Wealth Management Invest

In this episode of the Wealth Management Invest podcast, host David Bodamer speaks with Mark Sutterlin, head of alternative investments at Bank of America Merrill Lynch, about the increasing role of private markets within client portfolios. Mark outlines how demand for alternative investments is evolving, particularly among ultra-high-net-worth investors, and explains how firms are expanding access through new platform offerings and structures. Mark also explores the role of evergreen funds in making private markets more accessible, while emphasizing the importance of long-term thinking, diversification, and consistent allocation. In addition, he shares perspectives on how technology is improving the investment experience, along with key themes shaping opportunities across areas such as artificial intelligence, infrastructure, and hedge strategies. Key takeaways: Why ultra-high-net-worth investors are increasing allocations to private markets for diversification How evergreen funds help simplify access but still require long-term discipline from investors The role of advisor education in helping clients understand illiquidity and portfolio fit How technology is improving reporting, execution and the overall investor experience Key investment themes including AI, infrastructure growth and renewed interest in hedge strategies Connect With David Bodamer: [email protected]  Wealth Management LinkedIn: David Bodamer LinkedIn: Wealth Management Connect With Mark Sutterlin: LinkedIn: Mark Sutterlin LinkedIn: Bank of America Merrill Lynch LinkedIn: Bank of America Business Website: Bank of America Business Resources: Listen to the Wealth Management Invest Podcast on Wealth Management Listen and Subscribe to the Wealth Management Invest on Apple Podcasts Listen and Subscribe to the Wealth Management Invest on Spotify

In this episode of the Wealth Management Invest podcast, host David Bodamer sits down with Chris Acito, CEO and founder of Gapstow Capital Partners, to examine the growing attention around private credit and the forces shaping its current outlook. Chris explains how the expansion of retail investor access has changed the structure of the market, particularly through interval funds and non-traded BDCs, and why recent redemption activity is bringing renewed focus to liquidity design. Chris also breaks down the distinction between liquidity concerns and underlying credit quality, offering context around default expectations and sector-specific pressures such as recent volatility in software lending. In addition, he discusses the valuation gap between listed and non-listed vehicles, what it may signal about investor sentiment, and the key indicators advisors should monitor as the market adjusts over the coming quarters. Key takeaways: How private credit funds are structured and why redemption limits are built into the system for stability The shift from institutional to retail capital and how it has reshaped liquidity dynamics in credit markets Why redemption pressure may not signal panic, but rather a test of fund design and investor expectations Differences between listed and non-listed BDCs and what pricing gaps may reveal about market sentiment Key indicators to watch, including credit performance, fund flows and valuation trends across vehicles Connect With David Bodamer: [email protected]  Wealth Management LinkedIn: David Bodamer LinkedIn: Wealth Management Connect With Chris Acito: LinkedIn: Chris Acito LinkedIn: Gapstow Capital Partners Website: Gapstow Capital Partners Resources: Listen to the Wealth Management Invest Podcast on Wealth Management Listen and Subscribe to the Wealth Management Invest on Apple Podcasts Listen and Subscribe to the Wealth Management Invest on Spotify

David Bodamer speaks with Cheryl Nash, President of APL at InvestCloud, about how wealth technology is evolving to support the next phase of managed accounts. Cheryl explains how platforms are moving beyond traditional investment strategies to focus on personalization, tax awareness, and the integration of private markets into scalable portfolio solutions. Cheryl also outlines how firms are working to bring private assets into the same framework as public investments, including the operational challenges of trading, rebalancing, and automation across large numbers of accounts. In addition, Cheryl explores how artificial intelligence is being applied to streamline workflows, improve data accuracy, and enhance advisor efficiency, while emphasizing the growing importance of scalability as firms expand and client expectations continue to rise. Key takeaways: How platforms now rebalance thousands of accounts while supporting tax overlays and multi-asset portfolios Why private markets are moving into managed accounts and the infrastructure required to support them How personalization has shifted from a premium offering to a standard expectation across client portfolios The role of AI in improving workflows, data reconciliation, and advisor decision-making efficiency Why scalability and integrated systems are critical as firms grow through M&A and increasing client demand Connect With David Bodamer: [email protected]  Wealth Management LinkedIn: David Bodamer LinkedIn: Wealth Management Connect With Cheryl Nash: LinkedIn: Cheryl Nash LinkedIn: InvestCloud Website: InvestCloud [email protected]  Resources: Listen to the Wealth Management Invest Podcast on Wealth Management Listen and Subscribe to the Wealth Management Invest on Apple Podcasts Listen and Subscribe to the Wealth Management Invest on Spotify

In this episode of the Wealth Management Invest podcast, host David Bodamer sits down with Dan Noonan, executive vice president at Cohen & Steers, to discuss how real assets are being incorporated into portfolios across the wealth management channel. Dan shares how sectors such as real estate, infrastructure, commodities and natural resource equities can contribute to diversification and income, and explains how advisors are approaching these asset classes as market conditions evolve. Dan also breaks down the differences between listed and private real estate investments, including how liquidity, income and volatility profiles compare. In addition, Dan discusses the growing adoption of active ETFs within specialized sectors and highlights opportunities emerging in areas like necessity retail properties and next-generation real estate categories such as data centers and cell towers. Key takeaways: Renewed advisor interest in real assets as diversification and inflation mitigation tools Key differences between listed and private real estate and how each fits into portfolio construction  The expanding role of active ETFs in specialized asset classes such as real estate and infrastructure How next-generation real estate sectors like data centers and cell towers are shaping the market Connect With David Bodamer: [email protected]  Wealth Management LinkedIn: David Bodamer LinkedIn: Wealth Management Connect With Dan Noonan: LinkedIn: Dan Noonan LinkedIn: Cohen & Steers Website: Cohen & Steers Resources: Listen to the Wealth Management Invest Podcast on Wealth Management Listen and Subscribe to the Wealth Management Invest on Apple Podcasts Listen and Subscribe to the Wealth Management Invest on Spotify

In this episode of the Wealth  Management Invest Podcast, host David Bodamer sits down with Kimberly Flynn, president of XA Investments, to discuss how interval and tender offer funds are reshaping access to private markets for financial advisors. Kimberly explains how private credit, private equity and other alternative strategies are being packaged for the wealth channel, and what advisors should understand about their fund structures, platform requirements and track records. She also shares insights from XA Investments’ research on advisor adoption, public/private partnerships and the growing role private markets may play in portfolio construction over time. Key takeaways: Growth in interval and tender offer funds and what it signals about advisor demand for private market exposure Differences in adoption across RIAs, wirehouses and IBDs How track record requirements and platform standards shape fund availability The role of partnerships, indices and research in helping advisors evaluate options Connect With David Bodamer: [email protected]  Wealth Management LinkedIn: David Bodamer LinkedIn: Wealth Management Connect With Kimberly Flynn: LinkedIn: Kimberly Flynn Website: XA Investments Resources: Listen to the Wealth Management Invest Podcast on Wealth Management Listen and Subscribe to the Wealth Management Invest on Apple Podcasts Listen and Subscribe to the Wealth Management Invest on Spotify

In this episode of the Wealth Management Invest podcast, host David Bodamer speaks with Dave Donahoo, head of Americas, Wealth Management Alternatives at Franklin Templeton, about how private equity, private credit and real estate are increasingly shaping portfolio construction within the wealth channel. Dave shares how Franklin Templeton approaches private markets, evaluates semi-liquid fund structures and prioritizes investment integrity when adapting institutional strategies for advisors. He also discusses current themes across private asset classes, the role of education in advisor adoption, and why private markets are becoming a central part of long-term portfolio design. Key points: Why private markets are no longer viewed as niche allocations for wealth portfolios How semi-liquid structures are evaluated before launch The role of supply and demand across private equity, credit and real estate How institutional experience informs product design for wealth clients Connect With David Bodamer: [email protected]  Wealth Management LinkedIn: David Bodamer LinkedIn: Wealth Management Connect With Dave Donahoo: LinkedIn: Dave Donahoo LinkedIn: Franklin Templeton Website: Franklin Templeton Website: Alternatives by Franklin Templeton Resources: Listen to the Wealth Management Invest Podcast on Wealth Management Listen and Subscribe to the Wealth Management Invest on Apple Podcasts Listen and Subscribe to the Wealth Management Invest on Spotify

