Orion's The Weighing Machine

Today, Rusty and Robyn are joined by Julie Abbett, Head of Americas ETF Sales for Equity and Credit at JPMorgan. Julie focuses on the J.P. Morgan’s ETF execution sales model through strategic partnerships within the ETF market. Julie joined J.P. Morgan from Deutsche Bank where she headed up the ETF execution Sales effort covering the RIAs, ETF Portfolio Managers, and traditional asset manager clients. Prior to Deutsche Bank, Julie was Senior Vice President and Head of Portfolio Management at IndexIQ managing a suite of liquid alternative exchange traded funds. Before IndexIQ, Julie was a Quantitative Equity Portfolio Manager at Deutsche Asset Management (DeAM)/DB Advisors for over 9 years.Key Takeaways[02:55] - Learn more about Julie’s professional background and her role at JPMorgan.[04:42] - What other factors are affecting ETF flows?[05:49] - Might Active ETFs eventually challenge traditional Mutual Funds, or even Passive ETFs, in terms of popularity and performance?[07:08] - What shifts is Julie seeing in client demand for ETFs? What are the differences between the preferences for institutional vs. retail investors?[08:52] - How does JPMorgan approach Fixed Income ETFs and how do they view  the future for Bond ETFs?[10:27] - What can we do to better help educate end investors about newer and more complex products?[12:08] - Words of advice for those hoping to enter the ETF industry, or the financial industry more broadly.[13:02] - What is currently Julie’s favorite investment idea?[13:46] - How does Julie maintain her health, both physically and mentally, while working at a trading desk?Quote[05:03] - “The other really large source for ETFs, and I’m sure you’ve talked about this too, has been the wide adoption of Active ETFs. Active Funds, depending on the time frame, have received 25-30% of all ETF flows, which is an outsized percent, especially relative to the current percentage of ETF AUM…These flows include both new net in flows, as well as out flows that are coming out of Mutual Funds and into ETFs.” ~ Julie AbbettLinksJulie Abbett on LinkedInJPMorgan“Welcome to the Jungle” by Guns N’ RosesConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionSapiens By Yuval Noah HarariDisclosure(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: 2806-OPS-10/31/2024

Today, Rusty and Robyn are joined by John Kerschner, Head of US Securitized Products and a portfolio manager at Janus Henderson Investors. He is a member of the Securitized Credit and US Fixed Income Teams and leads the teams in finding innovative ways to utilize structured products in JHI portfolios. Prior to joining Janus in 2010, John was director of portfolio management at BBW Capital Advisors. Before that, he worked for Woodbourne Investment Management, where he was global head of credit investing. John began his career at Smith Breeden Associates as an assistant portfolio manager and was promoted several times over 12 years, becoming a principal, senior portfolio manager and director of the ABS-CDO group. John received his bachelor of arts degree in biology from Yale University, graduating cum laude. He earned his MBA from Duke University, Fuqua School of Business, where he was designated a Fuqua Scholar. John holds the Chartered Financial Analyst designation and has 34 years of financial industry experience.Key Takeaways[02:07] - Learn more about John’s professional background and his work at JanusHenderson.[05:07] - Does John think it will be a gradual path to lower interest rates or might the economy derail those plans for The Federal Reserve?[08:45] - How does John explain what the neutral rate is and does he care about it professionally? If so, does he think the market is getting the neutral rate right?[11:57] - How would John explain securitized debt to his family and friends?[15:08] - How would John compare and contrast CLOs with securitized debt?[17:14] - An update on the current health of the consumer.[21:12] - Why are yields and spreads still so attractive in the securitized space and how does John view the credit landscape moving forward?[25:32] - What roles do CLOs play when The Federal Reserve starts cutting rates?[28:14] - Has there been a change in the types of CLOs being issued?[31:05] - What is the outlook on mortgage backed securities right now?[35:40] - What opportunities does John see in Asset Backed Securities (ABSs) and how do these contrast with other securitized products?[39:14] - Does John think we will see a bounce back in Commercial Mortage Backed Securities (CMBSs) or not?[48:32] - What is currently John’s favorite investment idea?Quotes[14:28] - “The beauty of securitization is that you’re taking an individual loan: auto loan, credit card loan, student loan, mortgage loan, you name it, and you’re packaging that loan with many other loans and taking those cash flows and selling them to investors like us at JanusHenderson. ~ John Kerschner[15:09] - “Yeah, so CLOs, it’s an acronym…[that] stands for collateralized loan obligations…All it is, it’s the same idea [as securitized debt], but you’re using corporate loans instead of consumer loans.” ~ John KerschnerLinksJohn Kerschner on LinkedInJanusHenderson“Don’t Believe the Hype” by Public EnemyConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionSapiens By Yuval Noah HarariDisclosure(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: 2814-OPS-11/1/2024

