Podcasts about aum

In this episode, Ray Sclafani challenges financial advisory teams to confront a hard truth: growth is revealed through behavior, not intentions. While many firms talk about growth, few operate in true “growth mode.” Instead, they rely on capital market appreciation, passive referrals, and overextended teams, which creates the illusion of growth rather than sustainable, controllable expansion.Ray walks through 10 common missteps even top-performing advisory teams make, from confusing revenue growth with organic growth to underinvesting in marketing, capacity, and next-generation leaders. He emphasizes that real growth requires intentional planning, shared alignment, measurable client acquisition strategies, proactive hiring, and consistent execution.Key Takeaways What your firm does day-to-day matters more than what it says in vision decks.Organic growth comes from new ideal clients and expanded wallet share.Teams must define growth together. Misalignment on what “growth” means is a primary cause of ensemble breakdowns.Firms operating at full capacity cannot grow without proactive hiring and role clarity.Leading indicators matter more than lagging ones.Questions Financial Advisors Often AskQ: What is the difference between revenue growth and organic growth?A: Revenue growth driven by capital market appreciation is not growth you can control. Organic growth comes from acquiring new ideal clients and expanding wallet share with existing clients.Q: Why is a client acquisition plan essential for growth?A: Without a documented and measurable client acquisition plan, referrals become sporadic, follow-ups are inconsistent, and the pipeline lacks reliability.Q: What metrics should growth-oriented advisory firms track?A: Firms should track leading indicators such as the number of new clients onboarded, revenue per new ideal client, close rates, and time in the pipeline, not just AUM or revenue.Q: How much should financial advisors invest in marketing for growth?A: Studies referenced suggest investing approximately 5–7% of gross revenue into marketing and growth initiatives for firms operating in true growth mode.Q: Why is next-generation development critical to growth?A: Without actively developing future growth leaders, firms are not preparing for sustained expansion or long-term succession.Q: How often should advisory firms review their growth strategy?A: Growth-oriented firms review strategic priorities quarterly, course-correct intentionally, and ensure every team member understands their role in executing the organic growth plan.Find Ray and the ClientWise Team on the ClientWise website or LinkedIn | Twitter | Instagram | Facebook | YouTubeTo join one of the largest digital communities of financial advisors, visit exchange.clientwise.com.

While there are thousands of RIAs, only a small portion have truly differentiated their businesses and their "why" in a way that allows them to create a unique brand identity. Abacus Wealth Partners, led by CEO Neela Hummel, has grown to over $3 billion in AUM by ensuring the firm - no matter how large it becomes - stays true to its core values and identity. Abacus was the first certified B-Corp in financial services, and Neela shares with Emigrant's Mark Bruno how this has allowed the firm to speak directly to a targeted segment of investors - and employees - and "differentiate by design."

Discover how Westbrooke Alternative Asset Management provides South African investors with access to global private markets. In this discussion, we explore Westbrooke's $1 billion AUM milestone, its diversified focus on private credit, real estate, hybrid capital, and private equity, and why Yield Plus delivers stable 7–8% returns in pounds. Learn how private lending differs from banks, the benefits of UK real estate investments, and how Westbrook's experienced team and niche strategy help minimise risk while maximising long-term growth.

What happens when a $16 billion RIA decides to double down on leadership, integration, and “advisor intelligence” in the middle of an AI-driven vortex of change?   In this episode of the Registered Investment Advisor Podcast, Seth Greene interviews Jennifer des Groseilliers, CEO of The Mather Group, who shares how her path from Vermont to law school to leadership roles at Ameriprise, MetLife, and a MassMutual franchise ultimately led her to the helm of The Mather Group, a $16 billion fee-only RIA. As a key leader at The Mather Group, Jennifer oversees a 190-person team, 40 wealth advisors, and a growth engine built on 23 acquisitions, an integrated planning platform, and a niche focus on Fortune 200 executives nearing retirement. She discusses leadership development, behavioral finance, and the rise of AI in wealth management—explaining why “advisor intelligence” is now the real differentiator for firms that want to win the next decade.   Key Takeaways: → How taking over compliance, portfolio management, and back-office operations for acquired firms frees advisors to focus on client-facing work and deep planning. → Why it's essential to bifurcate sales and advice and how that structure enhances both growth and advisor effectiveness. → How AI is creating a vortex of change in financial services and why advisor intelligence around values, behavior, and trust matters more than ever. → Why The Mather Group sees itself as an integrator, not an aggregator. → How carefully refined and consistent platform allowed the firm to scale to roughly $16 billion in AUM.   Jennifer des Groseilliers is the Chief Executive Officer of The Mather Group. Jen cultivates a collaborative culture through inclusive and supportive leadership. Her unwavering commitment to keeping clients at the center of all efforts drives her approach. Jen's extensive professional experience includes serving as a Managing Partner in the MetLife Premier Client Group in 2013, leading a team of over 160 financial advisors. She became the CEO of MassMutual Illinois in 2016 and, in 2020, after a merger with WestPoint Financial Group, assumed the role of Partner and Chief Experience Officer, leading various departments, including Investments, Compliance, Practice Development, and Financial Planning.   Connect With Jennifer:   Website: https://www.themathergroup.com/ Instagram: https://www.instagram.com/officialtmgwealth/ Facebook: https://www.facebook.com/TMGTheMatherGroup LinkedIn: https://www.linkedin.com/in/jenniferadesgroseilliers/ https://www.linkedin.com/company/themathergroup   Learn more about your ad choices. Visit megaphone.fm/adchoices

This CEO Built A $30B Money Management FirmGuest STAN GREGOR Chairman & CEO Website: https://summitfinancial.com/AUM$26-27B in assetsSUMMIT FINANCIAL CEOStan Gregor is the CEO of Summit Financial LLC. As a senior executive with over 30 years of experience, Stan has operated in banking, private wealth management, investment management, fiduciary trust services, fixed income trading, investment banking, retirement services, insurance, financial planning, and public finance. He has also been involved in acquiring and integrating some of the largest and most complicated banking, wealth management, insurance, and capital markets businesses and cultures with a demonstrated track record of increasing productivity, profitability and shareholder value.Most recently, Stan was the founder and co-CEO of Cantor Fitzgerald Wealth Partners (CFWP). Under his leadership, CFWP grew to over $5 billion in assets in less than two years through several strategic acquisitions of RIA's, independent advisors, and wire house teams.Prior to joining Cantor Fitzgerald, Stan was the Head of Wells Fargo Wealth Management -Eastern US Markets and President of Wachovia Wealth Markets. He provided executive leadership to the Eastern U.S. Markets and headed up the Wealth Insurance Division overseeing: the private bank, wealth brokerage, investment management, fiduciary trust services, financial planning, and insurance. Stan was responsible for leading nearly 5,000 team members generating revenues of $2.5 billion with $69 billion of investment fee-based AUM, $19 billion of deposit balances, and $16 billion of loans.Prior to Wachovia, Stan was CEO of Commerce Capital Markets, where he directed private wealth management, brokerage, asset management, fixed income trading, derivatives, investment banking, retirement services, insurance, and public finance.Subsequently, Stan was CEO of Quick and Reilly (Q&R) as one of the visionaries that transformed Q&R from a transactional discount broker to a full-service advisory company. When Q&R was acquired by Bank of America, Stan stayed on as co-CEO of Bank of America Investment Services until 2005.Over nearly a decade at Citigroup, Stan had several senior executive level roles leading different divisions including consumer banking, private wealth management, and Citigroup as Northeast Group Executive Vice President. He is also a member of the Fast Company Executive Board.Company BioSummit Financial is a preeminent investment advisory firm proud to continue our predecessors' four-decade legacy helping advisors elevate their businesses and deliver robust client experiences.

This week we chat to Frederick Kermisch.   Frederick specialises in sales coaching for private bankers. He is bilingual in English and French, lived in London and Geneva and was born in 1978. He started his coaching practice in 2016. He created this coaching system after bankers informed him that they could not find another provider who focused on helping them achieve tangible and measurable outcomes. He now exclusively assists private bankers who want to increase their AUM urgently and uses his success with a variety of bankers to help his clients be successful.  Tune in now!

MARC, a Dublin-based AI company, is changing how large real estate portfolios manage contract and expense data. Backed by investors including Jack Pierse (Wayflyer), Susan Spence (SoftCo), Tom Kennedy (Hostelworld), and more, founder Aaron Devitt built MARC to reinvent how critical asset management data is managed at scale. Since launching in 2024, MARC has scaled from 40-unit Irish property managers to 25,000-unit US-based owners. After seeing firsthand how poor property management practices affected renters and asset managers, then 22-year-old Devitt deferred from college to build proptech startup, Marc to serve as the contract-to-invoice truth layer for the property industry. MARC's AI agents turn buried vendor contracts into structured, live operational data, cutting work that typically takes 2-3 months down to a matter of seconds. Large property portfolios can involve thousands of vendor contracts covering services, licenses, and certifications. Critical details such as renewal dates, termination rights, escalation clauses, and fee structures are often scattered across inboxes, shared drives, and legacy systems, making budgeting, routine audits, asset sales and invoice comparison reviews slow and error-prone. MARC builds AI Contract Agents that locate, uncover, read, and structure every contract across fragmented organisations. MARC addresses this by deploying AI agents that plug directly into existing document stores, including email inboxes and SharePoint. The system automatically locates contracts, extracts key terms, and organises them into a live source of truth that teams can query instantly, enabling asset management teams to operate 200 times faster than humans. MARC also compares historically buried contract terms against monthly invoices, helping institutional operators identify discrepancies and over billings before they impact net operating income (NOI). Since launching in 2024, MARC has grown from serving local Irish property managers to working with institutional owners managing 5,000–35,000 units across the U.S. and Canada. Its customers now represent more than $80 billion in assets under management. After securing some of Ireland's largest property managers as customers, including Sherry Fitzgerald Lettings and DNG Lettings, in 2025, the MARC team began to serve institutional real estate owners across North America. The company now works with multiple operators managing between 5,000 and 30,000 residential units across more than 20 U.S. states. Today, MARC's customers represent a combined assets-under-management (AUM) figure of over $75 billion. "When you manage thousands of units, contract data directly affects asset values, but most teams can't access that data quickly or reliably," said Aaron Devitt, Founder and CEO of MARC. "On top of this, the relationship between the Accounts Payable (AP) systems and Contract Management Systems (CMS) have been historically disconnected, causing marginal and continuous over billing at scale. To the tune of many millions of dollars for larger residential portfolios." "This is why we built MARC, the connective layer between the CMS and the AP systems, ensuring every portfolio contract is accurate, up-to-date and being billed for accordingly, without thousands of human hours required to find, vet, and verify thousands of contracts." MARC has raised a $1 million pre-seed round from 23 angel investors, with no venture capital participation. Backers include Jack Pierse (Wayflyer), Tom Kennedy (Hostelworld), Susan Spence (SoftCo), Eoghan Quigley (Dublin Chamber of Commerce), and James McGann (Unmind), alongside multiple institutional real estate investors and U.S.-based multifamily executives. The funding is being deployed to advance the product and drive expansion into the North American market. "Backing founders like Aaron is how we continue to build Ireland's next generation of global technology companies," said Jack Pierse, co-founder of Wayflyer. "MARC is tackling a ...

