Tag: Asset Allocation
Wealth Management Invest: Breaking Down Semi-Liquid Funds with StepStone’s Bob Long

Wealth Management Invest: Breaking Down Semi-Liquid Funds with StepStone’s Bob Long

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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:

Connect With 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.
Wealth Management INVEST: Trends in Advisor Portfolio Construction

Wealth Management INVEST: Trends in Advisor Portfolio Construction

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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:

Connect With 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.
Wealth Management INVEST: Private Market Insights with Blackstone’s Joan Solotar

Wealth Management INVEST: Private Market Insights with Blackstone’s Joan Solotar

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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:

Connect With 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.
Wealth Management INVEST: Assessing Active ETFs, Live from the Morningstar Investor Conference with Jack Shannon

Wealth Management INVEST: Assessing Active ETFs, Live from the Morningstar Investor Conference with Jack Shannon

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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:

 

Connect With David Bodamer:

Connect With 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.
Wealth Management INVEST: Investing in Private Markets with a Fiduciary-First Approach

Wealth Management INVEST: Investing in Private Markets with a Fiduciary-First Approach

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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:

Connect With Jacob (Jake) Miller:

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.
Wealth Management INVEST: Wealth Enhancement Group’s Approach to Private Investments

Wealth Management INVEST: Wealth Enhancement Group’s Approach to Private Investments

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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:

Connect With David Bodamer:

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.
Wealth Management INVEST: Exploring Private Market Strategies with Tony Davidow

Wealth Management INVEST: Exploring Private Market Strategies with Tony Davidow

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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:

Connect With David Bodamer:

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.

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Wealth Management INVEST: How Can Alternative Investments Benefit Portfolios

Wealth Management INVEST: How Can Alternative Investments Benefit Portfolios

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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:

Connect With David Bodamer:

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.
WMRE Common Area: Exploring Private Real Estate as an Alternative Investment With Jay Miller

WMRE Common Area: Exploring Private Real Estate as an Alternative Investment With Jay Miller

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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:

Connect With Jay Miller:

Connect With David Bodamer:

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.