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In this episode, Rusty and Robyn talk with Paul Curley, Director of Savings Research at ISS Market Intelligence. In his role, Paul oversees 529 and ABLE market data, research, events and digital products and services for institutional clients, including the 529 Conference. Also, an Editor-in-Chief of the 529 Dash e-newsletter and the 529 Insiders website for financial advisers, institutions, and the media, Paul presents educational seminars and conferences to financial industry experts on 529 plans and ABLE accounts.
Key Takeaways
[03:34] - Learn about Paul’s work as Editor In Chief for 529 dash, Director of Savings Research at ISS Market Intelligence and CFA Review Instructor and Practice Exam Writer.[05:34] - Learn more about what makes ISS Market Intelligence unique and how they operate.[07:01] - What are 529 Plans and why should investors care about them?[08:25] - Why are 529 Plans not even more popular, or more widely adopted, than they are?[09:41] - What are the most significant data points or metrics that parents and advisors should be focusing on when selecting a 529 Plan?[12:03] - How might recent policy changes affect the usage and appeal of 529 Plans for advisors?[12:57] - Do most 529 investors buy directly from a 529 Plan or do they go through a financial advisor? Also, what might make 529 Plans more attractive to financial advisors?[14:49] - How has Paul seen the 529 space evolve over the past decade and what trends are shaping the future of these plans?[16:07] - What are the biggest challenges facing the 529 industry today? Also, what role does ISS play in helping states and plan providers navigate those challenges?[18:02] - How does Paul view the shift in investment options available in 529 Plans now?[20:55] - Has Paul noticed any shifts in the demographic of families using 529 Plans and how is this influencing product offerings or marketing strategies for plan providers?[22:50] - Does Paul see any emerging alternatives or supplements to 529 Plans, such as innovative funding models or education targeted investment products?[25:18] - Are there any legislative developments on Paul’s radar that could impact the 529 industry?[26:50] - How are technology and digital platforms transforming the way people engage with education savings plans? Also, what role does Paul see AI and data analytics playing in the future of education investing?[29:00] - For listeners who are new to 529 Plans, or who are looking to improve their education savings strategy, what is the one piece of advice Paul would offer?[30:10] - What is currently Paul’s favorite investment idea?Quotes
[12:02] - “I would just say that, for additional content as it relates to that ability to distribute over to Roth IRAs, what’s very intriguing is there’s only 0.1% of assets in accounts currently using that capability to roll over from 529s to a Roth. So…the real strong point [here]…is really just reducing that mental hurtle…that’s like ‘what if my child doesn’t go to college?’” ~ Paul Curley
[31:01] - “It’s easier to increase your savings rate by 20% than [to reduce] your living expenses by 20%, if that makes sense at all? So, that’s [my favorite investment idea and] something that I’ve been thinking about recently.” ~ Paul Curley
Links
Paul Curley on LinkedInISS Market Intelligence“Saturday Night Live Theme” by Howard ShoreConnect with Us
Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.
Advertisement sponsored by Janus Henderson Investors. Janus Henderson Investors and Orion Advisor Solutions, Inc. (“Orion”) are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided. Orion does not endorse any particular third-party product or service.
Compliance Code: 2700-OPS-10/21/2024
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Today, Rusty and Robyn are joined by Saira Rahman, Vice President of New Investor Initiatives at Fundrise. Saira is a board advisor and speaker with 17 years of experience in strategy, payments, modeling and forecasting, financial reporting and interest rates. She believes in effective leadership through cross-functional collaboration, clear communication, people management and robust teamwork. Saira has been featured in the Wall Street Journal and Yahoo News advocating for and implementing family benefits in the workplace. She is also Co-host of Girls Just Wanna Have Funds, a weekly podcast deconstructing the intimidating world of finance with Megan McShane.
Key Takeaways
[03:13] - Learn more about Saira’s professional background and what drew her to the investing world.[05:26] - Learn more about Fundrise and their focus on Alternative Investments.[06:20] - How would Saira define Alternatives exactly? Also, what types of Alts are there?[07:07] - Why should investors consider Alternatives in addition to traditional asset classes, like stocks and bonds, in their investment portfolios?[09:32] - Why are Alternatives seeing a spike in popularity right now? Also, has the interest in Alternatives been impacted by The Fed's decision to cut rates recently?[11:00] - How has Fundrise evolved since its inception and what upcoming developments is Saira most excited about?[12:24] - How are changing demographics influencing the Alternative space in general and the types of investment opportunities that Fundrise offers?[14:44] - How is the current economic environment impacting Real Estate investments for retail investors?[16:13] - What role does company culture play in driving innovation and growth within Fundrise?[16:52] - What is the most important lesson Saira has learned from her diverse career in Financial Services?[18:00] - What is the best piece of advice that Saira has received and what advice would she give to women entering the Financial Services industry?[20:54] - What is Saira’s favorite investment idea currently?[22:36] - Who are some of the colleagues and mentors that Saira is especially thankful for?Quotes
[07:09] - “If I’m an RIA, and I don’t have Alts in my portfolio, I’m missing out on some of the biggest Alpha currently available in the market…We’re currently in the AI wave, where all of the alpha is in being able to make money on both private and public companies. But, if you look at the public companies, NVIDIA is the only company available to you, in terms of AI…and if you want to get access to the rest of the absolutely incredible AI companies, you have to go into Venture Capital…so if you are not investing in private markets [and] you’re not investing in VC, you are doing a disservice to your investors because they are unable to access just the massive opportunity that is currently in front of us.” ~ Saira Rahman
[16:54] - “The most important lesson [I’ve learned from my time in Financial Services] is probably that you really need to find a job that doesn’t feel like a job…I think having the ability to figure out exactly where you wake up every morning, and it just doesn’t feel like work, that is when you realize you are home.” ~ Saira Rahman
Links
Saira Rahman on LinkedInFundrise“Infinity” by They Might Be GiantsConnect with Us
Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.
Advertisement sponsored by Janus Henderson Investors. Janus Henderson Investors and Orion Advisor Solutions, Inc. (“Orion”) are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided. Orion does not endorse any particular third-party product or service.
Compliance Code: 2643-OPS-10/14/2024
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Saknas det avsnitt?
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Today, Rusty and Robyn are joined by Michael Patchen, Co-Founder and CEO at Colleva.
Key Takeaways
Mike’s professional background and how he got where he is today.What inspired the founding of Colleva?What are the challenges that Mike is seeing in the RIA space and how is Colleva helping address these? Also, how does he envision it transforming the landscape of professional development and employee coaching?What is Mike’s outlook for AI in the broader investment industry and how it will transform it?What does Mike consider to be the primary focus of Colleva?How does Colleva use AI to create lifelike, interactive coaching experiences? What sets it apart from other AI tools?What makes Colleva’s approach to employee insights so unique?While Colleva is not currently being used to job interviews and screening, what roles can it play in the interviewing landscape?Does Mike have metrics or success stories to gauge the effectiveness of Colleva?Some examples of how using Colleva is engaging, approachable and even fun.At a philosophical level, how does Mike see the future of work evolving?How does Mike maintain a work/life balance and how does that influence his leadership style?What is currently Mike’s favorite investment idea?Quotes
“When my co-founder and I saw what was happening in the AI world, with obviously things like these large language models, like OpenAI…but also text to speech, speech to text, video avatars…What we realized is there was a unique…level changing opportunity, to provide an executive coach for everyone… [and that it] could add a lot of value to organizations.” ~ Michael Patchen
“I think [AI] is going to be, you know, completely transformative…without any hyperbole. As someone who went through the internet bubble, or internet phase, I think ultimately this will be multiples of that in terms of impact. There will be a lot of shakeout, there will be a lot of false starts, there will be a lot of figuring out what is good AI…vs. bad AI. But, ultimately, the impact is going to be transformational because we are really just in the infancy of it.” ~ Michael Patchen
Links
Michael Patchen on LinkedInColleva“Still of the Night” by WhitesnakeConnect with Us
Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.
