This week, Rusty and Robyn are joined by Bill Wostoupal, EVP of OCIO at Orion. Bill is the EVP, of Orion OCIO. He is responsible for the coordination and execution of Orion's vision to offer custom indexing, and other outsourced services, to our prospective and existing investment advisory customer base.

Key Takeaways

• [04:26] - Bill has been in the Northstar family of companies since 1994. Learn more about how his career has evolved and why he has wanted to stick with this company for 30 years?
• [06:43] - What does Bill’s title mean exactly, and what does his position look like on a day-to-day basis?
• [08:17] - Orion is such a multifaceted company, but how might Bill try to describe what we do in a nutshell?
• [10:15] - How does Custom Indexing work for those who aren’t familiar?
• [12:21] - What are some of the most popular use cases for Custom Indexing that Bill is seeing right now?
• [14:06] - How does Orion set itself apart from their competition in this space?
• [16:20] - What are some of the big trends that Bill has noticed internally, here at Orion?
• [17:57] - Given all its changes in recent years, what currently excites Bill the most about the future of Orion?
• [19:40] - What does Bill think is in store for the future of Wealth Management?
• [22:12] - Outside of work, Bill is affiliated with a mentoring organization called “TeamMates.” Learn more about the good work that is taking place there.
• [25:26] - What is currently Bill’s favorite investment idea?

Quotes

[07:03] - “My team engages with those existing clients on a regular basis, so we do a couple different things. One is making sure that the clients that we have are assembling and putting…our different technology stacks and services...together [properly]. The second one is spending time discussing Custom Indexing and how we can help them transition their books of business [and]...their client market share, and the last part is more OCIO [focused]. So, I put those all underneath that umbrella of Outsourced Chief Investment Officer, but I think it’s more than that. ” ~ Bill Wostoupal

[11:18] - “Custom indexing [is] a lot different than Direct Indexing, where it’s usually a set of indexes and you’re tax transitioning. When you think of Orion’s Custom Indexing, think of technology inside the user experience. So our RIAs, who use our services on the Fintech side, have this component within their regular ecosystem…Then on top of it, we do the daily tax loss harvest review, the reallocation etc. And then one last point I’d probably make there…[is] that it’s custom. So, a lot of our advisors, a lot of our RIAs have their own models. ” ~ Bill Wostoupal

Links

• “Troublemaker Doppelgange” by Lucy Dacus
• “That’s Entertainment” by The Jam
• “Rock & Roll” by The Velvet Underground
• “Tom Sawyer” by Rush
• “Intergalatic” by Beastie Boys
• TeamMates Mentoring
• Orion’s Custom Indexing

Connect with Us

• Meet Rusty Vanneman, Orion’s Chief Investment Officer
• Check Out All of Orion’s Podcasts
• Power Your Growth with Orion

Disclosure(s) - Custom Indexing offered through Orion Portfolio Solutions, LLC a registered investment advisor.

Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor. Wealth Management services are offered by Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor. Orion Portfolio Solutions, LLC is a wholly owned subsidiary of Orion Advisor Solutions, Inc. (“Orion”)

Compliance Code: 1450-OPS-6/10/2024

Today Rusty & Robyn are joined by Jessica Golson, Senior Vice President of Investments and Trading at Carson Wealth Management. Jessica received a Bachelor of Science in Business Administration from the University of Nebraska Omaha, where she majored in Finance, Banking and Investment Science, and minored in Management. In 2012, she received a Masters of Investment Management and Financial Analysis from Creighton University. She currently holds FINRA Series 7 and 66 security licenses. She brings over 10 years of industry experience striving to help advisors succeed. Since starting in the industry as an advisor, she has since held influential roles in Trading, Performance and Management. In her previous positions, she sought out opportunities for operational efficiencies and acted as a catalyst of change; improving many of the processes and procedures. Outside of work, Jessica soaks up every second she can with her husband Terrance and their three amazing children, Wyatt, Jacob and Adalynn.

