Orion's The Weighing Machine

Today, Rusty and Robyn are joined by This week, Rusty Vanneman and Robyn Murray talk with Brent Sullivan, Founder of Tax Alpha Insider. Brent Sullivan is a taxable investing specialist, blogger and software developer. He graduated from Cornell's Financial Engineering program, worked on PIMCO's trade floor, wrote code for Parametric Portfolio Associates, left to work at Zillow Group in the software observability team and then raised money as a venture-backed founder. Tax Alpha Insider is a blog, newsletter and media platform focused on taxable investing. Brent consults for advisers on taxable investing product marketing and development.Key Takeaways[01:33] - An overview of some of the things we will cover on The Weighing Machine this year.[03:36] - Learn more about Brent’s professional background and how he ended up in his current role[05:26] - What motivated Brent to found Tax Alpha Insider and who is it aimed at?[06:38] - Why does Brent believe that sometimes the tax tail should actually wag the dog?[08:03] - How can financial advisors effectively measure and communicate the value of tax alpha to their clients?[08:56] - What is Direct Indexing, why is it important and why should advisors and investors care about it?[10:13] - What role does technology play in the efficient execution of Direct Indexing strategies and what tools should advisors be looking for?[11:35] - What are the most common pain points for advisors and investors using Direct Indexing and how can these be addressed?[13:53] - When an advisor or investor is shopping for a Direct Indexing provider, what should they be looking for and what questions should they be asking?[15:01] - Are there additional signs of good or bad Direct Indexing shops that people should be on the lookout for?[16:05] - What are Section 351 ETFs, how do they work and what are their potential benefits?[17:47] - Could these signal a tectonic shift for the wealth management industry?[20:41] - How does a 351 ETF differ from an exchange fund? Do they serve the same purpose?[22:06] - If 351 ETFs don’t solve the problem of diversifying single stock risk, what will?[24:58] - Are there any upcoming regulatory or market trends that will affect 351 ETFs that advisors should be aware of?[25:40] - How much should advisors and investors care about AI and how is Brent using it?[28:23] - Are there any other key research insights that Brent would like to cover today?[29:23] - What resources would Brent recommend for advisors looking to learn more about taxable investing?[31:00] - What is currently Brent’s favorite investment idea?Quotes"Direct Indexing is an investment management strategy that favors individual stocks and bonds for portfolio customization. Customization can be broken down into at least two big categories, one of them is risk and one of them is tax…Why should investors or advisors know about this? That’s because it replaces a fund, which I consider practically a sledgehammer in portfolio allocation, with a scalpel. That’s what Direct Indexing does is give you incredible precision both with risk and tax. ” ~ Brent Sullivan"What matters for allocators is that you’re able to rebalance a portfolio tax free. There’s a bunch of legal boxes you have to check, forget about all that stuff [for now]. Imagine that you’re in a situation where you’ve got a portfolio of direct equities and it's grown a lot, and you’re unable to rebalance or tax loss harvest just because you’re so far above cost basis. [However], you might consider rolling the portfolio into an ETF that’s accepting assets in kind. That’s what 351 allows and affords. Again, tons of boxes to check, but that’s the opportunity there…tax free rebalancing. ” ~ Brent SullivanLinksBrent Sullivan on LinkedInTax Alpha Insider“This Must Be the Place” by Talking HeadsConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Advertisement sponsored by [Toews Asset Management]. [Toews Asset Management] and Orion Advisor Solutions, Inc. (“Orion”) are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided. Orion does not endorse any particular third-party product or service.Compliance Code: 0093-R-25013

Today, Rusty and Robyn are joined by Savina Rizova, Co-Chief Investment Officer and Global Head of Research at Dimensional Fund Advisors. Savina Rizova is Co-Chief Investment Officer and Global Head of Research at Dimensional Fund Advisors LP. She was named Co-CIO in 2024 and serves in that role alongside Gerard O’Reilly, who is also Co-Chief Executive Officer. As Co-CIO, Savina helps lead a team of more than 300 investment professionals across six countries. She is also Chair of the Investment Research Committee and a member of the Investment Committee. Since joining Dimensional’s Research department in 2004, Savina has worked closely with leading academics, collaborating on research, co-authoring papers, and partnering with Dimensional’s broader investment team to implement robust research in live portfolios. She has helped drive innovation across Dimensional’s product offering, including the