Gaining Perspective
392 episodes - English - Latest episode: 11 months ago - ★★★★ - 18 ratingsThis podcast is hosted by Advisor Perspectives, one of the leading publications for financial advisors. Our podcast series brings you short interviews with top thought leaders in financial advice, planning, investments and economics. Each episode focuses on a specific issue facing financial advisors. Listeners will learn the key trends affecting the way they and their competitors operate and the steps advisors can take grow their practices and deliver better service to their clients.
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Episodes
The Groundbreaking Innovation in Active ETFs
December 23, 2019 17:00 - 36 minutes - 66.3 MBOur topic today is actively managed ETFs. On November 14, the SEC gave contingent approval for new proxy-based, semi-transparent active ETF structures to four fund families: Natixis, T. Rowe Price, Fidelity and the Blue Tractor Group. This overcomes a major impediment to active ETFs – transparency. No longer do those ETFs need to disclose their underlying holdings – their “secret sauce.”
What Will Drive Growth in ETFs?
December 18, 2019 17:00 - 16 minutes - 30.8 MBThe nearly unbridled growth of the ETF industry in the last 15 years has paralleled one of the greatest bull markets ever. What are the key themes that are likely to drive the next leg of growth? What do the next 5-10 years look like for ETFs? My guest today leads one of the most prominent ETF providers, and he and I discuss those questions and more.
The Shifting Regulatory Landscape for Advisors
December 17, 2019 17:00 - 23 minutes - 42.7 MBJohn Gebauer and I discuss the key regulatory issues facing advisors, including RegBI, form CRS, the SEC’s planned changes to its advertising and cash solicitation rules and the Michael Kiitces/XYPN lawsuit against the SEC.
The Questions to Ask Your Female Clients
December 16, 2019 17:00 - 15 minutes - 27.5 MBWhat are the key issues that female clients face? How can advisors gain the confidence of those clients and ensure that their assets are protected under any scenario? What are the big mistakes that female spouses make when it comes to marital assets?
The Risks and Opportunities in Emerging Markets
December 15, 2019 17:00 - 10 minutes - 18.7 MBFor the past 30 years, emerging markets have provided return enhancement and risk diversification opportunities for global equity investors. That has been fueled by the liberalization of the Chinese capital market, which comprises about a third of the allocation to emerging market indices. In 2019, emerging markets have been volatile, driven by changes in U.S. monetary policy, increasing political uncertainty and deteriorating conditions for international trade. My guest, Peter Gillespie, an...
Matthews Asia - Opportunities in Emerging Markets
December 14, 2019 17:00 - 17 minutes - 31.1 MBThe emerging markets (“EM”) equity asset class has evolved considerably over the past decade such that many active EM equity managers may find it challenging to create long-term alpha over the benchmark. Countries such as China and India are moving to the fore, historical drivers of growth are changing and technology, innovation and health care are becoming a larger part of the opportunity set. It has been difficult for EM investment teams to keep up with these changes. My guest today, David...
The Future for Invesco and Active Management
December 13, 2019 17:00 - 13 minutes - 24.5 MBIn May of this year, Invesco completed its acquisition of OppenheimerFunds, bringing its AUM to $1.2 trillion and making it the sixth largest U.S. retail asset manager. In April of 2018, Invesco completed its ETF business Guggenheim partners. Those deals come at a time when many investors were deserting actively managed funds, in favor of passive, index-tracking strategies.
Identifying and Avoiding Conflicts of Interest
December 12, 2019 17:00 - 18 minutes - 33.1 MBMarketCounsel is known as the “adviser’s advisor.” It is the leading business and regulatory compliance consulting firm to the country’s preeminent entrepreneurial investment advisors. It delivers comprehensive, regulatory compliance solutions. It works with startup investment advisors through its RIA Incubator program, and it offers outsourced compliance department capabilities through its RIA Institute.
How UMA Platforms Drive Better investment Outcomes
December 11, 2019 17:00 - 22 minutes - 41.6 MBOne of the growing trends in the advisory profession is outsourced investment management – specifically using a unified managed account (UMA) platform. Many advisors have found that those solutions optimized their practices and helped deliver better investment outcomes for clients. I am speaking today the leader of one of the most popular solutions in that market, and we will discuss the trends and disruptors that advisors should prepare for over the coming decade.
