CXO: Recent Episodes
CAIS
Join our host, Nic Millikan, Managing Director of Investment Strategy at CAIS, as he invites C-Level executives from across the wealth management community to explore everything from investment themes and opportunities to the broader macro trends that are reshaping the industry around us.
Tracy Stuart, CFA, began as a junior investment researcher and successfully navigated a male-dominated industry to become CEO of Corbin Capital Partners. Hear Tracy discuss her career path, the evolving alternative investments industry, and her outlook for hedge funds in our latest CXO.
Hear Tracy’s views on:
- Rising to CEO in a male-dominated industry.
- Industry progress with gender equality.
- ESG and impact investing in the hedge fund space
- How Corbin approaches diversity, equity and inclusion.
- Assessing hedge fund performance amid tightening monetary policy.
- Lasting effects of pandemic on daily life and the industry.
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How does an investment researcher go on to start a technology platform that teaches advisors and investors how to underwrite a meaningful life? Find out in our latest episode of CXO featuring Brian Portnoy, Founder of Shaping Wealth.
Hear Brian’s reflections on:
- Inspiring financial wellbeing through story and science.
- The role of financial education for investors.
- What it means to have funded contentment.
- Flipping the inherited advisor script.
- Is the hedge fund industry heading for a regime change?
- The pandemic’s effect on investment attitudes
Follow Brian Portnoy: LinkedIn, TwitterFollow Shaping Wealth: LinkedIn, Twitter, Web
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When Scott Conners joined Landmark Partners in the 1990s, he says the value of the private equity secondaries market was an estimated $500 million. In 2021, the market value of secondaries reached $135 billion*. Now Managing Director and President of FlowStone Partners, Scott shares his views on the secondaries market over the last 30 years.
Hear Scott’s reflections on:
- Skiing dreams to working in the nascent secondaries market.
- The decades-long evolution of the secondaries market.
- Private equity as one of the last apprenticeship businesses.
- Looking at the current opportunity set in secondaries.
- A memorable secondaries deal involving life-saving technology.
Institutional Investor, April 1, 2022: How the Pandemic Transformed the PE Secondaries Market*Follow Scott Conners: LinkedInFollow Flowstone: LinkedIn
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Torsten Sløk’s career began as an IMF economist followed by roles in global banking, including a 15-year stint at Deutsche Bank. Two years ago, he joined Apollo Global Management as Chief Economist. Torsten joined our latest episode of CXO to share his insights on global macroeconomics and capital markets.
Hear Torsten’s views on:
- Finding a faster hamster wheel in private equity.
- Four factors primarily driving higher inflation.
- Getting constructive on commodities and green energy.
- The capital markets’ reaction to rising interest rates.
- An end to global monetary easing (for now)?
- Three broad themes when considering investment opportunities
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Communication skills and curiosity were key attributes that Dana D’Auria took with her when she left journalism for a career in investments. Now the Co-CIO of Envestnet, Dana joins our CXO podcast to share her market insights.
Hear Dana’s views on:
- Her journey from journalism to investment professional and Co-CIO.
- Increased market volatility amid rising interest rates and ongoing geopolitical tensions.
- Diversifying portfolios beyond 60/40 allocations and opportunities in alternatives.
- Whether active management could make a comeback.
- Returning to a (perhaps) more sustainable version of life as usual.
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As a young liberal arts graduate, Matt Brown had doubts about interviewing for a financial advisor role. Then he got the job that launched his journey from advisor to founder of CAIS, a fintech “unicorn” with a mission to democratize access to alternative investments.
Hear Matt’s views on:
- Becoming a financial advisor out of college to recognizing an unlevel playing field in alternative investments.
- Bringing alternatives technology, accessibility, and education to financial advisors.
- Raising capital for CAIS during the pandemic.
- Nurturing company culture in a remote working environment.
- Entrepreneurship, including tough lessons, working with people who inspire you, and leading with confidence.
Follow Matt Brown: Twitter, LinkedIn
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When CAIA Association President and CEO Bill Kelly graduated from college, he says there were 24 private equity firms worldwide. Today, there are over 8,400. Join us for the latest episode of the CXO Podcast, as we sit down for a fireside chat with Bill. We’ll journey through the incredible origin story of alternatives, and why Bill believes the industry is only just getting started.
Hear Bill's views on:
- Celebrating the successes of the CAIA Association on its 20th Anniversary.
- Witnessing the growth of the alternatives industry.
- Forming an allocation to alternatives based on outcomes – not on percentages.