Advertisement sponsored by Janus Henderson Investors. Janus Henderson Investors and Orion Advisor Solutions, Inc. (“Orion”) are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided. Orion does not endorse any particular third-party product or service.
Compliance Code: 2610-OPS-10/10/2024
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Today, Rusty and Robyn are joined by Ryan Issakainen, Senior Vice President, Exchange-Traded Fund Strategist at First Trust Advisors. Since joining First Trust in January of 2000, Mr. Issakainen has worked in various capacities with Unit Investment Trusts, Closed-Ended Funds, Structured Products, and Exchange-Traded Funds. As an ETF Strategist at First Trust, Ryan provides in-depth analysis and commentary related to ETF investing, including a monthly ETF webcast for financial advisors, and a quarterly ETF newsletter. In addition to his research responsibilities, Ryan speaks at various ETF industry events and conferences throughout the country. Mr. Issakainen has appeared on a number of radio and television outlets including CNBC, Fox Business, Bloomberg Radio, and WBBM Newsradio 780. In addition, he has given interviews to numerous print outlets including Investor’s Business Daily, Bloomberg, Reuters, InvestmentNews, Investment Advisor Magazine, TheStreet.com, Index Universe, MarketWatch, The Wall Street Journal, LA Times, US News and World Report, and Fortune Magazine. Ryan holds a B.A. and an M.A. from Wheaton College in Wheaton, IL. He resides in upstate New York with his wife Lauren and children Abigail, Joshua, and Caleb.
Key Takeaways
What drew Ryan to this industry in the first place and why has he stuck with First Trust for such a long time?What drives First Trust’s investment philosophy and how does it differ from its peers?When interest rates are falling, what tends to work in the stock market?When might the stock market broaden out a bit and what are some of the potential catalysts for this shift?What are some of the potential second order effects of the buildout of AI?How does Ryan define investment themes in general and what does he think that themes like re-shoring and de-globalization mean for the market overall?What is Ryan’s overall outlook for the growth of ETFs and ETF models?How would Ryan define Buffered ETFs and why is there such high demand for them?More and more firms are entering the Buffered ETF landscape. What might this mean for the ecosystem?What is next in the Buffered investment space? Will First Trust potentially bring buffers to other investment vehicles?How does First Trust partner with RIAs and Financial Advisors in a way that might be different from other ETF fund companies?How does First Trust mesh their great macro research with the products they launch?What is Ryan’s favorite investment idea at the moment?Quotes
“When we look historically, what tends to work better during those rates down/rate cutting environments…we’ve seen high dividend paying stocks, as well as low volatility stocks, have been the best performing factors. High quality stocks tend to do well also, but they also tend to work when rates are moving higher. ” ~ Ryan Isaakainen
“[For] themes like de-globalization [and] re-shoring, those things are obviously connected - if you are going to have less of a global supply chain, you’ve got to bring it home. This is a trend that is just beginning to play out, that we expect will have legs for at least a decade. We look at the evidence that it’s happening…there’s this building boom in factories that’s across the US - it’s just an enormous amount of magnitude…and there’s a lot of reasons for that and there’s a lot of reasons why we think it will continue. One of the obvious reasons, looking in the rearview mirror…is that…there are vulnerabilities [in supply chains] that were exposed by Covid.” ~ Ryan Isaakainen
Links
Ryan Issakainen on LinkedInFirst Trust Advisors“Enter Sandman” by MetallicaFirst Trust ROI PodcastAll-In PodcastConnect with Us
Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.
Compliance Code: 2518-OPS-10/1/2024
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Today, Rusty and Robyn are joined by Yuri Khodjamirian, Chief Investment Officer of Tema ETFs. Yuri spent over a decade at Majedie Asset Management managing UK and Global portfolios. As co-manager of the Majedie UK Income Fund, he helped build the fund from start-up stage, raising several billion in assets. He later set up his own long-only fund and sits on the board of a private Scandinavian biotechnology company. He holds degrees in Economics from University of Cambridge and LSE (distinction), as well as a degree in Bioscience Enterprise from University of Cambridge. Yuri is a CFA charter holder.
Key Takeaways
[03:31] - Yuri’s professional background, career highlights and what brought him to Tema.[05:06] - More on Tema ETFs and what makes them stand out from their peers.[06:10] - Learn more about Tema’s investment process and philosophy.[07:24] - How does Yuri think up the ideas behind the funds they launch? What is his process?[08:37] - What is the trend of “American reshoring” and how does Tema select companies for this theme?[10:38] - What makes Tema think that reshoring in the US is a durable trend?[13:32] - How does Tema approach the healthcare sector differently from other sectors?[15:47] - What should we be paying attention to in relation to the anti-obesity market within healthcare?[17:42] - How is Tema doing “Moat Investing” differently than other firms?[19:48] - One of Tema’s tickers is “TOLL.” What are some examples of some of the companies they would include, or would not include, in TOLL?[21:42] - What do alternative investments mean for Yuri and what are his current thoughts on the space?[24:27] - What is Yuri’s favorite investment idea currently?Quotes
[06:12] - “My key criteria for joining [Tema ETFs] was sort of - are we going to be really thoughtful about the types of strategies we launch?...What I was kind of encouraging was to build a very thoughtful process that was investment first. What are the most interesting [areas], what I call neighborhoods, of the stock market? ” ~ Yuri Khodjamirian
[08:45] - “The thesis [of American reshoring] is kind of the opposite of what was happening in the world many decades ago. So, if you think about the 1960s and from that point on - really a lot of companies, especially in the United States, started to send manufacturing abroad. They were motivated by labor costs [among] other things…and companies were offshoring…but what’s happened over I would say the last 15 years…is that companies are starting to realize that these supply chains are quite vulnerable…and suddenly the board room calculations [are considering] ‘shouldn’t I be building [supply chains] closer to the home market to gain an advantage?’” ~ Yuri Khodjamirian
Links
Yuri Khodjamirian on LinkedInTema ETFs on LinkedInTema ETFs“Why Can’t We Be Friends?” by WarThe Browser NewsletterIn Our Time PodcastConnect with Us
Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.
Compliance Code: 2482-OPS-9/26/2024
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Today, Rusty and Robyn are joined by John Hoffman, Ryan Alderman, Jimmy Dooling, Greg King and Chris Hart from Brinker’s Due Diligence team.
