Today, Rusty and Robyn are joined by Jack Sharry, Executive Vice President and Chief Growth Officer at LifeYield. Jack Sharry has been a financial industry innovator, collaborator and advocate for 40+ years. He served as an executive at Morgan Stanley, Putnam Investments, Virtus Investment Partners and now, LifeYield where he led sales, marketing, product development and distribution strategy. Jack is the Chair of the InvestmentNews Future of Financial Advice initiative and a frequent contributor to the publication, he Co-Chairs the Money Management Institute Digital Advice Community, and hosts the LifeYield podcast, WealthTech on Deck, where he talks with other industry leaders on their tech strategy designed to improve investor and advisor outcomes.

Key Takeaways

• [03:15] - Jack’s professional background and the highlights of his career
• [06:15] - What is LifeYield’s big news today and how do they optimize financial outcomes for their clients?
• [08:26] - What is a Unified Managed Household (UMH), why is it significant and how does it benefit both advisors and investors?
• [11:13] - What are some of LifeYield’s strategies for reducing tax exposure for investors?
• [13:20] - What are some of the common challenges individuals face when planning retirement and how does LifeYield address these?
• [15:09] - What inspired Jack to start his podcast, “Wealth Tech on Deck?”
• [17:58] - What are some of the most memorable conversations that Jack has had on his podcast? Also, for a first time listener, are there any particular episodes that he would recommend?
• [22:52] - Has Jack noticed any emerging trends, that are shaping wealth management and fintech, across his podcast conversations?
• [24:28] - How is artificial intelligence going to transform wealth management?
• [26:32] - What aspects of teaching does Jack find the most fulfilling and how does this role influence his professional perspective?
• [31:11] - What is Jack’s current assessment of college students, and therefore the future of the wealth management industry?
• [33:25] - Pivotal moments or decisions that really shaped Jack’s career and got him where he is today
• [37:05] - How has Jack seen the financial industry evolve since he began and what are some of the key things he learned from those changes?
• [38:45] - What drives Jack’s passion and how has he maintained his enthusiasm throughout his extensive career?
• [39:45] - What are Jack’s aspirations for LifeYield, and the broader financial industry, over the next decade?
• [41:43] - What is  Jack’s favorite investment idea currently?

Quote

[34:23] - "So this homework assignment, which I give to all our listeners here to try this, I’ve done this with many folks over the years. When you go home you are not allowed to make a declarative statement for the first hour you are home, whether you live with a partner, roommate, friend, wife [or] husband. ” ~ Jack Sharry

Links

• Jack Sharry on LinkedIn
• LifeYield
• “Here Comes the Sun” by The Beatles
• Mad River Reflections

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.

Compliance Code: 3199-OPS-12/13/2024

Today, Rusty and Robyn are joined by Shana Sissel, Founder and Chief Executive Officer at Banrion Capital Management. For two decades Shana Orczyk Sissel has climbed the ladder of the financial services industry. As Founder, President & Chief Executive Officer of Banrion Capital Management Shana helps independent advisors navigate the complex world of alternative investing, assisting with investment platform development, alternatives in portfolio construction and developing best practice in alternative investment due diligence. Dubbed the "Queen of Alternatives" by her peers. Shana is a sought after speaker & media contributor, appearing frequently at industry events and on major financial news outlets like CNBC, Fox Business Network, Bloomberg and the TD Ameritrade Network. Shana has maintained fierce, outspoken advocacy for her fellow women in finance for the duration of her career — acting as a mentor for many other young women navigating the battlefield of a male-dominated industry. Having overcome many obstacles to achieve success in her own career, she leverages her personal social media following to speak out for the recognition and support of women in her field. As a member of Women in ETFs, Shana has become a spokesperson for their Speaker’s Bureau, with the goal of improving public representation of females in industry-oriented events and conferences, as well as in financial media.

Key Takeaways

• [03:46] - The highlights of Shana’s career and the breadth of her experience in the industry
• [06:34] - What drove Shana to start Banrion Capital Management and what sets them apart as a firm?
• [12:26] - To set the stage, how does Shana define Alternative Investments?
• [13:45] - How do alts reduce portfolio risk and potentially enhance risk-adjusted performance?
• [16:24] - What is Shana’s view on private equity and private credit and does she think they are diversifying asset classes?
• [18:35] - What is Shana’s take on Cliff Asness’ perspective on high-volatility alternatives?
• [21:22] - Which alternatives strategies does Shana recommend for advisors looking to incorporate alts into their clients’ portfolios?
• [29:01] - What are some common misconceptions about Alternative Investments and how does Shana address these with clients?
• [32:35] - What are some of the educational programs, on alts, that Banrion offers to advisors and investors?
• [36:53] - What are some of the experiences that have shaped Shana and how have they shaped her approach to leadership and investment?
• [41:17] - Challenges Shana has faced as a woman in the industry and how she has navigated them in her career
• [44:36] - What initiatives and advice has Shana offered to support women who are in this field or entering this field?
• [48:35] - Looking ahead, what are Shana’s aspirations for Banrion Capital Management, and the broader financial industry, in the next decade?
• [51:02] - What is Shana’s favorite investment idea at the moment?

