Podcasts about Northern Trust

Andy Schwartz CEO, OnePoint BFG Wealth Partners  |  Kevin Spahn Founder, Spahn Financial (now OnePoint BFG) Two former Northwestern Mutual advisors, two very different paths. Andy Schwartz and Kevin Spahn share what it takes to build, grow, merge, and create lasting enterprise value. In Summary What separates a successful advisory practice from an enterprise with the ability to grow well beyond its founders? Andy Schwartz and Kevin Spahn offer two different perspectives on that question. Both spent decades at Northwestern Mutual, but their paths eventually diverged. Andy left to help build what is now OnePoint BFG Wealth Partners, an $18B+ firm expected to surpass $20B by year-end. Kevin built one of Northwestern Mutual's top practices before deciding to merge his business into OnePoint and become an equity partner. Louis talks with Andy and Kevin about the decisions behind both journeys: creating a true firm rather than an aggregation of practices, transitioning advisors from 1099 to W-2, using outside capital without relinquishing control, rethinking succession, and determining when equity in a larger enterprise can offer greater opportunity than continuing to build alone. Underlying it all is a factor that's much harder to quantify: trust. The Storyline Andy Schwartz and Kevin Spahn have known each other for roughly 30 years. They met while both were building careers at Northwestern Mutual, where Andy became an important mentor to Kevin as Kevin transitioned from practicing law and estate planning into wealth management. After roughly 30 years at Northwestern Mutual, Andy and his partners left in 2015 with approximately $3B in assets to launch independently. What began as Bleakley Financial eventually became OnePoint BFG Wealth Partners, an $18B+ enterprise that Andy expects will surpass $20B by the end of 2026. That kind of growth required more than attracting assets. Andy describes the evolution from a predominantly 1099 structure into a firm where more than 85% of advisors and AUM are now W-2. The shift created a more cohesive enterprise, gave advisors access to equity, and ultimately positioned OnePoint to bring in minority capital from Joe Duran's Rise Growth Partners. Andy makes an important distinction about that relationship: OnePoint is “private equity invested,” not “private equity owned.” The structure gave the firm capital and expertise while allowing its partners to retain control. Kevin faced a different decision. After more than 30 years at Northwestern Mutual, his practice had grown to 18 people and approximately $2B in assets. He was happy at the firm, but his clients had evolved, his business had become increasingly complex, and the internal succession plan he once envisioned carried risks he could no longer ignore. He could have built an independent firm himself. Instead, he chose to merge with OnePoint. The decision wasn't driven by the largest possible check. Kevin saw the opportunity to become an equity partner in a larger enterprise, give his team and clients a more durable future, and leverage infrastructure he didn't want to recreate himself. For both men, the story ultimately comes back to the same principle: The right economics matter, but sustainable partnerships require trust, shared philosophy, and the belief that everyone involved can create more value together than separately. Topics Covered Building an enterprise versus building a practice Northwestern Mutual and the path to independence OnePoint BFG Wealth Partners' growth from ~$3B to $18B+ Organic growth versus M&A Creating a growth-oriented advisor culture Moving from a 1099 model to a predominantly W-2 structure Equity ownership and advisor alignment Minority private equity investment Rise Growth Partners and Joe Duran Internal succession versus an external merger Selling versus merging an advisory business Merging versus teaming versus going it alone Evaluating equity versus cash in a transaction The economics of leaving a captive firm Centralization versus advisor autonomy Trust as a factor in partnerships and transactions > Download a transcript of this episode… Listen and Learn Highlights for Advisors How did Andy and Kevin's 30-year relationship ultimately lead to a transaction? (04:11)Kevin explains how Andy helped him transition from attorney and estate planner into wealth management, beginning a professional relationship that would eventually make their partnership possible decades later. Why did Andy leave Northwestern Mutual after roughly 30 years? (08:45)Andy describes wanting greater flexibility, a multi-custodial platform, and more optionality for clients and the business—a decision that ultimately led to the creation of OnePoint BFG. Why did Kevin decide his longtime Northwestern Mutual practice needed something different? (15:49)Kevin explains how his clients, service needs, and business evolved over time, while concerns about his original internal succession plan led him to consider a different path. What has driven OnePoint's growth from approximately $3B to $18B+? (21:41)Andy outlines the firm's emphasis on client experience, advisor experience, organic growth, and carefully selected inorganic growth—and why helping advisors grow is fundamental to the model. Why does Andy say OnePoint is a firm rather than an aggregator? (23:54)The distinction comes down to alignment, shared responsibility, centralized resources, equity, and a partnership structure in which advisors are accountable to one another. How did OnePoint convert a predominantly 1099 advisor base into a W-2 enterprise? (29:26)Andy explains why capital and equity became necessary to build the next stage of the business and why trust was essential to bringing advisors into a more integrated structure. Why did OnePoint choose minority private equity investment? (33:13)Andy shares why Rise Growth Partners offered something previous potential buyers had not: a structure designed to benefit the broader advisor partnership while preserving control. Why did Kevin merge with OnePoint rather than shop his practice broadly? (36:43)For Kevin, maximizing price wasn't the objective. His decision centered on trust in Andy, confidence in OnePoint's infrastructure, and creating a strong future for clients and employees. Why did Kevin choose equity in the larger firm instead of simply cashing out? (40:57)Kevin explains why he believes participating in the future growth of a larger enterprise offers a compelling alternative to relying solely on the future growth of his own practice. How should advisors evaluate the “golden handcuffs” that can make leaving difficult? (46:42)Andy argues that the analysis needs to compare what an advisor gives up with the potential growth, economics, equity, and leverage available on the other side. How much conformity does a true enterprise require? (49:06)Andy explains why OnePoint sits somewhere between complete advisor autonomy and complete centralization, seeking enough consistency to create enterprise value without eliminating entrepreneurial flexibility. What would Andy and Kevin tell their younger selves? (52:06)Kevin emphasizes surrounding yourself with the best people possible, while Andy reflects on having the courage to make a difficult change after a successful 30-year run. Key Takeaways Building enterprise value requires more than asset growth. OnePoint's evolution included changing its ownership structure, integrating advisor practices, creating equity opportunities, and investing in centralized capabilities. Organic growth remains central even in an M&A-driven market. OnePoint targets approximately 10% organic growth and evaluates prospective partners partly on whether they are growth-oriented and whether the firm can meaningfully help them grow. A collection of successful advisors does not automatically make a firm. Andy sees shared ownership, alignment, accountability, infrastructure, and centralized services as critical distinctions between an enterprise and an aggregator. Outside capital does not have to mean giving up control. OnePoint chose a minority investment from Rise Growth Partners that provided capital and strategic support while leaving control with its operating partners. Succession can expose risks that growth may obscure. Kevin began reconsidering his internal succession strategy when he recognized its dependence on his continued production, key employees, and the future economics of an aging client base. The highest purchase price isn't always the most valuable transaction. Kevin prioritized equity participation, infrastructure, continuity for his employees and clients, and confidence in his future partners over broadly shopping his business for the highest bid. Trust can determine whether structural change is possible. From OnePoint's 1099-to-W-2 conversion to Kevin's decision to merge, both guests repeatedly point to established trust as the foundation that allowed significant business decisions to happen. https://youtu.be/jkIoynpZj6Y Quotable Moments “The biggest mistake advisors make is they buy their own bullshit.”— Andy Schwartz “We're not an aggregator, we're a firm.”— Andy Schwartz “The biggest issue is trust. Either they trust you or they don't.”— Andy Schwartz “I wasn't looking to sell my business. I was looking to merge it.”— Kevin Spahn “You have to trust them. You have to see that they provide value. And you need to be on the same page philosophically.”— Kevin Spahn “Associate yourselves with the best people you can… It accelerates your trajectory in ways that you can't do on your own.”— Kevin Spahn FAQs Why did Andy Schwartz leave Northwestern Mutual? After approximately 30 years at Northwestern Mutual, Andy and his partners wanted greater flexibility, the ability to operate on a multi-custodial basis, and more optionality for clients and the business. They left in 2015 with approximately $3B in assets and launched the independent firm that ultimately became OnePoint BFG Wealth Partners. How large is OnePoint BFG Wealth Partners? At the time of the interview, Andy says OnePoint manages more than $18B and expects to exceed $20B by the end of 2026, even without additional organic growth. What has driven OnePoint's growth? Andy points to three priorities: client experience, advisor experience, and growth. The firm targets approximately 10% organic growth while also expanding through acquisitions and partnerships with advisors it believes fit the OnePoint model. Why did OnePoint move advisors from 1099 to W-2? The firm wanted to evolve from a platform supporting individual practices into a more integrated enterprise. That required creating firm-level economics and equity that could be used to attract, retain, and align advisors. Today, Andy says more than 85% of OnePoint's advisors and AUM are W-2. What does “private equity invested, not private equity owned” mean? Rise Growth Partners holds a minority, non-controlling interest in OnePoint. The investment provides capital, expertise, and strategic support while the operating partners retain majority ownership and control of the business. Why did Kevin Spahn leave Northwestern Mutual? Kevin says he remained happy at Northwestern Mutual, but his practice and clients had evolved. His work had shifted increasingly toward investments and complex high-net-worth planning, while he also began identifying risks in his intended internal succession plan. Why did Kevin merge with OnePoint rather than launch his own independent RIA? OnePoint already had the infrastructure, people, and capabilities Kevin would have needed to build himself. The merger allowed him to focus on clients while becoming an equity partner in a larger enterprise he believed could grow faster than his standalone practice. Why didn't Kevin shop his practice to multiple buyers? Kevin says his decision was driven primarily by trust. He had known Andy and other OnePoint partners for decades and believed the firm offered the right future for his clients and employees. His choice ultimately came down to staying at Northwestern Mutual or joining OnePoint. How do Andy and Kevin suggest advisors evaluate a potential partner? Their discussion points to three fundamental considerations: trust, demonstrable value, and philosophical alignment. Economics matter, but both argue that a sustainable partnership depends on confidence in the people and business on the other side of the transaction. After approximately 30 years at Northwestern Mutual, Andy and his partners wanted greater flexibility, the ability to operate on a multi-custodial basis, and more optionality for clients and the business. They left in 2015 with approximately $3B in assets and launched the independent firm that ultimately became OnePoint BFG Wealth Partners. At the time of the interview, Andy says OnePoint manages more than $18B and expects to exceed $20B by the end of 2026, even without additional organic growth. Andy points to three priorities: client experience, advisor experience, and growth. The firm targets approximately 10% organic growth while also expanding through acquisitions and partnerships with advisors it believes fit the OnePoint model. The firm wanted to evolve from a platform supporting individual practices into a more integrated enterprise. That required creating firm-level economics and equity that could be used to attract, retain, and align advisors. Today, Andy says more than 85% of OnePoint's advisors and AUM are W-2. Rise Growth Partners holds a minority, non-controlling interest in OnePoint. The investment provides capital, expertise, and strategic support while the operating partners retain majority ownership and control of the business. Kevin says he remained happy at Northwestern Mutual, but his practice and clients had evolved. His work had shifted increasingly toward investments and complex high-net-worth planning, while he also began identifying risks in his intended internal succession plan. OnePoint already had the infrastructure, people, and capabilities Kevin would have needed to build himself. The merger allowed him to focus on clients while becoming an equity partner in a larger enterprise he believed could grow faster than his standalone practice. Kevin says his decision was driven primarily by trust. He had known Andy and other OnePoint partners for decades and believed the firm offered the right future for his clients and employees. His choice ultimately came down to staying at Northwestern Mutual or joining OnePoint. Their discussion points to three fundamental considerations: trust, demonstrable value, and philosophical alignment. Economics matter, but both argue that a sustainable partnership depends on confidence in the people and business on the other side of the transaction. Related Resources Rise and Reinvent: Joe Duran on Building and Rebuilding World-Class Firms From Insurance Sales to $8B RIA: A Northwestern Mutual Breakaway Story The 4th Annual Advisor Transition Report Andy SchwartzCo-Founder, Managing Partner, and Chief Executive Officer Andy Schwartz is the Co-Founder, Managing Partner, and Chief Executive Officer of OnePoint BFG Wealth Partners, where he also serves as a Wealth Management Advisor. A CERTIFIED FINANCIAL PLANNER® with more than 40 years of experience, Andy has built his career around helping clients make confident, well-informed financial decisions at every stage of life. He works extensively with physicians and business owners on wealth building, retirement planning, and tax-efficient asset transfer across generations. A 2026 finalist for Wealth Management Awards CEO of the Year (under $25B AUM), Andy brings the same discipline to leading the firm that he brings to client relationships: comprehensive planning, long-term thinking, and an unwavering commitment to independence and integrity. Beyond his client work, Andy is deeply invested in the advisory profession itself. He co-hosts The Advisor’s Compass podcast, offering candid, practical guidance on the business and responsibilities of being an advisor. His mentorship philosophy is straightforward: pass the ladder back down. His industry recognition spans more than a decade, including Top 1,200 Advisor by Barron’s (2018–2024), Top 250 Wealth Advisor and Best-In-State Wealth Advisor by Forbes (2018–2024), Top 400 Financial Advisor by the Financial Times (2018–2020), and Top 100 Independent Advisor (2020–2023). He was named Executive of the Year by NJBIZ in 2019 and was a finalist for the Invest in Others Lifetime Achievement Award for more than 20 years of service with NJ SEEDS. Andy holds a B.S. in Finance and Marketing from Rowan University and is actively involved with Nourish NJ, the Navy SEAL Foundation, the Jewish Federation of Greater MetroWest NJ, and JSDD. Outside the office, he enjoys golf, reading, and time with his family at the beach.   Kevin SpahnPartner and Wealth Advisor Kevin Spahn is a Partner and Wealth Advisor at OnePoint BFG Wealth Partners, bringing more than three decades of experience in comprehensive financial planning to his clients and the firm. Kevin’s path to wealth management is rooted in the law. After earning degrees from the University of Notre Dame and the University of Wisconsin, he began his career as a practicing attorney before making a deliberate pivot toward financial planning in 1993. He joined Northwestern Mutual, then founded Spahn Financial, building a practice centered on thoughtful, holistic planning for families and business owners. That practice joined OnePoint BFG Wealth Partners in 2025. His approach has remained consistent throughout: help clients build and protect wealth not just for themselves, but for the generations that follow. Kevin works with clients on comprehensive financial plans that account for the full picture, understanding that the impact of good planning extends well beyond an individual portfolio to families, businesses, employees, and the broader community. Kevin is based in the greater Chicago area.   NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. View the transcript of this episode… Build, Grow & Transact: Making the Leap from Northwestern Mutual to a $20B Enterprise A conversation between Louis Diamond, Andy Schwartz, CEO of OnePoint BFG Wealth Partners and Kevin Spahn, Founder of Spahn Financial (now OnePoint BFG). Louis Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is Build, Grow & Transact: Making the Leap from Northwestern Mutual to a $20B Enterprise. It’s a conversation with Andy Schwartz, CEO of OnePoint BFG Wealth Partners, and Kevin Spahn, founder of Spahn Financial, now OnePoint BFG. I’m Louis Diamond, and this is The Diamond Podcast for Financial Advisors. Mindy Diamond: At Diamond Consultants, we help elite advisors identify the right environment for their businesses to thrive, whether that’s at a wirehouse, boutique, or independent firm. With nearly three decades of experience, we’ve guided thousands of advisors and represented more than a quarter of a trillion dollars in assets transitioned. Each year, one in four advisors managing a billion dollars or more who change firms are our clients. Our process is education-driven and based on building relationships, starting as your strategic partner well before you’re even thinking of a move. To schedule a confidential conversation, call us at 908-879-1002. Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions, and more, inspired us to create our annual Advisor Transition Report. It’s the award-winning data-driven resource designed for advisors that connects the dots between the motivations around movement and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions. Download your copy at diamond-consultants.com/transitionreport. Louis Diamond: There’s a big difference between building a successful practice and building an enterprise. I think Andy Schwartz and Kevin Spahn offer a unique perspective on that distinction from two very different sides. Both spent decades in the Northwestern Mutual system. Andy ultimately left to build what became OnePoint BFG Wealth Partners, taking the firm from roughly three billion to nearly 20 billion and transforming just about every aspect of the business along the way. Kevin built one of Northwestern Mutual’s top practices before reaching a different inflection point, deciding what he wanted the next phase of his career and business to look like. Rather than go independent on his own or simply monetize what he had built, he chose to become part of Andy’s growing enterprise. That makes their story particularly relevant for our Build, Grow, and Transact series. Andy can speak to what it takes to build a firm capable of becoming an acquirer, from converting advisors from 1099s to W-2s, to creating equity opportunities, to bringing in outside capital while remaining very deliberate about being private equity-invested rather than private equity-owned. And Kevin brings the seller’s perspective, how you evaluate the economics, the trade-offs, and ultimately the people you’re trusting with the business you spent more than 30 years building. Because whether you’re building, buying, or considering a transaction of any kind, the numbers are only part of the equation. As you hear from both Andy and Kevin, trust may be the most important currency of all. So let’s get to it. Andy and Kevin, thank you so much for both joining us today. Andy Schwartz: Great to see you again, Lewis. Thank you for having us. Louis Diamond: I’ve been excited about this interview for a bunch of reasons. One, our Build, Grow, Transact series has become a real staple of our show and we got lots to talk about there. But also, the friendship, the relationship that you two have had for over 30 years really stood out to me. So before we get into the nuts and bolts, talk about your relationship. How’d you guys meet, and how did your career stay so intertwined together when you’re in different geographies and at different firms, and have each been very successful in your own rights? Andy Schwartz: Sure. Kevin, do you want to start with that? Kevin Spahn: Sure. I started in this career in 1994 and met Andy sometime after that. He was a more advanced financial planner. I was an attorney, and then I transitioned into this business. So when I first joined Northwestern Mutual, which is my first broker dealer, I didn’t really have a background in investments. At the time, a lot of Northwestern Mutual reps were learning the investment business because they maybe originally started with Northwestern Mutual focusing more on insurance planning. My background was more estate planning. At the time, if you think early ’90s, if you did estate planning, insurance often went hand in hand with that. The estate exemption in early 1990s was about $600,000. So if you pass more than $600,000 to your children, there was a 55% tax. One way around it was to put insurance in an irrevocable trust, help cover the tax that way. So it really was a popular common strategy back then, and it’s really what got me into the business. But I quickly realized that I didn’t want my future to be insurance and estate planning. And there was a conflict if you acted as someone’s attorney and sold insurance. So I had to pick one way or the other. I decided long-term it would be better for me to move into the wealth management space. But with that little background in that, I had a lot of work to do. So took a lot of tests, became a certified financial planner. But the person that helped me the most along the way was Andy. We became friends, we sat on committees together. That’s really how we met, I would say. So we worked side by side interacting with our home office and representing the field, bringing issues to the home office that we thought were beneficial to the field. As we did that together, I got to know Andy. And then separately, I learned from him how he built his business and how they would review clients’ portfolios and come up with solutions. So I really credit Andy with helping me more than anyone else to transition from attorney, financial planner doing more estate planning insurance to wealth management. Louis Diamond: Very cool. Hey, I would say, maybe I’m a little biased, that, Kevin, you picked the right path in hanging up the law shingle and coming into wealth management. Kevin Spahn: I tell a lot of people I’m a reformed attorney. Andy Schwartz: Great. Louis Diamond: Exactly. My dad would say the exact same thing. Very common at dinner tables in the Diamond households. Andy Schwartz: I was always grateful that I wasn’t smart enough to be an attorney. Louis Diamond: There we go. Andy Schwartz: That’s where my gratitude lies. Yeah. Louis Diamond: There we go. Andy Schwartz: Some would say he’s too smart. Louis Diamond: There we go. Andy, question for you. I mean, anyone who is at or was at Northwestern Mutual, I mean, you’re like Elvis to them. It’s absolutely crazy the amount of fanfare and brand recognition that you and your brother Scott have. But for those who maybe missed your first podcast appearance with us a number of years ago, or aren’t or weren’t within the Northwestern Mutual system, or haven’t been familiar with Bleakley and now OnePoint BFG, just give us the cliff notes, the origin story, how you got into the business, and how’d you get from here to there? Andy Schwartz: Yeah. So the origin is probably pretty common, probably by accident. Going into my senior year in college, I was working in a restaurant, had a falling out with my boss. I happened to be dating a woman who was living with a general agent with Fidelity Union Life. No one will have ever heard of Fidelity Union Life, but their secret sauce was they sold life insurance to college seniors on a note. So if you can get a $10 money order, because where I went to school, nobody had a checking account, then you could basically get a note signed and they would buy insurance. And then when they graduate, hopefully they’d pay for it. I started selling life insurance my senior year in college. And then my twin brother Scott, who is my partner, and has been for over 40 years, he took an interview with what was the nucleus of our present firm actually. I just went up to Northern New Jersey in May of 1984 because I was an expert. I had been selling life insurance to college kids for six months, so I knew everything you had to know. We met with these guys, and we both ended up joining them. So that was a Northwestern Mutual district agency, and that was 1984. We got licensed right away. I got my CFP in ’86. We always knew that it was going to be about planning. So I think we had the right idea. We were a little ahead of the curve because there weren’t a lot of CFPs in ’86. We got securities license immediately. So before Northwestern had securities license, we got securities license with US Life actually. And then it was really a volume business, a client-building business. We always tried to act as a firm and share resources. We were small, but like a lot of people, we started out selling A shares and B shares and C shares, doing financial planning, selling insurance, and then we made a lot of really good hires along the way. And then after 30 years at Northwestern Mutual, which was a great experience for me, and I have nothing but respect for the institution and certainly the advisors that are there, Kevin certainly was one of them, and I know he feels the same way, but we just wanted to have a little more flexibility. We went independent about 11, almost 12 years ago. We wanted to be able to be multi-custodial. We wanted to have a little bit more optionality for our clients and for ourselves. We left Northwestern at three billion or so in assets, and that was in 2015. It’s in March of 2024, I get introduced to this guy with a crazy accent named Joe Duran. Funny, probably the only person in the industry that had no idea who Joe Duran was me. I’d never heard of Joe Duran. I don’t pay attention. I worry about our firm. I don’t worry about what’s going on outside. So I get introduced to Joe by a mutual friend, and we had an interesting conversation, and it took us probably about four or five months to figure out what we wanted to do. And then in August of ’24, myself and my three partners, we rolled in. And then in ’85, the rest of the firm rolled in. And we can talk a little bit more about that. Today we’re 18-plus billion, growing quite a bit. We’ve been very lucky that we’ve made some very good decisions along the way. We’ve made some bad ones too. But most of the decisions had to do with the people that we hired, the people that we brought on to help us, because I think it’s really important. I always say that the biggest mistake advisors make is they buy their own bullshit, and I try not to, and I realize that I’m smart enough, but I’m certainly not the smartest guy. I’m rarely the smartest guy in the room. So what we try to do is hire lots and lots of really smart people. And we’ve done that. They’ve been loyal to us, we’ve been loyal to them. Yeah, so we’re blessed to have a really great team and lots of good partners. Yeah. Louis Diamond: Yeah, we’ll definitely get into more of the nuts and bolts of the decision to take on capital, partner with Joe Duran’s Rise, but that’s an amazing background. Andy, I have to give you credit because your style, and I think I’m sure there’s business benefits, but it comes from a good place, I’m sure. But the coaching and consulting and just assistance that I’ve heard you provide to so many past and current Northwestern Mutual advisors through sports camps is absolutely incredible. It’s very near and dear to my heart because we always try to lead with education and helping people. So I just wanted to call that out, that your reputation for just providing amazing guidance and coaching to advisors is unparalleled. Andy Schwartz: And it’s been the best part of our journey. We’ve been able to help so many people. We get way too much credit by the way. So everybody gives us way too much credit. But the way I look at it is, I’ve been able to leverage my life because I’ve been able to build a great life for myself and my family, but we’ve been able to leverage that, and that’s where the real gift is. So yeah, it’s been a joyful journey for us. Louis Diamond: Amazing. Kevin, question for you. You walked through your little bit unorthodox background to get into Northwestern. Can you talk about where your personal practice is today? And then I want to ask you about the decision to leave Northwestern and sell and team up with Andy and team. Kevin Spahn: Well, I have to go back to the beginning. What was attractive to me about this business is I went from a career which was confrontational adversarial. I was a trial attorney for six years, and every day I would fight with people over things I didn’t necessarily have a personal interest in and I didn’t really believe in always. But the adversarial confrontational nature wasn’t really my personality, and I would take it too personally. So sometimes I’d go home in a bad mood because I was fighting with somebody taking a deposition. At night, after so many years as a trial attorney, I