Orion's The Weighing Machine

Today on the podcast, Ben Vaske is joined by James St. Aubin from Ocean Park Asset Management. James St. Aubin, CFA®, CAIA®, is Chief Investment Officer and Portfolio Manager for Ocean Park Asset Management. He has oversight of all Investment Management department activities, in collaboration with Co-founders David Wright and Kenneth Sleeper. An experienced 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. Key Takeaways What is James’  favorite home-cooked meal or recipe? Learn more about James’ role at Ocean Park Asset Management and what they do at Ocean Park. What does the imagery of a rubber duck mean to Ocean Park as a symbol? What are the problems with relying solely on Standard Deviations as a measure of risk? How should advisors start to incorporate “fat tails” into their portfolio construction process? In what environments do classic diversification strategies become unreliable? When investors invest in a core bond allocation, like the Bloomberg US Aggregate Index, what are investors really getting? How does James think about duration and depth, when it comes to pain or loss, and how they impact portfolios? What does James mean when he talks about “winning by not losing?” What is the “sequence of returns” risk, who does it impact the most and how does James limit it? What are some of the risks that James is seeing in the markets right now that others may not be considering and what does he think is already priced in? What should advisors and investors understand about trend-following strategies and are there any tradeoffs when using trend following? How does Ocean Park fit within a broader portfolio and compliment, or even replace, a buy and hold type portfolio for certain investors? Links James St. Aubin on LinkedIn Ocean Park Asset Management Connect with Us Meet Ben Vaske, Manager Investment Strategy Check Out All of Orion’s Podcasts Power Your Growth with Orion Disclosure(s) Wealth management services provided by Orion Portfolio Solutions, LLC (“OPS”), a registered investment advisor. Orion OCIO services provided by TownSquare Capital, LLC (“TSC”), a registered investment advisor. OPS and TSC are affiliates and wholly owned subsidiaries of Orion Advisor Solutions, Inc. Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor.  This podcast is sponsored by Janus Henderson Investors. Orion Advisor Solutions, Inc. (“Orion”) or its affiliates and subsidiaries received compensation from Janus Henderson Investors for the placement of this advertisement content. Janus Henderson Investors and Orion are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided. These show notes may contain links to third-party websites. Any links to such third-party websites are provided solely as a convenience to you and not as an endorsement by Orion of the content on such third-party websites, or any affiliation or association with its operators. Orion is not responsible for the content of linked third-party websites, including, without limitation, any link contained in a linked website, or any changes or updates to a linked website, and do not make any representations regarding the information, services, products or accuracy of any material contained on such third-party websites. Compliance Code: 1448-R-26128

Today on the podcast, Ben Vaske is joined by Seth Rosenthal from Academy Asset Management. Seth was previously the Bank Chief Investment Officer at Northern Trust. In his 16-year career at Northern, he oversaw $100 billion in global fixed income and money market assets across a range of duration and credit mandates. In addition to his investment leadership, Seth served on Northern Trust’s Employee Benefit Investment Committee, where he held fiduciary responsibility for the firm’s employee benefit plans. Prior to Northern Trust, he spent 10 years with the Bank of Montreal, where he held pivotal roles in Treasury and Credit Analytics. Seth is a CFA charterholder with a BBA from the University of Iowa, where he also sits on the Finance Advisory Council at the Tippie School of Business. Key Takeaways What is Seth’s  favorite home-cooked meal or recipe? An overview on Seth’s career and what led him to Academy Asset Management. Also, what does Academy do and how do they view the markets? When advisors and investors are seeing geopolitical headlines everyday, what should they be watching out for and how can they separate signal from noise? Is the collapse in traffic through the Strait of Hormuz at the core of what’s going on, from a market standpoint, in our conflict with Iran? What might a potential reopening look like? Why have oil prices been so volatile, rather than just merely remaining elevated, given the current geopolitical risk? How does this oil supply chain crisis lead to changes in  geopolitics following the crisis? Where does Seth look first in terms of impact, or potential resolution talks, and is he thinking about positioning any differently right now? Are there any areas in the market that Seth would expect to react first if there is some sort of resolution? If tensions do escalate further, what does Seth expect to see? What is his bad case scenario for the markets? What might rate policy look like from here on out in Seth’s opinion? With Seth’s experience managing fixed income portfolios, is there anything he’s thinking about from a positioning perspective given this potential change in inflation expectations? When Seth zooms out historically, are there any common threads of market impact that last past initial geopolitical shocks? How is Seth’s team thinking about how the US is balancing market and economic strength with the current situation? Is there anything unique in this current moment about how the geopolitics are effecting markets? Links Seth Rosenthal on LinkedIn VETZ, Veteran Bond ETF - Academy ETFs Academy Asset Management Connect with Us Meet Ben Vaske, Manager Investment Strategy Check Out All of Orion’s Podcasts Power Your Growth with Orion Disclosure(s) Wealth management services provided by Orion Portfolio Solutions, LLC (“OPS”), a registered investment advisor. Orion OCIO services provided by TownSquare Capital, LLC (“TSC”), a registered investment advisor. OPS and TSC are affiliates and wholly owned subsidiaries of Orion Advisor Solutions, Inc. Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor.  This podcast is sponsored by Janus Henderson Investors. Orion Advisor Solutions, Inc. (“Orion”) or its affiliates and subsidiaries received compensation from Janus Henderson Investors for the placement of this advertisement content. Janus Henderson Investors and Orion are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided. These show notes may contain links to third-party websites. Any links to such third-party websites are provided solely as a convenience to you and not as an endorsement by Orion of the content on such third-party websites, or any affiliation or association with its operators. Orion is not responsible for the content of linked third-party websites, including, without limitation, any link contained in a linked website, or any changes or updates to a linked website, and do not make any representations regarding the information, services, products or accuracy of any material contained on such third-party websites. Compliance Code: 1039-R-26090

Today on the podcast, Ben Vaske is joined by Fritz Folts from 3EDGE Asset Management. Fritz has over 25 years of investment and portfolio management experience. Prior to 3EDGE, he served for over 12 years on the investment committees at both Windward and Windhaven Investment Management, Inc. He also served as Chief Investment Strategist while at Windhaven. Fritz began his career at The Boston Company, where he ultimately served as Director of Global Funding for the then newly formed Boston Safe Deposit & Trust Co., (U.K.) Ltd., in London, England. He holds a BA in Government from Connecticut College and an MBA from IESE (Instituto Estudios Superiores de la Empresa) in Barcelona, Spain, one of Europe’s pre-eminent business schools. He is the former Chair of the Board of Trustees at Connecticut College and now serves as Trustee Emeritus. While on the Board at Connecticut College Fritz was also a member of the Investment Committee for the college endowment. Fritz currently serves as Chair of the Investment Committee for the Concord Museum, which was recently voted the #1 Small Town Museum in America by USA Today. He is also a member of the Investment Committee of the Umbrella Center for the Arts in Concord, MA. Fritz resides in historic Concord, Massachusetts, with his wife, Cathy.Key TakeawaysWhat is Fritz’s favorite home-cooked meal or recipe?Learn a bit about Fritz’s career path, how he became a co-founder and what 3EDGE Asset Management focuses on lately.When Fritz initially launched 3EDGE, what were his thoughts on doing something differently from traditional asset managers?How has Fritz’s personal investment philosophy evolved in the past couple of decades?When Fritz thinks about multi-asset investing, how does he define it and how does he utilize it?How does Fritz think about blending more of an MVO type, strategic asset allocation and a tactical exposure? Is one better than the other and  can they compliment each other?How has the explosion of ETFs really increased the opportunity set out there for investors?How have ETFs  helped 3EDGE’s risk management become more precise?In Fritz’s eyes, what are “the seasons of the market” and what do they mean for his investors and the overall 3EDGE strategy?What signals does Fritz look for that might indicate the market’s “season” is changing and has his view on this shifted in recent years?How does the 3EDGE risk management process shift across the different seasons of the market?What would be a reasonable measure of success for a multi-asset manager?What’s Fritz’s go-to advice for how to tell a client about the potential benefits of moving away from traditional benchmarks?How does implementing some sort of multi-asset strategy really simplify the job of an advisor?Does Fritz’s conversation with clients change during moments of market stress or does it just become a reinforcement of what he’s already been saying?What parts of the investment landscape are most interesting to Fritz at the moment?How does Fritz see the multi-asset investing landscape continuing to evolve?LinksFritz Folts on LinkedIn3EDGE Asset Management3EDGE Week in Review Video Series3EDGE Commentary Paper  – The Power of Multi-Asset InvestingConnect with UsMeet Ben Vaske, Manager Investment StrategyCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s)Wealth management services provided by Orion Portfolio Solutions, LLC (“OPS”), a registered investment advisor. Orion OCIO services provided by TownSquare Capital, LLC (“TSC”), a registered investment advisor. OPS and TSC are affiliates and wholly owned subsidiaries of Orion Advisor Solutions, Inc.Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor. This podcast is sponsored by Janus Henderson Investors. Orion Advisor Solutions, Inc. (“Orion”) or its affiliates and subsidiaries received compensation from Janus Henderson Investors for the placement of this advertisement content. Janus Henderson Investors and Orion are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided.These show notes may contain links to third-party websites. Any links to such third-party websites are provided solely as a convenience to you and not as an endorsement by Orion of the content on such third-party websites, or any affiliation or association with its operators. Orion is not responsible for the content of linked third-party websites, including, without limitation, any link contained in a linked website, or any changes or updates to a linked website, and do not make any representations regarding the information, services, products or accuracy of any material contained on such third-party websites.Compliance Code: 0548-R-26048

Today on the podcast, Ben Vaske is joined by Michelle Cluver, Head of ETF Model Portfolios at Global X ETFs. Michelle joined Global X in 2018. She is responsible for overseeing the model portfolio solutions team in the construction and management of Global X’s suite of ETF model portfolios. Michelle and her team develop the macroeconomic and market views that shape portfolio positioning. Additionally, she works closely with the ETF model portfolio team on maintaining and assessing the quantitative models behind Global X’s thematic model portfolios. Previously, Michelle worked at Merrill Lynch Wealth Management in its ETF model portfolio business. Prior to Merrill, Michelle worked for a boutique asset management firm, with a focus on both South African and developed market equities. Michelle holds a master's degree in International Finance from the Amsterdam Business School and is a CFA Charterholder.Key TakeawaysWhat is Michelle’s favorite home-cooked meal or recipe?Learn about Michelle’s current role at Global X ETFs and her career backgroundWhat were the coolest and strangest things Michelle saw at the CES (Consumer Electronics Show) Conference in Las Vegas this year?In Michelle’s opinion, where are we today in terms of the AI adoption cycle? Are we in early experimentation or getting into early commercialization?Are there any key differences or similarities between the AI boom and the dot com or mobile phone boom that Michelle would highlight?In terms of AI use cases and real world adoption today, are there any industries or business functions that are seeing true, tangible gains from AI currently?Is there anything that Michelle thinks investors are misunderstanding about how quickly or slowly this AI adoption is going to show up in company fundamentals?As Michelle thinks about the CapEx wave, does she think it is sustainable and does she think this level of CapEx will need to continue for AI to continue to advance?What less obvious areas does Michelle think investors should be  looking at in the broader AI ecosystem?How generational of an innovation is AI and are we in a place where we can say “yes, this is going to be the thing for the next few decades?”Does Michelle view AI as inflationary, long-term deflationary or structurally neutral?Are there shifts in the dynamics around the competitive edge between large and small AI companies and are there opportunities in the space for small companies to make a big impact?How should investors and advisors be thinking about valuations in the present day given the level of optimism that’s already priced in?What sort of signals should our listeners look for that may show we’ve reached peak enthusiasm in AI?For the average investor, what would Michelle’s key point of advice be for a simple way to gain exposure to AI but doing so in a risk-aware way?What might getting AI right in a long-term portfolio actually look like for a long-term investor?mizueLinksMichelle Cluver on LinkedInGlobal X ETFsConnect with UsMeet Ben Vaske, Manager Investment StrategyCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s)Wealth management services provided by Orion Portfolio Solutions, LLC (“OPS”), a registered investment advisor. Orion OCIO services provided by TownSquare Capital, LLC (“TSC”), a registered investment advisor. OPS and TSC are affiliates and wholly owned subsidiaries of Orion Advisor Solutions, Inc.Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor. This podcast is sponsored by Janus Henderson Investors. Orion Advisor Solutions, Inc. (“Orion”) or its affiliates and subsidiaries received compensation from Janus Henderson Investors for the placement of this advertisement content. Janus Henderson Investors and Orion are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided.These show notes may contain links to third-party websites. Any links to such third-party websites are provided solely as a convenience to you and not as an endorsement by Orion of the content on such third-party websites, or any affiliation or association with its operators. Orion is not responsible for the content of linked third-party websites, including, without limitation, any link contained in a linked website, or any changes or updates to a linked website, and do not make any representations regarding the information, services, products or accuracy of any material contained on such third-party websites.Compliance Code: 0328-R-26033

Key TakeawaysWhat is Adam’s favorite home-cooked meal or recipe?Adam’s professional background and more on the multi-asset group he leads at Janus HendersonAs Adam steps back, and looks forward to 2026, what does he see as the most important macro drivers investors should be focused on right now?As Adam thinks about the Fed’s policy path going forward, how is he thinking about Fixed Income positioning in 2026?How does Adam’s multi-asset group at Janus Henderson broadly think about diversifying away from the Agg when searching for new opportunities in the fixed income market?From Adam’s perspective, are high-valuations in AI-related equities a major challenge for multi-asset portfolios? Does he see some fundamental strengths still justifying that enthusiasm?From an active perspective, how is Adam thinking about separating the durable AI beneficiaries from those that are more momentum driven ?How is Adam thinking about balancing the allocation to AI-driven growth versus exposure to smaller mid-caps and non-US equities?How is Adam looking at opportunities in Europe right now?What are key drivers that Adam is looking at in Emerging Markets? Is he seeing continued strength there?As Adam is thinking about blending public and private allocations together, within a portfolio, what role do private markets play and how does this look to him in terms of a long-term allocation?Outside of portfolio construction, is there a key biggest mistake that Adam sees investors making as they look to private allocations?Piecing it all together, how is Adam thinking about a broad, multi-asset portfolio going into next year? Also, is there one guiding principle for long-term portfolio success in Adam’s mind?LinksAdam Hetts on LinkedInJanus Henderson InvestorsJanus Henderson Investment Outlook 2026Connect with UsMeet Ben Vaske, Manager Investment StrategyCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s)Wealth management services provided by Orion Portfolio Solutions, LLC (“OPS”), a registered investment advisor. Orion OCIO services provided by TownSquare Capital, LLC (“TSC”), a registered investment advisor. OPS and TSC are affiliates and wholly owned subsidiaries of Orion Advisor Solutions, Inc.Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor. This podcast is sponsored by BlackRock, Inc. Orion Advisor Solutions, Inc. (“Orion”) or its affiliates and subsidiaries received compensation from BlackRock, Inc. for the placement of this advertisement content. BlackRock, Inc. and Orion are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided.Compliance Code: 3498-R-25351

