CLS's The Weighing Machine

As Chief Investment Officer of Avantis Investors®, Eduardo is responsible for directing the research, design and implementation of our investment strategies, providing oversight of the investment team and the firm's marketing initiatives, and interacting with clients.Prior to Avantis Investors' establishment in 2019, Eduardo was Co-Chief Executive Officer, Co-Chief Investment Officer and Director at Dimensional Fund Advisors LP ("DFA") until 2017. While at DFA, Eduardo provided oversight across the investment, client service, marketing, and operational functions of DFA and oversaw their day to day operations, directed the engineering and execution of investment portfolios and was involved in the design, development and delivery of research that informed the firm's investment approach as well as its application through portfolio management and trading.Dr. Repetto earned a Ph.D. degree in Aeronautics from the California Institute of Technology, an MSc degree in Engineering from Brown University, and a Diploma de Honor in Civil Engineering from the Universidad de Buenos Aires. Eduardo is a Trustee of the California Institute of Technology. He is the recipient of the William F. Ballhaus Prize from the California Institute of Technology for outstanding Doctoral Dissertation in Aeronautics and the Ernest E. Sechler Memorial Award for his teaching and research efforts.Key Takeaways[02:52] - Learn more about Eduardo's diverse professional background and how his engineering background informs his work in finance today.[04:48] - What is unique about the Avantis investment philosophy and what does that mean for their advisors and investors?[06:48] - Avantis' Investment Solutions are designed to capture the benefits of indexing while simultaneously focusing on segments of the market that are likely to outperform. How does this work exactly?[10:32] - Avantis recently published an article entitled “What is Value?” What are some of the big takeaways and how does their firm define value?[12:20] - What are some of the key drivers in the ETF industry's continued growth?[15:50] - What are some of the latest trends and developments shaping the ETF market and which areas of the ETF market are experiencing the highest growth?[18:37] - Which strategies in the Avantis product line are showing the best growth and why is that?[20:54] - What strategies at Avantis may help advisors build more resilient portfolios?[22:16] - What are some best practices for constructing resilient ETF portfolios?[26:55] - How does Avantis set themselves apart in their client services and communication?[29:00] - What is currently Eduardo's favorite investment idea?Quotes[05:45] - “[Avantis formed]...in order to bring science, data and technology to analyze securities in a very very efficient way with low labor costs…We can provide portfolios that are very well diversified [with a] very low expense ratio and where the securities are analyzed on a daily basis." ~ Eduardo Repetto[111:23] - “For us, value is companies that are traded with a very very big discount embedded in their price. In otherwards, companies that have a good balance sheet, good cash flows, but the price is low." ~ Eduardo RepettoLinksEduardo Repetto on LinkedInAvantis Investors“Can't Hold Us (feat. Ray Dalton)” by Macklemore & Ryan LewisConnect with UsMeet Rusty Vanneman, Orion's Chief Investment OfficerCheck Out All of Orion's PodcastsPower Your Growth with OrionDisclosure(s) ~ Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor. Wealth Management services are offered by Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor. Orion Portfolio Solutions, LLC is a wholly owned subsidiary of Orion Advisor Solutions, Inc. (“Orion”)Compliance Code: 0726-OPS-3/25/2024

This week, Rusty is joined by Josh Flade from Orion to discuss diversifying asset classes. Joshua is the Deputy Chief Investment Officer of Orion OCIO where he chairs the investment committee and oversees the firm's four investment verticals: Public Equities, Fixed Income, ETF/Mutual Fund Models, and Private Investments. Previously, Joshua specialized in Fixed Income with 12+ years of experience and co-managed TownSquare Capital's Fixed Income strategies as well as served as the vice-chair of the firm's Investment Committee. Prior to TownSquare Capital, Joshua was a Senior Analyst/Associate PM within the Fixed Income Team at Ensign Peak Advisors with global coverage of Financial Institutions, REITs, and Healthcare industries. Prior to working at Ensign Peak Advisors, Joshua was an Associate within the Credit Research Group at Goldman Sachs with coverage of Central Counterparties (CCPs), Financial Institutions, and Oil and Gas industries in Central Eastern Europe, the Middle East, and Africa.Joshua currently volunteers as the Chair of Programming for the CFA Society Salt Lake and previously served as the President of the CFA Society Salt Lake and President of the Salt Lake Chapter of the BYU Management Society. Joshua is a CFA charterholder and graduated from Brigham Young University with a double major in Finance and Russian. He is also licensed in series 65.Key Takeaways[02:40] - Joshua's professional background and what his current roles at Orion are.[05:10] - Who does Orion Fixed Income  serve and why do they end up going with Orion over the alternatives?[06:44] - More about Joshua's fantastic team at Orion.[07:54] - When it comes to Fixed Income, a lot of people like to use Mutual Funds or ETFs but some people prefer separate accounts – what are the pros and cons of each?[10:54] - Are exits on SMA strategies more challenging than those utilizing ETFs or Mutual Funds?[11:39] - What is Joshua's current assessment of the Fixed Income markets?[13:37] - How do you explain what the yield curve is, why is it important to follow it and how does it impact Joshua's decision making?[17:41] - What are the differences between liquid alts and illiquid alts and who might use each?[19:28] - What alternative investments are particularly attractive to Josh at this moment?[21:07] - How does Joshua define global credit and what are some of his favorite ideas in that space right now?[23:57] - How to size your position in diversifying assets within your portfolio.[25:30] - Joshua's favorite overall investment idea in the current market environment.Quotes[15:54] - “Historically speaking, in this part of the interest rate cycle, what has performed well has been moving up in credit quality and adding some duration.” ~ Josh Flade[24:06] - "It's…not just the destination that matters, it's also [about] the journey and the experience for the investor. By using diversified asset classes, you are helping smooth out the journey instead of being so focused on the destination. So, if you can get a similar expected return, in the end, but have a much smoother experience for your investors, your investors are going to be more likely to stay invested. ” ~ Josh FladeLinks“Thrift Shop” by Macklemore (Explicit)Connect with UsMeet Rusty Vanneman, Orion's Chief Investment OfficerCheck Out All of Orion's PodcastsPower Your Growth with OrionDisclosure(s) ~ OCIO services offered through TownSquare Capital, LLC, an Orion Company, a Registered Investment Advisor. TownSquare Capital, LLC, is an affiliated company of Orion Portfolio Solutions, LLC through their parent company, Orion Advisor Solutions, Inc.Compliance Code: 0723-OPS-3/25/2024

This week, Rusty and Robyn are joined by Frank Nickel and Tom LaBarbera from Orion Portfolio Solutions to discuss Direct Indexing. Frank is an experienced investment professional known for his expertise in portfolio management and a history of contributing positively to performance outcomes.. He believes that a rigorously designed, flexible and robust investment process can add value by exploiting market opportunities. Thomas LaBarbera is a Quantitative Portfolio Manager at Orion who manages 23 SMA strategies within Beta, Factor and Thematic Portfolios for qualified and non qualified assets. In addition, he works alongside marketing and sales to enhance distribution channels and raise AUM. Key Takeaways[03:20] - The guests' professional backgrounds and what they are doing in their current positions.[04:36] - What is quantitative investing and what are some arguments for why it is an effective way to manage portfolios?[06:35] - How do Frank and Tom define, measure and manage risk?[09:25] - What do most people get wrong about, or not appreciate about, risk?[11:30] - How exactly would they define Direct Indexing?[12:42] - How much is Direct Indexing expected to grow?[14:25] - What are the arguments for why certain clients would want customization and why others don't want any customization?[15:45] - Where does the “Disciplined Equity” product line at Orion align with Direct Indexing and how does it differ?[16:50] - How “actively” are they working on the “Disciplined Equity” strategies?[19:02] - What new strategies are they currently working on?[20:56] - How does their team produce and vet new ideas before introducing them?[22:22] - Where do  they think the financial services industry is headed next?[23:41] - How might AI impact the financial services profession?[24:36] - What is currently their favorite investment idea?Quotes[19:10] - "We recently launched two new strategies. The first came up over the summer, and it was an Artificial Intelligence strategy. With all of our strategies that we run, how we get to them is, we take demand from the field…The most recent strategy we launched is called ‘Agressive Equity,' and again that's trying to provide a very aggressive profile. We're looking at…companies with really high growth rates…and that came from, again, from demand from a very specific client that was looking to use that strategy in conjunction with a fundamental active manager.  ” ~ Frank Nickel[24:36] - "I love Small Cap. I was a Small Cap manager for 15 years, [and] I think for the last 10 it has been extremely undervalued. I think there are a lot of areas in the market that are undervalued, and they are not undervalued because they aren't appreciated, I think tech has taken all of the air out of the room…This year could be a small cap rally if rates are reduced, but that's dependent on rates and you can't predict that.” ~ Tom LaBarberaLinks“Bad to the Bone” by George Thorogood“Live Like You Were Dying” by Tim McGrawConnect with UsMeet Rusty Vanneman, Orion's Chief Investment OfficerCheck Out All of Orion's PodcastsPower Your Growth with OrionDisclosure(s)Custom Indexing offered through Orion Portfolio Solutions, LLC a registered investment advisor.Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor. Wealth Management services are offered by Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor. Orion Portfolio Solutions, LLC is a wholly owned subsidiary of Orion Advisor Solutions, Inc. (“Orion”)Compliance Code: 0613-OPS-3/11/2024

Chris King is the founder and CEO of Eaglebrook Advisors. Eaglebrook is a crypto investment platform that provides RIAs with direct access to bitcoin and digital assets. The firm operates one of the largest SMA Platforms in the crypto market. Eaglebrook's investment platform offers access to tax optimized Bitcoin and Ethereum separately managed accounts (SMAs) and third-party investment manager strategies held at an institutional qualified custodian. Eaglebrook is an SEC registered investment advisor that works with over 70 RIAs and has over 700 financial advisors using Eaglebrook's Platform. The company is backed by leading wealth management executives and financial institutions including Castle Island Ventures, Brewer Lane Ventures and Franklin Templeton.Key Takeaways[03:20] - Chris' professional background and what drew him to digital assets specifically?[06:02] - What really drives Eaglebrook's investment philosophy?[08:08] - What is the strategic, long term reason to own crypto?[12:40] - What is the investment thesis for Ethereum in particular?[14:30] - Chris' shorter term, tactical outlook for Bitcoin.[19:54] - Why does Bitcoin halving take place and why is it so significant?[23:30] - Chris' thoughts on the Bitcoin market cycles.[26:20] - How large might the market opportunity be for Bitcoin ETFs?[30:02] - Why are a lot of advisors  still choosing crypto SMAs over ETFs and what are the best use cases for each of these investment vehicles?[37:51] - What is the typical allocation to crypto and how has that changed in recent years, if at all?[39:08] - Are there any salient differences in what retail and institutional investors are doing with their Bitcoin allocations?[41:11] - Resource recommendations for those wanting to learn more about digital assets.[42:56] - Chris' counsel for those who think that crypto is too volatile to invest in.[45:42] - What is currently Chris' favorite investment idea?Quote[12:39] - “Moving on to the investment thesis for Ethereum – it is also an internet protocol, like Bitcoin, but it allows internet businesses to build applications on top of it. The analogy that I like to give is that Ethereum is like HTML. HTML is the internet protocol that companies like Amazon and Facebook built their businesses on top of." ~ Chris KingLinksChris King on LinkedInEaglebrook on LinkedInEaglebrook“No Rain” by Blind MelonConnect with UsMeet Rusty Vanneman, Orion's Chief Investment OfficerCheck Out All of Orion's PodcastsPower Your Growth with OrionDisclosure(s) ~ Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor. Wealth Management services are offered by Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor. Brinker Capital Investments and Orion Portfolio Solutions, LLC are both wholly owned subsidiaries of Orion Advisor Solutions, Inc. (“Orion”).Compliance Code: 0548-OPS-3/5/2024

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[02:53] - Nate's professional background and career highlights.[04:18] - What differentiates Stone Ridge Asset Management as a firm?[06:38] - How does LifeX work and how might it be a game changer for financial advisors and investors?[08:30] - What is the concept of “longevity pooling” and how does it work to improve retirement outcomes?[12:48] - What are some of the unique implementations or use cases for LifeX?[15:57] - How might the aforementioned use cases drive higher investor confidence and better investor behavior?[17:40] - Who is LifeX most appropriate for and who might it not be appropriate for?[19:25] - When should an investor use LifeX and when should they use an annuity instead?[21:20] - What are the pros and cons of using LifeX vs. annuities?[24:20] - What are some of the most common investor concerns or questions that they get about LifeX?[26:55] - The tax treatment of LifeX distributions.[30:15] - How has LifeX been affected by falling interest rates?[34:33] - Rules of thumb for sizing the position of LifeX in one's portfolio.[36:08] - How can investors and advisors get access to these mutual funds?[37:15] - Nate's favorite investment idea currently.Quotes[08:28] - "So, longevity pooling…[is] this idea that you take a bunch of people, you pool them together…each individual in the pool, they don't know how long they are going to live…but if we pool a bunch of people together of the same age and gender, our ability to predict the lifespan of that group, on average, is incredibly precise. " ~ Nate Conrad[20:48] - "If you look back to…the adoption of index funds over time, it took about 50 years from, you know, the birth of the ideas behind index funds to the first index fund hitting a billion dollars. I hope we'll go faster than 50 years and…really kind of evolving the way we approach retirement in our industry and we're trying to do our part to help it along. " ~ Nate ConradLinksNate Conrad on LinkedIn“Under Pressure” by QueenWade Pfau White PaperStone Ridge on LinkedInLifeX FundsStone RidgeConnect with UsMeet Rusty Vanneman, Orion's Chief Investment OfficerCheck Out All of Orion's PodcastsPower Your Growth with OrionCompliance Code: 0217-OPS-1/29/2024Disclosure(s)Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.The LifeX Funds are not annuities or other types of insurance contracts, and the distributions provided by the LifeX Funds are not guaranteed or otherwise backed by an insurance company or by any third party. The investment objective of the LifeX Funds is to achieve income and a high level of reliable monthly distributions while maintaining the safety of the principal amount of each fund's investments. For more information about LifeX, please visit www.lifexfunds.com.  The LifeX Funds are sold to persons of a single gender who were born in a particular calendar year specified in the relevant prospectus. Before making an investment/allocation decision, investors should (i) consider the suitability of this investment with respect to their investment objective and individual situation and (ii) consider factors such as their net worth, income, age and risk tolerance. Investment should be avoided by those with very serious or life-threatening health problems.You should consider the investment objectives, risks and charges and expenses of the LifeX Funds carefully before investing; the prospectuses contain this and other information. Prospectuses for the LifeX Funds may be obtained by calling 855-609-3680. Alternatively, you may click the links below:  LifeX Income Funds: here.  LifeX Inflation-Protected Income Funds: here.  Investing involves risks. Principal loss is possible. The LifeX Funds are distributed by Foreside Global Services, LLC. Distribution rates discussed herein are based on estimated initial purchase prices in the funds' prospectuses as revised January 10, 2024.

In this episode, Rusty Vanneman and Robyn Murray are joined by Fritz Folts from 3EDGE Asset Management. Fritz has over 20 years of experience at the investment committee level in the investment management industry. He was one of the co-founders of 3EDGE Asset Management, where he serves as the Chief Investment Strategist and Member of the Investment Committee.Prior to 3EDGE, Fritz was one of the first team members at Windward Investment Management, a pioneer in constructing globally diversified portfolios utilizing index Exchange Traded Funds (ETFs). After the acquisition of Windward by Charles Schwab in 2010, the name of the firm was changed to Windhaven Investment Management. Fritz became responsible for distribution of Windhaven's investment solutions throughout the entire Charles Schwab nationwide retail branch network. He and his team raised over $15 billion in new assets under management. Later, Fritz was named Chief Investment Strategist at Windhaven. He began his career at The Boston Company, where he ultimately served as Vice President, and Director of Global Funding for the then-newly-formed Boston Safe Deposit & Trust Co. (U.K.) Ltd., in London, England.Fritz received his B.A. with a major in Political Science from Connecticut College and his MBA from IESE (Instituto Estudios Superiores de la Empresa), a bilingual Spanish - English MBA program in Barcelona, Spain. He is the former Chair of the Board of Trustees at Connecticut College and now serves as an Emeritus Trustee. In addition, Fritz currently serves on the Investment Committee for the Connecticut College endowment fund and the Investment Committee for the Umbrella Center for the Arts in Concord, MA.Fritz and his wife Cathy live in Concord, Massachusetts.Key Takeaways[03:06] - Fritz's professional background and what drove him to 3EDGE.[04:25] - The 3EDGE model is “human plus machine,” which powers their investment research process. How did they decide on this model and what really sets them apart as a firm?[08:30] - For advisors and clients looking at their year end reports, how should investors consider their portfolio performance considering the state of the  2023 market?[09:31] - What is 3EDGE's baseline scenario, bull case and bear case for 2024?[15:05] - Is it reasonable for investors to focus so much on The Federal Reserve and how much does 3EDGE factor this into their decision making process?[17:30] - How should investors be thinking about the upcoming presidential election and how can they prepare for it, if at all?[21:05] - What might it take for international stocks to outperform and how should investors be allocating to non-US equities?[27:25] - Tips on how to size the positions of diversifying asset classes, such as  alts and real assets.[31:26] - What is currently Fritz's favorite investment idea for 2024?Quotes[07:45] - "I do think that investors were probably disappointed in the performance of their portfolios, because we had a market that was driven by…these Magnificent 7 mega cap technology funds, and you are not going to keep up with that when that is driving the entire market. If I look at investors, I would say…‘it's okay, that's not normal…you just have to realize, it wouldn't be realistic to keep up with an index where 7 stocks are driving the majority of the performance.'” ~ Fritz Folts[21:56] - "I think the best chance for the non-US equities to take a leadership position, for an extended period of time, will only be after there is a material correction in the US market.” ~ Fritz FoltsLinksFritz Folts on LinkedIn“Everything's Coming Our Way” by Santana3EDGE Asset ManagementConnect with UsMeet Rusty Vanneman, Orion's Chief Investment OfficerCheck Out All of Orion's PodcastsPower Your Growth with OrionCompliance Code: 0280-OPS-2/6/2024Disclosure(s) ~ Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