development, launch, and rapid growth of Dimensional exchange-traded funds (ETFs), the expanded separately managed accounts (SMAs) offering, and model portfolios. She was instrumental in expanding the Research team to more than 100 specialists in investment research, strategy research, and analytics and data. Savina was recognized as one of Barron’s 100 Most Influential Women in US Finance in 2022 and 2023. She holds a PhD in finance and an MBA from the University of Chicago Booth School of Business. She also earned a BA in economics and mathematics from Dartmouth College, where she was a research assistant to Professor Kenneth French.Key Takeaways[03:44] - What motivated Savina’s transition from the academic world to the finance industry and how has her academic background shaped her approach to research?[07:18] - What does Savina’s day-to-day look like at Dimensional Fund Advisors and how does she balance innovation with maintaining Dimensional’s core investment philosophy?[11:57] - How does Savina translate complex, academic findings into actionable insights for advisors and investors?[15:57] - What are some essential research insights that every financial advisor should understand to better serve their clients when building portfolios?[18:27] - How does Dimensional identify and prioritize areas of research that could significantly impact their investment strategies?[21:13] - Does Savina believe the notion of market efficiency still holds as strongly today as it did when Dimensional was founded, or are there nuances that researchers have uncovered in recent years?[23:46] - Emerging areas of research that may play a larger role in Dimensional’s strategies in the future[26:15] - Have there been any recent research findings that challenge Dimensional’s long-term assumptions or that led to a change in their overall investment strategy?[28:20] - How has the explosion of big data and AI changed the research landscape at Dimensional?[31:37] - How is Dimensional using machine learning to enhance its research and investment processes, if at all?[33:16] - What are the biggest opportunities and challenges for investment research in the coming decade?[34:30] - What are the most rewarding and challenging aspects of leading a global research team at Dimensional?[36:40] - As Co-CIO, how has the investment offering from Dimensional evolved in recent years?[42:37] - What steps can we take, as an industry, to encourage more women to explore careers in research and finance?[44:12] - What is currently Savina’s favorite investment idea?Quotes[17:27] - "The majority of active managers underperform their benchmarks. So, that’s another key takeaway - don’t underestimate how difficult it is, and impossible systematically, to outguess market prices. [However], if you want to outperform markets, you don’t have to do that. You can seek to outperform markets by focusing on what you mentioned earlier. [Having an] evidence-based approach [and] premiums that are motivated by a robust [research]. ” ~ Savina Rizova[22:57] - "The one thing many people misunderstand is: market efficiency is a model of how to think about the world or investing. Every model, by default, is wrong [and] is not an accurate description of reality. What is useful about models, is they help you organize how you think about [the world] and how you behave.” ~ Savina RizovaLinksSavina Rizova on LinkedInDimensional Fund Advisors“My Way” by Frank SinatraConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Compliance Code: 3319-OPS-12/31/2024

Key Takeaways[03:45] - What are some of Rusty’s  and Robyn’s all time favorite walk-up songs from The Weighing Machine?[06:03] - What led Rusty to start The Weighing Machine and what did he want to create with it?[09:27] - How did Robyn and Rusty come to be co-hosts of The Weighing Machine originally?[10:12] - What were three of their favorite podcast episodes from the past year?[16:11] - What is Robyn’s favorite investment idea currently?[16:56] - What is Rusty’s favorite investment idea currently?[18:26] - How does Robyn maintain her energy, both physically and mentally, to perform at a high level?[19:12] - How does Rustry maintain his energy, both physically and mentally, to perform at a high level?[22:05] - Are there any mentors or professional peers that Robyn is particularly thankful for?[23:00] - Are there any mentors or professional peers that Rusty is particularly thankful for?[27:52] - What are Rusty and Robyn watching, reading, listening to or watching at the moment?[33:35] - In this age of information overload, how does Robyn balance the need to be informed and educated with the need to reset and tune out?[34:57] - In this age of information overload, how does Rusty balance the need to be informed and educated with the need to reset and tune out?Quotes[17:53] "Investing in yourself is my favorite investment idea. People always think about investments as measured in dollars, but it’s really about developing your own potential and talent and always adapting to what’s going on." - Rusty Vanneman[12:53] "One of the most memorable episodes was with a U.S. Army General, who talked about the importance of culture and leadership. It was inspiring and highly relevant for financial advisors and listeners alike." - Rusty VannemanLinks“I Might Be Wrong” by Radiohead“Where Your Mind Wants to Go” by Blonde Redhead“Scatterlings of Africa” by Johnny Clegg“KeepsakeFM” by Holly WaxwingGood Inside Podcast with Dr. BeckyConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Compliance Code: 3295-OPS-12/26/2024