Today on the podcast, Ben Vaske is joined by Jason Mertz from AllianceBernstein. Jason Mertz is a Vice President and Investment Strategist for AB’s Municipals team, covering all mutual funds, exchange-traded funds and separately managed account solutions. He works extensively with the firm’s portfolio management, credit research and trading team to monitor and communicate portfolio positioning and analysis to clients around the US. Prior to joining AB in 2016, Mertz worked at BlackRock as a separately managed account analyst. He holds a BA in finance and international business from Muhlenberg College.Key TakeawaysWhat is Jason’s favorite home-cooked meal or recipe?Learn about Jason’s career journey and how he ended up in his current role at AllianceBernstein.Did being the captain of his lacrosse team in college teach Jason any lessons that he has carried forward to the present day?What were some of the drivers behind the underperformance of Municipal bonds for the first 7-8 months of the year?If Jason  is not seeing great opportunities in the Municipal bond market, are there other areas in the market that he can lean into and what would spark him to do that?As an active manager, how is Jason thinking about balancing all of the unique risks present in today’s environment?How is Jason generally viewing broad, municipal credit health right now? Are there any real pockets of concern around the credit space?As Jason is thinking about his outlook for the next 12 months or so, how do Municipal bonds fit into the portfolio and where is he seeing that part of the portfolio acting in the next year?What is some of the proactive tax management that Jason and his team at AB are doing?What kind of technology and tools does AllianceBernstein use to allow them to manage tax-aware  SMA’s for their plethora of clients?Learn more about AB’s advisor partnership model and how it works within the broader Orion community.When someone thinks of AllianceBernstein Municipal Bonds, what should be the first thing they think about? Also, as they think about partnerships what is the key takeaway there as well?LinksJason Mertz on LinkedInAlliance BernsteinConnect with UsMeet Ben Vaske, Manager Investment StrategyCheck Out All of Orion’s PodcastsPower Your Growth with OrionJason Mertz: Air Fryer Salmon RecipeIngredients: Salmon, Garlic, Salt, Pepper, Soy Sauce, Teriyaki and Lemon (optional)Boil water and pour over the skin of the salmon for easy removal of the skin (salmon hack!)Cube the salmon into 1 inch pieces and toss into a bowlMarinate the salmon with salt, pepper, garlic, soy sauce, and a touch of teriyaki. Lemon squeeze optionalToss the Cubes into the air fryer for 8-10 minutes (I normally rotate halfway through)ENJOY! The salmon should be crispy on the outside with a soft center.Disclosure(s)Wealth management services provided by Orion Portfolio Solutions, LLC (“OPS”), a registered investment advisor. Orion OCIO services provided by TownSquare Capital, LLC (“TSC”), a registered investment advisor. OPS and TSC are affiliates and wholly owned subsidiaries of Orion Advisor Solutions, Inc.Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor. This podcast is sponsored by BlackRock, Inc. Orion Advisor Solutions, Inc. (“Orion”) or its affiliates and subsidiaries received compensation from BlackRock, Inc. for the placement of this advertisement content. BlackRock, Inc. and Orion are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided.Compliance Code: 3497-R-25351

Today on the podcast, Ben Vaske is joined by Kim Arthur, CEO and Portfolio Manager of Main Management. Kim D. Arthur is a founding partner of Main Management, LLC. He currently serves as Main’s CEO and Portfolio manager. In 2009 Kim was recognized by Institutional Investor Magazine as a “Rising Star” of Foundations and Endowments. Kim is a regular speaker at national conferences and was a featured speaker at the Inside ETFs conference in Hollywood, Florida in January 2018. Kim has been profiled in articles by Index Universe and referenced in Barron’s, Wall Street Journal, Business Week and Fortune Magazine among others. Kim began his financial career in 1987 when he joined Montgomery Securities in their Institutional Sales division, marketing U.S. equities to Japanese institutions. He was promoted to Managing Director of Institutional Sales in 1997 during the period when Montgomery was purchased by Nations Bank. By 1999 he had advanced to the transitional head of International Sales for Banc of America Securities, following Bank of America’s takeover of Nations Bank. From 2000-2001 Kim was named the head of the Institutional Sales and Trading Department overseeing 60 sales traders in 6 cities. From January 2002 through August 2002 he was appointed the head of Equity Product Marketing. He served on the Investment Policy Committee and the Executive Management Committee at Banc of America Securities from 2000-2002.Key TakeawaysWhat is Kim’s favorite home-cooked meal or recipe?Kim’s career journey, how he found his way into the industry and what led him to become a co-founder of Main Management back in 2002.What are some of the things Kim learned by being thrown into the deep end of managing people early on?When it comes to retaining talent, what are Kim’s words of advice for retaining your best employees for the long haul?How does Kim maintain his energy and a work life balance while wearing so many hats?Are there any skills from Ben’s home-remodeling project that he’s been able to apply to his professional role?How have Kim and Main Management thought about the extraordinary market in the year thus far?What kind of catalyst might make our national debt and the interest payments on it an issue, or does Kim think we are okay for now?Where is Kim seeing opportunities in the market right now?What does Kim believe the role of Active Management is today?How does Main Management emphasize their client focus across their culture, their events and their operations?For advisors listening, what is a foundational checklist to take a few steps to ensure that they’re working towards providing exceptional client service?What is Kim’s “why” that drives him everyday?LinksKim Arthur on LinkedInMain ManagementConnect with UsMeet Ben Vaske, Manager Investment StrategyCheck Out All of Orion’s PodcastsPower Your Growth with Orion Disclosure(s)Wealth management services provided by Orion Portfolio Solutions, LLC (“OPS”), a registered investment advisor. Orion OCIO services provided by TownSquare Capital, LLC (“TSC”), a registered investment advisor. OPS and TSC are affiliates and wholly owned subsidiaries of Orion Advisor Solutions, Inc.Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor.This podcast is sponsored by BlackRock, Inc. Orion Advisor Solutions, Inc. (“Orion”) or its affiliates and subsidiaries received compensation from BlackRock, Inc. for the placement of this advertisement content. BlackRock, Inc. and Orion are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided.Compliance Code: 3148-R-25321

Today on the podcast, Rusty and Robyn are joined by Kim Arthur, CEO and Portfolio Manager of Main Management. Kim D. Arthur is a founding partner of Main Management, LLC. He currently serves as Main’s CEO and Portfolio manager. In 2009 Kim was recognized by Institutional Investor Magazine as a “Rising Star” of Foundations and Endowments. Kim is a regular speaker at national conferences and was a featured speaker at the Inside ETFs conference in Hollywood, Florida in January 2018. Kim has been profiled in articles by Index Universe and referenced in Barron’s, Wall Street Journal, Business Week and Fortune Magazine among others. Kim began his financial career in 1987 when he joined Montgomery Securities in their Institutional Sales division, marketing U.S. equities to Japanese institutions. He was promoted to Managing Director of Institutional Sales in 1997 during the period when Montgomery was purchased by Nations Bank. By 1999 he had advanced to the transitional head of International Sales for Banc of America Securities, following Bank of America’s takeover of Nations Bank. From 2000-2001 Kim was named the head of the Institutional Sales and Trading Department overseeing 60 sales traders in 6 cities. From January 2002 through August 2002 he was appointed the head of Equity Product Marketing. He served on the Investment Policy Committee and the Executive Management Committee at Banc of America Securities from 2000-2002.Key Takeaways[04:03] - Kim’s professional background and more on his role at Main Management[06:00] - Main Management’s motto is “we believe investors should keep more of their investment returns.” How does this translate into day-to-day operations?[08:08] - How has Kim’s investment philosophy evolved overtime in terms of values?[09:08] - What does Kim know now that he wishes he understood ten to twenty years ago?[11:01] - What role does intuition play in Kim’s decision making now versus early in his career?[12:03] - Does Kim have any daily routines, or rituals, that help him stay focused and ground his thinking in chaotic markets?[13:30] - Are there any mental models, investing or otherwise, that Kim returns to regularly to guide his perspectives?[15:03] - When Kim looks back years from now, what kind of impact does he hope to leave with the industry, his clients and his team?[16:00] - How does Kim define success today and how has that definition changed over his career?[17:30] - As a portfolio manager and a leader, what biases or other internal battles has Kim had to overcome?[18:57] - Either inside, or outside, the world of finance, what are some trends that Kim is really curious about right now?[21:05] - Outside of investing, are there other things that Kim finds inspiring or energizing at the moment?[22:36] - A story about Kim, potentially from earlier in life, that best captures who he is today?[24:36] - Is there a book, movie or quote that has influenced Kim’s leadership or investment approach?[26:53] - Who in Kim’s life, or career, has had the biggest impact on how he thinks and what lessons did they teach him?[28:13] - What advice does Kim give most often to younger professionals in the industry?[29:22] - Was there a pivotal point in Kim’s career where he had a failure, or a setback, that has shaped his life in a meaningful way?[31:35] - How does Kim stay motivated and optimistic during tough market stretches or personal challenges?[33:27] - What is currently Kim’s favorite investment idea?Quotes[08:16] - “I stole this from Bezos, but we do it in all of our meetings -  we’ll have an empty chair, and I’ll remind everybody in there that hasn’t heard it, but that chair is the client sitting there. So, whatever you’re going to say, you better make sure that it’s client centric because they are listening and they will remember… Again, when you kind of grab your team that has that building block and then you start building off of that, good things will happen, but it’s got to start from that foundational piece.” ~ Kim Arthur[31:40] - “In any given year, the market drops 10% from peak to trough. It’s very interesting how, when it does that, it feels so unique like it hasn’t happened before, but it’s actually 12 months before that it happened. Then, every three plus years, you get a 20% drop…and it feels awful…So that gives me solace, to look back and realize that this too will pass. This is part of the nature of the markets.” ~ Kim ArthurLinksKim Arthur on LinkedIn“The Zoo” by ScorpionsMain ManagementConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Advertisement sponsored by Toews Asset Management. Toews Asset Management 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: 1246-R-25120

Today on the podcast, Rusty and Robyn are joined by Dominic Vaccaro, President of Real Estate at Burlington Capital. Dominic Vaccaro is President of Real Estate and sits on the Investment Committee of Burlington Capital, the company’s sponsored investment programs and advisor.  With 20 years of experience at Burlington Capital, Mr. Vaccaro oversees all of the company’s real estate operations including acquisitions, development and property management. During his tenure at Burlington Capital, he has been involved with the acquisition and/or development of multifamily properties with asset values totaling nearly $3 billion with over 35,000 units. These properties include market rate, affordable, military, veteran, student and senior housing. He has also been primarily responsible for the company’s efforts with public-private partnerships including nine privatized student housing projects with asset values totaling in excess of $180 million and the military housing privatization at Offutt Air Force Base with development costs of $240 million and over 2,000 housing units. He is experienced in the acquisition and development of multifamily properties, including both construction and permanent financing, structuring and issuance of taxable and tax-exempt bonds and the management of portfolios of real estate. Mr. Vaccaro has a B.S. in Business Administration – Finance from Creighton University.Key Takeaways[03:33] - Dominic’s professional background and more on his current role at Burlington Capital[04:21] - What is Burlington Capital’s investment philosophy and what makes it stand out from its peers?[05:27] - How does Dominic define the role of alternatives, and specifically real estate, in a diversified investment portfolio?[06:55] - How large is the asset class of multi-family real estate and how has the perception of this asset class changed over the past decade among institutional and retail investors?[09:11] - What makes multi-family real estate particularly attractive in a long-term asset allocation strategy?[11:50] - How has Dominic’s team at Burlington evolved their approach to multi-family real estate with changing interest rates, demographics etc?[13:10] - A case study that highlights the real world impact, and performance, of a multi-family investment[17:05] - What are some of the ways that multi-family real estate delivers tax efficiency, and when and how are these typically realized by investors?[20:03] - What macro trends are most critical to multi-family performance today?[21:50] - Are there particular demographic or behavioral shifts (e.g. remote work or Gen Z renters) that will shape demand in the years ahead?[23:43] - How has Dominic’s personal investment philosophy evolved over his 20+ years at Burlington Capital?[24:47] - What advice would Dominic give to young professionals who are interested in alternative investments or, specifically, real estate development.[25:57] - What is currently one of Dominic’s favorite investment ideas?Quotes[11:21] - “As you look at multi-family today, there's a certain appeal as values are down 20-25% off their peaks. Given the rise in interest rates, certainly multi-family provides an entry point that, relative to prior highs, provides some opportunities.” ~ Dominic Vaccaro[22:46] - “The two [major changes in multi-family real estate] that always come to mind…for me are, certainly the evolution of the internet, and the need for good access in that regard, but also pets. You know, early in my career, it was very much commonplace [to not allow pets].  Now…it's almost catered heavily to pets and the role pets play…so it’s interesting to see how the demand for multi-family overtime has been influenced by some of these factors and will continue to be.” ~ Dominic VaccaroLinksDominic Vaccaro on LinkedIn“Don’t stop” by Fleetwood MacBurlington CapitalConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Advertisement sponsored by Toews Asset Management. Toews Asset Management 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: 1218-R-25115

Today on the podcast, Rusty and Robyn are joined by Morgan Lemaitre, Founder & Owner of Park City Wealth Advisors. Morgan Lemaitre, CFP®, founder and owner of Park City Wealth Advisors, boasts over a decade in the financial services industry, however her background goes beyond that. From competitively figure skating on behalf of Team USA to cooking for the King of Thailand on his 80th birthday, Morgan understands life is about absorbing as much knowledge and as many experiences as possible. She brings that same perspective to Park City Wealth Advisors, where she says, “I want my clients to look at each open door as an opportunity to take the next step and see what the other side has to offer.”Key Takeaways[03:41] - Morgan’s diverse background, career highlights and what led her to her current position[08:35] - Learn more about the founding of Park City Wealth Advisors and how it stands out from its peers[14:28] - Why did Morgan start asking her clients “when will you know you’ve made it” and how do her clients typically respond?[19:48] - What is the 1% better philosophy?[25:32] - What are some of the most impactful 1% shifts that Morgan’s seen clients make?[28:27] - How does Morgan approach conversations around purposes, values and impact across generations?[30:52] - What advice does Morgan give to families that are struggling to connect money decisions with their shared values or their intergenerational goals?[32:57] - How does Morgan help gain, and maintain, a long-term perspective, especially during times of market volatility like we are experiencing right now?[36:26] - How has motherhood shifted Morgan’s own definition of “making it?”[41:01] - What are the biggest misconceptions people have about what “living with intention” really means or looks like?[43:02] - What is one daily habit that compounds meaningfully in Morgan’s life?Quotes{15:40] - “...What are you striving for, like when will you know you’ve made it? Because, if we don’t know what we are shooting for, or where we are pointed, we’ll never know when we arrive and we’ll never know to celebrate those moments…[this question gives] me a little insight into what drives people, what they’re really shooting for in life, what lights them up.” ~ Morgan Lemaitre[25:34] - “1% shifts, I believe, are aligned around discipline. So, things that we can easily do in our lives that, when you add them all together, make a huge difference.” ~ Morgan LemaitreLinksMorgan Lemaitre on LinkedIn“Girl on Fire” by Alicia KeysPark City Wealth AdvisorsConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Advertisement sponsored by Toews Asset Management. Toews Asset Management 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: 1206-R-25114

Today on the podcast, Rusty and Robyn are joined by Jeff Brooks, Senior Wealth Strategist with the Specialist Consulting Group at JanusHenderson Investors. Jeffrey R. Brooks is a Senior Wealth Strategist with the Specialist Consulting Group at Janus Henderson Investors. Jeffrey brings to his role years of experience in both the practice of law as well as the financial services industry, working together with financial advisors and their high-net worth and ultra-high-net worth clients. His knowledge and real-world experience are invaluable for advisors and investors facing hurdles in the quest to achieve tax, wealth transfer, family governance, business succession, and philanthropic goals. Prior to joining the firm in 2023, Jeffery served 24 years in similar roles at Capital Group, UBS, and Merrill/Bank of America. Before entering the financial services industry, he was a partner in a boutique estate planning firm in St. Louis, Missouri, and spent five years clerking for the judge of a probate court. Jeffrey earned both an undergraduate degree in journalism and a law degree from the University of Missouri at Columbia. He holds FINRA Series 7, 63, 66, and 24 securities licenses. Jeffrey and his wife live with their 5 dogs on a small ranch in Southern California.Key Takeaways[05:33] - Jeff’s professional background and career highlights[06:39] - More on Jeff’s current role at Janus Henderson[08:49] - What inspired Jeff to connect cultural icons, like King Lear and Tony Soprano, to modern wealth transfer planning?[09:43] - How do these fictional stories exemplify the complex family dynamics of wealth transfers?[12:26] - What are some of the most common mistakes people make in their wealth transfer plans that mirror the tragic flaws of Tony Soprano, King Lear and other fictional characters?[15:47] - What is “The King Lear Effect” and what are some real life examples of estate battles that illustrate it well?[17:40] - How has the increasing complexity of modern families complicated wealth transfer planning?[19:40] - How can financial advisors facilitate the often difficult conversations necessary for estate planning?[23:40] - In Jeff’s experience is poor technical planning or unaddressed emotional issues a greater threat to familial wealth?[28:35] - What has Jeff found to be effective in helping parents with the concern that their children will be negatively influenced by their inheritance?[31:42] - How should families balance their desire for equitable treatment with the reality that different heirs have different needs and capabilities?[34:51] - What  blindspots do financial advisors often have when they guide clients through the wealth transfer planning process?[38:03] - What are some tips to help financial advisors preserve not only financial capital, but everything else?[42:26] - What trends is Jeff seeing in how the next generation approaches inherited wealth compared to previous generations?[44:56] - How are differences in investor preferences among generations going to shape wealth transfers going forward?[46:00] - What role should philanthropy play in a comprehensive wealth transfer strategy?[47:23] - If Jeff could leave our listeners with one actionable strategy to improve their wealth transfer, what would that be?[48:29] - What is currently Jeff’s favorite investment idea?Quotes[11:37] - “I have run into clients who have had a bad experience, most recently, and decided they want to change…their wills and trusts in order to be able to include or exclude certain individuals who may have had an immediate and short-term influence on them. As a lawyer, when that happened, I would counsel them to think carefully. It’s not my job to talk them out of it, but it certainly is my job to put it into perspective and help them see the perspective of good estate planning rather than to make it on an immediate incident.” ~ Jeff Brooks[40:15] - “I love to talk about family governance with clients, because that’s such an amorphous term - it’s very squishy, we don’t know what governance is…The way I describe it and clarify it for my clients is: family governance is setting up a structure to make decisions when your family members don’t agree. They’ve gotta have a contract, or a constitution…or whatever you want to call it, but there’s a rule book because children will not always agree, not with their parents and not with each other, and some wait until after parents are gone to really let those disagreements fly. However, if you have an agreement in writing, you can control a good deal of that conflict.” ~ Jeff BrooksLinksJeff Brooks on LinkedInJanus Henderson Investors“Give it Away” by The Red Hot Chili PeppersConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Advertisement sponsored by Toews Asset Management. Toews Asset Management 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: 1198-R-25114