In this episode, Rusty Vanneman and Robyn Murray are joined by Ron Ahluwalia, Mili Rosen and Will Girton from Brinker Capital's award winning due diligence team. Ron Ahluwalia is a Vice President, Senior Portfolio Manager at Brinker Capital. In this role, he is responsible for the portfolio management, strategy planning, and communication of multi-asset class portfolios for high net worth clients and institutions. Ron has over 18 years of industry experience. Mili Rosen works on the Investment Due Diligence team as a Senior Investment Analyst covering a variety of managers on the firm's OPS/Brinker Capital platforms. Asset class coverage includes domestic and international equities, fixed income, real assets, alternatives, and private equity across various vehicles (i.e., SMAs, ETFs, Mutual Funds, LPs). Will Girton is an Investment Analyst on Brinker's award winning Due Diligence team.Key Takeaways[07:12] - How many managers, strategies and research reports does the entire Brinker due diligence team take on each year?[08:16] - Why is money manager due diligence so important to building out investment portfolios?[09:40] - How often do they uncover “a snake in the attic,” so to speak, while doing due diligence?[10:48] - How do the due diligence requirements differ when you are building out a “supermarket of strategies?”[12:52] - How do they go about finding new managers? Are there certain characteristics they screen for?[16:51] - How does Brinker Capital's due diligence approach differ from other firms?[23:27] - In the current environment, where is advisor demand and what are the strategies that people want?[25:42] - Favorite money managers they've encountered over the years and why did they like them so much?[31:15] - Advice for those wanting to enter the investment management profession?[33:31] - Three characteristics that Ron looks for when hiring a due diligence analyst.[35:55] - What investment ideas are looking particularly attractive to the team right now?Quotes[18:05] - "We really treat due diligence as an endogenous cycle. It never really stops, it's not a ‘set it and forget it' mentality, so [while] performance is very important…just focusing on performance is a very quick way to fail.'” ~ Mili Rosen[35:03] - "I think communication skills are something that are very important. The ability to relate to people, particularly when you are serving clients on the outside [is so important].  Just the ability to find common ground and have a true, meaningful conversation that isn't totally buttoned up…[and] having that ability to…have people lower their guard with you, I think that is a critical aspect as well.” ~ Ron AhluwaliaLinksRon Ahluwalia on LinkedInMili Rosen on LinkedInWill Girton on LinkedInBrinker CapitalConnect with UsMeet Rusty Vanneman, Orion's Chief Investment OfficerCheck Out All of Orion's PodcastsPower Your Growth with OrionDisclosure(s) ~ Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

As DoubleLine's Deputy Chief Investment Officer, Jeffrey Sherman oversees and administers DoubleLine's Investment Management sub-committee coordinating and implementing policies and processes across the investment teams. He also serves as lead portfolio manager for multi-sector and derivative-based strategies. Mr. Sherman is a member of DoubleLine's Executive Management and Fixed Income Asset Allocation Committees. He can be heard regularly on his podcast “The Sherman Show” (Twitter @ShermanShowPod, ShermanShow@Doubleline.com) where he interviews distinguished guests, giving listeners insight into DoubleLine's current views. In 2018, Money Management Executive named Jeffrey Sherman as one of “10 Fund Managers to Watch” in its yearly special report. Prior to joining DoubleLine in 2009, Mr. Sherman was a Senior Vice President at TCW where he worked as a portfolio manager and quantitative analyst focused on fixed income and real-asset portfolios. He was a statistics and mathematics instructor at both the University of the Pacific and Florida State University. Mr. Sherman taught Quantitative Methods for Level I candidates in the CFA LA/USC Review Program for many years. He holds a B.S. in Applied Mathematics from the University of the Pacific and an M.S. in Financial Engineering from the Claremont Graduate University. Mr. Sherman is a CFA® charterholder.Key Takeaways[3:45] - Jeff's professional background and career highlights.[07:06] - Jeff helped found DoubleLine in 2009 – what were some of the joys and challenges they faced while starting the company and what sets them apart as a firm?[10:20] - How long might the Goldilocks economy be able to last?[14:22] - What is DoubleLine's view on inflation and how might this impact what The Fed does and longer term interest rates?[20:55] - Why not just buy treasury bills and chill?[23:45] - How should investors be thinking about the upcoming presidential election and how might they be better prepared for the outcome?[26:05] - How concerned is Jeff about the deficit and what might it mean for the economy and the markets?[29:50] - How should investors be thinking about their fixed income allocations?[35:30] - Jeff's current thoughts on the dollar and also investing overseas.[38:25] - Jeff's thoughts on fixed income ETFs and the future of the ETF industry in general.[41:35] - How might the Bitcoin ETFs affect the ETF industry and Bitcoin itself?[44:32] - How have skill sets needed to change, if at all, for new people entering the industry?[49:56] - Jeffs's favorite investment idea for 2024.Quotes[12:25] - “So, when I look at the economy right now, it's hard to see it being derailed without the labor market. Now, are there signs of cracks in the economy? Absolutely, we can talk about that, but ultimately I think that the recession at this stage has been delayed a bit." ~ Jeff Sherman[25:08] - “From our standpoint, we don't see a lot of election risk in markets unless it's some exogenous policy that we can't see at this point, and by definition, you can't play for that. So, are you going to give up on the market just because you think your party isn't going to win the election?" ~ Jeff ShermanLinksJeff Sherman on LinkedInDoubleLine“Real American” by Rick DerringerA Real American Music VideoDoubleLine Round TableConnect with UsMeet Rusty Vanneman, Orion's Chief Investment OfficerCheck Out All of Orion's PodcastsPower Your Growth with OrionCompliance Code: 0306-OPS-2/8/2024Disclosure(s) ~ Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

On the podcast today, Rusty Vanneman and Robyn Murray are joined by Ron Temple. Ronald Temple is the Chief Market Strategist for Lazard's Financial Advisory and Asset Management businesses. In this role, Ron provides macroeconomic and market perspectives to Lazard's investment teams on a firm wide basis and works closely with Lazard's Geopolitical Advisory group to assess economic and market implications of key geopolitical issues globally. Ron also advises clients of Lazard's Asset Management businesses regarding macroeconomic and market considerations that are important to achieving their objectives.Ron has an MPP from Harvard University and graduated magna cum laude with a BA in Economics & Public Policy from Duke University. He is a member of the Council on Foreign Relations, The Bretton Woods Committee, the Economic Club of New York, the CFA Society New York and is the chair of Duke University's Graduate School Board of Visitors.Key Takeaways[02:33] - Ron's professional background and what drives him.[04:05] - How do Ron's extracurricular involvements inform his work at Lazard?[05:50] - For advisors and clients looking at their year end reports, what is Ron's guidance on how to consider 2023? What were some of the key highlights of last year and how should investors consider their portfolio performance considering the state of the  2023 market?[07:40] - What is Ron's outlook on inflation and how might this affect both short-term and long-term interest rates?[12:00] - What's Ron's current thinking about economic growth?[15:20] - How might corporate earnings look in 2024?[16:58] - What will be the catalyst for small cap stocks to finally outperform?[19:25] - How should investors be thinking about  non-US markets in both developed and emerging markets?[25:00] - What are some of the major risks to Ron's overall economic outlook?[31:15] - What were some of the highlights of Ron's recent report on “Top Geopolitical Trends in 2024?”[35:50] - How should investors be thinking about Artificial Intelligence and Biotech?[39:41] - What is currently Ron's favorite investment idea for 2024?Quotes[09:38] - "There are two things to know about The Zillow Index. Number one - it only tracks asking rents, not what people agree to pay, so it tends to overstate rent inflation. Number two - it only tracks new leases, it does not include renewals, so it probably overstates the volatility of rent inflation…and number three, because of those factors, it tends to lead the CPI by a year.” ~ Ron Temple[28:55] - "This is a year where the geopolitics are really important. I know the average American does not wake up every day fretting over whether NATO is going to be fine, but you know what, maybe we should be…These things do determine the long-term trajectory of peace and stability, and I think that matters. ” ~ Ron TempleLinksRon Temple on LinkedIn“Don't Stop” by Fleetwood MacTop Geopolitical Trends in 2024An Immense World by Ed YongLazard Asset ManagementConnect with UsMeet Rusty Vanneman, Orion's Chief Investment OfficerCheck Out All of Orion's PodcastsPower Your Growth with OrionCompliance Code: 0266-OPS-2/5/2024Disclosure(s)Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Alex Rabinovich, CFA has a diverse range of work experience in the finance industry. Alex is currently the Head of Enterprise Sales at Halo Investing, a position they have held since January 2023. Prior to that, Alex worked at Russell Investments for almost a decade. Their roles at Russell Investments include Head of Strategic Accounts, where they led a team focused on expanding distribution with national intermediary partners and was responsible for planning and executing business plans. Alex also served as Director of Strategic Accounts, where they initiated and launched new strategic relationships with top broker dealers/distributors. Additionally, Alex worked as a Senior Strategic Account Executive at Russell Investments, collaborating with senior-level contacts at partner firms to grow market share and lead partner-focused initiatives. Before joining Russell Investments, Alex held roles at Morningstar as Vice President of National Accounts and Director of National Accounts, and at AssetMark Investment Services as a Regional Consultant. Alex began their career as a Financial Advisor at John Hancock. Overall, Alex's work experience demonstrates their expertise in strategic account management, sales, and leadership in the finance industry.Key Takeaways[03:18] - Alex's professional background and career highlights.[04:41] - What is “protective investing” in particular?[06:30] - How do Defined Outcome products help clients achieve their financial goals?[07:35] - Are the terms “Defined Outcome Investing” and “Protective Investing” synonymous?[08:30] - How does Alex feel like the Defined Outcome landscape is changing?[10:56] - How are advisors using structured products to really differentiate and grow their practices?[14:18] - What exactly are structured notes and what are some of their use cases?[16:52] - Why did structured notes often have a bad reputation in the past and was this reputation deserved?[18:56] - How does Alex see structured notes fitting into broader portfolio allocations? [22:49] - Why are structured notes more popular in Europe and how is the adoption of structured notes going in US markets?[27:04] - Alex's favorite investment idea for 2024.LinksAlex Rabinovich on LinkedInHalo Investing“It's a Long Way to the Top (If You Wanna Rock ‘N' Roll)" by AC/DCThe Ancients PodcastThe Fund by Rob CopelandThe Psychology of Money by Morgan HouselConnect with UsMeet Rusty Vanneman, Orion's Chief Investment OfficerCheck Out All of Orion's PodcastsCompliance Code: 0178-OPS-1/24/2024Disclosure(s) Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Phil Toews is Chief Executive Officer of the Toews Corporation and a Portfolio Manager of Toews Asset Management. His management strategies focus on creating “investor friendly” products designed to meet investors' economic and behavioral needs. Phillip is the founder of the Behavioral Investing Institute, an organization devoted to helping advisors manage investor behavior through market challenges. Learn more at orion.com.Key Takeaways[03:55] - Phillip's personal and career background.[04:58] - What really sets Toews apart from other asset management firms?[06:43] - Will this coming year be a case of the bears eating the “Goldilocks market?”[08:58] - What are the odds that a recession is on the horizon?[10:47] - Can we expect subsequent waves of inflation, as history might suggest?[12:47] - Why is global debt a problem and what should investors be doing about their portfolios because of it?[15:10] - What market scenarios do the terms “bezzle,” “bezzle fizzle” and “bezzle burst” describe?[18:44] - What does Phil's term “BFT” mean and how does it apply to investing?[21:36] - How would Phil contrast a tactical strategy from a hedged strategy?[24:48] - Are there any rough rules of thumb that Phil recommends for the respective portfolio weights for both trend following strategies or hedge strategies?[28:42] - Words of wisdom for how financial advisors can properly utilize trend following and hedge strategies?[31:30] - What is “National Investment Risk Day” and why did Toews help start this?[37:11] - What is Phil's  favorite investment idea currently?Quotes[20:55] - "...People just are sort of not into the word ‘tactical' anymore, and I think what's happened over the years is that there are people out there that are trying to predict the markets and they haven't done so well, and so I think it has gotten a little bit of a bad name…so we migrated that over to ‘trend following strategies.'" ~ Phil Toews[32:32] - "Now Bitcoin is, or Cryptocurrencies are, the trifecta of dumb. No assets, no income or no projected income, so forget about a meme stock that potentially actually earns something one day - there's nothing. [Yet] it has appreciated 18 million percent in the last 20 years, and only because [of that]...everyone says like…'I think this could be a legitimate thing, this could be a legitimate investment.'" ~ Phil ToewsLinksPhil Toews on LinkedInToews Corporation“Remember Me” by Blue BoyRecord Global Debt - Phil Toews on Weighing the RisksNational Investment Risk Day Webinar“Space Oddity” by David Bowie“Kooks” by David BowieConnect with UsMeet Rusty Vanneman, Orion's Chief Investment OfficerCheck Out All of Orion's PodcastsPower Your Growth with OrionCompliance Code: 0131-OPS-1/17/2024Disclosure(s)Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

As we move into the New Year, we take a closer look at the market's historic year, offer a preview on the year to come, look at bond predictions, global investing and much more. Today on the podcast, Rusty and Robyn are joined by Jeff DeMaso - editor and founder of The Independent Vanguard Adviser. Jeff was previously the co-editor and research director of The Independent Adviser for Vanguard Investors. He also served as Portfolio Manager, Director of Research and the interim CIO at Adviser Investments, LLC—a leading investment advisory firm. He has been quoted in Forbes, The Wall Street Journal, Barron's, InvestmentNews and Kiplinger, to name a few. Citywire named him a Rising Star of manager research in 2019. Jeff graduated magna cum laude from Tufts University with a B.A. in economics in 2006 and holds the Chartered Financial Analyst designation.Key Takeaways[03:04] - Jeff's research, professional background and what drives him.[05:57] - What really motivates Jeff's newsletter, The Independent Vanguard Adviser?[07:40] - What were some of the biggest events for Vanguard in 2023 and which are the ones that investors should care about the most?[09:30] - What does Jeff like best about Vanguard and where does he think they could improve?[11:02] - Vanguard's latest thoughts on ESG strategies.[13:55] - The top highlights and lowlights for the 2023 market.[15:58] - Jeff's  economic and market outlook for 2024.[19:00] - Jeff's view on the healthcare sector moving forward.[21:00] - How should investors be treating their bond allocations these days?[22:35] - Are many of Jeff's readers asking if they should move their investment funds to money market accounts? If so, how is he addressing this with them?[24:23] - Jeff's take on  non-US stocks, both strategically and tactically, in balanced portfolios.[26:17] - What is his favorite investment idea, currently, for 2024?Quotes[04:18] - "That's going to be my career hack…find the person you can learn the most from and go work with them as closely as possible. Ask questions, don't be afraid to make mistakes and just keep learning." ~ Jeff DeMaso[10:15] - "...Vanguard's service in tech…continues to fall short of its competitors, and I cannot wait for the day when I get to write the article that says ‘Hey, Vanguard has really stepped up their game and their service is  firing on all cylinders' - today is not that day." ~ Jeff DeMasoLinksJeff DeMaso on LinkedInThe Independent Vanguard AdviserAloe Blacc - The Man (Explicit)Just One Thing PodcastMorgan Housel PodcastConnect with UsMeet Rusty Vanneman, Orion's Chief Investment OfficerCheck Out All of Orion's PodcastsPower Your Growth with OrionCompliance Code: 0031-OPS-1/5/2024Disclosure(s)Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

As 2023 comes to a close, this episode looks at what may be in store for the year ahead and covers things that investors and financial advisors should be considering going into 2024. Kim speaks to the state of the US market going forward and the outlook for international markets in the coming year. In addition, we take a closer look at why Kim views actively managed ETFs as superior, more tax efficient vehicles to mutual funds for investors. Lastly, we learn more about Main Management's firm culture and how Kim, and his partners, have created such a sticky culture there.Key Takeaways[02:52] - Kim's professional background and career highlights.[04:32] - What makes Main Management really stand out as a firm?[06:13] - Kim's current thoughts on the economy and  his outlook for 2024.[08:02] - Kim's view on interest rates and how investors should be treating their bond allocations.[09:26] - Advice for income oriented advisors who want to stick their investment dollars into money markets.[10:30] - The state of the US market going forward and the argument for staying diversified.[11:55] - Kim's philosophy around sector rotation and what sectors look attractive to him now.[13:43] - Council for investors concerned with income generation and de-risking their equity allocation.[15:23] - The outlook for international markets in 2024.[17:01] - How Main Management helps mitigate the tax burden for their clients.[19:31] - Why Kim views the ETF as a superior vehicle to mutual funds for investors.[21:46] - The importance of firm culture and how Kim has excelled in this area.[25:00] - Kim's favorite investment idea currently.Quotes[04:34] - "When we founded the firm 21 years ago, we wanted to build the strategies using liquid, transparent ETFs, which for all intents and purposes had really just started at that point. There were only one hundred, there are thousands of them today…but what we wanted to deliver, the why for the business, was we wanted to have a client first, exceptional service and deliver on expectations." ~ Kim Arthur[12:00] - "…Out of the eleven industry sectors that build up and make up the S&P 500, we typically overweight four of those. I'd love to be able to tell you ‘hey, every year all four of those are at the top of the price performance chart,' but it usually does not end up that way. There's typically a split of two of them up at the top and two of them at the bottom…[so] I like to say they're ‘seasoning.' " ~ Kim ArthurLinksKim Arthur on LinkedInMain Management“Surrender” by Cheap TrickElon Musk by Walter IsaacsonConnect with UsMeet Rusty Vanneman, Orion's Chief Investment OfficerCheck Out All of Orion's PodcastsPower Your Growth with OrionCompliance Code: 0067-OPS-1/9/2024Disclosure(s)Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