Today, Rusty and Robyn are joined by Jack Sharry, Executive Vice President and Chief Growth Officer at LifeYield. Jack Sharry has been a financial industry innovator, collaborator and advocate for 40+ years. He served as an executive at Morgan Stanley, Putnam Investments, Virtus Investment Partners and now, LifeYield where he led sales, marketing, product development and distribution strategy. Jack is the Chair of the InvestmentNews Future of Financial Advice initiative and a frequent contributor to the publication, he Co-Chairs the Money Management Institute Digital Advice Community, and hosts the LifeYield podcast, WealthTech on Deck, where he talks with other industry leaders on their tech strategy designed to improve investor and advisor outcomes.Key Takeaways[03:15] - Jack’s professional background and the highlights of his career[06:15] - What is LifeYield’s big news today and how do they optimize financial outcomes for their clients?[08:26] - What is a Unified Managed Household (UMH), why is it significant and how does it benefit both advisors and investors?[11:13] - What are some of LifeYield’s strategies for reducing tax exposure for investors?[13:20] - What are some of the common challenges individuals face when planning retirement and how does LifeYield address these?[15:09] - What inspired Jack to start his podcast, “Wealth Tech on Deck?”[17:58] - What are some of the most memorable conversations that Jack has had on his podcast? Also, for a first time listener, are there any particular episodes that he would recommend?[22:52] - Has Jack noticed any emerging trends, that are shaping wealth management and fintech, across his podcast conversations?[24:28] - How is artificial intelligence going to transform wealth management?[26:32] - What aspects of teaching does Jack find the most fulfilling and how does this role influence his professional perspective?[31:11] - What is Jack’s current assessment of college students, and therefore the future of the wealth management industry?[33:25] - Pivotal moments or decisions that really shaped Jack’s career and got him where he is today[37:05] - How has Jack seen the financial industry evolve since he began and what are some of the key things he learned from those changes?[38:45] - What drives Jack’s passion and how has he maintained his enthusiasm throughout his extensive career?[39:45] - What are Jack’s aspirations for LifeYield, and the broader financial industry, over the next decade?[41:43] - What is  Jack’s favorite investment idea currently?Quote[34:23] - "So this homework assignment, which I give to all our listeners here to try this, I’ve done this with many folks over the years. When you go home you are not allowed to make a declarative statement for the first hour you are home, whether you live with a partner, roommate, friend, wife [or] husband. ” ~ Jack SharryLinksJack Sharry on LinkedInLifeYield“Here Comes the Sun” by The BeatlesMad River ReflectionsConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Compliance Code: 3199-OPS-12/13/2024

Today, Rusty and Robyn are joined by Shana Sissel, Founder and Chief Executive Officer at Banrion Capital Management. For two decades Shana Orczyk Sissel has climbed the ladder of the financial services industry. As Founder, President & Chief Executive Officer of Banrion Capital Management Shana helps independent advisors navigate the complex world of alternative investing, assisting with investment platform development, alternatives in portfolio construction and developing best practice in alternative investment due diligence. Dubbed the "Queen of Alternatives" by her peers. Shana is a sought after speaker & media contributor, appearing frequently at industry events and on major financial news outlets like CNBC, Fox Business Network, Bloomberg and the TD Ameritrade Network. Shana has maintained fierce, outspoken advocacy for her fellow women in finance for the duration of her career — acting as a mentor for many other young women navigating the battlefield of a male-dominated industry. Having overcome many obstacles to achieve success in her own career, she leverages her personal social media following to speak out for the recognition and support of women in her field. As a member of Women in ETFs, Shana has become a spokesperson for their Speaker’s Bureau, with the goal of improving public representation of females in industry-oriented events and conferences, as well as in financial media.Key Takeaways[03:46] - The highlights of Shana’s career and the breadth of her experience in the industry[06:34] - What drove Shana to start Banrion Capital Management and what sets them apart as a firm?