Quote

[07:50] - "99% of the competitors in the space that create and build these access platforms for alternative strategies for advisors were founded and built to solve problems for asset managers, not advisors." ~ Shana Sissel

Links

• Shana Sissel on LinkedIn
• Banrion Capital Management
• “Fighter” by Christina Aguilera
• “Wanna Be” by Megan Thee Stallion & GloRilla

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.

Compliance Code: 3195-OPS-12/13/2024

Today, Rusty and Robyn are joined by Nate Conrad, Head of LifeX at Stone Ridge. Nate formerly served as the Head of Markets at Stone Ridge and as the President of NYDIG. Prior to joining Stone Ridge in 2016, Nate worked at Goldman Sachs as a vice president in the Interest Rates Trading business. Nate received his BSE in Computer Information Science from the University of Pennsylvania.

Key Takeaways

• [03:03] - More on Nate’s career and his current position at Stone Ridge Asset Management.
• [04:19] - What is the philosophy behind Stone Ridge Asset Management and what sets them apart as a firm?
• [05:51] - What is the elevator pitch for LifeX and why might it be a real game changer for financial advisors and investors?
• [08:55] - How do LifeX ETFs convert accumulated assets into predictable, monthly distributions?
• [10:31] - What types of government bonds do LifeX ETFs invest in and how does this strategy support reliable, monthly payments?
• [11:06] - There are other bond ladder solutions, so what makes this franchise of ETFs different?
• [13:43] - How can inflation protected ETFs address the persistent concerns around rising prices?
• [16:00] - LifeX ETFs have a fee structure that decreases overtime. What are the long-term benefits of this approach for investors?
• [18:18] - What types of investors would benefit most from incorporating LifeX ETFs into their retirement planning?
• [21:05] - How might LifeX help advisors actually grow their business as a result of the great generational wealth transfer?
• [24:45] - Other unique implementations or use cases of the LifeX products.
• [27:00] - What are the tax implications of investing in LifeX ETFs and how does this compare to other retirement income solutions?
• [29:26] - How are advisors making their allocations with these funds?
• [31:24] - What are some of the common questions or concerns that Nate hears from advisors and investors about LifeX?
• [34:37] - What resources and support does LifeX provide to financial advisors to learn more about these ETFs and help them integrate them into clients’ portfolios?
• [35:52] - What is currently Nate’s favorite investment idea?

Quotes

[03:44] - "Innovation is really at the core…[of] what we do at Stone Ridge. It all starts with hearing the problems that people have in their portfolios. What are the things that keep them from feeling financially secure? And, when you hear those problems, asking questions about the root cause and then trying to solve them with a little bit of an engineering mindset." ~ Nate Conrad

[04:42] - "If you’re not somebody in our country who is an ‘accredited investor’ or ‘qualified purchaser,’ which are standards based on wealth and not intelligence, which we really don’t like,  then there’s a whole set of investments that you’re not allowed to have access to. A lot of the most diversifying assets out there tend to be in private structures that the majority of Americans can’t get access to, and that doesn’t sit well with us at Stone Ridge." ~ Nate Conrad

Links

• Nate Conrad on LinkedIn
• “Under Pressure” by Queen
• Wade Pfau White Paper
• Stone Ridge on LinkedIn
• LifeX Funds
• Stone Ridge

Connect with Us

• Meet Rusty Vanneman, Orion’s Chief Investment Officer
• Check Out All of Orion’s Podcasts
• Power Your Growth with Orion
• For important risk disclosures, visit the LifeX website: LifeX Funds

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

Compliance Code: 3120-OPS-12/4/2024

Important Risk Disclosures for LifeX ETFs

Definitions:

1. Distribution Yield: Distribution Yield, or Distribution Rate is calculated as the intended annualized distribution per share divided by the net asset value (NAV) of the fund. A portion of each fund’s monthly distribution is expected and intended to include return of capital.
2. TIPS: Treasury Inflation-Protected Securities (TIPS) is a type of government bond issued by the U.S. Treasury where the principal amount adjusts based on inflation.
3. CPI: The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. Indexes are available for the U.S. and various geographic areas. Average price data for select utility, automotive fuel, and food items are also available.

