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Change is happening all around us at an accelerating rate. To exploit that change, rather than be exploited by it, professional advisors need power and capability that is protected by true independence. My guest today is a pioneer of the business model that was created to deliver that combination, what is now called outsourced chief investment officer (OCIO).
Jon Hirtle will explain why he is just as passionate about power, capability and true independence as he was when he founded an industry and a firm over 35 years ago. He has been an active investor and successful entrepreneur for 40 years and I look forward to discussing the lessons he has learned as well as the trends he finds compelling.
How do good RIAs become great ones? How do $1 billion-dollar practices become $20 billion-dollar practices? Today, I talk with someone who has done both.
Here are some links to learn more about Jon and Hirtle Callaghan:
Jonās emai: [email protected]://www.hirtlecallaghan.com/https://www.hirtlecallaghan.com/blog/ -
Diversification is a core principle of sound investing, but building a diversified portfolio is much easier in theory than in practice. In the recently published ā2024 Diversification Landscape,ā portfolio strategist Amy Arnott of Morningstar took a deep dive into the diversification potential of several major asset classes. As advisors build their clientsā portfolios, there are a few lessons from this research. First, it is impossible to predict which asset class will do well in any given year. Holding a variety of asset classes helps guard against being overly exposed to an area that falls out of favor. Second, while the correlation between stocks and bonds has increased, bonds still provide relatively strong diversification benefits. This means that the classic 60/40 portfolio is tough to beat, having produced returns of about 18% in 2023. Third, the asset classes with the strongest diversification benefits may come as a surprise to some advisors. Real estate is a questionable diversifier despite its popularity, while cash is a strong diversified.
Show Notes
Here are some links to learn more about Amy and her research:
Get the full report: 2024 Diversification Landscape -
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The multi-trillion-dollar ESG fund industry faces a regulatory problem. By the end of 2025, funds with net assets of $1 billion or more must comply with the amendments to SEC Rule 35d-1, better known as the ānames rule.ā It requires funds with names that include ESG terms have at least 80% of the fund invested in assets that aligned with those terms. The amendments strengthen prospectus disclosure requirements, and mandate that terms used in the fundās name suggesting an investment focus be consistent with their plain-English meaning or established industry use.
My guest today will explain how ESG has become a meaningless term to investors. The result has been massive flows to ESG funds that have large holdings in oil companies, agricultural chemical manufacturers and similar companies that many investors are not aware of. Fund managers are struggling to explain what is going on, as they must to comply with the names rule.
Show Resources
Reflection Analytics Launches Digital Platform for Comprehensive ESG Audit and AnalysisSEC Adopts Rule Enhancements to Prevent Misleading or Deceptive Investment Fund NamesReflection AMReflect website
Here are some links to learn more about Jason and Reflection Asset Management: -
Todayās technology-driven landscape makes it easier than ever for RIAs to embrace automation across their tech stack and supercharge their businesses. Advisors can save time and minimize errors by using trading and rebalancing tools, portfolio management and CRM systems to manage accounts. Automation in data analysis also frees up time to provide more personalized advice or pursue new business. During this episode, Steve Sanders of Interactive Brokers will cover How automation increases operational efficiencies for advisors, why data aggregation and integrated reporting are critical to serving clients holistically and so much more.
Show Notes
Interactive Brokers home page: https://www.interactivebrokers.com/en/home.phpInteractive Brokers page for RIAs: https://www.interactivebrokers.com/en/accounts/advisor.php
Below are some links to learn more about Steve and Interactive Brokers:Learn all about the advantages of active strategies and how they are uniquely suited to the moment at VettaFiās upcoming Active Management Symposium on May 16th. Go to etftrends.com/webcasts/alternatives-symposium-2024 to learn more.
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With nearly 4.5 million Americans turning 65 in 2024, advisors are navigating four core risks that will impact their portfolios in retirement: longevity, inflation, volatility, and emotions. We will discuss new research by Dr. Wade Pfau, professor at The American College of Financial Services. He did this research on behalf of Equitable to look at how to improve the efficient frontier, enhance risk-adjusted returns and help advisors ā and their clients ā make the most of their assets through their retirement.