In this episode of Wealth Management Invest, host David Bodamer sits down with Anya Coverman, president and CEO of the Institute for Portfolio Alternatives, to open 2026 with a discussion on key regulatory and policy developments affecting private markets, including ERISA modernization, 401(k) access, accredited investor definitions and the impact of state-level regulation. Anya outlines the IPA’s role in representing the alternatives ecosystem and shares insight into how access to private markets has evolved, why individual investors remain under allocated compared to institutions, and how innovation in fund structures, fintech infrastructure and industry partnerships is reshaping the wealth channel. Key takeaways: Individual investors remain under allocated to private markets compared to institutions New fund structures, fintech platforms and partnerships are expanding advisor access to alternatives Policy developments around ERISA, 401(k)s and accredited investors will shape future access Durable, thoughtful regulation is essential to responsible growth in private markets Education and collaboration are critical as alternatives play a larger role in portfolios Connect With David Bodamer: [email protected]  Wealth Management LinkedIn: David Bodamer LinkedIn: Wealth Management Connect With Anya Coverman: Institute for Portfolio Alternatives LinkedIn: Anya Coverman Resources: Listen to the Wealth Management Invest Podcast on Wealth Management Listen and Subscribe to the Wealth Management Invest on Apple Podcasts Listen and Subscribe to the Wealth Management Invest on Spotify

In this episode of Wealth Management Invest, host David Bodamer speaks with Daniel M. Milligan, vice president of separately managed accounts at Columbia Threadneedle Investments, to examine how advisors are using SMAs and direct indexing when building client portfolios. Daniel outlines how technology has increased access to SMAs, why tax-aware personalization is gaining traction, and how direct indexing creates flexibility for investors seeking tailored equity exposures. He also walks through the role municipal bond SMAs can play in taxable accounts and highlights how advisors can use these tools. Key takeaways: How technology has allowed SMAs to move downmarket with lower minimum investments Tax and transparency benefits that distinguish SMAs from mutual funds and ETFs How direct indexing pairs index-like exposure with systematic tax management and client-level customization Using SMAs and direct indexing to address concentrated stock positions while managing tax consequences over time Limits of customization, advisor education needs, and why SMAs are increasingly central to holistic planning Connect With David Bodamer: [email protected]  WealthManagement.com LinkedIn: David Bodamer LinkedIn: WealthManagement Connect With Daniel Milligan: Website: Columbia Threadneedle Investments LinkedIn: Columbia Threadneedle Investments LinkedIn: Daniel Milligan About Our Guest: Dan Milligan is Vice President of Separately Managed Accounts at Columbia Threadneedle Investments, based in Boston, MA. He has been at the firm for almost 19 years. He holds a bachelor’s degree in economics from Boston College and an MBA from Boston College Carroll School of Management. He is a CFA Charterholder. Resources: Listen to the Wealth Management Invest Podcast on WealthManagement.com Listen and Subscribe to the Wealth Management Invest on Apple Podcasts Listen and Subscribe to the Wealth Management Invest on Spotify

In this episode of Wealth Management Invest, host David Bodamer speaks with two AllianceBernstein executives: Onur Erzan, head of Global Client Group and Private Wealth, and Noel Archard, CFA, global head of ETFs and Portfolio Solutions. The duo shares insights on the growth of AllianceBernstein’s active ETF platform, the increasing integration of private markets into client portfolios and the expanding accessibility of SMAs for tax-efficient investing.  Key Takeaways: How AllianceBernstein has ramped up to $9 billion in ETF assets in three years with 19 active funds The trend of advisors consolidating manager relationships  Structural and cyclical investment trends shaping portfolios, from private credit to international equities The growing accessibility of SMAs and their role in optimizing after-tax returns The rise of defined outcome ETFs and how advisors can use them  Connect With David Bodamer: [email protected]  WealthManagement.com LinkedIn: David Bodamer LinkedIn: WealthManagement Connect With AllianceBernstein: AllianceBernstein LinkedIn: AllianceBernstein Connect With Noel Archard: LinkedIn: Noel Archard Connect With Onur Erzan: LinkedIn: Onur Erzan Resources: Listen to the Wealth Management Invest Podcast on WealthManagement.com Listen and Subscribe to the Wealth Management Invest on Apple Podcasts Listen and Subscribe to the Wealth Management Invest on Spotify RIA Edge Private Markets: December 4, 2025, in New York, NY

In this episode of Wealth Management Invest, host David Bodamer speaks with Todd Schlanger, CFA, senior investment strategist for multi-asset investing at Vanguard, to explore how advisors can approach portfolio construction in today’s market.  Todd shares why the 60/40 portfolio still plays a crucial role, the rise of dynamic and active-passive strategies, and the increasing use of ETFs in model portfolios. He also explains Vanguard’s 13 investment strategies and highlights the role advisors can play in guiding client behavior during periods of market volatility. Key takeaways: Why the 60/40 portfolio remains relevant as a long-term “all-weather” strategy How dynamic strategies adapt to capital market assumptions across more than 100 asset classes The growing role of ETFs, including passive and active approaches, in model portfolios Vanguard’s 13 strategies are designed to address diverse investor needs and objectives The importance of advisor behavioral coaching to help clients stay disciplined through volatility Connect With David Bodamer: [email protected]  WealthManagement.com LinkedIn: David Bodamer LinkedIn: WealthManagement Connect With Todd Schlanger Vanguard  LinkedIn: Todd Schlanger Bonds remain in favor in time-varying model portfolio Vanguard’s portfolio construction framework Time-varying asset allocation: Vanguard’s approach to dynamic portfolios Resources: Listen to the Wealth Management Invest Podcast on WealthManagement.com Listen and Subscribe to the Wealth Management Invest on Apple Podcasts Listen and Subscribe to the Wealth Management Invest on Spotify

In this episode of Wealth Management Invest, host David Bodamer talks with Jonathan McEvoy, managing director, Investor Relations and head of Private Wealth Secondaries Solutions Distribution at Coller Capital, to explore how secondaries provide an additional access point to private markets. Jonathan shares the growth story of private equity and private credit secondaries, their benefits to advisors and clients and how Coller Capital uses semiliquid funds to deliver its strategies.  Key Points : The evolution of the secondary market from niche beginnings to a $160 billion-plus annual transaction space How secondaries provide liquidity, diversification and reduced risk through seasoned portfolios The advantages of semiliquid fund structures for private wealth investors The growing importance of education for advisors and clients when approaching secondaries Connect With David Bodamer: [email protected]  WealthManagement.com LinkedIn: David Bodamer LinkedIn: WealthManagement Connect With Jonathan McEvoy: Website: Coller Capital LinkedIn: Jonathan McEvoy Resources: Listen to the Wealth Management Invest Podcast on WealthManagement.com Listen and Subscribe to the Wealth Management Invest on Apple Podcasts Listen and Subscribe to the Wealth Management Invest on Spotify

In this episode of the Wealth Management Invest Podcast, host David Bodamer interviews Ben Sayer, managing director and head of the alternative investments group at MAI Capital Management.  Ben shares insights on MAI’s longstanding approach to private markets, the rise of evergreen structures, and the operational challenges of managing illiquid assets. He also discusses how client education and strategic technology partnerships can unlock meaningful access to alternatives. Key highlights include: MAI Capital’s evolution from a sports agency affiliate to a $30 billion RIA serving entertainers, high-net-worth individuals and multi-family offices How MAI has long embraced alternatives, including co-investments and custom feeder funds The complexities of evergreen structures, including liquidity mismatches, pricing concerns and client expectations Diligence strategies RIAs should apply before recommending alternatives, including document review and external legal support Educating clients on illiquidity, reporting delays and drawdown scenarios to avoid panic during market stress Resources: Listen to the Wealth Management Invest Podcast on WealthManagement.com Listen and Subscribe to the Wealth Management Invest on Apple Podcasts Listen and Subscribe to the Wealth Management Invest on Spotify Connect With David Bodamer: [email protected]  WealthManagement.com LinkedIn: David Bodamer LinkedIn: WealthManagement Connect With Ben Sayer: Website: MAI Capital Management LinkedIn: Ben Sayer Email: [email protected]  Guest Bio: Ben Sayer, CFA, has been with MAI Capital since 2017 and currently leads the alternative investments group, having worked on the team throughout his tenure. Based in Cleveland, Ohio, he focuses on due diligence and investment modeling across asset classes, including real estate, private equity and venture capital. Before joining MAI Capital, he was a product manager at PNC Capital Advisors and previously worked at JPMorgan Chase. Outside of work, Ben served as president of CFA Society Cleveland, an organization dedicated to promoting professional development, ethics, and industry engagement within the financial community in Northeast Ohio.