As we move into the New Year, and firms are in the process of creating formal growth plans and budgets, we take a closer look at what it takes to find and keep new talent. In this episode, Rusty and Robyn are joined by hiring expert Caleb Brown, Co-Founder and CEO at New Planner Recruiting in Athens, GA. Caleb weighs in on strategies for financial advisory firms looking to recruit top talent and strategies for talent to find the best firms.Key Takeaways[03:05] - Caleb's diverse  professional background  and his role at New Planner.[05:39] - A macro assessment of the financial planning industry's future growth[06:52] - What salary and hiring trends is Caleb seeing in the financial planning space?[08:29] - How might artificial intelligence impact the financial planning profession?[10:32] - How big of an impact does the CFP credential have on getting a job in the industry? How does it impact  your compensation level and attracting prospective clients?[14:02] - What advice does Caleb have  for financial planners looking for fresh talent?[17:56] - What are best practices for creating enticing  job listings?[21:18] - How long is a typical hiring cycle and how does that differ if you are hiring a recent college graduate, a career changer or an experienced planner?[23:17] - How does the recruiting process differ for Gen Y than for other generations?[29:24] - How should people gauge if they are a good fit for the financial services profession?[32:51] - What is Caleb's favorite investment idea currently?Quotes[07:29] - "What we do is we ask all the candidates that we're talking to, so it's a little different from the other surveys out there that are having firm owners fill out how much they pay their people. We're asking the candidates, because in my world what someone is making now is irrelevant - it's, what is it going to take for them to look at something else?" ~ Caleb Brown[28:22] - "I would say to try to promote people probably before they're ready. Put them in there, let them take a swing…Looking back at my career, you know I was probably just a run of the mill, average candidate, but someone was constantly pushing me out of my comfort zone every day…I look back and I can't believe all of the stuff we achieved at that firm." ~ Caleb BrownLinksCaleb Brown on LinkedInNew Planner RecruitingFor Whom the Bell Tolls by MetallicaMichael KitcesWho Not HowConnect with UsMeet Rusty Vanneman, Orion's Chief Investment OfficerCheck Out All of Orion's PodcastsPower Your Growth with OrionCompliance Code: 0022-OPS-1/3/2024Disclosure(s)Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

The case for investing in Texas goes beyond its iconic cowboy culture and vast scenery. It's deeply rooted in the state's business-friendly environment and thriving economic network. Capitalizing on its unique blend of tax advantages and unmatched potential for economic growth, Texas has emerged as an attractive destination for financial investments. Meanwhile, the ETF industry is expected to sustain its upward trajectory, with more assets flowing from mutual funds to ETFs. In this episode, Rusty and Robyn talk with Edward Rosenberg, Managing Director and Head of ETF and Funds Management at Texas Capital Bank. Edward believes that every firm needs to have ETFs in its offerings, whether they realize it or not. Why? ETFs offer trading flexibility, diversification, greater transparency, tax benefits, and lower operating costs than traditional open-end funds. There is so much room for expansion, and the possibilities are endless.  Edward talks to Rusty and Robyn about the case for investing in Texas. He explains how Texas's business-friendly environment and tax benefits can contribute to a company's bottom line. Edward also shares his thoughts on the future of the ETF industry, including the projected growth and the role of direct indexing and model portfolios. Key Takeaways [02:59] - What led Edward to specialize in ETFs? [05:20] - An overview of Texas Capital Bank and its ETF lineup. [07:50] - The case for investing in Texas. [12:21] - Composition of the Texas Capital Texas Equity Index ETF. [14:01] - How ETFs fit into a portfolio. [16:09] - The projected growth of the ETF industry. [19:03] - How direct indexing complements ETF portfolios. [21:58] - How the ETF models can compete against the models from big firms. [24:25] - Edward's thoughts on the ETF industry and its future. [27:14] - How Edward maintains his energy to perform at a high level. [28:28] - Edward's favorite investment idea. [31:06] - The people Edward is thankful for professionally. [33:07] - Edward's recommendations for content. Quotes [09:39] - "The business environment of the Texas estate along with the tax benefits that individuals get can really add to a company's bottom line." ~ Edward Rosenberg [11:17] - "Texas has more companies publicly traded or listed on the exchanges than any other state. This shows a diverse economy growing much faster than the entire U.S. economy and in most states across the board." ~ Edward Rosenberg [23:09] - "If everybody's the same and you're an advisor, how can you differentiate yourself? You have to look at the newer products or active ETFs. You have to be different to really add value to what you're doing." ~ Edward Rosenberg Links  Edward Rosenberg on LinkedIn Texas Capital Bank The Black Crowes Aerosmith Vanguard Northern Trust American Century Investments Rob Holmes Morningstar Merrill Lynch Morgan Stanley LPL Financial BlackRock iShares Charles Schwab Shundrawn Thomas ETF.com NYSE Connect with Us Meet Rusty Vanneman, Orion's Chief Investment Officer Check Out All of Orion's Podcasts Power Your Growth with Orion 3364-OPS-12/27/2023

The music industry is a powerful force, shaping culture and influencing society across the globe. As the industry experiences a golden age, driven by increased streaming subscriptions, the resurgence of live music, and the advent of digital technology, those with a keen eye for innovation recognize that investing in the music industry is not just about the present but also a journey into the future of exciting possibilities. In this episode, Rusty and Robyn talk with David Schulhof, Founder and CEO of MUSQ. David is an American music industry executive and investor with 30 years of experience in the field. David's background in the music industry is extensive, having previously served as the president of music publishing at LiveOne, a global media company for live streaming and on-demand audio, video, and podcast content. He is also the former president of music at AGC Studios and IM Global Studios and was the co-founder and CEO of Evergreen Copyrights, where he pursued a global acquisition strategy of music publishing catalogs. Having worked with top artists and Grammy winners and founded multiple music companies, David talks to Rusty and Robyn about the growing music industry and the investment opportunities it presents. He explores the different segments of the industry, including streaming, content, live music, technology, and radio. David also highlights the rapid growth of the music industry, particularly in streaming and live music, and the potential for further expansion in emerging markets.  Key Takeaways [03:24] - David's career in the music industry. [04:37] - The reason behind the creation of the MUSQ ETF. [05:42] - How to get into MUSQ ETF. [06:46] - Investment case for the music industry. [11:35] - The expected growth in the music industry across different segments. [15:44] - Global growth in the music industry. [17:11] - The biggest players in streaming services. [18:36] - Other companies investors should be paying attention to. [19:52] - Valuations of music companies compared to other media companies. [20:41] - The potential benefits and risks of AI in the music industry. [23:33] - David's recommendations for new music. [26:28] - How David maintains his energy and ability to perform at his best. [28:11] - The people David is grateful for professionally. [29:02] - David's recommendations for content. Quotes [06:54] - "Music today is the most overlooked, underhyped, and under-monetized media asset. And music today is the best content story in the history of media." ~ David Schulhof [09:02] - "The music industry's really going through a golden age. It's growing and outperforming the GDP by four times." ~ David Schulhof [13:53] - "In terms of music, AI is really disruptive right now. It is revolutionizing creativity and productivity for artists and songwriters." ~ David Schulhof Links  David Schulhof on LinkedIn David Schulhof on Twitter MUSQ ETF Rock The Bells by LL COOL J Made You Look by Nas Bust A Move by Young MC Interscope Records Universal Music Robert Rodriguez Kevin Smith KKR Apollo Global Management Providence Equity Goldman Sachs Taylor Swift Beyoncé Harry Styles Ed Sheeran Sony Music JYP Entertainment SM Entertainment Yamaha Corporation  Sonos Roland Spotify Apple Music Amazon Music Google Play Music LiveOne NexTone Inc. Live Nation Entertainment SoundCloud Zach Bryan Chris Stapleton Morgan Wallen Bruce Springsteen Music Money and Success by Todd and Jeff Brabec Music Business Worldwide All You Need To Know About the Music Business by Donald Passman Connect with Us Meet Rusty Vanneman, Orion's Chief Investment Officer Check Out All of Orion's Podcasts Power Your Growth with Orion 3313-OPS-12/15/2023

Value investing has proven to be a successful strategy over the long term. While growth stocks have dominated the market, factors such as economic recovery, higher interest rates, inflation, and geopolitical risks could contribute to a sustained period of outperformance for value investing. By strategically investing in undervalued assets with strong upside potential, investors can navigate the complexities of the market, achieving superior returns over the long run. In this episode, Rusty and Robyn talk with Rand Wrighton, Managing Director and Senior Portfolio Manager at Barrow Hanley Global Investors. Rand began his investment career at Barrow Hanley as a research analyst covering the Industrials, Energy, and Technology sectors. In 2006, he joined an internal group at Barrow Hanley to lead the firm's expansion into non-U.S., Global, and Emerging Market investment products. In his current role, Rand manages portfolios for the Barrow Hanley Emerging Markets and Non-U.S. Value strategies. A value investor who focuses on finding undervalued stocks with strong fundamentals and good balance sheets, Rand talks about the current state and best market conditions for value investing. He also shares his insights on the current economic outlook and the impact of geopolitical risks. He touches on the U.S. dollar, the energy sector, recession, and inflation risk and offers advice on how to invest successfully in value.  Key Takeaways [03:43] - Rand's professional background and how his experience shaped him to where he is today. [06:02] - What sets Barrow Hanley apart from other firms? [07:01] - How Barrow Hanley defines value investing. [07:59] - The best market conditions for value investing. [11:49] - How Barrow Hanley adapts its value investing strategy to changing market conditions. [13:32] - Rand's outlook on recession and inflation risks. [17:11] - How geopolitical risks impact Rand's decision-making. [21:49] - How Rand positions his portfolio in the energy sector. [24:35] - The impact of the U.S. dollar on Rand's portfolio positioning. [26:38] - Rand's advice on how to be successful in value investing. [29:04] - The people who have influenced Rand in value investing. [30:20] - Rand's criteria for diversification within portfolios. [32:21] - How Rand maintains his physical and mental energy to perform at his best.  [33:20] - The people Rand learned life lessons from. [34:59] - Rand's recommendations for content. Quotes [09:30] - "Recessions are where you reallocate human and physical capital from areas that have been good places to be to areas that will be the next good places to be." ~ Rand Wrighton [26:57] - "You need to think about investments in a way that makes sense to you and is tailored to your knowledge set, and that is something you can stick with." ~ Rand Wrighton [30:07] - "Sticking to your discipline is really one of the secrets to success in our business." ~ Rand Wrighton Links  Rand Wrighton on LinkedIn Barrow Hanley Moneytalks by AC/DC Deutsche Bank The Intelligent Investor  Emerson Electric Connect with Us Meet Rusty Vanneman, Orion's Chief Investment Officer Check Out All of Orion's Podcasts Power Your Growth with Orion

Current economic conditions, marked by fluctuating interest rates and potential recessions, have sparked many investors to re-evaluate their investment strategies. By diligently monitoring trends and strategically adjusting asset allocations, investors can position themselves to not only weather the challenges but also capitalize on opportunities that arise from the ups and downs of the interest rate market. In this episode, Rusty and Robyn talk with Andy Smock, Chief Investment Officer and Managing Principal at Merganser Capital Management. Andy joined Merganser in 2003. Earlier in his career, he focused on researching and trading both residential and commercial mortgage-backed securities. In his current role, Andy oversees the company's investment team and is a portfolio manager for their longer-duration strategies.  With extensive experience in the fixed-income market, Andy talks to Rusty and Robyn about fixed income and fluctuations in the interest rate market. He discusses the reasons behind the large swings in interest rates and the trends within fixed income, including shifting demands from investors. Andy also shares his macro perspective on inflation and the potential for a recession and provides insights on the status of regional banks and the commercial real estate market. Key Takeaways [02:32] - Andy's background and work at Merganser Capital Management. [03:27] - The reasons behind the large swings in interest rates. [05:22] - Strategic allocation shifts in response to interest rate movement. [06:54] - Notable trends in fixed income. [08:20] - What Andy sees as demands from investors. [09:57] - Andy's view on inflation. [12:05] - The possibility of a recession. [14:12] - The reasons for a bank crisis. [15:38] - The challenges facing commercial real estate. [18:46] - How Andy maintains his mental and physical energy to perform at a high level. [20:36] - The people Andy is professionally thankful for. [23:16] - Andy's recommendations for content. Quotes [05:02] - "The drivers [large swing of interest rates] have been all over the place. You can really point to economic data on certain days or geopolitical." ~ Andy Smock [10:04] - "Inflation is definitely coming down. Every way I look at the data, it's clearly dropping from really disturbingly high levels." ~ Andy Smock [11:35] - "Inflation is coming down. And for it to meaningfully come down and quickly come down to target, we're going to need to see weakness in the consumer much more than we have." ~ Andy Smock Links  Andy Smock on LinkedIn Merganser Capital Management Close to Me by The Cure Indiana University From Strength to Strength by Arthur Brooks A Bird's-Eye View of the Bond Market Podcast Connect with Us Meet Rusty Vanneman, Orion's Chief Investment Officer Check Out All of Orion's Podcasts Power Your Growth with Orion 3225-OPS-12/1/2023

Building strategic partnerships with attorneys and accountants can be a game-changer for financial advisors with the power to redefine the trajectory of an advisor's career. By unlocking the code of how to build a strategic partnership with these professionals, financial advisors can have a consistent flow of high-net-worth referrals. In this episode, Rusty and Robyn talk with Brett Van Bortel, Director of Consulting Services at Invesco Consulting. Brett has been with Invesco since 2010 and specializes in helping financial professionals be more profitable, effective, and productive. He has developed and delivered numerous consulting programs designed to increase the profitability, effectiveness, and productivity of financial professionals. As a speaker and consultant, Brett focuses on helping financial professionals build strategic partnerships with attorneys and CPAs to create a pipeline of high-net-worth referrals. Brett joins Rusty and Robyn to discuss how financial advisors can build strategic partnerships that grow their businesses. He dives into the importance of creating pipelines of high-net-worth referrals from attorneys and accountants and how to build successful client relationships. Brett also shares the challenges and solutions in building these partnerships and the five criteria for evaluating potential strategic partnerships. Key Takeaways [03:25] - Brett's career background. [04:10] - What separates Invesco apart from other firms? [04:52] - Why “The Referral Code” resonates with financial advisors. [06:05] - The question financial advisors need to ask when starting a business. [06:52] - How financial professionals create successful strategic partnerships. [13:48] - The challenges and solutions in building strategic partnerships. [16:28] - The five criteria for evaluating potential strategic partnerships. [20:30] - The meaning of 'next' in Brett's “The Referral Code” presentation. [22:08] - An overview of Invesco's Practice Innovation Index. [24:09] - What Invesco's Total CX is all about. [25:05] - How AI impacts the financial markets. [26:38] - The people Brett is thankful for professionally. [28:05] - Brett's recommendations for content. Quotes [07:54] - "One good COI (center of influence) doesn't make your year. It makes your career." - Brett Van Bortel [11:02] - "You don't have to network with a huge number of people to be successful." ~ Brett Van Bortel [26:14] - "The ability of the advisor to demonstrate that level of care really can't be matched by AI as we know it today." - Brett Van Bortel Links  Brett Van Bortel on LinkedIn Invesco I Won't Back Down by Tom Petty The Referral Code presentation The Referral Code file Practice Innovation Index Paul Brunswick Paper Money Connect with Us Meet Rusty Vanneman, Orion's Chief Investment Officer Check Out All of Orion's Podcasts Power Your Growth with Orion 3177-OPS-11/27/2023

With some of the best, most innovative, and well-run businesses located beyond U.S. borders, limiting one's investments to the domestic market may inadvertently limit their portfolio's potential growth. While the world's economic activity is dynamic and diverse, smart investors are now exploring opportunities in previously seen as distant and foreign markets. In this episode, Rusty and Robyn talk with Daniel Fields and Todd Morris, portfolio managers and analysts at Polen Capital Management. Before joining Polen Capital, Daniel spent eight years in Hong Kong, working for Gavekal Capital and Marshall Wace LLP as a research analyst evaluating Asian growth companies. Todd worked in research and marketing roles with Prudential Insurance and Millennium Global Asset Management, respectively, and served in the U.S. Navy for seven years.  Managing Polen Capital's international growth strategy, Daniel and Todd discuss with Rusty and Robyn the case for high-quality and international investing. They emphasize the importance of investing outside the United States. They also highlight the potential for international outperformance in the future, as well as the attractive valuations currently available in international markets. Key Takeaways [03:21] - Daniel and Todd's personal and professional backgrounds. [04:35] - An overview of Polen Capital's culture and what makes it unique. [05:45] - What compounders are and why they are important for investing. [08:00] - Why Polen Capital invests in concentrated portfolios. [08:48] - What Polen Capital's article, “Hidden in Plain Sight” is all about. [10:59] - How Polen Capital specifically defines high-quality companies. [13:11] - Potential catalysts for the dollar to weaken. [15:24] - Key takeaways from Polen Capital's “Opportunity Beyond Borders” article. [17:21] - Recommended allocation for non-U.S. securities. [19:34] - Daniel and Todd's take on how AI impacts the markets and financial advice. [21:19] - How Daniel and Todd maintain their physical and mental energy to perform at their best. [22:32] - The people Daniel and Todd are thankful for professionally. [24:47] - Daniel and Todd's recommendations for content. Quotes [08:33] - "We feel that concentration specifically among high-quality, profitable businesses offers the best odds of success over the long run. And so that is very central to how we think and operate as investors." ~ Todd Morris [09:02] - "If you're not investing outside the United States, you're missing out on a whole lot of really good companies. Some of the best, most innovative, and well-run businesses are located outside the United States." ~ Daniel Fields [15:42] - "More than 75% of global activity is happening outside the United States. And while a US-centric or a US-biased allocation has been sensible and has worked well for the last 15 years, that may not always be the case. We should all remember that much of the world's economic activity is happening outside our borders." ~ Todd Morris Links  Daniel Fields on LinkedIn Todd Morris on LinkedIn Polen Capital Neighborhood #1 by Arcade Fire Thunderstruck by AC/DC Aon Fisher Investments Gavekal Capital Hidden in Plain Sight Opportunity Beyond Borders John Wooden James Stockdale Louis-Vincent Gave Alfred Ho The New Map The Economist Admiral Chester Nimitz The World For Sale Connect with Us Meet Rusty Vanneman, Orion's Chief Investment Officer Check Out All of Orion's Podcasts Power Your Growth with Orion 3129-OPS-11/17/2023