Footnotes:

1. The tax discussion herein is general in nature. Investors should consult their tax advisers about the effect that an investment in Stone Ridge Longevity Income ETFs could have on their tax situation. Please refer to the prospectus for a discussion of tax risks. Holdings of the ETFs in a qualified retirement account may not benefit from a tax-advantaged distribution.

Risk Disclosures:

Stone Ridge Term Income ETFs (Stone Ridge 2035 Term Income ETF, Stone Ridge 2040 Term Income ETF, and Stone Ridge 2045 Term Income ETF), Stone Ridge 2064 Longevity Income ETF, Stone Ridge 2064 Inflation-Protected Longevity Income ETF, Stone Ridge 2065 Longevity Income ETF, and Stone Ridge 2065 Inflation-Protected Longevity Income ETF.

These funds have filed a registration statement with the Securities and Exchange Commission, but it is not yet effective. An investment in the funds cannot be made, nor money accepted, until the relevant registration statement is effective. An investor should consider the objectives, risks, and charges and expenses of the funds carefully before investing. The relevant preliminary prospectus, which contains this and other information about the funds, may be obtained by calling 855-609-3680. The information in the preliminary prospectuses is not complete and may be changed. The relevant final prospectus should be read carefully before investing, and when available may be obtained from the same source.  This communication is not an offer to sell or the solicitation of an offer to buy securities and is not soliciting an offer to buy these securities in any state in which the offer, solicitation or sale would be unlawful.

Investors should carefully consider the risks and investment objective of (i) the Stone Ridge 2035 Term Income ETF, Stone Ridge 2040 Term Income ETF and Stone Ridge 2045 Term Income ETF (each, a “Term Income ETF” and, together, the “Stone Ridge Term Income ETFs”), (ii) the Stone Ridge Longevity Income 2048 ETF and each other series of Stone Ridge Trust with the same investment objective and strategy that is part of the same fund family (the “Stone Ridge Longevity ETFs”) and (ii) the Stone Ridge 2048 Inflation-Protected Longevity Income ETF and each other series of Stone Ridge Trust with the same investment objective and strategy that is part of the same fund family (the “Stone Ridge Inflation-Protected Longevity Income ETFs” and, together with the Stone Ridge Longevity ETFs, the “Stone Ridge Longevity Income ETFs” and each, a "Longevity Income ETF")(the Stone Ridge Longevity Income ETFs and the Stone Ridge Term Income ETFs are collectively referred to herein as the "Stone Ridge Income ETFs"), as an investment in the Stone Ridge Income ETFs may not be appropriate for all investors and is not designed to be a complete investment program. There can be no assurance that an ETF will achieve its investment objectives.

Investors should consider the investment objectives, risks, and charges and expenses of the Stone Ridge Income ETFs carefully before investing. The prospectus contains this and other information about the investment company and may be obtained by visiting www.lifexfunds.com. The prospectus should be read carefully before investing.

An investment in the Stone Ridge Income ETFs involves risk. Principal loss is possible.

Each Stone Ridge Longevity Income ETF intends to make an identical distribution each month equal to $0.0833 per outstanding share of the ETF (multiplied, in the case of the Stone Ridge Inflation-Protected Longevity Income ETFs, by an inflation adjustment as specified in the ETF’s prospectus, which is intended to reflect the cumulative impact of inflation since the launch of the ETF) until April of the year twenty years prior to the ETF’s end year. Thereafter, to counterbalance the frontloading of the ETF’s distributions, each ETF will reduce its per-share distribution rate to a level estimated to be sustainable through the ETF’s end year, resulting in a one-time decrease of ~25% to the per-share distribution amount. This event is referred to herein as the “recalibration.” An estimate of this reduced distribution rate is provided in each ETF’s prospectus; however, there is a risk that the ETF may ultimately recalibrate its distribution to be higher or lower than this estimate.