started going to people’s houses and doing wills and trusts. And that’s where the dynamic of working with a client or a potential client, feeling that you helped them and walking out of the meeting where they would appreciate what you did for them, and you build a relationship and actually all of a sudden have a friend, that dynamic was attractive to me. That’s really what got me to transition into the business. So I think it was really helpful to me at the beginning of this career. As Andy said, we all grew our businesses one client at a time. There’s a lot of doors closed, phones hung up on. There’s many people that don’t want to talk to you. There’s many people that don’t call you back. There’s many people that you think you’re getting somewhere with and you don’t. And that’s difficult for people because people often, young reps take that as personal rejection. I had the benefit of comparing what I was dealing with as a young financial planner to what I had dealt with as an attorney in litigation. I think it just was perspective that I knew I didn’t want to do that anymore. So the negatives to this business didn’t seem that bad to me. I loved the independence. I loved all the relationships that I was building. And that part of it is to this day my favorite part of the business. When you ask about the present, what basically happens is you start out taking anybody and everybody as a potential client or as someone that you would be willing to work with. And then over time you work with more successful people. So where I’m at today is working with pretty successful people, but they’re all the same, meaning we like working with nice people. If people are nice, we work with them. I feel we can help anybody. Over the years, one client at a time. The thing that I probably, if I could go back, would change is I think Andy and I are both good at meeting people and building trust and providing value, so that’s why they work with us. So I think that’s just something we’ve both been able to do. He’s much better than I am at building an organization. So I built an organization basically hiring people, that whenever we got too busy, I hired another person. Drawback in terms of that is, anybody that I interview I think is great, and I think they’d be great to join the organization. I like them all. In spite of that, I’ve also brought in many good people that I love. At this point, my firm has 18 people. We’re a little subset of Andy’s larger firm. I think one of the most attractive things to me about joining Andy’s firm is what Andy mentioned before: the people. As opposed to me having to build this all out myself, going independent, Andy already did that. And he has the infrastructure that would allow me to just merge right into that and not have to go through the pain of figuring all that out, which I don’t even think I’m capable of, to be honest with you. Louis Diamond: You’re probably selling yourself short because the way I understood it, you had one of the top practices within the entire Northwestern Mutual systems, and it’s a firm filled with very successful advisors. For you, Kevin, what was the driving force to leaving NM after all these years? What was bothering you or frustrating you that indicated to you that it was time to do something different? Kevin Spahn: To be honest with you, I was pretty happy at Northwestern Mutual. I love the company and the people. I still have many good friends there that I truly miss. The big thing for me, I don’t know if it was any one thing, to be honest with you, is Andy said there’s optionality, especially on the investment side. I think one of the things that happened to me is, when I first started, I was 31 years old, and most of the potential clients that I would meet and work with, they weren’t what I would call today great investment clients. They didn’t have a lot of money. They had great futures. They might’ve been earning significant income or on the way to earning significant income. So what did they need at that point in their life? They needed planning. They needed protection. They didn’t really need investment management because most of their investments were going into their 401(k). But a lot of those clients that we would take on, and I think that’s the big advantage of Northwestern Mutual, you take on clients that a lot of the investor firms don’t want because they don’t have large investment portfolios. But at some point down the road, all of a sudden you wake up and they do have large investment portfolios. So you bring them in as clients that might buy life insurance from you or disability insurance or something like that. And then you help them, and you give them advice, and you build a relationship with them. Down the road, they make more and more money. They leave jobs, they roll 401(k)s, they have the ability to invest money, stock options, things like that. Next thing you’re doing more comprehensive planning that incorporates investments. As that progresses even further, you work with larger and larger clients, much more significant net worth, more complexity, bigger tax issues. Some of the strategies and opportunities that we now have at this independent RIA are very attractive for these high-net-worth clients. Along the same lines, less of what I do at this point in my career is insurance, mostly because a lot of the people that I meet are older, they already bought insurance, they’re looking more for investment advice as opposed to insurance. So one of the things that most attracted me to Northwest Mutual was their strong insurance products, which helped me for many years. As time went on, I was doing less of that. Louis Diamond: Makes complete sense. So it was a changing of what clients wanted and just the circumstances of your clients where you said, “What got me here when I was 31 was insurance planning, and that’s what my clients needed. But as my practice has evolved, I’ve aged, my clients are older, have more money, the focus shifted from insurance to investments.” And then the distinction was, am I at the best place to run investments in addition to insurance planning, et cetera? It’s a very interesting dynamic. Just the shift in basically your legacy clients was what drove you to consider change. Kevin Spahn: That was a big factor. I think the second big factor was I had my own firm with 18 people. My succession plan was that at some point I would shift ownership of the firm to people that worked with me. So as they owned more of the firm, they would have revenue that was currently at the time being paid to me. In my mind, as it shifted to them, they would buy me out using revenue from the clients that we already had. And I realized that there were some issues with that. In our business, as you get older, in your client’s age, they start taking money out of their portfolios. So everyone understands that in our business, the younger average age client you have makes your book more valuable. I was the biggest driver of new business at my firm, and I started to see that there were some problems with my succession plan. They included, if something happened to me during this succession, that would be a real problem for the people that were buying my business from me if I went that way. If something happened to some of my key people, that would’ve been a problem as well. So it was really attractive to me to… I wasn’t looking to sell my business, I was looking to merge it. So I merged it with Andy’s business. I believe that Andy and what he’s put together and the actual idea of having partners. So I never really had partners, but now I do. Having partners that we’re all on the same page, we all have similar backgrounds, we all bring something different to the table, and we can learn and benefit from working with each other. But also, owning a little piece of a much larger firm was, number one, it put me in a better position in terms of the potential risk of something happening to me or one of my key people. But secondly, I just think it’s more likely to grow at a greater pace than my firm would’ve as I aged from my 60s to my 70s. Louis Diamond: Very interesting. It’s a great realization. I think it’s one that probably every firm owner grapples with at some point, is the romanticism or the ease, some would say, of an internal succession plan. Rewarding those who have helped you build the firm is something I think everyone is interested in. But once that’s put into practice, whether it’s because of capital or sky-high valuations or right people on the bus or risk, et cetera, nowadays oftentimes leads to a firm owner looking at a transaction, whether it’s a merger, a sale, a private equity, capital infusion as a means to solve for succession. So it’s a very interesting way you framed it. Andy, I want to turn it over to you for a little bit. So you mentioned when you launched Bleakley Financial, which was the old name of your firm, out of Northwestern, you’re about three billion. I think I read that you’re about 10 billion or so when Joe Duran and Rise invested you in 2024. You just said you’re at 18 billion now in the middle of 2026. That is absolutely incredible and amazing. Andy Schwartz: We’ll be well over 20 by the end of the year without any additional organic growth. Louis Diamond: That’s absolutely incredible. Andy Schwartz: We’ve got a lot going on right now. Louis Diamond: What’s actually driven that? What’s been the playbook? Andy Schwartz: The three areas that are most important for us, and we had our town hall this morning, and we always talk about the things we focus on as a group, the first and most important is the client experience. I always say to people, if you are their advisor, then that means someone else isn’t. These people, they all deserve to be really well taken care of. They deserve the best service, they deserve the best advice. So that’s something we take really personally. So client experience first. Then we also understand that we don’t just work for clients, we work for our advisors. So I have two jobs. I have, I don’t know, 500 clients I service with my team, and I work for Kevin and 36 other partners and all of our employees. Because again, I recognize that the decision Kevin made… We’re in the middle of a transition out with another advisor, and we pretty much talk to her every day, and I know how hard this is. A transition is so difficult. When you come from a good place, because any of the Northwestern advisor who joins, they’re coming from a good place, it’s not like they have to go anywhere, it’s difficult. So we have the massive responsibility that three or four or five or 10 years from now, that there better be hugs around that this was the best decision ever made or otherwise. That’s the kind of thing that keeps me up at night. So we’ve got to take care of our client experience, we’ve got to take care of our advisor experience. And then obviously, we’ve got to grow the firm so the firm grows organically. So part of this whole idea of serving our advisors is we have to help our advisors grow. I talk to a lot of people on the acquisition side, and if I’m talking to an advisor, it doesn’t matter how big they are, we kind of think of it as a OnePoint way. There’s flexibility in the OnePoint way. But if I can’t help them grow, I don’t want them, because I say it all the time, I’m not the mafia. I’m not here to get a taste. Louis, if you weren’t interested in joining us, if I thought that we could help you grow by doing that, then I want you bad. If I don’t think I can help you grow because we’re so different, or because you’re not going to adapt what we do, or there’s no leverage in it, or you’re already better than we are, I don’t want it. So for us, organic growth, number one, and I think you know the industries well enough, that’s got to be the key. We shoot for 10% organic growth. We’re at a little over 5% so far halfway through the year. So assuming we have the similar second half of the year, we’ll hit our 10. Last year we’re at 7.5%. The second is the inorganic growth. If you truly build a platform, if you truly build a firm that advisors know that they’ll be supported, that they’ll be loved, and you’ll help them grow their businesses, it does make it easier for us. We’re not the highest bidder typically. We can’t. We respect our client’s capital, we respect their equity, so therefore we’re not going to go out there. We’re not an aggregator, we’re a firm. But I think that if we can get that message across, and I think we have, then advisors join us. So that’s been a big part of the growth. And then the market’s helped. Obviously, over the last two years, the market’s been helpful. So that’s how we’ve gone from 10 to 18 and on our way to 22 by year-end. Louis Diamond: This is absolutely incredible. Any advisor or firm owner would say organic growth is important, but just saying it’s important doesn’t mean it’s going to happen. So what are the ways in which you help your advisors or your own practice grow organically? What is it that OnePoint is doing for your advisors? Andy Schwartz: Starting with bringing on growth-oriented advisors. I mean, look, Kevin Spahn and I come from the same place. We learned how to sell. The great thing about coming out of whether they’re broker dealers or out of the different insurance BDs is, these are people that know how to sell. These are people that don’t think that selling is a bad word. A lot of times you go to the wirehouses and they’re not necessarily sales guys. They’re really smart. They think that they’re investment mavens and investment geniuses. I’m not interested in investment geniuses. I’m interested in people that want to take care of their clients, provide everything they can, clients first, do the proper planning, be good advisors, but they’re growth-oriented. So as long as we’re talking with the right advisors. Again, if I’m talking to advisor and they might have a big practice, if they’re not growers, we’re not interested. There’s a sense of responsibility for all the partners because we are a true partnership. It’s not an aggregation. This is a firm. I’m responsible for Kevin. Kevin’s responsible to me. All of our partners are responsible to each other, because if we’re going to do a 10% organic growth target, and if some partner is negative 3%, we don’t put them through the spanking machine, but everybody is very aware of where everybody is and nobody wants to let their partners down. I think either you’re a growth-oriented advisor or you’re a zoo-fed bear. There’s another expression that I got from another Rise Growth Partner or Rise Growth firm. We all kind of communicate and talk to each other. And I was talking about zoo-fed bears, and he said, we call them house cats that think they fight. So they’re house cats, but they have no claws. But I think if you’re careful about who you bring on as partners, and if they are workers, growers, they understand that their job in life is to serve the people. We talk about referrals, we do lots of training to help on referrals. We work on organic growth strategies from the firm, but a lot of it comes from the advisors themselves. Louis Diamond: Makes sense. So it sounds like, to boil it down, it’s being really selective and having a really clear sense of who’s the right fit for your firm. Not that there’s not amazing advisors out there, but just because you’re an amazing advisor, doesn’t mean you’re the right fit to join OnePoint. Andy Schwartz: I think the one big distinction and difference is other than the fact that we are minority-owned with private equity. So we own our business. I mean, I’m the CEO of the firm. I also have the biggest book in the firm. At least for right now, I mean, Kevin was transitioning, so I’m sure next year he’ll be the leading advisor. But I lead the firm, because as far as I’m concerned, you have to lead by example. We are completely aligned. I know exactly what Kevin does every day because I do the same thing. I’m not some attorney or accountant or private equity boss that’s saying, “Oh, I’ve got an idea for growth. We’ll just raise our fees by 5%.” Brilliant. Yeah, we are completely aligned, all of us. I think that makes us a little bit unique, and it really helps us, I think, in our growth trajectory. Louis Diamond: I would agree. The challenge that a lot of advisors-turned-firm-owners or turned-enterprise-builders have is the tug of war between the client work, which either is their ultimate passion and driving force, or it’s something they’re really good at minimum, versus being the owner, the operator, et cetera. I resonate very much, Andy, with the way you handle it. I do the same thing running a company, but also working with advisors. To me, I need to do both in order to do my job well. But that tug of war is tough. So I’m curious, your firm is very large now, you’re a steward of external capital, and you have a $3 billion book yourself. How do you do it? How do you balance the two? Andy Schwartz: Well, fortunately, my kids are grown, so I’m not coaching sports anymore. So I do have a little more time than most. Look, we have a great team. So the idea that I run the firm… I mean, I lead the firm, I don’t run the firm. We have great partners. We have great… Our manager team is fantastic. So I mean, they really run the firm. But this is where my passion is for now. So I don’t mind. Days are typically pretty long. I don’t play golf during the week. Mara and I don’t travel probably as much as we should. Vacations are always a little bit mixed. There’s always room for calls and meetings and whatever. But to me, I mean, I’m grateful to be in this situation. I’m enjoying it. This is such a privilege to be the person that people recognize as the leader of this bunch, of this group. I mean, it is the honor of my life. So I don’t think of it so much as work. It’s my advocation. It does get busy. There are some times where I have to remind myself, “Just enjoy the ride.” I get a little overwhelmed, but I get lots of help and that makes it possible. Louis Diamond: Yep. If you’re not doing the job of the folks that you’re encouraging and leading to do, how do you have fodder to train them, to teach them, to empathize with that? Andy Schwartz: Exactly, you don’t have the credibility. I can ask them to do almost anything because they know I do it myself, and I think that helps. Louis Diamond: Yep. So moving more into the decision to bring on private equity capital, what I thought was probably the most interesting component of your announcement that you took on PE investment was that you completely restructured or reoriented your firm prior to Joe Duran coming in 2024. Correct me if I’m wrong, but Bleakley Financial Group was almost all 1099 contractors. So everyone owned their own books of business, paid Bleakley a fee or an override for certain services. But now, today, over 85% of your advisors and your AUM are W-2 employees, meaning you converted them from 1099 to acquiring them or merging with them. To me, that’s the dream. It’s had to have been very, very, very hard and challenging because there’s so many aggregator firms or platforms that support independent advisors, but the value that they’ve created is fairly minimal relative to one cohesive firm. So can you just talk about that decision, a very big and brave decision to go down the path of acquiring or merging with the practices rather than letting them continue to operate independently? Andy Schwartz: Well, look, we had to… It’s funny because we had been having conversations for years with consultants, and they kept telling us what we had to do. Again, we’re not that smart, so we just kept thinking, “No, we don’t have to do that.” But we were told 10 years earlier that the only way that this thing has any value to the world is you’ve got to have EBITDA for the firm. We talked to all the smart people, we ignored all of them. But what happened was we needed capital and we needed equity in order to bring people on, because people aren’t just joining us just because we can help them grow a bigger business. So the reason we went in the direction we went initially was we just needed capital. We wanted to grow the firm, and the only way we were going to get to is… What’s the old saying? What got us here is not going to get us there. So we needed capital. But we also realized that I had to have something I could sell in the marketplace. And people want equity. So they want cash, but they also want equity, because we’re talking to entrepreneurs. Kevin owned his own firm. He has $2 billion of assets. He wasn’t interested in being someone’s employee, but he was interested in being able to get leverage and be a partner and share equity in a larger firm that had the chance to grow even more. So what the gift that Joe Duran, the Rise folks gave us was that gift of structure and understanding. So that was really helpful, and that’s been a big part of our success. Louis Diamond: Yeah, it’s an amazing journey. Again, I think you could probably write a book or a case study on how that happened. I’m sure there were some downfalls, some people that weren’t all that excited about it, but the results speak for itself. Andy Schwartz: I think people ask all the time because I do get phone calls. People are trying to do this, and they’re struggling. It took us 90 days to basically do it. People say, “I’ve been at this for two years.” And the biggest issue is trust. Either they trust you or they don’t. At the end of the day, I always went to the advisor here, we were a firm for 30-plus years prior, and these guys knew that we always did what we said we were going to do, and we always did. If your people trust you, then you can do it. If your people don’t trust you, it isn’t going to work. Louis Diamond: In other words, your firm added immense value to the advisors as well. Aside from trust, if you weren’t providing a service or services that they found a value that they couldn’t access on their own, it would’ve been 85/15 going the other way for sure. Andy Schwartz: Yeah, 100%. I know it’s not easy, but it wasn’t that hard for us. Louis Diamond: Good. It’s well-earned. So I believe you were Rise Growth Partners’ first investment. Andy Schwartz: We were. Louis Diamond: That’s cool. It’s exciting. You get to be someone’s first, but did it make you uncomfortable that you were the first investment or did you see that as a positive? Andy Schwartz: I actually saw it as a positive. Well, one, because I recognized immediately that Joe Duran and his team were way smarter than we were certainly, and certainly with what we were trying to do. And I figured that it’s almost like the first child. They were so excited to have somebody, and there was so much time and energy, so they just really doted on us. They were really able to help us. Now they’ve got four or five groups that they work with, and obviously we’ve been launched. So the younger babies are getting more time and attention, although we get everything that we need from them. But yeah, that never concerned me. I always thought that would be our advantage. It actually turned out that way. Louis Diamond: Interesting. In thinking through a sale or a minority sale, did you entertain other types of capital, whether it was a family office or a multitude of other private equity sponsors or selling the firm outright? Andy Schwartz: Yeah, we probably had four or five very, very serious conversations. Actually, some got pretty close to the end where we basically just made the decision not to do it. One was a much larger firm, good people. But the problem always was… I was always going to get rich out of the deal because it was going to be 100% sale, but there was really no lift or leverage from the advisors. So the principals, they were willing to pay me a big multiple and my partners a big multiple, and pay these guys basically an average multiple. So we had always told our guys, “Let’s stay together, and someday, this thing, whatever it’s going to turn into be, will benefit everyone.” So with the Duran situation and the deal with Rise did, it gave everybody a chance to benefit from what we were doing. But what was good about all of those false starts was, it taught me a lot because I had… I know you’re involved in this, so you know better than I do, but we’d start conversations, somebody would reach out to me, I would be very specific about what I needed. They would say, “Yep, we can do that.” And then you get to the finish line, and it’s almost like, I started out, I wanted a tomahawk steak and a baked potato, and I ended up getting a two-day-old hamburger with some cold French fries. It’s like, I know I’m not that smart and I know you’re the PE guys, but for God’s sakes, we’re not stupid. So it was funny because in January of ’24, I told my partners, “I don’t want to have any more of these conversations. It was a waste of time and energy. I’m sick of talking to these people. Let’s just put our heads down, and then let’s grow the firm a little bit more, and then we’ll see what the world looks like.” And then I get introduced to Duran. Louis Diamond: Perfect. Makes sense. Yeah, so you were well-educated on the market, the types of buyers, and I always say it’s almost more important to understand what you don’t want more than what you do want. The only way oftentimes to understand what you don’t want is to experience it and touch and feel it and really get into the weeds on it. I like too, Andy, I saw in an article, you said that “we’re private equity invested, we’re not private equity owned,” which is a very cool dynamic. I could imagine why that was important to you to retain majority control. Kevin, I want to bring you back into the conversation. Thank you for being patient here. But I mean, I would imagine you had some real choices. I mean, you could have stayed at Northwestern and been very successful, gone through with your internal succession plan. You could have gone to an independent BD, monetized, figured out succession later. You could have sold the business to a strategic acquirer. You were big enough to take on an investor in some capacity on your own. So options wasn’t your problem. Maybe just walk us through. Did you consider any other pathways? And what were the pros and cons in your mind that led you to doing a transaction with Andy? Kevin Spahn: I’m a little different, I think, than most people in this industry. Even as you grow your business at a certain percentage, none of that stuff has ever really meant anything to me. All I know is I like what I do. So when I came into the business, because I like it, I enjoy it, I spend time doing it, I’ve tried to get better at it. But it comes naturally because it’s something that I don’t look at Monday mornings as, “Oh, no, it’s Monday morning.” I’m excited to go to work. My entire career, once I left law, my business has just grown over the years naturally. But you said something before, Louis, and I think this applies to me. I love to work with the clients. I don’t like what I have to do in terms of running the firm. I never have. It’s never been my cup of tea, but you have to do it if you run a firm. So number one, the thought of all the due diligence that I would have to do to research all the firms out there, I wasn’t really all that interested in doing that. At the end of the day, it comes down to this word trust. I trust Andy. I trust the other partners here too, because I’ve known not just Andy, but I’ve known Scott and many of the other partners for years. So I knew what I was getting myself into. At the end of the day, I knew what they built. I was very comfortable with it, and I was either going to stay at Northwestern Mutual or I was going to come here, but I wasn’t going to go anywhere else. I will say, since I’ve gone, it’s been exactly like I thought. I thought I trusted Andy. And if something happened along the way with the transition, everything that he said has been true, thing that he promised is real. As you deal with more complexities with a bigger book and more and more employees, I knew that I was almost at the breaking point in terms of my own organization and to merge into this organization that, as I said before, he’s already built out. I don’t have to do it. And to benefit from these great people that he has as part of his organization, that’s all been a real blessing for me and my team. So I didn’t shop the marketplace really, but I knew what I was getting into, and it’s worked out clear as I thought it would. Louis Diamond: That’s amazing. I think that’s what most people would covet. But it is a decision in and of itself to not shop the marketplace. I mean, from representing buyers or prospective buyers, I know the pricing leverage or the negotiation leverage and the valuation lift that comes from having an open market, having multiple bids, et cetera. It sounds like that wasn’t the… Obviously you wanted to get fair value for your firm, but for you, it was more, it’s trust, “I’m either going to just stay at Northwestern, which is the devil I know or it’s what I’ve known where I’ve been successful, or I’m going to go to the individual that I trust and forget about all the other noise.” Kevin Spahn: Well, Andy says things, but I know they’re true because I’ve seen him at work. I’ve seen how he’s acted. I’ve seen how he interacts with people. But here’s an example. He cares about the people that are at his firm. He says that, but I know it’s true because I see it. I’m the same. I really care about the people in my firm. So as I think about, well, what about the future of two groups, my clients, but also the people that work in my firm? They’re going to be around long after I am. Well, I don’t want myself to retire someday, get a big check, because there’s all sorts of options to get a check. If I get a check and then my client’s scatter to the wind, and my employees don’t really have a future and they just have to go and find their own way, that wasn’t attractive at all to me. So one of the things that I really appreciate about this opportunity is that there is a plan for both my clients and my employees or the younger team members at formerly Spahn Financial, where I feel very good about the fact that they have a solid, secure future in an industry that they’ve all grown to love without them having to go out and make their own way. Louis Diamond: Makes sense to me. We noted a couple of times in this interview, you talked about equity, partnership, both of you have. So Kevin, for you, what did it mean differently for you to become a partner and get equity in a larger firm rather than, we’ll say, the less risky move of just taking everything in cash? Why was that an important distinction for you? Kevin Spahn: For many years, when I left law and came into this business, I didn’t have any money at the time. I was just starting to make money as a lawyer. It takes a while. I started low. I got trial experience working for the government, so they didn’t pay much. That was three years. Then I was at a firm, and I was just starting to make more money. Then I made this big shift into a career tha