Today on the podcast, Rusty and Robyn are joined by Dustin Haygood, Client Portfolio Manager at Aristotle Capital Management. Dustin Haygood is a Client Portfolio Manager at Aristotle Capital and a member of the investment team. Prior to joining Aristotle Capital, Dustin was Lead Analyst at Capital Alpha Partners where he performed political risk research for institutional investors. Additionally, during his master’s program, he interned in client service at Pacific Investment Management Company (PIMCO). Beyond his experience in investment management, Dustin previously worked in politics as both a lobbyist and a Capitol Hill staffer. Dustin earned his Bachelor of Arts degree in Political Science from the University of California, San Diego and his MBA in Analytical Finance and Economics from the University of Chicago Booth School of Business. He is a CFA® charterholder. Dustin is also an avid golfer, mediocre skier and a lifelong Los Angeles Dodgers fan.Key Takeaways[03:58] - Dustin’s professional background and more on his current role as a client portfolio manager at Aristotle[07:23] - What is “the power of patience” vital to Aristotle’s investment philosophy?[07:57] - Given Dustin’s unique background, what has surprised him the most about the impact of politics on the markets?[09:51] - What is the foundation for Aristotle’s investment research framework?[12:26] - Could companies, like those in commodity or energy businesses, that are historically capital intensive ever be considered quality?[14:30] - Does Aristotle’s focus on quality and valuation lead to consistent sector overweights and underweights in their portfolio?[16:15] - What gives Aristotle their traction, even if they fly under the radar at times?[18:04] - Does the rise of passive management present opportunities, or challenges, for Dustin’s team?[22:00] - What are Dustin’s thoughts on non-US equities?[24:06] - Are there specific regions or markets that Dustin is particularly excited about right now?[26:42] - Where is Dustin seeing value in Japan? Are there any interesting companies he can talk about?[29:26] - Given the deep, bottom up, fundamental research that Aristotle conducts, how long does it take for them to research companies?[32:30] - What will need to change for value investing to truly make a comeback and are we seeing the early signs of that shift?[35:24] - Do the traditional definitions of value still apply in today’s market?[36:55] - Many large tech companies have moved from growth to potentially value territory. How has this shift affected their approach to technology within value portfolios?[38:20] - In a market dominated by tech-driven narratives, what challenges does Dustin face when explaining value investment strategies to clients?[39:57] - What is currently Dustin’s favorite investment idea?Quotes[11:05] - “Here’s something unique too, valuation itself can’t be a catalyst for us - we don’t invest in a company just because it’s cheap. There have to be catalysts that are observable. So, things that are under the company’s control, that are already underway, that are fundamentally improving that business. So, it could be a business transformation, it could be the company expanding their margins in a meaningful way. Something else that we believe will help close the gap between price and intrinsic value. It needs to be grounded in reality though, so not hype, not a macro guess, not a political outcome.” ~ Dustin Haygood[13:19] - “Quality isn’t static. It’s not just about where a company has been, it’s about where it’s headed…Can a capital intensive company be quality? In our view, yes it absolutely can. It depends on how well the company manages what it can control.” ~ Dustin HaygoodLinksDustin Haygood on LinkedIn“Right Now” by Van HalenAristotle Capital ManagementThe Power of Patience PodcastConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Advertisement sponsored by Toews Asset Management. Toews Asset Management 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: 1217-R-25115

Today on the podcast, Rusty and Robyn are joined by serial entrepreneur and strategic advisor Scott MacKillop. Scott MacKillop, the former CEO of First Ascent Asset Management, serves as strategic advisor to GeoWealth, an enterprise technology firm and TAMP that serves the needs of RIAs. He is a 40-year veteran of the financial service industry.Key Takeaways[03:56] - Scott’s professional background and why he is a self-described “creative adventurer”[07:40] - What are the guiding principles that have helped shape Scott’s leadership journey?[09:51] - Are there any particular lessons, in business or in life, that stand out for Scott?[10:53] - How has Scott’s personal philosophy evolved over time and what experiences have shaped it the most?[11:56] - If Scott could give his younger self one piece of advice, what would it be?[12:45] - If Scott could write a manifesto for financial advisors, what 10 things would make it on that list?[18:34] - Where does Scott see the financial services industry excelling now and where does it still have some work to do?[23:07] - What does Scott think the financial advisor of the future should look like?[25:53] - What motivates Scott to innovate, disrupt and keep pushing for positive change within the industry?[28:13] - How does Scott see the principle of “keeping it simple” evolving as new products and strategies emerge?[29:57] - How does Scott think advisors should think about succession planning?[32:37] - What is a lesson that too many advisors have learned the hard way?[35:31] - If Scott could give one piece of advice for financial advisors looking to strengthen their client relationships, what would that be?[37:57] - What parallels does Scott see between hiking and the financial services world and how does time in nature influence his perspective on markets and decision making?[41:36] - Was there a particular hike that taught Scott something new about his personal leadership style?[46:43] - Are there any particular books that have greatly influenced the way Scott thinks about the world?[49:26] - Currently, what is Scott’s favorite investment idea?Quotes[23:09] - “[Going forward advisors] are going to be more and more managers of outside vendors rather than cobblers at the bench making shoes. I think this is going to be more and more a part of what they do.” ~ Scott MacKillop[32:40] - “I think that [some advisors] have learned the hard way that…the financial services world is a sales culture…and that, as I mentioned before, it sometimes takes advisors awhile to realize that people who look like they’re friends and look like objective sources of information are not, they’re selling something. So, that sort of skepticism and due diligence mindset…is really important, and I think a lot of advisors have learned that the hard way.” ~ Scott MacKillopLinksScott MacKillop on LinkedIn“Sugar Magnolia” by The Grateful DeadConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Advertisement sponsored by Toews Asset Management. Toews Asset Management 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: 1195-R-25113

Today on the podcast, Rusty and Robyn are joined by Judith Peterson, Chief Marketing Officer at DwellFi and SteerCo Member of the Women’s Accelerator Network in NYC. Judith Peterson, based in New York, NY, US, is currently a Chief Marketing Officer at DwellFi. Judith Peterson brings experience from previous roles at Intertrust Group, Cerulean Sky LLC, Ultimus Fund Solutions and Broadridge. Judith Peterson holds a 2013 - 2016 Columbia University - Columbia Business School. With a robust skill set that includes Business/Sales Development, Brand Creation & Management, Media, PR, and Analyst Relations, Digital/Social Media, Networking and SEO, Consulting and Project Management and more. Judith Peterson has 2 emails and 2 mobile phone numbers on RocketReach.Key Takeaways[03:42] - Judith’s professional background, more on her current role at DwellFi and why she is fascinated by emerging technologies[05:06] - Why does DwellFi describe itself as an AI first company and how do they aim to revolutionize this industry?[06:58] - How can AI help financial professionals expand their reach and better tailor their job search to uplevel their brand in this industry?[09:06] - What does teaching AI to learn your tone and style look like in practice?[11:19] - How can having someone interview you help you define your persona?[12:58] - What advice does Judith have for those just starting to use AI in their career? How do they get over that feeling of being overwhelmed or confused by it and start experimenting?[14:52] - If Judith could give every financial professional one AI tool and one mindset shift, to transform their career, what would those be?[20:27] - What are some of the most common missed opportunities that Judith sees on LinkedIn profiles today?[21:35] - What role should visual elements play in personal branding and how should people approach this creatively?[24:28] - For those trying to break into a new niche, or a new industry, how does Judith recommend leveraging AI-powered networking on platforms like LinkedIn?[26:05] - What are some of Judith’s favorite AI tools for building a professional brand or doing smart networking?[27:08] - Why does Judith see AI as a tool for empowerment, rather than a threat, for women in the industry?[30:13] - Why does Judith think women are uniquely positioned to lead in AI?[31:43] - Why is discernment such a valuable skill and how can women better cultivate that and showcase it in their careers?[35:02] - What is the significance of the terms “skim” and “dive” in the context of LinkedIn and what should we take away from these concepts?[36:48] - How can AI help build confidence, rather than reinforce comparison culture?[39:44] - What is Judith’s 90 day marketing metamorphosis and how does it better position women to lead at the C Suite level?[43:05] - Why does Judith say that AI has a twofer effect for women?[45:36] - What excites Judith the most about the future for women in AI powered industries and how can we ensure we don’t miss this moment?[46:30] - What is currently Judith’s favorite investment idea?Quotes[10:50] - “This is, I suppose, kind of a pro tip that someone taught me, but if you don’t know how to ask [AI], go into the program and say this is the outcome I want, help me write a prompt for that…that was a little mind blowing for me.” ~ Judith Peterson[14:01] - “I think what’s interesting is that, right now, the trend that I see is that most people think transactionally with AI, with the public tools, they don’t think strategically…but…[you just need to] get in there and let it be messy…there’s zero perfection [necessary] with this..” ~ Judith PetersonLinksJudith Peterson on LinkedInDwellFi“Mr. Blue Sky” by Electright Light OrchestraLet Them by Mel RobbinsConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Advertisement sponsored by Toews Asset Management. Toews Asset Management 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: 1026-R-25097

Today on the podcast, Rusty and Robyn are joined by Alma Rodriguez-Piscitello, CEO & Founder of Revela Advisors. As the driving force behind Revela Advisors, Alma is all about helping businesses unlock their true potential and achieve sustainable growth. With over 30 years in financial services, she’s worked with Fortune 500 companies and global organizations, mastering the art of marketing, business development and strategic partnerships. Known for her ability to unite teams and align visions, Alma thrives as a collaborative “quarterback,” guiding businesses through transformative strategies that foster lasting success. Her leadership has spearheaded corporate rebranding efforts and cultivated partnerships that propel organizations forward. Beyond work, Alma’s passion for continuous learning and fostering growth is mirrored in her personal life, where she actively mentors college students and young professionals.Key Takeaways[04:32] - Alma’s professional background and what inspired her to found Revela Advisors? What gap in the industry is she trying to fill?[07:33] - Why is Alma passionate about brand, future forward, finserv industry, resilience and people power?[09:51] - How has Bruce Lee’s influenced Alma’s approach to marketing and branding in financial services?[12:14] - How have PR and marketing evolved for financial advisors over the past decade?[15:46] - What are some of the biggest mistakes advisors make when trying to differentiate themselves?[19:16] - What’s the first step advisors should take to build a really compelling, and unique, identity?[20:38] - How can advisors use storytelling and PR to build credibility and connect with their clients?[22:11] - What are some creative ways advisors can leverage media, social platforms and thought leadership to stand out in a crowded space?[23:21] - What is an example of an advisor, or a firm, that has done a really exceptional job of building a brand and attracting the right clients?[25:03] - Why is marketing so relevant for attracting next-gen advisors?[30:30] - How does Alma see AI, and technology, shaping marketing and client engagement in the next 5 years or so?[33:00] - What is one trend in marketing, or PR, that advisors should really be paying more attention to?[34:15] - In this age of information overload, how does Alma balance the need to stay informed with the need to tune out?Quotes[06:47] - “I said, you know what, I want to do something different. Why do I want to go launch my own firm? It’s because I saw that firms were struggling to bridge that gap between messaging and execution…and that’s why I founded the business. I just don’t want to talk about [it]...I want to help them create the right steps to achieve it. So, it’s beyond marketing, it’s really about the business strategy itself and how you’re communicating with your target audience.” ~ Alma Rodriguez-Piscitello[15:47] - “One of the biggest mistakes advisors make is trying to be everything to everyone, so it’s important to identify your unique strengths and focus on those…People purchase, buy or sign up for a service because you’re human and they trust you, so really focus on specialization, why are you unique and what do you help them solve. The biggest mistake is trying to be everything to everyone.” ~ Alma Rodriguez-PiscitelloLinksAlma Rodriguez Piscitello on LinkedInRevela Advisors“No Sleep Till Brooklyn” by Beastie BoysPa’lla Voy by Marc AnthonyConnect with UsMeet Rusty VannemanCheck 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 Toews Asset Management. Toews Asset Management 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: 0879-R-25083

Today on the podcast, Rusty and Robyn are joined by Frank Trotter, President at Battle Bank. Frank Trotter has been involved in the banking business since 1981. In 1998, he became a co-founder of everBank.com, a national direct-to-consumer bank which was acquired by EverBank Financial in 2004. From 1998 through the sale of EverBank Financial Corp to TIAA in 2017, he served in various executive capacities including Chairman of everBank.com, President of EverBank Direct, and Chairman of EverBank Wealth Management. From 1981 through 1997, Frank served Mark Twain Banks in various capacities including Vice President of Commercial Lending, and President of Mark Twain International Markets. In 1986, Frank created the WorldCurrency® deposit product for Mark Twain Banks and operated this business through 1997. In 2000, everBank.com acquired this business from the successor of Mark Twain Banks and operated the product line at EverBank. Frank holds a Bachelor of Arts from St Olaf College in Northfield, Minnesota and an MBA from Washington University in Saint Louis, Missouri.Key Takeaways[03:21] - What inspired Frank to pursue his path in banking and financial services?[04:33] - What drives Frank’s writing and what key messages does he hope to share?[06:02] - How has Frank’s philosophy on work, leadership and financial services evolved over the years?[07:09] - What are some of the biggest leadership lessons that Frank has learned from his time with EverBank and Battle Bank?[08:43] - What is Battle Bank, how does it work and what inspired Frank to found it?[10:21] - What is the story behind the name of Battle Bank?[12:32] - What specific problems is Frank hoping to solve with Battle Bank that traditional banks are not addressing?[16:13] - What lessons from co-founding EverBank are shaping Frank’s decision at Battle Bank?[17:45] - How does Frank see the role of banks evolving as we move forward, especially with the rise of Fintech and digital-first banking?[20:36] - What is the strategy behind Battle Bank’s unique product lineup (e.g. foreign currency deposits, self-directed IRAs and precious metals)?[22:16] - How does Battle Bank plan to balance high-tech solutions with a human element in financial services? How will they maintain this as the balances get bigger?[24:23] - What kind of clients does Frank think will benefit the most from Battle Bank’s offerings?[26:06] - How will Battle Bank differentiate itself in customer service?[27:55] - Where does Frank hope to see Battle Bank in five years?[29:37] - How does Frank see financial advisors fitting into the future of banking? Will banks and advisors collaborate more or is there a risk of banks becoming more direct competitors?[31:17] - Are there any other trends in banking, or wealth management, Frank thinks that financial advisors should be paying attention to right now?[32:51] - How does Frank see the current macro environment shaping the future of banking and financial services?[34:55] - What advice would Frank give to young professionals entering financial services now?[36:51] - How did Frank get into hiking and mountaineering and what are a few of his favorite hikes?[38:06] - What is currently Frank’s favorite investment idea?Quotes[08:27] - “So, I think [two] of the key revelations over time, [in terms of what I’ve learned about leadership], is…you don’t have to do it all yourself and consensus is pretty darn good in terms of making decisions.” ~ Frank Trotter[15:12] - “What we do is sort of look for places where there’s a hole in the market. One of those holes is borrowing against your precious metals. Now, if you walk into your local bank with a few gold bars, they’ll probably lend you some money. But, there’s no mechanized way to do that nationally right now. A lot of our clients want to hold onto their precious metals, but they may want to put a deck on the back of the house…so we kind of structured it like a margin account at a broker dealer. Amazingly not available, we’re delighted about that, but also our clients are  going to be delighted to get that liquidity.” ~ Frank TrotterLinksFrank Trotter on LinkedInBattle Bank’s Website“Box of Rain” by The Grateful Dead“Holiday” by Green Day“Money Song” by Monty PythonConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Advertisement sponsored by Toews Asset Management. Toews Asset Management 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: 0786-R-25076

