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From Lake Tahoe, Zephyr market strategist Ryan Nauman hosts Zephyr’s Adjusted for Risk Podcast with Aapryl's Bill Himpele and Cesar Gonzales to discuss why allocators should move beyond backward-looking performance reporting toward skill-based analytics. They explain that much apparent outperformance is driven by cyclical market and style exposures rather than repeatable manager skill, and describe Aapryl’s peer-relative methodology, including style-adjusted “passive portfolio” clones that separate exposure from skill and break skill into stock selection, timing, and consistency. The episode highlights Aapryl metrics such as the Aapryl Score (rank 1–5) and expected alpha, supported by ongoing quarterly testing and machine learning to form a forward-looking view. They also cover the Zephyr–Aapryl partnership embedding Aapryl analytics in the Zephyr dashboard, including coverage of SMA managers via Zephyr’s PSN database, to improve diligence, communication, transparency, and decision accountability.

Learn more about Zephyr and investment risk management here.

Learn more about Aapryl here.

00:00 Welcome to the Podcast

01:15 Meet Bill and Cesar

03:46 Why Skill Beats Performance

07:30 Advisor and Allocator Impact

09:31 Aapryl Score and Expected Alpha

11:51 Peer Groups and Return Based Analysis

15:09 Zephyr Aapryl Partnership

20:26 Who Benefits and SMA Coverage

24:48 Transparency and Evidence Based Testing

27:57 Wrap Up and Where to Learn More

Connect with Ryan Nauman:

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Recorded live at the Exchange ETF Conference, host Ryan Nauman welcomes Christopher Getter, Managing Director and Portfolio Manager at Simplify Asset Management, to discuss why private credit has become a hot—and increasingly scrutinized—topic in wealth and asset management. Getter explains recent idiosyncratic blowups, AI-related disruption risks in tech-heavy private credit, and broader late-stage credit-cycle behavior as spreads tighten and managers reach for yield. He argues concerns are warranted but not comparable to 2008, noting private credit has already repriced with discounts to book value widening north of 20% while high yield spreads remain relatively tight. The conversation highlights liquidity and structure mismatches for retail investors, manager dispersion, and why private credit can offer floating-rate exposure and higher returns—alongside hidden volatility and drawdown risk. Getter also discusses liquid alternatives such as managed futures, currency strategies, and hedged high yield, emphasizing that advisors should look beyond labels, understand true exposures, and ensure investors are compensated for the risks taken.

Learn how Zephyr can help financial advisors create modern diversified portfolios here.

Learn more about Simplify Asset Management here.

00:00 Welcome and Disclosures

00:38 Live From ETF Exchange

01:35 Meet Christopher Getter

01:57 Simplify and Alt ETFs

03:05 Why Private Credit Scrutiny

05:09 Spreads and Pain Priced In

08:05 Systemic Risk or Not

08:50 Not Another 2008

09:48 Late Cycle Credit Behavior

10:30 Retail Fit and Liquidity

12:48 Private vs Public Credit

14:56 Liquid Alternative Options

17:25 High Yield With Hedge

18:19 Advisor Due Diligence

19:33 Wrap Up and Where to Learn More

Connect with Ryan Nauman:

LinkedIn

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On Zephyr’s Adjusted for Risk Podcast, host Ryan Nauman welcomes David Lau, founder of DPL Financial Partners, to discuss how modern, low-cost, commission-free annuities can help address retirement income gaps as pensions decline and Social Security remains uncertain. Lau explains why annuities are polarizing—largely due to commissions driving higher costs, complexity, and surrender periods—and how DPL works with carriers and technology to bring over 100 commission-free products to fee-based and fee-only advisors. They cover key use cases including lifetime income, downside protection to manage sequence risk, and tax deferral for high earners, plus replacing older, higher-cost annuities. Lau also describes how commission-free annuities can help advisors differentiate with prospects, increase recurring fee revenue, improve firm valuation, and support independence by bringing annuity assets under management without maintaining a broker-dealer affiliation.

Learn more about Zephyr here.

Learn more about DPL Financial Partners here.

00:00 Welcome and Setup

01:33 Meet David Lau

04:32 Why Annuities Polarize

06:44 Commission Free Evolution

11:36 Retirement Income Benefits

14:16 Income Riders Explained

17:29 Suitability and Liquidity

20:18 Simple Products Not Sold

21:50 Advisor Use Cases

23:54 Practice Growth and Value

26:36 Independence Transition Hurdles

30:25 Planning Your Move

32:25 Wrap Up and Resources

Connect with Ryan Nauman:

LinkedIn

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On Zephyr’s Adjusted for Risk Podcast, market strategist Ryan Nauman interviews Thomas Martin, board member, partner, and senior portfolio manager at Globalt Investments, about the current market environment and portfolio positioning. Martin highlights the war involving Iran and potential disruption at the Strait of Hormuz as the key macro risk, primarily through its impact on oil prices and inflation, with possible recession implications if elevated prices persist. He explains Globalt’s approach as balanced and benchmark-aware, currently modestly overweight the U.S., underweight international equities, and holding Treasuries over credit due to insufficient compensation for credit risk, while managing duration near the market. He discusses using gold and silver as uncertainty hedges, trimming after spikes, the challenges of high index concentration, the sustainability of tech-led leadership, valuation pressures from AI disruption risk, and why P/E ratios remain a useful shorthand despite limitations.

Zephyr helps Investment professionals shift through the noise. Learn more here.

Learn more about Globalt Investments here.

00:00 Welcome to the Podcast

01:03 Meet Tom Martin

03:02 Biggest Macro Risk Oil

07:49 Portfolio Positioning Today

11:26 Why Underweight International

14:12 Balancing Risk and Upside

17:10 Market Broadening Beyond Tech

20:16 Valuations and PE Debate

24:54 Beating a Concentrated Index

28:50 AI Hype vs Real Winners

31:07 Wrap Up and Where to Learn More

Connect with Ryan Nauman:

LinkedIn

X:

Ryan Nauman hosts Zephyr’s Adjusted for Risk podcast with guest Angie Herbers, founder of Herbers & Company. They discuss growth in wealth management and why capacity—defined as the ability to absorb additional growth without service quality decreasing—is the primary growth engine behind both organic growth and M&A. Herbers distinguishes capacity from productivity, explains why common benchmarks often miss differences in service models, and highlights the importance of the support ratio and investing in advisors rather than excessive support staffing. She argues firms can improve capacity by focusing first on client experience, then organizational and operational structure, and by clarifying a core service to avoid diluted offerings. They also discuss AI’s role in transforming support work and improving response and information quality.

Learn more about Zephyr: https://informaconnect.com/zephyr/?utm_medium=Content&utm_source=Content_Podcast&utm_campaign=YT_Adjusted_for_Risk_&utm_content=YT_Adjusted_for_Risk

Learn more about Herbers & Company here: https://www.herbersandcompany.com/

00:00 Welcome and Guest Intro

01:30 Angie Herbers Background

03:16 Growth Engines and Capacity

05:48 Why M&A Took Off

07:48 Defining Capacity Simply

10:26 Key Capacity Ratios

14:29 Support Ratio Strategy

19:30 Productivity vs Capacity

22:49 Why Capacity Gets Ignored

29:27 Boosting Capacity via Client Experience

35:20 Avoiding Service Dilution

42:43 AI and the Future of Capacity

46:10 Where to Learn More and Wrap Up

Connect with Ryan Nauman:

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

X: https://twitter.com/LkTahoeBadger