Key Takeaways
[04:10] - The professional background of each of our guests today and what led them to Brinker.[09:06] - If they had to do due diligence on a due diligence team, what would they look for in that situation and what are some of the characteristics of a good due diligence team?[11:35] - How do they set themselves apart from other due diligence teams in the industry?[14:02] - How does the team go about finding new ideas and how does their “shopping list” get created?[15:58] - When the team is considering managers and strategies, what factors and attributes are they looking for in particular?[17:46] - Learn more about the Brinker Capital “guiding star” reports. What do they cover in these reports and who gets to read them?[19:40] - Do they have any stories of due diligence meetings that have gone terribly wrong?[22:55] - Advice and preparation tips for investment firms that want to be interviewed by the Brinker due diligence team?[25:44] - Recommendations for people who are interested in becoming due diligence analysts.[27:07] - What are each of our guests favorite investment ideas for the near future?[30:36] - How do each of our guests maintain their health, both physical and mental, to ensure they can perform at the high level demanded by this industry?[33:36] - Who are some of the colleagues and mentors that each of the guests are thankful for?[37:26] - Book, podcast and music recommendations from our guests.Quotes
[12:43] - “I would say also, to extend on Jimmy’s point, [our due diligence team is] a bit more nimble…I think being a smaller, more collaborative team gets us the ability to execute a little bit more efficiently, [and to] make decisions a little bit more quickly [while] not sacrificing our process along the way.”
[16:43] - “Process driven philosophies, being able to quantify why it works and being consistent in how you implement it, I think, are the biggest 3 things that we look for [when considering managers and strategies].”
Links
Brinker Capital“Sweet Emotion” by Aerosmith“It’s a Long Way to the Top (If You Wanna Rock ‘N’ Roll” by AC/DC“POWER” by Kanye West“Livin’ Part Of Life” by Eric Church“Bad To The Bone” by George Thorogood and the DestroyersConnect with Us
Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor. Wealth Management services are offered by Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor. Orion Portfolio Solutions, LLC is a wholly owned subsidiary of Orion Advisor Solutions, Inc. (“Orion”)
Compliance Code: 2360-OPS-9/13/2024
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Today, Rusty and Robyn are joined by Jerry Parker, CEO of Chesapeake Capital. Mr. Parker is the Chairman and Chief Executive Officer of Chesapeake and Chesapeake Holding Company. Mr. Parker received a Bachelor of Science degree in Commerce, with an emphasis in Accounting, from the University of Virginia in 1980. Mr. Parker started his trading career in 1983 as an exempt commodity trading advisor for Mr. Richard J. Dennis, in his “Turtle” training program. My. Parker, a Portfolio Manager, has overseen Chesapeake’s operations and its trading since its inception in February 1988.
Key Takeaways
[03:36] - What drew Jerry to investing in the first place? Also, learn more about his career as the Founder of Chesapeake Capital.[05:46] - Learn more about Chesapeake Capital, what sets them apart as a firm and what has been key to their success.[07:53] - Learn more about how Jerry got involved with “Turtle Trading” and more detail about the experiment.[13:15] - How does Jerry define systematic investing and why does he think this approach has worked for him for so long?[15:03] - What was it like working with William Eckhart and Richard Dennis?[19:03] - Learn about the ETFs that Jerry manages for Chesapeake and how they differ from other trend following ETFs.[23:22] - What does Jerry think about the main differences between managing money in a Hedge Fund structure vs. an ETF structure and what made him move from one to the other?[25:21] - Is it true that commodities and currencies are markets that have a tendency to trend, but equities and fixed income are not? Also, what are the benefits of combining a multi-asset trend strategy with equities?[28:27] - How does Jerry define trend and how does it differ from momentum?[31:47] - Where does Jerry think trend following fits alongside fundamental investments in a portfolio?[36:47] - If Jerry was responsible for due diligence and had to select a portfolio manager who used trend following, what would he look for in that manager and that strategy?[39:12] - What does Jerry think about the popularity of trend replication strategies?[42:56] - Does Jerry find that there is more interest in trend following strategies from RIAs than from other financial advisors?[44:51] - When Jerry is considering how to invest his personal wealth, what allocations guidelines or principles does he follow?[47:42] - What have been Jerry’s best and worst trades and what did he learn from them?[52:13] - What is Jerry’s favorite investment idea currently?Quotes
[13:15] - “I think [trend following] works for me because it suits my personality to follow the rules…To have a backtest to at least show me, minimally, that this has at least happened in the past…it may not be great in the future, but it has at least done well in the past…but you can have a little bit of confidence going forward with these rules. I think it works for everyone, if you are willing to submit yourself to rules and not be upset or jealous when people are doing better, seemingly, by not using rules…I think over time this type of strategy will work out, and win out, eventually, but not on a day-to-day basis.” ~ Jerry Parker
[19:24] - “I look at our trend following as similar to the S&P. It’s just pure beta. It’s just pure trend. It’s hard to beat, it’s hard for active managers to beat the S&P. I think it’s hard…to beat plain old trend following…It’s [also] rare, I don’t know any other CTAs who will admit that it’s trend following plus nothing, we don’t do anything except trend following, and it’s pretty much the same rules I learned in 1983 with a few changes.” ~ Jerry Parker
Links
Jerry Parker on LinkedInJerry Parker on TwitterChesapeake Capital Corporation“Choice is Yours” by Stick FigureConnect with Us
Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.
Compliance Code: 2296-OPS-9/6/2024
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Today, Rusty and Robyn are joined by Joe Smith. Joe is Co-founder, Chief Investment Officer and head of Parti Pris’ Investment Strategy Committee. He has executive responsibility for wealthtech platform development, and thought leadership. In his leadership role, he brings deep expertise in applying technology and portfolio optimization tools to portfolio design and implementation issues specific to wealth management. Joe is the primary architect of Parti Pris’ investment approach including Parti’s proprietary Household investment management process and our Advisor SketchBook™ portal.
Joe brings almost 20 years of financial industry experience to his position at Parti Pris. Previously, he served as Senior Market Strategist and later Deputy Chief Investment Officer of CLS Investments, LLC. He has held several other investment management and product development roles including Manager of ETF Product Research & Development at Russell Investments and Senior ETF & Index Product Specialist at Charles Schwab Investment Management.
Joe holds a BS in Economics from the University of Washington and an MBA from the Tepper School of Business at Carnegie Mellon University. Joe has hosted several industry podcasts and authored several articles and papers regarding the investment management industry and trends, application of quantitative methods to portfolio management, and the role of ETFs in asset allocation portfolios.