Today on the podcast, Rusty and Robyn are joined by Morris Chen, Portfolio Manager at DoubleLine Capital. Mr. Chen joined DoubleLine at its inception in 2009. He is a Portfolio Manager leading the CMBS/CRE Debt Investment team and CRE New Investment Review Group, and is responsible for the oversight and management of all CRE Debt related investments at DoubleLine. Mr. Chen is a permanent member of the Fixed Income Asset Allocation and Structured Products Committees providing valued insight into the CMBS sector. He is also an active participant and speaker at CREFC events. Prior to DoubleLine, Mr. Chen was a Vice President at TCW where he was responsible for CMBS credit analysis and trading from 2004-2009. He holds a BS in Business Administration with concentrations in Business Development and Finance from the University of California, Riverside.Key Takeaways[03:23] - Morris’ professional background and more on his current role at DoubleLine[04:43] - Learn more about DoubleLine Capital and the culture there[06:06] - Why has commercial real estate been in the headlines so much the last couple years?[08:41] - Are the current concerns in commercial real estate largely driven by the work from home movement, or are there other dominant concerns? Also, what other sectors make up commercial real estate aside from office buildings and retail spaces?[10:48] - Big picture, what is currently going on in the current commercial real estate market? How have shifting interest rates and inflation influenced the sector?[12:41] - What other challenges is Morris seeing within commercial real estate?[15:43] - Where is Morris seeing the most attractive opportunities in commercial real estate today? Are there specific sectors they are focusing on?[18:10] - What are the meaningful differences between investing in commercial real estate equity vs. commercial real estate debt?[20:22] - What does Morris think the future of major cities will look like in a post-Covid world?[23:31] - What does DoubleLine think about the possibility of increased inflation and is commercial real estate a good hedge against inflation?[24:55] - How do Commercial Mortgage Backed Securities (CMBS’s) work and how do they fit into an investment portfolio?[27:35] - What is Morris’ outlook on CMBS and what role do they play in the strategy they currently manage?[29:29] - What can Morris share with us about the status of the private real estate debt market?[32:23] - What role should commercial real estate play for individual investors trying to build diversified portfolios?[33:56] - An overview of the DoubleLine commercial real estate fund and its investment strategy. Also, what makes it different from other commercial real estate funds?[36:11] - What guiding principle or philosophy shapes their approach to managing the fund?Quotes[05:03] - “I think [DoubleLine’s] independence brings forth stability, in terms of the portfolio management team as well as investment teams. The employee ownership…dynamic is also important as well. We are very very proud to say that myself, as well as a lot of our sector heads and portfolio managers, together we collectively have worked togethered for essentially our entire careers - well over 20+ years…That also just goes into the performance of our funds. It’s consistent, you don’t have much turnover, and I think that, to me, is paramount when you think about DoubleLine and part of our strengths.” ~ Morris Chen[27:35] - “Yeah, I think the outlook [for CMBS] is still very positive, and it’s more so on a relative value basis. I’m not here to tell you that it’s very very cheap…on its historical viewpoint…[However], I can tell you that in an environment where investors want Fixed Income, but then they look at the yield that a corporate bond is generating, you can actually come to the CMBS market and buy a similar risk, similar rated bond and pick up that excess yield.” ~ Morris ChenLinksMorris Chen LinkedInDoubleLine Capital“Back in Black” by AC/DCConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Advertisement sponsored by Toews Asset Management. Toews Asset Management 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: 0760-R-25072

Today on the podcast, Rusty and Robyn are joined by Daryl Clements, Municipal Portfolio Manager at AllianceBernstein. Daryl Clements joined AB in 2002 from a role in credit research. Drawn by the firm's reputation and potential for opportunity, he has played a key role in pulling the municipal market forward through relentless innovation. For Clements, active management means leveraging fundamental and quantitative research to reduce volatility and produce better outcomes. AB has been a leader in using completion funds for the construction of municipal SMA portfolios. Further innovations included developing proprietary research and trading tools for the municipal bond market. The result? Faster, more efficient portfolio construction at AB. Clements relishes change, evolution and the drive to become the number-one bond manager of choice. “We are not a static group,” he says. “We are not happy where we are, ever. We are always moving forward and changing things. We want to seek out differentiation.”Key Takeaways[03:13] - Daryl’s professional background and what led him to his current role at AllianceBernstein.[04:40] - Learn more about AllianceBernstein and the secret to its longevity.[05:54] - What are some of the key themes, and most significant trends, Daryl is seeing currently influencing the Muni Bond market?[07:54] - How does Daryl anticipate changes in tax policies, Federal infrastructure spending and any other policies impacting Muni Bond valuations and investor demand? What is he watching out for right now?[11:31] - What are the 3 reasons it pays to be Active as a Muni investor? What are some specific examples of how these add value?[15:06] - What criteria does Daryl emphasize when evaluating Muni issuers?[16:27] - How does Daryl balance the pursuit of higher-yields with the need to manage credit risk?[18:32] - How should one decide when to rotate into different sectors, or increase Treasury holdings, within a Muni portfolio?[22:42] - What strategies does Daryl employ to capitalize on the inefficiencies of the Muni market?[23:56] - What is AllianceBernstein’s technology The AbbieOptimizer?[28:26] - Looking ahead, what challenges and opportunities does Daryl see for Active Municipal Bond managers?[30:52] - How are big picture things, like climate change and demographic shifts, influencing his investment decisions in the Muni market?[33:37] - Is there anything else that Daryl thinks advisors and investors should know about the Muni market?[35:26] - What is currently Daryl’s favorite investment idea?Quotes[07:17] - “If I look at Active Managers in the Municipal market, versus Passive Managers, Active Managers outperform Passive 98% of the time in a rolling three-year period. Over two year periods, it’s 89% of the time, so we’re trying to get investors focused on Active Management and what that means to them.”  ~ Daryl Clements[26:53] - “We run [the AbbieOptimizer] multiple times a day. That allows us to now build portfolios in 10 days, not 50 or 60 days, that’s the speed concept of it, less cash drag in a portfolio. Also, we are buying bonds at an average discount. As a liquidity provider, we are getting to those bonds faster than anybody else. We are able to provide execution alpha, which when you combine the two, is worth about 40-50 basis points.”  ~ Daryl ClementsLinksDaryl Clements on LinkedInAllianceBernsteinThis Week in Muni Land“Honky Tonk Highway” by Luke CombsConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Advertisement sponsored by [Toews Asset Management]. [Toews Asset Management] 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: 0572-R-25058

Today on the podcast, Rusty and Robyn are joined by Felipe Toews, Chief Executive Officer of the Toews Corporation and a Portfolio Manager of Toews Asset Management.  Felipe Toews is Chief Executive Officer of the Toews Corporation and a Portfolio Manager of Toews Asset Management. His management strategies focus on creating “investor friendly” products designed to meet investors’ economic and behavioral needs. Phillip is the founder of the Behavioral Investing Institute, an organization devoted to helping advisors manage investor behavior through market challenges. Key Takeaways[03:00] - Felipe’s professional background and what led him to found Toews Asset Management.[07:45] - What inspired Felipe to create Cornelius and Prudence in his new book The Behavioral Portfolio?[10:13] - A preview of Scene 1 from Felipe’s new book, The Behavioral Portfolio.[10:56] - What should Cornelius have done differently in the prior scene to align Prudence’s expectations?[13:27] - How could Cornelius have prevented Prudence’s panic selling?[17:10] - Why do investors like Prudence make the decision to shift advisory firms and how can advisors prevent client attrition?[20:56] - From a Behavioral Finance perspective, what could have helped Cornelius manage Prudence’s expectations a bit better?[22:00] - What happens to an investor’s mind during a significant downturn and why do financial advisors sometimes struggle to keep them invested?[23:25] - What tips does Felipe have for advisors on how they can communicate in such a way that really reinsures their clients?[25:13] - What are the most common, and detrimental, behavioral biases that Felipe sees in investors and how can advisors counteract them?[30:43] - If Cornelius would have implemented a behavioral portfolio from the start, how might have this story been different?Quotes[07:45] - “Most of us who have studied Behavioral Finance learn that there’s thinking about something that happened historically, and then there’s having it told in a way that helps you understand or kind of relive the moment. Right, so it’s talking about the story with dialogue in a way that helps you understand it…Seeing the way many advisors and their investors shifted their thinking around portfolios from the top of the market in 07’ to the bottom in 09’ and then throughout the rise of that. I wanted to tell that story, so that advisors could sort of re-understand, for those that lived through it, how challenging actually managing investor behavior and making good decisions around that big downturn was.” ~ Felipe Toews[11:13] - “What Behavioral Coaching…has gotten wrong from the beginning, is it starts with the assumption that the historical accident of the 60/40 portfolio, a portfolio which does not…in all cases meet the economic and psychological needs of portfolios, is what you need to start with and coach around. So what you actually need to do is start around what the portfolio is and how it works…Then the other thing too is that advisors…like to kind of gloss over the worst things that markets can do.” ~ Felipe ToewsLinksFelipe Toews on LinkedInToews Asset Management“Sweet Disposition” by The Temper TrampAsk Vinh (Instagram)The Behavioral Portfolio by Philip ToewsConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Advertisement sponsored by [Toews Asset Management]. [Toews Asset Management] 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: 0700-R-25070

Today on the podcast, Rusty and Robyn are joined by Wade Pfau, Director of Retirement Research for McLean Asset Management, Founder of The Retirement Researcher and Co-Founder of the Retirement Income Style Awareness Tool. Wade D. Pfau, PhD, CFA, RICP® is the founder of Retirement Researcher, an educational resource for individuals and financial advisors on topics related to retirement income planning. He is a co-founder of the Retirement Income Style Awareness tool and a co-host of the Retire with Style podcast. He also serves as a principal and the director of retirement research for McLean Asset Management. He also serves as a Research Fellow with the Alliance for Lifetime Income and Retirement Income Institute. He is a professor of practice at the American College of Financial Services and past director of the Retirement Income Certified Professional® (RICP®) designation program. He holds a doctorate in economics from Princeton University and has published more than sixty research articles in a wide variety of academic and practitioner journals. His research has been discussed in outlets including the print editions of the Economist, New York Times, Wall Street Journal, Time, Kiplinger’s, and Money magazine. Wade served for four years as a co-editor of the Journal of Personal Finance. Wade has contributed to Forbes, Advisor Perspectives, and as an Expert Panelist for the Wall Street Journal. He has spoken at the national conferences of organizations such as the CFA Institute, the CFP Board, the FPA, NAPFA, and the Academy of Financial Services. He is also the author of four books in the Retirement Researcher’s Guide Series.Key Takeaways[03:17] - Wade’s professional background and more on his current positions[04:51] - Learn more about McLean and The Retirement Researcher[05:54] - What led Wade to create the RISA (Retirement Income Style Awareness) tool and what problem does it seek to solve for those planning for retirement?[07:46] - How does RISA differ from risk-tolerance questionnaires and behavioral finance questionnaires?[09:53] - How many people have taken the RISA test so far, how accurate does it seem to be and what sort of feedback has Wade gotten on it?[11:14] - What are the different retirement income styles and how can advisors apply these in practice?[14:40] - With this data, how are advisors integrating RISA into client conversations to help them tailor retirement strategies more effectively?[17:05] - Have there been any unexpected patterns in how people approach retirement income?[18:33] - What is one thing that Wade wishes more advisors understood about retirement income planning?[20:15] - What are the biggest risks that retirees face today and how should they be preparing for them?[22:27] - What is the 4% rule of retirement income and why did Wade challenge it?[26:27] - What is a bucketing approach and how does Wade see it fitting into a broader retirement strategy?[29:11] - Some people argue that bucketing is more of a behavioral tool than an optimal financial strategy. What’s Wade take on this view?[31:03] - How should advisors think about the role of annuities in retirement portfolios today?[35:10] - How can advisors better educate their clients on annuities potential benefits?[37:03] - What types of annuities are most valuable for retirees and which ones should they be cautious about?[41:17] - With interest rates higher than they have been in years, but also given stock market valuations are quite high, are annuities a more attractive option than they have been in the past decade?[42:50] - What are the key factors advisors should evaluate when they are choosing an annuity vendor or product for their clients?[47:03] - Resources and reading material for advisors hoping to learn more about retirement income[47:50] - Learn more about Wade’s Podcast, Retire With StyleQuotes[05:57] - “When you ask someone basic questions about retirement there’s so much argumentation and conflicting advice, should you be 100% stocks in retirement or should you only use annuities in retirement? I was seeing for a long time that there're different schools of thought…for retirement, and they’re [all] different viable approaches. How do people select them? [My colleague and I wondered if we] could develop an assessment tool to determine what sort of factors are at work here…[RISA was born out of this].” ~ Wade Pfau[08:23] - “So, with the research we did on the RISA we could really see more clearly two key risks and concerns people have for retirement relate to…how concerned am I about outliving my money and also how concerned am I that I won’t have reserves available to deal with spending shocks like a long-term care event…So, what we saw was that the risk tolerance score, whether I’m comfortable with short-term market volatility, had no relationship to whether I’m worried about outliving my assets or worried about having reserves to deal with unexpected spending.” ~ Wade PfauLinksWade Pfau on LinkedInRetirement Researcher“The Good, The Bad and The Ugly by Ennio MorriconeRetirement Planning GuidebookRetire With Style PodcastRISA ProfileConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Advertisement sponsored by Toews Asset Management. Toews Asset Management 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.McLean Asset Management is a third party strategist available on Orion Communities. Orion Communities is a product of Orion Advisor Technology, LLC (“OAT”). Orion Portfolio Solutions, LLC (“OPS”), a registered investment advisor, makes third-party strategists available through Orion Communities and is also a strategist on the platform. OAT and OPS are affiliated companies through their parent company Orion Advisor Solutions, Inc (“Orion”). Orion and McLean Asset Management are not affiliated companies.Compliance Code: 0681-R-25069