As tokenized assets move into real-world testing, institutional investors need to understand how they could affect existing payment systems, settlement processes, risk controls, and operating models. What can real-world testing teach financial institutions about the next stage of digital markets? In this episode, Paul Fahey speaks with Justin Chapman, Group Head of Strategic Partnerships, Digital Assets and Financial Markets at Northern Trust, and Paul Abraham, Chief of Investment Services at Commonwealth Superannuation Corporation, about Project Acacia. They cover a live use case connecting a tokenized carbon credit with traditional cash settlement, what institutional investors are learning about tokenized assets and digital cash, and why hybrid infrastructure may remain part of financial markets as adoption develops. Key points: How Project Acacia tested tokenized assets alongside traditional payment infrastructure and settlement processes Why institutional investors are studying tokenization before broader adoption reaches their operating models How digital cash, tokenized equities, and different settlement models may develop across jurisdictions Where tokenization may improve liquidity, collateral use, operational efficiency, and risk visibility Why trust, liquidity, security, and regulatory clarity remain central to wider institutional participation And more! Connect with Justin Chapman: LinkedIn: Justin Chapman About Justin Chapman: Northern Trust: Justin Chapman Connect with Paul Abraham: LinkedIn: Paul Abraham Website: Commonwealth Superannuation Corporation About Paul Abraham: Paul Abraham is Chief of Investment Services at Commonwealth Superannuation Corporation (CSC), which provides superannuation products and services to Australian Government and Australian Defense Force employees. He joined CSC in 2005 and brings more than 30 years of financial services experience, with previous roles spanning chartered accountancy, asset management, and financial planning across Australia, London, Tokyo, and Singapore. Paul is a Fellow of the Institute of Chartered Accountants Australia and holds a Master of Financial Management from Australian National University and a Bachelor of Business (Accountancy) from Charles Sturt University.