Modern advisory firms are being reshaped by technology, changing client expectations and the need for deeper personalization. How do firms scale while keeping the advisor-client relationship at the center? What role does technology really play in growth without replacing the human element? In this episode, host David Armstrong speaks with Alex Farman-Farmaian, CEO of Compound Planning, about building an all-digital, integrated RIA—with human advisors at the center—that provides clients with a unified experience across multiple service offerings—including tax preparation.  Alex explains how AI-powered workflows and integrations enable advisors to serve clients more efficiently as the human touchpoint, while providing a better experience for clients. He also shares how Compound recruits next-generation advisors, integrates tax services and drives growth by focusing on equity- and option-compensated executives of fast-growing tech firms approaching liquidity events. Key takeaways: How internal technology reduces advisor workload and increases client capacity Why proactive advice across a client's full balance sheet drives stronger relationships and accelerates organic growth How the firm uses AI to support advisor work without replacing human judgment How modern tech helps recruit growth-minded,  younger advisors. How it partners with firms to educate execs with equity-based compensation plans on navigating liquidity events.  Resources: Listen to the RIA Edge Podcast on Wealth Management Listen and Subscribe to the RIA Edge Podcast on Apple Podcasts Listen and Subscribe to the RIA Edge Podcast on Spotify Connect With David Armstrong: Wealth Management LinkedIn: Wealth Management LinkedIn: David Armstrong Twitter: David Armstrong LinkedIn: Informa Connect With Alex Farman-Farmaian: LinkedIn: Alex Farman-Farmaian LinkedIn: Compound Planning Website: Compound Planning About Our Guest: Alex Farman-Farmaian is the Co-Founder and Chief Executive Officer of Compound Planning, responsible for growing the firm to 50+ advisors and over $4 billion in AUM since 2022, and guiding the strategic direction of the firm's robust wealth management technology and advisory service offerings. Previously, Alex was the 20th employee at Carta, where he built numerous sales teams across the country as Carta scaled to 1,000 employees and a $7B+ valuation from Silver Lake. Alex is an expert in equity compensation and is passionate about tax-efficient equity strategies.

Bitwise Asset Management, a top crypto management firm, has inked a collaboration with Decentralized Finance (DeFi) lending protocol Morpho. The crypto firm announced the development on X, stating that both companies plan to launch non-custodial on-chain vaults targeted at generating yield.~This episode is sponsored by Tangem~Tangem ➜ https://bit.ly/TangemPBNUse Code: "PBN" for Additional Discounts!Guest: Jonathan Man - Portfolio Manager at BitwiseBitWise products ➜ https://bit.ly/BitWisewebsite00:00 intro00:07 CLARITY Act Odds Climb00:37 Tricking Banks With Vaults01:16 Bitwise Launching Vaults02:25 Ethereum and BASE02:56 Security & Trust03:59 Steakhouse vs Bitwise Trust04:52 Withdrawal Times05:15 Curation Fee Revenue Climbing05:59 TradFi vs Vaults06:44 Flare Launches XRP Vaults07:06 Bitwise XRP Vault?08:11 Gold Vaults09:09 More Volatility Incoming?09:52 KYC Slowing Growth?11:00 Bitwise Tangem Vault & Card?11:37 Vault Loyalty Tokens $WISE12:20 Paycheck Direct Deposit To Vaults13:04 CLARITY Passes with Yield Ban?13:28 Banks Try To Ban Vaults13:46 Rate Cuts vs Vault Growth14:09 Total AUM 14:27 Aave vs Morpho15:03 Matt Hougan Vault Maxi15:23 outro#Crypto #XRP #ethereum~DeFi Vault Trick Just Beat the BANKS!

In this episode of the BiggerPocketsMoney podcast, Mindy Jensen and Scott Trench host Ryan Sterling, CEO of NerdWallet Wealth Partners, to discuss the nuances of different financial advisor compensation structures. Whether you're planning your financial future or evaluating advisors, understanding these models can help you make informed decisions that align with your goals. This Episode Covers: The core differences between flat fee and assets under management (AUM) fee models How transparency and client mindset influence fee preferences The conflicts of interest inherent in AUM and commission-based models When AUM fees may be more appropriate for high-net-worth clients Practical scenarios demonstrating long-term cost implications of each model The evolving landscape of flat fee financial planning and industry fee compression Ryan's insights on selecting quality advisors and the importance of credentials like CFP How fee structure impacts client behavior, trust, and long-term financial outcomes To go beyond the podcast: Kick start your financial independence journey with our FREE financial resources Subscribe on YouTube for even more content Connect with us on social media to join the other BiggerPockets Money listeners Connect with Ryan Sterling:  LinkedIn NerdWallet Wealth Partners We believe financial independence is attainable for anyone no matter when or where you're starting. Let's get your financial house in order! NerdWallet Wealth Partners, LLC is an SEC-registered investment adviser. Registration does not imply a certain level of skill or training and nothing contained herein should be construed as investment advice. NerdWallet Wealth Partners does not guarantee investment results and does not provide tax or legal advice. Learn more about your ad choices. Visit megaphone.fm/adchoices

Book a call: https://remnantfinance.com/calendar ! Out Print the Fed with 1% per week: https://remnantfinance.com/optionsEmail us at info@remnantfinance.com or visit https://remnantfinance.com for more informationFOLLOW REMNANT FINANCEYoutube: @RemnantFinance (https://www.youtube.com/@RemnantFinance )Facebook: @remnantfinance (https://www.facebook.com/profile.php?id=61560694316588 )Twitter: @remnantfinance (https://x.com/remnantfinance )TikTok: @RemnantFinanceDon't forget to hit LIKE and SUBSCRIBEThis episode dismantles the top seven objections one by one. We're answering them directly and showing why most criticisms reveal a fundamental misunderstanding of what whole life insurance actually is. If you've ever hesitated to explore IBC because something you read online gave you pause, this is the episode for you.Chapters: 00:00 – Opening segment 07:40 – Objection 1: Whole life is a terrible investment 15:45 – Objection 2: The rate of return is terrible 26:35 – Objection 3: You don't break even for years 34:45 – Objections 4 & 5: Why pay interest to borrow my own money? 45:25 – Objection 6: Agents make huge commissions 57:50 – Objection 7: This only works if you're rich 1:02:05 – Closing segmentKey Takeaways:It's not an investment—it's savings. Whole life has no risk of loss, which by definition means it's not an investment. It's a savings vehicle with guarantees, privacy, and a death benefit. Stop comparing it to the S&P 500.Rate of return isn't the only metric. The best-performing asset changes depending on your timeframe. Chasing returns is how people buy high and sell low. Wealthy investors prioritize control, understanding, and risk management before rate of return.Policy loans aren't "borrowing your own money." You're borrowing the insurance company's money, collateralized by your cash value. Your money keeps compounding. That's the entire point.Commissions aren't the gotcha people think. If agents wanted easy money, they'd get a securities license and collect 1% AUM fees for life. Whole life is harder to sell and pays less over time than traditional financial advising.Is Infinite Banking a scam? If you've spent five minutes researching IBC online, you've seen the accusations. These objections are everywhere—YouTube comments, Reddit threads, Dave Ramsey clips. They sound convincing. They're also wrong.

Tax planning has become an integral part of a comprehensive financial planning service offering and a way for advisors to offer hard-dollar value for their clients. In this episode, we explore how integrating tax preparation, proactive tax planning, and outside tax expertise can deepen client value, diversify revenue, and accelerate firm growth. Erik Brenner is the CEO of Hilltop Wealth and Tax Solutions, an RIA based in Mishawaka, Indiana, overseeing approximately $600 million in AUM for 830 client households. Listen in as Erik shares how he doubled his firm's AUM in three years in part by building a comprehensive, three-pronged tax strategy that combines in-house tax preparation, advisor-led tax planning analysis, and outsourced expertise for complex cases. We also discuss why he chose to launch a separate but integrated tax business that is profitable in its own right rather than treating tax prep as a loss leader, how in-person dinner seminars focused on retirement tax strategies drive nearly half of the firm's new clients, and how taking a systematic approach has helped Erik's firm boost the number of Google and other online reviews it receives. For show notes and more visit: https://www.kitces.com/475  

Oren Zeev is one of the most prominent solo capitalists in venture. He is one of the most no BS investors of our time. Oren manages over $1BN in AUM and is known for his "radical alignment" approach, often taking $0 in management fees. His track record includes massive successes like Navan, Audible, and Houzz. AGENDA: 03:11 – Why the Best Investments Always Look "Wrong" at the Start 05:58 – The AI Tsunami: How to Spot Beneficiaries vs. Victims 10:43 – The Death of Incumbents? Why Most AI Predictions Are Wrong 14:12 – Why Chasing Hyper-Growth is a "Disaster Waiting to Happen" 19:41 – The Biggest Mistakes From 2021 and Investing Lessons From It? 25:52 – Is the Future of Venture Boutique or Mega Fund: Does the Middle Die? 32:00 – The Great VC Shakeout: Why 50% of Funds Will Slowly Die 38:52 – Why Oren Zeev Takes $0 in Management Fees 50:48 – Why VCs Should Never Tell Their LPs What They Are Doing? 59:11 – How I Missed Investing in Facebook and Lessons Learned      

