Can You Hold My Attention? The Derek Bruton Podcast

I met Tricia Rothschild for the first time at an industry conference late last year. It's odd that it was our first meeting as we've both been in the industry for 30 years and we have in common many acquaintances.Tricia Rothschild was one of the early contributors to the massive success of Morningstar, making the wealth management and investment research company a household name.  She was the Chief Product Officer and Co-Head of Global Markets at Morningstar and managed a multi-million-dollar P&L supported by global teams of technologists, designers, researchers, product managers, and marketers. In her 26 years at Morningstar, Tricia helped develop online investment services for individual investors, and build the firm's equity research business. She left Morningstar two years ago, but Tricia has stayed true to her wealth management passion and now serves on several boards of directors in the financial services and fintech space, including board seats at Riskalyze and Tifin.  She earned a spot on Financial Planning's 2021 “Most Likely to Change Wealth Management” list, and received Investment News' 2020 “Women to Watch” award.Listen to this 22nd episode of Can You Hold My Attention? to hear Tricia's views on culture and inspiration within a fast-growing company, her thoughts on the current state of the financial markets, and her advice for business owners on managing complexity and staying focused.

Tim Bello, Co-founder and Managing Partner of Merchant Investment Management, doesn't care much for boxes. Merchant has consistently been inserted into the private equity box. He'll be the first (and second and third) to tell you that Merchant is not a private equity firm, but rather an operating company, stacked with resources, focused on people first and the deal second. Give Tim a square piece of cardboard and he will throw in Merchant's permanent capital focus, their super-talented and very seasoned operating team, and their desire to be active partners to the RIAs and wealth management firms in which they take minority stakes. The formula is a winning one, with Merchant investing in over 30 RIAs and wealth management firms in the last 2 years. Listen to this 21st episode of Can You Hold My Attention? and hear Tim's thoughts on industry consolidation, the key ingredients in a good deal, and what Merchant's partner firms value much more than the capital they received from Merchant.

John Tyers, the new head of Wells Fargo's independent advisor business, has a big job. Many in the industry would say it's a tough job. Some might even say he's got an impossible job. It doesn't matter what people say — Wells has made a big bet on John to turn around the firm's FiNet advisor business, as well as their First Trust clearing division. They've even asked to put his 30 years of experience in the RIA and custody industry to use and build out a Hybrid RIA custody platform. John is up to the task, and not just because he speaks the languages of RIA custody and advisor technology as well as anyone in the industry. He's told us that he also has the one thing that has alluded many others in the past who have tried to make full-fledged RIA custodians out of the wire houses, and that is full support of the people he reports to — the senior management team of the massive and powerful organization that is Wells Fargo.I'm excited to have John on the show to talk about why he took this big job, his initial plans to change and improve the landscape of the FiNet and First Clearing businesses, and why he thinks Hybrid RIAs will view Wells as a key partner for growth. 

Abby Salameh is smack dab in her element, once again. You see, Abby makes complex "simple," the unheard of "familiar," and the historically un-friendly your "best friend." Just a few months into her role as the Chief Marketing Officer at CAIS Group, and now with a fresh $225 million investment in the firm, she's well on her way to doing what she does best. The alternative investment product industry accounts for over $10 trillion in assets. But only $80 billion of that is with RIAs and retail wealth advisors. 65% of RIAs still allocate less than 10% of their portfolios to alts. Abby and CAIS are on a mission to democratize access to the alternative product space and elevate the confidence advisors have in using alternatives for their clients. She's the right person at the right time. Why? Because Abby truly understands the financial advisor and his/her business after 25 years of leadership at firms such as TD Ameritrade, Private Advisor Group, and Hightower. Importantly, she understands the advisor's client as well. You need to start there if you want a shot at measurably changing the landscape of this industry as it relates to an investment product. Listen to this 19th episode of Can You Hold My Attention? and learn more about how Abby and CAIS plan to drive up the level of understanding and awareness of alts, and how she'll make CAIS a household name and platform in the alternative investment space. This podcast was recorded on 12/21/21, and is for discussion purposes only. The views and opinions expressed by the speakers herein solely reflect the views and opinions of such speakers and may differ materially from the views and opinions of CAIS, its affiliates and the broader financial industry. In addition, the views and opinions expressed by the speakers herein are as of the date recorded and are subject to change without notice. CAIS has no obligation to provide updates or changes. CAIS makes no representations or warranties with respect to the information contained herein, and this podcast should not be relied on as the basis for investment decision, or for any other purpose whatsoever. This presentation is not, and should not be construed as, an offer or solicitation to purchase any fund, product, security, or service. Any such offer may only be made pursuant to the delivery of formal offering documents. Please note, products and/or strategies mentioned in this podcast may be available on the CAIS Platform, and CAIS and/or its affiliates may be paid a fee for the sale of such products and/or strategies facilitated through the CAIS Platform. Furthermore, it should be noted that CAIS and/or its affiliates may be paid a higher fee for products, funds and/or strategies that have the investment objective addressed in this presentation, in relation to other funds and strategies. Past performance is not a guarantee or indication of future results.

