Orion's The Weighing Machine

In recent years, the wealth management industry has undergone many changes. The industry is ripe for disruption, and many companies are already beginning to offer new and innovative solutions. In this episode, Rusty and Robyn talk with the “swiss army knife” of financial services leadership, Lori Hardwick. Lori is the CEO of Wealth Tech at Red Rock Strategic Partners. She brings over 25 years of experience working in the financial industry as a prominent voice and is known for her passion for continuous improvement in the financial advisory industry. In her role, Lori works directly with C-suite executives at some of the largest financial services companies. She helps them create and execute winning growth strategies and improve the overall experiences for advisors and their clients.Lori talks with Rusty and Robyn about trending topics in the financial services industry. Among these are how wealth management has evolved over the years, the challenges financial advisory services face today, and how to increase women's participation in the financial services industry.Key Takeaways [03:37] - How Lori became involved in many financial services companies. [07:02] - Lori's most remarkable achievements. [08:53] - What excites Lori about the financial services industry? [13:50] - How wealth management has evolved over the years. [16:45] - Identifying and addressing challenges in financial advisory. [18:21] - What broker-dealers look for in wealthtech providers. [21:38] - How to increase women's participation in the financial services industry. [27:51] - The qualities that make a good financial advisor or wealth manager. [30:14] - Lori's personal investment strategy. [32:28] - How Lori motivates people to do their best. [33:36] - Lori's recommendations for content. [35:27] - What Lori does for fun. Quotes[14:18] - "The historic bold lines that used to be drawn between wirehouses, banks, independent broker-dealers, and RIAs are starting to blend. And watching these firms morph into new services and solutions makes it easier for advisors and their clients to have a better experience." ~ Lori Hardwick[15:41] - "If you can build efficiencies and the power to help advisors to empower their end clients with more information, that will win the day. That is, having that transparent view across the board and having at least one place where you can see everything in one area and track where you are against your financial plan every day." ~ Lori Hardwick[27:34] - "If the advisors can relate to their clients about their relationship with money, that is the core to having that great trusting relationship. Advisors don't have to change their client's views on money. They need to understand it." ~ Lori HardwickLinks  Lori Hardwick on LinkedIn Red Rock Strategic Partners Orion Advisor Solutions Thunder by Imagine Dragons Riskalyze Nuveen Investments Envestnet Pershing Genstar Capital Cetera Financial Group Vestwell Brinker Capital BasisCode Hidden Levers Redtail Technology TownSquare Capital Snappy Kraken Daniel Crosby Korn Ferry Gavin Spitzner Connect with our hosts Rusty Vanneman Robyn Murray Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts 1539-OPS-8/24/2022

Diversification is vital to any investment portfolio. Exchange-Traded Funds (ETFs) have become one of the most popular vehicles for implementing a multi-asset strategy, as they offer broad diversification, low costs, and flexibility. As the industry trends continue to evolve, how can investors position themselves to capture potential upside in different market environments?In this episode, Rusty and Robyn talk with Michael Gates, Managing Director and Head of Model Portfolio Solutions in the Americas at BlackRock. In his role, Michael leads BlackRock's suite of Target Allocation and Target Income models and mutual funds. Morningstar has awarded the Target Allocation ETF and Long Horizon ETF models that Michael manages a gold medal.Michael talks with Rusty and Robyn about the ETF industry and model portfolios. Michael also shares his outlook for the overall ETF industry, why investors prefer ETFs to direct index solutions, and what Blackrock's multi-asset investment strategy entails.Key Takeaways [02:48] - How Michael got into financial services. [05:00] - How BlackRock has evolved over the years. [07:18] - Michael's outlook for the overall ETF industry. [09:30] - Why investors prefer ETFs to direct index solutions. [10:17] - The driving force behind the flow of mutual funds into ETFs. [11:26] - Michael's multi-asset strategy. [16:49] - Michael's rule of thumb when investing in alternatives and real assets. [18:34] - The