🎥 Breaking bread at Franklin Templeton's Private Markets RIA Advisory Council - Franklin Templeton's Dave Donahoo and Summit Wealth Group's Chelsea Ganey

Welcome back to the Alt Goes Mainstream podcast.Building community is central to enabling an industry to grow. There are few better ways to build community and foster trusted relationships than to break bread.As the wealth channel continues to expand its adoption of private markets, peer-to-peer learning becomes ever more important. Sharing experiences and perspectives is what will help the wealth channel adopt private-market solutions thoughtfully and responsibly.That’s what happened at Franklin Templeton’s Private Markets RIA Advisory Council event and dinner at BLACKBARN recently. Bread was broken. Relationships were built.We also found time to record a podcast around a dinner table with Franklin Templeton’s Head of Private Markets - Americas Wealth Management Dave Donahoo and Summit Wealth Group’s CIO Chelsea Ganey. The discussion granted access to a direct, honest, and raw window into perspectives on how asset managers and wealth managers can work together to educate one another and help move the industry forward. And yes, bread was broken before and after the podcast.Please enjoy this fantastic conversation with Dave and Chelsea on the state of private markets and private wealth and how both asset managers and wealth managers can balance customization and differentiation with scale.The dinner table provided a perfect setting to discuss what’s on the menu in private markets and private wealth. We covered:Why there’s no free lunch, just dinner.Are private markets eating the world?Creating curated menus for advisors.The recipes for success in private markets distribution.Thanks, Dave and Chelsea, for such a thoughtful and fascinating conversation.Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.Learn more: ultimusfundsolutions.com or email [email protected] thank Ultimus for their support of alts going mainstream.Show Notes00:00 Sponsor Intro by Ultimus00:57 Meet The Guests, Dave Donahoo and Chelsea Ganey01:07 Private Markets Everywhere01:30 Why FormT he Franklin Templeton RIA Advisory Council01:51 Franklin Client-First DNA02:11 The New Franklin Templeton03:05 Beyond Product Feedback03:48 Chelsea On The Value of The Advisory Council04:31 Networking Beats Inbox Noise05:23 Serving Diverse RIAs06:28 Inside One RIA Many Needs07:47 What GPs Should Do Better08:47 Education That Actually Sticks09:55 From White Papers To Tools10:50 Education Then Vs Now11:42 Choice Changes The Pitch12:21 Customization Vs Scale13:26 Centralized CIO Menus15:51 Sober Selling Long Term17:13 Franklins Specialist Platform18:19 Why Specialists Win19:17 Infrastructure Partnership Play20:13 More With Less Managers22:10 Advisor Level Efficiency22:46 Whats Next Product Innovation23:23 Integrity First Adoption24:36 Allocator Lens Shift25:00 Innovation Options Overview25:15 Model Portfolios Debate26:03 Customization Versus Scale26:29 What Private Markets Lack26:44 Meeting In The Middle27:07 Magic Wand Question27:31 Plumbing And Reporting27:45 Ease Without Dilution28:00 Lexington Structure Constraints28:44 Long Term Over Short Term28:56 Need More CIO Mindset29:17 Strategic Allocation Framework29:34 Avoiding Whipsaw Flows30:08 Chelsea On Strategic Thinking30:24 Integrating Alts In Portfolios30:57 Advisor Conversation Shift31:32 Educating On Liquidity31:43 Reframing Private Risk32:07 Control And Recovery Benefits33:07 Dave On Liquidity Risk33:52 Stop Saying Semi Liquid34:19 Structural Liquidity And Trust35:23 Dinner Props And Buckets35:57 Starter Main Dessert Picks36:16 Real Estate Equity Starter36:51 Secondaries Main Course37:11 Real Estate Credit Dessert38:04 Diversify Early Or Regret39:37 Strategic Neutral Analogy40:00 Client Analogies That Work40:34 Zillow House Price Lesson41:40 Baseball Patience Mindset42:52 Fat Pitch Question43:01 Chelsea On Secondaries Credit43:59 Dave Singles Versus Homers44:42 Lead Off Batter Story45:02 No Free Lunch Just Dinner45:40 Closing Thanks And OutroJoin over 16,400 Substack subscribers & followers and 44,000 LinkedIn and podcast followers who are thought leaders and executives from top private markets firms and wealth management like Blackstone, Apollo, Ares, KKR, EQT, Carlyle, Blue Owl, CVC, TPG, Brookfield, Vista, Goldman Sachs, J.P. Morgan, BlackRock, Fidelity, iCapital, Franklin Templeton, Nuveen, Hg, Permira, Stonepeak, Hamilton Lane, StepStone, Partners Group, General Atlantic, Hightower, Focus Financial, Corient, Cerity Partners, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit altgoesmainstream.substack.com