In this episode, Rusty and Robyn talk with Paul Curley, Director of Savings Research at ISS Market Intelligence. In his role, Paul oversees 529 and ABLE market data, research, events and digital products and services for institutional clients, including the 529 Conference. Also, an Editor-in-Chief of the 529 Dash e-newsletter and the 529 Insiders website for financial advisers, institutions, and the media, Paul presents educational seminars and conferences to financial industry experts on 529 plans and ABLE accounts.Key Takeaways[03:34] - Learn about Paul’s work as Editor In Chief for 529 dash, Director of Savings Research at ISS Market Intelligence and CFA Review Instructor and Practice Exam Writer.[05:34] - Learn more about what makes ISS Market Intelligence unique and how they operate.[07:01] - What are 529 Plans and why should investors care about them?[08:25] - Why are 529 Plans not even more popular, or more widely adopted, than they are?[09:41] - What are the most significant data points or metrics that parents and advisors should be focusing on when selecting a 529 Plan?[12:03] - How might recent policy changes affect the usage and appeal of 529 Plans for advisors?[12:57] - Do most 529 investors buy directly from a 529 Plan or do they go through a financial advisor? Also, what might make 529 Plans more attractive to financial advisors?[14:49] - How has Paul seen the 529 space evolve over the past decade and what trends are shaping the future of these plans?[16:07] - What are the biggest challenges facing the 529 industry today? Also, what role does ISS play in helping states and plan providers navigate those challenges?[18:02] - How does Paul view the shift in investment options available in 529 Plans now?[20:55] - Has Paul noticed any shifts in the demographic of families using 529 Plans and how is this influencing product offerings or marketing strategies for plan providers?[22:50] - Does Paul see any emerging alternatives or supplements to 529 Plans, such as innovative funding models or education targeted investment products?[25:18] - Are there any legislative developments on Paul’s radar that could impact the 529 industry?[26:50] - How are technology and digital platforms transforming the way people engage with education savings plans? Also, what role does Paul see AI and data analytics playing in the future of education investing?[29:00] - For listeners who are new to 529 Plans, or who are looking to improve their education savings strategy, what is the one piece of advice Paul would offer?[30:10] - What is currently Paul’s favorite investment idea?Quotes[12:02] - “I would just say that, for additional content as it relates to that ability to distribute over to Roth IRAs, what’s very intriguing is there’s only 0.1% of assets in accounts currently using that capability to roll over from 529s to a Roth. So…the real strong point [here]…is really just reducing that mental hurtle…that’s like ‘what if my child doesn’t go to college?’” ~ Paul Curley[31:01] - “It’s easier to increase your savings rate by 20% than [to reduce] your living expenses by 20%, if that makes sense at all? So, that’s [my favorite investment idea and] something that I’ve been thinking about recently.” ~ Paul CurleyLinksPaul Curley on LinkedInISS Market Intelligence“Saturday Night Live Theme” by Howard ShoreConnect 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: 2700-OPS-10/21/2024

Today, Rusty and Robyn are joined by Saira Rahman, Vice President of New Investor Initiatives at Fundrise. Saira is a board advisor and speaker with 17 years of experience in strategy, payments, modeling and forecasting, financial reporting and interest rates. She believes in effective leadership through cross-functional collaboration, clear communication, people management and robust teamwork. Saira has been featured in the Wall Street Journal and Yahoo News advocating for and implementing family benefits in the workplace. She is also Co-host of Girls Just Wanna Have Funds, a weekly podcast deconstructing the intimidating world of finance with Megan McShane.Key Takeaways[03:13] - Learn more about Saira’s professional background and what drew her to the investing world.[05:26] - Learn more about Fundrise and their focus on Alternative Investments.[06:20] - How would Saira define Alternatives exactly?  Also, what types of Alts are there?[07:07] - Why should investors consider Alternatives in addition to traditional asset classes, like stocks and bonds, in their investment portfolios?[09:32] - Why are Alternatives seeing a spike in popularity right now? Also, has the interest in Alternatives been impacted by The Fed's decision to cut rates recently?[11:00] - How has Fundrise evolved since its inception and what upcoming developments is Saira most excited about?[12:24] - How are changing demographics influencing the Alternative space in general and the types of investment opportunities that Fundrise offers?[14:44] - How is the current economic environment impacting Real Estate investments for retail investors?