Key Takeaways
[03:59] - Joe’s professional background and how it led him to his current position.[10:14] - Parti Pris is the organizing thought, or decision, behind an architect’s design. How does this idea guide the identity of Joe’s firm and how it operates?[12:16] - What’s Joe’s assessment of the current state of Direct Indexing and the customization marketplace and what should people expect as the next key areas of focus?[14:58] - What is Unified Managed Householding and why does Joe think that it will play a crucial role in the future of wealth management?[16:32] - What is currently the biggest driver of demand for Unified Managed Householding and what is the ultimate market opportunity for it?[18:55] - What are some obstacles that advisors might face when implementing Unified Managed Householding and how does Parti Pris help advisors overcome these?[21:13] - What are some of the key lessons that Joe has learned as an entrepreneur?[24:23] - What does Joe consider to be the building blocks of a cohesive company culture?[27:27] - How does Joe think the industry needs to evolve risk management to ensure advisors can help their clients navigate short-term market movements and deliver better investment outcomes over the long-term?[30:02] - How has Joe’s experience in the industry been shaped by his identity as a person of color?[32:42] - What steps can be taken to encourage more people of color to pursue careers in wealth management?[34:53] - What is currently Joe’s favorite investment idea?Quotes
[13:49] - “Now, where do I actually think [Direct Indexing] is going, and what we have seen at Party Pris, in terms of the third act of what I’ll call the great wave in direct indexing and personalization. It’s really focusing more on holistic, related solutions than being individualistic…and I think that’s where the concept or idea of Unified Managed Householding is really starting to come into focus for a lot of advisors” ~ Joe Smith
[18:55] - “I think there’s really two major challenges [to implementing Unified Managed Householding]. One, I think, is more technology related and two is more education related. When we talk about Unified Managed Householding, it requires a lot of input from the client [and] it requires a lot of input from the advisor and getting all of that information in one centralized place to make the right decisions [is critical].” ~ Joe Smith
Links
Joe Smith on LinkedInParti Pris“The Fire” by The Roots & John LegendConnect with Us
Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.
Compliance Code: 2234-OPS-8/30/2024
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Today, Rusty and Robyn are joined by Scott Davis and John Finneran, the Head of ETFs and ETF Sales Specialist respectively at Capital Group.
Scott T Davis is an ETF director at Capital Group, home of American Funds. He has 17 years of industry experience and has been with Capital Group for 16 years. Prior to his current role, Scott led product development across Capital Group. Earlier in his career he held various strategy and finance roles for Capital Group, Hostess Brands and Boeing. He holds an MBA from University of Southern California and a bachelor's degree in management science from University of California San Diego. Scott is based in Los Angeles.
John Finneran is an ETF sales specialist at Capital Group, home of American Funds. He has 17 years of industry experience and has been with Capital Group for three years. Prior to joining Capital, John worked as an iShares leader at BlackRock/iShares. Before that, he was a sales executive at Vanguard. He holds a bachelor's degree with a double major in marketing and management and a minor in international business from Villanova University. John is based in Harleysville, Pa.
Key Takeaways
[03:16] - Scott’s professional background and what led him to his current position.[04:40] - John’s past experience and how it all comes together to inform what he does now.[05:55] - What sets The Capital Group apart from their peers and how has it had such longevity within the industry?[09:03] - What unique promise does Capital Group see in ETFs as an investment vehicle?[10:23] - What is the origin story of Active ETFs and their evolution within Capital Group?[13:40] - Learn about Capital Group's decision to enter the Active ETF space and their approach to their entry.[15:28] - Top reasons why advisors and investors should consider Actively managed ETFs from Capital Group and what benefits they can expect from them.[18:07] - How are advisors responding to the Capital Group introducing Active ETFs to client portfolios? What has been some of the feedback and questions that people are asking?[20:43] - What should investors and advisors be asking when speaking with actively managed ETF managers when they’re doing their own due diligence? Are these questions different from when they talk to active managers of Mutual Funds and SMAs?[24:42] - How many ETFs does Capital have and what is the total AUM?[25:37] - Any key takeaways around client demand and what does the road forward look like for Capital Group’s actively managed ETFs?[30:02] - What are their favorite investment ideas for the remainder of 2024?Quotes
[11:35] - “I think the industry…haven’t done advisors right. By that I mean, the industry has made it an active vs. passive debate. Every time you’re turning this on, it’s ‘are you beating my ETF…you know, what percentage of active managers are outperforming their index.’ I’m fortunate, you know, I’ve had thousands of conversations with advisors, and it’s actually an ETF vs. Mutual Fund debate. ” ~ John Finneran
[13:40] - “Our decision…back in 2019, and for the many years prior to that, was all about how we could take our investment process and deliver it in the ETF wrapper without compromising any of the benefits or expectations that investors would have in an ETF from Capital. Once the SEC rule was passed, that really gave us the ability to do that…We spend a lot of time and energy in the design and execution of our ETFs to make sure we are leveraging all the tools of the ETF wrapper…in order to manage that…That’s been our guiding light as we’ve developed this suite over the past 26-28 months, we know have 21 ETFs that help satisfy a really broad range of investor need.” ~ Scott Davis
Links
Scott Davis on LinkedInJohn Finneran on LinkedInCapital Group“Mr. Brightside” by The Killers“Lose Yourself” by EminemConnect with Us
Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.
Compliance Code: 2240-OPS-9/3/2024
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Today, Rusty and Robyn are joined by Ben Cruikshank. Ben is President of Flourish, where he oversees all client-facing teams, including Sales, Relationship Management, Partnerships, and Support. Ben is a frequent commentator on issues related to investment advisors and has appeared in The Wall Street Journal, Barron's, Marketwatch, and numerous industry publications. Prior to Flourish, Ben was a founding member of the Betterment for Business team and led the 401(k) sales team. Prior to Betterment, Ben discovered his love for start-ups at NewsCred, a marketing technology company where he ran the Financial Services sales vertical and built the sales operations organization as the company grew from 15 to 200+ employees. Outside of Flourish, Ben spends time with his wife and son, volunteers for Hour Children, an organization that helps families impacted by incarceration, and is fixing up an 1880s farmhouse in upstate New York. Ben has a passion for personal finance, which directly led to his work with financial advisors and their clients. Ben holds a degree in Economics from the University of Pennsylvania and holds his Series 7, 24, 63, and 99 licenses. Fun Fact: Ben is dedicated to brewing the perfect cup of coffee, including roasting his own beans.
Key Takeaways
[03:34] - Ben’s professional background and more on his current role at Flourish.[06:40] - What makes Ben’s team at Flourish so cool and interesting and what world records does he hold?[08:25] - Why is cash management so important and how is Flourish helping investors in this space?[15:17] - What are some best practices to consider when it comes to how much one should hold in cash?[18:40] - How much are investors losing if they aren’t optimizing their cash reserves and how is Flourish helping advisors and investors to optimize their holdings?[24:13] - What is Ben’s market outlook for cash interest rates moving forward?[27:27] - Ben walks us through some of the more popular annuity options.[37:14] - What are the basic pros and cons of utilizing annuities?[40:45] - As President of a Fintech firm, how does Ben define success?[44:03] - What helps make firms successful when rolling out innovative, new solutions and how has Ben seen client expectations, about their advisors, change in recent years?[49:54] - What is Ben’s favorite investment idea for the remainder of 2024?Quotes
[12:15] - “[There are]...four different academic studies, surveying high net worth individuals directly, that show high net worth individuals hold 20% + of their wealth in cash. So you’re looking at this 1%, fighting tooth and nail to minimize cash drag in the portfolio, and that’s all really important, [but] did you know how much cash your clients have sitting on the side?...Inevitably, 99 times out of 100, the advisor would say ‘interesting point, [but] not my clients, I know where every single dollar is [and] my clients don’t hold anywhere near that much cash, that’s just not possible.’” ~ Ben Cruikshank
[54:05] - “I gave myself permission to just read anything I was interested in…I love science fiction and things like that. Just read. Don’t worry about it being the most productive book, don’t worry about it moving your business forward or your professional life forward, just read. Read like a kid, read for the enjoyment of it. I have seen, since doing that…just tremendous improvements in focus, in mood, in new ideas and energy and I think there’s just so much benefit…to snoozing notifications, closing the laptop, and again, finding that childlike wonder.” ~ Ben Cruikshank
Links
Ben Cruikshank on LinkedInFlourish Financial“Hells Bells” by AC/DCFor the Love of Money by The O’JaysMichael Kitces’ Piece on CashConnect with Us
Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.