Today on the podcast, Rusty and Robyn are joined by Anmol Sinha, a Fixed Income Investment Director at Capital Group, home of American Funds. He has 15 years of investment industry experience and has been with Capital Group for one year. Prior to joining Capital, Anmol worked as an EVP - fixed income strategist at PIMCO. Before that, he was a consultant at NERA Economic Consulting and also worked on a capital markets team at Citi. He holds an MBA from Columbia Business School, a master's degree in economics from New York University and a bachelor's degree in economics from University of California, Berkeley. Anmol is based in Los Angeles.Key Takeaways[03:31] - Anmol’s professional background and what led him to his current role at Capital Group.[05:22] - Learn more about Capital Group’s history, investing ethos and the work that Anmol does there.[10:05] - What are the key drivers behind the resilience of the US economy and does Anmol see this trend continuing into 2025?[14:06] - How should investors be thinking about how to deal with policy changes and political turbulence when it comes to their portfolios?[16:54] - How is policy volatility impacting the Capital Group’s research efforts to make investment decisions?[18:36] - Does Anmol think that the market is correctly pricing in future rate moves?[22:01] - How is Capital Group thinking about its overall exposure to longer-term bonds?[24:27] - Spreads tightened even as yields rose recently for Corporate Bonds. What does this tell us about Corporate Credit fundamentals?[27:21] - Is Anmol concerned about all of the potential issuance within high-yield in 2025?[29:21] - Are there other Fixed Income sectors we should be paying attention to or avoiding?[32:35] - What benefits do active strategies bring to Fixed Income ETFs?[36:31] - What are Capital Group’s “Three T’s” framework for the benefits of Fixed Income ETFs?[40:56] - How does the Capital Group’s “Capital System” lead to better outcomes for Fixed Income ETFs?[44:05] - How should investors think about using the Capital Group’s Fixed Income ETFs within their broader portfolio strategy?[47:50] - How should investors weigh the tax-exempt income potential of Municipal Bonds vs. other Fixed Income options?[49:31] - What role should International Fixed Income play in a diversified portfolio?[51:33] - What is currently Anmol’s favorite investment idea?Quotes[15:27] - “You could argue that [historically] markets have taken their direction a lot from monetary policy. What is the Fed likely to do, what are they telling you about growth implications and their policy, and then you imply your own growth and inflation expectations. Now you could argue, fiscal policy is going to be a bigger driver. Some of our portfolio managers have been talking about this trend. That is not an environment investors have been used to.”  ~ Anmol Sinha[33:12] - “[In Fixed Income] you have a lot of players that are inherently not economically driven…Think central banks, commercial banks, even insurance companies. They buy bonds for reasons other than maximizing their return…They have reserves, they have regulatory requirements…all sorts of things that drive behavior in the market, that isn’t necessarily maximizing a return. What percent of the market are they? The estimates vary, but they could be…40-50% of the market, and the Fixed Income market is something like 120 Trillion…So, when you think about a good chunk of players in this market playing by different rules, it creates inefficiencies. So, structurally, active managers can take advantage of that.”  ~ Anmol SinhaLinksAnmol Sinha on LinkedIn“Beautiful Day” by U2“It Don’t Get Better Than This” by Royal DeluxeCapital GroupConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Advertisement sponsored by [Toews Asset Management]. [Toews Asset Management] 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: 0528-R-25055

Today on the podcast, Rusty and Robyn are joined by Russ Koesterich, portfolio manager at BlackRock in Denver, CO. Russ Koesterich, CFA, JD, Managing Director and portfolio manager, is a member of the Global Allocation team and the lead portfolio manager of the GA Selects Model Portfolios. Mr. Koesterich's service with BlackRock dates back to 2005, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. He joined the BlackRock Global Allocation team in 2016 as Head of Asset Allocation and was named a portfolio manager of the fund in 2017. Previously, he was BlackRock's Global Chief Investment Strategist and Chairman of the Investment Committee for the Model Portfolio Solutions business, and formerly served as the Global Head of Investment Strategy for scientific active equities and as senior portfolio manager in the US Market Neutral Group. Prior to joining BGI, Mr. Koesterich was the Chief North American Strategist at State Street Bank and Trust. He began his investment career at Instinet Research Partners where he occupied several positions in research, including Director of Investment Strategy for both U.S. and European research, and Equity Analyst. He is a frequent contributor to financial news media. Mr. Koesterich earned a BA in history from Brandeis University, a JD from Boston College and an MBA from Columbia University. He is a CFA® Charterholder.Key Takeaways[04:30] - Career highlights and how Russ ended up in his current position at BlackRock[06:56] - When it comes to global allocation, what is Russ’ overriding investment philosophy in building those portfolios?[08:24] - What makes the GA Select model portfolios different from other global, multi-asset model portfolios?[10:06] - What is Russ’ strategic view on non-traditional asset classes?[11:31] - What is Russ’ philosophical view on active management?[13:23] - What is Russ’ overall market outlook for the coming year?[16:01] - What are some of Trump’s initiatives that investors should keep an eye out for and how does Russ expect the economy to react to these moves?[18:19] - What are Russ’ areas of focus within the stock market looking forward to the remainder of 2025?[20:02] - What’s Russ’ current view on non-US stocks?[21:10] - What’s Russ’ current view on Fixed Income and the Bond Market?[23:01] - What’s Russ’ current outlook and positioning for alternatives, real assets and crypto currencies?[24:18] - What is currently Russ’ favorite investment idea?[25:36] - How does Russ maintain his energy and health, both physical and mental, to ensure he’s performing at a high level?Quotes[10:52] - “The gold exposure is one that a lot of people ask, what does gold do? Gold is a store of value. It enables you to have something in the portfolio that you would expect to hold up better if we continue to see developed countries running these huge deficits. It’s a very specific exposure, it serves a very specific purpose in the portfolio, but again having the flexibility to have a small amount of that really results in…building a more robust multi-asset portfolio.”  ~ Russ Koesterich[12:28] - “What [our actively managed funds] all have in common is, again, very specific mandates, very specific risk control and the ability to access types of investments [or] alpha streams that you really can’t do with passive products.”  ~ Russ KoesterichLinksRuss Koesterich on LinkedIn“I Believe That We Will Win (World Anthem)” by PitbullBlackRockConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Advertisement sponsored by [Toews Asset Management]. [Toews Asset Management] 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: 0342-R-25034

Today on the podcast, Rusty and Robyn are joined by Meb Faber, Co-founder and Chief Investment Officer of Cambria Investment Management. Mr. Faber is a co-founder and the Chief Investment Officer of Cambria Investment Management. Faber is the manager of Cambria’s ETFs and separate accounts. Mr. Faber is the host of The Meb Faber Show podcast and has authored numerous white papers and leather-bound books. He is a frequent speaker and writer on investment strategies and has been featured in Barron’s, The New York Times, and The New Yorker. Mr. Faber graduated from the University of Virginia with a double major in Engineering Science and Biology.Key Takeaways[06:05] - How did Meb make the leap from engineering and biology to the investment world?[07:42] - What was the impetus for founding Cambria Funds and what makes it stand out from its peers?[11:15] - What is Meb’s overall investment philosophy and why does he produce so much great content that’s freely available?[14:08] - What adjustments has Meb made to his investment philosophy over the years?[17:00] - What inspired Meb to start his podcast The Meb Faber Show?[24:52] - Learn more about Meb’s book, Shareholder Yield, and why should investors check it out?[30:28] - What prompted Meb to issue a 2nd edition of Shareholder Yield?[33:36] - Has Meb’s research shown that shareholder yield works better in certain markets, or sectors, than others?[36:51] -  What is Meb’s market outlook for 2025? Also, when will diversification outperform again?[44:18] - What did Meb mean when he said “nobody ever got fired for buying Vanguard?”[47:25] - What is Meb’s outlook for the ETF industry going forward?[49:47] - What is Cambria’s ETF TAX trying to accomplish and how does it work?[56:03] - When does he foresee the ETF giants, like Blackrock or State Street, getting into 351 ETFs?[61:02] - What are some other Cambria ETFs that Meb would like to spotlight?`[68:16] - In this age of information overload, how does Meb balance the need to be informed with the need to unplug and tune out?Quotes[20:43] - “That’s kind of the whole point of the Idea Farm. We try to narrow down, and curate, this massive amount of news down to…what are the top 2 or 3 things that people read or listened to this week?”  ~ Meb Faber[36:56] - “On a relative basis, this is arguably the worst period ever for anyone doing diversification in asset allocation, relative to US stocks. The only comparable periods are the 1990s and 1940s…In terms of not just magnitude of underperformance, which is hundreds of percentage points to the person that’s just YOLOing into the S&P or Mag 7, but also the worst part is that it’s years in a row.” ~ Meb FaberLinksMeb Faber on LinkedInCambria Funds“1999” by PrinceCambria Investments - TaxConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Advertisement sponsored by [Toews Asset Management]. [Toews Asset Management] 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: 0334-R-25034

Today on the podcast, Rusty and Robyn are joined by Jeff DeMaso - editor and founder of The Independent Vanguard Adviser. Jeff was previously the co-editor and research director of The Independent Adviser for Vanguard Investors. He also served as Portfolio Manager, Director of Research and the interim CIO at Adviser Investments, LLC—a leading investment advisory firm. He has been quoted in Forbes, The Wall Street Journal, Barron’s, InvestmentNews and Kiplinger, to name a few. Citywire named him a Rising Star of manager research in 2019. Jeff graduated magna cum laude from Tufts University with a B.A. in economics in 2006 and holds the Chartered Financial Analyst designation.Key Takeaways[04:32] - Jeff’s  professional background and how he transitioned into his full-time role at IVA[07:27] - Learn more about The Independent Vanguard Adviser and how they hope to serve their readers[09:20] - What is Jeff’s market outlook for the coming year?[12:23] - Why does Vanguard have an international slant and does Jeff agree with this approach?[14:26] - What is Jeff’s take on how the typical dollar is invested at Vanguard? How does Jeff think those dollars should be invested?[16:41] - What are some of Jeff’s favorite Vanguard Mutual Funds or ETFs?[18:16] - What are some underutilized Vanguard strategies in Jeff’s opinion?[19:28] - Are there areas where Jeff thinks Vanguard could improve their active management offerings?[20:31] - Why was Vanguard recently in the news regarding the FDIC? Was this important or not important?[24:03] - Outside of Index Funds, what are some of Vanguard’s strengths?[24:06] - What does Jeff think Vanguard could be doing better?[26:07] - What steps could Vanguard take to enhance the client experience?[27:33] - Learn about Vanguard’s new advice and wealth management division and how this can help investors?[29:05] - Over the next 5-10 years what should Vanguard investors be keeping an eye on?[30:57] - In closing, are there any other things that Jeff thinks advisors and investors should know about Vanguard or the broader market?[32:17] - What is currently Jeff’s favorite investment idea?[34:37] - How does Jeff balance the need to be informed and educated with the need to reset and tune out?Quotes[13:27] - “I think that as investors we need to use both our spreadsheets and…common sense a little bit, or think in the real world, and having 40% in non-US is really hard for a lot of US investors. So, I am a big fan and advocate of staying globally diversified, I just think that might be a little bit too much for most people.”  ~ Jeff DeMaso[24:16] - “As I alluded to before, I think that more important than active vs. passive is low cost vs. high cost investing, and even if you go active at Vanguard you’re still getting low cost investing.”  ~ Jeff DeMasoLinksJeff DeMaso on LinkedInThe Independent Vanguard Adviser“Take the Money and Run” by Steve Miller BandConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Advertisement sponsored by [Toews Asset Management]. [Toews Asset Management] 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: 0222-R-25024

Today, Rusty and Robyn are joined by Sue Thompson, co-founder of Women in ETFs. Sue Thompson is a strategic, dynamic Financial Services Executive who has distinguished herself by commercializing new trends in the financial services industry. Her expertise spans investment management distribution, strategy, competitive landscape, finance, marketing, digital innovation and technology. Sue's experience at the top 3 ETF issuers gave her a unique perspective to push the envelope in strategy and distribution, ensuring that the firms where she worked were at the forefront of the industry. The organizations benefited from her ability to discern and capitalize on market trends, fostering innovation and driving growth in a competitive landscape. With a focus on collaborative success, she empowered her teams to deliver exceptional results. State Street Global Advisors (SSGA) recruited Sue as Head of Americas Distribution in 2018 to staunch ETF market share losses. Her strategy was to overhaul distribution, focus on lower cost solutions, and deepen client loyalty and advocacy. She defined a clear vision, restructured the distribution teams, leveraged data and established a Client Advisory Council. During her tenure, assets more than doubled, increasing from $500B to over $1 trillion AUM and employee satisfaction also doubled during that time. Prior to her role at SSGA, Sue was a Managing Director at Blackrock, where she led the RIA and Asset Manager teams. She led the firm’s investment in the RIA business and helped the Aladdin business in developing technology solutions for RIAs. During her tenure, the iShares business grew from $350B AUM to over $1 trillion. Sue co-founded Women in ETFs and is currently a board member emeritus. She has also served on the Board of Governors of the Money Management Institute as well as on the Franklin Templeton ETF board. She's been named as one of the most influential women in U.S. Finance by Barron's magazine since the inception of the list in 2020 through 2023.Key Takeaways[03:38] - Sue’s professional background, career highlights and what she’s up to now[06:23] - What were some of the most pivotal moments in Sue’s career and how did they shape the leader she is today?[07:32] - How has Sue’s collaborative approach to leadership evolved over the years?[09:57] - What frameworks or approaches does Sue use when she’s faced with very difficult decisions as a leader?[12:47] - How has the ETF industry evolved since Sue started and what does she see as some of the most significant milestones in its history?[15:56] - What does Sue think are some of the most exciting trends in the ETF space and how does she think financial advisors should position themselves to take advantage of these?[18:13] - What misconceptions or barriers still need to be addressed in the ETF space?[19:42] - What did Sue discover as she searched for a financial advisor and what does her selection process look like?[25:27] - Outside of the traits she has already mentioned, what values does she think are very important and not important for financial advisors?[27:43] - How would Sue describe her investment philosophy and how has this philosophy changed over the years? Also, does Sue believe that a shared philosophy is one of the key factors for selecting the right financial advisor?[34:28] - What advice would Sue give to women aspiring to leadership roles in financial services?[37:22] - How can firms encourage more women financial advisors to join and thrive in this field?[39:08] - What impact does Sue hope to have both on the financial industry as a whole and the individuals she has worked with?[40:50] - What is currently Sue’s favorite investment idea?Quotes[08:01] - “What you find, when you start to work with people, is there are very few people you work with that aren’t trying to do their best. Most people come to work and they try to do their best everyday. So, when they fail, it’s not because they’re necessarily…bad at something…it’s because they have one particular strength that they lean on and they overplay that. ”  ~ Sue Thompson[19:58] - “I think that we are so used to, in a post-covid world, things like Zoom calls and video conferencing, that I don’t necessarily think that you need to be co-located with your advisor any longer…So I think that advisors who have got it in their head ‘oh well, my world is Cleveland,’ and they don’t want to think beyond that, I think they do themselves a disservice…[for many people] it’s more important to find the right advisor.”  ~ Sue ThompsonLinksSue Thompson on LinkedInWomen in ETFs“Brave” by Sara BareillesConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Wealth Management services offered through Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor.Advertisement sponsored by Toews Asset Management. Toews Asset Management 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: 0227-R-25027