Historically, investors have predominantly relied on traditional assets such as stocks and bonds to build portfolios. These classic investments have undoubtedly proven their worth over time. However, the modern era has ushered in new opportunities that challenge the status quo. Liquid alternatives, also known as alternative investments, are at the forefront of this revolution.  In this episode, Rusty and Robyn talk with Michael Green, Portfolio Manager and Chief Strategist at Simplify Asset Management. Michael has been a student of markets and market structure for nearly 30 years. His proprietary research into the shift from actively managed portfolios and investment funds to systematic passive investment strategies has been presented to the Federal Reserve, the BIS, the IMF, and numerous other industry groups and associations. Michael joined Simplify in April 2021 after serving as Chief Strategist and Portfolio Manager for Logica Capital Advisers. Known for his expertise in alternative investments, Mike talks to Rusty and Robyn about the rise of liquid alternatives, such as ETFs and managed futures, and their benefits to investors. He emphasizes the need for diversification and the opportunity to do something different in a market dominated by passive equity and bond exposure. Mike also shares insights on the role of commodities in portfolios.  Key Takeaways [02:18] - Mike's background and how he got to his current position. [03:38] - How Simplify differs from other investment firms. [05:02] - Why investors should consider investing in alternatives. [06:33] - Mike's thoughts on liquid alternatives such as ETFs. [08:13] - Challenges and reasons for the limited number of ETFs in the alternative space. [09:49] - Examples of alternative strategies that work well in an ETF format. [11:27] - The pros and cons of managed futures as a strategy. [14:38] - Mike's view of commodities from a strategic standpoint. [21:03] - The recommended strategic weight for alternatives in portfolios. [23:08] - The concept of crowding out in passive investing.  [29:23] - The catalysts for a shift in portfolio construction. [32:34] - Mike's take on the credit markets. [37:18] - Mike's thoughts on how AI impacts the markets and financial advice. [39:27] - How Mike maintains his physical and mental energy to perform at a high level. [42:12] - The people Mike is thankful for professionally. [43:44] - Mike's recommendations for content. Quotes [05:26] - "The opportunity to do something different is actually a chance to get in front of the crowd in terms of changing the allocation." ~ Michael Green [11:54] - "The real core behind managed futures is simply to reinforce momentum trends and the strength of those trends. It's a strategy that does really well in periods of uncertainty, moving to the resolution of that uncertainty." ~ Michael Green [15:13] - "Commodities are something that we require on a go-forward basis. It's one of the better vehicles for protecting yourself against potential inflationary outcomes. It's also one of the more powerful tools for effectively isolating very significant changes in either supply or demand characteristics in the global economy." ~ Michael Green Links  Michael Green on LinkedIn Michael Green on Twitter Michael Green's Substack Simplify Asset Management Highway to Hell by AC/DC Logica Funds Canyon Partners Facts and Fantasies about Commodity Futures Grant Williams Mitchell Julis Matt Stoller BIG by Matt Stoller Honestly Podcast Hidden Forces Podcast Danielle DiMartino Booth Connect with Us Meet Rusty Vanneman, Orion's Chief Investment Officer Check Out All of Orion's Podcasts Power Your Growth with Orion 3072-OPS-11/10/2023

Growth investing has long been a favored strategy for investors seeking to capitalize on the potential of high-growth companies. It's a path often chosen by those who firmly believe in the power of innovation, the potential of disruptive technologies, and the dynamic nature of markets in constant flux. While growth investing is not without risks, it promises the thrill of discovering the next big thing. In this episode, Rusty and Robyn talk with Tom Galvin, Lead Portfolio Manager at Columbia Management. Tom has led the strategy since he joined one of the Columbia Threadneedle Investments legacy firms in 2003. With over 20 years of experience as a leading equity strategist and securities analyst, Tom has been named to Institutional Investor's All-America Research Team and The Wall Street Journal's All-Star Analyst Team. Known for his expertise in highly concentrated growth investing and deep understanding of the technology and consumer sectors, Tom talks about growth investing, diversification, and the future of active management. He also shares his thoughts on the current market conditions, the impact of higher interest rates on growth companies, and his outlook for the “magnificent seven” stocks. Key Takeaways [02:46] - Tom's background and experience at Columbia Threadneedle Investments. [05:36] - How Tom manages his team through the changes in the industry. [06:41] - Three ways investors can implement the growth strategy. [11:09] - Using correlations to reduce risk and increase diversification. [14:56] - Money managers who are great at growth investing. [16:45] - How active managers using fundamental analysis perform. [18:19] - The connection between the markets and the economy. [23:00] - How higher rates impact growth investing. [25:40] - Tom's outlook for the “magnificent seven” companies. [30:10] - Analysis of Apple's growth potential. [32:23] - The impact of AI on markets and financial advice. [35:46] - Tom's perspective on Schwab's performance this year. [37:38] - Mentors and colleagues Tom is professionally thankful for. [40:47] - How Tom maintains his physical and mental energy to perform at a high level. [41:58] - Tom's recommendations for content. Quotes [07:01] - "Our growth strategy is not 'the' solution, but we're part of a solution." ~ Tom Galvin [16:13] - "As analysts or portfolio managers, we are like detectives. Any detective story you have ever seen on TV usually follows the money trail. That's exactly what we're trying to accomplish." ~ Tom Galvin [18:45] - "The market tends to lead the economy because it's less interested in what happened last year and more interested in what might happen in the future." ~ Tom Galvin Links  Tom Galvin on LinkedIn Columbia Threadneedle Investments Columbia Threadneedle Investments on LinkedIn The Rising by Bruce Springsteen Charles Schwab Bank of America Who Moved My Cheese Peter Lynch Fidelity Investments Fidelity Magellan Fund Adobe Palo Alto Networks CrowdStrike Intuit McCormick & Company Greenwich Historical Society Clark Art Institute Against the Rules with Michael Lewis The Rewatchables Connect with Us Meet Rusty Vanneman, Orion's Chief Investment Officer Check Out All of Orion's Podcasts Power Your Growth with Orion

For many, faith provides a moral compass, guiding decisions and actions in both personal and professional matters. This compass extends its influence into the world of investing, giving rise to faith-based investing. This approach allows individuals to merge their faith with their financial portfolio, fostering a harmonious coexistence of monetary growth and ethical principles. In this episode, Rusty and Robyn talk with Bob Doll, Chief Investment Officer at Crossmark Global Investments. With over 40 years of experience in the investment management business, Bob has a deep understanding of managing large-cap U.S. equities. He is known for his expertise in faith-based investing and helping clients align their investments with their values. He also utilizes his investment expertise to provide weekly and quarterly investment commentaries and annual market predictions. Bob is a regular guest and contributor to multiple outlets such as Bloomberg TV, Fox Business News, CNBC, and Faith & Finance Live Radio. A legend in the financial services industry, Bob talks about faith-based investing, market predictions, and the current market outlook. Bob shares his insights on the impact of values in investing and how investors can align their investments with their personal beliefs. He also provides his outlook for the economy and the market, including his predictions for inflation, the Fed, and interest rates. Key Takeaways [02:33] - Bob's background and experience in investment management. [03:24] - What Crossmark Global Investments is all about. [04:54] - Aligning faith with financial decisions. [06:26] - The long-term viability of value-based investing. [07:21] - How people can learn more about faith-based investing. [08:17] - How Bob's top 10 predictions for 2023 turned out. [10:12] - Bob's thought process for creating the top 10 predictions.  [11:35] - Bob's current economic and market outlook. [13:13] - Possible projections for inflation and interest rates. [14:58] - Outlook on the “magnificent seven” companies. [18:34] - Portfolio allocation between high-yield bonds and fixed income. [22:11] - The impact of geopolitics on investment. [25:15] - How Bob maintains his physical and mental energy to perform at his best. [26:54] - How AI can impact the markets and financial advice. [28:11] - The people Bob is thankful for professionally. [29:56] - Bob's recommendations for content. Quotes [04:24] - "People spend a lot of time making sure that how they spend money lines up with who they are. But in between the investment piece, 'Oh, I'll leave that to somebody else.' And they end up owning investments they may not know a whole lot about." ~ Bob Doll [05:13] - "We do our best job to suggest what good values might be in terms of the companies we exclude and the companies we give. My faith as a Christian is there's a standard. It's called God's word, the Bible. We use that as our best attempt to figure out what should be included and what should get excluded." ~ Bob Doll [05:35] - "We sit down with our clients and say, 'What are your values? Let's define them. Get them on a piece of paper so we can try to manage money to fit those values.'" ~ Bob Doll Links  Bob Doll on LinkedIn Crossmark Global Investments The Sound of Music  The Economist Bernstein Private Wealth Management Bob Doll's Deliberations Connect with Us Meet Rusty Vanneman, Orion's Chief Investment Officer Check Out All of Orion's Podcasts Power Your Growth with Orion 2951-OPS-10/27/2023

The impact of fintech on financial advisory practices has been nothing short of transformative. The collaboration between fintech innovators and financial advisors not only drives innovation but significantly enhances the overall client experience, revolutionizing the way financial services are delivered and received. However, it is not merely about adopting technology. It's about being purposeful in adopting new technology and seeking solutions that align with the specific needs of their business. In this episode, Rusty and Robyn talk with Ryan Donovan, Senior VP of Institutional Sales, and George Svagera, Senior VP of Business Development for Enterprise at Orion. In his role, Ryan works to show registered investment advisors how Orion's technology and integrations can help them grow and improve efficiency. On the other hand, George oversees Orion's enterprise sales. He works with mainly broker-dealers, banks, and custodians in leveraging both the tech and wealth management sides. George and Ryan talk to Rusty and Robyn about disruptive trends, top tech features, and how advisors can leverage fintech to stay ahead of the curve. They highlight the impact of fintech on financial service providers and the importance of integration and seamless workflows for advisors. George and Ryan also discuss how emerging technologies change how advisors operate and deliver value. Key Takeaways [04:25] - George and Ryan's professional backgrounds and roles at Orion. [06:45] - What led to the creation of Ryan and George's podcast, The Fuse Show. [08:24] - FinTech trends impacting the financial advisory space today. [12:46] - How technology is changing the way advisors operate and deliver value. [23:06] - Features and capabilities advisors value the most. [27:59] - How advisors can leverage fintech to stay ahead of the curve and meet client expectations. [32:46] - Ryan and George's advice to financial advisors looking to leverage the fintech landscape. [34:49] - Ryan and George's favorite investment idea. [35:24] - How Ryan and George maintain their physical and mental health to perform at their peak. [37:15] - The people Ryan and George are thankful for professionally. [39:39] - Ryan and George's recommendations for content. [41:13] - Upcoming episodes of The Fuse Show that Ryan and George are excited about. Quotes [08:40] - "When you look at advisors, regardless of your affiliation with a broker-dealer or whether you're independent, you're an RIA, or you're with a wirehouse, ultimately, what you want is to minimize the friction of interacting with your clients so that you could serve them best." ~ Ryan Donovan [21:51] - "One of the biggest game changers that will impact advisors, but something that their firms don't necessarily have to do, is real-time data streaming more than anything else." ~ George Svagera [28:13] - "As a technology company, we leverage a lot of technology to run our business. You have to be purposeful in it. You have to set aside time to learn what it does to train yourself on it to understand what it does and how it can help run your day or make you more efficient." ~ George Svagera Links  Ryan Donovan on LinkedIn Ryan Donovan on Twitter George Svagera on LinkedIn George Svagera on Twitter Head Like A Hole by Nine Inch Nails X Gon' Give It To Ya by DMX The Fuse Show  Redtail Technology Dr. Daniel Crosby Orion BeFi20 The Risk Tolerance Questionnaire Future Proof Eric Clarke Todd Powell Yellowstone The Autobiography of Benjamin Franklin Only Murders in the Building Band of Brothers Connect with Us Meet Rusty Vanneman, Orion's Chief Investment Officer Check Out All of Orion's Podcasts Power Your Growth with Orion

The future of ETF model portfolios and factor investing appears promising. With the continued growth of the ETF industry and the increasing demand for diversified and risk-adjusted investment solutions, ETF model portfolios are likely to gain further traction. As investors navigate the challenges of a deglobalized world environment, the principles of factor investing and quality investing will continue to play a crucial role in achieving long-term financial goals. In this episode, Rusty and Robyn talk with John Davi, Founder, CEO, and CIO at Astoria Portfolio Advisors. John is an award-winning research strategist with over 20 years of experience across macro ETF strategy, quantitative research, and portfolio construction. Before starting Astoria, he was the head of Morgan Stanley's Institutional ETF Content and advised many of the world's largest hedge funds and asset managers on ETF portfolio construction. John published hundreds of reports in his research career across various topics, from ETFs, indices, and futures to structured products.  John talks to Rusty and Robyn about ETF model portfolios and factor investing. He emphasizes the importance of active management, diversification, and quality investing in the current market environment. Key Takeaways [03:14] - What inspired John to get into investment management. [04:29] - An overview of Astoria Portfolio Advisors and its services. [05:53] - John's journey in developing ETF Model Portfolios. [07:36] - What sets Astoria's ETF Model Portfolio apart from others? [09:09] - How boutique ETF strategists can compete against major ETF providers. [10:32] - The future growth of the ETF industry and ETF models. [11:39] - How factor investing works. [16:02] - Why quality is Astoria's true north. [17:40] - How real estate investing is similar to factor investing. [18:51] - John's view on the macroeconomic landscape. [20:34] - Investing in a deglobalized world. [23:03] - John's outlook for the next three quarters. [25:25] - Recommended strategic weight for non-U.S. equities. [26:50] - John's view of artificial intelligence in investment management. [28:05] - John's favorite investment idea. [29:26] - How John maintains his physical and mental energy to perform at his best. [30:51] - The people John is thankful for professionally. [31:58] - John's recommendations for content. Quotes [09:55] - "Diversifying our factors and using liquid alts can help you get higher up in the efficient frontier." ~ John Davi [15:21] - "It's very attractive to just own beta. But when you own a few factors, you get a smoother return." ~ John Davi [16:26] - "Quality is the most consistent of the factors. It's basically like buying good companies with good balance sheets. They pay dividends, they don't take on a lot of debt, and the consistency of their earnings and their earnings beats." ~ John Davi Links  John Davi on LinkedIn John Davi on Twitter Astoria Portfolio Advisors No Sleep Till Brooklyn by the Beastie Boys Merrill Lynch Vanguard Larry Swedroe Portfolio Visualizer Orangetheory The White Lotus Deep Work by Cal Newport Connect with Us Meet Rusty Vanneman, Orion's Chief Investment Officer Check Out All of Orion's Podcasts Power Your Growth with Orion 2851-OPS-10/16/2023

As investors increasingly seek to optimize their portfolios and adapt to changing market conditions, exchange-traded funds (ETFs) have emerged as an effective and rapidly evolving investment vehicle. While ETFs have proven superior to traditional mutual funds, they have also ushered in a new era of opportunities and challenges for investors, financial advisors, and the industry. In this episode, Rusty and Robyn talk with Mike Akins, Founding Partner at ETF Action. Mike has over 20 years of financial industry experience spanning multiple disciplines. Before founding ETF Action, Mike served as SVP and Head of ETFs at ALPS Advisors, overseeing all aspects of the $15 billion ALPS ETF Trust. Throughout his career, Mike has held various management positions in product development, research and data analytics, risk management, compliance, audit, and operations.  Mike talks to Rusty and Robyn about how to navigate the ETF marketplace, covering topics such as the growth and future of the ETF industry, the historical and projected growth of ETFs, the rise of ETF model portfolios, and the challenges and opportunities facing the industry. Key Takeaways [03:53] - Mike's career journey from compliance to ETFs. [05:01] - The historical and projected growth of the ETF industry. [07:12] - Competitive threats to ETFs. [10:18] - Potential benefits and limitations of direct indexing. [12:13] - Possible risks that may hinder the growth of ETFs in the future. [13:36] - The percentage of advisors choosing ETFs themselves vs. outsourcing to ETF models. [15:41] - How ETF Action supports advisors in adopting ETF models. [17:41] - The growth prospects of models in the coming years. [18:37] - How other models compete against giant industries. [21:21] - Delivering ETFs that align with investors' criteria. [23:15] - Opportunities and challenges for the future of the ETF market. [25:46] - Mike's concerns about liquidity and market complacency. [26:58] - The impact of artificial intelligence on the ETF industry. [28:16] - Mike's favorite investment idea. [29:25] - How Mike maintains his physical and mental energy to perform at his best. [30:31] - The people for whom Mike is grateful, both personally and professionally. [32:23] - Mike's recommendations for content. Quotes [05:35] - "The ETF is a superior structure to mutual funds. Therefore, as people have the opportunity to transfer assets, whether it's required minimum distributions from their qualified accounts or there's a reason to sell their mutual fund and realize those gains, it naturally flows into the ETF market." ~ Mike Akins [18:07] - "If you're an advisor or if you're an independent network of advisors, having models not only will lead to better outcomes, which is the ultimate game, but it also is going to lead to more efficiencies and time saved, and it's going to allow advisors to continue to scale their business." ~ Mike Akins [21:30] - "What attracts me to the ETF market is the ability to map almost any liquid investment in the world. You have every corner of the market covered by an ETF, and with a push of a button, I can track in real-time what's going on with that market through the ETF." ~ Mike Akins Links  Mike Akins on LinkedIn Mike Akins on Twitter ETF Action It's in the Way That You Use It by Eric Clapton State Street Vanguard iShares BlackRock Global X ETFs Tom Carter Connect with Us Meet Rusty Vanneman, Orion's Chief Investment Officer Check Out All of Orion's Podcasts Power Your Growth with Orion 2774-OPS-10/6/2023