Compliance Code: 2070-OPS-8/14/2024
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Today, Rusty and Robyn are joined by Adam Abbas, Head of Fixed Income and Portfolio Manager at Harris Associates. Adam Abbas has been a manager of the Oakmark Bond Fund and Oakmark Equity and Income Fund since 2020. He is also a vice president of the Oakmark Funds. He started at Harris Associates in 2018 after working as a lead portfolio manager at KVK Credit Opportunity Fund LP. Prior to that, he was a portfolio manager at Driehaus Capital Management, a senior research analyst at Neuberger Berman/Lehman Brothers and an analyst at Huron Consulting Group. Mr. Abbas earned a B.S. degree from Northwestern University (2004) and an M.B.A. from the University of Chicago (2013).
Key Takeaways
[03:07] - Adam’s professional background and how he came to specialize in Fixed Income.[06:36] - Learn more about Harris Associates and the philosophy that sets their firm apart.[08:58] - How does Adam apply Harris’s investment philosophy to their Fixed Income investing?[10:50] - What information does Adam gather from the equity side of the house and how much does this inform their approach?[12:45] - It has been a tumultuous couple of years for the Fixed Income market. What factors have helped them generate Alpha during this time?[16:28] - Adam runs a relatively concentrated portfolio for their space - how does he think about position sizing in the context of the risk return profile they hope to deliver?[18:59] - What are some of the key drivers for security selection within the fund?[20:27] - What are Adam’s thoughts on interest rates and the credit markets in general?[22:30] - What is Adam’s favorite investment idea for the remainder of 2024?[26:48] - Who are some of the colleagues and mentors that Adam is particularly thankful for?Quotes
[15:08] - “We’re not out here trying to time markets at Harris, or putting huge conviction on our ability to call the exact time of the cycle. We believe that’s a really hard call to make…look at the track records for making those types of macro, top-down calls – they’re very tough to make.” ~ Adam Abbas
[19:52] - “...Business value, that’s where we are really differentiated. We spend some time on understanding ‘what is our forward looking view of total business value, and how does that inform the default risk that’s priced in the marketplace today?’ If that fair value is at a sufficient discount, or cheaper than the market price, and we can’t fully describe that disconnect from top down dislocations, that’s when we initiate the position.” ~ Adam Abbas
Links
Adam Abbas on LinkedInHarris Associates“Under Pressure” by QueenConnect with Us
Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.
Compliance Code: 2018-OPS-8/8/2024
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Today, Rusty and Robyn are joined by David Ricci, a Portfolio Manager at William Blair. David Ricci, CFA, partner, is a portfolio manager on William Blair’s Large Cap Growth strategy, which he joined in 2011. From 2005 to 2018, he was also a portfolio manager on the Mid Cap Growth strategy. Previously, he was the group head for the consumer sector, focusing on specialty retail and e-commerce companies, in William Blair’s sell-side research group. Before joining William Blair in 1994, David gained extensive experience at Procter & Gamble, Melville, and Bain & Company. He is a member of the CFA Institute and the CFA Society Chicago. David received a Sc.B., magna cum laude, from Brown University and an M.B.A. from Harvard Business School.
Key Takeaways
[03:31] - David’s professional background, his current role and his volunteer work.[06:55] - When it comes to managing a growth portfolio, what is David’s philosophy?[11:51] - Does David think that active managers who are using fundamental analysis can still outperform in current market conditions?[14:40] - Does he think that the markets right now are more disconnected from the economy than they have been historically?[16:16] - What is David’s market outlook and how does this outlook affect his portfolio positioning, if at all?[19:14] - If we do get higher interest rates, how would this impact longer duration growth companies?[21:16] - What is David’s current outlook on the high profile names of The Magnificent 7?[24:32] - What are the implications of today’s massive IT outage for long-term investing?[25:58] - Who does David think should be on “The Mount Rushmore of Growth Investors?”[27:40] - What is David’s favorite investment idea for the remainder of 2024?[30:35] - Who are some of the colleagues and mentors that David is thankful for?Quotes
[12:27] - “Everyone…is talking about The Mag 7, but if you go back 5, 10, 15 years - it has really been a market dominated by large tech, whether it is Apple, Microsoft, Google, Meta [or] Amazon. I mean, these companies have been in the spotlight today, five years ago, ten years ago, fifteen years ago, some of them go back much further than that. So, it has been a fairly narrow world [for a while now.]” ~ David Ricci
[16:47] - “[Aside from the election] I think the major tug of war going on right now…is the expectation of lower rates and what that could mean for the economy.” ~ David Ricci
Links
David RicciWilliam Blair“Piano Man” by Billy JoelConnect with Us
Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.
The CFA® is a globally respected, graduate-level investment credential established in 1962 and awarded by CFA Institute — the largest global association of investment professionals. To learn more about the CFA charter, visit www.cfainstitute.org.
Compliance Code: 1909-OPS-7/31/2024
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Today, Rusty and Robyn are joined by Eric Crittenden, Founder and Chief Investment Officer at Standpoint Asset Management. Standpoint is an investment firm focused on bringing all-weather portfolio solutions to US investors. Eric has over 20 years of experience researching, designing and managing alternative asset portfolios. Eric holds a BA in Finance from Wichita State University.
Key Takeaways
[02:23] - Eric’s professional history and what he does in his current role.[05:28] - What is Standpoint’s investment philosophy and what sets them apart as a firm?[07:20] - What are some of the key factors that account for why advisors choose to use Standpoint’s fund?[09:28] - What are the behavioral underpinnings for all weather investing?[11:56] - How does Standpoint define and incorporate “trend” into their investment process?[14:20] - Given the unique, current market conditions, how is the Standpoint fund currently structured?[16:32] - What is Eric’s take on a 50/30/20 structure for a contemporary balanced portfolio?[18:30] - Who does Eric think should be on the Mt. Rushmore of the great, systematic, tactical, multi-asset money managers?[21:37] - What are “Eric’s life principles” that he mentions on the Standpoint website?[25:27] - What is Eric’s favorite investment idea for the remainder of 2024?Quotes
[10:27] - “...That’s a recurring thing we see in the world, is that oftentimes, the moment you need to put these investments into the portfolio is psychologically and socially the most difficult time.” ~ Eric Crittenden
[24:16] - “I see this recurring phenomenon over and over, and that is that 80% of the success comes from about 20% of the decisions, or 20% of the effort. It might even be 90/10 in some cases. Likewise, 80% of the dysfunction in your life comes from 10% or 20% of the decisions or indecisions.” ~ Eric Crittenden
Links
Eric Crittenden on LinkedInStandpoint Asset Management“Like A Rock” by Bob SegerEric’s Life PrinciplesConnect with Us
Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.