[12:26] - To set the stage, how does Shana define Alternative Investments?[13:45] - How do alts reduce portfolio risk and potentially enhance risk-adjusted performance?[16:24] - What is Shana’s view on private equity and private credit and does she think they are diversifying asset classes?[18:35] - What is Shana’s take on Cliff Asness’ perspective on high-volatility alternatives?[21:22] - Which alternatives strategies does Shana recommend for advisors looking to incorporate alts into their clients’ portfolios?[29:01] - What are some common misconceptions about Alternative Investments and how does Shana address these with clients?[32:35] - What are some of the educational programs, on alts, that Banrion offers to advisors and investors?[36:53] - What are some of the experiences that have shaped Shana and how have they shaped her approach to leadership and investment?[41:17] - Challenges Shana has faced as a woman in the industry and how she has navigated them in her career[44:36] - What initiatives and advice has Shana offered to support women who are in this field or entering this field?[48:35] - Looking ahead, what are Shana’s aspirations for Banrion Capital Management, and the broader financial industry, in the next decade?[51:02] - What is Shana’s favorite investment idea at the moment?Quote[07:50] - "99% of the competitors in the space that create and build these access platforms for alternative strategies for advisors were founded and built to solve problems for asset managers, not advisors." ~ Shana SisselLinksShana Sissel on LinkedInBanrion Capital Management“Fighter” by Christina Aguilera“Wanna Be” by Megan Thee Stallion & GloRillaConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Compliance Code: 3195-OPS-12/13/2024

Today, Rusty and Robyn are joined by Nate Conrad, Head of LifeX at Stone Ridge. Nate formerly served as the Head of Markets at Stone Ridge and as the President of NYDIG. Prior to joining Stone Ridge in 2016, Nate worked at Goldman Sachs as a vice president in the Interest Rates Trading business. Nate received his BSE in Computer Information Science from the University of Pennsylvania.Key Takeaways[03:03] - More on Nate’s career and his current position at Stone Ridge Asset Management.[04:19] - What is the philosophy behind Stone Ridge Asset Management and what sets them apart as a firm?[05:51] - What is the elevator pitch for LifeX and why might it be a real game changer for financial advisors and investors?[08:55] - How do LifeX ETFs convert accumulated assets into predictable, monthly distributions?[10:31] - What types of government bonds do LifeX ETFs invest in and how does this strategy support reliable, monthly payments?[11:06] - There are other bond ladder solutions, so what makes this franchise of ETFs different?[13:43] - How can inflation protected ETFs address the persistent concerns around rising prices?[16:00] - LifeX ETFs have a fee structure that decreases overtime. What are the long-term benefits of this approach for investors?[18:18] - What types of investors would benefit most from incorporating LifeX ETFs into their retirement planning?[21:05] - How might LifeX help advisors actually grow their business as a result of the great generational wealth transfer?[24:45] - Other unique implementations or use cases of the LifeX products.[27:00] - What are the tax implications of investing in LifeX ETFs and how does this compare to other retirement income solutions?[29:26] - How are advisors making their allocations with these funds?[31:24] - What are some of the common questions or concerns that Nate hears from advisors and investors about LifeX?[34:37] - What resources and support does LifeX provide to financial advisors to learn more about these ETFs and help them integrate them into clients’ portfolios?[35:52] - What is currently Nate’s favorite investment idea?Quotes[03:44] - "Innovation is really at the core…[of] what we do at Stone Ridge. It all starts with hearing the problems that people have in their portfolios. What are the things that keep them from feeling financially secure? And, when you hear those problems, asking questions about the root cause and then trying to solve them with a little bit of an engineering mindset." ~ Nate Conrad[04:42] - "If you’re not somebody in our country who is an ‘accredited investor’ or ‘qualified purchaser,’ which are standards based on wealth and not intelligence, which we really don’t like,  then there’s a whole set of investments that you’re not allowed to have access to. A lot of the most diversifying assets out there tend to be in private structures that the majority of Americans can’t get access to, and that doesn’t sit well with us at Stone Ridge." ~ Nate ConradLinksNate Conrad on LinkedIn“Under Pressure” by QueenWade Pfau White PaperStone Ridge on LinkedInLifeX FundsStone RidgeConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionFor important risk disclosures, visit the LifeX website: LifeX FundsDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Compliance Code: 3120-OPS-12/4/2024Important Risk Disclosures for LifeX ETFsDefinitions:Distribution Yield: Distribution Yield, or Distribution Rate is calculated as the intended annualized distribution per share divided by the net asset value (NAV) of the fund. A portion of each fund’s monthly distribution is expected and intended to include return of capital.TIPS: Treasury Inflation-Protected Securities (TIPS) is a type of government bond issued by the U.S. Treasury where the principal amount adjusts based on inflation.CPI: The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. Indexes are available for the U.S. and various geographic areas. Average price data for select utility, automotive fuel, and food items are also available.Footnotes:The tax discussion herein is general in nature. Investors should consult their tax advisers about the effect that an investment in Stone Ridge Longevity Income ETFs could have on their tax situation. Please refer to the prospectus for a discussion of tax risks. Holdings of the ETFs in a qualified retirement account may not benefit from a tax-advantaged distribution.Risk Disclosures:Stone Ridge Term Income ETFs (Stone Ridge 2035 Term Income ETF, Stone Ridge 2040 Term Income ETF, and Stone Ridge 2045 Term Income ETF), Stone Ridge 2064 Longevity Income ETF, Stone Ridge 2064 Inflation-Protected Longevity Income ETF, Stone Ridge 2065 Longevity Income ETF, and Stone Ridge 2065 Inflation-Protected Longevity Income ETF.These funds have filed a registration statement with the Securities and Exchange Commission, but it is not yet effective. An investment in the funds cannot be made, nor money accepted, until the relevant registration statement is effective. An investor should consider the objectives, risks, and charges and expenses of the funds carefully before investing. The relevant preliminary prospectus, which contains this and other information about the funds, may be obtained by calling 855-609-3680. The information in the preliminary prospectuses is not complete and may be changed. The relevant final prospectus should be read carefully before investing, and when available may be obtained from the same source.  This communication is not an offer to sell or the solicitation of an offer to buy securities and is not soliciting an offer to buy these securities in any state in which the offer, solicitation or sale would be unlawful.Investors should carefully consider the risks and investment objective of (i) the Stone Ridge 2035 Term Income ETF, Stone Ridge 2040 Term Income ETF and Stone Ridge 2045 Term Income ETF (each, a “Term Income ETF” and, together, the “Stone Ridge Term Income ETFs”), (ii) the Stone Ridge Longevity Income 2048 ETF and each other series of Stone Ridge Trust with the same investment objective and strategy that is part of the same fund family (the “Stone Ridge Longevity ETFs”) and (ii) the Stone Ridge 2048 Inflation-Protected Longevity Income ETF and each other series of Stone Ridge Trust with the same investment objective and strategy that is part of the same fund family (the “Stone Ridge Inflation-Protected Longevity Income ETFs” and, together with the Stone Ridge Longevity ETFs, the “Stone Ridge Longevity Income ETFs” and each, a "Longevity Income ETF")(the Stone Ridge Longevity Income ETFs and the Stone Ridge Term Income ETFs are collectively referred to herein as the "Stone Ridge Income ETFs"), as an investment in the Stone Ridge Income ETFs may not be appropriate for all investors and is not designed to be a complete investment program. There can be no assurance that an ETF will achieve its investment objectives.Investors should consider the investment objectives, risks, and charges and expenses of the Stone Ridge Income ETFs carefully before investing. The prospectus contains this and other information about the investment company and may be obtained by visiting www.lifexfunds.com. The prospectus should be read carefully before investing.An investment in the Stone Ridge Income ETFs involves risk. Principal loss is possible.Each Stone Ridge Longevity Income ETF intends to make an identical distribution each month equal to $0.0833 per outstanding share of the ETF (multiplied, in the case of the Stone Ridge Inflation-Protected Longevity Income ETFs, by an inflation adjustment as specified in the ETF’s prospectus, which is intended to reflect the cumulative impact of inflation since the launch of the ETF) until April of the year twenty years prior to the ETF’s end year. Thereafter, to counterbalance the frontloading of the ETF’s distributions, each ETF will reduce its per-share distribution rate to a level estimated to be sustainable through the ETF’s end year, resulting in a one-time decrease of ~25% to the per-share distribution amount. This event is referred to herein as the “recalibration.” An estimate of this reduced distribution rate is provided in each ETF’s prospectus; however, there is a risk that the ETF may ultimately recalibrate its distribution to be higher or lower than this estimate.Each Stone