Key Takeaways

• [02:50] - Jessica’s professional background and more on her career in investing.
• [04:25] - Carson has a business partnership platform called “Run, Grow, Love Your Business.” Learn more about this and the work that Jessica is doing at Carson.
• [07:19] - What are some of the things that Jessica is most excited about at Carson right now?
• [09:50] - What are Jessica’s thoughts on the future of the Wealth Management Industry, as a whole, and how does she think that AI and technology will impact our industry going forward?
• [12:12] - How might clients’ expectations of their advisors change in light of recent technological advancements? Also, what can advisors do to better prepare for this shift?
• [13:16] - How can we recruit more women into the Wealth Management profession, especially considering that they are going to control the majority of the investible assets in the future?
• [16:45] - What qualities does Jessica look for when her team is hiring new talent?
• [18:50] - Advice or words of wisdom for those who want to enter the Wealth Management profession?
• [19:46] - What is Jessica’s favorite investment idea at the moment?
• [20:28] - How does Jessica maintain her energy, both physical and mental, to perform at a high level in such a demanding industry?
• [21:56] - Who are some of the mentors and colleagues that Jessica is particularly thankful for?

Quotes

[05:16] - “When we talk about ‘Run, Grow, Love Your Business…’ the pillars to get there [is really about] focusing on the fundamentals…but also make sure [you] are evolving, that gets stagnant really quick…Another piece is accelerating [your] growth and…we like to think Carson is synonymous with growth…and I think we tie that all together…with that third leg of the stool, which is just [fostering] a culture of excellence.” ~ Jessica Golson

[08:18] - “When it comes from an investment standpoint in our team…[we like to ask ourselves] ‘how do we focus some of our skills and knowledge towards investment strategies that align with the Carson values?’ And so, we’ve recently launched two SMA strategies: one is focused on women CEOs and the other is focused on AI.” ~ Jessica Golson

Links

• Jessica Golson on LinkedIn
• Carson Wealth Management
• “Run the World (Girls)” by Beyonce
• "Glamorous" by Fergie
• Carson Investment Research on X (Twitter)

Connect with Us

• Meet Rusty Vanneman, Orion’s Chief Investment Officer
• Check Out All of Orion’s Podcasts
• Power Your Growth with Orion

Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 1374-OPS-5/30/2024

Today Rusty & Robyn are joined by Alex Fink, Retired US Army Major General and former Chief Marketing Officer for the US Army. General Fink last served as the Army’s Chief Marketing Officer and is credited with reinventing the classic “Be All You Can Be” campaign. General Fink served for over 33 years in a variety of domestic and overseas operational and strategic leadership positions. General Fink also serves on USO’s Midwest Region Advisory Board and as an Executive Board Member for the Boy Scout’s of America’s Pathway to Adventure Council.

• [04:27] - General Fink’s professional background and how he straddled both private and military roles over the course of his career.
• [07:12] - General Fink’s thoughts on the geopolitical crisis happening in the Middle East and what it might mean for the US Military Forces?
• [11:47] - What are some of the recruiting challenges that the US Army currently faces and why?
• [17:41] - Learn more about the “Be All You Can Be” marketing campaign that General Fink spearheaded for the Army.
• [24:11] - What does General Fink believe goes into effective leadership?
• [27:24] - How does General Fink define culture and why is it so critical to developing and leading successful teams?
• [34:22] - How does General Fink approach innovation and how does he approach building a creative environment that fosters innovation for his team?
• [38:15] - What has General Fink been up to since retiring from the US Army and what are his plans moving forward?
• [40:20] - What is currently his favorite investment idea and why?