In this episode of the Wealth Management Invest Podcast, host David Bodamer interviews Tom Cohn, partner and chief solutions officer at Cerity Partners. They explore the significance of private markets in client portfolios and discuss asset allocation strategies.  Tom shares insights on the evolution of private markets, the rise of evergreen structures and the impact of macroeconomic trends on investment decisions. They discuss: Key considerations for client portfolios, including illiquidity risk and asset class diversification The growing importance of data centers and AI-driven infrastructure investments How secondaries provide diversification and reduce risk exposure The shift of credit opportunities from banking to asset management  Connect With David Bodamer: [email protected]  WealthManagement.com LinkedIn: David Bodamer LinkedIn: WealthManagement Connect With Tom Cohn: LinkedIn: Tom Cohn LinkedIn: Cerity Partners Cerity Partners Resources: Listen to the Wealth Management Invest Podcast on WealthManagement.com Listen and Subscribe to the Wealth Management Invest on Apple Podcasts Listen and Subscribe to the Wealth Management Invest on Spotify

In this episode of the Wealth Management Invest Podcast, host David Bodamer sits down with Don Calcagni, the chief investment officer of Mercer Advisors, to explore how Mercer attempts to align investment decisions with financial goals. David and Don dive into defining clear investment objectives that align with clients’ financial aspirations, the importance of moving beyond 60/40 asset allocations, and understanding the psychological hurdles investors face.  They discuss the latest investment vehicles, transforming strategies, the ongoing active versus passive management debate, and the nuances of private markets. Connect With David Bodamer: [email protected]  WealthManagement.com LinkedIn: David Bodamer LinkedIn: WealthManagement Connect With Don Calcagni: Mercer Advisors LinkedIn: Don Calcagni  About Our Guest: As Chief Investment Officer, Don is responsible for setting the strategic direction of the firm’s investment offering, chairing the firm’s investment committee, and the prudent stewardship of over $70 billion in assets under management. As a member of the executive leadership team, he also participates in M&A due diligence, oversees investment integration for new acquisitions, and provides ongoing advice regarding the firm’s overall strategic direction to the Board of Directors, President, and Chief Executive Officer.

In this episode of the Wealth Management Invest Podcast, host David Bodamer sits down with Kristen Mirabella, head of partnerships at Eaglebrook Advisors, to discuss the evolving role of cryptocurrency in wealth management. Eaglebrook is a digital asset platform that allows advisors to invest directly in crypto through separately managed accounts.  Kristen talks about Eaglebrook’s compliance-first mindset and how in-kind transfers and tax-efficient strategies are helping advisors meet growing client demand for digital assets. Key highlights include: Enabling direct investment in crypto SMAs with Eagle Brook  Navigating the process of in-kind transfers  Tax loss harvesting benefits of crypto SMAs  Integrating crypto into client portfolios  And more Connect With David Bodamer: [email protected]  WealthManagement.com LinkedIn: David Bodamer LinkedIn: WealthManagement Connect With Kristen Mirabella: Eaglebrook LinkedIn: Kristen Mirabella 

Join David Bodamer, Editorial Director at WealthManagement.com, and his guest, Brad Walker, Co-President at CAIS, as they delve into the transformative landscape of alternative investments.  Discover why independent wealth managers and RIAs are increasingly incorporating alts into client portfolios and the innovative trends making this possible. Highlights from this episode include: The growth and evolution of the CAIS platform [00:00:37] Shifts in advisor strategies towards diversifying alternative investments [00:03:18] The importance of technology in streamlining alt investments and management [00:12:55] How CAIS is making alternative investments accessible to a broader advisor base [00:23:40] And more Resource: CAIS Alternative Investment Summit Connect With David Bodamer: [email protected]  WealthManagement.com LinkedIn: David Bodamer LinkedIn: WealthManagement Connect With Brad Walker: CAIS LinkedIn: Brad Walker  About Our Guest: Brad Walker is Co-President of CAIS, where he drives the firm’s client experience and growth initiatives, ensuring independent financial advisors have the access, education, and innovation they need to adapt to the evolving world of alternative investments. He is committed to transforming how the independent wealth ecosystem engages with alternatives, helping advisors deliver greater value to their clients. Under his leadership, CAIS continues to enhance its platform, deepen industry partnerships, and set new standards for access, efficiency, and transparency in the space. A member of both the Executive Committee and Operating Committee, Brad plays a central role in shaping CAIS’s vision, growth, and impact on the independent wealth ecosystem.

Join David Bodamer as he sits down with Stephanie Drescher, Apollo’s chief client and product development officer, to unravel the potential of alternative investments for wealth advisors. David and Stephanie explore why Apollo is confident in hitting $150 billion in assets within the wealth channel and why traditional portfolios fall short without private market exposure. They break down the innovations making private investments more accessible for advisors and their clients. David and Stephanie discuss: The gap in private market allocations between institutions and individuals Overcoming barriers to alternatives with innovative solutions Apollo’s strategic focus on global wealth and custom-tailored investment strategies How Apollo’s wealth team has grown and evolved to better serve advisors Insights into Apollo’s third-party alts partnerships A global shift in perception of risk in public vs. private markets The importance of manager selection and transparency in private investments And more Connect with David Bodamer: [email protected]  WealthManagement.com LinkedIn: David Bodamer LinkedIn: WealthManagement Connect with Stephanie Drescher: Apollo LinkedIn: Stephanie Drescher  About Our Guest: Stephanie Drescher is Partner and Chief Client and Product Development Officer at Apollo, and a member of the Firm’s Management Committee. She oversees the Client and Product Solutions Group (CPS), which includes Institutional Client & Product Solutions (ICPS) and Global Wealth Management Solutions (GWMS), which seeks to expand Apollo’s investment offerings to an increasingly broad base of individual investors through a variety of global wealth management channels. Stephanie is also Co-Chair of Apollo Women Empower (AWE), Apollo’s women’s network. Prior to joining Apollo in 2004, Stephanie was with JP Morgan working primarily in its Alternative Investment Group.

In this episode of the Wealth Management Invest Podcast, host David Bodamer sits down with Robert Picard, managing director and head of alternative investments at Hightower, to unravel the shifting dynamics of private markets and their role in contemporary investment portfolios. With over 34 years of experience, Robert shares insights into why billionaires and university endowments diverge from the traditional 60/40 allocation model and how individual investors can replicate their success in private markets.  David and Robert discuss: The evolution of private market access for individual investors The strategic role of a 20% private market allocation The emergence of private credit as a popular asset class The rise of evergreen funds and their democratizing effect on access to alternative investments And more Connect With David Bodamer: [email protected]  WealthManagement.com LinkedIn: David Bodamer LinkedIn: WealthManagement Connect With Robert Picard: Hightower LinkedIn: Robert Picard  About Our Guest: Robert Picard led the creation of the Alternative Investment Platform at Hightower while curating investment opportunities through research and due diligence. Prior to joining Hightower, he was instrumental in building four multi-billion dollar alternative investment platforms at The Carlyle Group/Rock Creek, Optima Fund Management, RBC Capital Markets, and State Street/InfraHedge. Most recently, Mr. Picard served as the Head of Alternative Investments at First Republic Private Wealth Management.

In this episode of the Wealth Management Invest podcast, host David Bodamer connects with Brendan McCurdy, managing director and co-head of the financial advisor solutions team at Ares, to delve into private market investments. They discuss how financial advisors navigate the complexities of private equity, private credit, real estate, and infrastructure.  David and Brendan discuss: The structure and role of the Financial Advisor Solutions team within Ares [00:01:10] Navigating complexities in private market investments [00:03:00] The strategic importance of alternative investments in portfolios [00:05:30] Access points in private markets and investor targeting [00:07:20] Trends and shifts in asset classes for 2025 [00:09:50] The rise of infrastructure investments driven by technological advancements [00:15:00] Opportunities in sports, media, and entertainment investments [00:22:30] And more Connect With David Bodamer: [email protected]  WealthManagement.com LinkedIn: David Bodamer LinkedIn: WealthManagement Connect With Brendan McCurdy: Ares Management LinkedIn: Ares Management Corporations LinkedIn: Brendan McCurdy  About Our Guest: Brendan is a Managing Director and Head of Research & Marketing within Ares Wealth Management Solutions, a premier provider of private market investment solutions for private wealth investors and family offices. Within Research, the Financial Advisor Solutions Team (FAST) is a team of asset allocation specialists that deliver education, insights, and analytical tools that can help optimize the inclusion of private markets in portfolios.

WealthManagement.com’s Executive Editor for Investments David Bodamer chats with Robert Collins, co-head of private wealth at Partners Group. Partners Group, an alternative asset manager, was an early mover into the global wealth market, including a popular 15-year-old private equity fund in the United States. Collins explores the shift from public to private markets and its significance for investors, highlighting evergreen funds’ tax benefits and compounding advantages. He also discusses the company’s partnership with BlackRock and the private markets model portfolios the firm is bringing to the market in 2025.  David and Rob discuss: The market shift from public to private markets and its implications for investors The benefits Partners Group sees in evergreen funds, including lower minimums and tax simplicity  A new partnership with BlackRock to offer diversified private market model portfolios starting in 2025 Global insights and innovations in private markets, like tokenization in Singapore Connect With David Bodamer: [email protected]  WealthManagement.com LinkedIn: David Bodamer LinkedIn: Informa Connect With Robert Collins: Partners Group LinkedIn: Robert Collins About Our Guest: Robert Collins is Co-Head of Private Wealth, Head of Partners Group’s New York Office, and a member of the Global Executive Board. He is President, Portfolio Manager, and Member of the Board of Managers of Partners Group Private Equity (Master Fund), LLC. He also chairs Partners Group (USA) Inc.’s Investment Committee. Robert joined the firm in 2005 as a member of the Private Equity investment team and has 24 years of industry experience. Prior to joining Partners Group, he worked at UBS Warburg and Salomon Smith Barney. Robert holds an MBA from the Johnson School at Cornell University, where he was a Roy H. Park Leadership Fellow, and a bachelor’s degree from Tulane University, where he majored in economics and history. He is a CFA charterholder.