How Real Assets Hedge Against Stocks and Bonds
December 10, 2019 17:00 - 12 minutes - 22.5 MBOne way to address market volatility is through real assets – natural resources, infrastructure, and global real estate. Those tend to have low correlations with traditional stock and bond allocations. I am speaking today with Michael Natale, who explains why an allocation to real assets can hedge against the risks in stocks and bonds.
How Captrust Blends Organic and Inorganic Growth
December 09, 2019 17:00 - 20 minutes - 38.4 MBOne of the fastest growing and most active acquirers has been CAPTRUST, an RIA based in Raleigh, NC. In October, it acquired the wealth management business of Boston Advisors. In August, South Texas Money Management joined CAPTRUST. In June, it announced the addition of McQueen, Ball & Associates and Cornerstone Capital Advisors to its growing team. In 2018, CAPTRUST saw 21.5 percent revenue growth and $65 billion in new client assets. The firm now has more than 200 advisors across 43 locati...
The Key Trends in the ETF Industry
December 07, 2019 17:00 - 16 minutes - 31 MBMatthew Bartolini has recently recommended cybersecurity protection, housing and healthcare stocks for Q4 of 2019. He has also commented on the fact that fixed-income ETFs have recorded record inflows for 2019, and has likened investing the context of weakness in the U.S. manufacturing sector to “driving with the check engine light on.” We discuss those calls as well as other key developments in the ETF industry.
The Fund That Isn’t Following the ESG/SRI Herd
December 06, 2019 17:00 - 24 minutes - 45.4 MBIn the U.S., between one quarter and one third of all assets are managed with an ESG/SRI mandate. Outside the U.S., that percentage is even higher. So I am going to explore what must be an unpopular topic – investing in so-called “sin” stocks. I am talking with the co-managers of the Vitium Global Fund – formerly the Vice Fund. That fund buys what most ESG/SRI investors scorn: stocks in the tobacco, alcoholic beverage, gaming and aerospace/defense industries.
Advanced Topics for Social Security Planning
December 05, 2019 17:00 - 38 minutes - 52.9 MBFor the vast majority of retirees, the most consequential decision they will make involves Social Security. One must decide when to begin receiving benefits, a decision that is quickly complicated when factors such as a spouse, children or a pension are involved. My guest today is Bill Reichenstein, one of the most prominent experts on Social Security.
Why Advisors Shouldn’t Write Economic Commentaries
December 04, 2019 17:00 - 21 minutes - 29.7 MBMy guest today, Sara Grillo, has written that she would rather piece her own ears than read another economic commentary written by a financial advisor. That is the question we are going to explore today. For sure, your clients are interested in understanding the key trends and developments in the economy, particularly as it pertains to their investments. But should you, as advisors, be writing those commentaries?
The Small Things that Make a Great Office Culture
December 03, 2019 17:00 - 23 minutes - 32.2 MBSmall things will create a great office culture. Should you allow pets in the office? What about a dress code? Should you have casual dress on Fridays? Those are small things in the context of planning for your clients financial futures, but they can have a big impact on your team’s morale and productivity.
Diversity and Inclusion in the Advisory Profession
December 02, 2019 17:00 - 44 minutes - 61.1 MBAccording to a recent report by the consulting firm Cerulli and Associates, women make up only 16% of financial advisors – and that percentage is fairly consistent across all channels – brokers, banks and independent RIAs. Sheryl Garrett and I explore the issues around diversity and inclusion in the advisory profession. Why are there so few women and minorities in our profession? With an aging population of advisors due to retire in the next decade or two, what will the next generation of le...
Neil Hennessy’s Forecast for 2020
December 01, 2019 17:00 - 14 minutes - 26.7 MBWe discuss Neil Hennessy’s thoughts on the market as 2019 concludes, along with his 2020 outlook. Neil explains the key tenets of his investment strategy and why he thinks the market is not overvalued. Neil spends a great deal of his time talking to advisors and he discusses the key themes he is hearing.
