(s)

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

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

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

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

Compliance Code: 0328-R-26033

Key Takeaways

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

Links

• Adam Hetts on LinkedIn
• Janus Henderson Investors
• Janus Henderson Investment Outlook 2026

Connect with Us

• Meet Ben Vaske, Manager Investment Strategy
• Check Out All of Orion’s Podcasts
• Power Your Growth with Orion

Disclosure(s)

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

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

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

Compliance Code: 3498-R-25351

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

Key Takeaways

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

Links

• Jason Mertz on LinkedIn
• Alliance Bernstein

Connect with Us

• Meet Ben Vaske, Manager Investment Strategy
• Check Out All of Orion’s Podcasts
• Power Your Growth with Orion

Jason Mertz: Air Fryer Salmon Recipe

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

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

Disclosure(s)

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

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

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

Compliance Code: 3497-R-25351

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

Key Takeaways

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

Links

• Kim Arthur on LinkedIn
• Main Management

Connect with Us

• Meet Ben Vaske, Manager Investment Strategy
• Check Out All of Orion’s Podcasts
• Power Your Growth with Orion

Disclosure(s)

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

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

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

Compliance Code: 3148-R-25321

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

Key Takeaways

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

Quotes

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

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

Links

• Kim Arthur on LinkedIn
• “The Zoo” by Scorpions
• Main Management

Connect with Us

• Meet Rusty Vanneman, Orion’s Chief Investment Officer
• Check Out All of Orion’s Podcasts
• Power Your Growth with Orion

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

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

Compliance Code: 1246-R-25120

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

Key Takeaways

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

Quotes

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

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

Links

• Dominic Vaccaro on LinkedIn
• “Don’t stop” by Fleetwood Mac
• Burlington Capital

Connect with Us

• Meet Rusty Vanneman, Orion’s Chief Investment Officer
• Check Out All of Orion’s Podcasts
• Power Your Growth with Orion

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

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

Compliance Code: 1218-R-25115

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

Key Takeaways

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

Quotes

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

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

Links

• Morgan Lemaitre on LinkedIn
• “Girl on Fire” by Alicia Keys
• Park City Wealth Advisors

Connect with Us

• Meet Rusty Vanneman, Orion’s Chief Investment Officer
• Check Out All of Orion’s Podcasts
• Power Your Growth with Orion

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

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

Compliance Code: 1206-R-25114

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

Key Takeaways

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

Quotes

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

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

Links

• Jeff Brooks on LinkedIn
• Janus Henderson Investors
• “Give it Away” by The Red Hot Chili Peppers

Connect with Us

• Meet Rusty Vanneman, Orion’s Chief Investment Officer
• Check Out All of Orion’s Podcasts
• Power Your Growth with Orion

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

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

Compliance Code: 1198-R-25114

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

Key Takeaways

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

Quotes

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

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

Links

• Dustin Haygood on LinkedIn
• “Right Now” by Van Halen
• Aristotle Capital Management
• The Power of Patience Podcast

Connect with Us

• Meet Rusty Vanneman, Orion’s Chief Investment Officer
• Check Out All of Orion’s Podcasts
• Power Your Growth with Orion

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

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

Compliance Code: 1217-R-25115