Gaining Perspective

For the 15 years preceding 2022, asset management was a great business, fueled by near-double-digit AUM growth driven by rising equity and bond markets. But that party ended in 2022, with big losses in the stock market and record losses in the bond market. My guest today is here to discuss what that means for asset managers, advisors, and the consumer who ultimately own mutual funds and ETFs. - Here is a link to the podcast that I did with Neil in June of last year. Join us for Exchange: An ETF Experience February 5th - February 8th. Register now and receive $50 off your ticket price with promo code PODCAST. Introducing AP Premium! Download and brand thousands of articles, summaries & commentaries in minutes. Unlock Premium today and receive $10 off your first monthly or annual payment with promo code PODCAST2022.

RIA merger and acquisition activity had yet another record year, although the year-over-year increase was less steep than prior years. There were 264 transactions in 2022. M&A activity was nearly 10% higher than last year's 241 transactions. But 2022 ended with a slower fourth quarter, 20% below last year's blockbuster Q4 total. We'll get into the details beneath the numbers with David DeVoe in this podcast. I have had the privilege of interviewing David every year around this time, and this is the third in that series. - Here is a link to DeVoe & Co.’s web site. Here is a link to last year’s podcast. Join us for Exchange: An ETF Experience February 5th - February 8th. Register now and receive $50 off your ticket price with promo code PODCAST. Introducing AP Premium! Download and brand thousands of articles, summaries & commentaries in minutes. Unlock Premium today and receive $10 off your first monthly or annual payment with promo code PODCAST2022.

Although the latest CPI data showed that inflation is slowing, it is still the number-one concern for clients. Investors are worried about the Fed’s reaction to interest rates, economic turbulence, and a potential recession. My guest today is here to discuss four topics: Why adding low volatility to a portfolio is a defensive mechanism; Where there is opportunity in dividend income, and what elements to prioritize; What high yield bonds offer as a less risky risk asset; and How to use real assets when seeking out inflation protection. - FlexShares website: https://www.flexshares.com/us/en/individual FlexShares on social: LinkedIn: https://www.linkedin.com/company/flexshares/ Three Reasons for QDF: https://www.flexshares.com/us/en/individual/insights/three-reasons-for-qdf Three Reasons for GUNR: https://www.flexshares.com/us/en/individual/insights/three-reasons-for-gunr Join us for Exchange: An ETF Experience February 5th - February 8th. Register now and receive $50 off your ticket price with promo code PODCAST. Introducing AP Premium! Download and brand thousands of articles, summaries & commentaries in minutes. Unlock Premium today and receive $10 off your first monthly or annual payment with promo code PODCAST2022.

My guest today is from Ionic Capital Management LLC, a $3.8 billion New York-based alternative asset manager. Ionic uses long volatility, relative value arbitrage, inflation protection, and value equity investment strategies on behalf of private and regulated investment funds. Since its inception in 2006, Ionic has been managing proprietary strategies and customized solutions. The Ionic Inflation Protection ETF (CPII) launched at the end of June 2022 and is an actively managed ETF that seeks to profit from its direct exposure to inflation and inflation expectations as well as increasing interest rates. - Additional resources: Overview of the Ionic Inflation-Protected EF Fact Sheet Prospectus Join us for Exchange: An ETF Experience February 5th - February 8th. Register now and receive $50 off your ticket price with promo code PODCAST. Introducing AP Premium! Download and brand thousands of articles, summaries & commentaries in minutes. Unlock Premium today and receive $10 off your first monthly or annual payment with promo code PODCAST2022.

As investors increasingly seek out more personalized options, many advisors are seeing direct indexing grow in popularity. Direct indexing is a type of separately managed account or SMA, where investors can express their personal values and tax preferences. The personalization and flexibility afforded by an SMA allows advisors the flexibility to manage each client’s tax situation and reflect their values. Dimensional Fund Advisors recently conducted research into the tax management benefits of an SMA. It found that a multifaceted tax management approach that goes beyond tax loss harvesting and considers tax implications at every step of the investing process can lead to more significant, longer-term gains. Here from Dimensional to discuss further is Kaitlin Hendrix, senior researcher and vice president. - To learn more about Dimensional’s Separately Managed Account offering: https://www.dimensional.com/us-en/smas To learn more about Dimensional’s research into multifaceted tax management within SMAs: https://www.dimensional.com/us-en/insights/dimensionals-multifaceted-tax-management-of-smas Join us for Exchange: An ETF Experience February 5th - February 8th. Register now and receive $50 off your ticket price with promo code PODCAST. Introducing AP Premium! Download and brand thousands of articles, summaries & commentaries in minutes. Unlock Premium today and receive $10 off your first monthly or annual payment with promo code PODCAST2022.

Art collecting is a passion for many wealthy Americans. This was on display earlier this month, when the collection of Paul Allen, the late cofounder of Microsoft, was auctioned for $1.6 billion, setting a single-evening record. I doubt many of our listeners will have clients who amass a collection of that magnitude, but many will use their wealth to purchase art – either for esthetic reasons or in the hope that its value will appreciate. My guest today will discuss some of the principles and nuances one should know before purchasing art. - Here is a link to the FreedmanArt gallery. Join us for Exchange: An ETF Experience February 5th - February 8th. Register now and receive $50 off your ticket price with promo code PODCAST. Introducing AP Premium! Download and brand thousands of articles, summaries & commentaries in minutes. Unlock Premium today and receive $10 off your first monthly or annual payment with promo code PODCAST2022.