Ridge Longevity Income ETF is designed to support the option for members of its Modeled Cohort to continue to pursue substantially identical monthly distributions beyond age 80 by investing in a Closed-End Fund. However, the Closed-End Funds may not become available as intended, and there is no way for investors to assess the risk that the Closed-End Funds will not be launched. For example, the Adviser may determine that it is not appropriate to launch the Closed-End Funds if the Adviser believes there may not be a sufficiently diverse investor base, which is expected to be at least 100 shareholders. In the absence of a Closed-End Fund, investors may remain invested in the relevant ETF; alternatively, an investor may sell his or her shares, though investors may not have available to them an alternative investment option that provides the same level of distributions as they might have been able to receive if a Closed-End Fund were available. Shares of the ETFs may continue to be held by a shareholder’s beneficiary or may be sold at the then-current market price. However, a beneficiary of an ETF shareholder will not be eligible to invest in a corresponding Closed-End Fund unless the beneficiary is a member of the Modeled Cohort. The Closed-End Funds will be subject to different and additional risks as will be disclosed in the Closed-End Funds’ prospectuses. Unlike the Closed-End Funds, the Stone Ridge Longevity Income ETFs do not provide longevity-linked distributions and do not engage in longevity pooling. This is not an offer to sell or the solicitation of an offer to buy securities of the Closed-End Funds. A form of a Closed-End Fund’s prospectus (which is subject to revision) is included as Appendix A to each Stone Ridge Longevity Income ETF’s prospectus.The Stone Ridge Longevity Income ETFs are subject to risks related to exchange trading, including the following:Each Stone Ridge Longevity Income ETF’s shares will be listed for trading on an exchange (the “Exchange”) and will be bought and sold on the secondary market at market prices.  Although it is expected that the market price of ETF shares will typically approximate the ETF’s net asset value (“NAV”), there may be times when the market price reflects a significant premium or discount to NAV.Although each Stone Ridge Longevity Income ETF’s shares will be listed on the Exchange, it is possible that an active trading market may not be maintained.Shares of each Stone Ridge Longevity Income ETF will be created and redeemed by a limited number of authorized participants (“Authorized Participants”).  ETF shares may trade at a greater premium or discount to NAV in the event that the Authorized Participants fail to fulfill creation or redemption orders on behalf of the ETF.Each Stone Ridge Income ETF has a limited operating history for investors to evaluate, and new ETFs may not attract sufficient assets to achieve investment and trading efficiencies.For additional risks, please refer to the relevant prospectus and statement of additional information.The Stone Ridge Income ETFs are distributed by Foreside Financial Services, LLC.

Today, Rusty and Robyn are joined by Joel Shulman and Eva Ados of EntrepreneurShares. Dr. Joel Shulman is the Founder/Managing Director/CIO of ERShares. His 25+ years of research at Babson College (#1 in Entrepreneurship) and best business book written while at Harvard, led to the formation of a proprietary investment model and the Entrepreneur Factor. The formation of his money management practice followed the sale of the Shulman Review, a CFA test-prep company that trained over 12,000+ investment professionals in 110+ countries around the world. Dr Shulman appears frequently in the media including, Fox Business, CNBC, Bloomberg, Yahoo Finance, WSJ, Barrons, Forbes among others. He has been a consultant to many leading organizations as well as The World Bank in which he helped facilitate capital market development in Central Asian states. He has a Ph.D. and CFA designations along with an MPA from the Kennedy School of Government at Harvard University.Key Takeaways[03:26] - What has Joel loved about his career and how has he been able to accomplish so many things?[04:50] - How did EntrepreneurShares come about and what do they stand for as a firm?[09:09] - What originally inspired Joel to start ERShares?[12:31] - What is the entrepreneur factor and how has it changed over the years?[18:09] - Learn more about their XOVR ETF and what makes it unique.[19:56] - How much can XOVR invest in private equities and how does it work?[23:30] - More on Joel’s time at Babson College and how it affected his transition into asset management.[28:52] - What strategies does Joel employ to manage risk associated with investing in these high-growth, entrepreneurial companies during volatile market conditions?[32:12] - How do emerging technologies, like Artificial Intelligence and Blockchain, influence some of their investment strategies?