Gaining Perspective

A just-released study from Allianz Life analyzed what financial advisors consider the most significant threats to their clients’ retirement security. It also looked at the solutions and tools advisors are exploring to help mitigate these risks. One of the key findings was that 88% of advisors said it is more

My guest today is Kurt MacAlpine, the CEO of CI Financial. CI is one of Canada's largest asset and wealth management firms. Over the past 18 months, CI Financial has bought a majority or outright ownership in 13 independent wealth advisory firms across the U.S. That may be the fastest sequence of M&A deals in the history of the wealth management industry. As of today, May 17, CI Financial has $74 billion in wealth management assets. The firm started with zero at the start of 2020.

based on environmental, social, and governance (ESG) principles. Virtually every major asset management firm has stepped up their commitment to ESG, along with introducing new funds to meet client demand. But not all ESG products are the same. They vary along important dimensions, such which metrics they use for screening out companies and industries. Here to talk with me today are two people who have been at the forefront of the ESG movement. 

Very few financial service firms are led by women.  That is especially true among broker dealer firms. Although there are a handful of female leaders gaining attention for big roles, most top leadership positions in this industry remain in the hands of men. My guest today, Michelle Barry, is the exception. She is the president of Grove Point Financial, a $6 billion broker dealer/RIA, and she is here to talk about her career path and how she came to lead that firm.

Pzena Investment Management is well-known among financial institutions but is new to the advisor community.  The firm was started by Rich Pzena, my guest today, in late 1995. It ended the first quarter of 2021 with $49.2 billion in AUM, which is an all-time high, and it has had positive net flows for the past four years. Rich and I will talk about the global deep value discipline his firm is known for, as well its concentrated, high-active-share strategies, and its bottom-up methodology that is focused on company-level research.

My guest today, Ryan Sullivan, has written that, in crisis moments, the “pros” are “active.” If a client hasn’t called you, don’t assume they are not concerned. If they get the sense you’re avoiding contacting them, they may reach out to another financial professional for help. But in-person meetings have been ill-advised and phone calls don’t provide the level of connection clients need. Virtual meeting technology is a great option for staying in touch with clients, and Ryan is here to share his research on this topic.

Advisors, particularly those with a fiduciary mindset, want nothing to do with sales. That is understandable, as sales in the world of retail financial advice has caused a lot of harm. We need to look no further than the almost daily accounts of Ponzi schemes and fraudulent tactics that have deprived too many Americans of their life savings. But growth requires business development, marketing, promotion and … yes … sales. Here to talk about sales, why it has been labeled a dirty word, and how to redefine sales and make it work in a fiduciary context is Shauna Mace of Inspire Growth.

As an advisor firm grows, it will face a series of inflection points: when it transitions from a solo practitioner to a more leveraged business model; as it moves from a co-operative practice to an ensemble; and in the transition from a multi-advisor firm to a large-scale enterprise. Here to talk about those inflection points at the unique challenges they present is Kenton Shirk.

One of the most contentious topics among RIAs is whether to recommend annuities. While many will recommend a single-premium immediate annuity (a SPIA) or a deferred-income annuity (a DIA), those products represent only a small fraction of annuity sales. We are here to talk about whether RIAs should use the other 95% of annuity products for their clients in their retirement plans – specifically variable annuities, equity-indexed annuities and other related products.  Our discussion will take the form of an informal debate on the following proposition, “Resolved: Annuities should play a prominent role in most retirement plans.”

The three-decade bull market in bonds may finally be over. Since the start of this year, the yield on the 10-year Treasury bond has risen 70 basis points. Since its low in August of last year, it has risen 111 basis points. The fear of inflation has been a key driver, fueled by a rapidly rising federal deficit and stimulus checks that will soon be in the wallets of American consumers. Here to discuss what that means for advisors and more importantly for your clients’ portfolios is Simeon Hyman of ProShares.