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Host Ryan Nauman welcomes Ethan Powell, Principal and CIO at Brookmont Capital Management, to discuss catastrophe bonds and how they help insurers transfer tail risks from natural disasters while offering investors potential income and diversification. Powell explains how fully cash-collateralized 144A cat bonds work, including triggers, attachment points, and how returns combine SOFR earned on collateral with a risk premium funded by insurer premiums. They cover why cat bonds can improve pricing transparency and scalability in an opaque insurance market, potentially supporting insurance availability in high-peril areas. The conversation addresses rising climate volatility, recent insured-loss trends, AI’s role in faster damage assessment and improved modeling (especially for wildfires), liquidity in the cat bond market, key risks (natural disaster impairments), and how advisors typically use cat bonds as a satellite alternative income allocation via Brookmont’s ETF.

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www.NaumanStrategicPartners.com

Learn more about Brookmont Capital Management: https://www.brookmont.com/

00:00 Disaster Risk Meets Investing

00:56 Meet Ethan Powell

02:36 Why Insurance Is Breaking

03:54 How Cat Bonds Work

05:38 Rising Losses And Volatility

07:29 AI And Wildfire Modeling

10:47 Transferring Risk With Cat Bonds

13:48 Investor Benefits And Diversification

16:40 Liquidity And Market Growth

21:08 Key Risks And Expected Losses

23:21 Cat Bonds Versus Other Bonds

25:59 Portfolio Role And Allocation

28:35 Wrap Up And Resources

Host Ryan Nauman welcomes Matt Halloran (“Matt GPT”), Chief Evangelist at Zocks, to discuss how AI is affecting wealth management and why many advisors still underuse it due to fear, unrealistic expectations, compliance concerns, and industry noise. Halloran argues advisors are only scratching the surface with note-taking and content tools, while the bigger opportunity is integrating structured data across the tech stack to uncover client opportunities, speed service, and drive organic growth. He recommends talking with peers, ensuring secure two-way integrations, and testing platforms side by side. The conversation covers building trust through incremental adoption and social proof, how AI-driven faster communication can help during bear markets, and how reclaimed time should be reinvested in clients, teams, personal wellbeing, and relationship building. Halloran also notes AI can support compliance via accurate transcriptions and reduced errors.

Connect with Ryan Nauman:

LinkedIn: https://www.linkedin.com/in/ryannauman1/

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www.AdjustedForRisk.com

Learn more about Zocks: https://www.zocks.io/

00:00 Show Kickoff AI Focus

00:54 Meet Matt Halloran

01:39 Career Path Influence

03:51 Kindness Trust Culture

06:14 Why Advisors Fear AI

09:47 AI Beyond Content

12:28 Choosing AI Tools

14:47 Clients Bring AI

16:22 Trust Compliance Steps

20:32 Bear Market Speed Service

23:57 Faster Client Communication

24:42 Using Freed Time Well

27:07 Feed Your Soul

28:50 Next Gen Advisor Skills

31:03 Preparedness Story

34:10 Winning Over Skeptics

39:01 Organic Growth Plays

42:41 Augmented Intelligence

45:01 Compliance Safety Net

46:54 Wrap Up And Resources

On the Adjusted for Risk podcast, host Ryan Nauman interviews Haren Bhakta, founder and CEO of the Inside Ownership Index, who explains how the S&P 500’s free-float weighting effectively underweights shares held by controlling insiders and can end up buying more of founder-led companies after key leaders die.

Bhakta describes manually compiling 20 years of S&P 500 proxy filings to aggregate insider-ownership data and creating a passive index that weights companies by insider ownership as a “skin in the game” approach. He argues high ownership aligns management with shareholders, supports long-term innovation, and avoids value-destroying incentives, citing ownership patterns among 100-baggers and major S&P value destroyers. He also warns that proxy voting power concentrated in large asset managers entrenches mediocre leadership.

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Related:Russell’s Rebalance Is a Healthy Pruning Amidst an Epic Small-Cap Run

00:00 Welcome and Guest Intro

01:08 Origin of the Index

02:04 Free Float Problem

03:17 Building the Dataset

08:02 Why Ownership Matters

11:50 Power Law Leaders

14:37 Hundred Bagger Evidence

18:00 Long Term Culture Edge

27:24 Downside Protection

33:57 Passive Voting Risks

38:27 How Advisors Use OWN

40:25 Where to Learn More

41:29 Closing and Subscribe

Recorded live at Wealth Management EDGE, host Ryan Nauman welcomes Nate Lenz, co-founder and CEO of Concurrent, to discuss shifts in wealth management and the rise of NextGen advisors.