The research looks at the role of a registered index linked annuity (RILA) with lifetime income for a portion of a portfolio and the resulting impact on meeting lifetime spending goals, preserving assets and managing volatility as part of an overall retirement plan.
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Here is a link to learn more about Wade, Pete and Equitableās offerings:
Equitableās retirement guide: https://equitable.com/financial-professionals/annuities/tool-center?utm_source=rgnov23 -
Large international index funds do not account for geopolitical risk. Corruption has costs, and in this age of conflict with rising tensions in the Middle East, Russia, Ukraine and elsewhere, investors are faced with a daunting landscape while US markets are near highs. Should investors ride the momentum or transition and rotate to sectors that represent greater value and higher forward expected returns? The traditional international funds are attractively valued relative to the US but are fraught with risk. Today we will hear from Julie Cane and Chris Browne from Democracy Investments to discuss democracy as a factor in international investing.
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Here are some links to learn more about Julie, Chris and Democracy Investments:
To learn more about Democrqacy Investments, and the DMCY fund visit https://www.advisorperspectives.com/pdfs/2024/DI-Overview-3_20_24.pdf Please find more information and important disclosures at https://www.democracyinvestments.com/fundLearn all about the advantages of active strategies and how they are uniquely suited to the moment at VettaFiās upcoming Active Management Symposium on May 16th. Go to etftrends.com/webcasts/alternatives-symposium-2024 to learn more.
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Letās explore the world of cash. One year after the collapse of SVB, fiduciaries need to understand the cash management platforms on the market, including the fine print that can make or break a client relationship. The right platform will help the advisor provide more holistic advice and grow their AUM organically. My guest will discuss what advisors need to know about cash sweep accounts and how advisors can evaluate different platforms. We hope to provide a better understanding of the cash management landscape, the inherent conflicts of interest that occur, and how to talk to clients about cash.
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Here are some links to learn more about Gary and MaxMyInterest:
www.maxforadvisors.com The Impact of Active Cash ManagementLearn all about the advantages of active strategies and how they are uniquely suited to the moment at VettaFiās upcoming Active Management Symposium on May 16th. Go to etftrends.com/webcasts/alternatives-symposium-2024 to learn more.
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On March 8 of this year, BlackRock announced its agreement to acquire the remaining equity interest in SpiderRock Advisors, LLC, a leading provider of customized option overlay strategies in U.S. wealth markets ā a move that builds on BlackRockās minority investment in SpiderRock, made in 2021, and reinforces BlackRockās commitment to personalized separately managed accounts.
Led by President and Chief Investment Officer Eric Metz, SpiderRock Advisors is a Chicago-based asset management firm focused on providing customized option overlay strategies to investors. The company excels in innovating options strategies, making them a vital asset class for institutions and advisors. By combining technology with comprehensive derivative management expertise, SpiderRock Advisors is committed to making it easy for financial advisors and institutions to add option overlay strategies to their portfolios. SpiderRock Advisors manages approximately $5 billion.
Show Resources
Press release (March 8, 2024): BlackRock to Acquire SpiderRock Advisors- https://ir.blackrock.com/news-and-events/press-releases/press-releases-details/2024/BlackRock-to-Acquire-SpiderRock-Advisors/default.aspx
Web site: www.spiderrock.com- http://www.spiderrock.com/
Learn all about the advantages of active strategies and how they are uniquely suited to the moment at VettaFiās upcoming Active Management Symposium on May 16th. Go to etftrends.com/webcasts/alternatives-symposium-2024 to learn more.
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Investors are choosing bonds in record numbers ā in 2023, global bond ETFs gathered an annual record of over $300 billion in flows with iShares leading with $113 billion. My guest today will explain why this will continue, as many investors are still significantly underweight to fixed income, with a 22% average allocation. You will hear why investors need to step out of cash and move faster into fixed income because, historically, the market has priced in rate actions long before they occur.