Boom! Problem solved. Aaron Klein, CEO and Co-founder of Riskalyze, has taken on the challenge of investment management complexity for financial advisors and injected simplicity into the process for them and their clients. Now serving hundreds of thousands of advisors, with millions of "risk numbers" (in the form of speed limit signs!) delivered to investors, Aaron and his bright team in Auburn, California are riding this massive wave of digital transformation and loving every minute of it. So is their new investor, HG Capital, who just recapitalized Riskalyze and will pour significant money into the company. HG is particularly fond of Riskalyze's delivery model, their learning and training culture, and the high level of client satisfaction that Riskalyze enjoys. Aaron is downright adamant about sticking to the 9 core values of his firm, and making sure that these values are not as much aspirational as they are a reflection of Riskalyze and its people. Listen to this 18th episode of Can You Hold My Attention? to learn more about these core values, Aaron's views on key trends in the wealth management industry, and how Riskalyze is not just an investment management technology, but also a tool advisors use to fuel their growth initiatives. And if you're wondering where Auburn is and what the little town is famous for...well, you're learn about that too.

It's always fun to have an acccomplished advisor on the show. It's more fun and interesting to have an advisor who has defied the odds to reach success. But it's most enjoyable to have that advisor on my show just as she was named one of the top 100 advisors in the country by Barron's! Laila Pence and her Newport, CA based wealth management firm, Pence Wealth Management, is a $2.4B company, riding a growth rocket ship, but all the while staying humble and extremely focused. Laila emmigrated to America from war-torn Egypt when she was just 12 years old. She threw all challenges aside and let her natural-born tenacity and work ethic take over. Laila went from selling hot dogs as a non-English speaking kid in NYC to become one of the most successful female advisors in America. Together with her husband, Dryden, they have built a firm that relies on a successful division of labor, on enhanced communication with clients and prospects, and importantly, on understanding how to effectively sell in this business. In my 30 years of working with financial advisors, I don't think I've ever seen such a masterful salesperson as Laila Pence. On this show, Laila tells me about her amazing journey to the U.S., building a successful business from scratch, and her keys for driving exponential growth in a very competitive wealth management market. All this and more the on this 16th episode of Can You Hold My Attention?

HHe's the King of the Analogy, the Master of the Metaphor, and one of the most respected (and humorous) professionals in financial services. Philip Palaveev is the CEO of the The Ensemble Practice, a consulting firm he founded and leads in Seattle which focuses on making successful business owners out of successful advisors. With his analogies and metaphors, Philip has a way of illustrating a point better than anyone I've ever worked with in this industry. But it's his knowledge of the advisor business that makes him one of the most sought-after coaches for advisors and institutions catering to financial advisors. What's the secret sauce? It's the great perspective Philip has accumulated as a principal at Moss Adams, then as a leader of a very large advisory practice, and now as a successful business owner. That makes him a rare but valuable resource to any advisor who truly wants to improve his or her business. Philip speaks with me about the advantages of a group practice, how the next generation investor's needs are not too dissimilar from those of today's client, and his 3 keys to becoming a superior business owner. All this and more on this 16th episode of Can You Hold My Attention?

Global climate change is one of the hottest topics today. Greenbacker Capital, and its Co-CEO, David Sher, are changing the carbon footprint of America AND educating investors on how doing good for the environment can be a good investment strategy. Renewable energy infrastructure represents a massive opportunity for investors as the costs related to wind, solar, and energy storage have dramatically decreased over the last decade. David joins me on the show to discuss where the opportunities lie and explain why there need not be a conflict between generating great social outcomes and generating great investment returns. David co-founded Greenbacker in 2011, with a dual mission of providing solid returns for investors and enabling the transition to a renewable energy future. And he's bringing sustainable energy and other infrastructure investment opportunities to market for financial advisors. Listen and learn about David's unique insights on renewable energy sources, why the costs of production are no longer higher than traditional energy sources, and why energy storage opportunities are so attractive.  All this and more on this 15th episode of Can You Hold My Attention?