High-net-worth individuals often have many objectives, ranging from wealth preservation and growth to estate planning and philanthropy. Each objective has its own intricacies, requiring careful consideration and customization to meet each client's unique needs.  In this episode, Rusty and Robyn talk with Vern Montross, Western Division Managing Director at City National Rochdale. In his role, Vern is responsible for cultivating and developing relationships with financial professionals, including financial advisors, CPAs and attorneys, and their high-net-worth clients in Texas. He works in concert with these professional advisors and City National Rochdale portfolio managers to develop long-term, risk-managed investment strategies. Working in close partnership with each client's trusted advisor to develop an insightful personal benchmark, Vern talks about the complexity of managing high-net-worth portfolios, what it takes to serve high-net-worth clients, and what intelligent personalization is all about.  Key Takeaways [03:30] - How Vern transitioned from biology to finance. [05:13] - The role of CNR in the investment management industry. [07:51] - What makes CNR different from other investment firms that manage high-net-worth investors? [11:15] - What it is like to work with CNR's portfolio managers and investment consultants. [12:54] - How CNR works with high-net-worth investors. [16:22] - What intelligent personalization means. [19:08] - Vern's outlook for the stock market, inflation, interest rates, and the bond market. [24:37] - How CNR applies its market outlook to client portfolios. [27:59] - Vern's thoughts on artificial intelligence's impact on investing. [31:07] - One of Vern's favorite investment ideas. [33:35] - How Vern maintains his physical and mental energy to perform at a high level. [34:54] - The people Vern is thankful for professionally. [37:18] - Vern's recommendations for content. Quotes [06:04] - "We're a collection of problem solvers, very much like scientists and engineers. We want to study what a potential solution looks like, stress test it, and make sure it works and is appropriate." ~ Vern Montross [06:31] - "We don't pre-manufacture our solutions. We don't have inventory on the shelf, and we don't pre-manufacture products. We work with every single client based on their unique situation." ~ Vern Montross [16:50] - "Just because something is different or specific doesn't mean it's also optimal. So, I think of intelligent personalization as customization with intelligent awareness." ~ Vern Montross Links  Vern Montross on LinkedIn City National Rochdale Mr. Brightside by the Killers The Fabric of Reality Fly on the Wall with Dana Carvey and David Spade Connect with our hosts Rusty Vanneman Robyn Murray Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts 1592-OPS-6/12/2023

Democracy as an investment theme is not solely driven by ideology. It's grounded in data and a deep understanding of global dynamics. By understanding the relationship between geopolitics and investment, individuals can make more informed decisions about where to allocate their capital, aligning their investments with their values and convictions. In this episode, Rusty and Robyn talk with Julie Cane, Co-Founder, Managing Partner, and CEO of Democracy Investments. Julie began her career as a U.S. naval aviator flying the SH-3 Sea King helicopter. In 2002, Julie developed Wells Fargo Private Bank's first high net worth and segmentation strategies, resulting in over a 100% increase in the division's profits for the next three years. Julie's background in financial services includes developing market-leading innovations at Wells Fargo, Charles Schwab Advisor Services, SEI Investments, and Autodesk Ventures. Having served in a capacity that allowed a unique vantage point into the world's political landscape, Julie talks to Rusty and Robyn about democracy and how it is good for investors. She highlights how global democracies impact the markets and why it makes sense to invest in freedom. Julie also provides an interesting and useful perspective on international investing, shedding light on the benefits of transparency, stability, and a commitment to freedom. Key Takeaways [02:47] - Julie's background and professional career. [03:54] - The inspiration behind Democracy Investments' foundation. [05:53] - What sets Democracy Investments' international ETF apart from other international funds. [07:15] - Why the economies and markets of democratic economies are better than the authoritarian ones. [08:24] - Julie's thoughts on the decline of democracy over the last 16 years. [09:36] - How Democracy Investments uses The Economist's democracy index to measure democracy. [10:23] - The countries with the best and worst performance in terms of democracy. [12:42] - The countries whose portfolio weights have gained and lost the most. [13:51] - Julie's perspective on the shifting structure of the global economy. [15:59] - Julie's take on the congressional probe into MSCI and BlackRock. [19:19] - Julie's view on the impact of artificial intelligence on the industry. [20:10] - The investment idea Julie likes the most. [21:05] - How Julie maintains her physical and mental energy to perform at her best. [23:21] - The people Julie is thankful for professionally. [26:22] - Julie's recommendations for content. Quotes [04:00] - "Our company was born out of concern for democracy. With my time serving, I became aware, at a young age, of trends in democracy. After I got out, I stayed in touch with my friends who are still serving, and they opened my eyes to everything going on in the world." ~ Julie Cane [06:08] - "We want to provide investors with an alternative for international exposure that accounts for geopolitical risk. We achieve that by starting the same basket on stocks in an all-world ex-U.S. index." ~ Julie Cane [08:02] - "We believe democracies will outperform authoritarians because they're more transparent and are less corrupt. Authoritarians do not want capitalists to be bigger than the state." ~ Julie Cane Links  Julie Cane on LinkedIn Democracy Investments It's The End Of The World As We Know It by R.E.M. Wells Fargo Charles Schwab Christopher Browne Edward Rosenberg Jenny Johnson The Economist Freedom House Chip Roame Skip Schweiss Straight Arrow News Chip & Skip's Excellent Adventure Connect with Us Meet Rusty Vanneman, Orion's Chief Investment Officer Check Out All of Orion's Podcasts Power Your Growth with Orion 2667-OPS-9/25/2023

This edition of The Weighing Machine marks the inaugural episode of "What's on Your Bookshelf," a segment that delves into the personal libraries of guests. This literary journey begins with exploring Dr. Daniel Crosby's bookshelf, Orion's Chief Behavioral Officer.  What makes this edition so extraordinary is its unique focus on the world of books and their impact on Dr. Daniel's life. From the book that has left a mark on his heart and mind to the oldest resting on his bookshelf, this episode goes deep into the world of literature. Key Takeaways [02:24] - The book that's had the most significant impact on Dr. Daniel's life. [04:34] - The books that he has given most. [08:34] - Books Dr. Daniel authored that he is most proud of. [11:31] - Best books in finance Dr. Daniel has not written. [14:11] - Favorite author. [15:48] - The story behind the oldest books on Dr. Daniel's bookshelf. [20:23] - Annual book selection. [23:17] - Criteria for purchasing new books. [27:07] - The book that challenges his perspective. [32:52] - Dr. Daniel's take on the impact of AI on the financial industry. [34:09] - Favorite investment strategy. [35:11] - How Dr. Daniel maintains his physical and mental energy. [37:07] - The people Dr. Daniel is thankful for professionally. [39:54] - Podcast recommendations. Quotes [03:03] - "The most valuable part of my education was having to ground your interventions and thinking in a philosophy and make sure that the things that you were doing with clients were underpinned by research and theory and just some consistent thinking and not just grab baggy." ~ Dr. Daniel Crosby [21:40] - "Behavior change is the root of everything I do. I love the themes of reinvention. I am a foolish optimist in thinking that even really wayward people can, at any moment, turn it all around and totally reinvent themselves and do differently." ~ Dr. Daniel Crosby Links  Dr. Daniel Crosby on X Orion Behavioral Finance Standard Deviations with Dr. Daniel Crosby How to Disappear Completely by Radiohead  Either/Or - Album by Elliot Smith  Turn! Turn! Turn! (To Everything There Is a Season) by The Byrds  Tetragrammaton - "Rory Sutherland" with Rick Rubin Man's Search for Meaning by Viktor Frankl Bonds That Make Us Free: Healing Our Relationships, Coming to Ourselves by C. Terry Warner  Leadership and Self Deception: Getting Out of the Box by The Arbinger Institute  You're Not That Great by Dr. Daniel Crosby  The Laws of Wealth: Psychology and the secret to investing success by Dr. Daniel Crosby  The Behavioral Investor by Dr. Daniel Crosby  Everyone You Love Will Die by Dr. Daniel Crosby  Nudge: Improving Decisions About Health, Wealth, and Happiness by Richard H. Thaler and Cass R. Sunstein  The Psychology of Money: Timeless lessons on wealth, greed, and happiness by Morgan Housel  Thinking, Fast and Slow by Daniel Kahneman  The Little Book of Behavioral Investing: How not to be your own worst enemy by James Montier  Either/Or: A Fragment of Life by Soren Kierkegaard  The Little Prince by Antoine De Saint-Exupéry  The Giving Tree by Shel Silverstein  The Tree Who Set Healthy Boundaries by Topher Payne  Thidwick the Big-Hearted Moose by Dr. Seuss  A Christmas Carol by Charles Dickens  Ametora: How Japan Saved American Style by W. David Marx  The Righteous Mind: Why Good People Are Divided by Politics and Religion by Jonathan Haidt  Behavioral Portfolio Management: How successful investors master their emotions and build superior portfolios by C. Thomas Howard  The Creative Act: A Way of Being by Rick Rubin  Viktor Frankl's Logotherapy  Dr. Crosby's Behavioral Finance Reading List Connect with Us Meet Rusty Vanneman, Orion's Chief Investment Officer Check Out All of Orion's Podcasts Power Your Growth with Orion 2602-OPS-9/19/2023

Investors often find themselves at a crossroads when deciding how to allocate their resources for optimal returns. But one of the timeless strategies that has captivated investors seeking sustainable growth and long-term success in finance and investment is value investing, a philosophy made famous by Benjamin Graham and later championed by his protégé Warren Buffett. Value investors, armed with a keen eye for bargain opportunities, endeavor to uncover the hidden gems amidst the market's ups and downs. In this episode, Rusty and Robyn talk with Brian Ferguson, Senior Portfolio Manager at Newton Investment Management Group. Brian has been with BNY Mellon companies for over 26 years, specifically for the U.S. Dynamic Large Cap Value Fund (BNY Mellon Dynamic Value Fund). He joined Newton in September 2021, following the integration of Mellon Investments Corporation's equity and multi-asset capabilities into the Newton Investment Management Group. With a value-based investment philosophy, Brian talks to Rusty and Robyn about value investing. He shares insights into how investors should allocate between value and growth and the future of active management. Brian also discusses other important value sectors, including energy and healthcare. Key Takeaways [03:30] - Brian's career background and role at Newton Investment Management Group. [04:26] - What distinguishes Newton Investment Management Group as a firm? [07:11] - What is it like to work with John Neff? [08:49] - How value investing has evolved over time. [12:28] - Brian's rule of thumb for allocating between growth and value investing. [14:00] - Brian's thoughts on active management. [17:48] - How the energy sector has changed over the years. [23:27] - How the financial sector plays offense and defense across the different sectors. [28:22] - The opportunities in the healthcare industry. [32:01] - Brian's thoughts on how AI impacts the financial industry. [35:05] - Brian's favorite investment idea. [41:15] - How Brian maintains his physical and mental energy to perform at a high level. [42:28] - The people Brian is grateful for professionally. [46:12] - Brian's recommendation for content. Quotes [09:22] - "Being a student of the marketplace and the markets, if you look at a hundred years of history, values outperform, on average, two out of three years. And that speaks to the notion that it does matter what you're paying for something, and it's easier to outperform low expectations than high expectations." ~ Brian Ferguson [13:47] - "The better way to allocate between value and growth investing is to get a great manager and team with a proven process and philosophy, do both styles, blend it together, and then periodically rebalance it." ~ Brian Ferguson [16:41] - "The dispersions of results and outlooks on the things that drive intrinsic value, namely cash flow and earnings, have never been wider. And in my 30-year career as an equity investor, I've never seen it as wide as it is. And that is music to the ear of active managers." ~ Brian Ferguson Links  Brian Ferguson on LinkedIn Newton Investment Management Group Doin' This by Luke Combs Wellington Management Vanguard Keith Howell J.P. Morgan Berkshire Hathaway The Lion Tracker's Guide to Life The Money Masters The New Money Masters Connect with Us Meet Rusty Vanneman, Orion's Chief Investment Officer Check Out All of Orion's Podcasts Power Your Growth with Orion 2519-OPS-9/11/2023

The rise of insourced chief investment officers (ICIOs) poses a direct challenge to old-guard legacy providers. Equipped with contemporary insights, data-driven decision-making, and quantitative investment management solutions, ICIOs are transforming investment strategies and setting new heights in the area of financial growth and security. In this episode, Rusty and Robyn talk with Chris Shuba, Founder and CEO of Helios Quantitative Research. After spending time at Ameriprise Financial and as a senior quant analyst at Columbia Threadneedle, Chris focused on developing mathematical models that could help financial advisors mitigate the market's volatility. These models were met with interest by a broad range of clients, and within the year, financial advisors nationwide were accessing his algorithms.  Believing that the majority of existing services available to financial advisors lack innovation, are too expensive, and enable commoditization in the wealth management industry, Chris talks to Rusty and Robyn about how he created his own service category, the insourced chief investment officer, and how this service can help financial advisors grow their firm.  Key Takeaways [02:55] - A brief history of Chris' career. [04:46] - What led to the creation of Helios? [07:39] - What sets Helios apart from other asset management firms? [09:26] - The difference between an ICIO and an OCIO. [12:18] - How having an ICIO can help advisors grow their firm. [14:54] - Why advisors are attracted to model portfolios. [18:13] - Customized vs. personalized model portfolios. [21:42] - How Helios boosts customization. [25:08] - How Helios handles large amounts of data. [26:51] - Chris' outlook on interest rates. [29:13] - Chris' thoughts on the impact of AI in the financial industry. [32:11] - Chris's favorite investment idea. [33:22] - How Chris maintains his energy to perform at a high level. [34:19] - The people Chris is grateful for professionally. [36:13] - Chris' recommendations for content. [38:05] - Tips for fantasy football drafts. Quotes [16:16] - "Models will always have a flaw. If they're designed well, a model will always have an Achilles heel because it's going to have its sweet spot. But to have that, you have to have that part where it's designed to fail. And the beautiful part about a model is essentially what you're doing is picking what type of failure you're okay with." ~ Chris Shuba [22:00] - "A well-built, mathematically diverse portfolio can do very well in some of the most extreme environments." ~ Chris Shuba [26:03] - "There is a very definitive line between academia and the real world. And one of the big differences about Helios is that we do everything we can to live in the real world. That is where the rubber meets the road conversation between the advisor and their client and what they see on TV." ~ Chris Shuba Links  Chris Shuba on LinkedIn Chris Shuba on Twitter Helios Quantitative Research Seven Nation Army Ameriprise Financial Columbia Threadneedle Investments Connect with Us Meet Rusty Vanneman, Orion's Chief Investment Officer Check Out All of Orion's Podcasts Power Your Growth with Orion 2439-OPS-9/1/2023

Due to the many risks facing today's market, many investors wonder whether now is the time to invest or just sit on the sidelines. While diversification can minimize exposure to any single economic, political, or market event, it's important to know the market's top risks to enable investors to manage expectations and protect their portfolios. But what are today's top market risks, and how can investors move forward? In this episode, Rusty and Robyn talk with Daniel Villalon, Principal and Global Co-Head of the Portfolio Solutions Group at AQR Capital Management. In his role, Daniel oversees the team responsible for advising clients on portfolio challenges and creating investor-oriented thought leadership. Additionally, Daniel founded, co-wrote, and hosted AQR's podcast, The Curious Investor. Daniel talks with Rusty and Robyn about the market's top risks, what investors should expect moving forward, and how they can stay invested and reach their financial goals. Key Takeaways [05:25] - How Daniel went from the vineyard to the financial industry. [08:28] - The key role Daniel plays at AQR Capital Management. [11:04] - AQR's market outlook for the remainder of the year. [12:37] - The inflation perspective of AQR. [14:10] - Daniel's thoughts on recession risk. [17:01] - How Daniel rates the risk of fighting the Fed. [18:54] - How AQR measures the impact of investor expectations. [21:29] - Another potential risk Daniel is keeping an eye on. [23:38] - What investors could expect in terms of market returns in the years ahead. [26:58] - The return expectations for growth stocks versus value stocks. [32:16] - Why firms should have CMAs. [36:42] - What investors should do with their portfolios, given all the risks and challenges in the current market. [41:48] - AQR's perspective on commodities and real estate. [46:06] - How Daniel views long-short strategies. [47:50] - AQR's thoughts on managed futures and merger arbitrage. [52:48] - Daniel's personal investment strategy. [54:50] - How Daniel maintains his physical and mental well-being to perform at his best. Quotes [11:23] - "Coming up with an expected return for the future is easy to do, but very hard to do well." - Daniel Villalon [12:00] - "Diversification is the most reliable or least imperfect solution when positioning yourself for a world where you don't know with certainty what the next few months will bring." - Daniel Villalon [13:53] - "Inflation is a risk that neither of the two biggest traditional asset classes is particularly well suited to address." - Daniel Villalon [20:55] - "One of the challenges in terms of investor expectations is a lot of folks, implicitly or not, set their expectations based on what they've seen recently. That's created a massive disconnect regarding what people expect from markets and what they're likely to get over the next five to 10 years." - Daniel Villalon Links  Daniel Villalon on LinkedIn AQR Capital Management Help! by The Beatles The Laws of Wealth: Psychology and the Secret to Investing JP Morgan The Mitchell Madison Group Pine Ridge Vineyards The Curious Investor Podcast Investing Amid Low Expected Returns: Making the Most When Markets Offer the Least Buttonwood's notebook | The Economist Connect with Us Meet Rusty Vanneman, Orion's Chief Investment Officer Check Out All of Orion's Podcasts Power Your Growth with Orion 1211-OPS-7/12/2022