WealthManagement.com’s David Bodamer delves into the recent research published by Brookfield Oaktree Wealth Solutions with David Levi, managing partner and CEO of Brookfield’s Global Client Group. During their conversation, they discuss Brookfield’s strategic focus on making institutional-quality assets accessible to a broader investor base. David shares: Takeaways from Brookfield’s recent research on the use of alternatives within the wealth channel  How advisors can effectively introduce alternatives to their clients and how having alternatives in their toolkit is valuable for practice management Different investor profiles and their use of alternative assets  Brookfield’s approach to providing access to diversified asset types and product structures  And more Connect With David Bodamer: [email protected]  WealthManagement.com LinkedIn: David Bodamer LinkedIn: Informa Connect With David Levi and Brookfield: Brookfield.com Brookfield|Oaktree LinkedIn: David Levi About Our Guest: David Levi is a Managing Partner and Chief Executive Officer of Brookfield’s Global Client Group. In this role, he is responsible for Brookfield’s client relationships across the organization, including the expansion of fund offerings, client solutions and servicing its large and growing institutional and private wealth client base. Prior to this, Mr. Levi was a Managing Partner and CEO of Brookfield Oaktree Wealth Solutions, which is responsible for Brookfield and Oaktree’s relationships with private wealth clients globally.

In this episode of the Wealth Management Invest podcast, host David Bodamer sits down with Bob Long, CEO and partner of StepStone Private Wealth, to explore StepStone’s approach to developing private market investments for the wealth channel.  Long discusses why Stepstone has opted for evergreen funds—semi-liquid, continuously invested structures rather than traditional drawdown funds. Such vehicles feature simplified tax reporting, no capital calls, and lower minimums, opening access to a wider range of investors.  Key highlights from the episode include: An explanation for how evergreen fund structures provide access to investors typically cut off from alternative investments  A discussion of how Stepstone uses the semi-liquid structure across several alternative asset classes including infrastructure, private equity, and private credit. How financial advisors are using semi-liquid funds in some clients’ portfolios  And more Connect With David Bodamer: [email protected]  WealthManagement.com LinkedIn: David Bodamer LinkedIn: Informa Connect With Bob Long: StepStone Private Wealth LinkedIn: Bob Long About Our Guest: Mr. Long has three decades of experience in the private markets and has led investment teams for global firms in both the general partner and limited partner roles. He has served as the CEO of two publicly traded companies focused on expanding private market access for high-net-worth investors.

David Bodamer of WealthManagement.com sits down with Mike Scarsciotti, SVP and Head of Investment Specialists at Fidelity Investments, to discuss the changing dynamics of portfolio construction. Fidelity draws insights from analyzing 12,000 portfolios. Their conversation covers significant trends, including the growing popularity of ETFs, the resurgence of active management strategies, and evolving approaches to asset allocation gleaned from this analysis. David and Mike discuss: How the usage of ETFs has grown in individual investment portfolios What is driving the evolution toward increased use of active ETF strategies What insights can be gained from current average portfolio allocations and how those are shifting What opportunities exist in real estate and other undervalued sectors And more Connect With David Bodamer: [email protected]  WealthManagement.com LinkedIn: David Bodamer LinkedIn: WealthManagement.com Connect With Mike Scarsciotti: Fidelity Investments: Investment Portfolio Insights  LinkedIn: Mike Scarsciotti About Our Guest: Mike Scarsciotti leads the specialist sales team within Fidelity Institutional, including Asset Class Investment Specialists (Global Equity, Fixed Income, and Alternatives), Portfolio Solution Specialists (Model Portfolios and Direct Indexing), and Capital Market Strategists.

David Bodamer sits down with Joan Solotar, Global Head of Private Wealth Solutions at Blackstone, to explore the evolution of private market investments and how financial advisors can leverage these opportunities to enhance their clients’ portfolios. Joan discusses how technology and innovation are reshaping investment processes, making it easier for a broader range of investors to participate in private markets. Gain insight as David and Joan touch on: The increasing accessibility of private investments to individuals with lower investible assets The role of education in helping advisors effectively utilize private market solutions How technology is streamlining the investment process for advisors and investors Insights into portfolio construction using private equity, credit, and real estate And more Connect With David Bodamer: [email protected]  WealthManagement.com LinkedIn: David Bodamer LinkedIn: Informa Connect With Joan Solotar: Blackstone LinkedIn: Joan Solotar About Our Guest: Joan Solotar is the Global Head of Private Wealth Solutions. She serves on the firm’s Management Committee. Blackstone’s Private Wealth Solutions’ mission is to bring institutional quality products across a broad spectrum of alternative asset classes to high-net-worth clients and their advisors. Ms. Solotar also serves on the board of directors of First Eagle Investment Management. Before joining Blackstone in 2007, Ms. Solotar was Head of Equity Research at Bank of America Securities and a highly ranked Institutional Investor All-Star financial services analyst at Credit Suisse and Donaldson, Lufkin & Jenrette.

David Bodamer speaks with Jack Shannon, a senior analyst on Morningstar’s manager research team, in an episode recorded in front of a live audience at the Morningstar Investor Conference. They delve into the distinctions between active and passive ETFs, highlighting the nuances in their management and trading and whether active ETFs deliver on their premises.  Listen in as David and Jack highlight: The increasing growth of active ETFs, with active launches accounting for a growing percentage of ETF product development Assessment of the performance of active ETFs to date The potential for active ETFs to cannibalize mutual fund assets The turnover rates of active ETFs, with many new launches often closing within a few years due to fad chasing or lack of compelling investment strategies What other research Shannon is working on for the rest of the year And more Overall, the episode provides an insightful look into the evolving landscape of active ETFs and their place in the broader investment market. Resources: Invest in SpaceX Alongside Elon Musk? Why This Closed-End Fund Is Not Worth the Ride  Mutual Fund Managers Are Wrong More Than They’re Right   Connect With David Bodamer: [email protected]  WealthManagement.com LinkedIn: David Bodamer LinkedIn: Informa Connect With Jack Shannon: Morningstar LinkedIn: Jack Shannon About Our Guest: Jack Shannon is a senior manager research analyst for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. He focuses on actively managed equity strategies and is the lead analyst for MFS and Artisan Partners, among other firms. Prior to joining Morningstar in 2020, Shannon worked in commercial banking and was a consultant providing subject matter expertise on complex financial litigation. Shannon holds a bachelor’s degree in economics and history from James Madison University. He also holds a Master of Business Administration in investments and corporate finance from the University of Notre Dame’s Mendoza College of Business.

WealthManagement.com’s David Bodamer speaks with Jake Miller, Co-Founder and Chief Solutions Officer at Opto Investments, about the evolving landscape of private markets and how RIAs can leverage new strategies to benefit their clients. They touch on the opportunities and challenges within private equity, private credit, infrastructure, and real estate, as well as Opto’s recent partnership with Mercer Advisors. Jake discusses: The development and goals of Opto Investments and their role in the burgeoning market of private investments for the wealth channel Details about the recent partnership with Mercer Advisors and the opportunities Mercer is bringing to its qualified purchaser clients developed with Opto.  Insights on the current state and future trends within private investments The importance of a fiduciary-first approach in managing private markets And more Connect With David Bodamer: [email protected]  WealthManagement.com LinkedIn: David Bodamer LinkedIn: Informa Connect With Jacob (Jake) Miller: LinkedIn: Jake Miller Opto Investments About Our Guest: Jacob (Jake) Miller is the Co-Founder and Chief Solutions Chief Solutions Officer at Opto Investments. Prior to helping found Opto, Jacob was at Bridgewater Associates. He has a passion for sensible long-term investing, systematizing investment processes, and distilling complex market dynamics into clear, logical linkages that help people better understand their investments.  Jacob has been managing money for family and friends since he was 16 and is a certified market junkie. While he has a background in macroeconomics and high-yield debt, he finds the challenges and opportunities in the private markets space far more interesting and important, both for investors and society.

WealthManagement.com’s David Bodamer sits down with Doug Huber, Vice President of Investment Strategy at Wealth Enhancement Group, to delve into how the RIA approaches private market strategies amid the ongoing evolution of alternative investments.  Doug focuses on: What is the trend of democratization in alternative investments and increased investor access How education plays a crucial role in understanding and leveraging alternative assets The importance for RIAs of undertaking due diligence and manager selection in navigating private markets Strategies that can be employed for portfolio diversification and achieving various investment objectives through alternatives And more Connect With Doug Huber: LinkedIn: Doug Huber Wealth Enhancement Group Connect With David Bodamer: [email protected]  WealthManagement.com LinkedIn: David Bodamer LinkedIn: Informa About Our Guest: Doug is responsible for the firm’s external manager research across both traditional and alternative investment strategies. He joined Wealth Enhancement Group in 2021 through the North American Management merger. Prior to joining North American Management, he was a Senior Research Analyst at Federal Street Advisors, where he led the alternative investment program. A golf fanatic, Doug lives in Lincoln, MA with his wife.