The SpaceX IPO captured investors' attention, but many were surprised to learn that a company's size doesn't automatically translate to a large stock market index weight. In this Revamping Retirement episode, Northern Trust's Austin Guy sits down with CAPTRUST's Jennifer Doss and Pete Ruffel to discuss the rules behind index inclusion, the role of float-adjusted market capitalization, and why mega-sized IPOs can have a smaller impact on indexes than investors expect.   Get more insights for retirement plan sponsors by subscribing to Revamping Retirement.

The UUP's Mike Nesbitt has resigned as health minister – with a stinging public resignation letter aimed at his UUP leader Jon BurrowsThe row is over retaining emergency general surgery at the Causeway Hospital in Coleraine. The Northern Trust had recommended its closure, despite widespread local opposition.Jon Burrows told a public meeting in Coleraine that he wouldn't support any closure – despite the health minister being a UUP man. Mike Nesbitt is understood to have asked his leader to publicly move away from that position, but Jon Burrows refused.What's going to be the outcome of all of this for the UUP? Ciarán Dunbar joined by the Belfast Telegraph's political editor, Suzanne Breen. Hosted on Acast. See acast.com/privacy for more information.

Paul Chapman is co-founder and Managing Director of HornbyChapman, the specialist executive search firm he built with Victoria Hornby in 2006. Before that he spent eighteen years inside the securities services industry: eleven years at Brown Brothers Harriman, where he rose to Senior Vice President and Head of Investor Services in London, followed by senior roles at Credit Suisse, State State and Northern Trust. A Financial Services graduate of Bournemouth University, he has worked as a custodian banker across the Middle East and Asia since the early 1990s. HornbyChapman began with a shared desk in a basement room under a pub in Middlesex Street. It now places senior and board-level leaders across banks, asset managers, fintechs and market infrastructure firms, with people in Edinburgh, London, Hong Kong, Singapore and the Gulf and joint ventures further afield. Paul also founded the long-running Williams global networking event across the world's financial centres. His network reaches the very top of the securities-services world, including figures such as Margaret Harwood-Jones, the incoming CEO for Europe and the UK at Standard Chartered. Website: https://jonathanperks.com/podcasts/ Hosted on Acast. See acast.com/privacy for more information.

Institutional investors are balancing rapid market change with the need to make disciplined, long-term investment decisions. As regulations evolve, technology advances, and geopolitical events influence capital flows, investors are balancing opportunity with operational discipline. In this episode, Paul Fahey speaks with Gerard Walsh, Global Head of Market Solutions, Banking and Markets at Northern Trust, about the forces shaping institutional investing today. They explore how geopolitical developments are influencing investment decisions, why operational resilience has become a growing priority, what organizations should consider as more markets move toward T+1 settlement, and how artificial intelligence is being applied to risk management, cybersecurity, and decision support.  Gerard also shares why strategy, thoughtful execution, and experienced human judgment continue to play an essential role alongside advancing technology. Key takeaways: How geopolitical events are influencing institutional investment decisions and capital allocation worldwide Why operational resilience and risk management have become priorities for large investment organizations What investors should prepare for as more global markets transition toward T+1 settlement cycles Practical examples of artificial intelligence improving cybersecurity, risk monitoring, and operations Why experienced human judgment remains essential alongside AI-driven decision support And more! Connect with Gerard Walsh: LinkedIn: Gerard Walsh About Gerard Walsh: Northern Trust: Gerard Walsh

The outsourced chief investment officer (OCIO) industry is growing faster than many expected, with assets projected to approach $6 trillion by 2030. In this episode of Market Pulse, Grant Johnsey sits down with Kate McCabe, Head of OCIO and Commercial Strategy at Northern Trust, to discuss findings from Northern Trust’s latest Asset Owner Peer Study. Together, they explore how OCIOs are increasing allocations to private markets, managing liquidity challenges, leveraging AI to improve operational efficiency, and navigating growing demands around data, technology and scale. They also discuss what asset owners should be watching as the OCIO landscape continues to evolve and where service providers can help support future growth. Important Disclosures The audio podcast is being provided for informational and educational purposes only and is not meant to be taken as investment advice or a recommendation of any specific investment product or strategy. The information does not take your financial situation, investment objective(s), or risk tolerance into consideration. Listeners, including professionals, should under no circumstances rely upon this information as a substitute for their own research or for obtaining specific legal, investment, accounting or tax advice from their own counsel. Non‑U.S. Small Cap Equities Non‑U.S. small cap equities may provide diversification and growth potential but carry elevated risks. These include currency volatility (e.g., U.S. dollar strength reducing returns), higher volatility, and lower liquidity. These securities are more sensitive to local economic, political, and regulatory conditions and may underperform in certain market cycles. They may include lower-quality or unprofitable issuers and are more exposed to trade policy and geopolitical developments. Alternative Investments Alternative investments are not suitable for all investors. Hedge funds use leverage, derivatives, and short selling, which can amplify losses. These investments are typically illiquid, lack regular pricing transparency, and charge high fees that may reduce returns. Interests are not readily transferable, and a secondary market may not exist. Investors should also consider tax complexity and reduced regulatory oversight compared to mutual funds.

The outsourced chief investment officer (OCIO) industry is growing faster than many expected, with assets projected to approach $6 trillion by 2030. In this episode of Market Pulse, Grant Johnsey sits down with Kate McCabe, Head of OCIO and Commercial Strategy at Northern Trust, to discuss findings from Northern Trust’s latest Asset Owner Peer Study. Together, they explore how OCIOs are increasing allocations to private markets, managing liquidity challenges, leveraging AI to improve operational efficiency, and navigating growing demands around data, technology and scale. They also discuss what asset owners should be watching as the OCIO landscape continues to evolve and where service providers can help support future growth. Important Disclosures The audio podcast is being provided for informational and educational purposes only and is not meant to be taken as investment advice or a recommendation of any specific investment product or strategy. The information does not take your financial situation, investment objective(s), or risk tolerance into consideration. Listeners, including professionals, should under no circumstances rely upon this information as a substitute for their own research or for obtaining specific legal, investment, accounting or tax advice from their own counsel. Non‑U.S. Small Cap Equities Non‑U.S. small cap equities may provide diversification and growth potential but carry elevated risks. These include currency volatility (e.g., U.S. dollar strength reducing returns), higher volatility, and lower liquidity. These securities are more sensitive to local economic, political, and regulatory conditions and may underperform in certain market cycles. They may include lower-quality or unprofitable issuers and are more exposed to trade policy and geopolitical developments. Alternative Investments Alternative investments are not suitable for all investors. Hedge funds use leverage, derivatives, and short selling, which can amplify losses. These investments are typically illiquid, lack regular pricing transparency, and charge high fees that may reduce returns. Interests are not readily transferable, and a secondary market may not exist. Investors should also consider tax complexity and reduced regulatory oversight compared to mutual funds.