tools BlackRock provides to advisors. [21:17] - Michael's thoughts on the possibility of a recession and how it might impact BlackRock's model portfolios. [25:44] - Michael's personal investment strategy. [27:44] - How Michael keeps his physical and mental health to perform well. [30:05] - Book and content recommendations from Michael. Quotes[08:11] - "ETFs are a big part of what financial advisors want to use because ETFs are reliable in terms of what they deliver, and they're low fees relative to legacy mutual funds." ~ Michael Gates[10:09] - "The ability to take and deliver in kind is something that you can only do with an ETF structure. It's not something you can do with the direct index." ~ Michael Gates[10:31] - "The trend that flows from mutual funds into ETFs is partly driven by the transition that we've observed of the brokers becoming advisors." ~ Michael GatesLinks  Michael Gates on LinkedIn BlackRock Taking Me Back by Jack White SteeleGates Rain, Steam and Speed by William Turner Larry Fink iShares Aperio Group BlackRock Aladdin Andrew Huberman Steve Jobs by Walter Isaacson Connect with our hosts Rusty Vanneman Robyn Murray Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts 1516-OPS-8/22/2022

The stock market is often seen as a place for high-risk, high-reward investments. But for those willing to do their research and take a more patient approach, there can be great rewards in investing in small-cap value stocks. Small-cap investing focuses on companies that have smaller market caps than most stocks. They tend to be more volatile but offer greater potential rewards.In this episode, Rusty talks with Michael Petro, Portfolio Manager at Putnam Investments. Michael has been in the investment industry since 1999 and joined Putnam Investments in 2002. In his role, Michael is responsible for the overall strategy and positioning of Putnam's small-cap value products. Michael talks with Rusty about investing in small-cap value stocks, how these stocks perform in different market environments, and how inflation impacts this fund.Key Takeaways [01:49] - How Michael entered the world of investing. [08:20] - Michael's investment philosophy and strategy mandate at Putnam. [10:59] - How small-cap value stocks perform in different market environments. [12:48] - What Michael thinks about the economy and the market. [16:02] - How inflation impacts small-cap value stocks. [19:22] - How Michael invests his own money. [21:14] - How Michael maintains his physical and mental health to perform at his best. Quotes[03:10] - "I learned a lot about business at a young age, and I'd like to bring some of that knowledge and experience with me to my investing." - Michael Petro[11:50] - "Small-cap value stocks do well in the broad middle of the cycle in normal times when the economy is growing because there's a lot of opportunity in small-cap value stocks." - Michael Petro[13:11] - "The strength of the consumer balance sheet keeps us out of recession." - Michael PetroLinks  Michael Petro on LinkedIn Putnam Investments Life's Been Good by Joe Walsh Massachusetts Institute of Technology University of Michigan Connect with our hosts Rusty Vanneman Robyn Murray Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts 1496-OPS-8/18/2022

There are many different schools of thought when it comes to investment strategies. Some people invest based on stocks, others on cryptocurrency. And then some invest in gold. Gold has been used as a form of currency and investment for centuries, and it’s still a popular choice today. How can investors own gold and include it in their portfolios?In this episode, Rusty and Robyn talk with Maxwell Gold, Head of Gold Strategy at State Street Global Advisors. Before joining SSGA in July 2019, Maxwell served as the Director of Investment Strategy at Aberdeen Standard Investments, heading macroeconomic and commodity thought leadership for its $3B U.S. ETF business. Today, Maxwell talks about the gold-based investment strategy, how gold can be used in an investment portfolio, and the risks and rewards associated with such an investment.Key Takeaways [03:36] -  What drew Maxwell to specialize in gold investments. [04:51] - Maxwell's outlook for the gold market for the rest of the year. [06:53] - Should gold be considered for a permanent strategic allocation and investment portfolio? [09:54] - How gold diversifies market risks. [14:00] - How investors can own gold. [17:29] - Comparing silver and gold investments. [21:44] - Maxwell's view on digital gold, such as Bitcoin and cryptocurrencies. [25:55] - How Maxwell keeps his physical and mental health to perform at his