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BlackRock Flexible Income ETF (BINC)BlackRock Total Return ETF (BRTR)iShares iBonds ETFsiShares High Yield Systematic Bond ETF (HYDB)iShares Core U.S. Aggregate Bond ETF (AGG)iShares Core Total USD Bond Market ETF (IUSB)iShares Broad USD High Yield Corporate Bond ETF (USHY)iShares J.P. Morgan Broad USD Emerging Markets Bond ETF (BEMB)BlackRock AAA CLO ETF (CLOA)
Here are some links to learn more about Steve and BlackRock:Learn all about the advantages of active strategies and how they are uniquely suited to the moment at VettaFiās upcoming Active Management Symposium on May 16th. Go to etftrends.com/webcasts/alternatives-symposium-2024 to learn more.
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The easiest new client to get is the one that you donāt lose. Focusing on client retention is the key to the success of any business ā whether you are an RIA or FA with 300 clients, or a mutual fund manager with 300,000 or three million shareholders. What are the lessons learned from past periods of stock and bond market stress applicable to client retention? How can regulators, watching the mutual fund industry and the advisory profession ā so important to the nationalās retirement savings ā benefit from these lessons?
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A like to the latest study: https://www.linkedin.com/feed/update/urn:li:activity:7174395341968920576/ 2015 study: https://static1.squarespace.com/static/579505b4b8a79baa23c97c61/t/65b51ddbba4ee864a636622b/1706368477762/Strategic+Insight+Study+-+Mutual+Funds+and+Systemic+Risk%2C+March+2015+%28FSOC+Submission+Docket+2014-0001%29.pdfAvi's LinkedIn page: https://www.linkedin.com/in/avinachmany/Avi's personal web site: https://www.avinachmany.com/
Here are some links to learn more about Avi and his work:Learn all about the advantages of active strategies and how they are uniquely suited to the moment at VettaFiās upcoming Active Management Symposium on May 16th. Go to etftrends.com/webcasts/alternatives-symposium-2024 to learn more.
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The economy, inflation, interest rates and market valuations drive the key questions facing advisors. Does the tech stock landscape mirror the boom of 1996 or the bust of 2000? What will be the impact of Meta's inaugural dividend payment? Is now the time to increase allocations to international Markets? What are the challenges faced by retail banks by not providing competitive rates and the resulting opportunity cost of holding cash? Finally, we will address the complexities advisors face in investment management, client growth, and retention.
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Here are some links to learn more about Jeremy and Wisdom Tree Financial:
Jeremy Schwartz | ETFs (Exchange Traded Funds) & ETF Investments from WisdomTree- https://www.wisdomtree.com/investments/jeremy-schwartz2024 Economic Outlook & Market Signals | WisdomTree- https://www.wisdomtree.com/investments/strategies/on-the-marketsLearn all about the advantages of active strategies and how they are uniquely suited to the moment at VettaFiās upcoming Active Management Symposium on May 16th. Go to etftrends.com/webcasts/alternatives-symposium-2024 to learn more.
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The impending retirement wave poses a critical challenge to the advisory profession. Nearly 40% of advisors plan to retire in the next decade. My guest today will explain why the profession is at an inflection point and proactive planning is essential for continued success. We will delve into best practices to transition to the next generation of advisors and investors, strategies for recruiting junior advisors, and how to appeal to emerging investor demographics and scaling engagement models to navigate a shrinking advisor pool.
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Here are some links to learn more about Matt and AssetMark:
AssetMark web site- https://www.assetmark.com/Matt Matrisian, MBA | LinkedIn- https://www.linkedin.com/in/matt-matrisian/Matt Matrisian's previoius podcast in 2023- https://www.advisorperspectives.com/podcasts/2022/03/23/how-top-advisory-firms-and-finding-and-retaining-the-best-employeesLearn all about the advantages of active strategies and how they are uniquely suited to the moment at VettaFiās upcoming Active Management Symposium on May 16th. Go to etftrends.com/webcasts/alternatives-symposium-2024 to learn more.