Compliance Code: 1884-OPS-7/30/2024
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Today, Rusty and Robyn are joined by Mike Singleton, Senior Analyst and Principal at Invictus Research. Mike studied finance and theology at the University of Notre Dame, where he graduated summa cum laude. After graduating, Mike had the opportunity to work for several years with Broad Run Investment Management, where he spent most of his time conducting deep, fundamental diligence on the highest quality companies he could find. Since then, most of his time has been spent researching the economy at-large and its relationship with the liquid asset markets. He believes that there is a massive hole in the research market for timely, thoughtful and accessible macroeconomic research. That's why he got involved at Invictus. He also wants to thank the incredible team of people behind the scenes at Invictus, who make all of their research possible.
Key Takeaways
[03:07] - Mike’s professional background and what he does in his current role.[05:27] - Invitus claims to provide “Hedge Fund quality research for everyone.” What does this mean and what does it look like in action?[08:56] - Invictus describes themselves as “a business cycle analyst.” What does this mean for those who don’t know and why are they attracted to this approach?[10:20] - What are the top 3 things that matter, and that don’t matter, for investors in the back half of 2024?[15:18] - Why does Mike think that the really long cycle of Large Cap outperformance may be coming to an end?[17:38] - What is Mike’s current inflation outlook?[20:33] - Invictus believes that The CRB Index, which tracks commodities, is one of the most important charts in the world right now. What do they mean by that?[23:15] - What are Mike’s thoughts on The Fed and how does he see them acting for the remainder of the year?[26:11] - When does Mike think it makes sense for investors to turn bearish?[28:52] - What’s Mike’s favorite investment idea for the remainder of 2024?Quote
[24:06] - “Fed policy tends to matter a lot when The Fed is moving quickly. When it’s hiking rates really quickly, or when it’s cutting rates really quickly…It tends to matter when earnings growth, in absolute terms, is close to zero - when it’s not increasing quickly or decreasing quickly. Right now neither of those conditions are met…we expect [earnings growth] to be low double digits, [but] even if it’s 9%, that is going to swamp the effect of 25 basis points of interest rate cuts here or there.” ~ Mike Singleton
Links
Mike Singleton on LinkedInInvictus Research“Mr. Brightside” by The KillersConnect with Us
Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.
Compliance Code: 1812-OPS-7/23/2024
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Today, Rusty and Robyn are joined by James St. Aubin, Chief Investment Officer of Sierra Investment Management and Ocean Park Asset Management. James St. Aubin, CFA®, CAIA®, is Chief Investment Officer for Sierra Investment Management. He has oversight of all activities of the Investment Management department, in collaboration with Sierra co-founders David Wright and Kenneth Sleeper.
An accomplished investment management executive, his career of more than 20 years includes leadership roles in asset allocation, manager research and portfolio construction. James earned a Bachelor of Science in Finance from DePaul University and is a CFA® and CAIA® Charterholder. He is a Board Member and Treasurer for Children’s Bureau of Southern California, a local non-profit organization focused on primary prevention of child abuse.
Key Takeaways
[03:19] - Learn more about James’ professional background and his current role.[05:11] - Learn more about Ocean Park’s rules based investment philosophy and how they differ from their peers.[08:33] - What is James’ current market outlook and how is he looking at, and thinking about, the market right now?[10:40] - What is James’ outlook for inflation and economic growth, in particular?[13:06] - Are there any other risks that investors should be aware of right now?[14:32] - How does his economic outlook impact his current view on the financial markets?[16:42] - James’ view on the overall US market and some particular opportunities within that.[18:21] - How are they adjusting Ocean Park portfolios given the current market environment?[19:21] - What’s new at Ocean Park, particularly in terms of product development?[22:08] - There has been an explosion in data availability in recent years. How has his firm’s quantitative process evolved accordingly?[23:53] - Does James’ firm have any plans to incorporate AI into their research process?[25:44] - What is James’ favorite investment idea for the rest of 2024?[29:27] - Who are some of the colleagues and mentors that have helped James get to where he is today?Quotes
[08:35] - “[Recently I’ve]...been comparing the economic data that we’re looking at to a Rorschach test. It certainly doesn’t necessarily tell you a clear picture of what’s happening, it’s a very poorly defined picture, and sometimes I think it tells more about the person that’s evaluating the data than the data itself. ” ~ James St. Aubin
[13:07] - I think that those long and variable lags [may be a risk that’s often unaccounted for]...maybe we are underestimating how long and variable those are. Are we solving one problem, meaning inflation, to create a growth problem? That’s always a concern in these rate hiking cycles.” ~ James St. Aubin
Links
James St. Aubin on LinkedInOcean Park Asset ManagementSierra Investment Management“Papa Was A Rollin’ Stone” by The TemptationsConnect with Us
Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.
Compliance Code: 620-OPS-6/27/2024
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Today Rusty & Robyn are joined by Tyson Walker, Director of Portfolio Strategy at Orion OCIO, also known as Town Square Capital, in Salt Lake City. Tyson Walker serves as the Director of Portfolio Strategy at TownSquare Capital, where he leads a dedicated team of investment analysts. In this role, Tyson ensures that financial advisors receive expert guidance on investment models and asset allocation decisions, optimizing their clients’ financial outcomes. Tyson is a member of the TownSquare Investment Committee where he lends his expertise on equity markets and chairs the Equity Subcommittee. In addition to his Portfolio Strategy responsibilities, Tyson plays an integral role on the sales team, assisting to bridge the investment gap for new Registered Investment Advisors (RIAs) partnering with TownSquare Capital. Prior to working at TownSquare Capital Tyson worked for Fidelity Investment as a member of the International Trade team. There he traded equities and currencies in over 30 countries. He attended the University of Utah and earned a bachelor’s degree in economics.
Key Takeaways
[03:05] - Learn more about Tyson’s career and what he is doing in his current position.[06:10] - What is TownSquare’s investment philosophy and how does it stand out from its peers?[09:45] - How has TownSquare been able to build such a loyal and excited following among advisors?[11:53] - What are the main objectives of TownSquare’s portfolio audit and what insights are they hoping to find?[15:40] - What are some of the common findings in portfolio audits? Also, how often do portfolio audits not turn up suggested portfolio changes?[18:18] - How often does the audit impact the asset allocation of a particular household?[22:56] - What is Tyson’s favorite investment idea for 2024?Quotes
[16:30] - “Oftentimes [in our audits] we’re going to see portfolios that will own the same investment. They’ll own a Microsoft, or an Apple, or something 7 or 8 times within their portfolio. So, if we think of…an example of why that may be a problem… In any single day, that client [might have] two transactions happen on Apple, in their portfolio, but their exposure has stayed…the same. ” ~ Tyson Walker
[20:17] - “Imagine you walk into your local grocery store [and] you go to the produce section, and you know, you can buy a watermelon for say 50 cents a pound, right? But you could also walk 10 additional steps to the refrigerated section, and you could buy a watermelon that’s been sliced up, and it’s got saran wrap over it, and it costs four times as much, right?...We tend to see that the same thing can happen within Wall Street, where…[people] will take the same stocks and bonds, take them to the back out of sight, cut them up, package them, price them at different numbers, you know, and then you end up paying a lot more.” ~ Tyson Walker
Links
T.N.T. by AC/DCJosh Flade on TWMKurt Brown on TWMConnect with Us
Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Custom Indexing offered through Orion Portfolio Solutions, LLC a registered investment advisor.
Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor. Wealth Management services are offered by Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor. Orion Portfolio Solutions, LLC is a wholly owned subsidiary of Orion Advisor Solutions, Inc. (“Orion”).
OCIO services offered through TownSquare Capital, LLC, an Orion Company, a Registered Investment Advisor. TownSquare Capital, LLC, is an affiliated company of Orion Portfolio Solutions, LLC
Compliance Code: 1516-OPS-6/17/2024
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Today, Rusty and Robyn are joined by Kostya Etus, CIO of Dynamic Advisor Solutions. Konstantin “Kostya” Etus, CFA® is the Chief Investment Officer at Dynamic Advisor Solutions. He is responsible for leading Dynamic’s Investment Management team and overseeing all investment operations at Dynamic, including investment people, philosophy, process, portfolios and performance. He brings to Dynamic specialized experience in asset allocation and security selection of various ETF and mutual fund portfolios. His experience includes managing mutual funds, ETF strategies and 529 plans, as well as evaluating investment strategies, including SMAs, model portfolios and individual funds through a robust due diligence framework. Prior to his role as CIO, Etus served as Head of Strategy, Investment Management. Under his leadership, Dynamic strengthened its investment research, asset allocation and strategy development, including the development and launch of enhanced ETF strategies, alternative investments and custom high-net-worth (HNW) solutions. Prior to Dynamic, Etus served the Orion organization (CLS Investments and Orion Portfolio Solutions) for more than 10 years. There, he held various roles, including Trading Specialist, Research Analyst, Portfolio Manager and finally, Director of Investment Research. He graduated from the University of Nebraska at Omaha with a Bachelor of Science degree in Business Administration and obtained Master of Investment Management and Financial Analysis and Master of Business Administration degrees from Creighton University. He holds the FINRA Series 65 securities registration and the Chartered Financial Analyst (CFA) designation. A self-proclaimed movie buff, when Etus isn’t providing investing guidance to Dynamic’s advisor-clients, he can be found watching the latest blockbuster film or spending time with his family. Etus was born in Novosibirsk, Russia. He currently resides in Omaha, Neb., with his wife and daughters.
Key Takeaways
[03:24] - Learn about Kostya’s career, background and his role at Dynamic Advisor Solutions.[09:05] - Learn more about Dynamic Advisor Solutions and what sets them apart as a firm.[12:30] - What is new or innovative at Dynamic over the last year?[13:52] - What were some of Kostya’s key takeaways from Berkshire Hathaway’s shareholder meeting this year?[19:16] - What are some of the reasons advisors should be using investment models?[22:17] - What are some of the best building blocks for successful investment models?[25:53] - What can be done in high net worth situations to enhance the model experience?[28:40] - What is Kostya’s quick and dirty market outlook and what is his favorite investment idea for the remainder of 2024?[32:95] - What are some of the most exciting blockbusters slated for summer release?[51:52] - Tips for picking your Fantasy Football lineup for this year.Quotes
[10:13] - “There are three things we say that advisors should be doing that they are best at. Number one is servicing their existing clients. Meeting with their clients, making sure that everything is going well. Number two, growing their business - helping new clients, you know, bringing new people in. Number three, nothing. Do something that you love, go golfing, sleep more, spend more time with your family. So those are the things that advisors should be focused on and everything else, the minutiae of day-to-day life…you can let Dynamic take care of that.” ~ Kostya Etus
[21:02] - “That’s what models bring to the table. You can always talk about exactly how, as a whole, the strategies are positioned, how they are managed and it’s more consistent. Models tend to be more diversified, just in general by definition, models allocate to lots of different asset classes that may offset each other and improve diversification. They are often times cost effective, easier to manage, easier to implement. You get access to professional management…and last but not least…an advisor’s primary focus should be servicing clients, raising assets and spending time with their families. Go work four days a week! Outsourcing investment management can really save advisors a tremendous amount of time.” ~ Kostya Etus
Links
Kostya Etus on LinkedInDynamic Advisor Solutions“Why Can’t We Be Friends” by WARConnect with Us
Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor. The CFA® is a globally respected, graduate-level investment credential established in 1962 and awarded by CFA Institute — the largest global association of investment professionals. To learn more about the CFA charter, visit www.cfainstitute.org.
Compliance Code: 1498-OPS-6/13/2024
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Today Rusty & Robyn are joined by Kevin Carter, Founder and Chief Investment Officer of EMQQ Global. Kevin T. Carter is the Founder & Chief Investment Officer of EMQQ Global, including EMQQ, FMQQ, and INQQ. While he considers himself an active “value” investor first and foremost, he has collaborated with Princeton economist and indexing legend, Dr. Burton Malkiel, for more than 20 years. Their work together began in 1999 with the development of eInvesting, a pioneer firm in fractional share brokerage that was acquired by ETRADE in 2000. In 2002 they founded Active Index Advisors, a pioneer in so-called “direct indexing” that was acquired by Natixis Asset Management in 2005. In 2006, their efforts turned to China and Emerging Markets with Dr. Malkiel’s publishing of “Investment Strategies to Exploit Economic Growth in China” and the subsequent book From Wall Street to the Great Wall. Working with Guggenheim Partners, they launched several China focused ETFs on the NYSE. Kevin launched EMQQ in 2014 after noticing how the smartphone was changing his personal consumption habits. He now lives in Lafayette, California with his wife and three children.
Key Takeaways
[02:57] - Kevin’s professional background and how he came to specialize in Emerging Markets.[06:30] - What is the EMQQ Global investment philosophy?[10:35] - What are some of the biggest obstacles to EM investing and what might be some potential catalysts for EM to have sustained outperformance?[12:52] - Many investors think that China is not investable, so they avoid EM altogether. What is Kevin’s take on China?[16:55] - Why does Kevin think that “India is the perfect Emerging Market?”[20:36] - What is the “India Stack” and why does Kevin describe it as a cheat code?[32:02] - How does India’s government work and what about this makes it a compelling place to invest?[35:37] - How should investors think about sizing a position in Emerging Markets?[38:21] - What was it like working with Burton Malkiel?[40:21] - What is Kevin’s favorite investment idea?[42:52] - Who are some of the mentors and colleagues that Kevin is particularly grateful for?Quotes
[10:35] - “I think the biggest problem [in EM investing]...is the index itself. I mean the MSCI Emerging Markets Index, which is the index that all these institutions use…[is fundamentally flawed because of]...the state owned enterprise. When I got involved with China, the China ETF was more than 80% in Chinese, Communist Party owned banks and oil companies and not only are these inefficient companies, they are not trying to grow their profits.” ~ Kevin Carter
[13:32] - “There were two different strains of fear that people couldn’t get over, both of which were boogeymen, but they were so rampant in the headlines that it resulted in people saying ‘that China is uninvestable.’ Those two things were the so-called ‘delisting threat,’ where the Chinese companies trading in the US were going to be delisted and people thought that meant they were going to lose all their money…The other thing was the so-called ‘tech crackdown’…The problem is, China has such a bad reputational issue…that people think all of these things are true and they ran for the hills.” ~ Kevin Carter
Links
Kevin Carter on LinkedInEMQQ GlobalMorgan Stanley & Nandan Nilekani“iPHONE” by DaBaby feat. Nicki Minaj (Explicit)Connect with Us
Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.