Emerging markets have been rattled by inflation, weakness in China’s growth and the war between Russia and Ukraine. Wave after wave of bad news came in 2022; however, there are reasons for optimism as we approach 2023. Emerging markets are resilient and better positioned than developed markets to face the uncertain environment and lead the global recovery. - Additional Resources- Learn More: MEGMX Learn More: MEM Engines of EM Growth Take a Flight to Quality Join us for Exchange: An ETF Experience February 5th - February 8th. Register now and receive $50 off your ticket price with promo code PODCAST. Introducing AP Premium! Download and brand thousands of articles, summaries & commentaries in minutes. Unlock Premium today and receive $10 off your first monthly or annual payment with promo code PODCAST2022.

Over more than two decades, Vanguard Advisor's Alpha® has shown how advisors can add value, or alpha, through relationship-based services such as financial planning, discipline, and guidance, rather than by trying to outperform the market. Vanguard’s Investment Advisory Research Center, led by Fran Kinniry, is charged with exploring how advisors provide value to investors. This year has served as a harsh reminder of why so many investors seek a trusted advisor to navigate their financial journeys. During market declines, investor emotions easily crowd out wisdom and long-term thinking. However, through financial planning and behavioral coaching, advisors can help investors improve their chances of reaching their long-term financial goals. - Here are links to four whitepapers from Vanguard’s research center: Putting a value on your value: Quantifying Advisor's Alpha Vanguard Advisor’s Alpha®: People with portfolios Consider portfolio and planning cleanup in volatile markets 2022 market decline continues Join us for Exchange: An ETF Experience February 5th - February 8th. Register now and receive $50 off your ticket price with promo code PODCAST. Introducing AP Premium! Download and brand thousands of articles, summaries & commentaries in minutes. Unlock Premium today and receive $10 off your first monthly or annual payment with promo code PODCAST2022.

My guest today will discuss how he works with UHNW/HNW individuals and families when it comes to charitable giving and meeting philanthropic needs. We will talk about the issues individuals should consider when making a gift of a business interest to a public charity. We will discuss the benefits for donors in making the decision to give a gift of a business interest to a public charity, the types of business interests that a donor may give to charity and the trends he’s seeing across his client base when it comes to charitable giving strategies such as this one. - Here is a link to BNY Mellon WM’s piece, Considerations in Making a Gift of a Business Interest to a Public Charity. Join us for Exchange: An ETF Experience February 5th - February 8th. Register now and receive $50 off your ticket price with promo code PODCAST. Introducing AP Premium! Download and brand thousands of articles, summaries & commentaries in minutes. Unlock Premium today and receive $10 off your first monthly or annual payment with promo code PODCAST2022.

Clients often assume that their need for life insurance ends when they stop working. In fact, whole life insurance can play an important role in your client’s retirement income strategy. For higher income earners, a whole life policy may also be an effective way to help protect income and accumulate additional funds for retirement. Here to discuss the role whole life insurance can play in your clients’ retirement strategies is Neil Drzewiecki. - Here is a link to the MassMutual web site. Introducing AP Premium! Download and brand thousands of articles, summaries & commentaries in minutes. Unlock Premium today and receive $10 off your first monthly or annual payment with promo code PODCAST2022. Disclaimers to include in show notes: The decision to purchase life insurance should be based on long-term financial goals and the need for a death benefit. Life insurance is not an appropriate vehicle for short-term savings or short-term investment strategies. While the policy allows for loans, you should know that there may be little to no cash value available for loans in the policy’s early years. The information provided is not written or intended as specific tax or legal advice. MassMutual®, its subsidiaries, employees and representatives are not authorized to give tax or legal advice. Individuals are encouraged to seek advice from their own tax or legal counsel. *Distributions under the policy (including cash dividends and partial/full surrenders) are not subject to taxation up to the amount paid into the policy (cost basis). If the policy is a Modified Endowment Contract, policy loans and/or distributions are taxable to the extent of gain and are subject to a 10% tax penalty if the policyowner is under age 59½. Access to cash values through borrowing or partial surrenders will reduce the policy’s cash value and death benefit, increase the chance the policy will lapse, and may result in a tax liability if the policy terminates before the death of the insured. The products and/or certain features may not be available in all states. State variations will apply. Whole Life Legacy series policies ((Policy Forms: MMWL-2018 and ICC18-MMWL in certain states, including North Carolina)/ (MMWLA-2018 and ICC18-MMWLA in certain states, including North Carolina)) and MassMutual Whole Life series policies on the digital platform (Policy Forms: WL-2018 and ICC18WL in certain states, including North Carolina) are level-premium, participating, permanent life insurance policies issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001. FOR FINANCIAL PROFESSIONAL USE. NOT FOR USE WITH THE PUBLIC.