Listen in as David Bodamer sits down with Karen Veraa, Head of iShares US Fixed Income Strategy, to discuss fixed-income ETFs. Karen shares insight on navigating the current market complexities, from managing inflation impacts to exploring strategic investment avenues. Karen focuses on: The current state and future prospects of fixed-income markets Insights into fixed-income ETFs and their role in today’s investment strategies The concept of bond laddering and its benefits for investors Navigating market expectations and the role of the Federal Reserve And more Connect With Karen Veraa: LinkedIn: Karen Veraa BlackRock Connect With David Bodamer: [email protected]  WealthManagement.com LinkedIn: David Bodamer LinkedIn: Informa About Our Guest: Karen Veraa, CFA, is a Fixed Income Product Strategist within BlackRock’s Global Fixed Income Group focusing on iShares fixed income ETFs. She concentrates on supporting iShares clients, generating content on fixed income markets and ETFs, developing new fixed income iShares ETF strategies, and partnering with the iShares team on product delivery. She writes about fixed income ETFs and trends in that sector. The majority of Lawrence’s career has focused on the meeting point of finance and technology. At Goldman, Sachs & Co., where he worked for 17 years, he was a partner & managing director, most recently serving as the co-head of the Global Technology Banking Group (part of the Investment Banking Division), focusing on all aspects of technology including the internet & e-commerce, software, services & hardware. He has also worked as director of various digital & e-commerce businesses, as well as a series of acquisition vehicles.

Listen in as David Bodamer sits down with Lawrence Calcano, Chairman and CEO of iCapital, to explore the world of alternative investments and their role in modern portfolio strategies. They unravel the complexities of the alt space, examine recent developments at iCapital, and discuss how advisors are integrating these assets into their offerings for a more diversified investment approach. Lawrence focuses on: The importance of education in the early adoption phase of alternative investments. How alternatives can enhance portfolio diversification and performance. How innovative fund structures make alternative investments more accessible. The role of technology in simplifying the investment process in alternative assets. And more Connect With Lawrence Calcano: LinkedIn: Lawrence Calcano iCapital Connect With David Bodamer: [email protected]  WealthManagement.com LinkedIn: David Bodamer LinkedIn: Informa About Our Guest: Lawrence is the Chairman and CEO of iCapital. He began advising and working with iCapital shortly after its 2013 founding, leading key strategic and business development initiatives, before joining full-time as CEO in early 2014. Since then, he has led the rapid growth – both organic and through acquisition – of iCapital, building it into a leading global Fintech company. The majority of Lawrence’s career has focused on the meeting point of finance and technology. At Goldman, Sachs & Co., where he worked for 17 years, he was a partner & managing director, most recently serving as the co-head of the Global Technology Banking Group (part of the Investment Banking Division), focusing on all aspects of technology including the internet & e-commerce, software, services & hardware. He has also worked as director of various digital & e-commerce businesses, as well as a series of acquisition vehicles.

WealthManagement.com’s David Bodamer is joined by Tony Davidow, Senior Alternatives Investment Strategist with Franklin Templeton Institute.  With over 35 years in the industry, Tony shares insights on the increasing accessibility of alternative strategies and the role of private credit, private equity, and real estate in diversified portfolios. He emphasizes the importance of education for advisors in alternative investments, the need for operational efficiency, and working with institutional quality managers to navigate this complex yet rewarding investment space. Tony focuses on: How interval and tender offer funds have revolutionized access to alternative investments for a broader range of investors The significance of diversification in the 60/40 portfolio strategy and the need for alternative investments in today’s market environment How private equity, private credit, and private real estate hedge against market risks and provide enhanced portfolio diversification Why the institutional quality of asset managers is crucial in ensuring successful investments in alternative asset classes And more Connect With Tony Davidow: LinkedIn: Tony Davidow Franklin Templeton Knowledge Hub | Alternatives by FT Connect With David Bodamer: [email protected]  WealthManagement.com LinkedIn: David Bodamer LinkedIn: Informa About Our Guest: As an investment strategist for the Franklin Templeton Institute, Tony Davidow is responsible for developing and delivering the Franklin Templeton Institute’s insights on the use of alternative investments through independent research, participating in industry conferences, and webinars, and engaging directly with key partners and clients. Prior to his current role, Mr. Davidow held senior leadership roles with Morgan Stanley, Guggenheim and Schwab among other firms. Davidow began his career working for a New York-based Family Office and has worked directly with many institutions and ultra-high-net-worth families over the years. He is a frequent writer and speaker with deep expertise in the use of alternative investments, asset allocation, and portfolio construction, as well as goals-based investing.  Mr. Davidow received the prestigious Investments & Wealth Institute Wealth Management Impact Award in 2020 for his contributions to the wealth management industry; and was awarded the Stephen L. Kessler writing award in 2017, and honorable distinction in 2015. Disclosure: This material reflects the analysis and opinions of the speakers as of March 4, 2024 and may differ from the opinions of portfolio managers, investment teams or platforms at Franklin Templeton. It is intended to be of general interest only and should not be construed as individual investment advice or a recommendation or solicitation to buy, sell or hold any security or to adopt any investment strategy. It does not constitute legal or tax advice. The views expressed are those of the speakers and the comments, opinions and analyses are rendered as of the date of this podcast and may change without notice. The information provided in this material is not intended as a complete analysis of every material fact regarding any country, region, market, industry, security or strategy. Statements of fact are from sources considered reliable, but no representation or warranty is made as to their completeness or accuracy.  What Are the Risks? All investments involve risks, including possible loss of principal. The value of investments can go down as well as up, and investors may not get back the full amount invested.  Investments in many alternative investment strategies are complex and speculative, entail significant risk and should not be considered a complete investment program. Depending on the product invested in, an investment in alternative strategies may provide for only limited liquidity and is suitable only for persons who can afford to lose the entire amount of their investment. An investment strategy focused primarily on privately held companies presents certain challenges and involves incremental risks as opposed to investments in public companies, such as dealing with the lack of available information about these companies as well as their general lack of liquidity. Diversification does not guarantee a profit or protect against a loss.  Risks of investing in real estate investments include but are not limited to fluctuations in lease occupancy rates and operating expenses, variations in rental schedules, which in turn may be adversely affected by local, state, national or international economic conditions. Such conditions may be impacted by the supply and demand for real estate properties, zoning laws, rent control laws, real property taxes, the availability and costs of financing, and environmental laws. Furthermore, investments in real estate are also impacted by market disruptions caused by regional concerns, political upheaval, sovereign debt crises, and uninsured losses (generally from catastrophic events such as earthquakes, floods and wars). Investments in real estate related securities, such as asset-backed or mortgage-backed securities are subject to prepayment and extension risks. An investment in private securities (such as private equity or private credit) or vehicles which invest in them, should be viewed as illiquid and may require a long-term commitment with no certainty of return. The value of and return on such investments will vary due to, among other things, changes in market rates of interest, general economic conditions, economic conditions in particular industries, the condition of financial markets and the financial condition of the issuers of the investments. There also can be no assurance that companies will list their securities on a securities exchange, as such, the lack of an established, liquid secondary market for some investments may have an adverse effect on the market value of those investments and on an investor’s ability to dispose of them at a favorable time or price. Past performance does not guarantee future results. Data from third party sources may have been used in the preparation of this material and Franklin Templeton (“FT”) has not independently verified, validated or audited such data. FT accepts no liability whatsoever for any loss arising from use of this information and reliance upon the comments, opinions and analyses in the material is at the sole discretion of the user.

WealthManagement.com’s David Bodamer sits down with Aaron Filbeck, who leads UniFi by CAIA, to delve into how the CAIA association contributes to the education surrounding alternative investments. They explore the recent overhaul of the CAIA’s core program, designed to equip industry experts with a thorough grasp of alternative investment approaches and their role in asset allocation.  Aaron focuses on: How CAIA is adapting courses for modern evolution within the financial space What obstacles did CAIA face in developing its new courses How has the accessibility of alternative strategies and asset types been influenced by other factors What is the overarching mission of CAIA in terms of providing education and aiding individuals in making informed portfolio decisions And more Connect With Aaron Filbeck: LinkedIn: Aaron Filbeck UniFi by CAIA Connect With David Bodamer: [email protected]  WealthManagement.com LinkedIn: David Bodamer LinkedIn: Informa About Our Guest: Aaron Filbeck, CAIA, CFA, CFP®, CIPM, FDP oversees UniFi by CAIA, a learning platform dedicated to educating the private wealth management industry on alternative investments. He was previously responsible for leading and implementing the CAIA Association’s content agenda, thought leadership initiatives, and content development for the CAIA Charter Program.