Financial markets continue to evolve as institutions evaluate new ways to move assets, improve settlement processes, and expand investment opportunities. What role will digital assets play in the future of investing? And how are institutions balancing innovation with regulation, governance, and risk management? In this episode, Paul Fahey speaks with Andrew Czupek, Head of Digital Assets and Innovation, North America at Northern Trust, about the findings from Northern Trust’s 2026 Global Asset Owner Peer Study. They explore growing institutional adoption of digital assets, the rise of tokenized funds, the importance of interoperability between traditional and digital systems, and how regulatory developments are influencing participation. Andrew also shares why utility, mobility, and infrastructure development are becoming key drivers of long-term institutional interest. Key takeaways: Growing institutional participation reflects increasing interest in digital assets beyond cryptocurrency exposure Digital cash and settlement rails are helping address twenty-four-hour market activity needs Tokenized assets create new opportunities for collateral mobility and operational efficiency Regulatory frameworks are shaping institutional confidence and participation decisions Interoperability between traditional and digital systems remains critical for broader adoption Resources: Northern Trust Global Asset Owner Peer Study 2026 Connect with Andrew Czupek: LinkedIn: Andrew Czupek About Guest Name: Northern Trust: Andrew Czupek

Institutional investors are taking a closer look at sports—not just as a passion project, but as a distinct and evolving asset class. In this episode of Market Pulse, Jason Wright, managing partner and head of investments for Project Level at Ariel Investments, joins Northern Trust's Grant Johnsey to explore the investment case for women's sports. Drawing on his experience as a former NFL executive and operator, Wright explains where he sees inefficiencies in the market, what's driving growth across teams and leagues, and how investors should think about sports within a diversified portfolio. The conversation covers the structural dynamics shaping the industry, from media rights and valuation gaps to the emergence of a new, underserved fan base. Wright also outlines how Project Level is approaching the space—investing not only in teams, but across the broader ecosystem supporting the future of women's sports. Important Disclosures The audio podcast is being provided for informational and educational purposes only and is not meant to be taken as investment advice or a recommendation of any specific investment product or strategy. The information does not take your financial situation, investment objective(s), or risk tolerance into consideration. Listeners, including professionals, should under no circumstances rely upon this information as a substitute for their own research or for obtaining specific legal, investment, accounting or tax advice from their own counsel. Non‑U.S. Small Cap Equities Non‑U.S. small cap equities may provide diversification and growth potential but carry elevated risks. These include currency volatility (e.g., U.S. dollar strength reducing returns), higher volatility, and lower liquidity. These securities are more sensitive to local economic, political, and regulatory conditions and may underperform in certain market cycles. They may include lower-quality or unprofitable issuers and are more exposed to trade policy and geopolitical developments. Alternative Investments Alternative investments are not suitable for all investors. Hedge funds use leverage, derivatives, and short selling, which can amplify losses. These investments are typically illiquid, lack regular pricing transparency, and charge high fees that may reduce returns. Interests are not readily transferable, and a secondary market may not exist. Investors should also consider tax complexity and reduced regulatory oversight compared to mutual funds.

Institutional investors are taking a closer look at sports—not just as a passion project, but as a distinct and evolving asset class. In this episode of Market Pulse, Jason Wright, managing partner and head of investments for Project Level at Ariel Investments, joins Northern Trust's Grant Johnsey to explore the investment case for women's sports. Drawing on his experience as a former NFL executive and operator, Wright explains where he sees inefficiencies in the market, what's driving growth across teams and leagues, and how investors should think about sports within a diversified portfolio. The conversation covers the structural dynamics shaping the industry, from media rights and valuation gaps to the emergence of a new, underserved fan base. Wright also outlines how Project Level is approaching the space—investing not only in teams, but across the broader ecosystem supporting the future of women's sports. Important Disclosures The audio podcast is being provided for informational and educational purposes only and is not meant to be taken as investment advice or a recommendation of any specific investment product or strategy. The information does not take your financial situation, investment objective(s), or risk tolerance into consideration. Listeners, including professionals, should under no circumstances rely upon this information as a substitute for their own research or for obtaining specific legal, investment, accounting or tax advice from their own counsel. Non‑U.S. Small Cap Equities Non‑U.S. small cap equities may provide diversification and growth potential but carry elevated risks. These include currency volatility (e.g., U.S. dollar strength reducing returns), higher volatility, and lower liquidity. These securities are more sensitive to local economic, political, and regulatory conditions and may underperform in certain market cycles. They may include lower-quality or unprofitable issuers and are more exposed to trade policy and geopolitical developments. Alternative Investments Alternative investments are not suitable for all investors. Hedge funds use leverage, derivatives, and short selling, which can amplify losses. These investments are typically illiquid, lack regular pricing transparency, and charge high fees that may reduce returns. Interests are not readily transferable, and a secondary market may not exist. Investors should also consider tax complexity and reduced regulatory oversight compared to mutual funds.

Are you keeping up with the rapid shifts in Exchange-Traded Fund (ETF) markets?  The strategies driving innovation are reshaping how investment products are delivered and managed. In this episode, Paul Fahey speaks with Phil Nanof, Head of ETF Services, Americas at Northern Trust, about the evolution of ETFs, particularly in the US. They explore the growth of active strategies, the impact of regulatory changes like SEC Rule 6c-11, and how automation and technology are shaping scalable operations.  Phil also highlights key operational strategies for supporting institutional clients and their evolving investment needs. Phil highlights: The rise of active ETFs capturing significant net new money each month How SEC Rule 6c-11 simplified ETF launches and adoption of active strategies Operational demands increasing with product innovation and market growth Importance of automation for efficiency, transparency, and error reduction Integration of ETF services into existing client platforms for seamless experience And more! Connect with Phil Nanof: LinkedIn: Phil Nanof

Brent chats with Gary Pattengale about how clients can use after-tax strategies to improve their investing and planning outcomes. They discuss things like Roth IRAs, utilizing losses, counseling clients on the complexity, and helping people make informed decisions. Gary Pattengale serves as a Senior Vice President, Advanced Planning Specialist and Wealth Advisor in Mesirow Wealth Management. Gary acts a centralized, specialized resource advising clients on tax implications and strategy considerations when building comprehensive financial plans. Gary has over 30 years of experience in the financial services industry. Prior to joining Mesirow in 2024, Gary helped individuals, families and entities with their investment and financial planning needs as well as helping corporate executives and key employees navigate their stock-based compensation plans at companies such as Corient and Northern Trust. He also served in various accounting and auditing roles. Gary earned a Bachelor of Science in Accounting from Northern Illinois University and has also earned his CERTIFIED FINANCIAL PLANNER®  designation and has previously held the Certified Public Accountant certification. Gary can be found at: Gary Pattengale | Mesirow Employee Bio This material is for informational purposes only. The views expressed are those of the speaker as of the date noted and not necessarily of the speaker's firm or its affiliates. If you are enjoying the podcast please SUBSCRIBE and leave a REVIEW, and if you want to learn more about Brent go to https://wealthandlaw.com/team/.

Market conditions have shifted, and what once seemed like a simple allocation decision now demands far more attention. How should investors think about access to cash when uncertainty, higher rates, and private markets all collide? In this episode, host Paul Fahey is joined by Faisal Ansari, Global Head of Liquidity Solutions, and Andrew Sepiol, CFA, Liquidity Solutions Product Manager at Northern Trust, to explore why liquidity is now a central focus for asset owners. They explain how rising rates, market volatility, and growing allocations to private markets are reshaping liquidity strategies.  The conversation also covers how cash is evolving from a defensive position to a strategic asset, along with the importance of forecasting, diversification, and data-driven decision making. Key takeaways: How higher interest rates and volatility are increasing the importance of liquidity across portfolios Why cash is shifting from a defensive tool to a strategic allocation with meaningful return potential The growing impact of private markets on liquidity planning and forecasting complexity How segmentation of cash supports operational needs, reserves, and long-term portfolio strategy The role of data, reporting, and AI tools in improving forecasting and liquidity decision-making And more! Connect with Andrew Sepiol: LinkedIn: Andrew Sepiol Connect with Faisal Ansari: LinkedIn: Faisal Ansari About Faisal Ansari: Northern Trust: Faisal Ansari

MRKT Matrix - Monday, April 20th Stocks fall on U.S.-Iran war uncertainty, though losses kept in check (CNBC) A Stock Trader's Guide to a Fractured Economic World (Bloomberg) US oil refiners reap windfall from Iran war (FT) Fed Pick Warsh to Face Senate Grilling With Confirmation in Limbo (Bloomberg) Kevin Warsh's Finances Likely to Play Key Role in Confirmation Hearings (WSJ) AI boom poised to be ‘massively disinflationary', Northern Trust says (FT) American Airlines falls after company dismisses talk of United megamerger (CNBC) Spirit Floats US Government Stake to Avoid Potential Liquidation (Bloomberg) Eli Lilly Strikes Deal for Cancer Biotech (WSJ) --- Subscribe to our newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠http://riskreversal.substack.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ MRKT Matrix by RiskReversal Media is a daily AI powered podcast bringing you the top stories moving financial markets Story curation by RiskReversal, scripts by Perplexity Pro, voice by ElevenLabs

In this episode of Market Pulse by Faster Forward, host Grant Johnsey is joined by Adam Freda, Managing Director at 50 South Capital, for an in-depth conversation on the evolving private equity landscape. They explore how recent market conditions have challenged traditional assumptions around liquidity and diversification, why private equity secondaries have grown into a critical source of flexibility for institutional investors, and how continuation vehicles are reshaping exit strategies. Adam also breaks down the growing role of evergreen funds—what they solve for, where risks can emerge, and why they're likely to coexist alongside traditional closed-end funds rather than replace them. The discussion covers portfolio construction across vintages and strategies, the importance of manager quality in volatile environments, and how investors are navigating private equity and private credit amid higher rates, slower exits, and rapid technological change. Listen in to understand today's private markets—and what to watch next. Grant Johnsey is a FINRA‑registered representative of Northern Trust Securities, Inc. Adam Freda is not FINRA registered and is an employee of 50 South Capital, an affiliate asset management firm of Northern Trust. Adam Freda is not acting in a broker‑dealer capacity and does not offer brokerage services. This podcast is presented for informational and educational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security, strategy, or investment product. Any references to returns, performance characteristics, or investment outcomes are illustrative and not guaranteed. Past performance is not indicative of future results. Actual outcomes may vary significantly. Northern Trust Asset Servicing, Northern Trust Securities, Inc., and 50 South Capital are affiliated entities under the Northern Trust corporate structure. Statements made by representatives of affiliated entities reflect their respective perspectives and business lines. Investment products and services referenced may not be available in all jurisdictions and are offered only where permitted by law and regulation.

In this episode of Market Pulse by Faster Forward, host Grant Johnsey is joined by Adam Freda, Managing Director at 50 South Capital, for an in-depth conversation on the evolving private equity landscape. They explore how recent market conditions have challenged traditional assumptions around liquidity and diversification, why private equity secondaries have grown into a critical source of flexibility for institutional investors, and how continuation vehicles are reshaping exit strategies. Adam also breaks down the growing role of evergreen funds—what they solve for, where risks can emerge, and why they're likely to coexist alongside traditional closed-end funds rather than replace them. The discussion covers portfolio construction across vintages and strategies, the importance of manager quality in volatile environments, and how investors are navigating private equity and private credit amid higher rates, slower exits, and rapid technological change. Listen in to understand today's private markets—and what to watch next. Grant Johnsey is a FINRA‑registered representative of Northern Trust Securities, Inc. Adam Freda is not FINRA registered and is an employee of 50 South Capital, an affiliate asset management firm of Northern Trust. Adam Freda is not acting in a broker‑dealer capacity and does not offer brokerage services. This podcast is presented for informational and educational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security, strategy, or investment product. Any references to returns, performance characteristics, or investment outcomes are illustrative and not guaranteed. Past performance is not indicative of future results. Actual outcomes may vary significantly. Northern Trust Asset Servicing, Northern Trust Securities, Inc., and 50 South Capital are affiliated entities under the Northern Trust corporate structure. Statements made by representatives of affiliated entities reflect their respective perspectives and business lines. Investment products and services referenced may not be available in all jurisdictions and are offered only where permitted by law and regulation.