This week Ivy Slater, host of Her Success Story, chats with her guest, Poonam Sharma. The two talk about Poonam's journey from growing up around construction sites as the daughter of Indian immigrants to founding and successfully exiting Stealth Force, a gig economy commercial real estate company. In this episode, we discuss: How Poonam's childhood, tagging along on construction sites with her Indian immigrant dad and watching her parents launch (and sometimes crash) businesses like restaurants and hotels, pulled her into real estate and sparked her entrepreneurial fire. What pushed her from dev/private equity to tech: spotting gaps, channeling family hustle, and building Stealth Force (small exit, big win), then eyeing NYC co-working with onsite childcare—right as lockdown hit at 8 months pregnant. When old family stories, like being "ladylike," fearing the evil eye, or grandma's turkey trick, quietly shape our choices, and how midlife is prime time to unpack them and choose what actually fits now. Why everyone (CEOs to in-laws) is secretly fragile—be gentler, drop the personal grudges—and her leadership hack: "If it won't matter in seven years, it doesn't matter now." What peace looks like post-pivots: Board gigs, family deals, surprise coaching (releasing mental blocks for high-achievers), and savoring kid time—no more compartments, just one integrated, wrinkle-loving self. Poonam Sharma is a board member, entrepreneur, venture capitalist, real estate industry veteran, novelist and recognized PropTech leader with a passion for innovating around the built world. A public and private board member, published author and public speaker, she has sat on the board of Hennessy Capital VII and Fifth Wall Acquisition Corp III to name a few, and previously headed Arden Digital Ventures, a technology-focused investment arm of The Arden Group, a storied real estate investment fund. Previously CEO of Raise (which aimed to revolutionize childcare for the future of work), and Founder of StealthForce (the gig economy of real estate; a resource and project management platform for CRE, which was exited in early 2019), she was an early voice in proptech, bringing years of institutional real estate experience to the innovation movement. Prior to StealthForce, she was Deputy to the Head of Global Real Estate Asset Management at Partners Group AG ($40 bn AUM), VP at a developer of senior housing and hotels, and earlier employee 13 at The Gerson Lehrman Group, which was the world's first institutional expert network. Poonam earned her BA at Harvard and MBA at Wharton, and spent over a decade in real estate development and investment. Twice named a top female CEO in CREtech, she has been featured in The New York Times, Inc. Magazine, Harvard Business Review, NBC News, and more. As an author and experienced public speaker (ULI, ICSC, CRETech, etc.) she has published four books including two novels in five languages which have been printed worldwide. Website: www.poonam.info  https://www.instagram.com/justpoonamnyc/        

Serving ultra-high-net-worth families requires more than technical expertise. It demands deep attention to detail, a strong supporting team, and a planning approach capable of navigating complex tax, estate, and investment structures. This episode explores what it really takes for advisors to successfully move 'upmarket' and support clients whose financial lives involve high stakes, fast-moving parts, and opportunities measured in millions. Blair duQuesnay is a Lead Advisor at Ritholtz Wealth Management, an RIA based in New York City that oversees $6.5 billion in AUM for 3,900 households. Listen in as Blair shares how she transitioned from working with traditional wealth-management clients to serving ultra-high-net-worth families, and what she learned about applying advanced expertise in real-world scenarios where accuracy and timeliness are critical. You'll hear why flat-fee models often make more sense than AUM fees at the highest wealth levels, how she demonstrates multimillion-dollar planning value through sophisticated tax and estate strategies, and how UHNW clients' biggest fear isn't running out of money but making a catastrophic financial mistake. We also discuss how Blair manages impostor syndrome, the confidence that comes from having a strong team behind her, and why advisors can thrive with any client segment as long as they intentionally choose the work they enjoy most. For show notes and more visit: https://www.kitces.com/474

Noel Moldvai is co‑Founder and CEO at Augment, a pre‑IPO investing platform making private markets liquid, transparent, and accessible. Under Noel's leadership, Augment scaled from launch to an 8-figure run rate in 18 months profitably, raised $17M, and surpassed $750M+ in AUM. Prior to Augment, Noel was an engineer at Google and an engineering leader at Rubrik, where he helped bring Rubrik's on‑prem technology to the cloud and experienced the challenge of employee liquidity firsthand. Noel has a degree in Electrical Engineering and Computer Science from UC Berkeley, grew up in Eastern Europe and the Bay Area, and is now settled in Austin.

This week, Amy Arnett talks with Brad Mendenhall, Executive Vice President for Insurance Solutions at DPL. They discuss why insurance matters in holistic financial planning and how modern RIAs can integrate it into the planning process without becoming insurance experts. They also share how technology, product innovation, and a partnership with DPL can serve as a roadmap for leaders looking to enhance their clients' experience, increase AUM, and bridge the gap between asset management and protection. Learn more at https://www.dplfp.com/series/advisor-revelations-podcast.

Brian Kessens, CFA of Tortoise Capital, an approximately $9 billion AUM investment firm focused on the energy and power infrastructure sectors, weighs in on global trends reshaping the investment mosaic including increasing electricity demand, the geopolitical backdrop and artificial intelligence. In addition, he provides insights on portfolio construction and the potential for industry surprises in 2026.

In this episode, we are joined by Zach Abrams, CEO of Bridge, to unpack the infrastructure behind the next generation of global payments. Zach discusses Bridge's mission to move stablecoins beyond mere trading use cases and into core financial services, a vision that recently led to its landmark acquisition by Stripe . He explains how stablecoins function as an innovation at every layer of the money stack, enabling payments that are fundamentally faster and cheaper than legacy systems like ACH or SEPA. They delve into the technical "puzzle pieces" of payments, from the inefficiencies of FBO bank accounts to the "cheat code" of compounding growth in the stablecoin sector. Zach introduces the concept of Stablecoin Orchestration and details why the current USDC/USDT duopoly is unaligned with high-velocity payments due to rent-seeking burn fees and AUM-focused models . Finally, the conversation explores the future of consumer finance, where non-custodial wallets act as bank replacements and a pluralistic ecosystem of local, company-issued stablecoins challenges the dominance of the US dollar Topics00:00 Intro & Context04:15 Legacy Rails vs. Stablecoin Innovation09:30 The "Cash App" Hack & Payments Creativity15:00 Why Bridge Joined Stripe21:45 Maslow's Hierarchy of Startup Needs27:10 Stablecoin Orchestration & Issuance Explained35:20 The Duopoly Problem: Why USDC/USDT Isn't Enough42:15 Orthogonal Competition: The "Europe" of Stablecoins49:00 Wallets as the New Primary Bank Account55:30 Regrets of a "Child of the Depression" FounderLinksZach Abrams on X: https://x.com/ZCAbramsBridge: https://bridge.xyzStripe: https://stripe.comGnosis: https://gnosis.io/Sponsors: Gnosis: Gnosis has been building core decentralized infrastructure for the Ethereum ecosystem since 2015. With the launch of Gnosis Pay last year, we introduced the world's first Decentralized Payment Network. Start leveraging its power today at http://gnosis.io

As artificial intelligence-powered tools flood the market and marketing becomes faster, cheaper and easier to automate, advisors are discovering an uncomfortable truth: more tech doesn't automatically create more trust. In an industry that's louder and more crowded than ever, growth is no longer a tactics problem; it's an attention, resonance and differentiation problem. The firms that win will be the ones that understand how technology amplifies identity, not replaces it, and how behavioral finance and neuroscience shape decisions long before a prospect ever takes a meeting. In this episode of The WealthStack Podcast, Shannon Rosic sits down with Dr. Joshua Wilson, founder of NeuBeFi, to explore where tech, behavioral finance, and human psychology actually intersect, and why most advisors are focusing on the wrong side of the decision-making process. Key takeaways: Why most firms have a marketability problem, not a marketing problem  How technology amplifies identity rather than creating differentiation What “signal discovery” means and how it turns sameness into differentiation Why growth fails when treated as a checklist instead of a diagnosis How clarity and cognitive relief drive trust in money decisions Resources: Listen to WealthStack on Wealth Management Subscribe and listen to WealthStack on Apple Podcasts Subscribe and listen to WealthStack on Spotify Connect with Shannon Rosic: Shannon Rosic WealthStack website Wealth Management Connect with Dr. Joshua Wilson: LinkedIn: Dr. Joshua Wilson LinkedIn: NeuBeFi Website: NeuBeFi About Our Guest: Dr. Joshua Wilson is the pioneer behind Neuro-Behavioral Finance—a transformative approach that fuses behavioral finance, neuroscience, narrative strategy, and decision science to help advisors and FinTechs become the only option their ideal clients feel drawn to. Before becoming a sought-after strategist to RIAs and FinTechs, Joshua spent nearly two decades inside the arena where he achieved significant success. Joshua has personally closed hundreds of millions in AUM both virtually and in person. During his time with TD Ameritrade, he was a highly decorated advisor, National Coach of the Year, led the national sales training program, and traveled the country representing the firm. After transitioning to the independent RIA world, he built and grew his advisory practice from $0 AUM and no base salary. After selling his book, he led another RIA from turnaround to rapid expansion to acquisition as CEO. In addition to guiding wealth advisors and FinTechs, his expertise has been sought by $20+ billion asset managers, platforms backed by Y Combinator, marketing agencies, and venture capital firms. His programs have reshaped firms that later appeared in Forbes, Financial Times Top 300 RIAs, the RIA Database’s Top 100 Emerging Wealth Managers, and more. Individually, Joshua has been named to multiple Forbes lists honoring America’s top financial advisors and recognized multiple times as a 5 Star Wealth Manager.