Innovations in product development have increased access to private markets for financial advisors and their clients. Steve Brennan, managing director and head of Private Wealth Solutions at Hamilton Lane, joined David Bodamer to discuss the state of private investments and Hamilton Lane’s path to developing private wealth strategies.  Steve focuses on: The benefits of private market investing and the evolution of the space How private assets affect portfolio diversification  Why asset managers, including Hamilton Lane, are focusing on education to help advisors navigate private investment strategies And more Connect With Steve Brennan: LinkedIn: Steve Brennan Hamilton Lane Connect With David Bodamer: [email protected]  WealthManagement.com LinkedIn: David Bodamer LinkedIn: Informa About Our Guest: Steve is a Managing Director and Head of Private Wealth Solutions at Hamilton Lane, leading the firm’s efforts to provide both evergreen and traditional private markets solutions to the growing Private Wealth channel. In this capacity, he sets the strategic direction and oversees all aspects of the Private Wealth Solutions business.

Some real estate structures offer investors major tax benefits. Like-kind exchanges allow investors to roll capital gains from one real estate investment into a new one. DSTs allow 1031 exchangers to pool capital into a fund. Qualified Opportunity Zone funds  allow investors to defer capital gains from any previous investments.  In this episode, David Bodamer speaks with Louis Rogers, founder and Co-CEO of Capital Square, tax-advantaged real estate. Louis outlines the different structures and where his firm sits within the marketplace. Louis discusses: How 1031 exchange options evolved, including the creation of Delaware Statuary Trusts Which property types Louis is bullish on in the current climate How he advises investors and chooses the assets for the different structures Capital Square uses How real estate investments fit into estate planning And more Resources: Listen to the latest episodes of Common Area Connect With Louis Rogers: LinkedIn: Louis Rogers Capital Square Connect With David Bodamer: [email protected]  WealthManagement.com WMRE LinkedIn: David Bodamer LinkedIn: Informa About Our Guest: Louis J. Rogers is founder and co-chief executive officer of Capital Square, where he oversees the firm’s Delaware statutory trust (DST) programs for investors seeking qualifying replacement property for Section 1031 tax-deferred exchanges and regular (non-exchange) investors.

For many individual investors, the traditional 60/40 portfolio focused on stocks and bonds was the only option they had for investment plans. Bluerock is among a group of alternative asset managers creating offerings meant to increase access to other asset types and investment structures.  In this episode, David Bodamer speaks with Ramin Kamfar, CEO of Bluerock, on how the firm built its interval funds. Bluerock’s Bluerock Total Income+ Real Estate Fund is the largest real estate interval fund and second largest of all interval funds with more than $6 billion in assets. .  Ramin discusses: The role of alternative investments in creating an efficient portfolio An explanation of the Bluerock Total Income + Real Estate Fund (TIPRX) Notable trends in the four major sectors of commercial real estate The role of education in raising awareness among advisors about alternative investments And more Resources: Listen to the latest episodes of Common Area Connect With Ramin Kamfar: LinkedIn: Ramin Kamfar Bluerock Connect With David Bodamer: [email protected]  WealthManagement.com WMRE LinkedIn: David Bodamer LinkedIn: Informa About Our Guest: Mr. Kamfar serves as Chief Executive Officer of our Manager, and as Chairman of our board of directors and as our Chief Executive Officer. Mr. Kamfar served as Chairman of the board of directors and Chief Executive Officer of Bluerock Residential Growth REIT, Inc. from August 2008 to October 2022. In addition, Mr. Kamfar has served as Chairman of the board of trustees of Bluerock Total Income + Real Estate Fund, a closed-end interval fund organized by Bluerock, since 2012, and as Chairman of the board of trustees of Bluerock High Income Institutional Credit Fund, a closed-end interval fund organized by Bluerock, since 2022. Mr. Kamfar has also served as Chairman of the board of directors of Bluerock Industrial Growth REIT, Inc. and Chief Executive Officer of its external manager, Bluerock Industrial Manager, LLC, since 2021. Mr. Kamfar is the Founder and has also served as the Chairman and Chief Executive Officer of Bluerock since 2002. Mr. Kamfar has approximately 30 years of experience in various aspects of real estate, private equity, and investment banking. From 1988 to 1993, Mr. Kamfar worked as an investment banker at Lehman Brothers, New York, New York, where he specialized in mergers and acquisitions and corporate finance. From 1993 to 2002, Mr. Kamfar built a startup into a leading public company in the ‘fast casual’ market now known as Einstein Noah Restaurant Group, Inc. Mr. Kamfar received an M.B.A. degree with distinction in Finance from The Wharton School of the University of Pennsylvania, and a B.S. degree with distinction in Finance from the University of Maryland, College Park.

Real estate investment has historically not been the most innovative space when it comes to using new technologies. But Cadre is aiming to change that. The firm uses predictive models and workflow tools to change the investment experience. It also aims to provide access to real estate investment opportunities previously unavailable to some investors.  In this episode, David Bodamer speaks with Ryan Williams, founder and CEO of Cadre, about the company’s goal to transform real estate investment and increase access through the use of technology. Williams also discusses his goal in using real estate investment to create economic opportunities in underserved communities. Ryan discusses: How Cadre’s platform works and what types of investors it works with Cadre’s three-pillar strategy for creating economic opportunities in underserved communities Why and how Cadre is involved in opportunity zone investments Cadre’s plans for growing its investor base And more Resources: Listen to the latest episodes of Common Area Connect With Ryan Williams: LinkedIn: Ryan Williams Cadre Twitter: Ryan Williams Connect With David Bodamer: [email protected]  WealthManagement.com WMRE LinkedIn: David Bodamer LinkedIn: Informa About Our Guest: Ryan Williams is the Founder and CEO of Cadre, a leading real estate technology platform that democratizes access to high-quality commercial real estate opportunities for individual and institutional investors. With ten years of experience in the industry, Ryan has a deep passion for leveraging data, technology, and innovation to transform the way people invest in real estate. Under Ryan’s leadership, Cadre has achieved remarkable growth, scale, and impact. Cadre has closed over $5 billion in real estate transactions, generated a net annualized return of over 25% for its investors, and developed the industry’s first secondary marketplace for real estate investments. Cadre has also expanded its investor base to more than 50,000 accounts, and launched several new investment products and initiatives, including a fund focused on driving greater diversity and inclusion of operators in Cadre’s ecosystem program. Ryan’s mission is to empower more people to build wealth through real estate, and to make the asset class more transparent, efficient, and liquid.

Using recent Wealthmanagement.com research as a jumping off point, in this episode, David Bodamer speaks with Jay Miller, Chief Investment Officer at Forum Investment Group, exploring the company’s focus on multifamily real estate and the various investment options they offer and emphasizing how alternative investments provide opportunities for average investors to diversify portfolios by accessing asset classes previously limited to institutional investors.  Jay discusses: Why interest is increasing in alternative investments, including private real estate How advisors can help clients navigate alternative investments The challenge with alternative investments and how technology is making it easier to manage these types of investments The current trends in multifamily real estate  And more Resources: Alternative Investments 2023 Benchmarking Study Webinar Listen to the latest episodes of Common Area Connect With Jay Miller: LinkedIn: Jay Miller Forum Investment Group Forum Capital Advisors Connect With David Bodamer: [email protected]  WealthManagement.com WMRE LinkedIn: David Bodamer LinkedIn: Informa About Our Guest: Jay brings more than 30 years of real estate investment experience to Forum with demonstrated success developing and executing business strategies, and managing teams and systems. As CIO, Jay oversees the firm’s real estate investment team, chairs Forum’s investment committees, and is responsible for driving the firm’s continued growth through multifamily equity and debt investment opportunities.

Commodities have long been recognized as a valuable diversification tool, but their complexities and limited accessibility have often deterred average investors from including them in their portfolios. In this episode, David Bodamer speaks with John Love, president and CEO of USCF, on the role of commodities in investment portfolios. They explore the importance of traditional alternative investments like private equity and REITs, as well as the democratization of commodity investing through ETFs. John discusses: The role of traditional alternative investments in portfolio planning The diversification benefits of commodities How USCF’s ETFs align with the energy transition and the global economy What investors should consider when building a diversified portfolio with alternative investments and commodities And more Resources: Alternative Investments 2023 Benchmarking Study Webinar Listen to the latest episodes of Common Area Connect With John Love: LinkedIn: John Love  USCF Connect With David Bodamer: [email protected]  WealthManagement.com WMRE LinkedIn: David Bodamer LinkedIn: Informa About Our Guest: John Love is President and Chief Executive Officer of USCF. Mr. Love previously served as Senior Portfolio Manager of USCF’s products, including the United States Oil Fund (USO) and United States Natural Gas Fund (UNG), the largest oil and natural gas ETFs in the US. Since USCF’s founding, Mr. Love contributed to the firm’s evolution through operations trading, research, product development, marketing, capital markets, and more. 