You went to law school to practice law—not to work a room full of strangers with sweaty palms and a stack of business cards. Yet here you are, five or six years in, and your entire career trajectory depends on "bringing in business." Nobody taught you how.In this episode, Gary Miles sits down with Michael Goldberg, founder of Knock Out Networking and a two-time TEDx speaker who has helped thousands of financial professionals generate hundreds of thousands of dollars through strategic networking. Now expanding his focus to help attorneys, Michael shares his proven system for knowing exactly where to go, what to say, and with whom.From his unexpected journey through restaurant management to becoming one of the nation's leading networking experts (and yes, a real competitive amateur boxer), Michael breaks down why most professionals get networking completely wrong—and how lawyers can shift from awkward card-exchanging to building powerful referral relationships that fuel sustainable growth.Whether you're a junior associate expected to bring in business with zero training, or a seasoned attorney looking to systematize your business development, this conversation delivers practical strategies you can implement this week.Who This Episode Is For:Attorneys expected to bring in business but never taught how—especially those who find networking uncomfortable or unproductive.What You'll Learn:→ Why genuine connection beats selling every time→ The four phases of networking (events are only 25%)→ How to own your calendar so business development actually happens→ The "chicken and egg" strategy for building referral relationshipsMichael Goldberg is the founder of Knock Out Networking, a speaking, training, and coaching firm that has helped financial advisors, brokers, and agents generate hundreds of thousands of dollars in new business over the past two decades. His client roster includes Morgan Stanley, Merrill Lynch, UBS, Mass Mutual, Chubb Insurance, and Northern Trust.A two-time TEDx speaker, Michael holds the Certified Speaking Professional (CSP) designation—an honor earned by fewer than 5% of speakers worldwide. He is the author of Knock Out Networking for Financial Advisors and founder of THE Networking Group, a national networking organization for sales professionals and business owners.Michael has taught public speaking as an award-winning adjunct professor at Rutgers University for over 22 years. And yes—he's also a competitive amateur boxer, proving that "Knock Out Networking" is more than just clever branding.Connect with Michael:Email: michael@konetworking.comWebsite: knockoutnetworking.com[02:00] Michael's journey: From restaurant management to networking expert[06:00] Moving to Florida and rebuilding community from scratch[07:15] Boxing as a real sport—and a metaphor for connection[09:00] What makes Michael's networking approach different[10:15] Genuine connection vs. what most people think networking is[13:00] The power of listening (without being silent)[14:30] Parallels between financial advisors and attorneys in business development[17:30] Working with lawyers: Where most attorneys get stuck[19:00] The four phases of networking: Prep, presentation, follow-up, staying in touch[20:40] Virtual vs. in-person networking: The hybrid advantage[22:15] Owning your calendar and building accountability systems[25:20] The biggest obstacle in communicating your value—and how to overcome it[27:30] The mindset shift lawyers need to make[29:30] The role of mentors and outside perspective[31:40] Designing your business and life for freedom[33:00] The "chicken and egg" theory: Centers of influence vs. prospectsWould you like to learn what it looks like to become a truly Free Lawyer? You can schedule a complimentary call here: https://calendly.com/garymiles-successcoach/one-one-discovery-callYou can find The Free Lawyer Assessment here- https://www.garymiles.net/the-free-lawyer-assessment

Chris Huemmer spotlights fixed-income ETFs, especially the multiple bond ladder ETFs his firm, Northern Trust, have launched recently. He explains what a bond ladder ETF is and why investors might be interested. Tax advantages are one of the perks, he explains, along with a “plannable income stream.” Chris is generally bullish on risk and “invested for the long term in equities.”======== Schwab Network ========Empowering every investor and trader, every market day.Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DSubscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

Economic pressure rarely comes from a single source. It builds through policy shifts, innovation waves, and global relationships that test long-held assumptions. In this episode, host Paul Fahey speaks with Carl Tannenbaum, Chief Economist at Northern Trust, to reflect on the forces that defined 2025 and what they signal for the year ahead. They examine trade policy shifts, geopolitical strain, and the unwinding of global supply chains. The conversation also explores fiscal pressure across advanced economies, inflation expectations, and the evolving role of central banks. Together, they look at how artificial intelligence is influencing productivity, labor markets, and long-term investment decisions heading into 2026. Key takeaways: Why trade policy changes and tariffs reshape investment decisions and supply chain planning Global security concerns are influencing fiscal priorities and cross-border cooperation AI-driven productivity gains alongside labor market disruption for early career workers How the rising debt burdens and interest costs are pressuring government budgets How inflation trends, wage pressures, and central bank independence shape market outlooks And more! Connect with Carl Tannenbaum: LinkedIn: Carl Tannenbaum About Carl Tannenbaum: Northern Trust: Carl Tannenbaum

In its efforts to trace how Jeffrey Epstein's finances may have enabled or obscured his sex-trafficking operations, the U.S. Virgin Islands government has issued subpoenas and pursued information from multiple major financial institutions believed to have handled Epstein's accounts or related entities. Court filings and investigative reporting show that banks such as JPMorgan Chase, Deutsche Bank, and Citibank were subpoenaed for records, transaction details, and internal communications about Epstein and the dozens of corporations, trusts, and nonprofit entities tied to him. These subpoenas aimed to uncover how his financial activities may have been facilitated or ignored by these institutions as part of the broader justice effort. Other financial entities reportedly included in subpoenas or scrutiny were Fidelity Investments, Charles Schwab, Bank Leumi, Wells Fargo, Northern Trust, and Silicon Valley Bank, reflecting the government's attempt to map the full extent of Epstein's banking relationships and financial flows.The most significant legal action has centered on JPMorgan Chase, which the USVI AG sued in federal court in New York in 2022, alleging that the bank “facilitated and concealed wire and cash transactions” that were part of Epstein's criminal enterprise and “financially benefitted” from his activities. JPMorgan ultimately agreed to pay $75 million to the USVI to settle those claims, acknowledging its past handling of Epstein's accounts but denying wrongdoing, while separate settlements with victims brought additional payouts tied to the bank's oversight failures.to contact me:bobbycapucci@protonmail.comBecome a supporter of this podcast: https://www.spreaker.com/podcast/the-epstein-chronicles--5003294/support.

Another State Street retail property sells at a big discount. Crain's reporter Rachel Herzog discusses the Loop retail corridor with host Amy Guth.Plus: Blue Cross parent CEO got a hefty raise in 2024 despite 54% income drop; CME data center outage caused by human error, Cyrus One says; Morningstar to revamp analysis of mutual funds; and Smith family of Northern Trust and ITW gives record-breaking donation to Rush cancer center. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Send us a textContent Warning: mention of childhood abuse, divorceAbout This EpisodeSteph Wagner, National Director of Women in Wealth at Northern Trust and author of Fly!: A Woman's Guide to Financial Freedom and Building a Life You Love, shares how telling the truth about your money story can become the first step toward confidence and financial freedom. She opens up about rebuilding her life after a blindsiding divorce and offers practical tools women can use right now, from identifying your money personality to using her 45-20-35 framework to align spending with your values. We explore how to turn fear into growth, build transparency with partners, and create simple systems that support long-term wealth. If you are ready to rewrite your money story with honesty, clarity, and agency, this episode offers the mindset and next steps to begin. About Steph WagnerSteph Wagner is a nationally recognized thought leader in women's wealth and financial empowerment. Her passion for this work is deeply personal. Her own journey—from private equity executive to stay-at-home mom, to single mother facing financial uncertainty, to successful businesswoman—fuels her mission to help women take control of their wealth and build lives they love. Today, she serves as National Director of Women & Wealth at Northern Trust, where she leads the firm's advisory practice for women and its Elevating Women platform—a national program focused on building financial confidence and helping women use their wealth to create meaningful impact in their families, businesses, and communities.Prior to joining Northern Trust, Steph spent years advising high-net-worth women navigating major life transitions such as divorce and widowhood. She also built a national consulting practice for wealth management firms seeking to better serve female clients and founded WomenWealthyWise, a platform dedicated to advancing financial literacy and empowerment for women. Earlier in her career, she was Vice President at Gemini Investors, a Boston-based private equity firm. A frequent media contributor, Steph's insights have been featured in The Wall Street Journal, The New York Times, Entrepreneur, Barron's, Bloomberg, MarketWatch, Kiplinger, Yahoo Finance, and more. Steph lives just outside of Austin, Texas, and is the proud mom of three grown sons. When she's not working or writing, you'll likely find her cycling, hiking, on her yoga mat, or chasing after her beloved dogs. Additional ResourcesInstagram: @steph_l_wagnerLinkedIn: @StephLWagnerSupport the show-------- Stay Connected www.leighburgess.com Watch the episodes on YouTube Follow Leigh on Instagram: @theleighaburgess Follow Leigh on LinkedIn: @LeighBurgess Sign up for Leigh's bold newsletter

Steph Wagner is the National Director of Women & Wealth at Northern Trust, where she leads the firm's Elevating Women platform focused on building financial literacy. She is the author of the book, Fly!: A Woman's Guide to Financial Freedom and Building a Life You Love, and her insights have been featured in The Wall Street Journal, The New York Times, and Yahoo Finance, among others.   In this episode we discuss the following: When Steph went through her horrific divorce, she realized that she had abdicated her personal financial independence, even though she was a sophisticated corporate finance professional. Even if we're in a partnership, we can be proactive in taking responsibility for our finances. That includes addressing the emotional and psychological aspects of money matters. Communicating openly about personal finance. Using frameworks that help us achieve our goals. And starting now, because time is our greatest ally.

What if the biggest barrier to living your dream life isn't your career, but the financial confidence and literacy you still need to claim?In this episode of Glass Ceilings and Sticky Floors, host Erica Rooney sits down with Steph Wagner, National Director of Women and Wealth at Northern Trust, former private equity professional, and divorce financial strategist. Steph's personal story of navigating a life-shattering financial crisis after a successful career fueled her mission to empower all women.Join them as they discuss why financial security is the bedrock of a fulfilling life, the emotional "sticky floors" that keep women from engaging with their money, and the vital steps you need to take now to ensure a prosperous future.Inside the Episode:The Wake-Up Call: Steph shares her powerful story of leaving private equity to prioritize family, falling into a false sense of security, and the devastating, eye-opening moment she realized she had no visibility into her family's finances.The Longevity Crisis: Startling statistics on why women must take financial charge, as they significantly outlive men and risk running out of money in their later decades.The Sticky Floors of Money: Unpacking the emotional barriers—like shame, avoidance, and the deep-seated belief of "I don't know enough"—that hold women back, regardless of their income level.From Scarcity to Abundance: Why a growth mindset is critical, but must be paired with the tools and literacy to grow wealth outside of your paycheck.The Core Message of Fly: Why the book is an empowerment guide disguised as a finance book, emphasizing the correlation between financial well-being and living an authentic life you love.Actionable First Steps: Steph's advice on how to start building your financial foundation today, including the need for transparency, honest self-assessment, and seeking financial literacy.The Never-Say-Never Lesson: The one crucial piece of advice Steph would give her younger self: never allow yourself to lean out or assume you're protected from life's curveballs.If you've ever felt overwhelmed, intimidated, or disconnected from your personal finances, this conversation is an inspiring and urgent call to action to claim your financial power.

What if the biggest barrier to living your dream life isn't your career, but the financial confidence and literacy you still need to claim?In this episode of Glass Ceilings and Sticky Floors, host Erica Rooney sits down with Steph Wagner, National Director of Women and Wealth at Northern Trust, former private equity professional, and divorce financial strategist. Steph's personal story of navigating a life-shattering financial crisis after a successful career fueled her mission to empower all women.Join them as they discuss why financial security is the bedrock of a fulfilling life, the emotional "sticky floors" that keep women from engaging with their money, and the vital steps you need to take now to ensure a prosperous future.Inside the Episode:The Wake-Up Call: Steph shares her powerful story of leaving private equity to prioritize family, falling into a false sense of security, and the devastating, eye-opening moment she realized she had no visibility into her family's finances.The Longevity Crisis: Startling statistics on why women must take financial charge, as they significantly outlive men and risk running out of money in their later decades.The Sticky Floors of Money: Unpacking the emotional barriers—like shame, avoidance, and the deep-seated belief of "I don't know enough"—that hold women back, regardless of their income level.From Scarcity to Abundance: Why a growth mindset is critical, but must be paired with the tools and literacy to grow wealth outside of your paycheck.The Core Message of Fly: Why the book is an empowerment guide disguised as a finance book, emphasizing the correlation between financial well-being and living an authentic life you love.Actionable First Steps: Steph's advice on how to start building your financial foundation today, including the need for transparency, honest self-assessment, and seeking financial literacy.The Never-Say-Never Lesson: The one crucial piece of advice Steph would give her younger self: never allow yourself to lean out or assume you're protected from life's curveballs.If you've ever felt overwhelmed, intimidated, or disconnected from your personal finances, this conversation is an inspiring and urgent call to action to claim your financial power.

In this episode of Faster Forward by Northern Trust Asset Servicing, host Grant Johnsey, Head of Market Solutions at Northern Trust, sits down with Kate McCabe, Head of Outsourced Chief Investment Officer (OCIO) Solutions at Northern Trust, to explore the dynamic growth and transformation of the OCIO space. From the rise of multibillion-dollar plans to the increasing … Read More Read More

In this episode of Faster Forward by Northern Trust Asset Servicing, host Grant Johnsey, Head of Market Solutions at Northern Trust, sits down with Kate McCabe, Head of Outsourced Chief Investment Officer (OCIO) Solutions at Northern Trust, to explore the dynamic growth and transformation of the OCIO space. From the rise of multibillion-dollar plans to the increasing … Read More Read More

Nadia Cobalovic is Senior Vice President at Northern Trust and Global Head of Omnium Services, where she oversees teams encompassing Middle Office Operations, Back Office Administration and Data Delivery. She also contributes to business growth, strategic initiatives and new initiatives. Our conversation starts with her early career aspirations to be a war correspondent and later, to work in U.S. government agencies. Delays and bottlenecks ultimately led to a forced—but serendipitous—pivot into financial services. What began as a temporary role at Citadel became the start of a dynamic 25+ year journey, one that now finds her leading Omnium Services at Northern Trust—still alongside some of the same colleagues who have been part of her career from the very beginning.We speak then about the evolving world of hedge fund services and how AI, cyber security concerns and changing investor and fund needs are shaping it. Moving to career reflections we discuss the importance of giving credit where it is due – sometimes to oneself, and the joys that working for a supportive team – and together – for over 25 years can bring. With thanks to Baillie Gifford for sponsoring Series 4 of 2025. Baillie Gifford is a long-term investment manager, dedicated to discovering the innovations and changemakers that deliver exceptional growth opportunities for its clients.

Now “retired” (whatever that means), Nevin is the former Chief Content Officer and Head of Retirement Research for the American Retirement Association. One of the retirement industry's most prolific writers, these days he's “retired”, which means he writes less, but continues to keep his eye on developments in, and threats to, the nation's private retirement system. He's the Chief Advisor Strategist at Endeavor Retirement, and he's also the “Nevin” in the Nevin & Fred podcast (along with renowned ERISA attorney Fred Reish), offering irreverent, but relevant perspectives on the critical issues confronting plan sponsors, advisors, and retirement industry professionals. Prior to his time at the ARA, he was the Employee Benefits Research Institute's Director of Education and External Relations, Co-Director of EBRI's Center for Research on Retirement Income, and Director of the American Savings Education Council, and prior to that, spent a dozen years as Global Editor-in-Chief of PLANSPONSOR magazine and PLANSPONSOR.com, as well as PLANADVISER and PLANSPONSOR Europe magazines. He was the originator, creator, writer, and publisher of PLANSPONSOR.com's NewsDash. He began his retirement services career at Northern Trust in Chicago, where he later served in a variety of management roles, culminating in the development of a proprietary recordkeeping platform, and at Wachovia Bank, leading their defined contribution/recordkeeping businesses.In this episode, Eric and Nevin Adams discuss:Retirement income requires tailored solutions.Fiduciary roles shift after adoption.Default options remain a challenge.Adoption will be gradual and cautious.Key Takeaways:There's a wide range of income options beyond annuities, but each plan should carefully assess its participants' needs before implementing anything.Choosing to offer a retirement income option begins as a settlor decision, but once implemented, it becomes a fiduciary duty to select the specific solution, to monitor, and manage.Auto-enrolling participants into lifetime income products is complex—many don't fully grasp the trade-offs, and surveys show mixed interest.Due to regulatory uncertainty and logistical hurdles, most plan sponsors are expected to move conservatively, guided by education and expert consultation.“How are we making default lifetime income assumptions about people on a generic basis without some of that nuance? Aren't you, almost by definition, creating a product that's not really going to fit people anyway?” - Nevin AdamsConnect with Nevin Adams:Website: https://nevinandfred.com/ LinkedIn: https://www.linkedin.com/in/nevinadams/ Connect with Eric Dyson: Website: https://90northllc.com/Phone: 940-248-4800Email: contact@90northllc.com LinkedIn: https://www.linkedin.com/in/401kguy/ The information and content of this podcast are general in nature and are provided solely for educational and informational purposes. It is believed to be accurate and reliable as of the posting date, but may be subject to changeIt is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, investment advice, financial advice, tax, plan design, or legal advice (unless otherwise specifically indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made.The specific facts and circumstances of all qualified plans can vary, and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.