[16:13] - What role does company culture play in driving innovation and growth within Fundrise?[16:52] - What is the most important lesson Saira has learned from her diverse career in Financial Services?[18:00] - What is the best piece of advice that Saira has received and what advice would she give to women entering the Financial Services industry?[20:54] - What is Saira’s favorite investment idea currently?[22:36] - Who are some of the colleagues and mentors that Saira is especially thankful for?Quotes[07:09] - “If I’m an RIA, and I don’t have Alts in my portfolio, I’m missing out on some of the biggest Alpha currently available in the market…We’re currently in the AI wave, where all of the alpha is in being able to make money on both private and public companies. But, if you look at the public companies, NVIDIA is the only company available to you, in terms of AI…and if you want to get access to the rest of the absolutely incredible AI companies, you have to go into Venture Capital…so if you are not investing in private markets [and] you’re not investing in VC, you are doing a disservice to your investors because they are unable to access just the massive opportunity that is currently in front of us.” ~ Saira Rahman[16:54] - “The most important lesson [I’ve learned from my time in Financial Services] is probably that you really need to find a job that doesn’t feel like a job…I think having the ability to figure out exactly where you wake up every morning, and it just doesn’t feel like work, that is when you realize you are home.” ~ Saira RahmanLinksSaira Rahman on LinkedInFundrise“Infinity” by They Might Be GiantsConnect 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: 2643-OPS-10/14/2024

Today, Rusty and Robyn are joined by Michael Patchen, Co-Founder and CEO at Colleva. Key TakeawaysMike’s professional background and how he got where he is today.What inspired the founding of Colleva?What are the challenges that Mike is seeing in the RIA space and how is Colleva helping address these? Also, how does he envision it transforming the landscape of professional development and employee coaching?What is Mike’s outlook for AI in the broader investment industry and how it will transform it?What does Mike consider to be the primary focus of Colleva?How does Colleva use AI to create lifelike, interactive coaching experiences? What sets it apart from other AI tools?What makes Colleva’s approach to employee insights so unique?While Colleva is not currently being used to job interviews and screening, what roles can it play in the interviewing landscape?Does Mike have metrics or success stories to gauge the effectiveness of Colleva?Some examples of how using Colleva is engaging, approachable and even fun.At a philosophical level, how does Mike see the future of work evolving?How does Mike maintain a work/life balance and how does that influence his leadership style?What is currently Mike’s favorite investment idea?Quotes“When my co-founder and I saw what was happening in the AI world, with obviously things like these large language models, like OpenAI…but also text to speech, speech to text, video avatars…What we realized is there was a unique…level changing opportunity, to provide an executive coach for everyone… [and that it] could add a lot of value to organizations.” ~ Michael Patchen“I think [AI] is going to be, you know, completely transformative…without any hyperbole. As someone who went through the internet bubble, or internet phase, I think ultimately this will be multiples of that in terms of impact. There will be a lot of shakeout, there will be a lot of false starts, there will be a lot of figuring out what is good AI…vs. bad AI. But, ultimately, the impact is going to be transformational because we are really just in the infancy of it.” ~ Michael PatchenLinksMichael Patchen on LinkedInColleva“Still of the Night” by WhitesnakeConnect 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: 2610-OPS-10/10/2024

Today, Rusty and Robyn are joined by Ryan Issakainen, Senior Vice President, Exchange-Traded Fund Strategist at First Trust Advisors. Since joining First Trust in January of 2000, Mr. Issakainen has worked in various capacities with Unit Investment Trusts, Closed-Ended Funds, Structured Products, and Exchange-Traded Funds. As an ETF Strategist at First Trust, Ryan provides in-depth analysis and commentary related to ETF investing, including a monthly ETF webcast for financial advisors, and a quarterly ETF newsletter. In addition to his research responsibilities, Ryan speaks at various ETF industry events and conferences throughout the country. Mr. Issakainen has appeared on a number of radio and television outlets including CNBC, Fox Business, Bloomberg Radio, and WBBM Newsradio 780. In addition, he has given interviews to numerous print outlets including Investor’s Business Daily, Bloomberg, Reuters, InvestmentNews, Investment Advisor Magazine, TheStreet.com, Index Universe, MarketWatch, The Wall Street Journal, LA Times, US News and World Report, and Fortune Magazine. Ryan holds a B.A. and an M.A. from Wheaton College in Wheaton, IL. He resides in upstate New York with his wife Lauren and children Abigail, Joshua, and Caleb.Key TakeawaysWhat drew Ryan to this industry in the first place