The Case for an Allocation to Real Assets
November 29, 2019 17:00 - 12 minutes - 23.5 MBAndy Wilson discusses how real assets have historically provided investors with solid returns, attractive income, portfolio diversification and a hedge against inflation. DWS has a 45-year investment heritage and is one of the world's leading alternatives managers.
The Next Generation of ESG/SRI Investing
November 27, 2019 17:00 - 15 minutes - 28.6 MBOur topic today is ESG/SRI investing – one of the most important themes in the asset management industry over the last several years. One of the questions I will explore is whether the importance, history and culture of ESG at the asset manager firm level is more important than individual strategies. Indeed, greenwashing has become a serious issue, as advisors and asset managers need to understand which companies are making a genuine effort to implement meaningful ESG/SRI policies, and which...
Where to Find Income in a Low-Yield Environment
November 26, 2019 17:00 - 23 minutes - 42.2 MBGlobal rates have fallen over the course of 2019. Indeed, trillions of dollars in sovereign debt now carry negative yields. This has forced income-oriented investors to look to non-traditional sources to find sustainable, low-risk yields. Ben Kirby discusses the Thornburg Investment Income Builder fund, which has had an exceptional track record over the last 15 years.
The Case for Liquid Alternative Funds
November 05, 2019 17:00 - 14 minutes - 26.4 MBThe first Litman Gregory Masters Fund was launched December 31, 1996. Litman Gregory Masters Equity was created because, as financial advisors, the team at Litman Gregory wanted more control over the mutual funds they used in its client portfolios, and it had specific ideas about how to build a “better fund.” Since then, Litman Gregory has been a pioneer in the development of liquid alternative funds and, in 2018, launched a high-income alternatives fund.
What Behind the Surge in RIA M&A Activity?
November 04, 2019 17:00 - 29 minutes - 40.8 MBMerger and acquisition (M&A) activity in the wealth management profession has reached record levels this year, highlighted by mega-deals such as the acquisition of United Capital by Goldman Sachs. Indeed, the total AUM of deals more than doubled since 2018, according to some reports. My guest today is David DeVoe, who will help us understand what is behind that trend, whether it will continue and what advisors should consider if they want to position themselves for a sale.
The Tough Truth About a Profitable Practice
November 03, 2019 17:00 - 21 minutes - 29.2 MBGrowing your practice isn’t just about good marketing. If you’re looking to make a better impression outwards, look inwards first at the foundation of any future growth – your profitability. The need to achieve profitability is something that most business owners take for granted. But for financial advisors, achieving that goal is especially important, as my guest, Jim Palumbo, explains.
Does the Investment Performance of Robo Advisors Matter?
November 02, 2019 16:00 - 32 minutes - 44.5 MBThe conventional wisdom around digital advice platforms – what are commonly referred to as “robo advisors” – is that they will commoditize the investment process, and push traditional, human advisors to justify the value they add – and, hence, justify their fees – with services other than investment management. So far, however, the performance results of those platforms have been unimpressive. What do those results bode for the future of digital advice?
How Philanthropic Planning Retains Assets
November 01, 2019 16:00 - 23 minutes - 31.7 MBYour client's heirs will fire you as often as 90% of the time within one year of your client's death because they have no relationship with you. Arlene Cogen explains how to bridge those relationships and retain assets.
The Coming Crisis in Hiring Talented Financial Advisors
October 31, 2019 16:00 - 16 minutes - 30.3 MBApproximatley 40% of financial advisors plan to retire within the next 10 years, according to Cerulli and Associates. The CFP Board says that there are more certified financial planners over 70 than under 30. Replacing those professionals will be a challenge for the industry. The advisor profession faces a talent and hiring crisis. My guest today is Kate Healy, who is charged with solving that crisis by opening the RIA career path to fresh faces – including new graduates, career changes, mil...
Behavioral Finance - So What?
October 29, 2019 16:00 - 33 minutes - 61.9 MBIn recent years, behavioral finance has become really popular. But taking a step back, one of the biggest questions I have about this field is -- “So what?” There are so many behavioral finance theories. But where is the practical application? What can we actually do with this stuff?
