Orion's The Weighing Machine

Key TakeawaysWhat is Adam’s favorite home-cooked meal or recipe?Adam’s professional background and more on the multi-asset group he leads at Janus HendersonAs Adam steps back, and looks forward to 2026, what does he see as the most important macro drivers investors should be focused on right now?As Adam thinks about the Fed’s policy path going forward, how is he thinking about Fixed Income positioning in 2026?How does Adam’s multi-asset group at Janus Henderson broadly think about diversifying away from the Agg when searching for new opportunities in the fixed income market?From Adam’s perspective, are high-valuations in AI-related equities a major challenge for multi-asset portfolios? Does he see some fundamental strengths still justifying that enthusiasm?From an active perspective, how is Adam thinking about separating the durable AI beneficiaries from those that are more momentum driven ?How is Adam thinking about balancing the allocation to AI-driven growth versus exposure to smaller mid-caps and non-US equities?How is Adam looking at opportunities in Europe right now?What are key drivers that Adam is looking at in Emerging Markets? Is he seeing continued strength there?As Adam is thinking about blending public and private allocations together, within a portfolio, what role do private markets play and how does this look to him in terms of a long-term allocation?Outside of portfolio construction, is there a key biggest mistake that Adam sees investors making as they look to private allocations?Piecing it all together, how is Adam thinking about a broad, multi-asset portfolio going into next year? Also, is there one guiding principle for long-term portfolio success in Adam’s mind?LinksAdam Hetts on LinkedInJanus Henderson InvestorsJanus Henderson Investment Outlook 2026Connect with UsMeet Ben Vaske, Manager Investment StrategyCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s)Wealth management services provided by Orion Portfolio Solutions, LLC (“OPS”), a registered investment advisor. Orion OCIO services provided by TownSquare Capital, LLC (“TSC”), a registered investment advisor. OPS and TSC are affiliates and wholly owned subsidiaries of Orion Advisor Solutions, Inc.Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor. This podcast is sponsored by BlackRock, Inc. Orion Advisor Solutions, Inc. (“Orion”) or its affiliates and subsidiaries received compensation from BlackRock, Inc. for the placement of this advertisement content. BlackRock, Inc. and Orion are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided.Compliance Code: 3498-R-25351

Today on the podcast, Ben Vaske is joined by Jason Mertz from AllianceBernstein. Jason Mertz is a Vice President and Investment Strategist for AB’s Municipals team, covering all mutual funds, exchange-traded funds and separately managed account solutions. He works extensively with the firm’s portfolio management, credit research and trading team to monitor and communicate portfolio positioning and analysis to clients around the US. Prior to joining AB in 2016, Mertz worked at BlackRock as a separately managed account analyst. He holds a BA in finance and international business from Muhlenberg College.Key TakeawaysWhat is Jason’s favorite home-cooked meal or recipe?Learn about Jason’s career journey and how he ended up in his current role at AllianceBernstein.Did being the captain of his lacrosse team in college teach Jason any lessons that he has carried forward to the present day?What were some of the drivers behind the underperformance of Municipal bonds for the first 7-8 months of the year?If Jason  is not seeing great opportunities in the Municipal bond market, are there other areas in the market that he can lean into and what would spark him to do that?As an active manager, how is Jason thinking about balancing all of the unique risks present in today’s environment?How is Jason generally viewing broad, municipal credit health right now? Are there any real pockets of concern around the credit space?As Jason is thinking about his outlook for the next 12 months or so, how do Municipal bonds fit into the portfolio and where is he seeing that part of the portfolio acting in the next year?What is some of the proactive tax management that Jason and his team at AB are doing?What kind of technology and tools does AllianceBernstein use to allow them to manage tax-aware  SMA’s for their plethora of clients?Learn more about AB’s advisor partnership model and how it works within the broader Orion community.When someone thinks of AllianceBernstein Municipal Bonds, what should be the first thing they think about? Also, as they think about partnerships what is the key takeaway there as well?LinksJason Mertz on LinkedInAlliance BernsteinConnect with UsMeet Ben Vaske, Manager Investment StrategyCheck Out All of Orion’s PodcastsPower Your Growth with OrionJason Mertz: Air Fryer Salmon RecipeIngredients: Salmon, Garlic, Salt, Pepper, Soy Sauce, Teriyaki and Lemon (optional)Boil water and pour over the skin of the salmon for easy removal of the skin (salmon hack!)Cube the salmon into 1 inch pieces and toss into a bowlMarinate the salmon with salt, pepper, garlic, soy sauce, and a touch of teriyaki. Lemon squeeze optionalToss the Cubes into the air fryer for 8-10 minutes (I normally rotate halfway through)ENJOY! The salmon should be crispy on the outside with a soft center.Disclosure(s)Wealth management services provided by Orion Portfolio Solutions, LLC (“OPS”), a registered investment advisor. Orion OCIO services provided by TownSquare Capital, LLC (“TSC”), a registered investment advisor. OPS and TSC are affiliates and wholly owned subsidiaries of Orion Advisor Solutions, Inc.Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor. This podcast is sponsored by BlackRock, Inc. Orion Advisor Solutions, Inc. (“Orion”) or its affiliates and subsidiaries received compensation from BlackRock, Inc. for the placement of this advertisement content. BlackRock, Inc. and Orion are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided.Compliance Code: 3497-R-25351

Today on the podcast, Ben Vaske is joined by Kim Arthur, CEO and Portfolio Manager of Main Management. Kim D. Arthur is a founding partner of Main Management, LLC. He currently serves as Main’s CEO and Portfolio manager. In 2009 Kim was recognized by Institutional Investor Magazine as a “Rising Star” of Foundations and Endowments. Kim is a regular speaker at national conferences and was a featured speaker at the Inside ETFs conference in Hollywood, Florida in January 2018. Kim has been profiled in articles by Index Universe and referenced in Barron’s, Wall Street Journal, Business Week and Fortune Magazine among others. Kim began his financial career in 1987 when he joined Montgomery Securities in their Institutional Sales division, marketing U.S. equities to Japanese institutions. He was promoted to Managing Director of Institutional Sales in 1997 during the period when Montgomery was purchased by Nations Bank. By 1999 he had advanced to the transitional head of International Sales for Banc of America Securities, following Bank of America’s takeover of Nations Bank. From 2000-2001 Kim was named the head of the Institutional Sales and Trading Department overseeing 60 sales traders in 6 cities. From January 2002 through August 2002 he was appointed the head of Equity Product Marketing. He served on the Investment Policy Committee and the Executive Management Committee at Banc of America Securities from 2000-2002.Key TakeawaysWhat is Kim’s favorite home-cooked meal or recipe?Kim’s career journey, how he found his way into the industry and what led him to become a co-founder of Main Management back in 2002.What are some of the things Kim learned by being thrown into the deep end of managing people early on?When it comes to retaining talent, what are Kim’s words of advice for retaining your best employees for the long haul?How does Kim maintain his energy and a work life balance while wearing so many hats?Are there any skills from Ben’s home-remodeling project that he’s been able to apply to his professional role?How have Kim and Main Management thought about the extraordinary market in the year thus far?What kind of catalyst might make our national debt and the interest payments on it an issue, or does Kim think we are okay for now?Where is Kim seeing opportunities in the market right now?What does Kim believe the role of Active Management is today?How does Main Management emphasize their client focus across their culture, their events and their operations?For advisors listening, what is a foundational checklist to take a few steps to ensure that they’re working towards providing exceptional client service?What is Kim’s “why” that drives him everyday?LinksKim Arthur on LinkedInMain ManagementConnect with UsMeet Ben Vaske, Manager Investment StrategyCheck Out All of Orion’s PodcastsPower Your Growth with Orion Disclosure(s)Wealth management services provided by Orion Portfolio Solutions, LLC (“OPS”), a registered investment advisor. Orion OCIO services provided by TownSquare Capital, LLC (“TSC”), a registered investment advisor. OPS and TSC are affiliates and wholly owned subsidiaries of Orion Advisor Solutions, Inc.Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor.This podcast is sponsored by BlackRock, Inc. Orion Advisor Solutions, Inc. (“Orion”) or its affiliates and subsidiaries received compensation from BlackRock, Inc. for the placement of this advertisement content. BlackRock, Inc. and Orion are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided.Compliance Code: 3148-R-25321