Today, Rusty and Robyn are joined by David Lau, Founder and CEO at DPL Financial Partners. David Lau is widely recognized as an innovator and disruptor in the financial services industry. He is the Founder and Chief Executive Officer of DPL Financial Partners, a privately held financial services firm that specializes in the development and distribution of low-cost, commission-free insurance and annuity products, as well as technology-driven product discovery tools and education, for Registered Investment Advisors (RIAs) and individual investors. Since going to market in 2018, DPL has worked with 20 leading insurance carriers to bring a range of value-driven, no-load products to its turnkey insurance management platform for advisors, and built an advisor base of more than 10,000 advisors from more than 3,500 RIA firms. Mr. Lau is a sought-after speaker, commentator, and adviser to financial journalists, insurance carriers, RIA firms, fintech providers and others in the financial services and fintech industries. His work has received coverage in The Wall Street Journal, The New York Times, Barron's, CNBC, Wealth Management, and other financial media where he provides insights on industry products, players, trends, and best practices. Mr. Lau serves on the CFP Board's Standards Resource Commission, and also on the Insurance sub-committee, to help develop resources that provide guidance to CFP® professionals and their firms on CFP Board’s new Code of Ethics and Standards of Conduct. Prior to founding DPL, Mr. Lau was Chief Operating Officer of Jefferson National, a leading innovator of tax-advantaged investing strategies for RIAs and fee-based advisors, where he led sales, marketing, technology, operations, and service. During his tenure, Mr. Lau architected the industry’s first flat-fee variable annuity product, Monument Advisor, and grew it into the leading no-load variable annuity in the market. Prior to joining Jefferson National, Mr. Lau was principal and co-founder of The Oysterhouse Group, LLC, a management consulting firm focused on retail delivery of financial services products, where he developed “go-to-market” strategies for key initiatives. His firm’s list of internationally recognized clients included Shinsei Bank, Merrill Lynch and Ace Insurance Group. Earlier, Mr. Lau served as Chief Marketing Officer of E*Trade Bank, and its predecessor TeleBank, the first pure-play internet bank. As the chief marketing strategist, he was responsible for creating and implementing break-through national direct marketing and branding campaigns that defined the online banking category. During Mr. Lau’s six-year tenure deposits at the bank grew from $200M to over $8B, and, at the time of its sale to E*Trade, TeleBank was the largest internet bank worldwide and five times larger than all US competitors combined. Mr. Lau’s early career included various positions at the Jamestown Foundation and the American Trucking Associations. In his leisure time, David enjoys spending time with his family, playing golf and cooking. Additionally, David is a diehard Boston Red Sox fan and an avid Duke basketball fan.Key Takeaways[04:13] - David’s professional highlights and more on his current role at DPL[06:25] - What was the impetus for founding DPL and for the services they provide?[10:35] - What are some of the unique challenges that fee-based advisors face, when it comes to implementing insurance solutions, and how does DPL address them?[13:30] - How does DPL help advisors break away and retain their book of annuities?[15:52] - Why has the growth in insurance and annuities not kept pace with the growth of the rest of the financial services industry?[18:11] - How should advisors go about incorporating insurance into their holistic financial plans?[20:17] - What are the behavioral and psychological benefits of using  insurance and annuities as strategic tools during periods of market volatility?[24:11] - What kind of trends is David seeing in the adoption of commission free insurance products among registered investment advisors?[26:33] - What role does technology play in simplifying the process of offering insurance products to clients?[28:40] - What are some common misconceptions financial advisors have about annuities or life insurance products?[31:24] - For advisors looking to integrate these commission free insurance products, how do they educate their clients about the benefits of them?[34:03] - What inspired David to create the Advisor Revelations podcast?[36:27] - What feedback has David received on his podcast and how has that shaped its content?[37:56] - For someone who has not yet checked out his podcast, does David have any recommendations for an episode to start with?[39:47] - If David could give one piece of advice to financial advisors looking to grow their practice, what would it be?[41:48] - What is currently David’s favorite investment idea?Quotes[22:25] - “Annuities kind of give…the client a license to spend, because they don’t worry about overspending and outliving their money because they have that guaranteed income stream…they’re still getting a paycheck, and that’s another great behavioral thing.”  ~ David Lau[41:13] - “It’s always more expensive to go find the next customer than it is to further monetize your existing ones, and that’s what we can help you do. We can help you further monetize your existing ones, giving them better products, better outcomes and then also your ability to more easily find and attract new clients.”  ~ David LauLinksDavid Lau on LinkedInDPL Financial Partners“Here Comes the Sun” by The BeatlesAdvisor Revelations PodcastConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Advertisement sponsored by [Toews Asset Management]. [Toews Asset Management] 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: 0097-R-25013

Today, Rusty and Robyn are joined by Bob Baker, President at Advanced Asset Management Advisors. Bob founded Advanced Asset Management Advisors in 1998, with the mission of creating a better client investment experience. Today, he remains heavily involved in carrying that vision forward, overseeing the daily management of the company. Bob received a degree in finance from the Ohio State University. With nearly 30 years in the industry, Bob has wealth of experience in portfolio creation and asset management. Before starting AAMA, he served as Vice President of a large regional investment firm and President of a national advisory group. He oversaw the management of retirement plans and participated in the development, launch, and marketing of load and no-load mutual funds. Bob has also served as a trust officer for the Bank One Trust Company, managing client portfolio investments.Key Takeaways[04:12] - Bob’s professional highlights and more on his current role at AAMA[05:08] - What was their mission when Bob first founded AAMA and how has this played out over the  years?[05:45] - Learn about AAMA’s fundamental investment process and how that has, or hasn’t, changed over the years[07:32] - From an investment process standpoint, how does AAMA’s fundamental process flow into the firm’s strategies?[08:18] - What makes working with AAMA different from large brand firms?[09:10] - How has AAMA enhanced its capabilities in recent years?[09:47] - What are the key market trends, challenges and opportunities that Bob sees coming up in 2025?[12:01] - How is Bob putting the inflation data into perspective and how is this view impacting his portfolio positioning, if at all?[13:00] - Over the past couple years, Bob has held a fairly contrarian view of the economy. Has anything changed his view recently?[14:00] - Why have AAMA’s sector weights remained relatively stable in spite of recent volatility?[15:17] - Why has investor sentiment been so bullish? Also, does this impact AAMA’s portfolio decisions or market commentary in any way?[16:06] - Looking ahead at 2025, how does Bob think fiscal and monetary policies might influence investment strategies and market dynamics?[17:06] - What risks are Bob most worried about at the moment?[18:33] - What is currently Bob’s favorite investment idea?[19:55] - How does Bob balance the need to stay informed and educated with the need to take mental space and tune out?Quotes[05:48] - “Well we deploy a fundamental investment process, and it looks at really strictly fundamental valuations in the marketplace. PEs, forecast of earnings, etc. We’re looking basically to overweight undervalued sectors and underweight overvalued sectors, and we do that through a very disciplined process…It’s been a good discipline for us to implement overtime. We’ve not changed it, because again, it keeps us out of a lot of the noise that can sometimes come into a portfolio.  ~ Bob Baker[08:21] - “As a boutique firm, we kind of pride ourselves in the process of, if an advisor would like to speak with us they can pick up the phone and call myself, or my partner…and get answers to questions that they would like to have immediately, or quickly. Since those advisors have the opportunity to really talk to the decision makers of the firm, we think that’s a competitive edge vs. some of the other, larger firms on the platform where you’re probably not going to talk to the president or CIO…directly. ~ Bob BakerLinksBob Baker on LinkedInAdvanced Asset Management Advisors“Shake it Off” by Taylor SwiftConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Advertisement sponsored by [Toews Asset Management]. [Toews Asset Management] 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: 0086-R-250010

Today, Rusty and Robyn are joined by This week, Rusty Vanneman and Robyn Murray talk with Brent Sullivan, Founder of Tax Alpha Insider. Brent Sullivan is a taxable investing specialist, blogger and software developer. He graduated from Cornell's Financial Engineering program, worked on PIMCO's trade floor, wrote code for Parametric Portfolio Associates, left to work at Zillow Group in the software observability team and then raised money as a venture-backed founder. Tax Alpha Insider is a blog, newsletter and media platform focused on taxable investing. Brent consults for advisers on taxable investing product marketing and development.Key Takeaways[01:33] - An overview of some of the things we will cover on The Weighing Machine this year.[03:36] - Learn more about Brent’s professional background and how he ended up in his current role[05:26] - What motivated Brent to found Tax Alpha Insider and who is it aimed at?[06:38] - Why does Brent believe that sometimes the tax tail should actually wag the dog?[08:03] - How can financial advisors effectively measure and communicate the value of tax alpha to their clients?[08:56] - What is Direct Indexing, why is it important and why should advisors and investors care about it?[10:13] - What role does technology play in the efficient execution of Direct Indexing strategies and what tools should advisors be looking for?[11:35] - What are the most common pain points for advisors and investors using Direct Indexing and how can these be addressed?[13:53] - When an advisor or investor is shopping for a Direct Indexing provider, what should they be looking for and what questions should they be asking?[15:01] - Are there additional signs of good or bad Direct Indexing shops that people should be on the lookout for?[16:05] - What are Section 351 ETFs, how do they work and what are their potential benefits?[17:47] - Could these signal a tectonic shift for the wealth management industry?[20:41] - How does a 351 ETF differ from an exchange fund? Do they serve the same purpose?[22:06] - If 351 ETFs don’t solve the problem of diversifying single stock risk, what will?[24:58] - Are there any upcoming regulatory or market trends that will affect 351 ETFs that advisors should be aware of?[25:40] - How much should advisors and investors care about AI and how is Brent using it?[28:23] - Are there any other key research insights that Brent would like to cover today?[29:23] - What resources would Brent recommend for advisors looking to learn more about taxable investing?[31:00] - What is currently Brent’s favorite investment idea?Quotes"Direct Indexing is an investment management strategy that favors individual stocks and bonds for portfolio customization. Customization can be broken down into at least two big categories, one of them is risk and one of them is tax…Why should investors or advisors know about this? That’s because it replaces a fund, which I consider practically a sledgehammer in portfolio allocation, with a scalpel. That’s what Direct Indexing does is give you incredible precision both with risk and tax. ” ~ Brent Sullivan"What matters for allocators is that you’re able to rebalance a portfolio tax free. There’s a bunch of legal boxes you have to check, forget about all that stuff [for now]. Imagine that you’re in a situation where you’ve got a portfolio of direct equities and it's grown a lot, and you’re unable to rebalance or tax loss harvest just because you’re so far above cost basis. [However], you might consider rolling the portfolio into an ETF that’s accepting assets in kind. That’s what 351 allows and affords. Again, tons of boxes to check, but that’s the opportunity there…tax free rebalancing. ” ~ Brent SullivanLinksBrent Sullivan on LinkedInTax Alpha Insider“This Must Be the Place” by Talking HeadsConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Advertisement sponsored by [Toews Asset Management]. [Toews Asset Management] 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: 0093-R-25013

Today, Rusty and Robyn are joined by Savina Rizova, Co-Chief Investment Officer and Global Head of Research at Dimensional Fund Advisors. Savina Rizova is Co-Chief Investment Officer and Global Head of Research at Dimensional Fund Advisors LP. She was named Co-CIO in 2024 and serves in that role alongside Gerard O’Reilly, who is also Co-Chief Executive Officer. As Co-CIO, Savina helps lead a team of more than 300 investment professionals across six countries. She is also Chair of the Investment Research Committee and a member of the Investment Committee. Since joining Dimensional’s Research department in 2004, Savina has worked closely with leading academics, collaborating on research, co-authoring papers, and partnering with Dimensional’s broader investment team to implement robust research in live portfolios. She has helped drive innovation across Dimensional’s product offering, including the development, launch, and rapid growth of Dimensional exchange-traded funds (ETFs), the expanded separately managed accounts (SMAs) offering, and model portfolios. She was instrumental in expanding the Research team to more than 100 specialists in investment research, strategy research, and analytics and data. Savina was recognized as one of Barron’s 100 Most Influential Women in US Finance in 2022 and 2023. She holds a PhD in finance and an MBA from the University of Chicago Booth School of Business. She also earned a BA in economics and mathematics from Dartmouth College, where she was a research assistant to Professor Kenneth French.Key Takeaways[03:44] - What motivated Savina’s transition from the academic world to the finance industry and how has her academic background shaped her approach to research?[07:18] - What does Savina’s day-to-day look like at Dimensional Fund Advisors and how does she balance innovation with maintaining Dimensional’s core investment philosophy?[11:57] - How does Savina translate complex, academic findings into actionable insights for advisors and investors?[15:57] - What are some essential research insights that every financial advisor should understand to better serve their clients when building portfolios?[18:27] - How does Dimensional identify and prioritize areas of research that could significantly impact their investment strategies?[21:13] - Does Savina believe the notion of market efficiency still holds as strongly today as it did when Dimensional was founded, or are there nuances that researchers have uncovered in recent years?[23:46] - Emerging areas of research that may play a larger role in Dimensional’s strategies in the future[26:15] - Have there been any recent research findings that challenge Dimensional’s long-term assumptions or that led to a change in their overall investment strategy?[28:20] - How has the explosion of big data and AI changed the research landscape at Dimensional?[31:37] - How is Dimensional using machine learning to enhance its research and investment processes, if at all?[33:16] - What are the biggest opportunities and challenges for investment research in the coming decade?[34:30] - What are the most rewarding and challenging aspects of leading a global research team at Dimensional?[36:40] - As Co-CIO, how has the investment offering from Dimensional evolved in recent years?[42:37] - What steps can we take, as an industry, to encourage more women to explore careers in research and finance?[44:12] - What is currently Savina’s favorite investment idea?Quotes[17:27] - "The majority of active managers underperform their benchmarks. So, that’s another key takeaway - don’t underestimate how difficult it is, and impossible systematically, to outguess market prices. [However], if you want to outperform markets, you don’t have to do that. You can seek to outperform markets by focusing on what you mentioned earlier. [Having an] evidence-based approach [and] premiums that are motivated by a robust [research]. ” ~ Savina Rizova[22:57] - "The one thing many people misunderstand is: market efficiency is a model of how to think about the world or investing. Every model, by default, is wrong [and] is not an accurate description of reality. What is useful about models, is they help you organize how you think about [the world] and how you behave.” ~ Savina RizovaLinksSavina Rizova on LinkedInDimensional Fund Advisors“My Way” by Frank SinatraConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Compliance Code: 3319-OPS-12/31/2024

Key Takeaways[03:45] - What are some of Rusty’s  and Robyn’s all time favorite walk-up songs from The Weighing Machine?[06:03] - What led Rusty to start The Weighing Machine and what did he want to create with it?[09:27] - How did Robyn and Rusty come to be co-hosts of The Weighing Machine originally?[10:12] - What were three of their favorite podcast episodes from the past year?[16:11] - What is Robyn’s favorite investment idea currently?[16:56] - What is Rusty’s favorite investment idea currently?[18:26] - How does Robyn maintain her energy, both physically and mentally, to perform at a high level?[19:12] - How does Rustry maintain his energy, both physically and mentally, to perform at a high level?[22:05] - Are there any mentors or professional peers that Robyn is particularly thankful for?[23:00] - Are there any mentors or professional peers that Rusty is particularly thankful for?[27:52] - What are Rusty and Robyn watching, reading, listening to or watching at the moment?[33:35] - In this age of information overload, how does Robyn balance the need to be informed and educated with the need to reset and tune out?[34:57] - In this age of information overload, how does Rusty balance the need to be informed and educated with the need to reset and tune out?Quotes[17:53] "Investing in yourself is my favorite investment idea. People always think about investments as measured in dollars, but it’s really about developing your own potential and talent and always adapting to what’s going on." - Rusty Vanneman[12:53] "One of the most memorable episodes was with a U.S. Army General, who talked about the importance of culture and leadership. It was inspiring and highly relevant for financial advisors and listeners alike." - Rusty VannemanLinks“I Might Be Wrong” by Radiohead“Where Your Mind Wants to Go” by Blonde Redhead“Scatterlings of Africa” by Johnny Clegg“KeepsakeFM” by Holly WaxwingGood Inside Podcast with Dr. BeckyConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Compliance Code: 3295-OPS-12/26/2024

Today, Rusty and Robyn are joined by Jack Sharry, Executive Vice President and Chief Growth Officer at LifeYield. Jack Sharry has been a financial industry innovator, collaborator and advocate for 40+ years. He served as an executive at Morgan Stanley, Putnam Investments, Virtus Investment Partners and now, LifeYield where he led sales, marketing, product development and distribution strategy. Jack is the Chair of the InvestmentNews Future of Financial Advice initiative and a frequent contributor to the publication, he Co-Chairs the Money Management Institute Digital Advice Community, and hosts the LifeYield podcast, WealthTech on Deck, where he talks with other industry leaders on their tech strategy designed to improve investor and advisor outcomes.Key Takeaways[03:15] - Jack’s professional background and the highlights of his career[06:15] - What is LifeYield’s big news today and how do they optimize financial outcomes for their clients?[08:26] - What is a Unified Managed Household (UMH), why is it significant and how does it benefit both advisors and investors?[11:13] - What are some of LifeYield’s strategies for reducing tax exposure for investors?[13:20] - What are some of the common challenges individuals face when planning retirement and how does LifeYield address these?[15:09] - What inspired Jack to start his podcast, “Wealth Tech on Deck?”[17:58] - What are some of the most memorable conversations that Jack has had on his podcast? Also, for a first time listener, are there any particular episodes that he would recommend?[22:52] - Has Jack noticed any emerging trends, that are shaping wealth management and fintech, across his podcast conversations?[24:28] - How is artificial intelligence going to transform wealth management?[26:32] - What aspects of teaching does Jack find the most fulfilling and how does this role influence his professional perspective?[31:11] - What is Jack’s current assessment of college students, and therefore the future of the wealth management industry?[33:25] - Pivotal moments or decisions that really shaped Jack’s career and got him where he is today[37:05] - How has Jack seen the financial industry evolve since he began and what are some of the key things he learned from those changes?[38:45] - What drives Jack’s passion and how has he maintained his enthusiasm throughout his extensive career?[39:45] - What are Jack’s aspirations for LifeYield, and the broader financial industry, over the next decade?[41:43] - What is  Jack’s favorite investment idea currently?Quote[34:23] - "So this homework assignment, which I give to all our listeners here to try this, I’ve done this with many folks over the years. When you go home you are not allowed to make a declarative statement for the first hour you are home, whether you live with a partner, roommate, friend, wife [or] husband. ” ~ Jack SharryLinksJack Sharry on LinkedInLifeYield“Here Comes the Sun” by The BeatlesMad River ReflectionsConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Compliance Code: 3199-OPS-12/13/2024