Don and Tom open with sports banter and TV talk before diving into state-run retirement savings programs, explaining how auto-enrollment boosts participation and what fees and investment options really look like. They discuss why forced saving works, why Roth structures make sense, and how these plans compare to traditional IRAs. The conversation shifts to the emotional side of retirement, emphasizing purpose, “mattering,” and the mental health risks of disengagement. Listener calls cover annuity sales masquerading as fiduciary advice, helping a widowed parent invest conservatively, and managing old 401(k)s. The show closes with a thoughtful discussion of advisor fee models, self-management, and why planning and tax strategy matter more as retirement approaches. 0:04 Show intro, Broncos talk, Mad Men, and settling in 2:02 Retirement as the biggest lifetime expense 2:47 State-run retirement plans and auto-enrollment 3:47 Who really pays for “free” state plans 4:09 Why Roth-style saving makes sense 6:25 OregonSaves fees and State Street target-date funds 8:07 Limited investment choices in most retirement plans 9:24 Florida has no state savings plan 9:33 WSJ article on purpose and meaning in retirement 11:12 “Mattering” and being needed after retirement 12:19 Longevity after age 65 14:30 Retirement without a plan vs. needing structure 15:36 Depression and suicide risks in older retirees 16:52 Caller: “Fiduciary” selling indexed annuity 17:40 Why annuity pitches violate fiduciary duty 20:20 Knowing yourself before retiring 21:18 Caller: Helping widowed mother invest safely 22:33 When CDs and Treasuries make sense 23:47 Using brokerage CD ladders 26:34 Sports updates and listener mail 27:36 Old 401(k)s and consolidation 30:43 Listener saved $100K/year in advisory fees 31:47 AUM vs hourly vs flat-fee advisors 34:47 Subscription advisors and limited portfolios 35:51 Why advice matters more in retirement Learn more about your ad choices. Visit megaphone.fm/adchoices

Why do some advisors thrive without managing assets? We talk with Kelly Nilsson, founder of Brava Financial, about building a planning-first, advice-only practice that focuses on real-life risk—not just market returns. With a background in insurance, Kelly believes households are more often disrupted by death, disability, or long-term care than by volatility, and her plans are built to handle those moments.Kelly shares how she launched a virtual RIA, why project-based planning fuels her growth, and how clear scope, flat fees, and objective advice create better client outcomes. “Rent my brain” means no product pressure, no discounts, and clients who are ready to implement.This episode covers practical ways to identify the right clients, use paid consults as discovery, and design services people actually understand. A must-listen for advisors questioning the AUM default and looking to build a sustainable, planning-led practice.Kelly's Social:https://www.linkedin.com/in/kellynilssoncfp/Music in this episode was obtained from Bensound.

Lluvias y frío seguirán en el Valle de México El avión Hércules C-130 de EU en el Aeropuerto de Toluca,  es un vuelo autorizadoAlemania retira a sus militares de GroenlandiaMás información en nuestro podcast

You've hit financial independence—now what? How do you actually start spending the money you've spent years accumulating? Bill Yount reached FI at 60 after a 10-year journey, and he's figured out the answer. Bill shares his complete decumulation strategy—the detailed plan he built with a flat-fee financial advisor to transition from wealth building to wealth preservation. This isn't just theory; Bill is actively living this plan and stress-testing it in real time. This Episode Covers: Bill achieving financial independence at age 60 The psychological shift from saving to spending after a decade of accumulation How to build a comprehensive drawdown plan (and why Bill hired help) Working with a flat-fee financial advisor vs. AUM advisors Portfolio rebalancing when transitioning to retirement Risk parity strategy and how it fits into retirement portfolios Stress-testing your financial plan: running scenarios to ensure you won't run out Social security timing decisions and optimization Retirement withdrawal strategies: the 4% rule and alternatives How much to actually spend in early retirement Helping your kids build wealth without jeopardizing your own retirement Financial independence for late starters: proof it's not too late after 50 Managing the emotional transition from accumulation to distribution phase Investment strategy changes in decumulation If you're approaching FI, already there and uncertain about spending, or starting your FIRE journey later in life, Bill's practical, well-planned approach shows you exactly how to transition from building wealth to confidently living off it. Subscribe to our Weekly Newsletter: www.biggerpocketsmoney.com Want to be a guest on the show? Apply here: https://biggerpocketsmoney.com/contact/ Get 50% Off Your First Year of Monarch by using code ‘Pockets': https://www.monarchmoney.com/ Connect with Bill Yount:  Website: https://catchinguptofi.com/ Instagram: https://www.instagram.com/catchinguptofi/ Connect with Scott and Mindy: Scott: https://www.instagram.com/scott_trench/ Mindy: https://www.instagram.com/_mindyatbp/ Follow BiggerPockets Money on Social: Facebook: https://www.facebook.com/groups/BPMoney Instagram: https://www.instagram.com/biggerpocketsmoney/ Learn more about your ad choices. Visit megaphone.fm/adchoices

As the Japanese police prepare for a raid on the Aum Shinrikyo compound, cult leader Shoko Asahara launches a desperate chemical weapons attack in downtown Tokyo. During the height of Monday morning rush hour, Aum terrorists target five commuter trains with sarin gas, killing 13 people and scarring the psyche of an entire nation. In the aftermath, survivors struggle to pick up the pieces of their lives and adapt to new realities.    SOURCES: Amarasingam, A. (2017, April 5). A history of sarin as a weapon. The Atlantic.  Brackett, D. W. Holy Terror: Armageddon in Tokyo. 1996. Cotton, Simon. “Nerve Agents: What Are They and How Do They Work?” American Scientist, vol. 106, no. 3, 2018, pp. 138–40.  Danzig, Richard; Sageman, Marc; Leighton, Terrance; Hough, Lloyd; Yuki, Hidemi; Kotani, Rui; Hosford, Zachary M.. Aum Shinrikyo: Insights Into How Terrorists Develop Biological and Chemical Weapons . Center for a New American Security. 2011 “Former ER Doctor Recalls Fear Treating Victims in 1995 Tokyo Sarin Attack.” The Japan Times, March 18, 2025.. Gunaratna, Rohan. “Aum Shinrikyo's Rise, Fall and Revival.” Counter Terrorist Trends and Analyses, vol. 10, no. 8, 2018, pp. 1–6.  Harmon, Christopher C. “How Terrorist Groups End: Studies of the Twentieth Century.” Strategic Studies Quarterly, vol. 4, no. 3, 2010, pp. 43–84. JSTOR, http://www.jstor.org/stable/26269787.  “IHT: A Safe and Sure System — Until Now.” The New York Times, 21 Mar. 1995. Jones, Seth G., and Martin C. Libicki. “Policing and Japan's Aum Shinrikyo.” How Terrorist Groups End: Lessons for Countering al Qa'ida, RAND Corporation, 2008, pp. 45–62.  Kaplan, David E. (1996) “Aum's Shoko Asahara and the Cult at the End of the World”. WIRED.  Lifton, Robert Jay. Destroying the World to Save It: Aum Shinrikyo, Apocalyptic Violence, and the New Global Terrorism. 1999. Murakami, Haruki. Underground: The Tokyo Gas Attack and the Japanese Psyche. Translated by Alfred Birnbaum and Philip Gabriel. 2001. Murphy, P. (2014, June 21). Matsumoto: Aum's sarin guinea pig. The Japan Times.  Reader, Ian. Religious Violence in Contemporary Japan: The Case of Aum Shinrikyo.  2000. Tucker, Jonathan B. “Chemical/Biological Terrorism: Coping with a New Threat.” Politics and the Life Sciences, vol. 15, no. 2, 1996, pp. 167–83.  Ushiyama, Rin. “Shock and Anger: Societal Responses to the Tokyo Subway Attack.” Aum Shinrikyō and Religious Terrorism in Japanese Collective Memory., The British Academy, 2023, pp. 52–80.  Williams, Richard. 2003. “Marathon Man.” The Guardian, May 16, 2003. “Woman bedridden since AUM cult's 1995 sarin gas attack on Tokyo subway dies at 56.” The Mainichi (English), 20 Mar. 2020, “30 Years After Sarin Attack — Lessons Learned / Brother Kept Diary For Sister Caught in Sarin Attack, Chronicling Her 25-Year Struggle With Illness” The Japan News, 19 Mar. 2025, Learn more about your ad choices. Visit megaphone.fm/adchoices

Show highlights include:-The difference between being a practitioner vs. a true business owner.-Why growing too fast can break your systems, operations, and culture.-How to scale without sacrificing your core values.-Why “making the right move” matters more than making the next move.-How to define your ideal client avatar beyond just AUM.-Why more RIAs are exploring M&A - and what's driving the trend.If you're thinking about growth, transitions, acquisitions, or simply want to build a business that still feels like you, this episode is packed with real-world insights you won't want to miss.Learn more about our companies and resources:-Elite Consulting Partners | Financial Advisor Transitions: https://eliteconsultingpartners.com-Elite Marketing Concepts | Marketing Services for Financial Advisors: https://elitemarketingconcepts.com-Elite Advisor Successions | Advisor Mergers and Acquisitions: https://eliteadvisorsuccessions.com-JEDI Database Solutions | Technology Solutions for Advisors: https://jedidatabasesolutions.com  Listen to more Advisor Talk episodes: https://eliteconsultingpartners.com/podcasts/

Multigenerational planning isn't just about retaining assets after a wealth transfer. When done well, it becomes a powerful way to elevate service, improve family communication, and drive meaningful growth today. Carli Smith, founder of Signal Wealth Advisors, has built her practice in part by engaging entire family units—not just individual clients. In this episode, she explains how she navigates the tax and estate implications of inherited IRAs and taxable accounts, invites aging parents and adult children into collaborative planning conversations, and combines family assets to serve clients who might otherwise fall below her $2 million minimum. She also shares how strategic partnerships with estate planning attorneys and CPAs fueled a 70% increase in AUM in a single year, why nurturing client promoters leads to higher-quality referrals, and how she made the decision to leave her previous firm after it was acquired and start her own business. For show notes and more visit: https://www.kitces.com/472