Today on the podcast, Rusty and Robyn are joined by Kim Arthur, CEO and Portfolio Manager of Main Management. Kim D. Arthur is a founding partner of Main Management, LLC. He currently serves as Main’s CEO and Portfolio manager. In 2009 Kim was recognized by Institutional Investor Magazine as a “Rising Star” of Foundations and Endowments. Kim is a regular speaker at national conferences and was a featured speaker at the Inside ETFs conference in Hollywood, Florida in January 2018. Kim has been profiled in articles by Index Universe and referenced in Barron’s, Wall Street Journal, Business Week and Fortune Magazine among others. Kim began his financial career in 1987 when he joined Montgomery Securities in their Institutional Sales division, marketing U.S. equities to Japanese institutions. He was promoted to Managing Director of Institutional Sales in 1997 during the period when Montgomery was purchased by Nations Bank. By 1999 he had advanced to the transitional head of International Sales for Banc of America Securities, following Bank of America’s takeover of Nations Bank. From 2000-2001 Kim was named the head of the Institutional Sales and Trading Department overseeing 60 sales traders in 6 cities. From January 2002 through August 2002 he was appointed the head of Equity Product Marketing. He served on the Investment Policy Committee and the Executive Management Committee at Banc of America Securities from 2000-2002.Key Takeaways[04:03] - Kim’s professional background and more on his role at Main Management[06:00] - Main Management’s motto is “we believe investors should keep more of their investment returns.” How does this translate into day-to-day operations?[08:08] - How has Kim’s investment philosophy evolved overtime in terms of values?[09:08] - What does Kim know now that he wishes he understood ten to twenty years ago?[11:01] - What role does intuition play in Kim’s decision making now versus early in his career?[12:03] - Does Kim have any daily routines, or rituals, that help him stay focused and ground his thinking in chaotic markets?[13:30] - Are there any mental models, investing or otherwise, that Kim returns to regularly to guide his perspectives?[15:03] - When Kim looks back years from now, what kind of impact does he hope to leave with the industry, his clients and his team?[16:00] - How does Kim define success today and how has that definition changed over his career?[17:30] - As a portfolio manager and a leader, what biases or other internal battles has Kim had to overcome?[18:57] - Either inside, or outside, the world of finance, what are some trends that Kim is really curious about right now?[21:05] - Outside of investing, are there other things that Kim finds inspiring or energizing at the moment?[22:36] - A story about Kim, potentially from earlier in life, that best captures who he is today?[24:36] - Is there a book, movie or quote that has influenced Kim’s leadership or investment approach?[26:53] - Who in Kim’s life, or career, has had the biggest impact on how he thinks and what lessons did they teach him?[28:13] - What advice does Kim give most often to younger professionals in the industry?[29:22] - Was there a pivotal point in Kim’s career where he had a failure, or a setback, that has shaped his life in a meaningful way?[31:35] - How does Kim stay motivated and optimistic during tough market stretches or personal challenges?[33:27] - What is currently Kim’s favorite investment idea?Quotes[08:16] - “I stole this from Bezos, but we do it in all of our meetings -  we’ll have an empty chair, and I’ll remind everybody in there that hasn’t heard it, but that chair is the client sitting there. So, whatever you’re going to say, you better make sure that it’s client centric because they are listening and they will remember… Again, when you kind of grab your team that has that building block and then you start building off of that, good things will happen, but it’s got to start from that foundational piece.” ~ Kim Arthur[31:40] - “In any given year, the market drops 10% from peak to trough. It’s very interesting how, when it does that, it feels so unique like it hasn’t happened before, but it’s actually 12 months before that it happened. Then, every three plus years, you get a 20% drop…and it feels awful…So that gives me solace, to look back and realize that this too will pass. This is part of the nature of the markets.” ~ Kim ArthurLinksKim Arthur on LinkedIn“The Zoo” by ScorpionsMain ManagementConnect 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: 1246-R-25120

Today on the podcast, Rusty and Robyn are joined by Dominic Vaccaro, President of Real Estate at Burlington Capital. Dominic Vaccaro is President of Real Estate and sits on the Investment Committee of Burlington Capital, the company’s sponsored investment programs and advisor.  With 20 years of experience at Burlington Capital, Mr. Vaccaro oversees all of the company’s real estate operations including acquisitions, development and property management. During his tenure at Burlington Capital, he has been involved with the acquisition and/or development of multifamily properties with asset values totaling nearly $3 billion with over 35,000 units. These properties include market rate, affordable, military, veteran, student and senior housing. He has also been primarily responsible for the company’s efforts with public-private partnerships including nine privatized student housing projects with asset values totaling in excess of $180 million and the military housing privatization at Offutt Air Force Base with development costs of $240 million and over 2,000 housing units. He is experienced in the acquisition and development of multifamily properties, including both construction and permanent financing, structuring and issuance of taxable and tax-exempt bonds and the management of portfolios of real estate. Mr. Vaccaro has a B.S. in Business Administration – Finance from Creighton University.Key Takeaways[03:33] - Dominic’s professional background and more on his current role at Burlington Capital[04:21] - What is Burlington Capital’s investment philosophy and what makes it stand out from its peers?[05:27] - How does Dominic define the role of alternatives, and specifically real estate, in a diversified investment portfolio?[06:55] - How large is the asset class of multi-family real estate and how has the perception of this asset class changed over the past decade among institutional and retail investors?[09:11] - What makes multi-family real estate particularly attractive in a long-term asset allocation strategy?[11:50] - How has Dominic’s team at Burlington evolved their approach to multi-family real estate with changing interest rates, demographics etc?[13:10] - A case study that highlights the real world impact, and performance, of a multi-family investment[17:05] - What are some of the ways that multi-family real estate delivers tax efficiency, and when and how are these typically realized by investors?[20:03] - What macro trends are most critical to multi-family performance today?[21:50] - Are there particular demographic or behavioral shifts (e.g. remote work or Gen Z renters) that will shape demand in the years ahead?[23:43] - How has Dominic’s personal investment philosophy evolved over his 20+ years at Burlington Capital?[24:47] - What advice would Dominic give to young professionals who are interested in alternative investments or, specifically, real estate development.[25:57] - What is currently one of Dominic’s favorite investment ideas?Quotes[11:21] - “As you look at multi-family today, there's a certain appeal as values are down 20-25% off their peaks. Given the rise in interest rates, certainly multi-family provides an entry point that, relative to prior highs, provides some opportunities.” ~ Dominic Vaccaro[22:46] - “The two [major changes in multi-family real estate] that always come to mind…for me are, certainly the evolution of the internet, and the need for good access in that regard, but also pets. You know, early in my career, it was very much commonplace [to not allow pets].  Now…it's almost catered heavily to pets and the role pets play…so it’s interesting to see how the demand for multi-family overtime has been influenced by some of these factors and will continue to be.” ~ Dominic VaccaroLinksDominic Vaccaro on LinkedIn“Don’t stop” by Fleetwood MacBurlington CapitalConnect 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: 1218-R-25115

