Big Picture In Practice

Bill Sweet, chief financial officer, and Bill Artzerounian, director of tax services at Ritholtz Wealth Management, say that a thousand dollars saved in taxes creates more client satisfaction than six-figure investment gains. That’s why it’s more important than ever for firms to embed tax planning directly into wealth management.In this episode, Bill and Bill talk with Ben and Julie about:The importance of investing in artisan tax planning as a financial advisory practiceWhy wealth firms are pulling tax work in-houseThe tax landmines in the One Big Beautiful BillOverlooked issues in estate planning and inheritance taxesCatch up on previous episodes: https://www.morningstar.com/views/podcasts/big-picture-in-practice Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Stephanie Drescher, chief client and product development officer at Apollo Global Management, says it’s up to advisors to educate clients on how to strategically tap into the potential of this market.In this episode, Stephanie talks with Ben and Julie about:Making the most of the multi-trillion-dollar opportunity in private marketsWhat’s behind their accelerating democratizationThe shift from “managing to the lowest fee to achieving the greatest outcome"Why less-liquid private investments are a good fit for long-term retirement fundsCatch up on previous episodes: https://www.morningstar.com/views/podcasts/big-picture-in-practice Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Are bonds boring? That’s their reputation—and it’s a big part of why investors embrace them.But Steve Laipply, global co-head of iShares fixed-income ETFs at BlackRock, thinks there’s also a lot more excitement to bonds than we give them credit for.In this episode, Steve talks with Ben and Julie about:ETFs’ role in transforming investor access to bondsThe value of bond ETFs in providing liquidity, transparency, and price discoveryHow fixed-income ETFs fared during the covid-19 market turmoilRecent innovations in the fixed-income spaceCatch up on previous episodes: https://www.morningstar.com/views/podcasts/big-picture-in-practice Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Schwab’s Rob Williams and Inga Rachwald join Ben and Julie to unpack why retirement income is first and foremost a planning challenge—one that demands balancing emotional biases, clear goals, and smart investment choices. Together, they explore how advisors can reframe conversations around income, broaden clients’ understanding of risk, and apply practical strategies that connect portfolios to real-life outcomes. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Visit the Big Picture in Practice website: https://www.morningstar.com/business/insights/podcasts Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Morgan Stanley CIO Jim Caron explains how Trump’s tariff-funded fiscal policy could impact market volatility, sector trends, and investor portfolios. Visit the Big Picture in Practice website: https://www.morningstar.com/business/insights/podcasts Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Explore with BNY Wealth’s Sinead Colton Grant how private markets, risk tolerance, and asset allocation shape wealth strategies in today’s volatile market.Visit the Big Picture in Practice website: https://www.morningstar.com/business/insights/podcasts Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Grayscale’s Dave LaValle and John Hoffman share how advisors can navigate crypto’s rapid evolution, from understanding the technology and ETF parallels to preparing for regulatory shifts and AI-driven innovation as digital asset adoption accelerates.Visit the Big Picture in Practice website: https://www.morningstar.com/business/insights/podcasts Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Additional resources:Read a summary of this episode: https://www.morningstar.com/business/insights/blog/podcasts/big-picture-in-practice/evidence-driven-financial-advisor-valueCatch up on previous episodes: https://www.morningstar.com/views/podcasts/big-picture-in-practice Questions or ideas? Email us at bigpictureinpractice@morningstar.com. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Additional resources:Read a summary of this episode: https://www.morningstar.com/business/insights/blog/podcasts/big-picture-in-practice/advisor-engagement-strategiesCatch up on previous episodes: https://www.morningstar.com/views/podcasts/big-picture-in-practiceSubscribe to our newsletter: https://www.morningstar.com/business/insights/research/big-picture-in-practice-newsletter Questions or ideas? Email us at bigpictureinpractice@morningstar.com. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this episodeThe red flags to watch for when evaluating model portfolios.How private markets could strengthen model portfolios—and the risks involved.Why technology will drive personalization, but human connection with remain key.Additional resources:Catch up on previous episodes: https://www.morningstar.com/views/podcasts/big-picture-in-practiceSubscribe to our newsletter: https://www.morningstar.com/business/insights/research/big-picture-in-practice-newsletter Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this episode:The tax advantages of ETFs and how they compare to other investment vehicles.How Section 351 conversions enable tax-efficient transitions from SMAs to ETFs.Potential regulatory risks and what they mean for the future of ETF tax benefits.Additional resources:Read a summary of this episode: https://www.morningstar.com/business/insights/blog/podcasts/big-picture-in-practice/351-conversion-sma-to-etf-white-label-etfCatch up on previous episodes: https://www.morningstar.com/views/podcasts/big-picture-in-practiceSubscribe to our newsletter: https://www.morningstar.com/business/insights/research/big-picture-in-practice-newsletter Questions or ideas? Email us at bigpictureinpractice@morningstar.com. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Deborah is the chief investment officer of global liquidity markets at Federated Hermes. She joined the Big Picture in Practice hosts to discuss this humble, yet sizable corner of the asset management industry.  