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Guessing the direction of interest rates is no easier than any other tactical or market timing decision. The yield on the benchmark 10-year Treasury note is just under 3.9%. That is about 100 basis points less than it was a few months ago. Fed policy is uncertain, inflation has not been fully controlled, and fiscal deficits loom as a long-term risk for yields to go higher.
Those factors argue in favor of an allocation to floating-rate notes. My guest today will help us explore this asset class, its opportunities and its risks.
Show Resources:
Eaton Vance Floating-Rate ETF - https://www.eatonvance.com/im/en-us/financial-advisor/product-and-performance/etfs/fixed-income/.ev.html/ev?cid=bn:etf2:vettafi:launchaccel:podcast:na:na:na All Eaton Vance ETFs- https://www.eatonvance.com/etfs.php?cid=bn:etf2:vettafi:launchaccel:podcast:na:na:na
Here are some links to learn more about EVLN and Eaton VanceLearn all about the advantages of active strategies and how they are uniquely suited to the moment at VettaFiās upcoming Active Management Symposium on May 16th. Go to etftrends.com/webcasts/alternatives-symposium-2024 to learn more.
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Commodities have played a pivotal role in financial markets since 2020. Pipelines have been blown up, shipping routes have been disrupted, droughts lowered electricity output, Panama Canal traffic increased, and agricultural prices rose to name just a few recent incidents. Yet commodities also remain an asset class that is not well understood. Today, we will dive into the state of the commodity market, and how opportunities and pitfalls in 2024 may affect your portfolio.
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Here are some links to learn more about Bob and abrdn:
Abrdn ETFs Suite- https://www.abrdn.com/en-us/investor/investment-solutions/commodities?gclid=d2eaf3597b6a180240bf96947c6192be&gclsrc=3p.ds&msclkid=d2eaf3597b6a180240bf96947c6192beAbrdn Commodity ETFs- https://www.abrdn.com/en-us/investor/investment-solutions/commodities?gclid=d2eaf3597b6a180240bf96947c6192be&gclsrc=3p.ds&msclkid=d2eaf3597b6a180240bf96947c6192beAbrdn February Commodities insight blog- https://www.abrdn.com/en-us/investor/insights-and-research/the-global-love-affair-with-precious-metals?opendocument=&utm_campaign=US%20WM_Commodities%20Update_Feb_2024&utm_medium=email&utm_source=Eloqua&utm_content=CAAML000002461533&utm_company=&cn=Newsletters&SHA=86247a0be1e289e4ab638faac0e0aa48c807d7eb98454b437bd8e2350fd87578Learn all about the advantages of active strategies and how they are uniquely suited to the moment at VettaFiās upcoming Active Management Symposium on May 16th. Go to etftrends.com/webcasts/alternatives-symposium-2024 to learn more.
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More advisors and firms are moving to fee-centric affiliation models, dropping their FINRA registrations and focusing on providing investment advice for a fee. What is the driver behind this trend? Today, weāll explore the models under which an advisor could move to a fee-based practice, the benefits, the changes from a product and compensation perspective, and the key considerations for those considering this move. The three main ways an advisor could move to a fee-based model are becoming an investment adviser representative of a corporate RIA (like Commonwealth), starting their own RIA, or joining an independent RIA. At the end of our conversation, I hope to illuminate the differences between those models and what you should focus on if you are considering a change in your affiliation model.
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Here are some links to learn more about Alex and Commonwealth Financial Network:
Commonwealthās new guide: How to Navigate a Fee-Only Path (commonwealth.com) - https://crmsf.commonwealth.com/going-fee-only Learn more about Commonwealth: Affiliation Flexibility | Be the Independent Advisor You Want to Be (commonwealth.com)- https://www.commonwealth.com/advisor-solutions/affiliation-flexibilityLearn all about the advantages of active strategies and how they are uniquely suited to the moment at VettaFiās upcoming Active Management Symposium on May 16th. Go to etftrends.com/webcasts/alternatives-symposium-2024 to learn more.