Today on the podcast, Rusty and Robyn are joined by Morgan Lemaitre, Founder & Owner of Park City Wealth Advisors. Morgan Lemaitre, CFP®, founder and owner of Park City Wealth Advisors, boasts over a decade in the financial services industry, however her background goes beyond that. From competitively figure skating on behalf of Team USA to cooking for the King of Thailand on his 80th birthday, Morgan understands life is about absorbing as much knowledge and as many experiences as possible. She brings that same perspective to Park City Wealth Advisors, where she says, “I want my clients to look at each open door as an opportunity to take the next step and see what the other side has to offer.”Key Takeaways[03:41] - Morgan’s diverse background, career highlights and what led her to her current position[08:35] - Learn more about the founding of Park City Wealth Advisors and how it stands out from its peers[14:28] - Why did Morgan start asking her clients “when will you know you’ve made it” and how do her clients typically respond?[19:48] - What is the 1% better philosophy?[25:32] - What are some of the most impactful 1% shifts that Morgan’s seen clients make?[28:27] - How does Morgan approach conversations around purposes, values and impact across generations?[30:52] - What advice does Morgan give to families that are struggling to connect money decisions with their shared values or their intergenerational goals?[32:57] - How does Morgan help gain, and maintain, a long-term perspective, especially during times of market volatility like we are experiencing right now?[36:26] - How has motherhood shifted Morgan’s own definition of “making it?”[41:01] - What are the biggest misconceptions people have about what “living with intention” really means or looks like?[43:02] - What is one daily habit that compounds meaningfully in Morgan’s life?Quotes{15:40] - “...What are you striving for, like when will you know you’ve made it? Because, if we don’t know what we are shooting for, or where we are pointed, we’ll never know when we arrive and we’ll never know to celebrate those moments…[this question gives] me a little insight into what drives people, what they’re really shooting for in life, what lights them up.” ~ Morgan Lemaitre[25:34] - “1% shifts, I believe, are aligned around discipline. So, things that we can easily do in our lives that, when you add them all together, make a huge difference.” ~ Morgan LemaitreLinksMorgan Lemaitre on LinkedIn“Girl on Fire” by Alicia KeysPark City Wealth AdvisorsConnect 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: 1206-R-25114

Today on the podcast, Rusty and Robyn are joined by Jeff Brooks, Senior Wealth Strategist with the Specialist Consulting Group at JanusHenderson Investors. Jeffrey R. Brooks is a Senior Wealth Strategist with the Specialist Consulting Group at Janus Henderson Investors. Jeffrey brings to his role years of experience in both the practice of law as well as the financial services industry, working together with financial advisors and their high-net worth and ultra-high-net worth clients. His knowledge and real-world experience are invaluable for advisors and investors facing hurdles in the quest to achieve tax, wealth transfer, family governance, business succession, and philanthropic goals. Prior to joining the firm in 2023, Jeffery served 24 years in similar roles at Capital Group, UBS, and Merrill/Bank of America. Before entering the financial services industry, he was a partner in a boutique estate planning firm in St. Louis, Missouri, and spent five years clerking for the judge of a probate court. Jeffrey earned both an undergraduate degree in journalism and a law degree from the University of Missouri at Columbia. He holds FINRA Series 7, 63, 66, and 24 securities licenses. Jeffrey and his wife live with their 5 dogs on a small ranch in Southern California.Key Takeaways[05:33] - Jeff’s professional background and career highlights[06:39] - More on Jeff’s current role at Janus Henderson[08:49] - What inspired Jeff to connect cultural icons, like King Lear and Tony Soprano, to modern wealth transfer planning?[09:43] - How do these fictional stories exemplify the complex family dynamics of wealth transfers?[12:26] - What are some of the most common mistakes people make in their wealth transfer plans that mirror the tragic flaws of Tony Soprano, King Lear and other fictional characters?[15:47] - What is “The King Lear Effect” and what are some real life examples of estate battles that illustrate it well?[17:40] - How has the increasing complexity of modern families complicated wealth transfer planning?[19:40] - How can financial advisors facilitate the often difficult conversations necessary for estate planning?[23:40] - In Jeff’s experience is poor technical planning or unaddressed emotional issues a greater threat to familial wealth?[28:35] - What has Jeff found to be effective in helping parents with the concern that their children will be negatively influenced by their inheritance?[31:42] - How should families balance their desire for equitable treatment with the reality that different heirs have different needs and capabilities?[34:51] - What  blindspots do financial advisors often have when they guide clients through the wealth transfer planning process?[38:03] - What are some tips to help financial advisors preserve not only financial capital, but everything else?[42:26] - What trends is Jeff seeing in how the next generation approaches inherited wealth compared to previous generations?[44:56] - How are differences in investor preferences among generations going to shape wealth transfers going forward?[46:00] - What role should philanthropy play in a comprehensive wealth transfer strategy?[47:23] - If Jeff could leave our listeners with one actionable strategy to improve their wealth transfer, what would that be?[48:29] - What is currently Jeff’s favorite investment idea?Quotes[11:37] - “I have run into clients who have had a bad experience, most recently, and decided they want to change…their wills and trusts in order to be able to include or exclude certain individuals who may have had an immediate and short-term influence on them. As a lawyer, when that happened, I would counsel them to think carefully. It’s not my job to talk them out of it, but it certainly is my job to put it into perspective and help them see the perspective of good estate planning rather than to make it on an immediate incident.” ~ Jeff Brooks[40:15] - “I love to talk about family governance with clients, because that’s such an amorphous term - it’s very squishy, we don’t know what governance is…The way I describe it and clarify it for my clients is: family governance is setting up a structure to make decisions when your family members don’t agree. They’ve gotta have a contract, or a constitution…or whatever you want to call it, but there’s a rule book because children will not always agree, not with their parents and not with each other, and some wait until after parents are gone to really let those disagreements fly. However, if you have an agreement in writing, you can control a good deal of that conflict.” ~ Jeff BrooksLinksJeff Brooks on LinkedInJanus Henderson Investors“Give it Away” by The Red Hot Chili PeppersConnect 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: 1198-R-25114

Today on the podcast, Rusty and Robyn are joined by Dustin Haygood, Client Portfolio Manager at Aristotle Capital Management. Dustin Haygood is a Client Portfolio Manager at Aristotle Capital and a member of the investment team. Prior to joining Aristotle Capital, Dustin was Lead Analyst at Capital Alpha Partners where he performed political risk research for institutional investors. Additionally, during his master’s program, he interned in client service at Pacific Investment Management Company (PIMCO). Beyond his experience in investment management, Dustin previously worked in politics as both a lobbyist and a Capitol Hill staffer. Dustin earned his Bachelor of Arts degree in Political Science from the University of California, San Diego and his MBA in Analytical Finance and Economics from the University of Chicago Booth School of Business. He is a CFA® charterholder. Dustin is also an avid golfer, mediocre skier and a lifelong Los Angeles Dodgers fan.Key Takeaways[03:58] - Dustin’s professional background and more on his current role as a client portfolio manager at Aristotle[07:23] - What is “the power of patience” vital to Aristotle’s investment philosophy?[07:57] - Given Dustin’s unique background, what has surprised him the most about the impact of politics on the markets?[09:51] - What is the foundation for Aristotle’s investment research framework?[12:26] - Could companies, like those in commodity or energy businesses, that are historically capital intensive ever be considered quality?[14:30] - Does Aristotle’s focus on quality and valuation lead to consistent sector overweights and underweights in their portfolio?[16:15] - What gives Aristotle their traction, even if they fly under the radar at times?[18:04] - Does the rise of passive management present opportunities, or challenges, for Dustin’s team?[22:00] - What are Dustin’s thoughts on non-US equities?[24:06] - Are there specific regions or markets that Dustin is particularly excited about right now?[26:42] - Where is Dustin seeing value in Japan? Are there any interesting companies he can talk about?[29:26] - Given the deep, bottom up, fundamental research that Aristotle conducts, how long does it take for them to research companies?[32:30] - What will need to change for value investing to truly make a comeback and are we seeing the early signs of that shift?[35:24] - Do the traditional definitions of value still apply in today’s market?[36:55] - Many large tech companies have moved from growth to potentially value territory. How has this shift affected their approach to technology within value portfolios?[38:20] - In a market dominated by tech-driven narratives, what challenges does Dustin face when explaining value investment strategies to clients?[39:57] - What is currently Dustin’s favorite investment idea?Quotes[11:05] - “Here’s something unique too, valuation itself can’t be a catalyst for us - we don’t invest in a company just because it’s cheap. There have to be catalysts that are observable. So, things that are under the company’s control, that are already underway, that are fundamentally improving that business. So, it could be a business transformation, it could be the company expanding their margins in a meaningful way. Something else that we believe will help close the gap between price and intrinsic value. It needs to be grounded in reality though, so not hype, not a macro guess, not a political outcome.” ~ Dustin Haygood[13:19] - “Quality isn’t static. It’s not just about where a company has been, it’s about where it’s headed…Can a capital intensive company be quality? In our view, yes it absolutely can. It depends on how well the company manages what it can control.” ~ Dustin HaygoodLinksDustin Haygood on LinkedIn“Right Now” by Van HalenAristotle Capital ManagementThe Power of Patience 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.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: 1217-R-25115