Welcome back to the Alt Goes Mainstream podcast.Today's episode brings infrastructure investing to life — literally.We sat down in and walked through one of Stonepeak's data center assets with Managing Director and CEO of SP+ INFRA, Cyrus Gentry.Cyrus has played an integral role in Stonepeak's rapid ascent as a firm and the growth of its wealth solutions business, Stonepeak+, joining early in the firm's history and helping the firm grow to approximately $80B in AUM.Cyrus brings a private equity perspective to infrastructure investing. Prior to Stonepeak, he held investing roles at BC Partners and Advent International. He also serves as one of the Church Commissioners for the Church of England, who hold responsibility for managing the Church's £11.1B permanent endowment fund.Cyrus and I had a fascinating and thought-provoking discussion about infrastructure investing and why and how it can fit within a wealth client's portfolio. We covered:How Cyrus' background in private equity investing has transferred over to investing in infrastructure.The opportunity and risks of data center investing.The risk of overbuilding in data centers.Why location matters for data centers.What makes interconnection data centers attractive data center assets.How Cyrus and Stonepeak have built their wealth solutions business and how they've endeavored to be different in how they've built out the business.How Stonepeak's wealth business is a reflection of the firm's DNA.Thanks Cyrus for coming on the show to share your expertise, wisdom, and passion for infrastructure investing and working with the wealth channel.Show Notes00:00 Introduction and Sponsor Message01:57 Welcome to the Alt Goes Mainstream Podcast02:04 Introducing Cyrus Gentry and Stonepeak00:00 Introduction and Sponsor Message03:25 Cyrus's Journey from Private Equity to Infrastructure04:56 Understanding Infrastructure Investing06:10 The Importance of Moats in Infrastructure06:57 Differences Between Private Equity and Infrastructure07:38 Stonepeak's Growth and Strategy09:06 Specialization in Infrastructure Investment09:54 Balancing Long-Term Horizons with Industry Changes11:15 The Role of Data Centers in Modern Life14:43 Investment Perspectives on Connectivity15:55 Challenges in Infrastructure Investing17:10 Executing Value Creation Plans19:06 Structured Capital in Infrastructure Deals21:17 Trends and Scale in Infrastructure Investment22:43 Patience and Discipline in Investment23:34 Global Expansion and Strategy Diversification24:09 Collaborative Approach with Corporates24:42 Capital and Problem Solving25:02 Building Stonepeak Wealth Solutions25:30 Infrastructure Asset Class Benefits25:47 Strategic Planning and Vision26:05 Creation of Stonepeak-Plus26:15 Early Discussions on Wealth Business27:32 Team Dynamics and Entrepreneurial DNA27:59 Understanding the Wealth Market28:56 Educating Investors on Infrastructure29:50 Allocating Infrastructure in Portfolios30:07 Global Perspectives on Infrastructure32:18 Learning from Institutional Investors33:19 Common Questions from Wealth Channel34:02 Mega Trends and Investment Strategies34:46 Core, Core Plus, and Value Add Assets36:12 AI and Data Centers40:20 Power and Energy in Data Centers42:34 Local and Global Investment Strategies44:12 Geopolitical Risks and Infrastructure46:36 Lessons Learned and Future OutlookEditing and post-production work for this episode was provided by The Podcast Consultant.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.Visit www.ultimusfundsolutions.com to learn more about Ultimus' technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.

Health care strategist Dana Y. Lujan discusses her article "Is direct primary care sustainable in a downturn?" Dana explains how the rising cost of living and subscription fatigue are challenging the retail model of direct primary care for middle-class families. She contrasts this fragility with the stability of employer-sponsored models where organizations absorb the cost to ensure consistent access for their workforce. The conversation highlights the critical need to align medical business models with the actual economic capabilities of the communities they serve rather than relying solely on ideological goals. Join us to explore how financial strategy determines the longevity of patient care. This episode is presented by Scholar Advising, a fee-only financial advising firm specializing in providing advice for DIY investors. If you want clear, actionable strategies and confidence that your financial decisions are built on objective advice without AUM fees or commissions, Scholar is designed for you. Physicians often navigate complex compensation structures, including W-2 income, 1099 work, production bonuses, and practice ownership. Scholar's highly credentialed advisors guide high-earners through decisions like optimizing investments for long-term tax efficiency and expert strategies for financial independence. Every recommendation is tailored to the financial realities physicians face. VISIT SPONSOR → https://scholaradvising.com/kevinmd SUBSCRIBE TO THE PODCAST → https://www.kevinmd.com/podcast RECOMMENDED BY KEVINMD → https://www.kevinmd.com/recommended

A digital bank, a S$1.3 billion war chest - and a big question: can a newcomer really change how Singaporeans save, invest and bank. Michelle speaks with Natalia Goh, CEO of MariBank, on how a digital-first model is reshaping everyday finance. Backed by Sea Limited and licensed by the Monetary Authority of Singapore, MariBank has rapidly grown its investment offerings to over S$1.3 billion in AUM. We unpack how the Lion - MariBank SavePlus Fund works, what investors should know about short-term bonds and capital preservation, and how gold investing fits into a digital wallet for this bank's customers. Natalia also explains fixed deposit rates, the rationale behind the S$100,000 deposit cap, and what safety looks like in a digital bank. Finally, we ask the big question for savers and investors alike: is putting your money with a digital bank worth a thought?See omnystudio.com/listener for privacy information.

Otolaryngologist Alan P. Feren and patient advocate Joyce Griggs discuss their article "Why health self-advocacy is an essential life skill." Alan and Joyce share the personal journey of becoming a "chief health executive" and explain why managing medical care should be treated with the same seriousness as financial planning. They outline the eight core pillars of advocacy, ranging from health literacy to financial navigation, and argue for the creation of condition-agnostic tools that help patients regardless of their specific diagnosis. The conversation highlights how preparation and organization not only reduce anxiety for caregivers but also save time for clinicians and improve overall outcomes. Join us to find out how you can build the confidence to navigate a complex system effectively. This episode is presented by Scholar Advising, a fee-only financial advising firm specializing in providing advice for DIY investors. If you want clear, actionable strategies and confidence that your financial decisions are built on objective advice without AUM fees or commissions, Scholar is designed for you. Physicians often navigate complex compensation structures, including W-2 income, 1099 work, production bonuses, and practice ownership. Scholar's highly credentialed advisors guide high-earners through decisions like optimizing investments for long-term tax efficiency and expert strategies for financial independence. Every recommendation is tailored to the financial realities physicians face. VISIT SPONSOR → https://scholaradvising.com/kevinmd SUBSCRIBE TO THE PODCAST → https://www.kevinmd.com/podcast RECOMMENDED BY KEVINMD → https://www.kevinmd.com/recommended

In this episode we answer emails from Jeff, Chad and Matt.  We discuss choices in 100% equity accumulation portfolios, distribution methodology for the sample portfolios, more on radio-personalities-cum-financial-advisors who try to punch down, the landscape of financial advisors and distinguishing the good, the bad, and the ugly, and our overall approach here, which is simply to match financial behaviors with financial goals.  Because Personal Finance is FINANCE.And THEN we our go through our weekly portfolio reviews of the eight sample portfolios you can find at Portfolios | Risk Parity Radio.Links:Best Equity Index ETFs:  Best ETFs 2025 | Merriman Financial Education FoundationSarah Catherine Gutierrez Presentations:  Interacting with the Financial Services Industry with SC GutierrezAfford Anything Podcast re RPR:  They Ran Out of Money. I Didn't. Here's Why.Breathless Unedited AI-Bot Summary:What if your portfolio actually reflected your real goal—spend confidently while you're alive—or, if you prefer, maximize what you leave behind? We dig into that choice and show how to align behavior with outcomes, from accumulation tilts to retirement withdrawals, without getting trapped by complexity or fear.We start by tackling a common accumulator snag: limited 401(k) menus. When a plan doesn't offer the exact funds for a 50% large-cap growth and 50% small-cap value tilt, we show how to keep the core in a low-cost total market index and use outside accounts for precise small-cap value exposure. The final 10%? It's often a coin flip—simplicity and consistency usually win. We also compare small-cap value options and why funds with profitability screens (like AVUV) can sharpen the tilt.For retirees and near-retirees, we lay out a clean distribution method. Use cash generated by the portfolio first; if you must sell, trim the position most above target since the last rebalance. Prefer even fewer trades? Hold a modest cash sleeve and draw from it, replenishing during scheduled rebalances. The aim is to reduce friction while keeping allocations on track. Throughout, we push for strategies that raise safe withdrawal rates, not stories that only soothe nerves.We also hold a bright light on advisor incentives. AUM fees aren't “evil,” but they're misaligned with consumer interests and compound against your long-term outcomes. Fee-only, flat-fee, or hourly planning models provide clarity and control without the drag. Our stance is simple: demand the math, insist on base rates, and ask every product or tweak one question—does this increase sustainable spending power?The market check brings it all together: small-cap value is out front, gold remains a steady diversifier, and diversified sleeves like managed futures, REITs, and Treasuries contribute ballast. We walk through the eight sample portfolios, highlight performance since 2020 and 2024 inceptions, and note why mechanical year-end rebalancing can backfire when flows get weird. If you're a do-it-yourself investor who values low costs, clarity, and evidence over noise, you'll find practical steps you can use today.If this resonates, follow the show, leave a review, and share it with someone who needs more signal and less sales pitch.Support the show

Medical oncologist, geriatrician, and physician scientist GJ van Londen and Chief of Genetic and Genomic Medicine at the University of Pittsburgh School of Medicine Gerald Vockley discuss the article "FDA delays could end vital treatment for rare disease patients." GJ and Gerald explore the complex regulatory impasse where the U.S. Food and Drug Administration denied standard approval for elamipretide despite a positive advisory committee vote, creating a financial crisis that threatens to cut off supply for everyone. GJ shares his personal journey from treating cancer to living with primary mitochondrial myopathy, while the conversation emphasizes the critical need for the agency to use the flexibility granted by the Orphan Drug Act to save a treatment that has already proven its worth. Join us to understand the life-or-death stakes hidden behind administrative decisions. This episode is presented by Scholar Advising, a fee-only financial advising firm specializing in providing advice for DIY investors. If you want clear, actionable strategies and confidence that your financial decisions are built on objective advice without AUM fees or commissions, Scholar is designed for you. Physicians often navigate complex compensation structures, including W-2 income, 1099 work, production bonuses, and practice ownership. Scholar's highly credentialed advisors guide high-earners through decisions like optimizing investments for long-term tax efficiency and expert strategies for financial independence. Every recommendation is tailored to the financial realities physicians face. VISIT SPONSOR → https://scholaradvising.com/kevinmd SUBSCRIBE TO THE PODCAST → https://www.kevinmd.com/podcast RECOMMENDED BY KEVINMD → https://www.kevinmd.com/recommended

President and chief executive officer of the National Psoriasis Foundation (NPF) Leah M. Howard discusses her article "Pharmacy benefit manager reform vs. direct drug plans." Leah analyzes the recent emergence of direct-purchase drug programs and argues that while innovative thinking is welcome, it cannot replace the need for deep systemic change. She advocates for bipartisan legislative solutions such as the Safe Step Act to address the root causes of high costs in the U.S. health care system rather than relying on siloed fixes that may not help everyone. The conversation emphasizes that true relief for patients with chronic diseases requires transparent pharmacy benefit manager reform and a move away from profit-driven incentives that punish the sick. Join us to learn how we can push for lasting policies that prioritize patient health over corporate profits. This episode is presented by Scholar Advising, a fee-only financial advising firm specializing in providing advice for DIY investors. If you want clear, actionable strategies and confidence that your financial decisions are built on objective advice without AUM fees or commissions, Scholar is designed for you. Physicians often navigate complex compensation structures, including W-2 income, 1099 work, production bonuses, and practice ownership. Scholar's highly credentialed advisors guide high-earners through decisions like optimizing investments for long-term tax efficiency and expert strategies for financial independence. Every recommendation is tailored to the financial realities physicians face. VISIT SPONSOR → https://scholaradvising.com/kevinmd SUBSCRIBE TO THE PODCAST → https://www.kevinmd.com/podcast RECOMMENDED BY KEVINMD → https://www.kevinmd.com/recommended