Lori Hardwick is our industry's "Swiss Army Knife." She's successfully served in both strategic and operating roles. She can move effortlessly between conversations on asset management, fintech, and the state of custodians and broker/dealers in this industry. She's converted all of this experience into positions with some of the most successful companies in financial services. Lori's career spans 30 years, and includes leadership roles at Nuveen, Envestnet, Pershing, and her own company – AI Labs – which she sold to Envestnet in 2020. Lori has now set her sights on helping several growing companies with their strategic goals via her Board of Director seats at Orion, Vestwell, Cetera and Genstar. I'm thrilled to have Lori on the show to discuss her passions, her insights on hot industry trends, and how's she's driving industry diversity. All this and more on this 14th episode of Can You Hold My Attention?

As Co-CEO of Dimensional Fund Advisors, Dave Butler leads one of the largest mutual fund companies in the world. He and his colleagues have been wildly successful taking DFA from $9 billion in assets in 1995 to over $650billion today. Dave's career started as a professional basketball player and turned into a career in wealth management, quite literally overnight. At DFA, Dave has influenced the business health and growth for thousands of financial advisors. Dave tells us how he got into this business, the lessons he's learned from Nobel Prize winners and famous economists like Myron Scholes and Gene Fama, and how the holistic wealth management trend marries well with the DFA approach. You'll also learn how Dave is guiding his firm through the advice industry's growing affection for ETFs. All this and more on this 13th episode of Can You Hold My Attention?

Hall of Famer Tara VanDerveer is the all-time winningest coach in NCAA women's basketball history. She and her Stanford University team just capped off a magical year by winning the 2021 NCAA championship and overcoming numerous challenges in a Covid-filled season. While remarkable, what does that have to do with the wealth management industry? The parallels between sports and our industry are numerous, particularly as they relate to leadership and teamwork. Recruiting and developing talent, preserving in the face of adversity, building a culture of excellence - I could be talking about objectives of both basketball coaches and wealth management leaders. There's no difference. Listen to this episode of Can You Hold My Attention? as Tara shares her playbook for success.

I'm not a fan of loosely using the term "pioneer".  Calling Tim Kochis a pioneer in the wealth management industry, however, is pretty darn accurate.  He co-founded Kochis, Fitz, Tracy, Fitzhugh & Gott in 1991, and built a multi-billion dollar RIA and organic growth machine. 17 years later, Tim engineered his own succession when he merged with another RIA, renamed the firm Aspiriant, and then resigned, as planned, in 2012.  Past performance does not guarantee future results.  Tim's past performance, and the wisdom he gained as one of the first ultra-successful RIAs, DOES guarantee that our listeners will learn a few things from this Pioneer on the 11th episode of "Can You Hold My Attention?"

Rachel Robasciotti, the CEO of Adasina Social Capital, is truly changing the way investing can lead to material changes in the most problematic issues in our society.  There's not a day that goes by that I don't read about ESG - Environmental, Social and Governance – investing.  But Rachel and Adasina take ESG investing to a whole new level of passion and conviction.  She's found a way to make true changes in society through the exchange traded fund that she manages, while remaining committed to generating performance for her shareholders. And on this episode of Can You Hold My Attention, in the wake of a historical step forward in justice after Derek Chauvin was found guilty of 2nd degree murder, we'll dive deep into how a black female from a small town in California rode her childhood experiences and passions straight into an industry that suffers from gender and racial diversity problems. Rachel Robasciotti actually chose wealth management as the platform to amplify her voice for change.

Marc Butler is the President & COO of the blazing hot fintech company called Skience. Like many in our industry, Marc's illustrious career traveled through the RIA custodian vertical. It's with this perspective that he shares why the wealth management industry is at the next true stage of digital transformation.  Why are advisors not adopting technology solutions at a faster pace? What role will the custodians play in reshaping the RIA technology stack? And can financial advisors reinvent how they manage client relationships?  All this and more on this episode of "Can You Hold My Attention?"