and why has he stuck with First Trust for such a long time?What drives First Trust’s investment philosophy and how does it differ from its peers?When interest rates are falling, what tends to work in the stock market?When might the stock market broaden out a bit and what are some of the potential catalysts for this shift?What are some of the potential second order effects of the buildout of AI?How does Ryan define investment themes in general and what does he think that themes like re-shoring and de-globalization mean for the market overall?What is Ryan’s overall outlook for the growth of ETFs and ETF models?How would Ryan define Buffered ETFs and why is there such high demand for them?More and more firms are entering the Buffered ETF landscape. What might this mean for the ecosystem?What is next in the Buffered investment space? Will First Trust potentially bring buffers to other investment vehicles?How does First Trust partner with RIAs and Financial Advisors in a way that might be different from other ETF fund companies?How does First Trust mesh their great macro research with the products they launch?What is Ryan’s favorite investment idea at the moment?Quotes“When we look historically, what tends to work better during those rates down/rate cutting environments…we’ve seen high dividend paying stocks, as well as low volatility stocks,  have been the best performing factors. High quality stocks tend to do well also, but they also tend to work when rates are moving higher. ” ~ Ryan Isaakainen“[For] themes like de-globalization [and] re-shoring, those things are obviously connected - if you are going to have less of a global supply chain, you’ve got to bring it home. This is a trend that is just beginning to play out, that we expect will have legs for at least a decade. We look at the evidence that it’s happening…there’s this building boom in factories that’s across the US - it’s just an enormous amount of magnitude…and there’s a lot of reasons for that and there’s a lot of reasons why we think it will continue. One of the obvious reasons, looking in the rearview mirror…is that…there are vulnerabilities [in supply chains] that were exposed by Covid.” ~ Ryan IsaakainenLinksRyan Issakainen on LinkedInFirst Trust Advisors“Enter Sandman” by MetallicaFirst Trust ROI PodcastAll-In PodcastConnect 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: 2518-OPS-10/1/2024

Today, Rusty and Robyn are joined by  Yuri Khodjamirian, Chief Investment Officer of Tema ETFs. Yuri spent over a decade at Majedie Asset Management managing UK and Global portfolios. As co-manager of the Majedie UK Income Fund, he helped build the fund from start-up stage, raising several billion in assets. He later set up his own long-only fund and sits on the board of a private Scandinavian biotechnology company. He holds degrees in Economics from University of Cambridge and LSE (distinction), as well as a degree in Bioscience Enterprise from University of Cambridge. Yuri is a CFA charter holder.Key Takeaways[03:31] - Yuri’s professional background, career highlights and what brought him to Tema.[05:06] -  More on Tema ETFs and what makes them stand out from their peers.[06:10] -  Learn more about Tema’s investment process and philosophy.[07:24] -  How does Yuri think up the ideas behind the funds they launch? What is his process?[08:37] -  What is the trend of “American reshoring” and how does Tema select companies for this theme?[10:38] -  What makes Tema think that reshoring in the US is a durable trend?[13:32] -  How does Tema approach the healthcare sector differently from other sectors?[15:47] -  What should we be paying attention to in relation to the anti-obesity market within healthcare?[17:42] -  How is Tema doing “Moat Investing” differently than other firms?[19:48] -  One of Tema’s tickers is “TOLL.” What are some examples of some of the companies they would include, or would not include, in TOLL?[21:42] -  What do alternative investments mean for Yuri and what are his current thoughts on the space?[24:27] -  What is Yuri’s favorite investment idea currently?Quotes[06:12] - “My key criteria for joining [Tema ETFs] was sort of - are we going to be really thoughtful about the types of strategies we launch?...What I was kind of encouraging was to build a very thoughtful process that was investment first. What are the most interesting [areas], what I call neighborhoods, of the stock market? ” ~ Yuri Khodjamirian[08:45] - “The thesis [of American reshoring] is kind of the opposite of what was happening in the world many decades ago. So, if you think about the 1960s and from that point on - really a lot of companies, especially in the United States, started to send manufacturing abroad. They were motivated by labor costs [among] other things…and companies were offshoring…but what’s happened over I would say the last 15 years…is that companies are starting to realize that these supply chains are quite vulnerable…and suddenly the board room calculations [are considering] ‘shouldn’t I be building [supply chains] closer to the home market to gain an advantage?’” ~ Yuri KhodjamirianLinksYuri Khodjamirian on LinkedInTema ETFs on LinkedInTema ETFs“Why Can’t We Be Friends?” by WarThe Browser NewsletterIn Our Time PodcastConnect 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: 2482-OPS-9/26/2024

