The Fiftyfaces Podcast

Maggie Rapplean is a partner at Moneta, the St Louis-headquartered national Registered Investment Adviser with over $30 bn in AUM.  She has a particular focus on family office clients and started her career at Wells Fargo.  Our conversation starts with Maggie’s family life, and how some of the twists and turns in her early life led her to want to be prepared for the unexpected, especially when it came to financial preparation. We speak about this experience helps her understand the breadth of issues on her clients’ minds, and ultimately helped her to build her practice.  We move then to her values as a financial adviser, how she starts the conversation with clients and how she believes the wants and needs of clients are evolving.  This leads us to a discussion of robo-advisers, and some of the more commoditized aspects of financial advice.  We highlight how the increased focus on behavioral advice and the psychology of money is leading to a diverging path from this commoditization.  We tackle some of the common errors when it comes to managing one’s finances – shortfalls in communication – particularly between couples, a failure to plan within a business as time is so stretched.  We conclude with a chat on a subject close to both of our hearts – running and how empowering it is, particularly for young girls.  Maggie is a passionate supporter of and volunteer with Girls on the Run, and we discuss the lessons in leadership, confidence and self-direction that this brings. This podcast is kindly supported by Resolute Investment Managers, Inc. and Ninety One Asset Management.Resolute Investment Managers, Inc. is a diversified, multi-affiliate asset management platform that partners with more than 30 best-in-class affiliated and independent investment managers. Its unique platform delivers strategic value through a full suite of distribution, operational and administrative services available to affiliates and partners. Ninety One Asset Management is  a global asset manager with emerging markets roots that brings a different perspective to active and sustainable investing

Kelly Chesney is principal and co-founder of Pluscios Management, a fund of hedge funds manager based in the Chicago area. The firm, founded in 2006, has two female founders, and we interviewed Connie Teska, the other founder, in this earlier episode of the Fiftyfaces Podcast.  She has a long history in investment management, particularly in the area of funds of hedge funds, investing and consulting and started her career as an attorney.That is where we start, with her career in law, and her pivot that saw her move from there into investment management and finally the ultimate pivot that saw her launch Pluscios with Connie. We hear about the ups and downs of starting a firm with an unforgiving market backdrop and some misadventures on the fund-raising side.We move then to spend some time on the case for hedge funds, and how it has evolved over time, in light of this shifting market backdrop. We speak about the changing shape of investor demand too, and the evolving role of hedge funds and absolute return strategies more broadly.This podcast is kindly supported by Resolute Investment Managers, Inc. and Ninety One Asset Management.Resolute Investment Managers, Inc. is a diversified, multi-affiliate asset management platform that partners with more than 30 best-in-class affiliated and independent investment managers. Its unique platform delivers strategic value through a full suite of distribution, operational and administrative services available to affiliates and partners. Ninety One Asset Management is  a global asset manager with emerging markets roots that brings a different perspective to active and sustainable investing

We are thrilled to be back with Series 2 of the 2024 Fiftyfaces Podcast, which will marry insights from private wealth with insights on strategy, leadership and the investment landscape. Inter-disiplinary learning is the way of the future, so we are excited to weave together diverse aspects of our investment discipline here. Series 2 is rich with insights around private wealth,  We start with a discussion of the emerging landscape of “financial therapy”, and ask what it is and why it is important. Staying within private wealth ask about the threat from robo-advisers and look at ways to holistically think about protection as well as enabling our clients to prosper.  We move on then to discuss the changing shape of asset management, particularly around the generation of alpha and hear from a professor at Harvard about what he sees as fundamental shifts in this landscape.   We cycle then from alternatives hearing from a founder of a hedge fund of funds firm to a divergent thinker in the investment office of one of the Mid-West’s largest health systems (who also treats us to a detour on his (prior) passion for poker and motorbikes). We move then into discussing diverse managers – amplifying them and getting them funded until we come to a triumphant landing then around topics we should all think more about – telling our story, and remembering who the hero should be.  Our featured guests on Series 2 are: Daniele Beasley whose focus is on “helping clients understand their money so that they can focus on their meaning”.  S approach to financial planning. Carina Diamond, who is a wealth management leader with particular experience in growing and building businesses.  She founded Stella Secunda Partners and is a founder of Diversitas, a national education program - designed to expand diversity in wealth management. Maggie Rapplean, a partner at Moneta, with a particular focus on family office clients. Kelly Chesney, who is principal and co-founder of Pluscios Management, a fund of hedge funds manager based in the Chicago area. The firm, founded in 2006, has two female founders.   Aditi Javeri Gokhale Chief Strategy Officer, President of Retail Investments and Head of Institutional Investments at Northwestern Mutual, based in Milwaukee.   Randy Cohen, who is a Senior Lecturer at Harvard Business School.  Brent Mattis, who is a Principal at Cleveland Clinic Investment Office. He specializes in idea generation, manager selection and financial modeling for the investment portfolio and likes to look “off the beaten path” for opportunity. Grace Reyes, who is the CEO and Founder of TIDE – The Investment Diversity Exchange, which she founded as a way to connect key industry players to promote diversity and inclusion in the investment industry.   Hallie Label, founder of Expect Equity, based in Baltimore.  Rick Weissinger, Chief Marketing officer of Moneta. Series 2 is kindly supported by Resolute Investment Managers, Inc. and Ninety One Asset Management.Resolute Investment Managers, Inc. is a diversified, multi-affiliate asset management platform that partners with more than 30 best-in-class affiliated and independent investment managers. Ninety One Asset Management is  a global asset manager with emerging markets roots that brings a different perspective to active and sustainable investing.  