It's not every day you get to interview a Nobel Laureate. I am honored that Dr. William F. Sharpe sat down to talk with me about the Sharpe Ratio, retirement planning, and why his focus has evolved from accumulation of wealth for retirement and how firms can better manage those assets, to helping individuals plan to use those assets to finance their retirement. We also discussed his free eBook, Retirement Income Planning with Scenario Matrices, at length. You can access the eBook & software he references with the link below Why the Sharpe Ratio continues to be important in planning today The evolution of Dr. Sharpe's career, and how his focus evolved How scenario matrices can help people understand what it means to have enough to retire Dr. Sharpe's perspective on annuities Why Dr. Sharpe is nervous about the U.S. economic outlook over the next five years Download Retirement Income Analysis with Scenario Matrices (eBook and Software)

Basketball is one of my passions, so recording this episode was a blast! Chris Dudley & Detlef Schrempf played a combined 32 years in the NBA, and have chosen financial services as their second career. The lessons they share from their experiences are timeless, and apply to each of us and the role we play on our own personal teams – both in the office and at home. Of course, I couldn't resist sneaking in a little fun and asking them to pick their ultimate basketball teams. Be sure to listen to the end to hear their selections! How they found their way to the NBA Why they were asked to play different roles in the NBA, and how they found success in them Why they transitioned into financial services How they leverage their vast networks of relationships for business without abusing them Chris & Det's advice for those considering working with professional athletes

Samantha Russell has been named to Investment News's “40 Under 40” and to wealthmanagement.com's “10 to Watch” list for her work in creating dynamic websites and digital marketing strategies for Advisors. Our conversation about why digital marketing matters and how to measure return on investment moved me from being slightly skeptical to being excited to try some new things in Kingswood's marketing strategy. How to leverage both business and personal messages most effectively across the different social media outlets Why it is important to engage on social media rather than simply post & wait for followers How you can gauge what the most effective digital medium is for your message How you should be measuring success in your digital marketing efforts

I've known and respected Jeff Kleintop, Chief Global Investment Strategist at Charles Schwab & Co, Inc, for a long time. This conversation about what he's watching in the worldwide financial markets feels extraordinarily relevant in these early days of both the new administration and the vaccine-led recovery. Why Jeff thinks we are at the beginning of a new economic cycle in the worldwide markets Why Jeff is concerned about the potential of a surprise uptick in interest rates How the performance of global markets will coincide with the performance of global economies this year How Jeff thinks advisors should be allocating the global portions of their portfolios What should advisors be discussing with clients who are close to retirement

Orion Advisor Services CEO, Eric Clarke, and I covered a lot of ground in this conversation. As one of the most innovative leaders in both FinTech and financial services, Eric has tremendous insight into how technology drove our industry in 2020 – “A year of Darwinian evolution…” – and how our landscape has been permanently changed as a result. The importance of leading by listening What Eric sees as the next phase in the evolution of our industry How Orion's merger with Brinker Capital led to a new mission: “Power The Advisor/Client Journey” How the American investor benefitted from the evolution of the financial services industry How close are we to “Alexa…” for financial services?

I am proud to share this inspiring conversation with my friend and NFL Hall of Fame quarterback, Fran Tarkenton. His perspective on leadership and the importance of taking your ego out of the equation to become a great leader is something I think everyone will find incredibly valuable. How the most important lessons he learned in football helped Fran transition into a wildly successful business career The importance of being authentic with both your clients and your team How surrounding yourself with the right people lifts the burden of having to be the smartest person in the room How the COVID-19 pandemic has led to growth and opportunity Fran's picks for the best player he's ever played with, as well as the meanest player he's played against

I really enjoyed this conversation with Elizabeth Nesvold, Managing Director and Head of Asset & Wealth Management Investment Banking at Raymond James, about the raging party that is consolidation / Mergers & Acquisitions (M&A) across our industry. Liz provided some astute insight into this booming landscape, as well as to how financial advisors are turning to M&A as a way to bring the resources they need to continue to grow their business. How & why M&A has accelerated this year after an initial slowdown How advisors are leveraging M&A to move beyond the “Valley of Death” Behind-the-scenes intelligence on valuation pricing and how it works What qualities command a premium valuation for an advisory firm, and what can drive down a valuation Areas within our industry in which Liz sees potential value at lower multiples

Welcome to the inaugural episode of “Can You Hold My Attention?” – The Derek Bruton Podcast. We are proud to have a renowned industry expert (some might say “the man behind the curtain”) and principal of RIABiz, Brooke Southall, as our guest. Listen as Derek & Brooke discuss and debate: Who is benefitting the most from key industry trends such as consolidation, the move to independence, and fee compression? The positive changes they see across the industry as a result of the COVID-19 pandemic How the digital revolution and the evolution of “fake news” has changed journalism Who they feel are the most influential people in the financial services industry today Brooke's insights around the Schwab/TD Ameritrade merger