Premedical student Samah Khan discusses her article "The crisis of physician shortages globally." Samah draws a powerful parallel between the medical exodus in Pakistan and the doctor deserts of California's Central Valley, revealing how structural neglect drives providers away from the communities that need them most. She explores the root causes of this brain drain, from low wages to limited residency spots, and argues that health care systems must reshape their values to retain talent. The conversation highlights promising solutions like local recruitment tracks while emphasizing that without systemic change, patients will continue to suffer the cost of delayed care. Join us to understand why doctors leave and how we can anchor them back home. This episode is presented by Scholar Advising, a fee-only financial advising firm specializing in providing advice for DIY investors. If you want clear, actionable strategies and confidence that your financial decisions are built on objective advice without AUM fees or commissions, Scholar is designed for you. Physicians often navigate complex compensation structures, including W-2 income, 1099 work, production bonuses, and practice ownership. Scholar's highly credentialed advisors guide high-earners through decisions like optimizing investments for long-term tax efficiency and expert strategies for financial independence. Every recommendation is tailored to the financial realities physicians face. VISIT SPONSOR → https://scholaradvising.com/kevinmd SUBSCRIBE TO THE PODCAST → https://www.kevinmd.com/podcast RECOMMENDED BY KEVINMD → https://www.kevinmd.com/recommended

My guest on the show this week was Jonathan Nurick, the founder and Co-CIO of DivGro, an Australia-based investment management firm that puts dividends at the center of its investing strategy. Jonathan started DivGro at a relatively young age, and the firm's AUM has grown substantially over the recent years. In this intriguing conversation, we covered: The founding inspiration behind DivGro; How Jonathan began to center on dividends as a signal; What people underappreciate about dividends; Portfolio construction, including concentration and position sizing; and What a quintessential DivGro investment looks like. To learn more about DivGro, please visit the firm's website: https://www.divgro.com.au/

Our Chief Fixed Income Strategist Vishy Tirupattur is joined by Dan Toscano, the firm's Chairman of Markets in Private Equity, unpack how credit markets are changing—and what the AI buildup means for the road ahead.Read more insights from Morgan Stanley.----- Transcript -----Vishy Tirupattur: Welcome to Thoughts on the Market. I am Vishy Tirupattur, Morgan Stanley's Chief Fixed Income Strategist. Today is a special edition of our podcast. We are joined by Dan Toscano, Chairman of Markets in Private Equity at Morgan Stanley, and a seasoned practitioner of credit markets over many, many credit cycles. We will get his thoughts on the ongoing evolution and revolution in credit marketsIt's Wednesday, January 7th at 10am in New York. Dan, welcome.Dan Toscano: Glad to be here.Vishy Tirupattur: So, to get our – the listeners familiar with your journey, can you talk a little bit about your experience in the credit markets, and how you got to where we are today?Dan Toscano: Yeah, sure. So, I've been doing this a long time. You used the nice word seasoned. My kids would refer to it as old. But I started in this journey in 1988. And to make a long story short, my first job on Wall Street was buying junk bonds in the infancy of the junk bond market, when most of what we were financing were LBOs. So, if you're familiar with Barbarians at the Gate, one of the first bonds we bought were RJR Nabisco reset notes. And I've been doing this ever since, so over almost four decades now.Vishy Tirupattur: So, the junk bond market evolved into high yield market, syndicated loan market, CLO market, financial crisis. So, talk to us about your experiences during this transition.Dan Toscano: Yeah. I mean, one of the things these markets do is they finance evolution in industries. So, when I think back to the early days of financing leveraged buyouts, they were called bootstrap deals. The first deal I did as an intermediary on Wall Street as opposed to as an investor, was a buyout with Bain Capital in 1993. At the time, Bain Capital had a $600 million AUM private equity platform. Think about that in the scale of what Bain Capital does in private equity today. You know, back then it was corporate carve outs, and trying to make the global economy more efficient. And you remember the rise of the conglomerate. And so, one of the early things we financed a lot of was the de-conglomeration of big corporates. So, they would spin off assets that were not central to the business or the strengths that they had as an organization.So, that was the early days of private equity. There was obviously the telecom build out in the late 90's and the resulting bust. And then into the GFC. And we sit here today with the distinctions of private capital, private credit, public credit, syndicated credit, and all the amazing things that are being financed in, you know, what I think of as the next industrial revolution.Vishy Tirupattur: In terms of things that have changed a lot – a lot also changed following the financial crisis. So, if you dig deep into that one thing that happened was the introduction of leveraged lending guidelines. Can you talk about what leveraged lending guidelines did to the credit markets?Dan Toscano: Yeah, I mean, it was a big change for underwriters because it dictated what you could and couldn't participate in as an underwriter or a lender, and so it really cut off one end of the market that was determined by – and I think the thing most famously attributed to the leveraged lending guidelines was this maximum leverage notion of six times leverage is the cap. Nothing beyond that. And so that really limited the ability for Wall Street firms to underwrite and distribute capital to support those deals.And inadvertently, or maybe by plan, really gave rise to the growth in the private credit market. So, when you think about everything that's going on in the world today, including, which I'm sure we'll talk about, the relaxation of the leveraged lending guidelines, it was really fuel for private credit.Vishy Tirupattur: So private credit, this relaxation that you mentioned, you know, a few weeks ago, the FDIC and the OCC withdrew the leveraged lending guidelines in total. What do you expect that will do to the private credit markets? Will that make private credit market share decrease and bank market share increase?Dan Toscano: I think many people think of these as being mutually exclusive. We've never thought of it that way. It exists more on a continuum. And so, what I think the relaxation of those guidelines or the elimination of those guidelines really frees the banks to participate in the entire continuum, either as lenders or as underwriters.And so, in addition to the opportunity that gives the banks to really find the best solutions for their clients, I think this will also continue the blurring of distinctions between public market credit and private market credit. Because now the banks can participate in all of it. And when you think about what defines in people's minds – public credit versus private credit, in many cases it's driven by what terms look like. Customary terms for a syndicated bond or loan versus a private credit loan.Also, who's participating in it. You know, these things have been blurring, right? There's a cost differential or a perceived cost differential that has been blurring for some time now. That will continue to happen, in my opinion anyway.Vishy Tirupattur: I totally agree with you, Dan, on that. I think not only the distinction between public credit and private credit, but also within the various credit channels – secured, unsecured, securitized, structured – all these distinctions are also blurring. So, in that context, let's talk a little bit more about what private credit's focus has been and where private credit focus will be going forward. So, what we'll call private credit 1.0. Focused predominantly on lending to small and medium-sized enterprises. And we now see that potentially changing. What is driving private credit 2.0 in your mind?Dan Toscano: Well, the elephant in the room is digital infrastructure. Absolutely. When you think about the scale of what is happening, the type of capital that's required for the build out, the structure you need around it, the ability to use elements of structure. You mentioned several of them earlier. To come up with an appropriate risk structure for lending is really where the market is heading. When you think about the trillions of dollars that we anticipate is needed for the technology industry to complete this transformation – not just around digital infrastructure, but around everything associated with it.And the big one I think of most often is power, right? So, you need capital to build out sources of power, and you need capital to build out the data centers to be able to handle the compute demand that is expected to be there. This is a scale unlike anything we have ever seen. It is the backbone of what will be the next industrial revolution.We've never seen anything like this in terms of the scale of the capital needed for the transformation that is already underway.Vishy Tirupattur: We are very much on board with this idea as well, Dan, in terms of the scale of the investment, the capital investment that is needed. So, when you look ahead for 2026, what worries you about the ind ustrial revolution financing that is underway?Dan Toscano: Given all that's going on in the world, this massive capital investment that's going on globally around digital infrastructure, we've never seen this before. And so, when I look at the capital raising that has been done in 2025 versus what will be done in 2026, I think one of the differences that we have to be mindful of is – nothing's gone wrong while we were raising capital in 2025 because we were very much in the infancy of these buildouts. Once you get further into these buildouts and the capital raises in 2025 that are funding the development of data centers start to season, problems will emerge. The essence of credit risk is there will be problems and it's really trying to predict and foresee where the problems will be and make sure you can manage your way through them.That is the essence of successful credit investing. And so there will definitely be issues when you think about the scale of the build out that is happening. Even if you look just in the U.S., where you need access to all sorts of commodities to build out. And you know, people focus on chips, but you also need steel and roofing, and importantly labor.And as we talk to people about the build outs, one of the concerns is supply of labor supply and cost of labor. So, when you run into situations where maybe a project is delayed a bit, or the costs are a bit more than what was expected, there will be a reaction. And we haven't had that yet. We will start to see that in 2026 and how investors and the markets react to that, I think will be very important. And I'm a little bit worried that there could be some overreaction because people have trained themselves in 2025 to think of like, ‘I'm operating in a perfect environment,' because we haven't really done anything yet. And now that we've done something, something can and will go wrong. So, you know, we'll see how that plays out.I am very fixated in 2026 on the laws of supply and demand. When I think about what's going on right now, we usually have visibility on demand. And we usually have some level of visibility on supply. Right now, we have neither – and I say that in a positive way. We don't know how big the demand is in the capital world to fund these projects. We don't know how big that can be. And almost with every passing day, the supply – and what we're hearing from our clients about what they need to execute their plans – continues to grow in a way that we don't know where it ends. And the scale, we're talking trillions of dollars, right? Not billions, not millions, but trillions.And so, I look at that – not so much as something I worry about, but something I'm really curious about. Will we run out of money to fund all of the ambitions of the Industrial Revolution? I don't think so. I think money will find great projects, but when you think about the scale of what we're looking at, we've never seen anything like it before. And it will be fascinating to watch as the year goes on.Vishy Tirupattur: Thanks Dan. That's very useful. And thanks for taking the time to speak to us and share your wisdom and insights. Dan Toscano: Well, it's great to be here.Vishy Tirupattur: And to our audience, thanks for listening. If you enjoyed the show, please leave us a review wherever you listen and share thoughts on the market with a friend or colleague today