As we get ready to celebrate International Women's Day, we are thrilled to have snatched some time with the legendary Laura Langton of J M Finn, who in January completed the World's Toughest Row with her team The Ace of Blades.  The team rowed over 3000 miles across the Atlantic in 47 days and their journey was brilliantly captured by their social media team on Linked IN and their Ace of Blades profile page. https://www.linkedin.com/company/team-ace-of-blades/ The team raised over £80,000 for charity.I couldn't wait to catch up with Laura - and had so many questions about the adventure, and started with the practical ones - like how did they cope with the isolation, the grueling physical work, seasickness and lack of sleep.  I ask about mental tricks like setting small short term goals to break up time and instill a sense of achievement to mark time. We moved also into the metaphysical, like the way it changed her, the team and their approach to life, leadership and work. We ask what any would be ocean rowers should know about the challenge, and look at some of the high and low points of an awe-inspiring adventure. Don't miss this reminder of what a group of strong and determined women can do.  

We first interviewed Daniele Beasley in 2021 and discussed her focus on financial literacy and her financial advisory practice.  Fast forward to early 2024, and Daniele's contribution of content to the industry has continued apace, and she is now making a name for herself in the emerging area of financial therapy. Intrigued by this new field, I invited her back onto the podcast to discuss what financial therapy is, why it is sweeping the world of wealth management and what we can expect in terms of the kind of financial advice we get going forward. You can read more about the references and materials in this podcast here. Twenty Concierge Wealth ManagementColearning Books (Financial Literacy Coloring Books)Connect on LinkedInJoinFinancial Therapy AssociationFinancial Therapy Association 2024 ConferenceReadFinancial Therapy: Theory, Research, and Practice (The Financial Therapy Bible, a must read)Financial Therapy Journal LearnUniversity of Georgia The Affirming Advisor ProgramFinancial Therapy Master SeriesThis podcast will form part of Series 2 of the 2024 Fiftyfaces Podcast, which is kindly supported by Resolute Investment Managers, Inc. and Ninety One Asset Management. Resolute Investment Managers, Inc. is a diversified, multi-affiliate asset management platform that partners with more than 30 best-in-class affiliated and independent investment managers. Its unique platform delivers strategic value through a full suite of distribution, operational and administrative services available to affiliates and partners. Ninety One Asset Management is  a global asset manager with emerging markets roots that brings a different perspective to active and sustainable investing. 

Shane Lanigan is Portfolio Manager at Beach Point Capital Ireland, a role he has held since September 2018.  He was previously a director at BSM Finance, a senior debt provider to entrepreneur owned, VC or PE backed businesses. Our conversation starts with Shane's Co. Kilkenny roots and the world of commerce and finance that drew him to London for many years.  We hear then about his path back to Ireland and the role investing in credit at Beach Point. We turn to the dynamics of credit investing, how it is focused on protecting the downside and how to screen for that across a variety of industries and company type.  We compare the structures across different company sizes and ask about reputational and other ESG risk in some high profile industries.As in so many of these podcasts the quality of an investment often comes down to the people involved, their integrity and ability to work through setbacks and challenges. The lender can often be a coach and protective ecosystem to help navigate challenges and we ask in particular how this works.This is a swift canter through a sophisticated and emerging area of private credit that is full of nuance and the human touch. Series 1 of 2024 is supported by Apollo Global Management, a leading provider of alternative asset management and retirement services solutions. Apollo seeks to provide clients excess return at every point along the risk-reward spectrum and is focused on empowering retirees, building and financing stronger businesses and driving a more sustainable future