Lenz explains Concurrent’s platform model supporting independent wealth managers by handling middle and back office functions while preserving advisor autonomy, and highlights growth to supporting over 90 firms, plus newer RIA Capital Partners and Platform-as-a-Service offerings.

They discuss the aging advisor workforce amid rising demand for advice, AI as a productivity and entrepreneurship enabler rather than a job threat, and the increasing importance of human relationships as some services become commoditized. Lenz shares findings on nextgen expectations—mentorship and clear career paths over remote work—and describes Concurrent’s campus recruiting, internship program, training curriculum, and 18-month operational rotation.

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Learn more about Concurrent here.

00:00 Podcast Welcome

00:33 Live From Edge

01:35 Meet Nate Lenz

02:01 Concurrent Platform

03:07 Advisor Talent Crunch

06:01 AI Opportunity Debate

08:44 AI Boosts Productivity

10:27 Human Element Matters

12:14 Next Gen Expectations

13:48 Internships Recruiting

16:23 Training Rotation Paths

18:22 Attracting Young Advisors

20:49 Wrap Up And Links

From Lake Tahoe on the Adjusted for Risk podcast, Ryan Nauman welcomes back Adam Patti, CEO of VistaShares, to discuss how innovation in ETFs is bringing sophisticated strategies to retail investors and reshaping portfolio construction. Patti shares VistaShares’ focus on building a small set of differentiated products, noting the firm launched its first ETF in December 2024 and has grown to over $2 billion in assets. They emphasize ETF benefits like transparency, low fees, tax efficiency, and intraday trading, while warning investors to “look under the hood” rather than rely on marketing. Patti outlines a durable, cycle-resistant portfolio approach built on diversification across equities, fixed income, commodities, real estate, and cash, and highlights three key ETF categories: growth equity, income, and downside protection. He explains VistaShares’ “bill of materials” process for Super Cycle ETFs, mapping supply chains and weighting companies by economic exposure to themes like AI, space, robotics, and defense, and previews future investor-focused ETFs tied to managers like Druckenmiller and Tepper.

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Learn more about VistaShares: https://www.vistashares.com/

00:00 Welcome and Setup

00:54 Meet Adam Patti 01:19

VistaShares Mission 02:36

Buffett and ETFs 03:57

Look Under Hood 05:35

Building Durable Portfolio

08:02 Concentration vs Diversification

11:26 Advisor Edge with ETFs

13:53 Marketing vs Philosophy

16:18 Next ETF Evolution

18:44 Staying Power Process

20:53 Bill of Materials Method

22:55 Whats Next and Wrap

Recorded on location at the Steward Symposium, Ryan Nauman welcomes Maria Condon, Chief of Staff at Steward Partners, to discuss how the firm’s culture is built, reinforced, and scaled amid rapid growth. Maria explains why the annual three-day symposium exists, what makes its energy and access to leadership unique, and how in-person connection complements content like newsletters and podcasts. She details Steward’s ownership-driven alignment and accountability, the planning required as the event has grown from about 50 partners in 2017 to nearly 500 attendees, and what success looks like through engagement and traditions like the NFL-draft-style jersey ceremony. Maria also shares how “Stew-opoly” became a meaningful symbol of the firm’s story, and describes her chief of staff role as driving alignment, execution, communication, and cultural continuity.

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00:00 Welcome and Disclaimer

00:27 On Location at Symposium

01:12 Meet Maria Condon

02:28 What Symposium Is

05:13 Why It Feels Different

07:16 Culture at Steward

10:21 Proof Culture Is Real

12:48 Planning and Success

14:41 Jersey Ceremony Tradition

18:29 Scaling Culture with Growth

20:43 Stewopoly Culture Moment

23:10 Chief of Staff Explained

25:00 Culture Drives Outcomes

27:22 Why You Must Attend

28:35 Wrap Up and Links

From the “Adjusted for Risk” podcast, host Ryan Nauman interviews Wayne Penello, founder and CEO of NextGen EMP, about practical risk management for investors and advisors. Penello shares his background as a NYMEX options market maker and commodity risk consultant, emphasizing translating risk into meaningful metrics like budget outcomes and drawdowns rather than simple volatility. He argues advisors often diversify but don’t actively manage risk, and recommends using high-watermark/drawdown analysis to improve tactical entry decisions. Penello discusses why market timing fails and frames the opportunity as an allocation problem, advocating long/short strategies—especially in an ETF wrapper—for downside control, potential tax efficiency, and scalability for smaller accounts. He critiques buffered products for embedded costs, addresses misconceptions about long/short funds, and points listeners to the EMPB ETF and nextgenemp.com for more information.