Today on the podcast, Rusty and Robyn are joined by serial entrepreneur and strategic advisor Scott MacKillop. Scott MacKillop, the former CEO of First Ascent Asset Management, serves as strategic advisor to GeoWealth, an enterprise technology firm and TAMP that serves the needs of RIAs. He is a 40-year veteran of the financial service industry.Key Takeaways[03:56] - Scott’s professional background and why he is a self-described “creative adventurer”[07:40] - What are the guiding principles that have helped shape Scott’s leadership journey?[09:51] - Are there any particular lessons, in business or in life, that stand out for Scott?[10:53] - How has Scott’s personal philosophy evolved over time and what experiences have shaped it the most?[11:56] - If Scott could give his younger self one piece of advice, what would it be?[12:45] - If Scott could write a manifesto for financial advisors, what 10 things would make it on that list?[18:34] - Where does Scott see the financial services industry excelling now and where does it still have some work to do?[23:07] - What does Scott think the financial advisor of the future should look like?[25:53] - What motivates Scott to innovate, disrupt and keep pushing for positive change within the industry?[28:13] - How does Scott see the principle of “keeping it simple” evolving as new products and strategies emerge?[29:57] - How does Scott think advisors should think about succession planning?[32:37] - What is a lesson that too many advisors have learned the hard way?[35:31] - If Scott could give one piece of advice for financial advisors looking to strengthen their client relationships, what would that be?[37:57] - What parallels does Scott see between hiking and the financial services world and how does time in nature influence his perspective on markets and decision making?[41:36] - Was there a particular hike that taught Scott something new about his personal leadership style?[46:43] - Are there any particular books that have greatly influenced the way Scott thinks about the world?[49:26] - Currently, what is Scott’s favorite investment idea?Quotes[23:09] - “[Going forward advisors] are going to be more and more managers of outside vendors rather than cobblers at the bench making shoes. I think this is going to be more and more a part of what they do.” ~ Scott MacKillop[32:40] - “I think that [some advisors] have learned the hard way that…the financial services world is a sales culture…and that, as I mentioned before, it sometimes takes advisors awhile to realize that people who look like they’re friends and look like objective sources of information are not, they’re selling something. So, that sort of skepticism and due diligence mindset…is really important, and I think a lot of advisors have learned that the hard way.” ~ Scott MacKillopLinksScott MacKillop on LinkedIn“Sugar Magnolia” by The Grateful DeadConnect 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: 1195-R-25113

Today on the podcast, Rusty and Robyn are joined by Judith Peterson, Chief Marketing Officer at DwellFi and SteerCo Member of the Women’s Accelerator Network in NYC. Judith Peterson, based in New York, NY, US, is currently a Chief Marketing Officer at DwellFi. Judith Peterson brings experience from previous roles at Intertrust Group, Cerulean Sky LLC, Ultimus Fund Solutions and Broadridge. Judith Peterson holds a 2013 - 2016 Columbia University - Columbia Business School. With a robust skill set that includes Business/Sales Development, Brand Creation & Management, Media, PR, and Analyst Relations, Digital/Social Media, Networking and SEO, Consulting and Project Management and more. Judith Peterson has 2 emails and 2 mobile phone numbers on RocketReach.Key Takeaways[03:42] - Judith’s professional background, more on her current role at DwellFi and why she is fascinated by emerging technologies[05:06] - Why does DwellFi describe itself as an AI first company and how do they aim to revolutionize this industry?[06:58] - How can AI help financial professionals expand their reach and better tailor their job search to uplevel their brand in this industry?[09:06] - What does teaching AI to learn your tone and style look like in practice?[11:19] - How can having someone interview you help you define your persona?[12:58] - What advice does Judith have for those just starting to use AI in their career? How do they get over that feeling of being overwhelmed or confused by it and start experimenting?[14:52] - If Judith could give every financial professional one AI tool and one mindset shift, to transform their career, what would those be?[20:27] - What are some of the most common missed opportunities that Judith sees on LinkedIn profiles today?[21:35] - What role should visual elements play in personal branding and how should people approach this creatively?[24:28] - For those trying to break into a new niche, or a new industry, how does Judith recommend leveraging AI-powered networking on platforms like LinkedIn?[26:05] - What are some of Judith’s favorite AI tools for building a professional brand or doing smart networking?[27:08] - Why does Judith see AI as a tool for empowerment, rather than a threat, for women in the industry?[30:13] - Why does Judith think women are uniquely positioned to lead in AI?[31:43] - Why is discernment such a valuable skill and how can women better cultivate that and showcase it in their careers?[35:02] - What is the significance of the terms “skim” and “dive” in the context of LinkedIn and what should we take away from these concepts?[36:48] - How can AI help build confidence, rather than reinforce comparison culture?[39:44] - What is Judith’s 90 day marketing metamorphosis and how does it better position women to lead at the C Suite level?[43:05] - Why does Judith say that AI has a twofer effect for women?[45:36] - What excites Judith the most about the future for women in AI powered industries and how can we ensure we don’t miss this moment?[46:30] - What is currently Judith’s favorite investment idea?Quotes[10:50] - “This is, I suppose, kind of a pro tip that someone taught me, but if you don’t know how to ask [AI], go into the program and say this is the outcome I want, help me write a prompt for that…that was a little mind blowing for me.” ~ Judith Peterson[14:01] - “I think what’s interesting is that, right now, the trend that I see is that most people think transactionally with AI, with the public tools, they don’t think strategically…but…[you just need to] get in there and let it be messy…there’s zero perfection [necessary] with this..” ~ Judith PetersonLinksJudith Peterson on LinkedInDwellFi“Mr. Blue Sky” by Electright Light OrchestraLet Them by Mel RobbinsConnect 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: 1026-R-25097