Today, Rusty and Robyn are joined by Shana Sissel, Founder and Chief Executive Officer at Banrion Capital Management. For two decades Shana Orczyk Sissel has climbed the ladder of the financial services industry. As Founder, President & Chief Executive Officer of Banrion Capital Management Shana helps independent advisors navigate the complex world of alternative investing, assisting with investment platform development, alternatives in portfolio construction and developing best practice in alternative investment due diligence. Dubbed the "Queen of Alternatives" by her peers. Shana is a sought after speaker & media contributor, appearing frequently at industry events and on major financial news outlets like CNBC, Fox Business Network, Bloomberg and the TD Ameritrade Network. Shana has maintained fierce, outspoken advocacy for her fellow women in finance for the duration of her career — acting as a mentor for many other young women navigating the battlefield of a male-dominated industry. Having overcome many obstacles to achieve success in her own career, she leverages her personal social media following to speak out for the recognition and support of women in her field. As a member of Women in ETFs, Shana has become a spokesperson for their Speaker’s Bureau, with the goal of improving public representation of females in industry-oriented events and conferences, as well as in financial media.Key Takeaways[03:46] - The highlights of Shana’s career and the breadth of her experience in the industry[06:34] - What drove Shana to start Banrion Capital Management and what sets them apart as a firm?[12:26] - To set the stage, how does Shana define Alternative Investments?[13:45] - How do alts reduce portfolio risk and potentially enhance risk-adjusted performance?[16:24] - What is Shana’s view on private equity and private credit and does she think they are diversifying asset classes?[18:35] - What is Shana’s take on Cliff Asness’ perspective on high-volatility alternatives?[21:22] - Which alternatives strategies does Shana recommend for advisors looking to incorporate alts into their clients’ portfolios?[29:01] - What are some common misconceptions about Alternative Investments and how does Shana address these with clients?[32:35] - What are some of the educational programs, on alts, that Banrion offers to advisors and investors?[36:53] - What are some of the experiences that have shaped Shana and how have they shaped her approach to leadership and investment?[41:17] - Challenges Shana has faced as a woman in the industry and how she has navigated them in her career[44:36] - What initiatives and advice has Shana offered to support women who are in this field or entering this field?[48:35] - Looking ahead, what are Shana’s aspirations for Banrion Capital Management, and the broader financial industry, in the next decade?[51:02] - What is Shana’s favorite investment idea at the moment?Quote[07:50] - "99% of the competitors in the space that create and build these access platforms for alternative strategies for advisors were founded and built to solve problems for asset managers, not advisors." ~ Shana SisselLinksShana Sissel on LinkedInBanrion Capital Management“Fighter” by Christina Aguilera“Wanna Be” by Megan Thee Stallion & GloRillaConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Compliance Code: 3195-OPS-12/13/2024

Today, Rusty and Robyn are joined by Nate Conrad, Head of LifeX at Stone Ridge. Nate formerly served as the Head of Markets at Stone Ridge and as the President of NYDIG. Prior to joining Stone Ridge in 2016, Nate worked at Goldman Sachs as a vice president in the Interest Rates Trading business. Nate received his BSE in Computer Information Science from the University of Pennsylvania.Key Takeaways[03:03] - More on Nate’s career and his current position at Stone Ridge Asset Management.[04:19] - What is the philosophy behind Stone Ridge Asset Management and what sets them apart as a firm?[05:51] - What is the elevator pitch for LifeX and why might it be a real game changer for financial advisors and investors?[08:55] - How do LifeX ETFs convert accumulated assets into predictable, monthly distributions?[10:31] - What types of government bonds do LifeX ETFs invest in and how does this strategy support reliable, monthly payments?[11:06] - There are other bond ladder solutions, so what makes this franchise of ETFs different?[13:43] - How can inflation protected ETFs address the persistent concerns around rising prices?[16:00] - LifeX ETFs have a fee structure that decreases overtime. What are the long-term benefits of this approach for investors?[18:18] - What types of investors would benefit most from incorporating LifeX ETFs into their retirement planning?[21:05] - How might LifeX help advisors actually grow their business as a result of the great generational wealth transfer?[24:45] - Other unique implementations or use cases of the LifeX products.[27:00] - What are the tax implications of investing in LifeX ETFs and how does this compare to other retirement income solutions?[29:26] - How are advisors making their allocations with these funds?[31:24] - What are some of the common questions or concerns that Nate hears from advisors and investors about LifeX?[34:37] - What resources and support does LifeX provide to financial advisors to learn more about these ETFs and help them integrate them into clients’ portfolios?[35:52] - What is currently Nate’s favorite investment idea?Quotes[03:44] - "Innovation is really at the core…[of] what we do at Stone Ridge. It all starts with hearing the problems that people have in their portfolios. What are the things that keep them from feeling financially secure? And, when you hear those problems, asking questions about the root cause and then trying to solve them with a little bit of an engineering mindset." ~ Nate Conrad[04:42] - "If you’re not somebody in our country who is an ‘accredited investor’ or ‘qualified purchaser,’ which are standards based on wealth and not intelligence, which we really don’t like,  then there’s a whole set of investments that you’re not allowed to have access to. A lot of the most diversifying assets out there tend to be in private structures that the majority of Americans can’t get access to, and that doesn’t sit well with us at Stone Ridge." ~ Nate ConradLinksNate Conrad on LinkedIn“Under Pressure” by QueenWade Pfau White PaperStone Ridge on LinkedInLifeX FundsStone RidgeConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionFor important risk disclosures, visit the LifeX website: LifeX FundsDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Compliance Code: 3120-OPS-12/4/2024Important Risk Disclosures for LifeX ETFsDefinitions:Distribution Yield: Distribution Yield, or Distribution Rate is calculated as the intended annualized distribution per share divided by the net asset value (NAV) of the fund. A portion of each fund’s monthly distribution is expected and intended to include return of capital.TIPS: Treasury Inflation-Protected Securities (TIPS) is a type of government bond issued by the U.S. Treasury where the principal amount adjusts based on inflation.CPI: The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. Indexes are available for the U.S. and various geographic areas. Average price data for select utility, automotive fuel, and food items are also available.Footnotes:The tax discussion herein is general in nature. Investors should consult their tax advisers about the effect that an investment in Stone Ridge Longevity Income ETFs could have on their tax situation. Please refer to the prospectus for a discussion of tax risks. Holdings of the ETFs in a qualified retirement account may not benefit from a tax-advantaged distribution.Risk Disclosures:Stone Ridge Term Income ETFs (Stone Ridge 2035 Term Income ETF, Stone Ridge 2040 Term Income ETF, and Stone Ridge 2045 Term Income ETF), Stone Ridge 2064 Longevity Income ETF, Stone Ridge 2064 Inflation-Protected Longevity Income ETF, Stone Ridge 2065 Longevity Income ETF, and Stone Ridge 2065 Inflation-Protected Longevity Income ETF.These funds have filed a registration statement with the Securities and Exchange Commission, but it is not yet effective. An investment in the funds cannot be made, nor money accepted, until the relevant registration statement is effective. An investor should consider the objectives, risks, and charges and expenses of the funds carefully before investing. The relevant preliminary prospectus, which contains this and other information about the funds, may be obtained by calling 855-609-3680. The information in the preliminary prospectuses is not complete and may be changed. The relevant final prospectus should be read carefully before investing, and when available may be obtained from the same source.  This communication is not an offer to sell or the solicitation of an offer to buy securities and is not soliciting an offer to buy these securities in any state in which the offer, solicitation or sale would be unlawful.Investors should carefully consider the risks and investment objective of (i) the Stone Ridge 2035 Term Income ETF, Stone Ridge 2040 Term Income ETF and Stone Ridge 2045 Term Income ETF (each, a “Term Income ETF” and, together, the “Stone Ridge Term Income ETFs”), (ii) the Stone Ridge Longevity Income 2048 ETF and each other series of Stone Ridge Trust with the same investment objective and strategy that is part of the same fund family (the “Stone Ridge Longevity ETFs”) and (ii) the Stone Ridge 2048 Inflation-Protected Longevity Income ETF and each other series of Stone Ridge Trust with the same investment objective and strategy that is part of the same fund family (the “Stone Ridge Inflation-Protected Longevity Income ETFs” and, together with the Stone Ridge Longevity ETFs, the “Stone Ridge Longevity Income ETFs” and each, a "Longevity Income ETF")(the Stone Ridge Longevity Income ETFs and the Stone Ridge Term Income ETFs are collectively referred to herein as the "Stone Ridge Income ETFs"), as an investment in the Stone Ridge Income ETFs may not be appropriate for all investors and is not designed to be a complete investment program. There can be no assurance that an ETF will achieve its investment objectives.Investors should consider the investment objectives, risks, and charges and expenses of the Stone Ridge Income ETFs carefully before investing. The prospectus contains this and other information about the investment company and may be obtained by visiting www.lifexfunds.com. The prospectus should be read carefully before investing.An investment in the Stone Ridge Income ETFs involves risk. Principal loss is possible.Each Stone Ridge Longevity Income ETF intends to make an identical distribution each month equal to $0.0833 per outstanding share of the ETF (multiplied, in the case of the Stone Ridge Inflation-Protected Longevity Income ETFs, by an inflation adjustment as specified in the ETF’s prospectus, which is intended to reflect the cumulative impact of inflation since the launch of the ETF) until April of the year twenty years prior to the ETF’s end year. Thereafter, to counterbalance the frontloading of the ETF’s distributions, each ETF will reduce its per-share distribution rate to a level estimated to be sustainable through the ETF’s end year, resulting in a one-time decrease of ~25% to the per-share distribution amount. This event is referred to herein as the “recalibration.” An estimate of this reduced distribution rate is provided in each ETF’s prospectus; however, there is a risk that the ETF may ultimately recalibrate its distribution to be higher or lower than this estimate.Each Stone Ridge Longevity Income ETF is designed to support the option for members of its Modeled Cohort to continue to pursue substantially identical monthly distributions beyond age 80 by investing in a Closed-End Fund. However, the Closed-End Funds may not become available as intended, and there is no way for investors to assess the risk that the Closed-End Funds will not be launched. For example, the Adviser may determine that it is not appropriate to launch the Closed-End Funds if the Adviser believes there may not be a sufficiently diverse investor base, which is expected to be at least 100 shareholders. In the absence of a Closed-End Fund, investors may remain invested in the relevant ETF; alternatively, an investor may sell his or her shares, though investors may not have available to them an alternative investment option that provides the same level of distributions as they might have been able to receive if a Closed-End Fund were available. Shares of the ETFs may continue to be held by a shareholder’s beneficiary or may be sold at the then-current market price. However, a beneficiary of an ETF shareholder will not be eligible to invest in a corresponding Closed-End Fund unless the beneficiary is a member of the Modeled Cohort. The Closed-End Funds will be subject to different and additional risks as will be disclosed in the Closed-End Funds’ prospectuses. Unlike the Closed-End Funds, the Stone Ridge Longevity Income ETFs do not provide longevity-linked distributions and do not engage in longevity pooling. This is not an offer to sell or the solicitation of an offer to buy securities of the Closed-End Funds. A form of a Closed-End Fund’s prospectus (which is subject to revision) is included as Appendix A to each Stone Ridge Longevity Income ETF’s prospectus.The Stone Ridge Longevity Income ETFs are subject to risks related to exchange trading, including the following:Each Stone Ridge Longevity Income ETF’s shares will be listed for trading on an exchange (the “Exchange”) and will be bought and sold on the secondary market at market prices.  Although it is expected that the market price of ETF shares will typically approximate the ETF’s net asset value (“NAV”), there may be times when the market price reflects a significant premium or discount to NAV.Although each Stone Ridge Longevity Income ETF’s shares will be listed on the Exchange, it is possible that an active trading market may not be maintained.Shares of each Stone Ridge Longevity Income ETF will be created and redeemed by a limited number of authorized participants (“Authorized Participants”).  ETF shares may trade at a greater premium or discount to NAV in the event that the Authorized Participants fail to fulfill creation or redemption orders on behalf of the ETF.Each Stone Ridge Income ETF has a limited operating history for investors to evaluate, and new ETFs may not attract sufficient assets to achieve investment and trading efficiencies.For additional risks, please refer to the relevant prospectus and statement of additional information.The Stone Ridge Income ETFs are distributed by Foreside Financial Services, LLC.

Today, Rusty and Robyn are joined by Joel Shulman and Eva Ados of EntrepreneurShares. Dr. Joel Shulman is the Founder/Managing Director/CIO of ERShares. His 25+ years of research at Babson College (#1 in Entrepreneurship) and best business book written while at Harvard, led to the formation of a proprietary investment model and the Entrepreneur Factor. The formation of his money management practice followed the sale of the Shulman Review, a CFA test-prep company that trained over 12,000+ investment professionals in 110+ countries around the world. Dr Shulman appears frequently in the media including, Fox Business, CNBC, Bloomberg, Yahoo Finance, WSJ, Barrons, Forbes among others. He has been a consultant to many leading organizations as well as The World Bank in which he helped facilitate capital market development in Central Asian states. He has a Ph.D. and CFA designations along with an MPA from the Kennedy School of Government at Harvard University.Key Takeaways[03:26] - What has Joel loved about his career and how has he been able to accomplish so many things?[04:50] - How did EntrepreneurShares come about and what do they stand for as a firm?[09:09] - What originally inspired Joel to start ERShares?[12:31] - What is the entrepreneur factor and how has it changed over the years?[18:09] - Learn more about their XOVR ETF and what makes it unique.[19:56] - How much can XOVR invest in private equities and how does it work?[23:30] - More on Joel’s time at Babson College and how it affected his transition into asset management.[28:52] - What strategies does Joel employ to manage risk associated with investing in these high-growth, entrepreneurial companies during volatile market conditions?[32:12] - How do emerging technologies, like Artificial Intelligence and Blockchain, influence some of their investment strategies?[34:25] - What are the primary differences between investing in US-based entrepreneurial companies vs. those in international markets? Does their entrepreneur factor work as well abroad, or does it need the entrepreneurial infrastructure provided here in the United States?[37:23] - How is Joel seeing their fund being used in portfolios?[39:33] - What does Joel think goes into being a good professor? Also, does he miss teaching?[44:15] - As a professor, what methods did he find to be most effective at encouraging students to break down complex financial theories? Also, how can financial advisors use these techniques to better serve their clients?[47:35] - What advice would Joel give to students or aspiring finance professionals in today’s competitive landscape?[50:12] - What qualities does Joel see in students today that makes him optimistic about the future of the industry?[53:05] - What is currently Joel’s favorite investment idea?Quotes[16:28] - “Entrepreneurs [are often present] for 10, 20, 30 years. They’re not leaving very quickly, so their longevity is 5x, 6x [or] 7x what the normal CEO would be…As a result, they have a long-term orientation and…it’s that mindset that really makes the difference, because the way they build the organization and the way they manage it is much different than someone who [will be] there for 3 to 4 years. ” ~ Joel Shulman[44:15] - “One of the things that makes people great in any industry, in any capacity, is curiosity...The most successful people in our investment profession, these are curious people. People who look at something and they…say ‘how did that happen, how did that come to be?’” ~ Joel ShulmanLinksEntrepreneurSharesJoel M. Shulman on LinkedInERShares on InstagramERShares on YoutubeERShares on FacebookERShares on LinkedIn“Lose Yourself” by EminemConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.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: 3094-OPS-12/3/2024