Each Stone Ridge Longevity Income ETF is designed to support the option for members of its Modeled Cohort to continue to pursue substantially identical monthly distributions beyond age 80 by investing in a Closed-End Fund. However, the Closed-End Funds may not become available as intended, and there is no way for investors to assess the risk that the Closed-End Funds will not be launched. For example, the Adviser may determine that it is not appropriate to launch the Closed-End Funds if the Adviser believes there may not be a sufficiently diverse investor base, which is expected to be at least 100 shareholders. In the absence of a Closed-End Fund, investors may remain invested in the relevant ETF; alternatively, an investor may sell his or her shares, though investors may not have available to them an alternative investment option that provides the same level of distributions as they might have been able to receive if a Closed-End Fund were available. Shares of the ETFs may continue to be held by a shareholder’s beneficiary or may be sold at the then-current market price. However, a beneficiary of an ETF shareholder will not be eligible to invest in a corresponding Closed-End Fund unless the beneficiary is a member of the Modeled Cohort. The Closed-End Funds will be subject to different and additional risks as will be disclosed in the Closed-End Funds’ prospectuses. Unlike the Closed-End Funds, the Stone Ridge Longevity Income ETFs do not provide longevity-linked distributions and do not engage in longevity pooling. This is not an offer to sell or the solicitation of an offer to buy securities of the Closed-End Funds. A form of a Closed-End Fund’s prospectus (which is subject to revision) is included as Appendix A to each Stone Ridge Longevity Income ETF’s prospectus.

The Stone Ridge Longevity Income ETFs are subject to risks related to exchange trading, including the following:

• Each Stone Ridge Longevity Income ETF’s shares will be listed for trading on an exchange (the “Exchange”) and will be bought and sold on the secondary market at market prices.  Although it is expected that the market price of ETF shares will typically approximate the ETF’s net asset value (“NAV”), there may be times when the market price reflects a significant premium or discount to NAV.
• Although each Stone Ridge Longevity Income ETF’s shares will be listed on the Exchange, it is possible that an active trading market may not be maintained.
• Shares of each Stone Ridge Longevity Income ETF will be created and redeemed by a limited number of authorized participants (“Authorized Participants”).  ETF shares may trade at a greater premium or discount to NAV in the event that the Authorized Participants fail to fulfill creation or redemption orders on behalf of the ETF.

Each Stone Ridge Income ETF has a limited operating history for investors to evaluate, and new ETFs may not attract sufficient assets to achieve investment and trading efficiencies.

For additional risks, please refer to the relevant prospectus and statement of additional information.

The Stone Ridge Income ETFs are distributed by Foreside Financial Services, LLC.

Today, Rusty and Robyn are joined by Joel Shulman and Eva Ados of EntrepreneurShares. Dr. Joel Shulman is the Founder/Managing Director/CIO of ERShares. His 25+ years of research at Babson College (#1 in Entrepreneurship) and best business book written while at Harvard, led to the formation of a proprietary investment model and the Entrepreneur Factor. The formation of his money management practice followed the sale of the Shulman Review, a CFA test-prep company that trained over 12,000+ investment professionals in 110+ countries around the world. Dr Shulman appears frequently in the media including, Fox Business, CNBC, Bloomberg, Yahoo Finance, WSJ, Barrons, Forbes among others. He has been a consultant to many leading organizations as well as The World Bank in which he helped facilitate capital market development in Central Asian states. He has a Ph.D. and CFA designations along with an MPA from the Kennedy School of Government at Harvard University.

Key Takeaways

• [03:26] - What has Joel loved about his career and how has he been able to accomplish so many things?
• [04:50] - How did EntrepreneurShares come about and what do they stand for as a firm?
• [09:09] - What originally inspired Joel to start ERShares?
• [12:31] - What is the entrepreneur factor and how has it changed over the years?
• [18:09] - Learn more about their XOVR ETF and what makes it unique.
• [19:56] - How much can XOVR invest in private equities and how does it work?
• [23:30] - More on Joel’s time at Babson College and how it affected his transition into asset management.
• [28:52] - What strategies does Joel employ to manage risk associated with investing in these high-growth, entrepreneurial companies during volatile market conditions?
• [32:12] - How do emerging technologies, like Artificial Intelligence and Blockchain, influence some of their investment strategies?
• [34:25] - What are the primary differences between investing in US-based entrepreneurial companies vs. those in international markets? Does their entrepreneur factor work as well abroad, or does it need the entrepreneurial infrastructure provided here in the United States?
• [37:23] - How is Joel seeing their fund being used in portfolios?
• [39:33] - What does Joel think goes into being a good professor? Also, does he miss teaching?
• [44:15] - As a professor, what methods did he find to be most effective at encouraging students to break down complex financial theories? Also, how can financial advisors use these techniques to better serve their clients?
• [47:35] - What advice would Joel give to students or aspiring finance professionals in today’s competitive landscape?
• [50:12] - What qualities does Joel see in students today that makes him optimistic about the future of the industry?
• [53:05] - What is currently Joel’s favorite investment idea?