Today on the podcast, Rusty and Robyn are joined by Alma Rodriguez-Piscitello, CEO & Founder of Revela Advisors. As the driving force behind Revela Advisors, Alma is all about helping businesses unlock their true potential and achieve sustainable growth. With over 30 years in financial services, she’s worked with Fortune 500 companies and global organizations, mastering the art of marketing, business development and strategic partnerships. Known for her ability to unite teams and align visions, Alma thrives as a collaborative “quarterback,” guiding businesses through transformative strategies that foster lasting success. Her leadership has spearheaded corporate rebranding efforts and cultivated partnerships that propel organizations forward. Beyond work, Alma’s passion for continuous learning and fostering growth is mirrored in her personal life, where she actively mentors college students and young professionals.Key Takeaways[04:32] - Alma’s professional background and what inspired her to found Revela Advisors? What gap in the industry is she trying to fill?[07:33] - Why is Alma passionate about brand, future forward, finserv industry, resilience and people power?[09:51] - How has Bruce Lee’s influenced Alma’s approach to marketing and branding in financial services?[12:14] - How have PR and marketing evolved for financial advisors over the past decade?[15:46] - What are some of the biggest mistakes advisors make when trying to differentiate themselves?[19:16] - What’s the first step advisors should take to build a really compelling, and unique, identity?[20:38] - How can advisors use storytelling and PR to build credibility and connect with their clients?[22:11] - What are some creative ways advisors can leverage media, social platforms and thought leadership to stand out in a crowded space?[23:21] - What is an example of an advisor, or a firm, that has done a really exceptional job of building a brand and attracting the right clients?[25:03] - Why is marketing so relevant for attracting next-gen advisors?[30:30] - How does Alma see AI, and technology, shaping marketing and client engagement in the next 5 years or so?[33:00] - What is one trend in marketing, or PR, that advisors should really be paying more attention to?[34:15] - In this age of information overload, how does Alma balance the need to stay informed with the need to tune out?Quotes[06:47] - “I said, you know what, I want to do something different. Why do I want to go launch my own firm? It’s because I saw that firms were struggling to bridge that gap between messaging and execution…and that’s why I founded the business. I just don’t want to talk about [it]...I want to help them create the right steps to achieve it. So, it’s beyond marketing, it’s really about the business strategy itself and how you’re communicating with your target audience.” ~ Alma Rodriguez-Piscitello[15:47] - “One of the biggest mistakes advisors make is trying to be everything to everyone, so it’s important to identify your unique strengths and focus on those…People purchase, buy or sign up for a service because you’re human and they trust you, so really focus on specialization, why are you unique and what do you help them solve. The biggest mistake is trying to be everything to everyone.” ~ Alma Rodriguez-PiscitelloLinksAlma Rodriguez Piscitello on LinkedInRevela Advisors“No Sleep Till Brooklyn” by Beastie BoysPa’lla Voy by Marc AnthonyConnect with UsMeet Rusty VannemanCheck 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: 0879-R-25083

Today on the podcast, Rusty and Robyn are joined by Frank Trotter, President at Battle Bank. Frank Trotter has been involved in the banking business since 1981. In 1998, he became a co-founder of everBank.com, a national direct-to-consumer bank which was acquired by EverBank Financial in 2004. From 1998 through the sale of EverBank Financial Corp to TIAA in 2017, he served in various executive capacities including Chairman of everBank.com, President of EverBank Direct, and Chairman of EverBank Wealth Management. From 1981 through 1997, Frank served Mark Twain Banks in various capacities including Vice President of Commercial Lending, and President of Mark Twain International Markets. In 1986, Frank created the WorldCurrency® deposit product for Mark Twain Banks and operated this business through 1997. In 2000, everBank.com acquired this business from the successor of Mark Twain Banks and operated the product line at EverBank. Frank holds a Bachelor of Arts from St Olaf College in Northfield, Minnesota and an MBA from Washington University in Saint Louis, Missouri.Key Takeaways[03:21] - What inspired Frank to pursue his path in banking and financial services?[04:33] - What drives Frank’s writing and what key messages does he hope to share?[06:02] - How has Frank’s philosophy on work, leadership and financial services evolved over the years?[07:09] - What are some of the biggest leadership lessons that Frank has learned from his time with EverBank and Battle Bank?[08:43] - What is Battle Bank, how does it work and what inspired Frank to found it?[10:21] - What is the story behind the name of Battle Bank?[12:32] - What specific problems is Frank hoping to solve with Battle Bank that traditional banks are not addressing?[16:13] - What lessons from co-founding EverBank are shaping Frank’s decision at Battle Bank?[17:45] - How does Frank see the role of banks evolving as we move forward, especially with the rise of Fintech and digital-first banking?[20:36] - What is the strategy behind Battle Bank’s unique product lineup (e.g. foreign currency deposits, self-directed IRAs and precious metals)?[22:16] - How does Battle Bank plan to balance high-tech solutions with a human element in financial services? How will they maintain this as the balances get bigger?[24:23] - What kind of clients does Frank think will benefit the most from Battle Bank’s offerings?[26:06] - How will Battle Bank differentiate itself in customer service?[27:55] - Where does Frank hope to see Battle Bank in five years?[29:37] - How does Frank see financial advisors fitting into the future of banking? Will banks and advisors collaborate more or is there a risk of banks becoming more direct competitors?[31:17] - Are there any other trends in banking, or wealth management, Frank thinks that financial advisors should be paying attention to right now?[32:51] - How does Frank see the current macro environment shaping the future of banking and financial services?[34:55] - What advice would Frank give to young professionals entering financial services now?[36:51] - How did Frank get into hiking and mountaineering and what are a few of his favorite hikes?[38:06] - What is currently Frank’s favorite investment idea?Quotes[08:27] - “So, I think [two] of the key revelations over time, [in terms of what I’ve learned about leadership], is…you don’t have to do it all yourself and consensus is pretty darn good in terms of making decisions.” ~ Frank Trotter[15:12] - “What we do is sort of look for places where there’s a hole in the market. One of those holes is borrowing against your precious metals. Now, if you walk into your local bank with a few gold bars, they’ll probably lend you some money. But, there’s no mechanized way to do that nationally right now. A lot of our clients want to hold onto their precious metals, but they may want to put a deck on the back of the house…so we kind of structured it like a margin account at a broker dealer. Amazingly not available, we’re delighted about that, but also our clients are  going to be delighted to get that liquidity.” ~ Frank TrotterLinksFrank Trotter on LinkedInBattle Bank’s Website“Box of Rain” by The Grateful Dead“Holiday” by Green Day“Money Song” by Monty PythonConnect 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: 0786-R-25076

Today on the podcast, Rusty and Robyn are joined by Morris Chen, Portfolio Manager at DoubleLine Capital. Mr. Chen joined DoubleLine at its inception in 2009. He is a Portfolio Manager leading the CMBS/CRE Debt Investment team and CRE New Investment Review Group, and is responsible for the oversight and management of all CRE Debt related investments at DoubleLine. Mr. Chen is a permanent member of the Fixed Income Asset Allocation and Structured Products Committees providing valued insight into the CMBS sector. He is also an active participant and speaker at CREFC events. Prior to DoubleLine, Mr. Chen was a Vice President at TCW where he was responsible for CMBS credit analysis and trading from 2004-2009. He holds a BS in Business Administration with concentrations in Business Development and Finance from the University of California, Riverside.Key Takeaways[03:23] - Morris’ professional background and more on his current role at DoubleLine[04:43] - Learn more about DoubleLine Capital and the culture there[06:06] - Why has commercial real estate been in the headlines so much the last couple years?[08:41] - Are the current concerns in commercial real estate largely driven by the work from home movement, or are there other dominant concerns? Also, what other sectors make up commercial real estate aside from office buildings and retail spaces?[10:48] - Big picture, what is currently going on in the current commercial real estate market? How have shifting interest rates and inflation influenced the sector?[12:41] - What other challenges is Morris seeing within commercial real estate?[15:43] - Where is Morris seeing the most attractive opportunities in commercial real estate today? Are there specific sectors they are focusing on?[18:10] - What are the meaningful differences between investing in commercial real estate equity vs. commercial real estate debt?[20:22] - What does Morris think the future of major cities will look like in a post-Covid world?[23:31] - What does DoubleLine think about the possibility of increased inflation and is commercial real estate a good hedge against inflation?[24:55] - How do Commercial Mortgage Backed Securities (CMBS’s) work and how do they fit into an investment portfolio?[27:35] - What is Morris’ outlook on CMBS and what role do they play in the strategy they currently manage?[29:29] - What can Morris share with us about the status of the private real estate debt market?[32:23] - What role should commercial real estate play for individual investors trying to build diversified portfolios?[33:56] - An overview of the DoubleLine commercial real estate fund and its investment strategy. Also, what makes it different from other commercial real estate funds?[36:11] - What guiding principle or philosophy shapes their approach to managing the fund?Quotes[05:03] - “I think [DoubleLine’s] independence brings forth stability, in terms of the portfolio management team as well as investment teams. The employee ownership…dynamic is also important as well. We are very very proud to say that myself, as well as a lot of our sector heads and portfolio managers, together we collectively have worked togethered for essentially our entire careers - well over 20+ years…That also just goes into the performance of our funds. It’s consistent, you don’t have much turnover, and I think that, to me, is paramount when you think about DoubleLine and part of our strengths.” ~ Morris Chen[27:35] - “Yeah, I think the outlook [for CMBS] is still very positive, and it’s more so on a relative value basis. I’m not here to tell you that it’s very very cheap…on its historical viewpoint…[However], I can tell you that in an environment where investors want Fixed Income, but then they look at the yield that a corporate bond is generating, you can actually come to the CMBS market and buy a similar risk, similar rated bond and pick up that excess yield.” ~ Morris ChenLinksMorris Chen LinkedInDoubleLine Capital“Back in Black” by AC/DCConnect 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: 0760-R-25072