- Scanning the regulatory landscape: investor accreditation, fund disclosures, retirement accounts.
- Dismissing the NFT, not the NFT platform: how the industry is learning through leapfrogged innovation.
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In the latest episode of CXO we speak to Lux Capital, the venture capital firm behind the technology that led the clean-up of the Fukushima nuclear disaster. Tune in as Co-Founder and Managing Partner Peter Hebert recounts that inspirational story, offers a contrarian take on tech investing (it isn’t all about internet and software), and shares his thoughts around the enduring importance of human capital in the field of science and technology.
Hear Peter’s views on:
- Bucking the trend and venturing into the deep sciences, at the peak of the NASDAQ.
- Explaining multi-disciplinary, intersectional technology.
- Recounting the inspirational story behind the Fukushima nuclear disaster clean-up.
- Recognizing how even a New Yorker was an outsider to Silicon Valley’s venture capital circles.
- Analyzing the SPAC trend, from a venture capitalist’s perspective.
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Today marks the one-year anniversary of GameStop climaxing at its stock price all-time high. New York Times Best Selling Author Ben Mezrich went to some of the alleged heroes and villains behind this saga with an important question: “what really drove this merry bunch of self-proclaimed apes to take on – and take down – Wall Street"?
Hear Ben’s Views On:
- Recognizing how the GameStop short squeeze marked the start of a revolution.
- Fixated on the idea of rational markets, what some Wall Street investors still fail to see.
- Following up with the WallStreetBets crowd: where are they now?
- Introducing The Ben Mezrich NFT Project: GameStop, Billionaires and Bitcoin, and Vegas.
- Accepting that we are entering the metaverse, like it or not.
- Separating successes from scams in the age of crypto.
Check out Ben’s latest book, The Midnight Ride, available at bookstores on 2/22/22.
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Welcome to Season 2 of CXO, your exclusive access to executives from across the wealth management community. In Episode 1, we are joined by Milind Mehere, Founder and CEO of Yieldstreet. Milind recounts his journey from immigrant student, to starting a successful tech business, to losing much of his personal fortune in the midst of the Global Financial Crisis. How did this turn of events lead to the founding of one of the industry’s most cutting-edge alternative investing platforms? What’s next in Milind’s mission to bring alts to all?
Hear Milind’s views on:
- Catching up to the institutional investor
- Addressing the often-irrational desire for (unneeded) liquidity
- Recognizing what AirBnB, Uber, and Robinhood tells us about the modern investor
- Unveiling passion assets and how they have captured the imagination of so many
- Imparting his wisdom to the next generation of entrepreneurs
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Steve Kurz, Partner at Galaxy Digital, spent the first decade of his career in traditional finance. Following that, he crossed over into crypto before it was considered cool and has since become a trailblazing voice in its institutional adoption. In the season finale of CXO, we sit down with Steve for a candid conversation on bitcoin, blockchain, and breaking the mold in an ever-evolving industry.
Hear Steve's views on:
- Debunking the simple calculus that he believes many first-time crypto investors fall prey to.
- Understanding that fundamentals may exist in crypto, just as many believe they do in the stock markets.
- Recognizing bitcoin’s raison d'être, and why he believes it has become especially compelling as central banks look to digitize fiat currencies.
- Setting 0.50% as a starting point for strategic asset allocation to digital assets.
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You could describe Michael Kitces, Head of Planning Strategy at Buckingham Wealth Partners, as a man about town. Speaking at over 50 industry conferences per year – averaging one per week – Michael has rubbed shoulders with many of the leading voices in the financial planning industry. He regularly shares his insights around practice management on his widely-read blog, nerd’s eye view, and he joins us today on CXO to discuss the key trends driving the financial planning industry.
Hear Michael’s views on:
- Identifying the rise of what he refers to as turnkey advice and planning platforms (‘TAPs’).
- Understanding why bigger firms keep getting bigger.
- Moving from a focus on products, to a focus on the advisor.
- Delivering actionable insights to clients, establishing what is cutting edge – and what is simply noise to cut through.
- Bucking the trend: a controversial take on the rise of millennials.
Follow Michael Kitces: Twitter, LinkedIn
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In the latest installment of CXO, we are joined by Michael Antonelli, Managing Director, Market Strategist at Baird. Michael and many others in his position have long argued that the 60/40 portfolio is a relic of the past, with the forward return expectations being the lowest they have been in decades. What’s next? As portfolios evolve, investor behaviors may too – how does the wealth management community keep up with the times?