[34:25] - What are the primary differences between investing in US-based entrepreneurial companies vs. those in international markets? Does their entrepreneur factor work as well abroad, or does it need the entrepreneurial infrastructure provided here in the United States?[37:23] - How is Joel seeing their fund being used in portfolios?[39:33] - What does Joel think goes into being a good professor? Also, does he miss teaching?[44:15] - As a professor, what methods did he find to be most effective at encouraging students to break down complex financial theories? Also, how can financial advisors use these techniques to better serve their clients?[47:35] - What advice would Joel give to students or aspiring finance professionals in today’s competitive landscape?[50:12] - What qualities does Joel see in students today that makes him optimistic about the future of the industry?[53:05] - What is currently Joel’s favorite investment idea?Quotes[16:28] - “Entrepreneurs [are often present] for 10, 20, 30 years. They’re not leaving very quickly, so their longevity is 5x, 6x [or] 7x what the normal CEO would be…As a result, they have a long-term orientation and…it’s that mindset that really makes the difference, because the way they build the organization and the way they manage it is much different than someone who [will be] there for 3 to 4 years. ” ~ Joel Shulman[44:15] - “One of the things that makes people great in any industry, in any capacity, is curiosity...The most successful people in our investment profession, these are curious people. People who look at something and they…say ‘how did that happen, how did that come to be?’” ~ Joel ShulmanLinksEntrepreneurSharesJoel M. Shulman on LinkedInERShares on InstagramERShares on YoutubeERShares on FacebookERShares on LinkedIn“Lose Yourself” by EminemConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Advertisement sponsored by Janus Henderson Investors. Janus Henderson Investors and Orion Advisor Solutions, Inc. (“Orion”) are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided. Orion does not endorse any particular third-party product or service.Compliance Code: 3094-OPS-12/3/2024

Today, Rusty and Robyn are joined by Christopher Norton, Chief Marketing Officer at Potomac. Christopher is an innovative, award-winning, multidisciplinary creative with a passion for storytelling. He has worked with a wide array of large and independent clients in the news, entertainment and financial services. While his skill set is vast, Christopher’s expertise is found in the inner workings of a brand story. He has spent his career leading different marketing teams in the financial sector overseeing campaigns, PR strategies, brand awareness and more. As Chief Marketing Officer at Potomac, Christopher seeks to deliver world-class, story-driven creative to connect Potomac to its audience.Key Takeaways[03:30] - Learn more about Christopher’s career and his current role at Potomac.[05:32] - What is the story behind Potomac’s trademark term “built to conquer risk?”[09:36] - Potomac has become well known for their unconventional market approaches, like sending branded cereal boxes to their clients. What is the philosophy that drives these unique approaches?[11:55] - Learn how Potomac’s innovative “Who Are You?” video series came to life and how it is going so far.[17:05] - How does Potomac’s content-centric approach strengthen engagement with advisors and investors?[19:07] - Why is transparency so central to Potomac’s marketing strategy and how does it create value for their clients and their partners?[20:10] - Learn more about the Potomac Remix Conference and some of the unique activities this conference offers.[22:47] - What role do conferences play in building stronger client relationships?[24:35] - The wealth management industry is evolving very quickly. How does Potomac’s marketing strategy keep up with those changes and what trends in the industry are they focused on right now?[26:35] - What are some of the metrics, or feedback mechanisms, that Christopher relies on to measure the success of a marketing campaign or project?[28:52] - Can Christopher give us a sneak peak at any upcoming marketing campaigns they have planned at Potomac?[30:20] - For the advisors and investors listening to this, does Christopher have any actionable advice for their marketing approach?[31:10] - As a content creator, is Christopher already leveraging AI and if so, how is it making an impact on what he does?[33:40] - How does Christopher keep his creativity flowing and does he think that creativity is something that you are just born with, something you can cultivate or a little bit of both?