Portfolio construction is a crucial aspect of investment management, directly influencing the trajectory of one's financial endeavors. As the global economy is constantly in flux, the challenge for financial advisors lies in constructing portfolios that cope with the changing dynamics of the economic landscape while achieving clients' long-term goals. In this episode, Rusty and Robyn talk with Adam Hetts, Portfolio Manager and Global Head of Multi-Asset at Janus Henderson Investors. Before joining the firm in 2017, Adam held various roles at Goldman Sachs, including Vice President and Senior Portfolio Strategist, where he led efforts in the U.S. and the Asia Pacific regions. At Janus Henderson, Adam and his team of strategists serve as a resource to their clients, assisting them in deconstructing, analyzing, and reconstructing their portfolios to identify risks and achieve results aligned with their investors' long-term objectives. Leading a team that constructs multi-asset solutions for clients' complex investment objectives, Adam talks to Rusty and Robyn about portfolio construction strategy and market outlooks. He shares insights on the current market environment, investor sentiment, and the questions financial advisors are receiving from clients. Adam also provides an in-depth analysis of the 60/40 balanced investment portfolio, discussing the equity side, fixed income concerns, and the importance of diversification. Key Takeaways [02:57] - Adam's professional background and role at Janus Henderson. [05:24] - Key takeaways from portfolio construction and strategy team discussions. [07:22] - Janus Henderson's insights on the equity side of the market. [10:16] - Adam's outlook and recommendations on non-U.S. stocks. [12:49] - The most common concerns about fixed income. [15:53] - The philosophy Adam and his team apply when building model portfolios. [19:05] - Adam's thoughts on the impact of artificial intelligence in the financial industry. [20:15] - How Adam maintains his physical and mental energy to perform at a high level. [21:46] - Adam's recommendations for content. Quotes [05:58] - "What we've seen happening now is the environment and the sentiments have been improving. It's not so much the Fed pivot as the big obsession for our clients. It's the portfolio pivot from defense to offense and just how soon and how aggressive to be with that pivot." ~ Adam Hetts [06:49] - "The most common conversation for us on our equity consultations is digging into the nuance and balance between the historically overvalued large cap and the undervalued small and mid-cap pieces." ~ Adam Hetts [16:48] - "We know clients want low fees, so we're open architecture to bring in a bigger opportunity set, including blending in passive ETFs. We know clients want to stay in their comfort zone, so we're globally diversified in our models. The goal is to help clients stay invested in the long run." ~ Adam Hetts Links  Adam Hetts on LinkedIn Janus Henderson Investors Janus Henderson Portfolio Construction and Strategy Team Janus Henderson Global Multi-Asset Model Portfolios Janus Henderson Market GPS Investment Outlook Intro Article by Adam in Market GP Janus Henderson Balanced Portfolio Recipe Webinar Shake It Off by Taylor Swift Goldman Sachs Continental Drift by Russell Banks The Wager by David Grann The Psychology of Money by Morgan Housel Just Keep Buying Connect with Us Meet Rusty Vanneman, Orion's Chief Investment Officer Check Out All of Orion's Podcasts Power Your Growth with Orion 2307-OPS-8/18/2023

As the advice model continues to evolve, harnessing the power of technology is not just a competitive edge but a necessity. However, amidst this technological revolution, financial advisory firms have to maintain sight of innovations' true purpose. The most successful firms skillfully strike a balance between cutting-edge innovation and the human touch, ensuring that technology enhances, rather than replaces, the art of conversation. In this episode, Rusty and Robyn talk with Charles Goldman, Executive Chairman of the Board at Orion. Charles is also a member of the Board of Directors of Genstar portfolio companies ACA Group, AmeriLife, Cerity Partners, Mercer Advisors, and Orion. He is chairman of FinTech Evolution Acquisition and an American Mountain Guides Association board member. Charles talks with Rusty and Robyn about the importance of technology in the financial advisory space, how the advice model is changing, and how to build great relationships with clients. Key Takeaways [03:02] - Charles' career highlights and his most rewarding experience. [05:58] - Charles' early observations of Orion as Executive Chairman. [08:41] - The challenges for financial advisors in the coming years. [12:12] - How technology impacts the advisory model. [15:51] - The gaps in the advisory space that need to be filled. [17:32] - The most important factors when building and maintaining client relationships. [21:45] - The benefits of private equity in the financial industry. [24:50] - The best investment styles for investors. [28:31] - What the future of a full-service advisory firm looks like. [32:25] - Charles' advice to aspiring leaders in the financial services industry. [35:51] - Charles' favorite investing idea. [38:18] - How Charles maintains his physical and mental energy to perform at a high level. [40:51] - The people Charles is thankful for professionally. [43:22] - Charles' recommendations for content. Quotes [04:37] - "When you're trying to get a leadership point across and build culture, it starts with the firm's mission. It needs to be something you can grab hold of, something you can understand." ~ Charles Goldman [05:45] - "The thing that grabs employees and excites clients is when you live by a mission where you put the client first." ~ Charles Goldman [20:47] - "When you ask questions about building trust and creating conversation, it really is the quality of the conversation and the quality of listening. It's asking the question that stems from your expertise and knowledge of the client and their situation. Those are the best and most trusting relationships." ~ Charles Goldman Links  Charles Goldman on LinkedIn Charles Goldman on Twitter Back in Black by AC/DC Cerity Partners AssetMark Charles Schwab Fidelity Investments Mercer AmeriLife Marketing Group Boston Consulting Group Genstar Capital Connect with Us Meet Rusty Vanneman, Orion's Chief Investment Officer Check Out All of Orion's Podcasts Power Your Growth with Orion 2233-OPS-8/14/2023

Renowned for its expertise and commitment to client satisfaction, BlackRock has made significant strides in revolutionizing the financial industry through its Separately Managed Accounts (SMAs) offering. BlackRock places an emphasis on meeting the needs of its end clients, regardless of whether they are institutional giants or retail investors. In this episode, Rusty and Robyn talk with Chris Ryan, BlackRock's Senior Fixed Income Portfolio Manager. In his role, Chris primarily covers the southeast part of the U.S., delivering model-based and custom solutions in both the taxable and tax-exempt space for high-net-worth individuals, institutions, foundations, pensions, charitable organizations, and religious organizations, among others. He works closely with their New York-based corporate team to help filter out the most appropriate credits for their SMA clients while providing consistent updates to help drive decisions to buy, sell and hold positions.  With nearly 13 years of experience at BlackRock and previous experience at Merrill Lynch, Chris talks with Rusty and Robyn about fixed income separately managed accounts (SMAs) and how they differ from bonds and ETFs. He also discusses the benefits of fixed income separately managed accounts, the current challenges of the bond market, and the opportunities of municipal bonds. Key Takeaways [02:32] - Chris's background and career in the financial industry. [03:37] - What a fixed income separately managed account (SMA) is and its benefits. [05:36] - What it's like to work as a fixed income SMA portfolio manager. [08:17] - What sets BlackRock apart and its secret sauce for success. [12:02] - BlackRock's views on the bond markets. [15:34] - What BlackRock's state-specific personalization in municipal bonds is all about.  [17:33] - BlackRock's offerings on Orion, including strategies, minimums, and fees. [19:39] - How Chris maintains his physical and mental energy to perform well. [20:16] - The mentors and colleagues Chris is grateful for. [21:06] - Chris' recommendations for content. Quotes [05:08] - "Separately Managed Accounts (SMAs) give the client the ability to personalize their holdings not only to their tax situation but also to their values preferences." ~ Chris Ryan [09:03] - "One factor that has set BlackRock apart is that it focuses on end clients' needs first and foremost, whether that be institutional or retail clients. BlackRock provides the client a better overall understanding of the risks within their investible universe." ~ Chris Ryan [11:03] - "Interactions that are built on trust and solid client service lead to a longer-lasting relationship." ~ Chris Ryan Links  Chris Ryan on LinkedIn BlackRock Back in Black by AC/DC Merrill Lynch Aladdin by BlackRock Ryan Nielsen The Bid Fixed Income in 15 Macro Musings with David Beckworth Connect with Us Meet Rusty Vanneman, Orion's Chief Investment Officer Check Out All of Orion's Podcasts Power Your Growth with Orion 2146-OPS-8/4/2023

Time and again, investors are reminded of the turbulent nature of financial markets. Attempting to predict short-term market movements can lead to a myriad of pitfalls and missed opportunities. Wise investors recognize that true wealth creation lies in the ability to weather market downturns and emerge stronger on the other side.  In this episode, Rusty Vanneman and Robyn Murray talk with Jim Cullen, Chairman and CEO at Schafer Cullen Capital Management. Jim founded the firm in 1983 and is responsible for overseeing Schafer Cullen Capital Management and has served as the CEO and Co-Portfolio Manager on all of the firm's strategies. Jim has also been responsible for overseeing the affiliated firm, Cullen Capital Management LLC, since its formation in 2000. His experience in the investment business spans over 60 years. A leading value manager for decades, Jim talks about how the markets have changed over the last 60 years. He also discusses long-term value investing and how it makes sense for investors, the importance of dividends and dividend growth, and why market timing is the root of all evil for most investors. Key Takeaways [03:06] - What the market looked like 60 years ago. [06:15] - How the 1970 bear market impacted Jim's investment philosophy. [11:20] - The inspiration behind Jim's book, “The Case for Long-Term Value Investing.” [15:06] - A look back at Schafer Cullen Capital Management's origins. [16:23] - Why Schafer Cullen Capital Management includes dividend growth in its value investing. [17:17] - How Jim tackles market timing with investors. [19:02] - Jim's approach to stock selection. [20:51] - What happens when the market is concentrated? [22:14] - What Jim has to say about financials. [23:59] - What Jim has to say to young people looking to invest in today's market. [25:23] - Jim's thoughts on how AI might affect the investment industry. [27:24] - Jim's favorite investment idea. [29:25] - The people Jim is thankful for professionally. [31:24] - Content recommendations from Jim. Quotes [10:00] - "Every five-year period has some tough periods, recessions, bear markets, and all the negative stuff. But the five-year time horizon bailed you out on all of them." ~ Jim Cullen [17:40] - "Market timing is the root of all evil for most investors. It's the killer of long-term performance." ~ Jim Cullen [18:04] - "Don't try to time the market because you make all your money when you come out of that recession. That's the biggest part of all the gains in the market over time." ~ Jim Cullen Links  Jim Cullen on LinkedIn Cullen Funds Good Vibrations by The Beach Boys Merrill Lynch Mid-Year Note the Danger Zone A Time for Value The Case for Long-Term Value Investing J.P. Morgan Jamie Dimon Jason Zweig Goodbye Mickey Mouse Connect with Us Meet Rusty Vanneman, Orion's Chief Investment Officer Check Out All of Orion's Podcasts Power Your Growth with Orion Disclosure Advertisement supplied by Schaeffer Cullen Capital Management. Schaeffer Cullen Capital Management and OPS are not affiliated companies and the advertisement is not a recommendation or endorsement by Orion Portfolio Solutions, LLC for any of the services referenced or provided. 2044-OPS-7/28/2023

The marketplace is no stranger to speculation and unpredictability, with investors often left to navigate the highs and lows of the financial rollercoaster. As more investors seek to balance risk and reward, defined outcome ETFs present an enticing solution that marries the quest for growth with the imperative for protection.  In this episode, Rusty and Robyn talk with Bruce Bond, Co-Founder and CEO of Innovator ETFs. He also co-founded PowerShares Capital Management in 2003. In addition to being recognized for best-in-class products, Bruce has been named the ETF industry's most influential person on multiple occasions and has been quoted in financial publications around the world. Bruce talks to Rusty and Robyn about the growth and changes in the ETF industry, as well as the key drivers of growth and trends to watch. He also shares how Innovator ETFs differentiates itself from other investment management firms and what advice he gives to investors when selecting and evaluating ETFs for their portfolio. Key Takeaways [04:01] - How Bruce got started in the EFT industry. [05:24] - How the ETF industry has evolved over time. [07:11] - Innovator ETFs' mission and approach to innovation [10:48] - How advisors use the Defined Outcome ETFs. [15:01] - A look at Innovator ETFs' Premium Income Barrier ETFs. [18:23] - The anticipated launch of Defined Protected ETFs. [21:02] - Growth and obstacles in the ETF industry. [23:09] - How Innovator ETFs adapted to future ETF trends. [24:24] - What investors should consider when selecting ETFs for their portfolios. [26:02] - Bruce's thoughts on the impact of AI on the markets and industry. [28:22] - Bruce's favorite investment idea. [29:30] - How Bruce maintains his physical and mental energy to perform at his peak. [30:51] - The people Bruce is thankful for professionally. Quotes [11:39] - "A lot of guessing goes on in the marketplace, but no one has a good handle on it. So having a product that provides a buffer against those losses on the equity side and simultaneously gives you access to a significant portion of the upside has huge value." ~ Bruce Bond [20:12] - "The beauty of protected ETFs is they're so efficient. They will give you the maximum you can get from the options market on the upside over two years. It removes all the middlemen, all the banks, all the annuities, all the funds, and all these people that get their hands in the pot." ~ Bruce Bond [23:38] - "The defined outcome category is gaining a lot of traction. This controlled exposure to the marketplace is where we will see a lot of growth in the future." ~ Bruce Bond Links  Bruce Bond Innovator ETFs One Thing At A Time by Morgan Wallen The Blessing by Elevation Worship First Trust Nuveen Connect with our hosts Rusty Vanneman Robyn Murray Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts 1856-OPS-7/11/2023

In finance, understanding the intricate workings of the human mind can be just as important as comprehending the numbers and market trends. Furthermore, behavioral finance acknowledges the undeniable truth that humans are not always perfectly rational when managing their finances. Our minds are prone to biases, emotions, and irrational behaviors that can derail even the most intelligent and successful individuals.  In this episode, Rusty and Robyn talk with Doug Lennick, CEO and Co-Founder of think2perform. Doug leverages his 40+ years of experience as a Fortune 100 executive, a seasoned small business owner, and an entrepreneur to help clients achieve optimal results. At think2perform, Doug leads a team that serves the needs of executives and their organizations. He helps clients improve their bottom-line results by enhancing revenue growth. Doug talks to Rusty and Robyn about behavioral finance and why people need to understand it for themselves and their businesses, how behavioral advice helps advisors and investors build and maintain strong relationships, and how to get started writing a book. Key Takeaways [04:52] - Why Doug built a career around behavioral finance. [07:07] - What think2perform is all about. [09:42] - How behavioral finance can help investors and advisors. [14:35] - What think2perform's Behavioral Finance Advice Program is about. [17:14] - What it takes to be a behavioral financial advisor. [21:10] - A list of Doug's published works. [24:51] - Doug's advice for improving interpersonal connections and creating meaningful relationships. [30:21] - How people can cultivate healthy relationships with money. [38:52] - Doug's advice to financial advisors who want to become authors. [41:44] - Doug's take on how artificial intelligence impacts financial advisors. [44:51] - One of Doug's favorite investment ideas. [46:01] - How Doug maintains his mental and physical health to perform at his best. [50:29] - The people Doug is grateful for professionally. [55:03] - Doug's recommendations for content. Quotes [09:18] - "We help people to understand that their mind has the authority to override the brain's desire to repeat behavior. We help smart people who are starting to do dumb things with their money go ahead and assess how smart they are, even in the presence of competing and difficult to deal with emotions." ~ Doug Lennick [10:07] - "Behavioral finance helps people make rational, smart, responsible, and values-based decisions with their money and their life in the presence of competing and difficult-to-deal-with emotions." ~ Doug Lennick [24:14] - "The common pursuit all humans have is that we all want to be happy with ourselves. We want to live a happy life. And by leveraging our financial intelligence, we create an intersection where our money, health, and happiness come together." ~ Doug Lennick Links  Doug Lennick on LinkedIn Doug Lennick on Twitter think2perform I Can See Clearly Now by Johnny Nash Start Me Up American Express Ameriprise Financial Richard Leider The Power of Purpose The Simple Genius (You) Financial Intelligence Moral Intelligence Moral Intelligence 2.0 How to Get What You Want and Remain True to Yourself Leveraging Your Financial Intelligence Don't Wait for Someone Else to Fix It One Thing from City Slickers Dr. Daniel Crosby Standard Deviation Podcast by Dr. Daniel Crosby The Obstacle Is The Way The Book On Stoicism That's Taking the NFL by Storm The Power of Full Engagement Chanhassen Dinner Theatres Built To Move Big Feelings: How to Be Okay When Things Are Not Okay Connect with our hosts Rusty Vanneman Robyn Murray Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts 1757-OPS-6/28/2023