Hear Michael's views on:
- Risk-taking, risk-seeking, the difference between these two things.Setting asset allocation as ‘the guiding principle of good wealth management’.
- Crafting portfolios that bring clients to the conversation.
- Debunking myths about millennials, as the largest investing generation alive approaches their prime.
- Championing ‘edutainment,’ style, and personality in the world of finance.
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From a humble home to the White House, from the Hollywood Hills to Wall Street. Few have lived the many lives that Anthony Scaramucci has. After the depths of 2017, he made a return as Managing Partner at SkyBridge. What’s Anthony’s next move – and what lessons for life did he take away from his previous ones?
Tune into this week’s CXO for an intimate sit-down with Anthony Scaramucci.
At a Glance
Hear Anthony’s perspectives on:
- Growing up blue-collar, grinding to pay off student debts and graduating from Harvard’s worst-dressed list to Goldman Sachs.
- Laying the foundations for SkyBridge, with the backing of a few friends in high places who trusted his entrepreneurial itches.
- Venturing into new territory through ‘The Davos of the Dessert’ – the first step in putting Scaramucci’s and SkyBridge’s name on the map.
- Coming full-circle to appreciate the deep loyalty – and duration – of the retail investor.
- Reflecting on his superpowers – and his kryptonite – Before Trump (BT) and After Trump (AT).
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The fastest-growing RIA in the country according to Financial Advisor Magazine’s 2021 Rankings, is Brookstone Capital Management. What’s behind their unrivaled growth and success? This week we raise a glass to Brookstone’s Founder and CEO Dean Zayed.
Hear Dean's views on his:
- Background as an estate-planning lawyer and journey of crossing over into finance to build an award-winning business
- Perspectives on advisor trends and what it means to wear the fiduciary duty on his sleeve, and how Brookstone seeks to innovate on investment solutions while still meeting the long-term goals of its clients
- Approach to alternative investments, such as structured solutions, and the potential role they may play in long-term portfolios
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In the first year of COVID-19, CAIS IQ regularly caught up with Shannon Saccocia, Chief Investment Officer at Boston Private. We talked pent-up demand, politics, and the pandemic, among other investment themes and macro trends that were shaping the world around us. As the delta variant makes its way across the country, threatening the recovery of the economy: what are the potential opportunities – and challenges – for investors that lie ahead?
Hear Shannon's views on:
- Recognizing how analyst views and estimates are formed in a once-in-a-century pandemic
- Underscoring the importance of portfolio management discipline even and especially when markets reach all-time highs
- Appreciating how The Why of Wealth may now be forever-changed in light of last year’s global events
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In this week's CXO, we invite Bing Waldert, Managing Director of U.S. Research at Cerulli Associates, to discuss key topics and trends shaping the future of wealth management. In a far-ranging discussion covering demographics, automation, and consolidation, Bing lays out what he believes lies ahead for the industry at large.
Hear Bing's views on:
- Preparing for the next generation of advisors and clients
- Acknowledging automation as a complement to – not a replacement of – in person service
- Exploring key industry trends: how consolidation may have contributed to lower fees and higher expectations, and understanding the shift towards the hybrid RIA model
- Looking beyond succession plans: 1 in 4 advisors plans to exit their business in the next 10 years. 8% of advisors plan to retire in the next 5 years. What more can firms do?
- Reaching the top – and staying at the top: the potential need to elevate client experience, such as providing access to alternative investments
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How can financial advisors learn faster, remember longer, and be more competitive?
On this week's CXO, Nic Millikan sits down with CAIS’ first-ever Chief Innovation Officer, Andrew Smith Lewis. Andrew came to CAIS as an industry veteran in artificial intelligence and brain science, holding multiple patents in the fields of AI as well as knowledge and skills improvement.
Tune in to hear how Andrew leveraged his experience improving learning and memory through AI-driven programs across governments, higher education, and top corporations, and applied this to CAIS IQ - the industry's leading learning platform designed to help financial advisors accelerate their understanding of alternative investments.
Hear Andrew's views on:
- Improving learning and memory – the science behind how the brain works
- Leveraging lessons learned from helping over 6 million people learn faster and remember longer
- The financial community’s tendency to focus on the what – and not the how – of advisor education
- The importance of education for the wealth management community
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More RIAs were bought and sold last year than in any other year on record. They were also bigger than ever, with an average AUM of $1.8 Billion*.
This week CXO sits down with Dan Seivert, CEO and Founder of Echelon Partners, an investment bank dedicated to servicing the wealth management industry, as he walks us through his views on the driving forces behind this unprecedented M&A activity.