Angela Miller May is CIO at Illinois Municipal Retirement Fund a public defined benefit fund based in Oak Brook IL which has over $40 bn in assets under management.Angela is a regular figure on the asset management conference circuit and has become a leading voice in promoting diversity and inclusion in the industry. She appeared as the third guest on the podcast in 2020 during her tenure as CIO of Chicago Teachers.This wide-ranging discussion follows Angela into a larger plan, which has a solid funding level (98%) and the same bold vision around emerging managers that many Illinois plans share.  She discusses what keeps her up at night - the desire to always improve the portfolio, leaving no stone unturned as she does so. We move to the challenges with strategic planning, and setting reasonable targets for execution of broad, sweeping change. In particular we look at the decision to manage equity in house or externally, and the objective of investing in emerging managers.  IMRF goes above and beyond in nurturing this community and we hear about the network it creates and the feedback it provides - which are all part of Angela's desire to make a mark, use her position to creat impact and to influence the direction of travel for the industry. We end with reflection on the peers in the industry, and what she has learned from them. Please enjoy this conversation with one of our industries most industrious and committed leaders. Series 1 of 2024 is supported by Apollo Global Management, a leading provider of alternative asset management and retirement services solutions. Apollo seeks to provide clients excess return at every point along the risk-reward spectrum and is focused on empowering retirees, building and financing stronger businesses and driving a more sustainable future

The start to a new year is a perfect time to check in with one of our favorite strategists and thinkers, Dr. David Kelly, Chief Global Strategist of J P Morgan Asset Management.  In this live discussion we cycle through a host of topics including: The 2024 inflation outlook Why the US consumer has proven so resilient, and why have bad vibes sometimes dominated despite this. The likely future direction of rates Do small cap stocks make sense any more? When will they look attractive again? Should we read anything into the rise of Bitcoin interest (again)? What do geo-political risks and looming elections mean for markets? This is a fast-paced discussion delivered with David's inimitable wit and charm. Food for thought as we embark on a 2024 laden with promise and macro events. 

Julie Castro Abrams is the Managing Partner of How Women Invest and CEO of How Women Lead. How Women Lead was established in 2011 and is driving for a world where women have a seat at every table where decisions are made and is currently a network of over 100,000 professional women. How Women Invest is an early stage venture firm seeking to realize untapped economic potential by focusing on the intersection of female founders and female investors. She is also the co-founder and CEO of Limitless Bridge Capital, sits on the Advisory Board of Nia Impact Capital among multiple other roles.   Our conversation is a sweeping one which traces the origins of Julie's passion for empowering women in professional settings and spends considerable time on the benefits of networking, knowledge sharing and developing a voice. We talk about the benefits of a community, and how to build one, and how to bridge the confidence gap that many women experience when it comes to finance and money matters. This relates to empowerment and inviting more women in to finance and investing, which for some is angel investing.Julie discusses the importance of angel investing as both spark and growth capital in an ecosystem, and how going about it can generate the virtuous cycle of more confidence, more status and better community and relationship.We move then to discuss the need for a New Table, at which women and men are represented equally, and how to message this so that women respond and get the support they need.  There is more information about How Women Lead here: https://www.howwomenlead.com/the-movement Series 1 of 2024 is supported by Apollo Global Management, a leading provider of alternative asset management and retirement services solutions. Apollo seeks to provide clients excess return at every point along the risk-reward spectrum and is focused on empowering retirees, building and financing stronger businesses and driving a more sustainable future. 

Paul Richards is a decision making expert with a particular focus on investment manager and trustee decision-making.  He is the founder of Better Decisions, and was previously Head of Governance and Decision Research at the consulting firm Redington.  He is also the host of the Decision Nerds podcast.Our conversation is an ambitious one, seeking to dive into the science of better decision making, what makes an effective Board process, the nature of corporate culture and its evolution and how it contributes to better outcomes. We start with Paul's early instinct to understand things, and how things work, and how he first became interested in the emergent area of behavioral science at the beginning of his career. Moving then to the science of decision making, Paul notes how we often try to import structures and frameworks from one context to another, which entirely ignores the subtle nature of context, the unique corporate backdrop, place in time, and the unique (and dynamic) personalities involved around the table.  We talk about nurturing conflict - the healthy kind, and how vulnerability and admitting lack of knowledge can be both disarming and empowering (c.f. the nine words that are the hardest to say but that every trustee should know). We move then to the massive area of corporate culture and what some of the Decision Nerds podcasts have revealed in that respect and the link to better investment and corporate performance. There is more information about Better Decisions here: https://www.better-decisions.co/ and about the Decision Nerds podcast here. https://decisionnerds.buzzsprout.com/Series 1 of 2024 is supported by Apollo Global Management, a leading provider of alternative asset management and retirement services solutions. Apollo seeks to provide clients excess return at every point along the risk-reward spectrum and is focused on empowering retirees, building and financing stronger businesses and driving a more sustainable future.