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In a chaotic and uncertain world, investors crave a measure of predictability. Despite the best efforts of strategists and analysts to predict how markets will perform, no one knows what the future will hold. Defined-outcome ETFs offer investors a new way to reduce uncertainty while still maintaining exposure to the marketās upside. This has been one of the fastest-growing segments of the ETF market and many believe itās got a long way to go.
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Here are some links to learn more about Graham and Innovator:
The Innovator ETF web site- https://www.innovatoretfs.com/ Equity defined protection strategies- https://www.innovatoretfs.com/protect/Defined income ETFs- https://www.innovatoretfs.com/define/income/Learn all about the advantages of active strategies and how they are uniquely suited to the moment at VettaFiās upcoming Active Management Symposium on May 16th. Go to etftrends.com/webcasts/alternatives-symposium-2024 to learn more.
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The Fed seems headed for a "higher for longer" interest rate policy. My guest and I will explore the implications of fiscal and monetary policy on the shape of the yield curve, personal balance sheets, pension plans, private credit, and opportunities for public companies. We will also discuss the implications for the upcoming election.
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Here are some links to learn more about Sal and Coherence Credit Strategies:
The Tiptree home page- https://www.tiptreeinc.com/ Salās LinkedIn page- https://www.linkedin.com/in/sal-naro-34855414/Contact Sal via email- [email protected]Learn all about the advantages of active strategies and how they are uniquely suited to the moment at VettaFiās upcoming Active Management Symposium on May 16th. Go to etftrends.com/webcasts/alternatives-symposium-2024 to learn more.
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Kaiju Worldwide operates under the belief that the potential of predictive AI is limitless and is driven by the desire to create better outcomes for investors and industries through responsible innovation and common data standards. The company applies predictive AI across diverse fields, including investment management and maritime navigation. When it comes to investment management, it uses the power of AI across private and public investment funds, including ETFs, to unlock new value for investors.
Show Resources
Forbes Council ā Ryanās bio as a member of the Forbesā Council- https://councils.forbes.com/profile/Ryan-Pannell-CEO-Chair-Kaiju-Worldwide/70153da8-bbc6-48b9-8a98-d60214282958
Here are some links to learn more about Ryan and Kaiju:Learn all about the advantages of active strategies and how they are uniquely suited to the moment at VettaFiās upcoming Active Management Symposium on May 16th. Go to etftrends.com/webcasts/alternatives-symposium-2024 to learn more.
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My guest today will speak to the benefits of active management, why growth investors can generate attractive returns in the current market environment, and the importance of adopting a long-term perspective in investment strategies. We will discuss the mindset that is required for successful growth investing and how financial advisors can help their clients evaluate global growth stocks.
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Here are some links to learn more about Mark and Ballie Gifford: https://www.bailliegifford.com/en/uk/individual-investors/insights/ic-article/2023-q4-why-growth-why-now-10041074/
Learn all about the advantages of active strategies and how they are uniquely suited to the moment at VettaFiās upcoming Active Management Symposium on May 16th. Go to etftrends.com/webcasts/alternatives-symposium-2024 to learn more.
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Today, we will discuss the evolving role of private equity. We will start with a discussion of the state of the global economy, the opportunities for investment and how the world of private equity is changing. We will explore the need to democratize access to private investments, expand access to private investments in 401(k)s and the role advisors will play in providing access for their clients.
Show Resources
The Axxes Capital web site- https://axxescapital.com/ Axxes Capital on LinkedIn- https://www.linkedin.com/company/axxescapital/
Here are some links to learn more about Joe and Axxes Capital:Learn all about the advantages of active strategies and how they are uniquely suited to the moment at VettaFiās upcoming Active Management Symposium on May 16th. Go to etftrends.com/webcasts/alternatives-symposium-2024 to learn more.
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