Compliance Code: 1487-OPS-6/12/2024
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Today Rusty & Robyn are joined by Gerard O’Reilly from Dimensional Fund Advisors. Gerard O’Reilly serves as Co-Chief Executive Officer and Co-Chief Investment Officer of Dimensional Fund Advisors LP and is a Dimensional Director. He was named Co-CEO in 2017 and has been with Dimensional since 2004. Along with Co-CEO Dave Butler, Gerard guides the firm’s vision and strategy through daily oversight of the company’s people and processes. As Co-CIO, he drives innovation across Dimensional’s investment offering with fellow Co-CIO Savina Rizova. Since joining the firm, Gerard has been instrumental in the evolution of Dimensional’s systematic approach to creating and implementing investment solutions. He was formerly Head of Research, managing the firm’s rigorous, scientific approach to interpreting, testing and applying research in portfolios. He is a member of the firm’s Investment Research Committee, which reviews potential investment strategy enhancements, and a member of the Investment Committee, which oversees portfolio and account management. He also serves on the Boards of Dimensional’s US mutual funds and exchange-traded funds. Prior to joining Dimensional, Gerard obtained his PhD in aeronautics from the California Institute of Technology. He holds a master of science degree in high performance computing from Trinity College Dublin in his native country of Ireland, where he also received a first class honors degree in theoretical physics and was a recipient of the Foundation Scholarship.
Key Takeaways
[03:17] - How and why did Gerard pivot from Theoretical Physics and Aeronautics Engineering to the Investment Industry?[04:23] - What is Dimensional’s origin story and how do they stand apart from their peers?[06:37] - How does Gerard’s data science background, as a rocket scientist, apply to his leadership at Dimensional?[08:57] - Why did Dimensional get such a late start to the ETF industry and how have they had such great success with ETFs so quickly?[16:01] - Dimensional incorporates some of the positives of Passively managed strategies. Why is their dynamic approach a potential improvement to Pure Indexing?[20:27] - Some might argue that Dimensional’s strategy is not active, given how many securities an investor might hold in a portfolio, how would Gerard rebut that comment?[23:06] - Monetary and fiscal policy is a lot different than it ever has been in the past. Does that impact some of these premiums?[26:40] - How does Dimensional incorporate factors like momentum, quality, volatility and others into their investment process?[29:17] - What is Dimensional’s approach to asset allocation and building model portfolios?[32:10] - How is Gerard currently thinking about innovation in the industry and what role does he see AI, in particular, playing going forward?[37:32] - What is currently Gerard’s favorite investment idea?Quotes
[07:45] - “When it comes to investing, investing is about making decisions and some decisions are going to be more important than others. But, what’s the skill set that says: ‘okay these are the key ones that you need to get right, that have to be the foundation of your investment approach?’ So, I think that type of training, learning how to do the analysis and what tools to use and how to do these massive computations…[You have] to make decisions and trade offs and [focus] on the key things to get right. I think that combination has helped me, at least, in my time either working on investment strategies or management issues here at the firm. ” ~ Gerard O’Reilly
[10:17] - “The person who [uses Google Maps to navigate more efficiently]...is a natural candidate for investing in market portfolios. The person who takes the same route, every single time they go from one point to another point is an Index Portfolio investor. ” ~ Gerard O’Reilly
Links
Gerard O’ReillyTune Out The Noise Documentary (Access code: MARKETSWORK)Dimensional Fund AdvisorsDimensional on LinkedIn“The Rocky Road to Dublin” by The DublinersConnect with Us
Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.
Compliance Code: 1484-OPS-6/12/2024
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This week, Rusty and Robyn are joined by Bill Wostoupal, EVP of OCIO at Orion. Bill is the EVP, of Orion OCIO. He is responsible for the coordination and execution of Orion's vision to offer custom indexing, and other outsourced services, to our prospective and existing investment advisory customer base.
Key Takeaways
[04:26] - Bill has been in the Northstar family of companies since 1994. Learn more about how his career has evolved and why he has wanted to stick with this company for 30 years?[06:43] - What does Bill’s title mean exactly, and what does his position look like on a day-to-day basis?[08:17] - Orion is such a multifaceted company, but how might Bill try to describe what we do in a nutshell?[10:15] - How does Custom Indexing work for those who aren’t familiar?[12:21] - What are some of the most popular use cases for Custom Indexing that Bill is seeing right now?[14:06] - How does Orion set itself apart from their competition in this space?[16:20] - What are some of the big trends that Bill has noticed internally, here at Orion?[17:57] - Given all its changes in recent years, what currently excites Bill the most about the future of Orion?[19:40] - What does Bill think is in store for the future of Wealth Management?[22:12] - Outside of work, Bill is affiliated with a mentoring organization called “TeamMates.” Learn more about the good work that is taking place there.[25:26] - What is currently Bill’s favorite investment idea?Quotes
[07:03] - “My team engages with those existing clients on a regular basis, so we do a couple different things. One is making sure that the clients that we have are assembling and putting…our different technology stacks and services...together [properly]. The second one is spending time discussing Custom Indexing and how we can help them transition their books of business [and]...their client market share, and the last part is more OCIO [focused]. So, I put those all underneath that umbrella of Outsourced Chief Investment Officer, but I think it’s more than that. ” ~ Bill Wostoupal
[11:18] - “Custom indexing [is] a lot different than Direct Indexing, where it’s usually a set of indexes and you’re tax transitioning. When you think of Orion’s Custom Indexing, think of technology inside the user experience. So our RIAs, who use our services on the Fintech side, have this component within their regular ecosystem…Then on top of it, we do the daily tax loss harvest review, the reallocation etc. And then one last point I’d probably make there…[is] that it’s custom. So, a lot of our advisors, a lot of our RIAs have their own models. ” ~ Bill Wostoupal
Links
“Troublemaker Doppelgange” by Lucy Dacus“That’s Entertainment” by The Jam“Rock & Roll” by The Velvet Underground“Tom Sawyer” by Rush“Intergalatic” by Beastie BoysTeamMates MentoringOrion’s Custom IndexingConnect with Us
Meet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Custom Indexing offered through Orion Portfolio Solutions, LLC a registered investment advisor.
Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor. Wealth Management services are offered by Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor. Orion Portfolio Solutions, LLC is a wholly owned subsidiary of Orion Advisor Solutions, Inc. (“Orion”)
Compliance Code: 1450-OPS-6/10/2024
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