Hear Michael's views on:
- A record year: how RIA M&A ended at an all-time high in 20201, in spite of the pandemic-induced global economic slowdown.
- Movers and shakers: who are the big players in these markets?
- ‘The Valley of Doom’: why he believes firms must crossover before they generally become attractive acquisition targets.
- A year in recap: an overview of The 2020 Echelon RIA M&A Deal Report.
Follow Echelon Partners: Twitter, LinkedIn
Follow Dan Seivert: Twitter, LinkedIn
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*Echelon Partners, The 2020 ECHELON RIA M&A Deal Report
Consumer prices in America are surging at a pace not seen since 20091. Could this be a sign of inflation rearing its head, or a confluence of other natural – and not so natural – forces at play?
In this weeks CXO, we invite Michael Dow, CIO at Beacon Pointe, as we confront the monster under the nation’s bed, while unravelling why he believes interest rates may remain as low as they are for the foreseeable future.
Hear Michael's views on:
- Financial Repression: what it is, how it keeps interest rates low, and why the Fed and the Treasury must collude to enable it in today’s circumstances
- Government Engineered Inflation: how some view this as a solution to their debt
- Inflation Levels: will this year’s levels be as ‘transitory’ as the officials predict
- Market Outlook: what will the outlook for traditional and alternative investments in an inflationary environment look like in the future
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How does a classically trained opera singer break into the Barron’s Advisor Hall of Fame? Founder and CEO Lori Van Dusen talks to CXO about building LVW Advisors, orchestrating a portfolio that cuts through the noise, and the one corporate policy she got J.P. Morgan CEO Jamie Dimon to change for good.
Hear Loris' views on:
- Her inspirational journey from conservatory, to Harvard, to Lehman, and ultimately, the top of the financial advisor community
- How she believes the musically-inclined have a unique perspective on timing, establishing patterns, and understanding how different elements of a portfolio behave in concert
- Overcoming the seemingly impossible in founding her private practice – one month before the 2008 Global Financial Crisis
Follow LVW Advisors: Twitter, LinkedIn
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Less than $1 out of every $3 dollars in wealth management assets will be managed by wirehouses in two years’ time, according to industry projections*.
Join CXO as we welcome Louis Diamond to discuss some of the driving forces behind why more and more advisors are breaking away from brand-name institutions and building businesses on their own. As President of Diamond Consultants, which recruits and advises across both sides of the fence, Louis explains this generational shift – and why he believes there will still be room for both big and boutique players in the years to come.
*2020: The year Wall Street lost the wealth management race, December 21, 2020, InvestmentNews
In the second installment of CxO, our host, Nic Millikan, sits down with David Lebovitz, Global Market Strategist at J.P. Morgan, who together with his team pens the bank’s highly-acclaimed Guide to the Markets. Join us as David walks us through the latest findings in its sister publication – Guide to Alternatives – covering this quarter’s key highlights in the world of real estate, infrastructure, distressed assets, private equity, and volatility.
Hear David's views on:
- Real Estate: How COVID reinforced headwinds for retail, tailwinds for industrials, and showed the potential future of offices remains in flux
- Infrastructure: A longtime staple amongst institutional investors in Europe, he believes infrastructure is now emerging as a key asset class in the US – regardless of the Biden administration’s newly-unveiled plans
- Distressed: Why he believes investors will get another shot at the distressed trade as cracks begin to emerge in a post-pandemic world
- Private Equity: How IPOs boomed last year – and SPACs became a household name – but neither may play as prominent of a role going into 2021
- Volatility: Why he believes volatility will continue to lurk in the background, even as we begin to reopen the economy
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On the back of a sharp anticipated rebound in global growth, our inaugural podcast tackles the potential headwinds investors may face due to excessive risk-taking, bullishness, full valuations, increasing inflation expectations, and more. Our guests Johnny and Cameron, Chief Investment Strategist and Chief Market Strategist at Fieldpoint Private, will provide listeners with their opinions to help make sense of how these influences are driving markets.
Hear our guests' views on:
- Lessons learned over the past year as we surpass the 1-year anniversary for the pandemic-induced market bottom
- Implications of a 40-year bond bull market and their recent sell-off, are we at the end of an era?
- Potential headwinds in global markets and investor positioning under rapidly changing boom and bust cycle
- The Perils and Opportunities of Frothy Markets - Goldilocks & The Frost
Follow Fieldpoint Private: Fieldpoints of View, Johnny Gibson, Cameron Dawson
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