Quotes

[16:28] - “Entrepreneurs [are often present] for 10, 20, 30 years. They’re not leaving very quickly, so their longevity is 5x, 6x [or] 7x what the normal CEO would be…As a result, they have a long-term orientation and…it’s that mindset that really makes the difference, because the way they build the organization and the way they manage it is much different than someone who [will be] there for 3 to 4 years. ” ~ Joel Shulman

[44:15] - “One of the things that makes people great in any industry, in any capacity, is curiosity...The most successful people in our investment profession, these are curious people. People who look at something and they…say ‘how did that happen, how did that come to be?’” ~ Joel Shulman

Links

• EntrepreneurShares
• Joel M. Shulman on LinkedIn
• ERShares on Instagram
• ERShares on Youtube
• ERShares on Facebook
• ERShares on LinkedIn
• “Lose Yourself” by Eminem

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 Janus Henderson Investors. Janus Henderson Investors 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: 3094-OPS-12/3/2024

Today, Rusty and Robyn are joined by Christopher Norton, Chief Marketing Officer at Potomac. Christopher is an innovative, award-winning, multidisciplinary creative with a passion for storytelling. He has worked with a wide array of large and independent clients in the news, entertainment and financial services. While his skill set is vast, Christopher’s expertise is found in the inner workings of a brand story. He has spent his career leading different marketing teams in the financial sector overseeing campaigns, PR strategies, brand awareness and more. As Chief Marketing Officer at Potomac, Christopher seeks to deliver world-class, story-driven creative to connect Potomac to its audience.

Key Takeaways

• [03:30] - Learn more about Christopher’s career and his current role at Potomac.
• [05:32] - What is the story behind Potomac’s trademark term “built to conquer risk?”
• [09:36] - Potomac has become well known for their unconventional market approaches, like sending branded cereal boxes to their clients. What is the philosophy that drives these unique approaches?
• [11:55] - Learn how Potomac’s innovative “Who Are You?” video series came to life and how it is going so far.
• [17:05] - How does Potomac’s content-centric approach strengthen engagement with advisors and investors?
• [19:07] - Why is transparency so central to Potomac’s marketing strategy and how does it create value for their clients and their partners?
• [20:10] - Learn more about the Potomac Remix Conference and some of the unique activities this conference offers.
• [22:47] - What role do conferences play in building stronger client relationships?
• [24:35] - The wealth management industry is evolving very quickly. How does Potomac’s marketing strategy keep up with those changes and what trends in the industry are they focused on right now?
• [26:35] - What are some of the metrics, or feedback mechanisms, that Christopher relies on to measure the success of a marketing campaign or project?
• [28:52] - Can Christopher give us a sneak peak at any upcoming marketing campaigns they have planned at Potomac?
• [30:20] - For the advisors and investors listening to this, does Christopher have any actionable advice for their marketing approach?
• [31:10] - As a content creator, is Christopher already leveraging AI and if so, how is it making an impact on what he does?
• [33:40] - How does Christopher keep his creativity flowing and does he think that creativity is something that you are just born with, something you can cultivate or a little bit of both?
• [36:18] - What is currently Christopher’s favorite investment idea?

Quotes

[11:13] - “I think too many firms in this industry don’t spend enough time on simple brand recognition and getting your name out there. They do all of these very complicated email marketing things, and that’s important too, but they don’t have the brand recognition and campaign to back it up with something truly memorable.” ~ Christopher Norton

[22:47] - “I don’t think, no matter how technologically advanced we get, anything will replace the value of facetime. Being able to get together in a venue, have meaningful conversations, have some fun together spending time - that adds so much to the depth of a relationship, that I don’t think anything else can replace it, and we invest pretty heavily into that. ” ~ Christopher Norton

Links

• Christopher Norton on LinkedIn
• Potomac Fund Management
• “Take the A Train (Live at Newport)” by Duke Ellington
• ‘Who Are You?’ video series

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 Janus Henderson Investors. Janus Henderson Investors 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: 2977-OPS-11/19/2024

Today, Rusty and Robyn are joined by Charlie Phelan, Head of Business Consulting at Fidelity Investments. Mr. Phelan leads consulting and business development activities focused on helping clients leverage Fidelity to evolve their businesses and drive transformational change. Charles consults with broker-dealers and registered investment advisors on optimizing their businesses including development and execution of business strategy, leverage of technology and operational best practices to drive efficiency. Charles has a demonstrated track record of helping firms maximize the ROI of the Fidelity relationship. Mr. Phelan has over 20 years’ experience in financial services, primarily focused on new business development and consulting. Prior to his current role, Mr. Phelan was responsible for leading the client onboarding team at FCCS. This included oversight of program management, transition and implementation activities to support new business. Mr. Phelan joined Fidelity in 1995 as part of the finance team. Mr. Phelan also held roles in risk management, information security and as a project manager where he was responsible for leading strategic client projects. He began his career in private banking at Bank Boston.