Investing has become a delicate balance between opportunity and risk. The potential for substantial gains is undoubtedly enticing, but the inherent volatility and unpredictability can be unnerving. Furthermore, the emotional rollercoaster that accompanies market volatility is another challenge.  In this episode, Rusty and Robyn talk with DeFred "Fritz" Folts. Fritz has over 40 years of experience in the investment management industry. He was one of the co-founders of 3EDGE Asset Management, serving as the Chief Investment Strategist and member of the Investment Committee. Before 3EDGE, Fritz was one of the first team members at Windward Investment Management, a pioneer in constructing globally diversified portfolios utilizing index Exchange Traded Funds (ETFs).  As an ETF strategist, Fritz talks to Rusty and Robyn about multi-asset investing and how to do it well. He also speaks about managing investment risk and his market outlook for multiple asset classes. Key Takeaways [03:06] - The experience Fritz has in managing investments. [04:43] - 3EDGE Asset Management's investment approach and philosophy. [07:14] - How 3EDGE incorporates investor psychology into their model. [09:03] - How advisors use the 3EDGE strategies on behalf of their clients. [11:41] - What 3EDGE's tactical multi-asset approach looks like. [14:40] - Why 3EDGE focuses so much on managing investment risk. [17:01] - Differences between total return and ESG strategies. [19:55] - 3EDGE's market outlook for all asset classes, including crypto. [28:01] - Fritz's take on how artificial intelligence could impact investment management. [30:10] - Fritz's favorite investment idea. [31:44] - How Fritz remains physically and mentally healthy to perform well. [35:13] - The people for whom Fritz is professionally grateful. [36:52] - Fritz's recommendations for content. Quotes [05:54] - "Markets are not completely random. They're driven by the cause-and-effect relationships that impact equities, bonds, commodities, and currencies across the globe. And these relationships are interrelated." ~ DeFred "Fritz" Folts [06:37] - "There's more risk out there than people understand. So, our approach to managing that risk is to be tactical, meaning we make changes to the portfolio when our investment outlook changes and are always globally diversified." ~ DeFred "Fritz" Folts [15:40] - "It's really difficult to hang in there as an investor when you're watching your portfolio and your net worth decline. Having to live through that is hard." ~ DeFred "Fritz" Folts Links  DeFred "Fritz" Folts on LinkedIn Fritz Folts on Twitter 3EDGE Asset Management 3EDGE Asset Management on YouTube 3EDGE Orion Spotlight Paper Fritz Folts' Recommended Reads Your Saving Grace by Steve Miller Band Stephen Cucchiaro Windhaven Investment Management Charles Schwab The Origin of Wealth by Eric Beinhocker The Fed Unbound by Lev Menand The Price of Time: The Real Story of Interest Meditations by Marcus Aurelius The Obstacle Is the Way by Ryan Holiday The Artist Behind Fritz's Cow Painting Connect with our hosts Rusty Vanneman Robyn Murray Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts 1640-OPS-6/15/2023

Value investing has long been a pillar of success for many savvy investors. However, as the markets evolve and new dynamics emerge, this conventional approach may no longer provide optimal results. Recognizing the need for a fresh perspective, investors are now turning their attention to a different lens through which to view value investing—one that takes into account a company's free cash flow yield. In this episode, Rusty and Robyn talk with Sean O'Hara, President at Pacer ETFs and Director at Pacer Financial. Sean began his career at PLANCO/Hartford in 1985, where he spent 22 years as a wholesaler, divisional manager, and managing director of the national wholesaler team. In 2007, Sean joined Joe Thomson at Pacer Financial to serve as a national wholesaling company for various products, including exchange-traded funds, exchange-traded notes, annuities, and SMAs. In 2015, Pacer ETFs was launched.  A leader of an award-winning ETF provider, Sean talks about cash cows, ETFs, SMAs, and artificial intelligence. More importantly, Sean speaks about the potential problems with traditional value investing and how value investing can be improved. Key Takeaways [02:52] - Sean's career history and why he created Pacer ETFs. [04:19] - What makes Pacer ETFs unique? [05:42] - What cash cow means to Pacer ETFs. [06:22] - The pitfalls of traditional value and how Pacer thinks about value differently. [08:44] - How Sean defines book value and intangible value. [09:29] - The difference between enterprise value and free cash flow. [10:23] - The impact of higher interest rates on free cash flow and dividends. [11:10] - Tax efficiency comparison between ETFs and SMAs. [13:16] - Sean's outlook on the market. [15:24] - How Pacer ETF's cash cow philosophy works. [17:31] - Sean's take on how artificial intelligence impacts market investing. [19:20] - Sean's favorite investing idea. [20:19] - How Sean maintains his physical and mental well-being to perform at his best. [21:04] - The people Sean is professionally thankful for.  [22:43] - Sean's recommendations for content. Quotes [08:14] - "If you're going to find cheap stocks today, you can't be constrained by looking at traditional low price-to-book. You have to look at it in a different way. And free cash flow yield does that." ~ Sean O'Hara [10:30] - "Free cash flow is the mother's milk of dividend payments. If you don't have excess free cash flow, you can't pay dividends unless you borrow money to pay them. So, if you like and want to own dividends and grow your dividends over time, companies have to have excess free cash flow." ~ Sean O'Hara [16:49] - "The interesting offshoot to using free cash flow yield is you get a high-quality portfolio, and the names tend to have better earnings growth, which ultimately, in the end, drives stock prices." ~ Sean O'Hara Links  Sean O'Hara on LinkedIn Sean O'Hara Email Pacer ETFs Pacer Financial Should've Been A Cowboy by Toby Keith Joe Thomson Vanguard iShares State Street Global Advisors The Maze The Predators' Ball Connect with our hosts Rusty Vanneman Robyn Murray Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts 1474-OPS-5/30/2023

Activist investing embodies a powerful call to action, urging investors to engage actively and purposefully in shaping the corporate world. This approach presents a unique opportunity to tackle pressing societal challenges, celebrate transformative opportunities, and drive a more sustainable and prosperous future for both investors and society as a whole. By embracing the total value framework and wielding the power of shareholder votes, investors can foster positive change that transcends mere financial gains. In this episode, Rusty and Robyn talk with Jennifer Grancio, CEO of Engine No. 1. In her role, Jennifer guides the firm's strategy and vision. Before Engine No. 1, Jennifer founded an advisory firm where she worked closely with CEOs to accelerate growth. She also served as a founding member of BlackRock's iShares business, where she led European, U.S., and global distribution and drove the growth of the global ETF industry and iShares' leadership role. During her tenure at BlackRock, she led teams across wealth, personal, technology, and venture investing. With over 25 years of experience scaling businesses across financial services, Jennifer talks about activist investing and why it is good for investors and society. She also shares the power of shareholder votes and the reindustrialization of North America. Key Takeaways [02:56] - Jennifer's career background and how she got to Engine No. 1. [05:53] - How Engine No. 1 won a proxy battle with Exxon. [08:28] - How Engine No. 1's total value framework works. [10:12] - Why investors need both good index funds and active thematics. [11:47] - How VOTE uses shareholder votes to drive long-term value. [13:33] - Engine No. 1's proxy voting committee and its custom voting framework. [16:00] - The reindustrialization of North America. [19:37] - Jennifer's favorite investment idea. [20:24] - How Jennifer maintains her physical and mental well-being. [20:55] - The people Jennifer is thankful for on a professional level. [22:19] - Jennifer's content recommendations. [23:19] - A look at Jennifer's team at Engine No. 1. Quotes [05:23] - "We saw an opportunity to build a firm that was looking forward in time to ensure that the average investor and wealth portfolios could take advantage of some of these megatrends. So, Engine No. 1 was built to let people access wealth creation and economic opportunity and some of these huge themes that will unfold over the next 20 years." ~ Jennifer Grancio [09:59] - "The total value framework is an approach that goes deep and is very specific with these big public companies on their material risks because that's an important consideration as an investor." ~ Jennifer Grancio [20:02] - "We could be very sad about our world and some of the challenges ahead, or we can celebrate and take advantage of some of the opportunities. So there's a huge opportunity for jobs, economic wealth creation, and reassuring of jobs and manufacturing back to the U.S. and North America." ~ Jennifer Grancio Links  Jennifer Grancio on LinkedIn Engine No. 1 It's The End of The World As We Know It by R.E.M. BlackRock ExxonMobil The End of the World Is Just The Beginning Eli Horton Molly Landes Yasmin Dahya Bilger Jason LaMacchia Yusuf George Connect with our hosts Rusty Vanneman Robyn Murray Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts 1361-OPS-5/17/2023

Comprehending the interplay between the macro-economy and market movements can be challenging for investors. Yet, it is a pursuit that holds immense significance in today's complex financial landscape. With its multifaceted indicators and trends, the macro-economy is a powerful compass, guiding investors toward informed decision-making. By grasping the fundamental forces at play, investors can better gauge their investments' potential risks and rewards. In this episode, Rusty and Robyn talk with Mike Singleton, Senior Analyst and Principal at Invictus Research. Mike had the opportunity to work for several years with Broad Run Investment Management, where he spent most of his time conducting deep, fundamental diligence on the highest-quality companies he could find. Since then, most of his time has been spent researching the economy at-large and its relationship with the liquid asset markets.  Providing institutional-grade macroeconomic research to a wide range of clients, Mike talks about his outlook for the macro-economy, what that means for the market, and his technical analysis of the market price movement. He also speaks about how investors should consider asset allocation, stock bonds, real assets, and cash when building their portfolios. Key Takeaways [02:56] - What inspired Mike to enter the wealth management industry? [05:37] - What Invictus means by its tagline, “Macro Made Simple.” [06:42] - Mike's investment philosophy. [07:42] - Mike's technical analysis of the market price movement. [10:52] - How Mike assesses real economic growth. [11:50] - Mike's outlook on inflation. [12:52] - How artificial intelligence impacts economic growth and inflation. [14:53] - Mike's fiscal and monetary policy outlook. [16:56] - How the presidential election affects the economy markets policy.  [20:48] - Mike's outlook for the near-term stock and bond markets. [24:46] - Mike's forecast for real assets. [26:02] - How investors should think about asset allocation, stock bonds, real assets, and cash when building their portfolios. [27:35] - Alternative investments that suit the current market environment. [28:42] - Mike's favorite investment idea. [29:22] - How Mike stays mentally and physically healthy to perform at his best. [30:52] - The people Mike is grateful to on a professional level. [32:15] - Mike's recommendations for content. Quotes [05:47] - "One of the things that deter retail or professional investors from integrating a top-down or macro perspective into their investment process is that it has a reputation for being extremely complicated, esoteric, and difficult to understand. And there are certainly a lot of macro analysts and public figures that make it seem that way." ~ Mike Singleton [09:06] - "Many people think that markets move randomly, that they're disconnected from the fundamentals, or that the Fed has destroyed rational price discovery. But the truth is, real trending moves in markets almost always reflect real fundamental trends. And that's not just a theory." ~ Mike Singleton [26:18] - "It's generally a good idea to play defense rather than offense when growth is slowing. That means having a net at the low end of whatever you are comfortable with." ~ Mike Singleton Links  Mike Singleton on LinkedIn Mike Singleton on Twitter Invictus Research In The Air Tonight by Phil Collins Warren Buffett American Association of Individual Investors David Lundgren Broad Run Investment Management Blackstone Fill The Gap Podcast Stanley Druckenmiller Market Wizards The Daily Edge Connect with our hosts Rusty Vanneman Robyn Murray Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts

Building successful investment models is a multifaceted endeavor, where allocation, security selection, selecting the right model provider, rebalance, and trading best practices can make all the difference. By understanding the key concepts behind building investment models, investment firms can navigate the complexities of the financial markets with confidence. Ultimately, this will provide their clients with optimal investment outcomes and create lasting value for all stakeholders involved. In this episode, Rusty and Robyn talk with Konstantin "Kostya" Etus, Chief Investment Officer at Dynamic Advisor Solutions. In his role, Kostya is responsible for leading Dynamic's Investment Management team and overseeing all investment operations, including investment people, philosophy, process, portfolios, and performance. Kostya's experience includes managing mutual funds, ETF strategies, and 529 plans and evaluating investment strategies through a robust due diligence framework, including SMAs, model portfolios, and individual funds. With specialized experience in asset allocation and security selection of various ETF and mutual fund portfolios, Kostya talks about what goes into building successful investment models, how to choose the best model provider, and what sets investment firms apart. A self-proclaimed movie buff, Kostya also shares a list of recommended summer movies worth watching. Key Takeaways [04:07] - An interesting story about Kostya's personal and professional life. [07:54] - What Dynamic Advisor Solutions does. [10:02] - A walkthrough of Dynamic's Berkshire Hathaway weekend blog. [16:06] - The five key concepts to building investment models. [22:07] - How advisors can choose the best investment model. [26:24] - What sets investment firms apart? [29:57] - The role culture plays in choosing the right partnership. [32:04] - The must-see summer movies of the year. [48:01] - Kostya's favorite investment idea.  [49:55] - How Kostya maintains a high energy level to perform at his best. [51:51] - The people Kostya is thankful for on a professional level. [55:03] - Kostya's recommendations for content. Quotes [26:06] - "When choosing the right manager, you need to partner with somebody you believe will be best for your clients and who you believe your personal philosophy as an advisor aligns best with that investment manager." ~ Kostya Etus [26:48] - "Everyone has their unique philosophy and investment process — people, philosophy, process. The first P has consistently been the driving differentiator amongst investment firms." ~ Kostya Etus [31:36] - "Culture has to be absorbed in this idea of compliance and doing the right thing. Everybody needs to take care of the clients and do everything in the best interest of the clients. That leads to taking care of your employees, taking care of your partners, and your relationships." ~ Kostya Etus Links  Konstantin "Kostya" Etus on LinkedIn Konstantin "Kostya" Etus on Twitter Dynamic Advisor Solutions Why Can't We Be Friends You've Got a Friend in Me Jim Cannon Salesforce Berkshire Hathaway Warren Buffett Q2 2023 Investing Insights: Top 3 Lessons from Warren Buffett In 2023 Oriental Trading Todd Clark Everything Everywhere All at Once Sisu The Fast and The Furious The Little Mermaid Spider-Man: Across the Spider-Verse The Flash Transformers: Rise of the Beasts Asteroid City Mission: Impossible - Dead Reckoning Barbie Oppenheimer How Do You Live? Killers of the Flower Moon Last Voyage of the Demeter Strays The Eight Mountains Guardians of the Galaxy Vol.3 Josh Jenkins Lutz  Grant Engelbart Michael Hadden Jeovany Zelaya Ludacka Wealth Partners Nick Codola Joe Smith Parti Pris Investment Partners Intelligent Investor Connect with our hosts Rusty Vanneman Robyn Murray Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts 1455-OPS-5/26/2023

In pursuing financial success, investors seek strategies that offer attractive returns and prudent risk management. As strategic decision-making is key to optimizing returns and weathering market volatility, tactical income strategies have emerged as a promising solution. By analyzing macroeconomic factors, assessing market trends, and identifying the most attractive income-generating opportunities, portfolio managers can make informed decisions about asset allocation, selecting the most promising income-generating securities while avoiding those with the highest risk. In this episode, Rusty and Robyn talk with Alex Oxenham, Portfolio Manager and Co-CIO at Hilton Capital Management. Alex joined Hilton Capital in 2011 from HSBC Private Bank. As a portfolio manager, Alex looks for opportunities throughout the entire investable universe. He selects investments primarily in the context of a macro-economic backdrop which provides a solid framework for idea generation.  With a combined knowledge of debt and equity markets and successfully institutionalizing Hilton's research and investment process, Alex talks about Tactical Income strategies, how they work, and how to incorporate them into investment portfolios. Key Takeaways [03:36] - Alex's career highlights and how he got to Hilton Capital Management. [04:44] - Alex's investment philosophy and tactical income strategy. [06:03] - The macro framework Alex uses for stocks and bonds. [07:54] - The time frame Alex looks at when making investment decisions. [08:57] - The kind of investors best served by tactical income. [10:18] - How tactical income fits into a portfolio. [12:03] - Alex's rule of thumb for the overall stock market. [13:00] - What the current portfolio yield looks like. [16:20] - The most challenging aspect of Alex's job at Hilton. [20:03] - One of Alex's favorite investment ideas. [21:42] - How Alex maintains his energy to perform at a high level. [24:32] - The people Alex is grateful for professionally. [27:13] - Alex's recommendations for content. Quotes [07:25] - "When we think about positioning our tactical strategies at Hilton, we think about whether the economy's growing or shrinking or maintaining a neutral base. And then, we adjust our allocations based on those rates of changes that occur in the macro environment." ~ Alex Oxenham [09:22] - "For 21 years, we have been trying to deliver a consistent standard deviation for clients through a market cycle. And what we found from a practical standpoint is that 60% to 30% equity waiting and then fixed income and cash make up the difference." ~ Alex Oxenham [13:23] - "If you target a yield, you end up having undue influence on the portfolio. You have factor exposure to whatever yield goes out of favor. So you end up not being able to control your standard deviation." ~ Alex Oxenham Links  Alex Oxenham on LinkedIn Hilton Capital Management Wake Me Up by Avicii HSBC John Authers Connect with our hosts Rusty Vanneman Robyn Murray Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts 1318-OPS-5/12/2023