Despite the challenges faced by some parts of the commercial real estate industry, the fundamentals of many sectors remain strong and there remains plenty of opportunity for investment.  In this episode, David Bodamer is joined by Elizabeth Wohlleb, managing director and head of Real Estate Capital Markets with Cresset Partners, to discuss how the group vets opportunities for its funds.  That includes addressing misconceptions and emphasizing the importance of considering factors like location and asset type. Elizabeth also talks about working with high net worth and retail investors and how they use real estate in their portfolios..  Elizabeth discusses: How Cresset Partners works with investors to explore strategic real estate opportunities  The democratization of private real estate investment and increased access for retail investors How Cresset Partners vets real estate deals for its various funds, including in the logistics sector and Qualified Opportunity Zone deals And more Resources: Listen to the latest episodes of Common Area Connect With Elizabeth Wohlleb: LinkedIn: Elizabeth Wohlleb Cresset Partners Connect With David Bodamer: [email protected]  WealthManagement.com WMRE LinkedIn: David Bodamer LinkedIn: Informa About Our Guest: Elizabeth Wohlleb is Managing Director, Head of Real Estate Capital Markets for Cresset Real Estate Partners. She has responsibility for the capital formation strategy for all Cresset Real Estate Partners investment opportunities and also serves on the Cresset Real Estate Partners Investment Committee. Elizabeth joined Cresset after leading the U.S. East for the Harrison Street Real Estate Capital Investor Relations team, where she was responsible for overseeing the firm’s capital raising efforts in the Eastern U.S., working with a variety of institutional investors. Prior to Harrison Street, Elizabeth was a Managing Director, Investor Relations with Greenfield Partners, where she was responsible for developing and maintaining relationships with institutional investors and consultants and was a member of Greenfield’s Investment and Compliance Committees. Before Greenfield, Elizabeth was a Director in the Global Client Group at RREEF Real Estate, and a Principal with the Investor Relations team at Capri Capital Partners.

While trends within real estate rise and fall, there are always themes and strategies that can be used in future markets when looking for investment opportunities. In this episode, David Bodamer speaks with Michael Acton, Managing Director of AEW Capital Management, on what he sees happening within the current real estate market and how investors could benefit. Mike shares his insight on trends and strategies he has seen before and how they are reflected in current investment opportunities. Mike discusses: The main themes in commercial real estate  What types of properties and strategies create opportunities in the current market How different types of fund structures and loans function when purchasing or financing real estate What investment opportunities exist within the disconnect between listed real estate and private real estate  And more Resources: Listen to the latest episodes of Common Area Connect With Mike Acton: LinkedIn: Michael Acton AEW Capital Management Connect With David Bodamer: [email protected]  WealthManagement.com WMRE LinkedIn: David Bodamer LinkedIn: Informa About Our Guest: Mike Acton, CFA, is a Managing Director of the firm and AEW’s Head of Research & Strategy with responsibility for directing the activities of AEW Research, the firm’s in-house research group. He works closely with the Fund’s investment management team in the development of the Fund’s investment strategy and criteria. Mr. Acton joined the firm in 1990 and has 34 years of experience as an economic analyst and forecaster. He is a standing member of the firm’s Investment Committee and Risk Management Committee. The resources of AEW Research are an integral part of AEW’s investment process and Mr. Acton works closely with senior professionals in all areas of the firm to develop investment strategies that match clients’ risk/reward objectives with market opportunities. Mr. Acton is also a member of the firm’s Compliance Committee. Prior to joining AEW, he was with DRI/McGraw-Hill where he managed the Metropolitan Area Forecasting Service. He is a graduate of Bates College (B.A.) and a CFA charter holder.

Real estate investments aren’t new to portfolio planning. How does Clarion take the next step in providing alternative real estate investments that provide attractive yields and portfolio diversity? In this episode, David Bodamer speaks with Rick Schaupp, Managing Director at Clarion Partners, about the Clarion Partners Real Estate Income Fund, how it fits within financial and investment planning and the services they are providing to other wealth managers and individual investors. Rick discusses: How a 40 ACT fund differs from other fund structures How does his valuation process relate to how publicly traded REITs are market  The shift in commercial real estate value depends on the type of property Clarion’s process of sourcing investors and informing wealth advisors And more Resources: Listen to the latest episodes of Common Area   Connect With Rick Schaupp: LinkedIn: Rick Schaupp Clarion Partners Connect With David Bodamer: [email protected]  WealthManagement.com WMRE LinkedIn: David Bodamer LinkedIn: Informa About Our Guest: Richard Schaupp is a Managing Director and the Portfolio Manager for Clarion Partners’ funds and a separate account relationship. As portfolio manager, Rick has overall responsibility for the management and portfolio strategy of these relationships. Rick has participated in the acquisition, asset management, and development management of over $4.0 billion of real estate. He originally joined Clarion Partners in 2000 and began working in the real estate industry in 1995. He holds an M.B.A from Yale University, and a B.Arch from the University of Notre Dame.

There are a lot of reasons why alternatives have a place in investment portfolios. How are current market conditions influencing private equity, private real estate, private credit, and other alternative assets? In this episode, David Bodamer speaks with Patrick McGowan, Head of Alternative Investments and Manager Research at Sanctuary Wealth, on assessing private equity and private real estate opportunities in a rapidly evolving market. Patrick reveals how Sanctuary is assessing the alternatives space. Patrick discusses: What alternative investments bring to wealth management client portfolios How he holds honest conversations with clients worried about the impact of recent financial events on the market, including for private real estate Where private equity lenders fit into capital markets given the problems facing banks  Where do tax advantage structures fit when assessing real estate investment  opportunities And more Resources: Listen to the latest episodes of Common Area Connect With Patrick McGowan: LinkedIn: Patrick McGowan Sanctuary Wealth Connect With David Bodamer: [email protected]  WealthManagement.com WMRE LinkedIn: David Bodamer LinkedIn: Informa About Our Guest: Patrick McGowan is a Managing Director and Head of Alternative Investments at Sanctuary Wealth. In this role, Mr. McGowan oversees a team responsible for all alternative investment matters including manager sourcing, due diligence, selection, and monitoring. He serves as a member of the Alternative Investment Committee.

Some real estate structures offer investors major tax benefits. Like-kind exchanges allow investors to roll capital gains from one real estate investment into a new one. DSTs allow 1031 exchangers to pool capital into a fund. Qualified Opportunity Zone funds  allow investors to defer capital gains from any previous investments.  In this episode, David Bodamer speaks with Louis Rogers, founder and Co-CEO of Capital Square, tax-advantaged real estate. Louis outlines the different structures and where his firm sits within the marketplace. Louis discusses: How 1031 exchange options evolved, including the creation of Delaware Statuary Trusts Which property types Louis is bullish on in the current climate How he advises investors and chooses the assets for the different structures Capital Square uses How real estate investments fit into estate planning And more Resources: Listen to the latest episodes of Common Area Connect With Louis Rogers: LinkedIn: Louis Rogers Capital Square Connect With David Bodamer: [email protected]  WealthManagement.com WMRE LinkedIn: David Bodamer LinkedIn: Informa About Our Guest: Louis J. Rogers is founder and co-chief executive officer of Capital Square, where he oversees the firm’s Delaware statutory trust (DST) programs for investors seeking qualifying replacement property for Section 1031 tax-deferred exchanges and regular (non-exchange) investors.

David Bodamer is joined by Xander Snyder, Senior Commercial Real Estate Economist at First American, in discussing economic trends impacting commercial real estate, such as demographics, fundraising, investment and lending.  Snyder monitors, analyzes and reports on economic data and surveys related to CRE, and develops models and forecasts to better understand the forces that influence commercial real estate markets. He also co-manages a small family office of real estate investments. Xander discusses: What’s driving the pace of real estate investment sales volumes The latest trends on some of the major CRE property types What determines whether offices can be converted to other uses And more Resources: Listen to the latest episodes of Common Area Connect With Xander Snyder: First American LinkedIn: Xander Snyder Connect With David Bodamer: [email protected]  WealthManagement.com WMRE LinkedIn: David Bodamer LinkedIn: Informa About Our Guest: Xander Snyder is a real estate economist, investor and serial impact entrepreneur. Xander graduated with a degree in economics from Cornell and a masters degree in data science from Berkeley. He has a background in finance, banking, and global risk.  