Key Takeaways

• [04:08] - Charlie’s professional background and more on his current role at Fidelity.
• [05:24] - How should firms think about a baseline for growth at a macro level?
• [07:10] - What does high performance for a wealth management firm look like?
• [08:40] - For the fastest growing firms, how much of this growth is from mergers and acquisitions activity?
• [11:39] - What are the four levers of growth that their research uncovered and what do these mean in practice for firms and financial advisors? The first of these levers is people. What did their research uncover about people and how do “thrivers” and “survivors” differ?
• [14:28] - What are some considerations for firms that help to create teams that thrive?
• [17:14] - The second lever to help grow wealth management firms is their platform. In this light, what is separating the fastest growing advisory firms from the rest?
• [18:38] - What are some of the strongest advisor-based technology platforms and tools? Also, where is Charlie seeing the most demand for Fidelity’s capabilities?
• [20:02] - What might AI mean for the wealth management space and what are some of the  biggest opportunities around AI today?
• [24:04] - What are some of the market opportunities that are upcoming with the massive generational wealth transfer looming? What should advisors be doing to prepare?
• [24:40] - What are Charlie’s clients doing to capitalize on this huge generational wealth transfer opportunity?
• [26:08] - What are some examples of firms aligning their offerings with client needs as they evolve?
• [28:58] - What is currently Charlie’s favorite investment idea?

Quote

[23:10] - “One in five women change advisors after a death or a divorce, so if either of those two things happen on the life event side, they are changing their advisor. Also, [it] is estimated that 91% of adult children found an advisor without even considering the one that their parent’s used…This one was most interesting to me…we found that advisors have only reached out to 13% of their clients’...children.” ~ Charles Phelan

Links

• Charles Phelan on LinkedIn
• Fidelity Investments
• The Four Levers of Organic Growth
• “Where the Streets Have No Name” by U2

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 Janus Henderson Investors. Janus Henderson Investors 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: 2942-OPS-11/18/2024

Today, Rusty and Robyn are joined by Cliff Asness, Founder,  Managing Principal and Chief Investment Officer at AQR Capital Management. He is an active researcher and has authored articles on a variety of financial topics for many publications, including The Journal of Portfolio Management, Financial Analysts Journal, The Journal of Finance and The Journal of Financial Economics. He has received five Bernstein Fabozzi/Jacobs Levy Awards from The Journal of Portfolio Management, in 2002, 2004, 2005, 2014 and 2015. Financial Analysts Journal has twice awarded him the Graham and Dodd Award for the year’s best paper, as well as a Graham and Dodd Excellence Award, the award for the best perspectives piece, and the Graham and Dodd Readers’ Choice Award. He has won the second prize of the Fama/DFA Prize for Capital Markets and Asset Pricing in the 2020 Journal of Financial Economics. In 2006, CFA Institute presented Cliff with the James R. Vertin Award, which is periodically given to individuals who have produced a body of research notable for its relevance and enduring value to investment professionals. Prior to co-founding AQR Capital Management, he was a Managing Director and Director of Quantitative Research for the Asset Management Division of Goldman, Sachs & Co. He is on the ambassador board of The Journal of Portfolio Management, where he is a frequent author. Cliff is also a board member of the American Enterprise Institute and Commentary Magazine. Cliff received a B.S. in economics from the Wharton School and a B.S. in engineering from the Moore School of Electrical Engineering at the University of Pennsylvania, graduating summa cum laude in both. He received an M.B.A. with high honors and a Ph.D. in finance from the University of Chicago, where he was Eugene Fama’s student and teaching assistant for two years (so he still feels guilty when trying to beat the market).

Key Takeaways

• [04:17] - Cliff’s professional background and more on his current role at AQR Capital Management.
• [08:00] - Why does Cliff think that the stock market has become less efficient, over the course of his career, and how does he define medium term horizons?
• [25:21] - Why is it important for markets to be efficient and what does all this mean for investors moving forward?
• [30:47] - Why does Cliff argue that high-volatility alternatives are beneficial, especially when traditional assets seem safer?
• [42:20] - How should investors be thinking about including high-volatility alternatives into their portfolios? Are there specific guidelines for balancing these with traditional assets to achieve optimal diversification?
• [52:50] - Investors are often reluctant to embrace high-volatility strategies, due to psychological biases. How can investors overcome these biases and what role can Behavioral Finance play in educating clients about these opportunities?
• [59:21] - How has the landscape of quantitative investing evolved over the past decade and what does Cliff think are the biggest challenges and opportunities quants face today?
• [67:05] - What are Cliff’s thoughts on value investing’s long-term prospects and is the value premium still as robust as it once was?
• [73:41] - How does Cliff, personally, maintain his discipline in this industry? Is it just a matter of grounding himself in the data and the history?
• [83:27] - From Cliff’s experience as a co-founder of AQR, what are some of the most important lessons that he’s learned from building and managing a global investment firm? Also, how has AQR adapted over the years to market changes and client needs?
• [87:16] - What is currently Cliff’s favorite investment idea?