When it comes to wealth management, investment advice is just one piece of the puzzle. Financial advisors who focus on investing miss out on a key opportunity to provide comprehensive, holistic advice that can create real value for their clients. In fact, the importance of providing advice that goes beyond investing has been highlighted by recent research showing that many Americans are leaving significant amounts of money on the table by not optimizing their social security benefits.  In this episode, Rusty and Robyn talk with Philipp Hecker, Co-Founder and CEO of Bento Engine. Philipp is a Procter & Gamble trained Brand Manager, recovering BCG Consultant, and Wall Street veteran. He held several senior leadership positions at Deutsche Bank and J.P. Morgan. He is passionate about bringing better advice beyond investing to more American families and using technology to make human advisors more human more often. Passionate about financial planning, behavioral finance, and teaching children about the important concepts of money and wealth, Philipp talks about what advisors need to know about advice beyond investing, why Americans need more advice than just investing, and what Bento's wealth program for children is all about. Key Takeaways [03:55] - Philipp's personal and professional background. [06:36] - The why and how of Philipp's creation of the Bento Engine. [09:15] - Why advisors should take their conversations beyond dollars and cents. [14:49] - Bento Engine's programs for advisors. [17:10] - The impact Bento Engine expects on its wealth and children's programs. [19:47] - What drives the human side of giving advice? [21:54] - How artificial intelligence could potentially impact financial advisors. [23:44] - How Bento Engine provides holistic financial advice. [28:13] - How Bento's technology and content help advisors increase engagement and client satisfaction. [29:22] - Philipp's favorite investment idea. [30:49] - How Philipp maintains his physical and mental health to perform at a high level. [31:31] - The people Philipp is grateful for on a professional level. [33:17] - Philip's recommendations for content. Quotes [10:12] - "Advisors have a unique opportunity to show how much they care by proactively advising clients and prospects on wealth management questions that create quantifiable after-tax value without necessarily having a solution or product to sell at the same point in time." ~ Philipp Hecker [10:37] - "Leading with client-centric advice creates invaluable trust that matters greatly in any relationship." ~ Philipp Hecker [11:57] - "Many Americans leave hard-earned social security benefit dollars on the table. The median lifetime benefit they leave on the table by making suboptimal decisions around social security benefit timing is a whopping $182,000. These are big opportunities where advisors can lead with advice and create real value for their clients." ~ Philipp Hecker Links  Philipp Hecker on LinkedIn Philipp Hecker on Twitter Bento Engine Bento Engine on Twitter Bento Engine on LinkedIn One Tree Hill by U2 Procter & Gamble Boston Consulting Group J.P. Morgan Rethink. Financial Advice Podcast Kelly Corrigan Wonders Connect with our hosts Rusty Vanneman Robyn Murray Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts 1210-OPS-5/1/2023

Making financial decisions can be a stressful and emotional experience for clients. Plus, with the increasing complexity of financial markets and the growing diversity of clients' needs, financial advisors have to develop new skills to remain relevant in the industry. Beyond their traditional financial, technical, and legal knowledge, advisors have to incorporate emotional intelligence to provide better advice and create stronger relationships with their clients. But what exactly is emotional intelligence, and how can it help advisors create the most favorable outcomes for their clients? In this episode, Rusty and Robyn talk with Jeff Strese, Principal at Jeff Strese Consulting Group. Jeff has over 25 years of experience working across industries in leadership development, organizational effectiveness, and family dynamics. He is passionate about helping family businesses and organizations create clarity out of the complex as well as inspiring leaders from all backgrounds to develop and master critical skills like coaching, communication, and emotional intelligence. An executive coach and consultant to multi-generational family enterprises, corporations, and mission-driven nonprofit organizations, Jeff talks about what emotional intelligence is and why financial advisors need to understand it. He also discusses incorporating emotional intelligence, active listening, and other qualitative skills in financial services to improve practice and strengthen client relationships. Key Takeaways [04:33] - How Jeff got into leadership development and family advisory services. [06:27] - The meaning of emotional intelligence and why advisors should have it.  [09:32] - Why active listening is important in today's advisory practice. [10:49] - What emotional hijacking is all about. [12:36] - What overgeneralization and labeling mean in organizations. [14:43] - The blame game and personalization in organizations. [16:38] - What discounting the positive means. [17:28] - The concept of Wealth 3.0 and how advisors can put it into practice. [21:11] - Jeff's favorite investment idea. [22:55] - How Jeff maintains his ability to perform at his best. [25:40] - People to whom Jeff is grateful on a professional level. [27:49] - Jeff's recommendation for content. [30:07] - Jeff's insights on AI in financial advice. Quotes [06:45] - "In the financial advising space, having a baseline of financial, technical, and legal skills is an incomplete package in this day and age. When you begin adding other kinds of qualitative skills like emotional intelligence and active listening, you have a very well-rounded, seasoned advisor." ~ Jeff Strese [11:00] - "The first and basic line of emotional intelligence is around self-awareness. That's the ability to understand how your communication style impacts other people, particularly under stress or tension." ~ Jeff Strese [14:08] - "Advisory firms need to see themselves as learning organizations. If the insides and culture of the organizations do not match the outsides, it ultimately will dumb down the effectiveness of the overall firm and its growth and potential." ~ Jeff Strese Links  Jeff Strese on LinkedIn Jeff Strese on Twitter Jeff Strese Consulting Group Cullen Funds Dark Star by Crosby, Stills & Nash Richard Joyner Tolleson Wealth Management Emotional Intelligence by Daniel Goleman Start with Why by Simon Sinek Family Office Exchange Connect with our hosts Rusty Vanneman Robyn Murray Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts 1157-OPS-4/24/2023

Registered Investment Advisors (RIAs) have become popular for individuals and businesses seeking personalized investment advice. They have won the trust and loyalty of clients who value tailored investment strategies with their direct and personalized approach. While the current economic environment presents its fair share of challenges, many experts believe the industry is well-positioned to navigate these obstacles and continue its growth trajectory. RIAs remain confident about the future of their industry and are expected to be vital players in the financial services industry for years to come. In this episode, Rusty and Robyn talk with Bryan Keller, Chief Strategic Officer at Dakota Wealth Management. In his role, Bryan focuses on the firm's merger & acquisition efforts, creating strategic opportunities with industry partners, Dakota's investment policy and portfolio management, custodian and trading platforms, and ensuring a superior client experience.  Skilled in managing the mechanical details of investment management offerings and strategically developing customized client portfolios, Bryan talks about the future of Registered Investment Advisors (RIAs), the ins and outs of the RIA landscape, and how mergers and acquisitions (M&A) are playing out in the RIA industry today. Key Takeaways [03:54] - Bryan's career history. [06:56] - How Bryan began working with Dakota Wealth Management. [09:02] - What a typical day for a Chief Strategic Officer is like. [10:58] - How M&A plays out in the RIA industry today. [13:51] - How high-interest rates and volatility in equity markets impact M&A activity. [15:54] - Factors that can make RIAs ineffective at selling their businesses. [18:06] - How advisors can sift through the overwhelming information involved in M&A. [21:24] - How likely are smaller RIAs to succeed in the future? [22:46] - The top challenges and needs of advisors in the future. [24:52] - How generative AI can impact financial services. [27:13] - What a snowflake investor and a snowflake market are. [31:11] - What advisors should consider when building portfolios in the current economic climate. [36:25] - Bryan's outlook for inflation and economic growth. [37:52] - How Bryan maintains his ability to perform at a high level. [39:59] - The people Bryan is grateful to on a professional level. [43:46] - Bryan's recommendations for content. Quotes [16:40] - "Every seller wants to get everything they want as part of a deal. They want the highest price, they want the loosest terms, and they want it all. But if the buyer is doing the same thing for every transaction they're doing, what they end up getting at the end is just an aggregated business." ~ Bryan Keller [21:28] - "RIAs are phenomenal businesses. The clients like them more because they're getting that direct, customized approach." ~  Bryan Keller [37:29] - "We have a challenging economic environment at the headline level, but it's navigatable. I don't see it as something I'm particularly worried about." ~ Bryan Keller Links  Bryan Keller on LinkedIn Dakota Wealth Management Jigsaw Falling Into Place by Radiohead Peter Raimondi BlackRock Dance of the Cranes Monday Morning Bullets Jeff DeMaso What You Do Is Who You Are The Hard Thing About Hard Things Connect with our hosts Rusty Vanneman Robyn Murray Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts 1100-OPS-4/18/2023

The current state of the market and economy is a topic of great concern for many people. With inflation still on the rise, interest rates increasing, recession risk looming, and banking crises, it is understandable that individuals and businesses alike are left uncertain about their future. In this episode, Rusty and Robyn talk with Phil Voelker, Chief Investment Officer at Advanced Asset Management Advisors (AAMA). In his role, Phil directs and manages AAMA's investment policy strategy. Throughout his career, Phil has pursued and secured a broad spectrum of objectives, from short-term cash management to aggressive growth of investments. Before joining AAMA, Phil served as Chief Investment Officer for a large regional investment firm, directing its multi-billion dollar investment portfolio. With over 40 years of experience managing securities portfolios, Phil answers the top questions and concerns about the market and how it compares to historical experience. He also shares his view on inflation, interest rates, recession risk, and the banking crisis. Key Takeaways [03:03] - Phil's career history in investment management. [03:51] - The role AAMA plays in the industry. [04:52] - Phil's assessment of the current banking situation. [06:09] - Phil's take on the current inflation environment. [10:06] - Are we heading for a recession? [11:54] - What Phil thinks about the current volatility in the stock market, the economy, and corporate earnings. [17:25] - How the current inflation compares with the long-term experience. [19:34] - One of the key points to remember in 2023. [21:42] - How AAMA positions its portfolios in response to market and economic conditions. [22:44] - Phil's favorite investment idea. [24:14] - How Phil maintains his energy to perform at a high level. [25:08] - The people Phil is grateful to on a professional level. [26:34] - Phil's recommendations for content. Quotes [09:47] - "There's a disconnect between what the Fed's saying and what the market is expecting. Unless something major breaks, we don't expect a pivot." ~ Phil Voelker [19:08] - "From a historical perspective, today's interest rates are not excessive, certainly not relative to inflation. They're not excessive relative to long-term averages. And it would be nice for everyone if the Fed would stay away from trying to control interest rates and let the market figure it out." ~ Phil Voelker [20:49] - "It's sad that when the Fed's done fighting inflation and it drops back to 2%, that doesn't mean anybody recovers their dollars' purchasing power. It means that they're losing it more slowly than they had before." ~ Phil Voelker Links  Phil Voelker on Advanced Asset Management Advisors Advanced Asset Management Advisors Beethoven Fur Elise AAMA Market Commentary – Q1 2023 AAMA Advisor Kit Connect with our hosts Rusty Vanneman Robyn Murray Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts 0960-OPS-4/4/2023

In a dynamic field such as financial advisory, becoming successful takes more than technical knowledge and expertise. It also requires a unique combination of qualities that enable advisors to connect with clients on a deeper level, understand their unique circumstances, and ultimately help them achieve their financial goals.  In this episode, Rusty and Robyn talk with Steven Atkinson, Executive Vice President at Buckingham Strategic Partners. In his role, Steve leads a team committed to providing a transformational experience to investment advisors who have chosen to partner with their firm. His team proactively and reactively works with advisors, ensuring they understand their goals, obstacles, and business plans. Having a passion for helping advisors do more, Steve talks about what makes a good advisor, the qualities of a successful and admired financial advisor, and how to build good relationships and get fans. Key Takeaways [03:12] - How Steven got into investing. [04:56] - How Buckingham Strategic Partners serves financial advisors. [06:40] - What it's like to be Buckingham's Vice President. [08:05] - The key qualities that make the best advisors. [11:25] - What the best advisors do to build relationships. [18:14] - The key principles of a good leader. [20:10] - Steve's take on how AI could impact financial advisors. [21:43] - What inspired Steve to create the Admired Advisor podcast. [23:17] - What Steve's book, “27 Principles Every Investor Should Know”, is about. [29:41] - Steve's favorite investment idea. [30:28] - How Steve maintains his ability to perform at a high level. [31:46] - The people Steve is thankful for professionally. [34:00] - Steve's recommendation for content. Quotes [14:24] - "Every single client views you as a leader. You're handling their financial future, and they're trusting that you know the pathway and how to get there." ~ Steven Atkinson [18:33] - "There's no better time to show up as a leader than during times of crisis, and some of the best advisors lean into those crisis moments. They grow their reputation and their business when things go wrong. They show up, and they're present for their clients." ~ Steven Atkinson [21:24] - "If you're in the people business, you'll always have to spend time with people. That's one of the things you can't outsource. I don't think you can outsource the human element of making that connection and having those real conversations." ~ Steven Atkinson Links  Steven Atkinson on LinkedIn Buckingham Strategic Partners Standing Outside The Fire CLS Investments 27 Principles Every Investor Should Know Triumph of the Optimists Strategic Coach Dan Sullivan Alex Potts The JOLT Effect The Admired Advisor Podcast Connect with our hosts Rusty Vanneman Robyn Murray Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts 0891-OPS-3/29/2023

Creating personalized investment portfolios tailored to individual clients' unique needs and preferences has gained traction in the financial industry in recent years. As investors become increasingly savvy and demand more control over their investments, traditional approaches to portfolio management are no longer enough. Custom indexing is a powerful strategy that financial advisors can use to differentiate themselves and build stronger, more loyal client relationships. In this episode, Rusty and Robyn talk with Andrew Rosenberger, Head of Custom Indexing at Orion. In this role, Andrew oversees the management and monitoring of all investments under Orion's custom indexing offering. He is focused on delivering tax-optimized solutions to help financial advisors build customized client portfolios, emphasizing tax efficiency and tax transitions. Before joining Orion, Andrew served as a Senior Portfolio Manager for Brinker Capital's Wealth Advisory Team, where he was responsible for portfolio management, strategy planning, and communication of multi-asset class portfolios for high net-worth clients and institutions. Recognizing that custom indexing solutions are an effective means for financial advisors to solve clients' complex problems, Andrew talks about why custom indexing has gained popularity over the past few years, how it differs from other solutions, and why it works for investors. Key Takeaways [03:47] - A brief history of Andrew's career in wealth management. [06:34] - How custom indexing differs from direct indexing. [07:42] - What clients gain from custom indexing. [11:16] - What makes tax harvesting a value-add for clients. [13:34] - Why custom indexing isn't right for all investors. [15:17] - A few examples of custom indexing being used successfully. [18:47] - Why direct indexing has gained popularity over the past few years. [22:14] - The biggest challenges direct indexing faces in the future. [23:32] - What investors are most concerned about with custom indexing. [24:51] - How custom indexing affects active management. [26:36] - Andrew's favorite investment idea. [30:00] - How Andrew maintains his ability to perform at a high level. [32:30] - Andrew's recommendation for content. Quotes [19:28] - "Many asset managers left out of the ETF renaissance are looking at direct indexing as a way where they don't have to be just a commoditized ETF but can now add some value to a client." ~ Andrew Rosenberger [25:22] - At Orion, we're trying to help change the narrative that custom indexing is just another version of an ETF that we have to compete against, but rather as a partnership." ~ Andrew Rosenberger [26:23] - "As we continue evolving the custom indexing narrative, people will think of it more as a technology rather than a replacement or substitute for traditional active managers." ~ Andrew Rosenberger Links  Andrew Rosenberger on LinkedIn Misirlou by Dick Dale Brinker Capital Stephen Wolfram What Is ChatGPT Doing… and Why Does It Work? Orion Custom Indexing Connect with our hosts Rusty Vanneman Robyn Murray Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts 0739-OPS-3/14/2023

In today's market environment, advisors have numerous opportunities to succeed and establish themselves in the industry. As inflation, market volatility, and pending tax reform dominate the headlines, individuals and businesses seek strategies to protect and grow their assets. As problem solvers, advisors are instrumental in helping clients navigate these challenges. Their ability to provide effective, efficient, and simple solutions to complex financial problems will set them apart and generate valuable referrals from satisfied clients. In this episode, Rusty and Robyn talk with Ben Pahl, President at Liberty One Investment Management. Ben entered the financial services industry in 2005. He was originally hired to work within the client service department of The Tranel Financial Group. Six months later, he became a financial advisor within the firm. His 15 years of experience as a financial advisor gives him a unique perspective within the marketplace. Ben has been a member of the Liberty One team since its inception and is focused on expanding Liberty One's footprint throughout the industry. Tasked with scaling the footprint and distribution channels of Liberty One Investment Management, Ben talks with Rusty and Robyn about the financial advising industry today, why today is the best time to be a financial advisor, and how Liberty One adds value to advisors. Key Takeaways [03:23] - Ben's career history and what attracted him to financial advising. [06:42] - What Liberty One Investment Management is about. [08:31] - How Ben continues to work as a financial advisor while also being the president of Liberty One. [11:03] - Why today is the best time to be a financial advisor. [13:08] - How a quarter-inch drill bit relates to financial advising. [15:43] - How Liberty One adds value to advisors. [19:12] - Why Liberty One combines top-down and bottom-up inputs in its investment screening process. [21:38] - Why Liberty One has a strong risk-adjusted return. [25:01] - Ben's outlook for the market. [26:28] - Ben's favorite investment idea. [27:55] - How been maintains his energy and ability to perform at a high level. [29:50] - The people Ben is professionally thankful for. [31:22] - Ben's recommendations for content. Quotes [11:28] - "The thing about today's problems, inflation, volatility, and pending tax reform, all of these are front and center. As advisors, we are in the problem-solving business. If you can solve these problems more effectively, efficiently, and in a simple and referable way, you will close more prospects, capture more wallet share from existing clients, and get more referrals." ~ Ben Pahl [18:00] - "One of the most powerful things you can do as an advisor is to give clients a solution they didn't know they needed to a problem they didn't know they had." ~ Ben Pahl [26:57] - "There's no better conversation now than simply having a rising dividend offset rising inflation. It's a classic problem solution. If you've got companies that are increasing their dividend in environments like this, they've got some really good cash flow going on behind the scenes, some really good margins, and great pricing power." ~ Ben Pahl Links  Ben Pahl on LinkedIn Liberty One Investment Management Stanley Druckenmiller Sabotage by Beastie Boys Roch Tranel Atomic Habits Simon Sinek podcasts Connect with our hosts Rusty Vanneman Robyn Murray Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts 0692-OPS-3/8/2023