best. Quotes[07:22] - "Gold is a unique asset class. It has a low negative correlation to stocks, bonds, and other alternative assets over time." - Maxwell Gold[11:47] - "When you look at gold and evaluate it as an asset class, it's unique and very distinct. It's hard to replicate the exact factors or risk exposure it provides compared to any other asset class out there." - Maxwell Gold[12:55] - "The real power and benefit of gold ‘inflation hedge’ comes from monetary inflation and gold's ability to serve not as an inflation hedge per se but much more as a store value asset and ability to preserve spending power, particularly over the long run over several years, if not longer." - Maxwell Gold Links  Maxwell Gold on LinkedIn State Street SPDR ETFs Gold on the Ceiling by The Black Keys Merrill Lynch JP Morgan Money For Nothing by Thomas Levenson Connect with our hosts Rusty Vanneman Robyn Murray Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts 1357-OPS-8/1/2022

To maintain a successful business, advisors need to have a system to manage client relationships. That is where a CRM or Customer Relationship Management system comes in. CRM provides a centralized place for advisors to store and track customer data, automate tasks, manage interaction, and cultivate relationships. In addition, CRM provides valuable insights that advisors can use to improve their business operations.In today's episode, Rusty and Robyn talk with Kate Guillen, Founder and Lead Trainer at Simplicity Operations Management. Kate has been working in the financial services industry since 2014 in a client service and operations capacity. In 2017, Kate joined an RIA as the Operations Manager. To streamline the firm's operational procedures, Kate utilized their Redtail CRM to standardize the team's systems for managing daily tasks, their calendar, the sales pipeline, and a proactive client service schedule.Kate talks with Rusty and Robyn about the world of CRMs (Customer Relationship Management) and how advisors can use these systems to get organized, stay on track, and build their businesses.Key Takeaways [02:48] - How Kate used Redtail CRM to manage her business. [05:46] - Kate's thoughts on Orion Advisor Solutions' acquisition of Redtail. [06:54] - What is CRM? [09:12] - CRM's role in advisors' day-to-day operations. [11:04] - The value of using CRM as a centralized hub. [12:33] - How CRM can be used to manage sales pipelines. [15:47] - How CRM can help advisors manage the inflow and stay organized. [18:09] - The benefits of automating tasks for advisors. [19:54] - How CRM automation feature helps advisors take time off. [21:04] - What tech stacks are and how they relate to CRM. [23:41] - How Kate maintains her mental and physical health to perform well. Quotes[08:29] - "Your CRM should be the hub of your practice and a one-stop shop to see everything going on for your clients, tasks, activities, new revenue opportunities, and accounts." - Kate Guillen[17:52] - "Workflows are a fabulous way of not having to reinvent the wheel every single time you go to do whatever the repeatable process is." - Kate Guillen[18:35] - "As a business owner, you want to know that your clients are being served by your team as well as you would serve them. And so, creating workflows, processes, and procedures that standardize how you handle whatever the request ensures that. It's repeatable and nobody has to recreate a process." - Kate GuillenLinks  Kate Guillen on LinkedIn Simplicity Operations Management Don't Stop Me Now by Queen Redtail Technology Brian Towner Ben McKenzie Hayley Mandrup Calendly Zapier Pulse360 Hubly The Game with Alex Hormozi Financial Advisor Success Podcast The Advisor Lab Podcast Connect with our hosts Rusty Vanneman Robyn Murray Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts 1265-OPS-7/19/2022

As people live longer and market uncertainty increases, the need for informed retirement portfolio spending strategies is becoming more important than ever. In this episode, Rusty and Robyn talk with Colleen Jaconetti, a Senior Investment Analyst at Vanguard Investment Strategy Group. Colleen is responsible for establishing and overseeing the investment philosophy, methodology, and portfolio construction strategies used to support Vanguard's advisory services, products, and strategies. With over 25 years of experience in the financial services industry, her areas of expertise include portfolio construction and financial planning, specializing in retirement planning topics, retirement income solutions, and wealth management strategies.Colleen talks with Rusty and Robyn about Vanguard's research paper, From Assets to Income: A Goals-Based Approach to Retirement Spending. Colleen speaks about interesting topics around the goals-based retirement approach, the four factors that affect people's ability to spend funds from their portfolios, and how investors should consider taxes when planning to withdraw funds.Key Takeaways [02:41] - Colleen's role at Vanguard. [04:21] - Why investors should read Vanguard's paper, From Assets to Income: A Goals-Based Approach to Retirement Spending. [05:22] - How a goals-based retirement approach outperforms a traditional retirement spending strategy. [06:22] - Four factors affecting people's ability to spend their portfolios. [10:16] - Risks associated with income-focused investing. [12:43] - How investors should consider taxes when planning to withdraw funds. [15:41] - Colleen's personal investment strategy. [17:00] - How Colleen maintains her mental and physical well-being to perform at her best. [17:53] - A list of Colleen's favorite books. Quotes[05:02] - "It's important for retirees now, especially with the dynamic spending that as there's market volatility, some retirees may be tempted to reach for yield. In addition, some retirees are asking, can I afford to retire? How much can I spend in light of some of the recent performances in the market?" - Colleen Jaconetti[06:46] - "When developing a prudent spending rule, the goal for many retirees is to bounce current spending with the potential for future spending, bequest, or other goals." - Colleen Jaconetti[12:01] - "We try to tell retirees that overweighing dividend-paying stocks are high-yield bonds. For the sole purpose of increasing cash on the portfolio, the income approach can put their principle at higher risk than just spending from it." - Colleen JaconettiLinks  Colleen Jaconetti on LinkedIn Vanguard Chicken Fried by Zac Brown Band From assets to income: A goals-based approach to retirement spending Be Where Your Feet Are: Seven Principles to Keep You Present, Grounded, and Thriving All Insights | Insights | Vanguard Advisor Connect with our hosts Rusty Vanneman Robyn Murray Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts 1268-OPS-7/19/2022

Investing is so much more than just numbers and trends. It's about psychology and temperament. While risk management and market volatility both play an important role in investor success, the investor's overall attitude towards investing is just as important. Though financial advisors are highly regarded for their investment recommendations, what are the best ways for investors to remain invested during uncertain economic times?In this episode, Rusty and Robyn are joined by Thomas Forsha, Co-Chief Investment Officer and Portfolio Manager for River Road Asset Management's Dividend All-Cap Value and Focused Absolute Value® Portfolios. Prior to joining River Road in 2005, Thomas served as Equity Analyst and Portfolio Manager for ABN AMRO Asset Management USA. At River Road, Thomas and his investment team aim to provide attractive total returns and capture the strong downside they typically expect with dividends.Thomas talks with Rusty and Robyn about value investing, market risks, and River Road Asset Management's strategies for creating portfolios that generate attractive total returns. Key Takeaways [04:56] - What drew Thomas to the investment industry. [05:59] - Thomas’ role at River Road Asset Management. [06:47] - River Road Asset Management's value investment philosophy. [11:25] - What River Road Asset Management sees as the market's future. [13:58] - Today's biggest market risk. [16:48] - Thom's outlook on value investing. [20:27] - How River Road Asset Management creates portfolios in today's market. [22:41] - Thom's perspective on the financial and technology sectors. [25:45] - Thom's personal investment strategy. [26:36] - How Thomas maintains his physical and mental well-being to perform at his best. [29:37] - River Road Asset Management's Reading Recommendations. Quotes[07:08] - "Value is in the eye of the beholder. Two value managers can look at the same stock and have two very different opinions on how attractive it is." - Thomas Forsha [08:51] - "If you go too much in the deep value, you're going to sacrifice some of that downside protection as those types of companies typically don't do particularly well when credit markets tighten up and markets get quite volatile." - Thomas Forsha[11:33] - "We have a simple, consistent framework that we've been using to look at the market forward-looking over the years. And it's based upon five key factors: valuation, monetary policy/credit markets, fiscal policy, regulation sentiment, and then what we call a wild card." - Thomas ForshaLinks  Thomas Forsha on LinkedIn River Road Asset Management Daniel Crosby Orion Advisor Solutions I'm Still Standing by John Elton The Ohio State University University of Iowa Hospitals & Clinics The University of Chicago Andrew MacIntosh Connect with our hosts Rusty Vanneman Robyn Murray Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts 1208-OPS-7/11/2022