Today on the podcast, Rusty and Robyn are joined by Daryl Clements, Municipal Portfolio Manager at AllianceBernstein. Daryl Clements joined AB in 2002 from a role in credit research. Drawn by the firm's reputation and potential for opportunity, he has played a key role in pulling the municipal market forward through relentless innovation. For Clements, active management means leveraging fundamental and quantitative research to reduce volatility and produce better outcomes. AB has been a leader in using completion funds for the construction of municipal SMA portfolios. Further innovations included developing proprietary research and trading tools for the municipal bond market. The result? Faster, more efficient portfolio construction at AB. Clements relishes change, evolution and the drive to become the number-one bond manager of choice. “We are not a static group,” he says. “We are not happy where we are, ever. We are always moving forward and changing things. We want to seek out differentiation.”Key Takeaways[03:13] - Daryl’s professional background and what led him to his current role at AllianceBernstein.[04:40] - Learn more about AllianceBernstein and the secret to its longevity.[05:54] - What are some of the key themes, and most significant trends, Daryl is seeing currently influencing the Muni Bond market?[07:54] - How does Daryl anticipate changes in tax policies, Federal infrastructure spending and any other policies impacting Muni Bond valuations and investor demand? What is he watching out for right now?[11:31] - What are the 3 reasons it pays to be Active as a Muni investor? What are some specific examples of how these add value?[15:06] - What criteria does Daryl emphasize when evaluating Muni issuers?[16:27] - How does Daryl balance the pursuit of higher-yields with the need to manage credit risk?[18:32] - How should one decide when to rotate into different sectors, or increase Treasury holdings, within a Muni portfolio?[22:42] - What strategies does Daryl employ to capitalize on the inefficiencies of the Muni market?[23:56] - What is AllianceBernstein’s technology The AbbieOptimizer?[28:26] - Looking ahead, what challenges and opportunities does Daryl see for Active Municipal Bond managers?[30:52] - How are big picture things, like climate change and demographic shifts, influencing his investment decisions in the Muni market?[33:37] - Is there anything else that Daryl thinks advisors and investors should know about the Muni market?[35:26] - What is currently Daryl’s favorite investment idea?Quotes[07:17] - “If I look at Active Managers in the Municipal market, versus Passive Managers, Active Managers outperform Passive 98% of the time in a rolling three-year period. Over two year periods, it’s 89% of the time, so we’re trying to get investors focused on Active Management and what that means to them.”  ~ Daryl Clements[26:53] - “We run [the AbbieOptimizer] multiple times a day. That allows us to now build portfolios in 10 days, not 50 or 60 days, that’s the speed concept of it, less cash drag in a portfolio. Also, we are buying bonds at an average discount. As a liquidity provider, we are getting to those bonds faster than anybody else. We are able to provide execution alpha, which when you combine the two, is worth about 40-50 basis points.”  ~ Daryl ClementsLinksDaryl Clements on LinkedInAllianceBernsteinThis Week in Muni Land“Honky Tonk Highway” by Luke CombsConnect 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: 0572-R-25058

Today on the podcast, Rusty and Robyn are joined by Felipe Toews, Chief Executive Officer of the Toews Corporation and a Portfolio Manager of Toews Asset Management.  Felipe Toews is Chief Executive Officer of the Toews Corporation and a Portfolio Manager of Toews Asset Management. His management strategies focus on creating “investor friendly” products designed to meet investors’ economic and behavioral needs. Phillip is the founder of the Behavioral Investing Institute, an organization devoted to helping advisors manage investor behavior through market challenges. Key Takeaways[03:00] - Felipe’s professional background and what led him to found Toews Asset Management.[07:45] - What inspired Felipe to create Cornelius and Prudence in his new book The Behavioral Portfolio?[10:13] - A preview of Scene 1 from Felipe’s new book, The Behavioral Portfolio.[10:56] - What should Cornelius have done differently in the prior scene to align Prudence’s expectations?[13:27] - How could Cornelius have prevented Prudence’s panic selling?[17:10] - Why do investors like Prudence make the decision to shift advisory firms and how can advisors prevent client attrition?[20:56] - From a Behavioral Finance perspective, what could have helped Cornelius manage Prudence’s expectations a bit better?[22:00] - What happens to an investor’s mind during a significant downturn and why do financial advisors sometimes struggle to keep them invested?[23:25] - What tips does Felipe have for advisors on how they can communicate in such a way that really reinsures their clients?[25:13] - What are the most common, and detrimental, behavioral biases that Felipe sees in investors and how can advisors counteract them?[30:43] - If Cornelius would have implemented a behavioral portfolio from the start, how might have this story been different?Quotes[07:45] - “Most of us who have studied Behavioral Finance learn that there’s thinking about something that happened historically, and then there’s having it told in a way that helps you understand or kind of relive the moment. Right, so it’s talking about the story with dialogue in a way that helps you understand it…Seeing the way many advisors and their investors shifted their thinking around portfolios from the top of the market in 07’ to the bottom in 09’ and then throughout the rise of that. I wanted to tell that story, so that advisors could sort of re-understand, for those that lived through it, how challenging actually managing investor behavior and making good decisions around that big downturn was.” ~ Felipe Toews[11:13] - “What Behavioral Coaching…has gotten wrong from the beginning, is it starts with the assumption that the historical accident of the 60/40 portfolio, a portfolio which does not…in all cases meet the economic and psychological needs of portfolios, is what you need to start with and coach around. So what you actually need to do is start around what the portfolio is and how it works…Then the other thing too is that advisors…like to kind of gloss over the worst things that markets can do.” ~ Felipe ToewsLinksFelipe Toews on LinkedInToews Asset Management“Sweet Disposition” by The Temper TrampAsk Vinh (Instagram)The Behavioral Portfolio by Philip ToewsConnect 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: 0700-R-25070