Crain's residential real estate reporter Dennis Rodkin and host Amy Guth discuss news from the local housing market, including including realtors going on the offensive over a plan to rescue the CTA with real estate taxes.Plus: Chicago CFO says property tax hike likely in 2026 budget package, Northern Trust denies holding merger talks with Bank of New York Mellon, NASCAR names new city for 2026 street race and AI boom drives power costs to new record on biggest U.S. grid.

In this episode, Anthony speaks with Victoria Bryan, Senior Vice President, Trade Performance and Analytics, Banking and Markets, Northern Trust, about how data analytics shapes trading decisions and drives performance on the trading floor.Victoria shares how she built a career at the intersection of data, markets, and communication, teaching herself to code, translating complex insights for stakeholders, and leading with curiosity and adaptability.It's a candid look at one of the most impactful (and often overlooked) roles in finance, full of practical advice for anyone exploring data-driven careers or trying to stand out early in the industry.(00:00) Introduction to Data Analytics in Finance(01:24) Victoria Bryan's Journey: Education and Early Career(06:17) Understanding Northern Trust and Its Role(09:05) Navigating Career Challenges and University Selection(14:20) Mindset Shifts for Career Pivots(18:07) The Willingness to Learn and Personal Growth(21:52) The Role of Data Analytics in Trading Decisions(25:15) Essential Skills for Success(29:09) The Balance of Communication Skills(31:33) Building Confidence in Public Speaking(35:51) Navigating Imposter Syndrome(42:43) The Importance of Networking(46:16) Advice to My Younger Self

Tune in to this episode of the Security Token Show where this week Herwig Konings, Kyle Sonlin and guest contributor Adrian Alvarez, CEO of InvestReady, cover the industry leading headlines and market movements, including the GENIUS Act being voted into law, stock lending on Kamino, and more RWA news!   Company of the Week - Herwig: Kamino Finance Company of the Week - Kyle: BioSig   Companies in the news include The House of Representatives, Kamino, xStocks/ Backed Finance, Spiko, Falcon Finance, Superstate, HUMO, Gemini, KN Group, AlloyX, Prypco, abrd, Lloyds, Hedera, Archax, MirrorRSV, OpenEden, Particula, NEXBRIDGE, Citi, J.P.Morgan, Northern Trust, Swift, Canton Network, B2C2, Cumberland DRW, FalconX, GSR, Midas, Etherlink, Chainlink, Blockchain Association, Ondo, BNB Chain, Brickken, Theo, ULTRA/ Wellington Management, Libeara, Pineapple, Inc., DeFi Dev Corp., Solana, Pop Social, AssetMint, BioSig Technologies, CXG   ===   TokenizeThis 2025 Conference Review: https://docsend.com/v/k8bn7/tt25  STM Predicts $30-50T in RWAs by 2030: https://docsend.com/view/7jx2nsjq6dsun2b9    More STM.co Reports: https://reports.stm.co/  Join the RWA Foundation and Read the Whitepaper: RWAF.xyz  Learn More About WALLY DAO: WallyDAO.xyz    ⏰ TABLE OF CONTENTS ⏰ 0:00 Introduction 0:16 Welcome 1:30 Market Movements 25:02 RWA Foundation Updates  26:51 Token Debrief 37:59 Companies of The Week

The pressure on asset owners is mounting, but so is their influence.   With shifting regulations, growing data demands, and interest in alternatives, institutional investors across EMEA are being pushed to rethink their strategies from the ground up. In this episode, host Paul Fahey chats with Mark Austin, Pensions and Insurance Executive, EMEA at Northern Trust, … Read More Read More

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, sits down with Seth Rosenthal, CFA, Chief Investment Officer of Academy Asset Management. Seth shares insights from his transition from managing a $100 billion portfolio at Northern Trust to building a mission-driven investment firm focused on public fixed income and veteran employment. He discusses the origins and strategic direction of Academy Asset Management and its deep-rooted commitment to mentoring, hiring, and training military veterans.   The conversation explores how Academy Asset Management leverages both Wall Street expertise and geostrategic insight from a team of over 30 retired admirals and generals to inform investment decisions—particularly in today's volatile geopolitical environment. Seth also explains why Academy Asset Management is leaning into mortgage-backed securities (MBS), how prepayment risk is evolving, and what makes the Veteran Impact ETF (VETZ) a compelling option for insurance investors. From market strategy to team culture, Seth offers a unique perspective on leading with purpose in asset management—while delivering competitive performance. Whether you're an allocator, an insurance investor, or an advocate for veteran employment, this is an episode worth hearing.

Ohne Aktien-Zugang ist's schwer? Starte jetzt bei unserem Partner Scalable Capital. Alle weiteren Infos gibt's hier: scalable.capital/oaws. Aktien + Whatsapp = Hier anmelden. Lieber als Newsletter? Geht auch. Das Buch zum Podcast? Jetzt lesen. Tesla fährt selbst. Hurra. Ölpreis fällt nach Angriff auf Militärstützpunkte. Hims & Hers fällt nach Absage von Novo Nordisk. Wolfspeed rutscht in die Insolvenz. Northern Trust & BNY werden vielleicht 1 Gigant. Liberty kauft MotoGP. Amrize geht an Börse. JD.com (WKN: A112ST) hat einen neuen Werbekanal: Essen ausliefern. Great Wall Motor (WKN: A0M4X0) war BYD vor BYD. Was kommt jetzt? Diesen Podcast vom 24.06.2025, 3:00 Uhr stellt dir die Podstars GmbH (Noah Leidinger) zur Verfügung.

Carl Quintanilla, Jim Cramer and David Faber explored equities and oil market reaction to the U.S. military strikes on Iran's nuclear facilities over the weekend. The anchors also discussed what to make of Tesla's robotaxi launch, which took place Sunday in Austin, Texas. The CEO of Amrize -- the North American spin-off of Swiss cement giant Holcim -- joined the anchors at Post 9 to discuss his company's public debut on the New York Stock Exchange as well as where data centers fit into Amrize's future. Also in focus: Tech's hot June, M&A buzz surrounding Bank of New York Mellon and Northern Trust, remembering FedEx founder Fred Smith, who died over the weekend at the age of 80. Squawk on the Street Disclaimer

US equity futures are firmer with S&P up 0.3%, bond yields firmer, US 10-year treasury up 2 bps at 4.4%. Dollar firmer versus yen and Aussie, softer versus euro and sterling. Gold softer despite Middle East tensions. WTI crude adds to recent gains, around 0.5% higher. Industrial metals mixed. Crude oil and dollar index pared gains in Asia Monday after US strikes on Iran while gold defying bullish expectations on the back of haven demand. Risk aversion briefly took Bitcoin below $100K for the first time since May amid broad-based weakness in crypto. Press noted equity price action so far indicating a sanguine outlook. Most Gulf stock markets were steady while Israel TA-125 index was at a record highCompanies Mentioned: Bank of New York Mellon, Northern Trust, Shift4 Payments, SmartPay Holdings

S&P Futures are displaying gains this morning as markets price in the latest Middle East developments. The weekend strike on Iranian nuclear facilities is the key topic of the day as markets focus on possible retaliation from Tehran. President Trump is headed to Europe this week for a NATO summit. On the economic front today, two influential Federal Reserve members are scheduled to speak. Fed Chairman Jerome Powell is scheduled to testify on Capitol Hill tomorrow. Tesla launched its robo taxi service in Austin, TX over the weekend. Bank of New York has express interest in a merger with Northern Trust. On the earnings front KBH is scheduled to report after the bell today.

In der heutigen Folge sprechen die Finanzjournalisten Nando Sommerfeldt und Holger Zschäpitz über eine große deutsche IPO-Hoffnung, einen sich anbahnenden Mega-Deal und die Rüstungs-ETF-Neulinge. Außerdem geht es um Circle, Bank of New York Mellon, Northern Trust, Autodoc, Holcim, Prosus, WisdomTree Europe Defence ETF (WKN: A40Y9K), iShares Europe Defence ETF (WKN: A417HK), Invesco Defence Innovation ETF (WKN: A40J95), Global X Defence Tech ETF (WKN: A40E7A), Amundi Stoxx Europe Defense ETF (WKN: ETF264), Global X Europe Focused Defence Tech ETF (WKN: A416YM). Wir freuen uns über Feedback an aaa@welt.de. Noch mehr "Alles auf Aktien" findet Ihr bei WELTplus und Apple Podcasts – inklusive aller Artikel der Hosts und AAA-Newsletter.[ Hier bei WELT.](https://www.welt.de/podcasts/alles-auf-aktien/plus247399208/Boersen-Podcast-AAA-Bonus-Folgen-Jede-Woche-noch-mehr-Antworten-auf-Eure-Boersen-Fragen.html.) [Hier] (https://open.spotify.com/playlist/6zxjyJpTMunyYCY6F7vHK1?si=8f6cTnkEQnmSrlMU8Vo6uQ) findest Du die Samstagsfolgen Klassiker-Playlist auf Spotify! Disclaimer: Die im Podcast besprochenen Aktien und Fonds stellen keine spezifischen Kauf- oder Anlage-Empfehlungen dar. Die Moderatoren und der Verlag haften nicht für etwaige Verluste, die aufgrund der Umsetzung der Gedanken oder Ideen entstehen. Hörtipps: Für alle, die noch mehr wissen wollen: Holger Zschäpitz können Sie jede Woche im Finanz- und Wirtschaftspodcast "Deffner&Zschäpitz" hören. +++ Werbung +++ Du möchtest mehr über unsere Werbepartner erfahren? [**Hier findest du alle Infos & Rabatte!**](https://linktr.ee/alles_auf_aktien) Impressum: https://www.welt.de/services/article7893735/Impressum.html Datenschutz: https://www.welt.de/services/article157550705/Datenschutzerklaerung-WELT-DIGITAL.html

Tom McHugh, the CEO and co-founder of Finbourne, shares how they are transforming financial data management to deliver better outcomes. Tom shares the complexities of managing diverse financial data sources and how Finbourne's technology aims to simplify this landscape. He explains how their unique approach helps firms maintain gross margins, reduce fees, and enhance efficiency without overhauling existing systems. Learn about the core infrastructure of Finbourne, the role of AI and data virtualization, and the significant social impact Finbourne's solutions can bring to both investors and financial services.LINKSFinbourne: https://www.finbourne.com/

In this episode of Faster Forward, host Grant Johnsey sits down with Melanie Pickett, Head of Asset Servicing, Americas, to unpack the latest findings from Northern Trust's global asset owner survey, “Asset Owners in Focus”. Their discussion dives into how institutional investors around the world are adjusting their strategies amid a rapidly changing landscape. They … Read More Read More

This episode is the 3rd in our careers focused series, recorded on-site at Shared Services & Outsourcing Week America, SSON's largest event. The event bought together over 1100 participants, 100 exhibitors and 200 thought leaders. I took the opportunity to interview some of the shared services leaders onsite about their career-paths. In this episode, we are featuring Lorena Espinosa, O2C Value Creation Consultant, Mars, and CK Taneja, SVP Transformation, Innovation and Resiliency, Northern Trust. During the episode Lorena speaks about her experience with SSON's GBS Certification, if you're interested in learning more about this or registering for the next cohort, the information can be found here. As a sidenote, both these interviews were recorded onsite at our flagship summit Shared Services & Outsourcing Week North America, so there may be some slight background noise! If you have any feedback, someone you want to nominate to be profiled or a topic you would love me to cover then please add me on LinkedIn or email me at sally.fletcher@ssonetwork.com  And of course if you like what you hear then please check out the agenda for our next Shared Services & Outsourcing Week North America in September and our Finance Transformation Virtual Summit, 10-11 June.      

John Onderdonk is a fourth-generation cattle rancher and the head of Northern Trust's Agricultural Properties Group which manages farm, ranch and timber assets as trustee and executor for Northern Trust clients. In our episode, John will discuss the growing popularity of ranches among wealthy families and the challenges and opportunities of owing (or inheriting) these assets.(1:03) – How did John's family get into cattle ranching?(3:46) – What role did the ranch play in John's early years?(5:02) – How does John help ranch owners in his role at Northern Trust?(8:29) – What's driving the growth in ranch ownership?(11:43) – What challenges should people look out for when they're either inheriting or looking to buy a ranch?(14:30) – What are some of the opportunities or innovations that could help ranch owners stay profitable?(17:13) – How does John build credibility for himself among other ranch owners?(19:21) – How similar is Yellowstone to the realities of running a ranch?(21:01) – What does John love—and not love—about running his own ranch?(23:07) – What is the ‘why' that motivates John?© 2025 Northern Trust Corporation. Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A. Incorporated with limited liability in the U.S. This information is not intended to be and should not be treated as legal, investment, accounting or tax advice and is for informational purposes only. Readers, including professionals, should under no circumstances rely upon this information as a substitute for their own research or for obtaining specific legal, accounting or tax advice from their own counsel. All information discussed herein is current only as of the date appearing in this material and is subject to change at any time without notice. The information contained herein, including any information regarding specific investment products or strategies, is provided for informational and/or illustrative purposes only, and is not intended to be and should not be construed as an offer, solicitation or recommendation with respect to any investment transaction, product or strategy. Past performance is no guarantee of future results. All material has been obtained from sources believed to be reliable, but its accuracy, completeness and interpretation cannot be guaranteed. Farmland investment return data was sourced from Nuveen, “Investing in farmland.”