How to Position Portfolios for the Next Recession
October 23, 2019 16:00 - 39 minutes - 71.7 MBGuggenheim’s macroeconomic team is predicting a recession by mid-2020. We discuss the underlying drivers of this forecast, the steps the Fed can take to address a weakening economy, and how advisors should allocate for the period ahead.
Where the Davis Funds is Finding Great Opportunities
October 16, 2019 16:00 - 1 hour - 115 MBThe Davis Funds is celebrating its 50th anniversary this year, and has been owned by the Davis family for that entire period. In addition to that longevity, the Davis Funds is notable in that it has pursued the same, value-oriented, long-term investing discipline over that period. Chris Davis discusses the opportunities his team is pursuing in financial stocks, as well as his take on the three biggest issues facing the advisory profession: how to compete with digital advice platforms, the f...
Understanding and Implementing Risk Parity
October 04, 2019 16:00 - 37 minutes - 52 MBOur guest is Larry Swedroe. If you take the common 60/40 portfolio, with 60% in stocks and 40% in bonds, you find that approximately 90% of the risk – in terms of volatility – is in the stock portion of the portfolio. Risk parity addresses that incongruity, and uses an approach builds an asset allocation in terms of risk rather than asset classes.
How To Build a Great Practice and Take 100 Days Off Per Year
October 03, 2019 16:00 - 37 minutes - 51.7 MBWhat holds advisors back from building the business they ideally want is not their environment or skill set. It is the “mindset.” Stephanie Bogan explains how advisors can overcome the obstacles that prevent them from building a thriving practice and leading a joyful and fulfilling personal life.
Planning for the Costs of Aging Clients
October 02, 2019 16:00 - 26 minutes - 36.8 MBWhat should advisors do to protect their aging clients against fraud and abuse? How should advisors plan for client’s health care expenses? What factors can advisors change to better plan for long-term care costs? These and many other questions are answered by Carolyn McClanahan.
A Top Bond Manager Explains His Bottom-up Approach
October 02, 2019 16:00 - 27 minutes - 50.7 MBYields have declined sharply over the course of the year. The 10-year yield has dropped about 100 basis points; the 30-year about 80 basis points; and short-term rates are down about 50 basis points. Can rates go any lower? How should advisors position their clients in this environment?
Two Opposing Views: Will the CFP Board Survive the WSJ Expose?
October 01, 2019 16:00 - 51 minutes - 70.8 MBOn July 30, on its front page, the Wall Street Journal reported that it had compared 72,000 profiles from the CFP Board’s “Let’s Make a Plan” website against FINRA broker-check complaints, including criminal and regulatory problems, and found that approximately 6,300 CFP profiles omitted those complaints. Most disturbingly, there were 140 CFPs who faced or currently face felony charges. We speak with two experts who have very different views on whether the CFP Board can still serve the advis...
Why Advisors Should Consider Self-Directed IRAs
September 20, 2019 16:00 - 15 minutes - 21.5 MBA self-directed IRA is very similar to other IRA accounts, with the primary difference that you can control what you invest in and how you invest in it. For example, a self-directed IRA can own real estate, precious metals, crowdfunded assets and private equity.
The Facts Are In: Factor Investing Works
September 16, 2019 16:00 - 36 minutes - 67.4 MBMike Hunstad was recently featured in an article in Institutional Investor magazine that was titled Why Factor Investing Isn’t Working? We at Advisor Perspectives subsequently ran an article, Factor Investing Works (Despite What Some May Say), by Larry Swedroe, director of research for BAM Alliance, in which readers might have been led to believe that Northern Trust does not believe in factors when, in truth, Mike is going to tell us that the exact opposite is true.
How to Tell in Three Minutes if Someone is a Successful Advisor
September 06, 2019 16:00 - 19 minutes - 26.2 MBMy guest today has worked with thousands of advisors in his role as a coach, consultant and public speaker. He has written that when he meets an advisor, he can tell within the first few minutes whether he or she is or will be successful. What is amazing is that he says it’s not difficult. He looks for only one trait.
Four Reasons Why Libra Could Fail
September 05, 2019 16:00 - 22 minutes - 31.5 MBOnce again Facebook is at the center of controversy, this time with its plans to introduce its own cryptocurrency, Libra. It must overcome four key challenges, however, and even then it is not clear what Facebook ultimately hopes to accomplish with this venture.