Quote

“The paper starts out pointing out that technological advancements don’t necessarily lead to more efficiency. I think we might naturally assume that they do. Most technological advancements – the availability of data very quickly, the ability to trade very quickly, a lot of them are about speed [and] are not about getting more accurate answers. You know, I don’t think that there’s a lot of argument that the internet and social media and being able to trade on your phone, actually makes us process information better. It just means that we get it very quickly and we drink from a fire hose.” ~ Cliff Asness

Links

• Cliff Asness on LinkedIn
• AQR Capital Management
• “One Day More” by Les Miserables Original London Cast

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 Janus Henderson Investors. Janus Henderson Investors 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: 2931-OPS-11/15/2024

Today, Rusty and Robyn are joined by Julie Abbett, Head of Americas ETF Sales for Equity and Credit at JPMorgan. Julie focuses on the J.P. Morgan’s ETF execution sales model through strategic partnerships within the ETF market. Julie joined J.P. Morgan from Deutsche Bank where she headed up the ETF execution Sales effort covering the RIAs, ETF Portfolio Managers, and traditional asset manager clients. Prior to Deutsche Bank, Julie was Senior Vice President and Head of Portfolio Management at IndexIQ managing a suite of liquid alternative exchange traded funds. Before IndexIQ, Julie was a Quantitative Equity Portfolio Manager at Deutsche Asset Management (DeAM)/DB Advisors for over 9 years.

Key Takeaways

• [02:55] - Learn more about Julie’s professional background and her role at JPMorgan.
• [04:42] - What other factors are affecting ETF flows?
• [05:49] - Might Active ETFs eventually challenge traditional Mutual Funds, or even Passive ETFs, in terms of popularity and performance?
• [07:08] - What shifts is Julie seeing in client demand for ETFs? What are the differences between the preferences for institutional vs. retail investors?
• [08:52] - How does JPMorgan approach Fixed Income ETFs and how do they view  the future for Bond ETFs?
• [10:27] - What can we do to better help educate end investors about newer and more complex products?
• [12:08] - Words of advice for those hoping to enter the ETF industry, or the financial industry more broadly.
• [13:02] - What is currently Julie’s favorite investment idea?
• [13:46] - How does Julie maintain her health, both physically and mentally, while working at a trading desk?

Quote

[05:03] - “The other really large source for ETFs, and I’m sure you’ve talked about this too, has been the wide adoption of Active ETFs. Active Funds, depending on the time frame, have received 25-30% of all ETF flows, which is an outsized percent, especially relative to the current percentage of ETF AUM…These flows include both new net in flows, as well as out flows that are coming out of Mutual Funds and into ETFs.” ~ Julie Abbett

Links

• Julie Abbett on LinkedIn
• JPMorgan
• “Welcome to the Jungle” by Guns N’ Roses

Connect with Us

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

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

Advertisement sponsored by Janus Henderson Investors. Janus Henderson Investors 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: 2806-OPS-10/31/2024

Today, Rusty and Robyn are joined by John Kerschner, Head of US Securitized Products and a portfolio manager at Janus Henderson Investors. He is a member of the Securitized Credit and US Fixed Income Teams and leads the teams in finding innovative ways to utilize structured products in JHI portfolios. Prior to joining Janus in 2010, John was director of portfolio management at BBW Capital Advisors. Before that, he worked for Woodbourne Investment Management, where he was global head of credit investing. John began his career at Smith Breeden Associates as an assistant portfolio manager and was promoted several times over 12 years, becoming a principal, senior portfolio manager and director of the ABS-CDO group. John received his bachelor of arts degree in biology from Yale University, graduating cum laude. He earned his MBA from Duke University, Fuqua School of Business, where he was designated a Fuqua Scholar. John holds the Chartered Financial Analyst designation and has 34 years of financial industry experience.