The Estate Planning Short Course is May 5th and 6th in Champaign and via live webcast and May 19th and 20th in Chicago. The course includes two full days of practice guidance and networking opportunities for estate planning attorneys. With so many new developments in estate planning to be covered during this program, we're fortunate to hear from Lorraine Cavataio of Sandberg Phoenix & von Gontard P.C. and Stacy Singer of The Northern Trust who are co-chairs of the planning committee for this year's program to learn more about what attendees can expect.IICLE® is a 501(c)(3) not-for-profit based in Springfield, Illinois. We produce a wide range of practice guidance for Illinois attorneys and other legal professionals in all areas of law with the generous contributions of time and expertise from volunteer attorneys, judges, and other legal professionals.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, is joined by Anwiti Bahuguna, PhD, Chief Investment Officer of Global Asset Allocation at Northern Trust Asset Management. The conversation explores Northern Trust's latest long-term capital market assumptions and the macroeconomic forces likely to shape insurer portfolios over the next decade—from AI-enabled productivity and energy transition to evolving patterns of globalization.   Anwiti shares how her team blends quantitative modeling with insights from asset class specialists to create actionable 10-year outlooks for insurance investors. The discussion spans implications for fixed income and equity allocations, real assets as inflation hedges, and the growing relevance of private markets—particularly private credit. With practical insights on capital formation, macro themes, and manager selection, this episode offers a roadmap for insurance CIOs and investment teams navigating the complexities of a shifting global landscape.

Tune in to this episode of the Security Token Show where this week Herwig Konings and Kyle Sonlin cover the industry leading headlines and market movements, including tokenized private credit, data reporting, and institutional DeFi access. This week Jason Barraza had the opportunity to host Edwin Mata from Brickken on their recent $2.5M raise and expansion of services for SME and institutional tokenization. They also dive into AI agents in tokenization and Edwin's prediction on where the RWA market cap will be by the end of 2025.   Join the RWA Foundation and Read the Whitepaper: RWAF.xyz Read STM's Global Tokenized Real Estate Market Guide 2024: https://docsend.com/view/rrfjz7zxzqb9na2q  Read the December 2024 RWA Securities Market Update: https://docsend.com/view/6vf42wm8quhnttuv    Company of the Week - Herwig: Tradable Company of the Week - Kyle: Sygnum    = Stay in touch via our Social Media = Kyle: https://www.linkedin.com/in/kylesonlin/  Herwig: https://www.linkedin.com/in/herwigkonings/ Nico: https://www.linkedin.com/in/nicopantelis/  Jason: https://www.linkedin.com/in/jasonbarraza/  Opinion articles, interviews, and more: https://medium.com/security-token-group  Find the video edition of this episode on our Youtube Channel: https://www.youtube.com/@stmtvofficial    The Market Movements   Hamilton Lane to Offer Retail Access via Republic: https://www.hamiltonlane.com/en-us/news/hamilton-lane-expands-access-to-retail-investors   New Unicorn: Sygnum Bank via $58M Raise: https://www.ledgerinsights.com/digital-asset-bank-sygnum-raises-58m-at-valuation-of-1bn/   Tradable Tokenizes $1.7B in Private Credit: https://cointelegraph.com/news/tradable-1-7-billion-private-credit-onchain   Liquidise Launches Private Company Tokenization on Redbelly Network: https://liquidise.com/news-post/liquidise-launches-asset-tokenisation-solution-on-the-redbelly-network/   IX Swap Taps Into Almost 200M Users Via Line: https://www.ixswap.io/news/ix-swap-unlocks-rwa-tokens-for-196m-line-app-users   IX Swap Waves Goodbye to the Astronaut and Introduces New Logo   Brickken Completes $2.5M Raise: https://cointelegraph.com/news/brickken-rwa-platform-2-5-m-22-5-m-valuation   The Token Debrief   NUS Tokenizes Green Bond Reporting on Northern Trust's Matrix Zenith: https://www.northerntrust.com/united-states/pr/2025/nus-pilots-first-in-market-green-bond-reporting-tokenisation-initiative-with-northern-trust-and-uob   Tykhe Capital's Pioneer Platform Tokenizes USD Money Market Fund: https://www.media-outreach.com/news/hong-kong/2025/01/15/355931/pioneer-under-tykhe-capital-launches-hong-kongs-first-tokenized-usd-money-market-fund/   Scintilla and Verseprop Partner for Real Estate Tokenization: https://www.zawya.com/en/press-release/companies-news/scintilla-and-verseprop-announce-strategic-collaboration-to-revolutionize-real-estate-tokenization-qpf34b6a BTguru and Chainlink to Tokenize Turkey-Regulated Institutional Assets: https://crypto.news/btguru-and-chainlink-team-up-to-advance-tokenization-in-turkey/   Plume and Elixir Partner to Provide DeFi Access to Institutions: https://www.prnewswire.com/news-releases/plume-and-elixir-launch-first-institutional-rails-into-rwafi-using-tokenized-real-world-assets-from-blackrock-and-hamilton-lane-302353379.html     = Check out our Companies = Security Token Group: http://securitytokengroup.com/   Security Token Advisors: http://www.securitytokenadvisors.com/   Security Token Market: https://stm.co  InvestReady: https://www.investready.com   ⏰ TABLE OF CONTENTS ⏰ 0:16 Introduction 2:22 Market Movements 13:37 STS Interviews: Brickken 25:54 Token Debrief 36:34 RWA Foundation Weekly Update 38:02 Companies of The Week: Tradable and Sygnum

In today's episode, we unpack how rigorous research translates into actionable strategies for wealth management. Ben and Mark are joined by Peter Mladina, Executive Director of Portfolio Research at Northern Trust Wealth Management and professor at UCLA. With an impressive body of published work and practical innovations like his goals-based asset allocation software, Peter offers a unique perspective on bridging the gap between theory and practice. The conversation delves into foundational topics like asset allocation and factor models, with a special focus on practical applications of research in wealth management. Peter shares insights from his research, including intriguing findings on factor investing and joint tests of market efficiency. From real estate investment trusts to the nuances of the Intertemporal Capital Asset Pricing Model (ICAPM), the discussion covers how these concepts can directly inform financial planning and portfolio construction. Tune in to explore the intersection of academic insight and everyday financial decision-making! Key Points From This Episode:   (0:00:17) Introducing Peter Mladina and his wealth management research. (0:04:00) Theoretical and practical shortcomings of Markowitz's Modern Portfolio Theory (MPT). (0:05:24) How the Capital Asset Pricing Model (CAPM) resolves MPT's shortcomings, and how the Intertemporal CAPM (ICAPM) resolves the CAPM and MPT's shortcomings. (0:10:16) Key distinctions between an optimal ICAPM portfolio and an optimal CAPM portfolio. (0:15:33) Allocating between liability hedge assets and risky assets, and when it's sensible for individual investors to try to fully hedge consumption liabilities. (0:20:14) The role of Monte Carlo simulation and human capital in building ICAPM portfolios. (0:24:15) Steps for practitioners starting with ICAPM and how to advise their clients. (0:37:18) Insights from Peter's papers on factor models: why common risk factors should explain returns across most asset classes. (0:40:11) The value of looking at asset classes through a factor lens. (0:41:54) Main factors Peter uses in his research and observations on the zoo of factors. (0:46:23) Takeaways from Peter's paper on real estate (and why he doesn't like it that much). (0:56:45) Unpacking hedge fund returns and factor models and Yale's endowment performance. (01:02:44) Peter's research on traded portfolios and jointly testing factor models and manager performance. (01:07:14) How Peter defines success, both professionally and personally.   Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/  Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on X — https://x.com/RationalRemindRational Reminder on TikTok — www.tiktok.com/@rationalreminder Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://pwlcapital.com/our-team/ Cameron on X — https://x.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/ Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp/ Mark McGrath on X — https://x.com/MarkMcGrathCFP Peter Mladina on LinkedIn — https://www.linkedin.com/in/peter-mladina-177194125/ Peter Mladina on SSRN — https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=890472 Northern Trust — https://www.northerntrust.com/ Episode 169: John Cochrane — https://rationalreminder.ca/podcast/169   Papers From Today's Episode:  ‘Real Estate Betas and the Implications for Asset Allocation' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3134732 ‘An ICAPM Framework for Asset Allocation' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4319731 ‘An ICAPM for Goals-Based Investing' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4943241 'Portfolios for Long-Term Investors' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3790823 ‘Yale's Endowment Returns: Manager Skill or Risk Exposure?' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2959074

Watch The X22 Report On Video No videos found Click On Picture To See Larger Picture Kamala Harris destroyed the entire economic narrative with the interview. Nobody is believing what she is stating, its actually the opposite. The feel the economy, she cannot gas light the people. Musk lets everyone know that the debt cannot be sustained, we must go to the source of the problem. The [DS] is now panicking, the interview with [KH] bombed, people know it was edited and when the leaked raw version comes out the people will see the truth. [KH] sounds like a frightened little girl and she needed her daddy next to her. The queen is blocking the King, Trump wants the queen out of the way. CISA is now preparing for cyber attacks. The [DS] is ready to move forward with their plan, the patriots are ready for it all.   (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:13499335648425062,size:[0, 0],id:"ld-7164-1323"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="//cdn2.customads.co/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs"); Economy    https://twitter.com/ClayTravis/status/1829339800849052138 https://twitter.com/KobeissiLetter/status/1829236185517945019   average of homes purchasing plans index declined to a new 12-year low. This comes as mortgage demand has hit its lowest levels since 1995 and prices extend their move into record territory. Buying a home is now a luxury. https://twitter.com/drgurner/status/1829143834942415076   https://twitter.com/KobeissiLetter/status/1829497247563751482 https://twitter.com/WallStreetSilv/status/1829459055322288164 https://twitter.com/seanmdav/status/1829549575180529847    https://twitter.com/WallStreetSilv/status/1829481693972979891 94 US Banks Burdened by Uninsured Deposits – Risk of Bank Runs A new study by Florida Atlantic University believes that 94 separate US banks are facing a significant risk of bank runs. The at risk banks have all reported a 50% or higher ratio of uninsured deposits to total deposits. Basically, they simply do have the hard currency to shell out in the event of a panic. Banks currently limit cash withdrawals under the pretense of money laundering and security. They will ask all sorts of questions if you even TRY to withdraw your money. They realize we are on the verge of a crisis in banking on a global scale. The University's Liquidity Risk from Exposures to Uninsured Deposits index found that BNY Mellon and John Deere Financial have a 100% ratio of uninsured deposits, followed by State Street Bank (92.6%), Northern Trust (73.9%), Citibank (72.5%), HSBC Bank (69.8%), JP Morgan Chase (51.7%), and U.S. Bank (50.4%). Source: armstrongeconomics.com https://twitter.com/elonmusk/status/1829485522873623014   Political/Rights Texas State Rep. Shawn Thierry Breaks Free from Democrat Party, Joins GOP in Bold Move Against Radical Left   This pivotal decision comes as more and more Americans awaken to the extreme ideologies being pushed by the radical left. “I am leaving the left and joining the party of family, faith, and freedom,” Thierry said in a statement Friday. Her statement resonates with countless citizens who are fed up with the Democrats' relentless push for policies that undermine traditional values and threaten the well-being of families. Thierry took to X to share her heartfelt decision: Source: thegatewaypundit.com https://twitter.com/StephenM/status/1829214159311122885 Colorado Mayor Admits Police Have Lost Control of Part of Community to Venezuelan Illegal Migrant Gang “Tren de Aragua”  In California roaming groups of military-aged illegal migrants have been caught trying to take control of school busses full of children [STORY HERE].  Parents of the children formed defensive perimeters to block t...

Today we'll chat with Carl Tannenbaum, chief economist for Northern Trust. In his role, Carl prepares the bank's official economic outlook and participates in forecast surveys. He is a member of Northern Trust's investment policy committee, its capital committee, and its asset/liability management committee. Prior to joining Northern Trust, Carl spent four years leading the Federal Reserve's risk section. He was deeply involved in the central bank's response to the 2008 financial crisis. Carl began his career in banking at LaSalle Bank/ABN AMRO, serving for more than 20 years as the organization's chief economist and head of balance sheet management. Carl holds an MBA and a BA in finance and economics from the University of Chicago.BackgroundBioEconomic Outlook, Inflation, and Tariffs“The Final Descent,” by Carl Tannenbaum, Ryan James Boyle, and Vaibhav Tandon, Northerntrust.com, July 16, 2024.“Trust the Process,” by Carl Tannenbaum, Ryan James Boyle, and Vaibhav Tandon, Northerntrust.com, June 13, 2024.“The Value of Economic Data,” by Carl Tannenbaum, Northerntrust.com, July 19, 2024.“The Truth About Tariffs,” by Carl Tannenbaum, Northerntrust.com, July 3, 2024.“A New Round of Tariffs,” by Carl Tannenbaum, Northerntrust.com, May 24, 2024.“Inflation Has a Perception Problem,” by Carl Tannenbaum, Northerntrust.com, June 21, 2024.“Aftershocks,” The View From Here With Carl Tannenbaum, Northerntrust.com, March 11, 2024.The Fed and National DebtThe Fed's FunctionsFederal Reserve Bank of Chicago's Spotlight on Childcare and the Labor Market“Debt Matters,” The View From Here With Carl Tannenbaum, Northerntrust.com, Jan. 9, 2024.Real Estate, Banking, and AI“Out of Office,” The View From Here With Carl Tannenbaum, Northerntrust.com, April 1, 2024.“Banking: Back in the News,” by Carl Tannenbaum, Northerntrust.com, Feb. 16, 2024.“Shedding Light on Private Credit,” by Carl Tannenbaum, Northerntrust.com, May 17, 2024.“Empowering AI,” The View From Here With Carl Tannenbaum, Northerntrust.com, July 24, 2024.“Automation and Anxiety,” by Carl Tannenbaum, Northerntrust.com, July 12, 2024.“Augmented Intelligence,” The View From Here With Carl Tannenbaum, Northerntrust.com, June 27, 2023.Other“Last Mile: What It Means in Reaching Customers,” by Adam Hayes, Investopedia.com, Sept. 11, 2023.Committee for a Responsible Federal Budget