Listen now for:  A one-minute history of money market funds.The role of money market funds in cash management and capital preservation.Emerging innovations in money market funds.Additional resources:Read a summary of this episode: https://www.morningstar.com/business/insights/blog/big-picture-in-practice/money-market-funds-cashCatch up on previous episodes: https://www.morningstar.com/views/podcasts/big-picture-in-practiceSubscribe to our newsletter: https://www.morningstar.com/business/insights/research/big-picture-in-practice-newsletter Questions or ideas? Email us at bigpictureinpractice@morningstar.com. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Additional resources:Read a summary of this episode: https://www.morningstar.com/business/insights/blog/podcasts/big-picture-in-practice/asset-management-new-tech-stackCatch up on previous episodes: https://www.morningstar.com/views/podcasts/big-picture-in-practice Subscribe to our newsletter: https://www.morningstar.com/business/insights/research/big-picture-in-practice-newsletter Questions or ideas? Email us at bigpictureinpractice@morningstar.com Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this episode, Brent Beardsley, head of advisor solutions at Vanguard, explains how modern advisory firms can add value for clients and coexist with new technology.Listen now for:How financial advice has evolved over the last 25 years.What advisors can outsource to free up time for client engagement?What advisor activities truly add value for investors. You can listen to this and other episodes of Big Picture in Practice wherever you stream podcasts. Additional resources:Read a summary of this episode: https://www.morningstar.com/business/insights/blog/podcasts/big-picture-in-practice/financial-advisor-value-propositionCatch up on previous episodes: https://www.morningstar.com/views/podcasts/big-picture-in-practiceSubscribe to our newsletter: https://www.morningstar.com/business/insights/research/big-picture-in-practice-newsletter Questions or ideas? Email us at bigpictureinpractice@morningstar.com. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

AllianceBernstein’s Global Head of ETFs, Noel Archard, joins Big Picture in Practice to discuss the evolution of ETFs, their adaptability to changing markets, and the rising demand for tailored investment solutions. From the emergence of active ETFs to the integration of alternative wrappers like interval funds and SMAs, Noel sheds light on how these tools empower financial advisors to better serve their clients.In this episode:The evolution of ETFs and their role in modern investingActive ETFs and their alignment with transparency and cost-efficiencyThe importance of liquidity and tax efficiency in portfolio managementHow interval funds and private credit solutions complement traditional portfoliosYou can listen to this and other episodes of Big Picture in Practice wherever you stream podcasts.Additional resources:Read a summary of this episode: https://www.morningstar.com/business/insights/blog/podcast/big-picture-in-practice/etf-interval-fund-trendsCatch up on previous episodes: https://www.morningstar.com/views/podcasts/big-picture-in-practiceSubscribe to our newsletter: https://www.morningstar.com/business/insights/research/big-picture-in-practice-newsletterQuestions or ideas? Email us at bigpictureinpractice@morningstar.com. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this episode: Understand the importance of aligning growth strategies with client needs and preferences.Learn practical techniques to enhance client engagement while pursuing new business opportunities.Explore how prioritizing client satisfaction can lead to sustainable growth in the wealth management sector.Additional resources:Catch up on previous episodes: https://www.morningstar.com/views/podcasts/big-picture-in-practiceSubscribe to our newsletter: https://www.morningstar.com/business/insights/research/big-picture-in-practice-newsletter Questions or ideas? Email us at [bigpictureinpractice@morningstar.com](mailto:bigpictureinpractice@morningstar.com). Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this episode: Alternative investments offer unique diversification opportunities.Interval funds provide liquidity and access to private assets.Tokenization could reshape access to alternative markets.Additional resources:Read a summary of the episode: https://www.morningstar.com/business/insights/blog/podcast/big-picture-in-practice/future-of-investing-alternative-assetsCatch up on previous episodes: https://www.morningstar.com/views/podcasts/big-picture-in-practiceSubscribe to our newsletter: https://www.morningstar.com/business/insights/research/big-picture-in-practice-newsletter Questions or ideas? Email us at [bigpictureinpractice@morningstar.com](mailto:bigpictureinpractice@morningstar.com). Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this episode:How advisors can focus on services over products to meet client needs.Why holistic guidance and treating the practice like a small business can help drive success.How staying informed on global trends and embracing continuous learning fosters long-term success.You can listen to this and other episodes of Big Picture in Practice wherever you stream podcasts.Additional resources:Read a summary of this episode: https://www.morningstar.com/business/insights/blog/podcasts/financial-advisor-client-successCatch up on previous episodes: https://www.morningstar.com/views/podcasts/big-picture-in-practiceSubscribe to our newsletter: https://www.morningstar.com/business/insights/research/big-picture-in-practice-newsletter Questions or ideas? Email us at bigpictureinpractice@morningstar.com. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Dimensional Fund Advisors’ Katie Hendrix and Bryce Skaff dive into the firm’s new UMA platform.In this episode:Differences between unified managed accounts, separate accounts, and direct indexing.A look inside UMA platform technology.How UMAs address tax considerations.You can listen to this and other episodes of Big Picture in Practice wherever you stream podcasts. Additional resources:Read a summary of this episode: https://www.morningstar.com/business/insights/blog/podcasts/big-picture-in-practice/tax-managed-separate-accountsCatch up on previous episodes: https://www.morningstar.com/views/podcasts/big-picture-in-practiceSubscribe to our newsletter: https://www.morningstar.com/business/insights/research/big-picture-in-practice-newsletterQuestions or ideas? Email us at bigpictureinpractice@morningstar.com. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.