Today, Rusty and Robyn are joined by John Hoffman, Ryan Alderman, Jimmy Dooling, Greg King and Chris Hart from Brinker’s Due Diligence team.Key Takeaways[04:10] - The professional background of each of our guests today and what led them to Brinker.[09:06] - If they had to do due diligence on a due diligence team, what would they look for in that situation and what are some of the characteristics of a good due diligence team?[11:35] - How do they set themselves apart from other due diligence teams in the industry?[14:02] - How does the team go about finding new ideas and how does their “shopping list” get created?[15:58] - When the team is considering managers and strategies, what factors and attributes are they looking for in particular?[17:46] - Learn more about the Brinker Capital “guiding star” reports. What do they cover in these reports and who gets to read them?[19:40] - Do they have any stories of due diligence meetings that have gone terribly wrong?[22:55] - Advice and preparation tips for investment firms that want to be interviewed by the Brinker due diligence team?[25:44] - Recommendations for people who are interested in becoming due diligence analysts.[27:07] - What are each of our guests favorite investment ideas for the near future?[30:36] - How do each of our guests maintain their health, both physical and mental, to ensure they can perform at the high level demanded by this industry?[33:36] - Who are some of the colleagues and mentors that each of the guests are thankful for?[37:26] - Book, podcast and music recommendations from our guests.Quotes[12:43] - “I would say also, to extend on Jimmy’s point, [our due diligence team is] a bit more nimble…I think being a smaller, more collaborative team gets us the ability to execute a little bit more efficiently, [and to] make decisions a little bit more quickly [while] not sacrificing our process along the way.”[16:43] - “Process driven philosophies, being able to quantify why it works and being consistent in how you implement it, I think, are the biggest 3 things that we look for [when considering managers and strategies].” LinksBrinker Capital“Sweet Emotion” by Aerosmith“It’s a Long Way to the Top (If You Wanna Rock ‘N’ Roll” by AC/DC“POWER” by Kanye West“Livin’ Part Of Life” by Eric Church“Bad To The Bone” by George Thorogood and the DestroyersConnect 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. Wealth Management services are offered by Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor. Orion Portfolio Solutions, LLC is a wholly owned subsidiary of Orion Advisor Solutions, Inc. (“Orion”)Compliance Code: 2360-OPS-9/13/2024

Today, Rusty and Robyn are joined by Jerry Parker, CEO of Chesapeake Capital. Mr. Parker is the Chairman and Chief Executive Officer of Chesapeake and Chesapeake Holding Company. Mr. Parker received a Bachelor of Science degree in Commerce, with an emphasis in Accounting, from the University of Virginia in 1980. Mr. Parker started his trading career in 1983 as an exempt commodity trading advisor for Mr. Richard J. Dennis, in his “Turtle” training program. My. Parker, a Portfolio Manager, has overseen Chesapeake’s operations and its trading since its inception in February 1988.Key Takeaways[03:36] - What drew Jerry to investing in the first place? Also, learn more about his career as the Founder of Chesapeake Capital.[05:46] - Learn more about Chesapeake Capital, what sets them apart as a firm and what has been key to their success.[07:53] - Learn more about how Jerry got involved with “Turtle Trading” and more detail about the experiment.[13:15] - How does Jerry define systematic investing and why does he think this approach has worked for him for so long?[15:03] - What was it like working with William Eckhart and Richard Dennis?[19:03] - Learn about the ETFs that Jerry manages for Chesapeake and how they differ from other trend following ETFs.[23:22] - What does Jerry think about the main differences between managing money in a Hedge Fund structure vs. an ETF structure and what made him move from one to the other?[25:21] - Is it true that commodities and currencies are markets that have a tendency to trend, but equities and fixed income are not? Also, what are the benefits of combining a multi-asset trend strategy with equities?[28:27] - How does Jerry define trend and how does it differ from momentum?[31:47] - Where does Jerry think trend following fits alongside fundamental investments in a portfolio?[36:47] - If Jerry was responsible for due diligence and had to select a portfolio manager who used trend following, what would he look for in that manager and that strategy?[39:12] - What does Jerry think about the popularity of trend replication strategies?[42:56] - Does Jerry find that there is more interest in trend following strategies from RIAs than from other financial advisors?[44:51] - When Jerry is considering how to invest his personal wealth, what allocations guidelines or principles does he follow?[47:42] - What have been Jerry’s best and worst trades and what did he learn from them?