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Learn more about NextGenEMP: https://nextgenemp.com/

00:00 Podcast Kickoff

01:10 Meet Wayne Penello

01:46 Wayne’s Risk Journey

05:26 Defining Investment Risk

06:47 Drawdowns and Timing

09:20 Buy Hold Hope

11:22 Advisors and Risk Gaps

14:13 Process Over Timing

18:22 Why Long Short Works

23:40 Long Short Myths

27:14 Market Cycles and AI

32:42 Core Portfolio Role

37:26 Advisor Practice Benefits

40:42 Where to Learn More

42:07 Closing Thanks

Ryan Nauman hosts Zephyr’s Adjusted for Risk podcast with guest Phil Palumbo, CEO/CIO of Palumbo Wealth Management and host of the Palumbo Pulse, to discuss aging demographics and implications for retirement planning and advisors. Palumbo describes leaving UBS to go independent for fiduciary alignment, better economics, and broader investment access, and explains his firm’s focus on helping founders prepare for and execute business exits, then manage taxes, planning, investing, and wealth transfer. He contrasts “retirement” with “make work optional,” emphasizing saving discipline, compounding, and long-term exposure to risk assets (stocks, real estate, private equity) to combat inflation and longevity risk. They stress the need for written financial plans, tax-aware investing, appropriate risk during distribution, bucket-based income planning, diversification, and client education to avoid panic selling during market volatility.

Learn more about Palumbo Wealth Management here.

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00:00 Welcome and Sponsor

01:13 Meet Phil Palumbo

02:59 Going Independent RIA

04:54 Make Work Optional

07:50 Saving and Compounding

10:26 Spending and Longevity

12:14 Inflation and Risk Assets

15:39 Why Plans Matter

17:38 Tax Smart Investing

19:28 Exit Planning Playbook

24:14 Retirement Spending Strategy

29:14 Ignore Market Noise

32:05 Emotions and Marathon Mindset

34:13 Wrap Up and Where to Find

From Zephyr’s Adjusted for Risk podcast, Ryan Nauman interviews Jim Jessup, income strategist at Virtus ETF Solutions, about ETF innovation and today’s fixed income environment. Jessup explains Virtus’s product-development approach: focus on commercially viable ETFs where managers can add alpha rather than chasing trends, and notes some highly specific ETFs may close or the industry may consolidate. On fixed income, he says despite macro and geopolitical noise and a new Fed chair (Warsh), market conditions look relatively normal: prices near par, default rates below but moving toward historical averages, and strong demand shown by oversubscribed new issues. He argues this is a “bond picker’s market” favoring active management, discusses private credit as a growing but varied space with both risks and liquidity benefits, and highlights the surge in AI-related investment-grade issuance as hyperscaler capex increasingly financed by debt.

Learn more about Zephyr here.

Learn more about Virtus Investment Partners here.

00:00 Podcast Kickoff

01:14 Meet Jim Jessup

03:12 ETF Boom Explained

04:05 Product Innovation Filter

06:52 Will ETFs Consolidate

08:22 Fixed Income Snapshot

10:36 Fed Chair And Signals

15:12 Defaults And Debt Wall

19:37 Private Credit Debate

25:14 Cash Yields And Risk

28:11 AI Driven Debt Wave

30:07 Where To Learn More

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Recording on location at the Steward Symposium, host Ryan Nauman welcomes Scott Danner (Chief Growth Officer) and Valerie Rivera (Chief Operating Officer) of Steward Partners to discuss growth in wealth management, where organic expansion has become harder and M&A has become a major driver. Danner shares his background building Freedom Street Partners and joining Steward in 2023, noting Steward’s growth from about $30B to over $50B in AUM largely through acquisitions. They explain why Steward frames the function as “strategic growth” rather than recruiting, emphasizing attraction, culture, and relationship over transaction. Rivera highlights advisors’ priorities beyond payout—clients, employees, legacy, and transition support—while outlining due diligence, integration, communication, and repeatable operational processes. Danner addresses misconceptions, the importance of scalable, team-based practices, and Steward’s long-term goal of becoming a $100B firm.

Learn more about Zephyr here.

Learn more about Steward Partners here.

00:00 Welcome and Disclosures

00:41 Symposium Setup and Growth Theme

01:30 Meet Scott and Val

01:54 Scott Career and Steward Growth

03:26 Val Background and Partnership

04:24 Why Steward Calls It Growth

06:32 North Star Relationship First

08:34 Val Perspective on Transitions

12:18 When Advisors Truly Fit

15:35 Due Diligence Beyond Numbers

16:46 Scaling Operations for Growth

18:28 Cutting Through M&A Noise

20:56 Misconceptions and Practice Value

25:35 How Scott and Val Complement

26:53 Future Vision and Closing

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