[36:18] - What is currently Christopher’s favorite investment idea?Quotes[11:13] - “I think too many firms in this industry don’t spend enough time on simple brand recognition and getting your name out there. They do all of these very complicated email marketing things, and that’s important too, but they don’t have the brand recognition and campaign to back it up with something truly memorable.” ~ Christopher Norton[22:47] - “I don’t think, no matter how technologically advanced we get, anything will replace the value of facetime. Being able to get together in a venue, have meaningful conversations, have some fun together spending time - that adds so much to the depth of a relationship, that I don’t think anything else can replace it, and we invest pretty heavily into that. ” ~ Christopher NortonLinksChristopher Norton on LinkedInPotomac Fund Management“Take the A Train (Live at Newport)” by Duke Ellington‘Who Are You?’ video seriesConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Advertisement sponsored by Janus Henderson Investors. Janus Henderson Investors and Orion Advisor Solutions, Inc. (“Orion”) are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided. Orion does not endorse any particular third-party product or service.Compliance Code: 2977-OPS-11/19/2024

Today, Rusty and Robyn are joined by Charlie Phelan, Head of Business Consulting at Fidelity Investments. Mr. Phelan leads consulting and business development activities focused on helping clients leverage Fidelity to evolve their businesses and drive transformational change. Charles consults with broker-dealers and registered investment advisors on optimizing their businesses including development and execution of business strategy, leverage of technology and operational best practices to drive efficiency. Charles has a demonstrated track record of helping firms maximize the ROI of the Fidelity relationship. Mr. Phelan has over 20 years’ experience in financial services, primarily focused on new business development and consulting. Prior to his current role, Mr. Phelan was responsible for leading the client onboarding team at FCCS. This included oversight of program management, transition and implementation activities to support new business. Mr. Phelan joined Fidelity in 1995 as part of the finance team. Mr. Phelan also held roles in risk management, information security and as a project manager where he was responsible for leading strategic client projects. He began his career in private banking at Bank Boston.Key Takeaways[04:08] - Charlie’s professional background and more on his current role at Fidelity.[05:24] - How should firms think about a baseline for growth at a macro level?[07:10] - What does high performance for a wealth management firm look like?[08:40] - For the fastest growing firms, how much of this growth is from mergers and acquisitions activity?[11:39] - What are the four levers of growth that their research uncovered and what do these mean in practice for firms and financial advisors? The first of these levers is people. What did their research uncover about people and how do “thrivers” and “survivors” differ?[14:28] - What are some considerations for firms that help to create teams that thrive?[17:14] - The second lever to help grow wealth management firms is their platform. In this light, what is separating the fastest growing advisory firms from the rest?[18:38] - What are some of the strongest advisor-based technology platforms and tools? Also, where is Charlie seeing the most demand for Fidelity’s capabilities?[20:02] - What might AI mean for the wealth management space and what are some of the  biggest opportunities around AI today?[24:04] - What are some of the market opportunities that are upcoming with the massive generational wealth transfer looming? What should advisors be doing to prepare?[24:40] - What are Charlie’s clients doing to capitalize on this huge generational wealth transfer opportunity?[26:08] - What are some examples of firms aligning their offerings with client needs as they evolve?[28:58] - What is currently Charlie’s favorite investment idea?Quote[23:10] - “One in five women change advisors after a death or a divorce, so if either of those two things happen on the life event side, they are changing their advisor. Also, [it] is estimated that 91% of adult children found an advisor without even considering the one that their parent’s used…This one was most interesting to me…we found that advisors have only reached out to 13% of their clients’...children.” ~ Charles PhelanLinksCharles Phelan on LinkedInFidelity InvestmentsThe Four Levers of Organic Growth“Where the Streets Have No Name” by U2Connect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Advertisement sponsored by Janus Henderson Investors. Janus Henderson Investors and Orion Advisor Solutions, Inc. (“Orion”) are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided. Orion does not endorse any particular third-party product or service.Compliance Code: 2942-OPS-11/18/2024

Cliff Asness, co-founder of AQR Capital Management and a leading voice in quantitative finance, dives into the evolving world of investing. He discusses the shift towards passive investing, market inefficiencies, and the merits of high-volatility alternatives. Cliff emphasizes how disciplined investors can leverage these inefficiencies for better returns and shares strategies to navigate behavioral biases. He reflects on the journey of building AQR, highlighting the importance of diversification and continuous learning in the investment landscape.