Building a firm that can thrive without its founders being constantly "on" requires far more than revenue growth. It takes intentional infrastructure, deep team trust, and long-term thinking. This episode explores how designing a business that doesn't depend on any single individual can create both freedom for the founders and stability for clients. Dennis Morton is the co-founder of Morton Brown Family Wealth, an RIA based in Allentown, Pennsylvania, overseeing $475 million in AUM for 275 households. Listen in as Dennis shares how his firm built the systems and team structure needed to allow both founders to take five-week sabbaticals without disrupting client service or slowing growth. We also discuss how socializing clients with the full advisory team strengthens their relationship with the firm as a whole, how strategic outsourcing and in-house specialization support scalability, and how hiring a dedicated marketing leader amplified his firm's brand visibility and lead flow. For show notes and more visit: https://www.kitces.com/471

Health care executive Jason Griffin discusses his article "The digital divide in rural health care." Jason explains how rural providers in the U.S. face critical infrastructure failures and staffing shortages that threaten their ability to serve communities. He explores why standard one-size-fits-all technological solutions often fail these hospitals and advocates for a collaborative model that prioritizes long-term strategic partnerships over temporary fixes. The conversation highlights the economic importance of keeping rural facilities open and the urgent need to listen to local leaders to bridge the digital gap effectively. Join us to learn how we can build resilient systems that ensure equitable access for everyone. This episode is presented by Scholar Advising, a fee-only financial advising firm specializing in providing advice for DIY investors. If you want clear, actionable strategies and confidence that your financial decisions are built on objective advice without AUM fees or commissions, Scholar is designed for you. Physicians often navigate complex compensation structures, including W-2 income, 1099 work, production bonuses, and practice ownership. Scholar's highly credentialed advisors guide high-earners through decisions like optimizing investments for long-term tax efficiency and expert strategies for financial independence. Every recommendation is tailored to the financial realities physicians face. VISIT SPONSOR → https://scholaradvising.com/kevinmd SUBSCRIBE TO THE PODCAST → https://www.kevinmd.com/podcast RECOMMENDED BY KEVINMD → https://www.kevinmd.com/recommended

Welcome back to the Alt Goes Mainstream podcast.Today's episode takes us inside the world of wealth from the perspective of one of the industry's largest alternative asset managers that has made the wealth channel core to its firm's DNA from the beginning.We sat down with Sean Connor, Senior Managing Director and the President & CEO of Global Private Wealth at Blue Owl Capital, a firm with almost $300B in AUM. Sean highlighted a number of key insights for navigating and working with the wealth channel as he shared lessons learned from building a successful private wealth business at a large alternative asset manager.Sean is responsible for bringing the breadth of the Blue Owl investment platform to the global private wealth market. He's at the forefront of Blue Owl's private wealth initiatives globally and oversees fund formation, product structure innovation, capital raising, and client servicing. He also oversees business development, marketing, and operations for Private Wealth at the firm. Prior to his current role, Sean was one of the first employees at Owl Rock (now the Direct Lending division of Blue Owl) and was responsible for building out the private wealth business.Prior to joining Blue Owl and Owl Rock, Sean served as a Managing Director of CION Investment Management for over 10 years. Sean was a member of CION's Investment Committee and was responsible for all aspects of CION's business including originating, underwriting, and negotiating corporate finance transactions globally. In 2020, Sean was recognized by Private Debt Investor as one of the industry's Rising Stars.Sean and I had a fascinating conversation about what it's like to work with the wealth channel. We discussed:The biggest drivers of AUM growth for Blue Owl and how the wealth channel has been a major part of the firm's story of scale.Lessons learned from growing and scaling a private wealth business in the US and internationally.The differences between the wealth channel a few years ago and the wealth channel today.What the wealth channel wants and needs from its alternative asset manager partners.Why Blue Owl focuses on investing in megatrends, like AI, digital infrastructure, and private credit.The opportunity in the 401(k) and retirement channels.Thanks Sean for coming back on the Alt Goes Mainstream podcast to share your expertise and wisdom on private markets and private wealth.Show Notes00:00 Introduction to Ultimus, our Sponsor01:57 Welcome to the Alt Goes Mainstream Podcast and Episode Overview02:10 Guest Introduction: Sean Connor04:07 Growth Drivers for Blue Owl04:45 Diversification and Market Strategy05:17 Focus on Private Credit and Real Assets06:54 Brand Essence and Market Leadership11:25 Client Education and The Nest14:21 Implementation Challenges in Wealth Channel17:56 Customization in Wealth Management19:20 Product Structuring and Client Needs23:41 International Expansion and Market Strategy26:23 Building Brand Internationally28:01 Maintaining Entrepreneurial Culture28:42 Challenges and Success in Scaling30:38 Future Growth Areas in Wealth Business30:42 Evolution of the Wealth Business31:08 Expanding Product Strategies31:37 Growth Opportunities in the US Market32:23 Global Expansion and Execution33:01 Retirement Market Potential34:10 Bringing Parity to Retirement Ecosystem35:19 Challenges and Opportunities in Retirement35:39 Regulatory Changes and Education36:38 Long-Term Investment Strategies39:03 Private Credit and Direct Lending40:47 Market Structure and Underwriting43:47 Competition and Market Share45:54 Private Companies and Direct Lending47:56 Digital Infrastructure and AI50:18 AI Bubble Concerns51:46 Risk Management in Digital Infrastructure55:11 Focus on Downside Protection56:12 Future Investment Strategies57:23 Excitement for the Future59:13 Closing RemarksEditing and post-production work for this episode was provided by The Podcast Consultant.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.Visit www.ultimusfundsolutions.com to learn more about Ultimus' technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.

In this episode of "The 9innings Podcast," host Kevin Thompson and guest Sarah Grillo discuss the ongoing debate over fee structures in financial advising, focusing on flat fee versus assets under management (AUM) models. They explore the importance of transparency, fairness, and client communication, highlighting how different models impact advisor incentives and client relationships. Sarah shares insights from her Transparency Movement, while both agree that building trust and adapting to client needs are key. The episode emphasizes that multiple fee models can coexist, and success depends on clear communication, transparency, and a client-centered approach.Fee Model Polarization Explained (00:04:56)Fairness and Service Alignment in Fee Models (00:07:42)Competitive Advantage Through Transparency (00:12:57)Multiple Business Models in Practice (00:16:37)Defining Best Interest and Flat Fee Variations (00:19:26)Addressing Conflicts of Interest (00:21:12)Sustainability and Capitalism in Fee Models (00:26:09)Entrepreneurship and Social Media Echo Chambers (00:31:18)Final Thoughts: Market Decides & Relationship Building (00:33:36)NEWSLETTER (WHAT NOW): https://substack.com/@9icapital?r=2eig6s&utm_campaign=profile&utm_medium=profile-page Follow Us: youtube: / @9icapLinkedin: / kevin-thompson-ricp%c2%ae-cfp%c2%ae-74964428 facebook: / mlb2cfp Buy MLB2CFP Here: https://www.amazon.com/MLB-CFP%C2%AE-90-Feet-Counting-ebook/dp/B0BLJPYNS4 Website: http://www.9icapitalgroup.com Hit the subscribe button to get new content notifications. Corrections: Editing by http://SwoleNerdProductions.com Disclosure: https://sites.google.com/view/9idisclosure/disclosure

Physician executive Christina Johns discusses her article "Modernizing health care with AI and workflow." Christina explains how clinicians in the U.S. are facing unprecedented burnout due to administrative burdens that detract from patient care. She explores how artificial intelligence can serve as a supportive tool rather than a replacement by streamlining documentation and coding tasks to allow for more meaningful doctor-patient interactions. The conversation highlights the importance of moving away from fragmented point solutions toward a comprehensive care enablement platform that modernizes operations and restores the human connection in medicine. Join us to discover how technology can ethically revitalize the medical profession. This episode is presented by Scholar Advising, a fee-only financial advising firm specializing in providing advice for DIY investors. If you want clear, actionable strategies and confidence that your financial decisions are built on objective advice without AUM fees or commissions, Scholar is designed for you. Physicians often navigate complex compensation structures, including W-2 income, 1099 work, production bonuses, and practice ownership. Scholar's highly credentialed advisors guide high-earners through decisions like optimizing investments for long-term tax efficiency and expert strategies for financial independence. Every recommendation is tailored to the financial realities physicians face. VISIT SPONSOR → https://scholaradvising.com/kevinmd SUBSCRIBE TO THE PODCAST → https://www.kevinmd.com/podcast RECOMMENDED BY KEVINMD → https://www.kevinmd.com/recommended