Today on the podcast, Rusty and Robyn are joined by Wade Pfau, Director of Retirement Research for McLean Asset Management, Founder of The Retirement Researcher and Co-Founder of the Retirement Income Style Awareness Tool. Wade D. Pfau, PhD, CFA, RICP® is the founder of Retirement Researcher, an educational resource for individuals and financial advisors on topics related to retirement income planning. He is a co-founder of the Retirement Income Style Awareness tool and a co-host of the Retire with Style podcast. He also serves as a principal and the director of retirement research for McLean Asset Management. He also serves as a Research Fellow with the Alliance for Lifetime Income and Retirement Income Institute. He is a professor of practice at the American College of Financial Services and past director of the Retirement Income Certified Professional® (RICP®) designation program. He holds a doctorate in economics from Princeton University and has published more than sixty research articles in a wide variety of academic and practitioner journals. His research has been discussed in outlets including the print editions of the Economist, New York Times, Wall Street Journal, Time, Kiplinger’s, and Money magazine. Wade served for four years as a co-editor of the Journal of Personal Finance. Wade has contributed to Forbes, Advisor Perspectives, and as an Expert Panelist for the Wall Street Journal. He has spoken at the national conferences of organizations such as the CFA Institute, the CFP Board, the FPA, NAPFA, and the Academy of Financial Services. He is also the author of four books in the Retirement Researcher’s Guide Series.Key Takeaways[03:17] - Wade’s professional background and more on his current positions[04:51] - Learn more about McLean and The Retirement Researcher[05:54] - What led Wade to create the RISA (Retirement Income Style Awareness) tool and what problem does it seek to solve for those planning for retirement?[07:46] - How does RISA differ from risk-tolerance questionnaires and behavioral finance questionnaires?[09:53] - How many people have taken the RISA test so far, how accurate does it seem to be and what sort of feedback has Wade gotten on it?[11:14] - What are the different retirement income styles and how can advisors apply these in practice?[14:40] - With this data, how are advisors integrating RISA into client conversations to help them tailor retirement strategies more effectively?[17:05] - Have there been any unexpected patterns in how people approach retirement income?[18:33] - What is one thing that Wade wishes more advisors understood about retirement income planning?[20:15] - What are the biggest risks that retirees face today and how should they be preparing for them?[22:27] - What is the 4% rule of retirement income and why did Wade challenge it?[26:27] - What is a bucketing approach and how does Wade see it fitting into a broader retirement strategy?[29:11] - Some people argue that bucketing is more of a behavioral tool than an optimal financial strategy. What’s Wade take on this view?[31:03] - How should advisors think about the role of annuities in retirement portfolios today?[35:10] - How can advisors better educate their clients on annuities potential benefits?[37:03] - What types of annuities are most valuable for retirees and which ones should they be cautious about?[41:17] - With interest rates higher than they have been in years, but also given stock market valuations are quite high, are annuities a more attractive option than they have been in the past decade?[42:50] - What are the key factors advisors should evaluate when they are choosing an annuity vendor or product for their clients?[47:03] - Resources and reading material for advisors hoping to learn more about retirement income[47:50] - Learn more about Wade’s Podcast, Retire With StyleQuotes[05:57] - “When you ask someone basic questions about retirement there’s so much argumentation and conflicting advice, should you be 100% stocks in retirement or should you only use annuities in retirement? I was seeing for a long time that there're different schools of thought…for retirement, and they’re [all] different viable approaches. How do people select them? [My colleague and I wondered if we] could develop an assessment tool to determine what sort of factors are at work here…[RISA was born out of this].” ~ Wade Pfau[08:23] - “So, with the research we did on the RISA we could really see more clearly two key risks and concerns people have for retirement relate to…how concerned am I about outliving my money and also how concerned am I that I won’t have reserves available to deal with spending shocks like a long-term care event…So, what we saw was that the risk tolerance score, whether I’m comfortable with short-term market volatility, had no relationship to whether I’m worried about outliving my assets or worried about having reserves to deal with unexpected spending.” ~ Wade PfauLinksWade Pfau on LinkedInRetirement Researcher“The Good, The Bad and The Ugly by Ennio MorriconeRetirement Planning GuidebookRetire With Style PodcastRISA ProfileConnect 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.McLean Asset Management is a third party strategist available on Orion Communities. Orion Communities is a product of Orion Advisor Technology, LLC (“OAT”). Orion Portfolio Solutions, LLC (“OPS”), a registered investment advisor, makes third-party strategists available through Orion Communities and is also a strategist on the platform. OAT and OPS are affiliated companies through their parent company Orion Advisor Solutions, Inc (“Orion”). Orion and McLean Asset Management are not affiliated companies.Compliance Code: 0681-R-25069

Today on the podcast, Rusty and Robyn are joined by Anmol Sinha, a Fixed Income Investment Director at Capital Group, home of American Funds. He has 15 years of investment industry experience and has been with Capital Group for one year. Prior to joining Capital, Anmol worked as an EVP - fixed income strategist at PIMCO. Before that, he was a consultant at NERA Economic Consulting and also worked on a capital markets team at Citi. He holds an MBA from Columbia Business School, a master's degree in economics from New York University and a bachelor's degree in economics from University of California, Berkeley. Anmol is based in Los Angeles.Key Takeaways[03:31] - Anmol’s professional background and what led him to his current role at Capital Group.[05:22] - Learn more about Capital Group’s history, investing ethos and the work that Anmol does there.[10:05] - What are the key drivers behind the resilience of the US economy and does Anmol see this trend continuing into 2025?[14:06] - How should investors be thinking about how to deal with policy changes and political turbulence when it comes to their portfolios?[16:54] - How is policy volatility impacting the Capital Group’s research efforts to make investment decisions?[18:36] - Does Anmol think that the market is correctly pricing in future rate moves?[22:01] - How is Capital Group thinking about its overall exposure to longer-term bonds?[24:27] - Spreads tightened even as yields rose recently for Corporate Bonds. What does this tell us about Corporate Credit fundamentals?[27:21] - Is Anmol concerned about all of the potential issuance within high-yield in 2025?[29:21] - Are there other Fixed Income sectors we should be paying attention to or avoiding?[32:35] - What benefits do active strategies bring to Fixed Income ETFs?[36:31] - What are Capital Group’s “Three T’s” framework for the benefits of Fixed Income ETFs?[40:56] - How does the Capital Group’s “Capital System” lead to better outcomes for Fixed Income ETFs?[44:05] - How should investors think about using the Capital Group’s Fixed Income ETFs within their broader portfolio strategy?[47:50] - How should investors weigh the tax-exempt income potential of Municipal Bonds vs. other Fixed Income options?[49:31] - What role should International Fixed Income play in a diversified portfolio?[51:33] - What is currently Anmol’s favorite investment idea?Quotes[15:27] - “You could argue that [historically] markets have taken their direction a lot from monetary policy. What is the Fed likely to do, what are they telling you about growth implications and their policy, and then you imply your own growth and inflation expectations. Now you could argue, fiscal policy is going to be a bigger driver. Some of our portfolio managers have been talking about this trend. That is not an environment investors have been used to.”  ~ Anmol Sinha[33:12] - “[In Fixed Income] you have a lot of players that are inherently not economically driven…Think central banks, commercial banks, even insurance companies. They buy bonds for reasons other than maximizing their return…They have reserves, they have regulatory requirements…all sorts of things that drive behavior in the market, that isn’t necessarily maximizing a return. What percent of the market are they? The estimates vary, but they could be…40-50% of the market, and the Fixed Income market is something like 120 Trillion…So, when you think about a good chunk of players in this market playing by different rules, it creates inefficiencies. So, structurally, active managers can take advantage of that.”  ~ Anmol SinhaLinksAnmol Sinha on LinkedIn“Beautiful Day” by U2“It Don’t Get Better Than This” by Royal DeluxeCapital GroupConnect 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: 0528-R-25055

