Evergreen Funds, AI, and the Evolving Wealth Landscape

Welcome to the Allocate Podcast, an interview and educational content series to help investors learn and navigate investing in alternatives. Join us to hear from leading founders, fund managers, and allocators on the latest trends and the keys to successfully participating in the private markets.

In this episode, Allocate Co-Founder and President, Samir Kaji, speaks with Alan Zafran, Co-Founder and Managing Partner at IEQ Capital. Alan shares his journey from Goldman Sachs and Merrill Lynch to building a client-centric, independent wealth management firm, offering a unique perspective on the evolution of the industry and the importance of culture, technology, and innovation.

Topics include the transformation of wealth management from traditional models to bespoke client experiences, the growing role and complexity of alternative investments, and the impact of technology and artificial intelligence on both client service and operational efficiency. The conversation also explores the rise of evergreen and semi-liquid funds, industry consolidation, advisor education, and the future of private markets. Alan offers practical insights on building institutional-quality investment programs, maintaining a strong client-first culture amid growth, and leveraging technology to deliver better outcomes for clients in an ever-changing landscape.

About Alan Zafran

Alan Zafran is the Co-Founder and Managing Partner of IEQ Capital, bringing decades of experience in wealth management and alternative investments. Under his leadership, IEQ has grown rapidly by serving ultra-high-net-worth individuals, families, and institutions with customized investment strategies and client-first service. Alan is recognized for his expertise in building innovative investment platforms and his commitment to helping clients achieve long-term financial success.

IEQ Capital is a leading independent wealth management firm dedicated to serving ultra-high-net-worth clients, entrepreneurs, and institutions. With a focus on customized investment solutions, alternative strategies, and holistic financial planning, IEQ has scaled significantly since its founding, managing billions in assets while maintaining a client-centric culture rooted in transparency, research, and long-term partnership.

Topics in this conversation include:

* Alan’s Background and Journey (1:27)

* Building a Client-Centric Firm (3:16)

* Rising Client Demands and Non-Investment Services (7:28)

* Mainstreaming of Alternatives for Accredited Investors (13:15)

* Risk, Return, and Illiquidity Premiums in Private Markets (16:38)

* Building Institutional-Quality Private Market Programs (19:37)

* Advisor Education and Internal Knowledge Sharing (22:58)

* Challenges in Advisor Education and Client Communication (26:22)

* Underreported Secular Trends in Private Markets (31:38)

* The Rise and Implications of Private Market Secondaries (34:47)

* Fund Size, Dispersion, and Return Compression (38:41)

* Private Equity’s Role in Wealth Management Firm Consolidation (40:50)

* Potential Downsides of Industry Consolidation (44:12)

* KPIs, Culture, and Growth in Wealth Management (46:21)

* Technology and AI in Enhancing Client Experience (48:40)

* Final Thoughts and Takeaways (51:14)

Disclosure

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