Due to the many risks facing today's market, many investors wonder whether now is the time to invest or just sit on the sidelines. While diversification can minimize exposure to any single economic, political, or market event, it's important to know the market's top risks to enable investors to manage expectations and protect their portfolios. But what are today's top market risks, and how can investors move forward?In this episode, Rusty and Robyn talk with Daniel Villalon, Principal and Global Co-Head of the Portfolio Solutions Group at AQR Capital Management. In his role, Daniel oversees the team responsible for advising clients on portfolio challenges and creating investor-oriented thought leadership. Additionally, Daniel founded, co-wrote, and hosted AQR’s podcast, The Curious Investor.Daniel talks with Rusty and Robyn about the market's top risks, what investors should expect moving forward, and how they can stay invested and reach their financial goals.Key Takeaways [05:25] - How Daniel went from the vineyard to the financial industry. [08:28] - The key role Daniel plays at AQR Capital Management. [11:04] - AQR's market outlook for the remainder of the year. [12:37] - The inflation perspective of AQR. [14:10] - Daniel's thoughts on recession risk. [17:01] - How Daniel rates the risk of fighting the Fed. [18:54] - How AQR measures the impact of investor expectations. [21:29] - Another potential risk Daniel is keeping an eye on. [23:38] - What investors could expect in terms of market returns in the years ahead. [26:58] - The return expectations for growth stocks versus value stocks. [32:16] - Why firms should have CMAs. [36:42] - What investors should do with their portfolios, given all the risks and challenges in the current market. [41:48] - AQR's perspective on commodities and real estate. [46:06] - How Daniel views long-short strategies. [47:50] - AQR's thoughts on managed futures and merger arbitrage. [52:48] - Daniel's personal investment strategy. [54:50] - How Daniel maintains his physical and mental well-being to perform at his best. Quotes[11:23] - "Coming up with an expected return for the future is easy to do, but very hard to do well." - Daniel Villalon[12:00] - "Diversification is the most reliable or least imperfect solution when positioning yourself for a world where you don't know with certainty what the next few months will bring." - Daniel Villalon[13:53] - "Inflation is a risk that neither of the two biggest traditional asset classes is particularly well suited to address." - Daniel Villalon[20:55] - "One of the challenges in terms of investor expectations is a lot of folks, implicitly or not, set their expectations based on what they've seen recently. That’s created a massive disconnect regarding what people expect from markets and what they're likely to get over the next five to 10 years." - Daniel VillalonLinks  Daniel Villalon on LinkedIn AQR Capital Management Help! by The Beatles The Laws of Wealth: Psychology and the Secret to Investing JP Morgan The Mitchell Madison Group Pine Ridge Vineyards The Curious Investor Podcast Investing Amid Low Expected Returns: Making the Most When Markets Offer the Least Buttonwood’s notebook | The Economist Connect with our hosts Rusty Vanneman Robyn Murray Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts 1211-OPS-7/12/2022

Real estate investment trusts (REITs) are one of the most popular investments for income-seeking investors. They can be a valuable addition to any portfolio as they offer high dividend yields and the potential for capital appreciation.In this episode, Rusty and Robyn talk with Matt Werner, Managing Director and Portfolio Manager at Chilton Capital Management. In his role, Matt leads the Chilton REIT Team, performs analysis, conducts property tours, and meets with REIT management teams to assemble a portfolio that seeks to outperform the benchmark. His team is also responsible for managing accounts for institutions, high net-worth individuals, and a public 40 Act Fund. Matt talks with Rusty and Robyn about Real Estate Investment Trusts (REITs), how they work, why investors and advisors should consider investing in them, and the general rule of thumb for investing in REITs.Key Takeaways [03:41] - What attracted Matt