Today on the podcast, Rusty and Robyn are joined by Russ Koesterich, portfolio manager at BlackRock in Denver, CO. Russ Koesterich, CFA, JD, Managing Director and portfolio manager, is a member of the Global Allocation team and the lead portfolio manager of the GA Selects Model Portfolios. Mr. Koesterich's service with BlackRock dates back to 2005, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. He joined the BlackRock Global Allocation team in 2016 as Head of Asset Allocation and was named a portfolio manager of the fund in 2017. Previously, he was BlackRock's Global Chief Investment Strategist and Chairman of the Investment Committee for the Model Portfolio Solutions business, and formerly served as the Global Head of Investment Strategy for scientific active equities and as senior portfolio manager in the US Market Neutral Group. Prior to joining BGI, Mr. Koesterich was the Chief North American Strategist at State Street Bank and Trust. He began his investment career at Instinet Research Partners where he occupied several positions in research, including Director of Investment Strategy for both U.S. and European research, and Equity Analyst. He is a frequent contributor to financial news media. Mr. Koesterich earned a BA in history from Brandeis University, a JD from Boston College and an MBA from Columbia University. He is a CFA® Charterholder.Key Takeaways[04:30] - Career highlights and how Russ ended up in his current position at BlackRock[06:56] - When it comes to global allocation, what is Russ’ overriding investment philosophy in building those portfolios?[08:24] - What makes the GA Select model portfolios different from other global, multi-asset model portfolios?[10:06] - What is Russ’ strategic view on non-traditional asset classes?[11:31] - What is Russ’ philosophical view on active management?[13:23] - What is Russ’ overall market outlook for the coming year?[16:01] - What are some of Trump’s initiatives that investors should keep an eye out for and how does Russ expect the economy to react to these moves?[18:19] - What are Russ’ areas of focus within the stock market looking forward to the remainder of 2025?[20:02] - What’s Russ’ current view on non-US stocks?[21:10] - What’s Russ’ current view on Fixed Income and the Bond Market?[23:01] - What’s Russ’ current outlook and positioning for alternatives, real assets and crypto currencies?[24:18] - What is currently Russ’ favorite investment idea?[25:36] - How does Russ maintain his energy and health, both physical and mental, to ensure he’s performing at a high level?Quotes[10:52] - “The gold exposure is one that a lot of people ask, what does gold do? Gold is a store of value. It enables you to have something in the portfolio that you would expect to hold up better if we continue to see developed countries running these huge deficits. It’s a very specific exposure, it serves a very specific purpose in the portfolio, but again having the flexibility to have a small amount of that really results in…building a more robust multi-asset portfolio.”  ~ Russ Koesterich[12:28] - “What [our actively managed funds] all have in common is, again, very specific mandates, very specific risk control and the ability to access types of investments [or] alpha streams that you really can’t do with passive products.”  ~ Russ KoesterichLinksRuss Koesterich on LinkedIn“I Believe That We Will Win (World Anthem)” by PitbullBlackRockConnect 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: 0342-R-25034

Today on the podcast, Rusty and Robyn are joined by Meb Faber, Co-founder and Chief Investment Officer of Cambria Investment Management. Mr. Faber is a co-founder and the Chief Investment Officer of Cambria Investment Management. Faber is the manager of Cambria’s ETFs and separate accounts. Mr. Faber is the host of The Meb Faber Show podcast and has authored numerous white papers and leather-bound books. He is a frequent speaker and writer on investment strategies and has been featured in Barron’s, The New York Times, and The New Yorker. Mr. Faber graduated from the University of Virginia with a double major in Engineering Science and Biology.Key Takeaways[06:05] - How did Meb make the leap from engineering and biology to the investment world?[07:42] - What was the impetus for founding Cambria Funds and what makes it stand out from its peers?[11:15] - What is Meb’s overall investment philosophy and why does he produce so much great content that’s freely available?[14:08] - What adjustments has Meb made to his investment philosophy over the years?[17:00] - What inspired Meb to start his podcast The Meb Faber Show?[24:52] - Learn more about Meb’s book, Shareholder Yield, and why should investors check it out?[30:28] - What prompted Meb to issue a 2nd edition of Shareholder Yield?[33:36] - Has Meb’s research shown that shareholder yield works better in certain markets, or sectors, than others?[36:51] -  What is Meb’s market outlook for 2025? Also, when will diversification outperform again?[44:18] - What did Meb mean when he said “nobody ever got fired for buying Vanguard?”[47:25] - What is Meb’s outlook for the ETF industry going forward?[49:47] - What is Cambria’s ETF TAX trying to accomplish and how does it work?[56:03] - When does he foresee the ETF giants, like Blackrock or State Street, getting into 351 ETFs?[61:02] - What are some other Cambria ETFs that Meb would like to spotlight?`[68:16] - In this age of information overload, how does Meb balance the need to be informed with the need to unplug and tune out?Quotes[20:43] - “That’s kind of the whole point of the Idea Farm. We try to narrow down, and curate, this massive amount of news down to…what are the top 2 or 3 things that people read or listened to this week?”  ~ Meb Faber[36:56] - “On a relative basis, this is arguably the worst period ever for anyone doing diversification in asset allocation, relative to US stocks. The only comparable periods are the 1990s and 1940s…In terms of not just magnitude of underperformance, which is hundreds of percentage points to the person that’s just YOLOing into the S&P or Mag 7, but also the worst part is that it’s years in a row.” ~ Meb FaberLinksMeb Faber on LinkedInCambria Funds“1999” by PrinceCambria Investments - TaxConnect 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: 0334-R-25034

Today on the podcast, Rusty and Robyn are joined by Jeff DeMaso - editor and founder of The Independent Vanguard Adviser. Jeff was previously the co-editor and research director of The Independent Adviser for Vanguard Investors. He also served as Portfolio Manager, Director of Research and the interim CIO at Adviser Investments, LLC—a leading investment advisory firm. He has been quoted in Forbes, The Wall Street Journal, Barron’s, InvestmentNews and Kiplinger, to name a few. Citywire named him a Rising Star of manager research in 2019. Jeff graduated magna cum laude from Tufts University with a B.A. in economics in 2006 and holds the Chartered Financial Analyst designation.Key Takeaways[04:32] - Jeff’s  professional background and how he transitioned into his full-time role at IVA[07:27] - Learn more about The Independent Vanguard Adviser and how they hope to serve their readers[09:20] - What is Jeff’s market outlook for the coming year?[12:23] - Why does Vanguard have an international slant and does Jeff agree with this approach?[14:26] - What is Jeff’s take on how the typical dollar is invested at Vanguard? How does Jeff think those dollars should be invested?[16:41] - What are some of Jeff’s favorite Vanguard Mutual Funds or ETFs?[18:16] - What are some underutilized Vanguard strategies in Jeff’s opinion?[19:28] - Are there areas where Jeff thinks Vanguard could improve their active management offerings?[20:31] - Why was Vanguard recently in the news regarding the FDIC? Was this important or not important?[24:03] - Outside of Index Funds, what are some of Vanguard’s strengths?[24:06] - What does Jeff think Vanguard could be doing better?[26:07] - What steps could Vanguard take to enhance the client experience?[27:33] - Learn about Vanguard’s new advice and wealth management division and how this can help investors?[29:05] - Over the next 5-10 years what should Vanguard investors be keeping an eye on?[30:57] - In closing, are there any other things that Jeff thinks advisors and investors should know about Vanguard or the broader market?[32:17] - What is currently Jeff’s favorite investment idea?[34:37] - How does Jeff balance the need to be informed and educated with the need to reset and tune out?Quotes[13:27] - “I think that as investors we need to use both our spreadsheets and…common sense a little bit, or think in the real world, and having 40% in non-US is really hard for a lot of US investors. So, I am a big fan and advocate of staying globally diversified, I just think that might be a little bit too much for most people.”  ~ Jeff DeMaso[24:16] - “As I alluded to before, I think that more important than active vs. passive is low cost vs. high cost investing, and even if you go active at Vanguard you’re still getting low cost investing.”  ~ Jeff DeMasoLinksJeff DeMaso on LinkedInThe Independent Vanguard Adviser“Take the Money and Run” by Steve Miller BandConnect 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: 0222-R-25024