Key Takeaways

• [02:07] - Learn more about John’s professional background and his work at JanusHenderson.
• [05:07] - Does John think it will be a gradual path to lower interest rates or might the economy derail those plans for The Federal Reserve?
• [08:45] - How does John explain what the neutral rate is and does he care about it professionally? If so, does he think the market is getting the neutral rate right?
• [11:57] - How would John explain securitized debt to his family and friends?
• [15:08] - How would John compare and contrast CLOs with securitized debt?
• [17:14] - An update on the current health of the consumer.
• [21:12] - Why are yields and spreads still so attractive in the securitized space and how does John view the credit landscape moving forward?
• [25:32] - What roles do CLOs play when The Federal Reserve starts cutting rates?
• [28:14] - Has there been a change in the types of CLOs being issued?
• [31:05] - What is the outlook on mortgage backed securities right now?
• [35:40] - What opportunities does John see in Asset Backed Securities (ABSs) and how do these contrast with other securitized products?
• [39:14] - Does John think we will see a bounce back in Commercial Mortage Backed Securities (CMBSs) or not?
• [48:32] - What is currently John’s favorite investment idea?

Quotes

[14:28] - “The beauty of securitization is that you’re taking an individual loan: auto loan, credit card loan, student loan, mortgage loan, you name it, and you’re packaging that loan with many other loans and taking those cash flows and selling them to investors like us at JanusHenderson. ~ John Kerschner

[15:09] - “Yeah, so CLOs, it’s an acronym…[that] stands for collateralized loan obligations…All it is, it’s the same idea [as securitized debt], but you’re using corporate loans instead of consumer loans.” ~ John Kerschner

Links

• John Kerschner on LinkedIn
• JanusHenderson
• “Don’t Believe the Hype” by Public Enemy

Connect with Us

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

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

Advertisement sponsored by Janus Henderson Investors. Janus Henderson Investors 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: 2814-OPS-11/1/2024

In this episode, Rusty and Robyn talk with Paul Curley, Director of Savings Research at ISS Market Intelligence. In his role, Paul oversees 529 and ABLE market data, research, events and digital products and services for institutional clients, including the 529 Conference. Also, an Editor-in-Chief of the 529 Dash e-newsletter and the 529 Insiders website for financial advisers, institutions, and the media, Paul presents educational seminars and conferences to financial industry experts on 529 plans and ABLE accounts.

Key Takeaways

• [03:34] - Learn about Paul’s work as Editor In Chief for 529 dash, Director of Savings Research at ISS Market Intelligence and CFA Review Instructor and Practice Exam Writer.
• [05:34] - Learn more about what makes ISS Market Intelligence unique and how they operate.
• [07:01] - What are 529 Plans and why should investors care about them?
• [08:25] - Why are 529 Plans not even more popular, or more widely adopted, than they are?
• [09:41] - What are the most significant data points or metrics that parents and advisors should be focusing on when selecting a 529 Plan?
• [12:03] - How might recent policy changes affect the usage and appeal of 529 Plans for advisors?
• [12:57] - Do most 529 investors buy directly from a 529 Plan or do they go through a financial advisor? Also, what might make 529 Plans more attractive to financial advisors?
• [14:49] - How has Paul seen the 529 space evolve over the past decade and what trends are shaping the future of these plans?
• [16:07] - What are the biggest challenges facing the 529 industry today? Also, what role does ISS play in helping states and plan providers navigate those challenges?
• [18:02] - How does Paul view the shift in investment options available in 529 Plans now?
• [20:55] - Has Paul noticed any shifts in the demographic of families using 529 Plans and how is this influencing product offerings or marketing strategies for plan providers?
• [22:50] - Does Paul see any emerging alternatives or supplements to 529 Plans, such as innovative funding models or education targeted investment products?
• [25:18] - Are there any legislative developments on Paul’s radar that could impact the 529 industry?
• [26:50] - How are technology and digital platforms transforming the way people engage with education savings plans? Also, what role does Paul see AI and data analytics playing in the future of education investing?
• [29:00] - For listeners who are new to 529 Plans, or who are looking to improve their education savings strategy, what is the one piece of advice Paul would offer?
• [30:10] - What is currently Paul’s favorite investment idea?

Quotes

[12:02] - “I would just say that, for additional content as it relates to that ability to distribute over to Roth IRAs, what’s very intriguing is there’s only 0.1% of assets in accounts currently using that capability to roll over from 529s to a Roth. So…the real strong point [here]…is really just reducing that mental hurtle…that’s like ‘what if my child doesn’t go to college?’” ~ Paul Curley

[31:01] - “It’s easier to increase your savings rate by 20% than [to reduce] your living expenses by 20%, if that makes sense at all? So, that’s [my favorite investment idea and] something that I’ve been thinking about recently.” ~ Paul Curley

Links

• Paul Curley on LinkedIn
• ISS Market Intelligence
• “Saturday Night Live Theme” by Howard Shore

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 Janus Henderson Investors. Janus Henderson Investors 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: 2700-OPS-10/21/2024