to real estate investment trusts. [06:30] - How Chilton Capital Management's REITs strategy differs from others. [08:07] - REITs: What they are and how they work. [10:24] - Why investors and advisors should consider investing in REITs. [12:51] - A general rule of thumb for investing in REITs. [14:33] - Matt's forecast for the macroeconomy in the coming months. [17:13] - Matt's outlook for commercial properties. [20:16] - What Matt thinks about multi-family, rentals, and mobile home parks. [22:13] - Matt's personal investment strategy. Quotes[05:11] - "In 2008, REITs were the first ones to be able to break through the capital barrier. And they were able to raise debt and equity, albeit at a very dilutive price, and it shows me that this is a cool way to apply some knowledge I learned in real estate." - Matt Werner[09:54] - "I think the public REITs will continue to show their superiority for individuals as we go along and grow their share of the pie, which has been growing rather slowly but still making headway." - Matt Werner[11:23] - "Residential real estate has done well in times of inflation. And thinking logically, you could apply that to something like multi-family or single-family rentals that inflation should help on that top-line growth for rent." - Matt WernerLinks  Matt Werner on LinkedIn Chilton Capital Management The Chilton Capital Management REIT Strategy Tweezer Strategas Boston College Salient Partners Connect with our hosts Rusty Vanneman Robyn Murray Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts 1177-OPS-7/6/2022

Changes in technology, demographics, and the economy are having an impact on how people invest their money. New opportunities are emerging for those willing to take risks. In this episode, Rusty talks with Chip Roame, Founder & Managing Partner of Tiburon Strategic Advisors and the Tiburon CEO Summits. He is responsible for all of Tiburon's advisory, research, service, and marketing activities, keeping him on the leading edge of strategic initiatives in the industry's fastest-growing businesses. Chip shares with Rusty the five key things everyone in financial services should consider regarding the industry, gives advice to aspiring financial advisors, and provides insight into future-proofing financial service practices. Key Takeaways [03:49] - Chip Roame's professional background. [05:39] - Tiburon Strategic Advisor's role in wealth and investment management. [07:18] - The fun of Tiburon Strategic Advisors. [10:38] - The current and future states of wealth and investment management. [14:00] - Chip’s investment equation solution. [16:38] - Chip's thoughts on direct indexing and ETFs. [17:55] - Chip's perspective on the new tax alpha. [19:46] - A piece of advice Chip has for aspiring financial advisors. [21:12] - Two channels that are gaining traction with financial consumers. [23:00] - The impact of COVID on financial services. [25:05] - Chip's outlook on mergers and acquisitions. [27:07] - How registered investment and financial advisors can future-proof their practices. [29:57] - How Chip's investment strategy looks. [31:01] - The qualities of a good financial advisor. [31:55] - How Chip manages his time effectively. Quotes[11:34] - "The Gen X generation is your big opportunity in the next decade. Gen X will save and invest more money than millennials and baby boomers added together in the next 10 years." - Chip Roame[13:38] - "Women trade less and buy more cost-competitive products. So, two reasons they do better are they buy cheaper stuff and don't turn it over and create taxes. So, if you compare women and men, that's why they beat men." - Chip Roame[20:59] - "If I were a young person wanting to join the wealth industry, I would certainly look to join an RIA registered investment advisor who's charging fees, acting as a fiduciary, and doing a lot of planning." - Chip Roame[35:17] - "The wealth management industry is a great profession. On both ends of the spectrum, I think you can build a huge business in wealth management right now, whether through organic growth or inorganic acquisitions." - Chip Roame Links  Chip Roame on LinkedIn Tiburon Strategic Advisors Live Like You Were Dying by Tim McGraw Love Your Love The Most by Eric Church University of Michigan McKinsey Charles Schwab Skip Schweiss Sierra Investment Management Tiburon CEO Summits Tiburon Impact Adventures Morningstar Fidelity Investments Vanguard Mariner Wealth Advisors Mercer Allworth Financial Edelman Financial Engines Envestnet Investcloud Vestmark Addepar Connect with our hosts Rusty Vanneman Robyn Murray Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts 1171-OPS-7/6/2022