Today, Rusty and Robyn are joined by Christopher Norton, Chief Marketing Officer at Potomac. Christopher is an innovative, award-winning, multidisciplinary creative with a passion for storytelling. He has worked with a wide array of large and independent clients in the news, entertainment and financial services. While his skill set is vast, Christopher’s expertise is found in the inner workings of a brand story. He has spent his career leading different marketing teams in the financial sector overseeing campaigns, PR strategies, brand awareness and more. As Chief Marketing Officer at Potomac, Christopher seeks to deliver world-class, story-driven creative to connect Potomac to its audience.Key Takeaways[03:30] - Learn more about Christopher’s career and his current role at Potomac.[05:32] - What is the story behind Potomac’s trademark term “built to conquer risk?”[09:36] - Potomac has become well known for their unconventional market approaches, like sending branded cereal boxes to their clients. What is the philosophy that drives these unique approaches?[11:55] - Learn how Potomac’s innovative “Who Are You?” video series came to life and how it is going so far.[17:05] - How does Potomac’s content-centric approach strengthen engagement with advisors and investors?[19:07] - Why is transparency so central to Potomac’s marketing strategy and how does it create value for their clients and their partners?[20:10] - Learn more about the Potomac Remix Conference and some of the unique activities this conference offers.[22:47] - What role do conferences play in building stronger client relationships?[24:35] - The wealth management industry is evolving very quickly. How does Potomac’s marketing strategy keep up with those changes and what trends in the industry are they focused on right now?[26:35] - What are some of the metrics, or feedback mechanisms, that Christopher relies on to measure the success of a marketing campaign or project?[28:52] - Can Christopher give us a sneak peak at any upcoming marketing campaigns they have planned at Potomac?[30:20] - For the advisors and investors listening to this, does Christopher have any actionable advice for their marketing approach?[31:10] - As a content creator, is Christopher already leveraging AI and if so, how is it making an impact on what he does?[33:40] - How does Christopher keep his creativity flowing and does he think that creativity is something that you are just born with, something you can cultivate or a little bit of both?[36:18] - What is currently Christopher’s favorite investment idea?Quotes[11:13] - “I think too many firms in this industry don’t spend enough time on simple brand recognition and getting your name out there. They do all of these very complicated email marketing things, and that’s important too, but they don’t have the brand recognition and campaign to back it up with something truly memorable.” ~ Christopher Norton[22:47] - “I don’t think, no matter how technologically advanced we get, anything will replace the value of facetime. Being able to get together in a venue, have meaningful conversations, have some fun together spending time - that adds so much to the depth of a relationship, that I don’t think anything else can replace it, and we invest pretty heavily into that. ” ~ Christopher NortonLinksChristopher Norton on LinkedInPotomac Fund Management“Take the A Train (Live at Newport)” by Duke Ellington‘Who Are You?’ video seriesConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.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: 2977-OPS-11/19/2024

Today, Rusty and Robyn are joined by Charlie Phelan, Head of Business Consulting at Fidelity Investments. Mr. Phelan leads consulting and business development activities focused on helping clients leverage Fidelity to evolve their businesses and drive transformational change. Charles consults with broker-dealers and registered investment advisors on optimizing their businesses including development and execution of business strategy, leverage of technology and operational best practices to drive efficiency. Charles has a demonstrated track record of helping firms maximize the ROI of the Fidelity relationship. Mr. Phelan has over 20 years’ experience in financial services, primarily focused on new business development and consulting. Prior to his current role, Mr. Phelan was responsible for leading the client onboarding team at FCCS. This included oversight of program management, transition and implementation activities to support new business. Mr. Phelan joined Fidelity in 1995 as part of the finance team. Mr. Phelan also held roles in risk management, information security and as a project manager where he was responsible for leading strategic client projects. He began his career in private banking at Bank Boston.Key Takeaways[04:08] - Charlie’s professional background and more on his current role at Fidelity.[05:24] - How should firms think about a baseline for growth at a macro level?[07:10] - What does high performance for a wealth management firm look like?[08:40] - For the fastest growing firms, how much of this growth is from mergers and acquisitions activity?[11:39] - What are the four levers of growth that their research uncovered and what do these mean in practice for firms and financial advisors? The first of these levers is people. What did their research uncover about people and how do “thrivers” and “survivors” differ?[14:28] - What are some considerations for firms that help to create teams that thrive?[17:14] - The second lever to help grow wealth management firms is their platform. In this light, what is separating the fastest growing advisory firms from the rest?[18:38] - What are some of the strongest advisor-based technology platforms and tools? Also, where is Charlie seeing the most demand for Fidelity’s capabilities?[20:02] - What might AI mean for the wealth management space and what are some of the  biggest opportunities around AI today?[24:04] - What are some of the market opportunities that are upcoming with the massive generational wealth transfer looming? What should advisors be doing to prepare?[24:40] - What are Charlie’s clients doing to capitalize on this huge generational wealth transfer opportunity?[26:08] - What are some examples of firms aligning their offerings with client needs as they evolve?[28:58] - What is currently Charlie’s favorite investment idea?Quote[23:10] - “One in five women change advisors after a death or a divorce, so if either of those two things happen on the life event side, they are changing their advisor. Also, [it] is estimated that 91% of adult children found an advisor without even considering the one that their parent’s used…This one was most interesting to me…we found that advisors have only reached out to 13% of their clients’...children.” ~ Charles PhelanLinksCharles Phelan on LinkedInFidelity InvestmentsThe Four Levers of Organic Growth“Where the Streets Have No Name” by U2Connect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.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: 2942-OPS-11/18/2024

Today, Rusty and Robyn are joined by Cliff Asness, Founder,  Managing Principal and Chief Investment Officer at AQR Capital Management. He is an active researcher and has authored articles on a variety of financial topics for many publications, including The Journal of Portfolio Management, Financial Analysts Journal, The Journal of Finance and The Journal of Financial Economics. He has received five Bernstein Fabozzi/Jacobs Levy Awards from The Journal of Portfolio Management, in 2002, 2004, 2005, 2014 and 2015. Financial Analysts Journal has twice awarded him the Graham and Dodd Award for the year’s best paper, as well as a Graham and Dodd Excellence Award, the award for the best perspectives piece, and the Graham and Dodd Readers’ Choice Award. He has won the second prize of the Fama/DFA Prize for Capital Markets and Asset Pricing in the 2020 Journal of Financial Economics. In 2006, CFA Institute presented Cliff with the James R. Vertin Award, which is periodically given to individuals who have produced a body of research notable for its relevance and enduring value to investment professionals. Prior to co-founding AQR Capital Management, he was a Managing Director and Director of Quantitative Research for the Asset Management Division of Goldman, Sachs & Co. He is on the ambassador board of The Journal of Portfolio Management, where he is a frequent author. Cliff is also a board member of the American Enterprise Institute and Commentary Magazine. Cliff received a B.S. in economics from the Wharton School and a B.S. in engineering from the Moore School of Electrical Engineering at the University of Pennsylvania, graduating summa cum laude in both. He received an M.B.A. with high honors and a Ph.D. in finance from the University of Chicago, where he was Eugene Fama’s student and teaching assistant for two years (so he still feels guilty when trying to beat the market).Key Takeaways [04:17] - Cliff’s professional background and more on his current role at AQR Capital Management.[08:00] - Why does Cliff think that the stock market has become less efficient, over the course of his career, and how does he define medium term horizons?[25:21] - Why is it important for markets to be efficient and what does all this mean for investors moving forward?[30:47] - Why does Cliff argue that high-volatility alternatives are beneficial, especially when traditional assets seem safer?[42:20] - How should investors be thinking about including high-volatility alternatives into their portfolios? Are there specific guidelines for balancing these with traditional assets to achieve optimal diversification?[52:50] - Investors are often reluctant to embrace high-volatility strategies, due to psychological biases. How can investors overcome these biases and what role can Behavioral Finance play in educating clients about these opportunities?[59:21] - How has the landscape of quantitative investing evolved over the past decade and what does Cliff think are the biggest challenges and opportunities quants face today?[67:05] - What are Cliff’s thoughts on value investing’s long-term prospects and is the value premium still as robust as it once was?[73:41] - How does Cliff, personally, maintain his discipline in this industry? Is it just a matter of grounding himself in the data and the history?[83:27] - From Cliff’s experience as a co-founder of AQR, what are some of the most important lessons that he’s learned from building and managing a global investment firm? Also, how has AQR adapted over the years to market changes and client needs?[87:16] - What is currently Cliff’s favorite investment idea?Quote“The paper starts out pointing out that technological advancements don’t necessarily lead to more efficiency. I think we might naturally assume that they do. Most technological advancements – the availability of data very quickly, the ability to trade very quickly, a lot of them are about speed [and] are not about getting more accurate answers. You know, I don’t think that there’s a lot of argument that the internet and social media and being able to trade on your phone, actually makes us process information better. It just means that we get it very quickly and we drink from a fire hose.” ~ Cliff AsnessLinksCliff Asness on LinkedInAQR Capital Management“One Day More” by Les Miserables Original London CastConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.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: 2931-OPS-11/15/2024

Today, Rusty and Robyn are joined by Julie Abbett, Head of Americas ETF Sales for Equity and Credit at JPMorgan. Julie focuses on the J.P. Morgan’s ETF execution sales model through strategic partnerships within the ETF market. Julie joined J.P. Morgan from Deutsche Bank where she headed up the ETF execution Sales effort covering the RIAs, ETF Portfolio Managers, and traditional asset manager clients. Prior to Deutsche Bank, Julie was Senior Vice President and Head of Portfolio Management at IndexIQ managing a suite of liquid alternative exchange traded funds. Before IndexIQ, Julie was a Quantitative Equity Portfolio Manager at Deutsche Asset Management (DeAM)/DB Advisors for over 9 years.Key Takeaways[02:55] - Learn more about Julie’s professional background and her role at JPMorgan.[04:42] - What other factors are affecting ETF flows?[05:49] - Might Active ETFs eventually challenge traditional Mutual Funds, or even Passive ETFs, in terms of popularity and performance?[07:08] - What shifts is Julie seeing in client demand for ETFs? What are the differences between the preferences for institutional vs. retail investors?[08:52] - How does JPMorgan approach Fixed Income ETFs and how do they view  the future for Bond ETFs?[10:27] - What can we do to better help educate end investors about newer and more complex products?[12:08] - Words of advice for those hoping to enter the ETF industry, or the financial industry more broadly.[13:02] - What is currently Julie’s favorite investment idea?[13:46] - How does Julie maintain her health, both physically and mentally, while working at a trading desk?Quote[05:03] - “The other really large source for ETFs, and I’m sure you’ve talked about this too, has been the wide adoption of Active ETFs. Active Funds, depending on the time frame, have received 25-30% of all ETF flows, which is an outsized percent, especially relative to the current percentage of ETF AUM…These flows include both new net in flows, as well as out flows that are coming out of Mutual Funds and into ETFs.” ~ Julie AbbettLinksJulie Abbett on LinkedInJPMorgan“Welcome to the Jungle” by Guns N’ RosesConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionSapiens By Yuval Noah HarariDisclosure(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: 2806-OPS-10/31/2024

Today, Rusty and Robyn are joined by John Kerschner, Head of US Securitized Products and a portfolio manager at Janus Henderson Investors. He is a member of the Securitized Credit and US Fixed Income Teams and leads the teams in finding innovative ways to utilize structured products in JHI portfolios. Prior to joining Janus in 2010, John was director of portfolio management at BBW Capital Advisors. Before that, he worked for Woodbourne Investment Management, where he was global head of credit investing. John began his career at Smith Breeden Associates as an assistant portfolio manager and was promoted several times over 12 years, becoming a principal, senior portfolio manager and director of the ABS-CDO group. John received his bachelor of arts degree in biology from Yale University, graduating cum laude. He earned his MBA from Duke University, Fuqua School of Business, where he was designated a Fuqua Scholar. John holds the Chartered Financial Analyst designation and has 34 years of financial industry experience.Key Takeaways[02:07] - Learn more about John’s professional background and his work at JanusHenderson.[05:07] - Does John think it will be a gradual path to lower interest rates or might the economy derail those plans for The Federal Reserve?[08:45] - How does John explain what the neutral rate is and does he care about it professionally? If so, does he think the market is getting the neutral rate right?[11:57] - How would John explain securitized debt to his family and friends?[15:08] - How would John compare and contrast CLOs with securitized debt?[17:14] - An update on the current health of the consumer.[21:12] - Why are yields and spreads still so attractive in the securitized space and how does John view the credit landscape moving forward?[25:32] - What roles do CLOs play when The Federal Reserve starts cutting rates?[28:14] - Has there been a change in the types of CLOs being issued?[31:05] - What is the outlook on mortgage backed securities right now?[35:40] - What opportunities does John see in Asset Backed Securities (ABSs) and how do these contrast with other securitized products?[39:14] - Does John think we will see a bounce back in Commercial Mortage Backed Securities (CMBSs) or not?[48:32] - What is currently John’s favorite investment idea?Quotes[14:28] - “The beauty of securitization is that you’re taking an individual loan: auto loan, credit card loan, student loan, mortgage loan, you name it, and you’re packaging that loan with many other loans and taking those cash flows and selling them to investors like us at JanusHenderson. ~ John Kerschner[15:09] - “Yeah, so CLOs, it’s an acronym…[that] stands for collateralized loan obligations…All it is, it’s the same idea [as securitized debt], but you’re using corporate loans instead of consumer loans.” ~ John KerschnerLinksJohn Kerschner on LinkedInJanusHenderson“Don’t Believe the Hype” by Public EnemyConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionSapiens By Yuval Noah HarariDisclosure(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: 2814-OPS-11/1/2024

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 CurleyLinksPaul Curley on LinkedInISS Market Intelligence“Saturday Night Live Theme” by Howard ShoreConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.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

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 RahmanLinksSaira Rahman on LinkedInFundrise“Infinity” by They Might Be GiantsConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.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

Today, Rusty and Robyn are joined by Michael Patchen, Co-Founder and CEO at Colleva. Key TakeawaysMike’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 PatchenLinksMichael Patchen on LinkedInColleva“Still of the Night” by WhitesnakeConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.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

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 TakeawaysWhat 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 IsaakainenLinksRyan Issakainen on LinkedInFirst Trust Advisors“Enter Sandman” by MetallicaFirst Trust ROI PodcastAll-In PodcastConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Compliance Code: 2518-OPS-10/1/2024

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 KhodjamirianLinksYuri Khodjamirian on LinkedInTema ETFs on LinkedInTema ETFs“Why Can’t We Be Friends?” by WarThe Browser NewsletterIn Our Time PodcastConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Compliance Code: 2482-OPS-9/26/2024

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].” LinksBrinker 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 UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor. Wealth Management services are offered by Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor. Orion Portfolio Solutions, LLC is a wholly owned subsidiary of Orion Advisor Solutions, Inc. (“Orion”)Compliance Code: 2360-OPS-9/13/2024

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 ParkerLinksJerry Parker on LinkedInJerry Parker on TwitterChesapeake Capital Corporation“Choice is Yours” by Stick FigureConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Compliance Code: 2296-OPS-9/6/2024

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 SmithLinksJoe Smith on LinkedInParti Pris“The Fire” by The Roots & John LegendConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Compliance Code: 2234-OPS-8/30/2024

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 DavisLinksScott Davis on LinkedInJohn Finneran on LinkedInCapital Group“Mr. Brightside” by The Killers“Lose Yourself” by EminemConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Compliance Code: 2240-OPS-9/3/2024

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 CruikshankLinksBen Cruikshank on LinkedInFlourish Financial“Hells Bells” by AC/DCFor the Love of Money by The O’JaysMichael Kitces’ Piece on CashConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Compliance Code: 2070-OPS-8/14/2024

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 AbbasLinksAdam Abbas on LinkedInHarris Associates“Under Pressure” by QueenConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Compliance Code: 2018-OPS-8/8/2024