Commercial real estate has been a notorious laggard when it comes to adopting technology. But a surge of investment in proptech in recent years is helping to transform many business practices within the space.  Fifth Wall is a major venture capital firm focused on the global real estate industry and property technology for the built world. With the backing of institutional partners within the sector it has helped fund dozens of proptech startups.  In this episode, David Bodamer is joined by Sarah Liu, a Partner of the Real Estate Technology Investment Team at Fifth Wall, to discuss what kinds of technology the industry is adopting.. Sarah discusses: How Fifth Wall vets their proptech investments. Which sectors and processes are seeing some of the biggest effects by adopting technology and automating processes. How the pandemic helped accelerate some proptech adoption and how changes like work-from-home and hybrid work schedules have created new challenges to navigate.  How Fifth Wall positions its funds to help incubate proptech startups. And more Connect WithSarah Liu: LinkedIn: Sarah Liu Fifth Wall Connect With David Bodamer: [email protected]  WealthManagement.com WMRE LinkedIn: David Bodamer LinkedIn: Informa About Our Guest: Sarah Liu is a Partner on the Real Estate Technology Investment team at Fifth Wall, where she focuses on early stage investing in the construction, fintech, insurtech, and residential sectors. Prior to joining Fifth Wall, Sarah worked at McKinsey in San Francisco. Her work there spanned FIG, TMT, and retail and included private equity due diligence, M&A strategy, and corporate transformations.

Due to intense competition, supply chain and labor challenges, the time it takes to build new logistics real estate properties across the country has lengthened. This is coming at a time when the national industrial vacancy rate is already at historic lows.  In this episode, David Bodamer is joined by Newmark’s Lisa DeNight, National Industrial Research Director, and Kyle S. Roberts, Executive Managing Director Industrial/Capital Markets, to break down the state of the industrial real estate market. Lisa and Kyle discuss: Why construction timelines are lengthening across the country How the demand for space is impacting existing industrial real estate inventory The outlook for the sector amid rising interest rates and inflation What kinds of investors are targeting industrial real estate  And more Resources: Newmark Research – Industrial Subsection Newmark Thought Leadership Connect With Lisa DeNight: LinkedIn: Lisa DeNight Newmark: Lisa DeNight Connect With Kyle S. Roberts: LinkedIn: Kyle Roberts Newmark-Kyle Roberts Connect With David Bodamer: [email protected]  WealthManagement.com WMRE LinkedIn: David Bodamer LinkedIn: Informa About Our Guests: Lisa DeNight serves as National Industrial Research Director at Newmark, where she researches and analyzes national industrial trends and commercial market implications, focusing on timely thought leadership and elevating data integrity. Lisa’s expertise is in statistical data collection and analysis, interpretation and advisement on economic and real estate trends, driving thought leadership initiatives and generating market insights. Her more than a decade of research experience is inclusive of all commercial property types. Kyle Roberts, CCIM, SIOR, co-founded Newmark’s Salt Lake City office (formerly Newmark Grubb ACRES, founded as NAI) in 1998 and currently serves as an executive managing director in the company’s Salt Lake City, Utah, office. A 22-year industrial real estate veteran, Mr. Roberts is a market leader in the logistics, supply chain, development and capital markets segments of commercial real estate. He has been involved in more than 3,700 individual transactions, representing clients in the acquisition or disposition of over 75 million square feet in Utah and 11.5 million square feet nationally and internationally. Mr. Roberts’ transactions have a cumulative value exceeding $3.1 billion and include many of the market’s largest industrial and office capital markets transactions.

After two years of employees working partly or fully remotely, offices are not seen as the necessities they once were. Most occupiers are wrestling with hybrid strategies, although a true consensus on the best model has still yet to emerge.  In this episode, David Bodamer is joined by Julie Whelan, global head of occupier thought leadership at CBRE, in discussing how “return-to-office” is playing out.  Julie discusses: How CBRE collects sentiments from office occupiers in the U.S. and globally How working remotely has forever changed the need for permanent office space What does hybrid mean for the future of office real estate How important government intervention might be in fostering public/private partnerships in revitalizing central business districts as part of increasing office use And more Resources: CBRE’s Spring 2022 Occupier Sentiment Survey Connect With Julie Whelan: LinkedIn: Julie Whelan CBRE Connect With David Bodamer: [email protected] WealthManagement.com About Our Guest: Julie Whelan leads a global team of researchers tasked with identifying major trends impacting commercial real estate occupiers across all industries. Julie also works directly with CBRE professionals across the Advisory & Transaction Services business to advise clients on real estate markets and strategies around the world. Julie earned a Bachelor’s degree from Providence College, a Master’s in Business Administration from Suffolk University and completed the Commercial Real Estate Program at Boston University.

In this episode, David Bodamer is joined by William Maher, director of strategy and research at RCLCO Fund Advisors, ULI Washington member, and ULI Spring 2022 Real Estate Economic Forecast survey respondent. William shares insights into the recent forecast, how the picture has shifted somewhat since the report was compiled and what the rest of the year may look like for commercial real estate.  William discusses: The headline takeaways from the spring ULI forecast  How macroeconomic and geopolitical developments have shifted the landscape since then How different types of real estate investors are responding to the evolving market conditions Long term expectations for inflation and how it will affect real estate investment And more Resources: ULI Spring Economic Forecast ULI Real Estate Forecast RCLCO Real Estate Forecast Connect With William Maher: William Maher RCLCO Fund Advisors Connect With David Bodamer: [email protected]  WealthManagement.com About Our Guest: William Maher serves as the Director of Strategy and Research for RCLCO and RCLCO Fund Advisors, an affiliate business and a leading consultant to institutional advisors. Bill leads all research efforts and develops house views on the economy, capital markets, metro economies, and property markets. In addition to serving as a member of the RCLCO Investment Committee, Bill develops real estate investment strategies for institutional clients, based on internally-developed risk and return metrics. He brings a wealth of knowledge and perspective from his decades-long experience as a respected economist and thought-leader to the real estate industry.  

In this episode, David Bodamer shares insights from the WMRE’s 2022 report on the investment and development climate for single-family rentals. He dives into what the current markets are like, what’s driven the creation and success of the market and what the survey results say about the outlook for the next 12 months.  David discusses: A brief history of the rise of SFRs as an institutional real estate investment subsector The current state SFRs and how demand for by investors to own homes for rent properties affects the single-family housing market more broadly How rising construction costs are factoring into build-to-rent projects How some sentiments have shifted between the current survey and past results And more Resources: Sentiment Remains Strong for the SFR Sector Connect With David Bodamer: [email protected]  WealthManagement.com

After a record breaking fourth quarter in 2021, the momentum continued into the first quarter of 2022 with a 45 percent year-over-year increase in U.S. commercial real estate investment volume. What has influenced these numbers and what does the rest of the year look like? In this episode, David Bodamer is joined by Darin Mellott, Senior Director of Capital Markets Research at CBRE, in sharing key highlights from recent market activity, touching on different types of buyers, comparing the end of 2021 to the beginning of 2022, and discussing future outlook. They also talk about interest rates, the impact of the value of the dollar on cross-border flow and other takeaways from the first quarter numbers. Darin discusses: The impact of increased interest rates on buyers and sellers How the pandemic has influenced investment decisions Activity levels among different kinds of buyers What markets and property types were the most active And more Resources: Commercial Real Estate Investment Jumps by 45% Year-over-Year in Q1 Connect With Darin Mellott: Darin Mellott Connect With David Bodamer: [email protected]  WealthManagement.com About Our Guest: Darin Mellott is a Senior Director of Capital Markets Research at CBRE. In this capacity, Darin leads a global team of Capital Markets Research Analysts and works with other members of senior leadership to provide analysis and develop “house views” on global markets and economic conditions, with a focus on their impact on real estate.   Beyond this, Darin leads and contributes to research and strategy efforts across the globe on behalf of clients, and has authored numerous white papers for the firm. He also represents CBRE with the media and at public forums on a frequent basis. Prior to his current role, Darin was CBRE’s Director of Research for the Americas.

High-net-worth investors and family offices have unique needs when it comes to the commercial real estate market. It’s a way of diversifying their portfolios and, unlike for other investors, it is sometimes a long-term play that plays a role in estate planning and generational wealth strategies. In this episode, David Bodamer is joined by Belinda Schwartz, partner and chair of Herrick Feinstein. Belinda works with a range of high-net worth individuals and family offices, serving as the outside general counsel to a number of family-owned real estate businesses with portfolios valued above $1 billion. Belinda discusses: The impact of generational wealth planning when HNWIs and family offices invest in commercial real estate What form HNWI and family office investments take in terms of looking at funds and private placements vs. directly acquiring real estate What property types and markets these investors are interested in How HNWIs and family offices have started experimenting with debt strategies and investing in proptech How the tumult of the last two years has factored into their investment decisions Connect With Belinda Schwartz: Belinda Schwartz Herrick Feinstein LLP Connect With David Bodamer: [email protected] WealthManagement.com About Our Guest: Belinda Schwartz has chaired Herrick’s Real Estate Department since 2014, is a member of the firm’s Executive Committee since 2017, and is a 30+ year veteran of New York City’s commercial real estate market. She is a leader and mentor for 65+ attorneys and urban planners (23 of which are women) and one of the only women in the country to chair a major commercial real estate practice.