[52:13] - What is Jerry’s favorite investment idea currently?Quotes[13:15] - “I think [trend following] works for me because it suits my personality to follow the rules…To have a backtest to at least show me, minimally,  that this has at least happened in the past…it may not be great in the future, but it has at least done well in the past…but you can have a little bit of confidence going forward with these rules. I think it works for everyone, if you are willing to submit yourself to rules and not be upset or jealous when people are doing better, seemingly, by not using rules…I think over time this type of strategy will work out, and win out, eventually, but not on a day-to-day basis.” ~ Jerry Parker[19:24] - “I look at our trend following as similar to the S&P. It’s just pure beta. It’s just pure trend. It’s hard to beat, it’s hard for active managers to beat the S&P. I think it’s hard…to beat plain old trend following…It’s [also] rare, I don’t know any other CTAs who will admit that it’s trend following plus nothing, we don’t do anything except trend following, and it’s pretty much the same rules I learned in 1983 with a few changes.” ~ Jerry ParkerLinksJerry Parker on LinkedInJerry Parker on TwitterChesapeake Capital Corporation“Choice is Yours” by Stick FigureConnect 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: 2296-OPS-9/6/2024

Today, Rusty and Robyn are joined by Joe Smith. Joe is Co-founder, Chief Investment Officer and head of Parti Pris’ Investment Strategy Committee. He has executive responsibility for wealthtech platform development, and thought leadership. In his leadership role, he brings deep expertise in applying technology and portfolio optimization tools to portfolio design and implementation issues specific to wealth management. Joe is the primary architect of Parti Pris’ investment approach including Parti’s proprietary Household investment management process and our Advisor SketchBook™ portal. Joe brings almost 20 years of financial industry experience to his position at Parti Pris. Previously, he served as Senior Market Strategist and later Deputy Chief Investment Officer of CLS Investments, LLC. He has held several other investment management and product development roles including Manager of ETF Product Research & Development at Russell Investments and Senior ETF & Index Product Specialist at Charles Schwab Investment Management. Joe holds a BS in Economics from the University of Washington and an MBA from the Tepper School of Business at Carnegie Mellon University. Joe has hosted several industry podcasts and authored several articles and papers regarding the investment management industry and trends, application of quantitative methods to portfolio management, and the role of ETFs in asset allocation portfolios.Key Takeaways[03:59] - Joe’s professional background and how it led him to his current position.[10:14] - Parti Pris is the organizing thought, or decision, behind an architect’s design. How does this idea guide the identity of Joe’s firm and how it operates?[12:16] - What’s Joe’s assessment of the current state of Direct Indexing and the customization marketplace and what should people expect as the next key areas of focus?[14:58] - What is Unified Managed Householding and why does Joe think that it will play a crucial role in the future of wealth management?[16:32] - What is currently the biggest driver of demand for Unified Managed Householding and what is the ultimate market opportunity for it?[18:55] - What are some obstacles that advisors might face when implementing Unified Managed Householding and how does Parti Pris help advisors overcome these?[21:13] - What are some of the key lessons that Joe has learned as an entrepreneur?[24:23] - What does Joe consider to be the building blocks of a cohesive company culture?[27:27] - How does Joe think the industry needs to evolve risk management to ensure advisors can help their clients navigate short-term market movements and deliver better investment outcomes over the long-term?[30:02] - How has Joe’s experience in the industry been shaped by his identity as a person of color?[32:42] - What steps can be taken to encourage more people of color to pursue careers in wealth management?[34:53] - What is currently Joe’s favorite investment idea?Quotes[13:49] - “Now, where do I actually think [Direct Indexing] is going, and what we have seen at Party Pris, in terms of the third act of what I’ll call the great wave in direct indexing and personalization. It’s really focusing more on holistic, related solutions than being individualistic…and I think that’s where the concept or idea of Unified Managed Householding is really starting to come into focus for a lot of advisors” ~ Joe Smith[18:55] - “I think there’s really two major challenges [to implementing Unified Managed Householding]. One, I think, is more technology related and two is more education related. When we talk about Unified Managed Householding, it requires a lot of input from the client [and] it requires a lot of input from the advisor and getting all of that information in one centralized place to make the right decisions [is critical].” ~ Joe SmithLinksJoe Smith on LinkedInParti Pris“The Fire” by The Roots & John LegendConnect 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: 2234-OPS-8/30/2024