Did you Make a Good Decision - Or Were You Just Lucky?
September 04, 2019 16:00 - 31 minutes - 43.7 MBHow can advisors distinguish between a good outcome that is the result of a poor decision versus one that results from a good decision?
Gary Shilling - “We are already in a recession”
September 03, 2019 16:00 - 23 minutes - 31.6 MBThe U.S. economy is likely already in a recession, according to Gary Shilling. To address it, look for further rate cuts from the Fed and a fiscal policy focused on infrastructure spending.
Can a Low-Volatility Strategy Reduce Risk?
August 05, 2019 16:00 - 11 minutes - 15.9 MBAccording to Morningstar, in the first four months of the year, funds trying to mitigate risk raised nearly $10 billion. My guest today will explain how his firm combined quality with low volatility in a suite of three funds that were launched very recently. Indeed, this approach can be seen as the “next evolution of low volatility-based strategies.”
What History Tells Us About Venture Capital Investing
August 04, 2019 16:00 - 19 minutes - 26.3 MBFor long periods in the past, the best VC firms had spectacular returns, as their outside investors or “limited partners” participated in the emergence of great companies such as Intel, Microsoft, Apple, and Amazon. But, going forward, can VC investors expect the same returns? Or are we in a new era of lower returns and a more challenging environment?
How to Begin a Great Client Relationship
August 03, 2019 16:00 - 22 minutes - 31.4 MBIs there a plan? Is it still working? How are we doing, and are we going to be okay? What are we missing, either as opportunity or risk? What’s most urgent? When starting a client relationship, how can you and your clients agree on which of these questions (translated to their life circumstances) you can help them with, and whether you are the right person for them?
The Future of Advisor Education
August 02, 2019 16:00 - 34 minutes - 47.4 MBA proper education is an essential start to a financial advisor’s career. That education can and should encompass the multiple dimensions of skills that an advisor must master: technical competency (financial planning, portfolio construction, risk management), practice management (operations, technology, business development) and “human” factors, such as behavioral finance, life coaching, and presentation skills.
Why Are Clients So Bad with Probabilities - and Worse with Consequences?
August 01, 2019 16:00 - 16 minutes - 22.8 MBRecently, a client came to Allan Roth with a net worth well over $10 million. He had enough money to support his family’s desired lifestyle for the rest of their lives, but not so much that he could withstand a large loss without cutting back substantially. Yet this client owned more than 130% in risky assets, meaning he had far more debt than fixed income. Much of the debt was in a variable rate margin loan against his brokerage account. Listen to Allan discuss what happened to this client.
How to Prepare for the Coming Market Volatility
July 25, 2019 16:00 - 19 minutes - 26.5 MBAsset allocation, manager diligence and selection and risk control are the core contributors to investment performance. As investors face a subdued economic outlook with increased volatility, making the right decisions in each of those disciplines is essential.
How to Choose the Right Medicare Plan When Turning 65
July 24, 2019 16:00 - 29 minutes - 40.8 MBOne of the most consequential decisions in every one of our lives is enrolling in Medicare. We will make fateful decisions that will affect our healthcare for the rest of our lives. Danielle Roberts, an expert on Medicare enrolment, examines the choices we must make.
Strategies for the Challenges of Longevity – Maximizing Your Social Security Benefits
July 20, 2019 16:00 - 10 minutes - 14.8 MBThere are many retirement risks, such as: stock market performance, inflation, a volatile regulatory environment, the deterioration of good health, withdrawal timing and the need for long-term care. All have the potential to wreak havoc on retirement savings, but one risk could be more significant than the rest, Longevity. It’s a unique challenge for this generation of retirees and their financial advisors — a longer life, though undeniably a “good thing,” brings with it a harsh reality. U...
The Interview Questions That Only Outstanding Job Candidates Can Answer
July 19, 2019 16:00 - 28 minutes - 38.5 MBDr. Suzanne Peterson delivered a keynote presentation at the NAPFA spring conference, and Bob discusses her penetrating insights about the unconventional questions advisors should ask to select for exceptional new hires. Bob also tells us what he really thinks about Reg BI - and what is in store for attendees of his upcoming conference.