Abandoned uranium mine waste has been a big deal for decades, but almost no one had an inkling about what we should do to solve the problem. The scale of the challenge is huge, with various estimates ranging between 1 and 8 billion tons of uranium mining waste rock spread over more than 10,000 sites, nearly all of which are in western states and Native American sovereign nations. The Navajo Nation is the jurisdiction with the biggest burden – a substantial portion of the waste is on Navajo lands and spread over 500 or more sites. Some have dismissed or minimized the problem by pointing to the relatively low material concentrations and the low radiation doses emitted. But low concentrations multiplied by tens of millions of tons and thousands of sites calculates to distressingly large numbers. It’s also important to remember that the contaminating minerals of concern are heavy metals that might be lightly radioactive, but they also have a level of chemical toxicity that also causes negative health impacts on humans and animals. Though billions of dollars have been allocated for cleaning up the waste piles, there hasn’t been much progress because the available solution set has been limited to on-site burial in engineered landfills or moving the material “somewhere else.” The landfill option doesn’t remove the potential threat to groundwater and the barriers are designed to last about 100 years. The vast majority of the contaminating minerals will still be there after the designed barriers have deteriorated. There has been little or no success in finding suitable or agreeable places to take the waste and even if there were, the mass of material means that most of the available clean up funds would be consumed in transportation. Not surprisingly, there has not been a shortage of large established contracting companies willing to be paid tens of millions of dollars to study the issue and move some dirt around. Enter John Lee and Greyson Buckingham, a pair of innovative entrepreneurs. They recognized the scale of the problem and the importance of effective solutions. They developed a patented technology called High Pressure Slurry Ablation that separates the contaminating minerals – mostly uranium and radium 226 – from sand and rock and concentrates those minerals into about 20% of the mass of the input stream. The clean fraction can meet stringent NRC unrestricted release criteria while the fraction containing the minerals will have a high enough concentration to turn a pile of contaminated material into valuable ore. John Lee, with deep experience and education in mining and materials processing, developed the initial idea for HPSA. Greyson Buckingham added his legal training, business acumen and political experience. They formed a company called Disa Technologies in 2018 and patiently began the process of refining their ideas into useful and reliable machinery. Additionally, they entered into a plodding process of obtaining permission to deploy their problem-solving technology in an environmentally beneficial and cost effective manner. Starting with a state regulatory engagement in 2018, Disa Technologies was recently – September 30, 2025 – awarded a service provider’s license from the Nuclear Regulatory Commission. That license comes with a significant, but reasonably achievable condition to demonstrate HPSA on a commercial scale before entering into wide deployment of multiple units. Though it took about half a decade of staff engagement and Commission decision-making to determine the proper licensing framework, the NRC was able to review Disa’s service provider license application in six months (March–September 2025). During the regulatory engagement process, Disa Technologies developed strong alliances with political representatives from affected states, with leaders among the Native American nations and with communities that have been seeking solutions to the waste issue for decades. They also produced solid scientific evidence of the efficacy of their inventions and demonstrated it to the satisfaction of the Environmental Protection Agency and the Nuclear Regulatory Commission. The saga is fascinating. For Atomic Show #339, I spoke with Greyson Buckingham about his company, its technology, the importance of cleaning up abandoned uranium mine (AUM) waste, the utility of HPSA in processing other critical mineral ores, the sometimes frustrating interactions with the NRC during period from 2020-2024 and the refreshingly competent and mission-oriented NRC that has been evolving during the past year. Neither I nor Nucleation Capital, the sponsor of the Atomic Show and Atomic Insights, have any financial interest in Disa as of January 5, 2025, the date that this post and the associated audio recording are released.

If you're like most founders, “creating a yearly business plan” is one of those tasks you keep bumping to the bottom of your to-do list. Maybe you tell yourself you'll get to it when things slow down, but they never do. And before you know it, you're steamrolling into the new year without a plan, which leads to overthinking every single decision and drowning in busy work. And somehow you end the year wondering how you were so busy… without feeling like you moved the needle at all. Stacy doesn't want that to be your reality at the end of 2026. That's why today, she's walking through the exact planning framework she uses with clients inside her membership, The Boutique Investment Collective.In this episode, she covers:How to set a 10-year “10-bagger” goal that feels exciting and directional (not something that makes you freeze or avoid the plan altogether)Her process for breaking big annual goals into quarterly focuses you can realistically carry while still running a business (and a life)Why it's time to stop using AUM as your only scorecardHow to get clear on what's in your control, what isn't, and where you're wasting energy trying to force outcomesThe mistake that's making your sales harder than they should be (and how to streamline your sales process in 2026)  ---Running a fund is hard enough.Ops shouldn't be.Meet the team that makes it easier. | billiondollarbackstory.com/ultimus- - -Thinking about expanding your investor base beyond the US? Not sure where to start? Take our quick quiz to find out if your firm is ready to go global and get all the info at billiondollarbackstory.com/gemcap

Clients often don't fully realize the depth of value their advisory team provides—unless that value is clearly articulated and demonstrated throughout the year. This episode explores how a thoughtfully designed client service calendar can both strengthen client retention and increase new client conversions by making financial planning and tax strategy more visible and tangible. Debra Taylor serves as Managing Partner of Carson Wealth Franklin Lakes, a practice within the RIA Carson Wealth that manages $500 million in AUM for 120 client households. Listen in as Debra shares how she built a seasonal client service calendar to clearly communicate her team's year-round value, from tax letters and Roth conversion planning to estate strategy and investment deep dives. You'll hear how placing tax and distribution planning at the center of the client experience has generated measurable savings for her clients, how video explanations and structured service delivery reduce pressure during meetings, and how the calendar itself strengthens retention by helping clients see exactly what they're paying for. For show notes and more visit: https://www.kitces.com/470

Today's guest is Jack Ablin, CIO at Cresset Asset Management, which manages over $70 billion AUM. Jack was RIA Intel's “CIO of the Year” for 2022 and was previously the CIO at BMO for 17 years. In today's episode, Jack walks through the ins and outs of investing in founder-led companies and what has led them to historically outperform. He also explains his approach to asset allocation, which structures portfolios based on time horizons rather than traditional asset classes. Finally, he offers an outlook for equities and fixed income next year, discusses private market opportunities, and looks at the future of Cresset Asset Management. (0:00) Starts (1:51) Overview of Cresset Asset Management (6:40) Founder-led companies: Advantages and portfolio impact (19:52) Fixed income and private market investment strategies (26:32) Future prospects in Opportunity Zones and equities (31:15) Currency considerations and foreign investment opportunities (37:01) Jack's most memorable investment ----- Follow Meb on X, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more.  ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

In a season of Stillness, but I'm still here. ❤️‍

In this episode, Brett Winton and Lorenzo sit down with Carlos Domingo, CEO and co-founder of Securitize, to explore how blockchain infrastructure is transforming capital markets. As a pioneer in the tokenization space, Carlos unpacks what it means to issue native securities—like stocks, bonds, and credit funds—on chain and why the modernization of legacy financial systems is long overdue. Carlos details Securitize's role as a registered transfer agent and broker-dealer, their regulatory journey with the Securities and Exchange Commission (SEC), and why native tokenization (not synthetic derivatives) is essential for future growth. They discuss the promise of 24/7 trading, peer-to-peer transfers, composability with decentralized finance (DeFi) protocols, and the global democratization of financial access—especially in markets underserved by traditional systems. The episode also dives into the tension between blockchain-native systems and financial incumbents, the logic behind Securitize's decision to go public via a special purpose acquisition company (SPAC), and the asset classes best suited for tokenization—from treasuries to public equities and beyond.Key Points From This Episode:(00:00:00) Why capital markets need a blockchain-based ledger upgrade(00:05:46) How tokenization improves global accessibility and financial user experience(00:07:35) Real-world examples: Tokenized treasury and credit funds(00:10:29) Understanding how ownership works: DTCC, transfer agents, and blockchain(00:17:08) Global appetite for tokenized stocks, following stablecoin adoption(00:18:24) Tokenizing private equity and venture capital for broader access(00:25:34) How Securitize tokenizes assets the right way—with issuer involvement(00:28:55) Regulatory clarity accelerates tokenization adoption(00:30:08) Open blockchain infrastructure unlocks composability and innovation(00:35:50) Where Securitize fits in the capital markets stack(00:37:13) Projecting tokenized assets: From $4.6B to $200B assets under management (AUM)(00:39:46) Why Securitize stays blockchain-agnostic despite protocol growth

What stage are you in right now? What stage is this in the story of you,in the story of your unfoldment?Can you kiss it, the way God is kissing you?Can you look at it, the way God sees it? You have to keep discriminating between the real and the unreal.This, that you find yourself in was not sent to hurt you.It was sent to heal you.It was sent to help 'you' find 'You'.Relax more. Soften, even more.That's how you kiss the stage.That's how you allow the stage to make room for the next.In this relaxation,in this step back, this step away from the one you thought you were,"right action arises by itself."*Miracles, find you. Hafiz says, "I don't want to step so quickly over this sacred place on God's body. That is right beneath your own foot."Slow down. Bow down. I Love YouI Am Younik Support the show:▶▶https://www.patreon.com/goodmornings__________________________________________Today's Quotes: *Lao Tzu "The deeper meaning of "name" is a reference to Cosmic Vibration (the Word, Aum, Amen. God as Spirit has no circumscribing name.Whether one refers to the Absolute as God or Iehovah or Brahman or Allah, that does not express Him. God the Creator and Father of all vibrates through nature as the eternal life, and that life has the sound of the great Amen or Aum. That name most accurately defines God."Those who believe on his name" means those who commune with that Aum sound, the voice of God in the Holy Ghost vibration. When one hears that name of God, that Cosmic Vibration, he is on his way to becoming a son of God, for in that sound his consciousness touches the immanent Christ Consciousness, which will introduce him to God, Cosmic Consciousness." - Yogananda, The Yoga of Jesus"A man sees a thing in one way through reasoning and in an altogether different way when God Himself shows it to him."-Bhagawan Sri Ramakrishna"Discouragement is not from God." - St. Ignatius of Loyola"You don't criticize the moon for not shining the same each nightyou don'tlook up at it and sayyou're not trying hard enoughbecause the moon doesn't have to be full and brightevery night to be lovedand neither do you." -Ida Banks"Let the mess inside your head settle. breathe. it's going to be okay." -Shweta"A mind that is fast is sick. A mind that is slow is sound. A mind that is still is Divine." -Sri Meher Baba"I do notWant to step so quicklyOver this sacred place on God's bodyThat is right beneath yourOwn footAs IDance withPrecious lifeToday." - Hafiz (translated by Ladinski)"READ THE GOSPEL ATTENTIVELY AND YOU WILL SEE THAT JESUS SACRIFICED EVEN CHARITY FOR PRAYER. AND DO YOU KNOW WHY? TO TEACH US THAT, WITHOUT GOD, WE ARE TOO POOR TO HELP THE POOR.ST. TERESA OF CALCUTTA"There really was such a thing as sickness, then there would have to be a lot of fighting to become healed. But since sickness doesn't really exist, by giving this up, by surrendering this feeling, this thought that there is sickness or lack or limitation or anything else, the One Power, the One Perfection, the One God, the One Reality, the One Pure Awareness shines through, and takes over, and you are made Whole." - Robert Adams

Succession planning is rarely easy, but when life circumstances accelerate the timeline, it requires courage, clarity, and deep trust in your team. This episode explores how to manage an ownership and client transition with empathy, structure, and transparency. KayDee Cole is the founder of Clarity Wealth Development, an RIA based in Corvallis, Oregon, that manages $200 million in AUM for 220 client households. Listen in as KayDee shares how she navigated an expedited succession plan after a cancer recurrence, selling equity to her COO through a seller-financed loan and preparing other team members for ownership. We also talk about the structured four-meeting process she created to transition clients to new advisors, how she coached her team through readiness conversations, and how transparent communication helped retain nearly all clients through the change. For show notes and more visit: https://www.kitces.com/468