Quotes

[26:15] - “I think also, depending on the scope of influence…the rules associated with your personal brand of leadership also set the standard for others to follow, in that they instill a sense of predictability…The organization [will know have] a feeling on how you make decisions, thereby instilling trust and confidence. It also further empowers decentralized decision making…which I’ve always tried to do, is push decisions to the level that’s closest to the challenge or the problem. ” ~ Alex Fink

[32:04] - “You can’t just say, ‘hey…this is our culture, this is what we are going to be about’ [and] put it on a bunch of cards and pass them out and think it’s just going to last. It’s something that has to be constantly nurtured and reinforced…with examples.” ~ Alex Fink

Links

• Alex Fink on LinkedIn
• “Bitter Sweet Symphony” by The Verve
• "Boom" by POD
• "Uncaged" by Zac Brown Band
  "Game of Thrones Theme" by Tomas Hilber

Connect with Us

• Meet Rusty Vanneman, Orion’s Chief Investment Officer
• Check Out All of Orion’s Podcasts
• Power Your Growth with Orion

Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 1165-OPS-5/13/2024

Today Rusty & Robyn are joined by Paul Baiocchi, Chief ETF Strategist at SS&C ALPS Advisors in Denver, CO. Paul Baiocchi is the Chief ETF Strategist at SS&C ALPS Advisors, spearheading the firm’s distribution strategy and execution for the ETF suite as well as the Select Sector SPDRs lineup of ETFs. Paul works closely with the distribution, research and marketing teams to tailor the firm’s messaging and client-facing content for the varied needs of a range of investor types. In addition to providing subject matter expertise in client meetings, Paul supports the marketing and PR teams while also aiding the research efforts of SS&C ALPS Advisors and Select Sector SPDRs. Prior to joining the firm, Paul was Vice President of ETF Business Development at Fidelity Institutional Asset Management where he helped build and grow the firm’s ETF lineup for six years while developing sales and messaging strategies for sector investing. Previously, he worked at ETF.com, building an ETF analytics platform, writing about the ETF industry and moderating panels at Inside ETFs conferences. Paul has been in the financial services industry for 20 years. He is a CFA charter holder, holds an MBA from the University of British Columbia’s Sauder School of Business and a bachelor’s degree in Business Administration from California State University at Chico.

Key Takeaways

• [03:12] - Paul’s professional background and what led him to focus on ETFs, in particular.
• [07:04] - What is SS&C’s investment philosophy and how does it stand out as a firm?
• [10:40] - Paul’s overall outlook for the ETF industry moving forward.
• [14:42] - Where does Paul see innovation developing in the ETF industry moving forward?
• [16:20] - What are some of the obstacles to growth that Paul sees for ETFs going forward?
• [19:10] - SS&C ALPS offer more than 50 ETFs. Of this selection, where is Paul seeing the most growth and why does he think that is?
• [23:30] - Which of the aforementioned strategies are not seeing as much growth and why?
• [27:22] - Paul’s outlook on Active ETFs for 2024 and his thoughts on the evolution of Active ETFs as a category.
• [30:55] - What are some potential catalysts that might encourage Small Caps to start regularly outperforming?
• [34:48] - What are the risks of being in Small Cap indexing strategies, like the Russell 2000 or the S&P 600?
• [37:26] - What is Paul’s overall outlook on non-US stock markets, both in absolute and relative terms?
• [41:00] - What is currently Paul’s favorite investment idea?

Quotes

[15:42] - “There’s the ongoing sort of debate, and I have this debate myself, around tokenization of investment strategies [and] whether or not you can tokenize an asset class…Can you create a tokenized asset class of an ETF offering that allows you to provide that investment strategy in another format? That to me is another piece of innovation that might be 5 or 6 years down the road, or 10 years down the road, but is another driver of innovation as I see it.” ~ Paul Baiocchi

[26:12] - “Here we are in 2024, facing significant supply pressure on a number of key categories in the commodities space. We’re seeing energy prices start to bubble up again [and] we are also seeing weakness in specific commodities, namely natural gas…So the ability to be flexible in terms of what commodities you have exposure to, based on a really actionable model that the index uses to pick and choose among commodities, I think is a really compelling way to diversify an asset allocation, and we know historically that commodities can add a certain level of diversification to an asset allocation.” ~ Paul Baiocchi

Links

• Paul Baiocchi on LinkedIn
• SS&C ALPS Advisors
• “ATLiens” by Outkast

Connect with Us

• Meet Rusty Vanneman, Orion’s Chief Investment Officer
• Check Out All of Orion’s Podcasts
• Power Your Growth with Orion

Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

1168-OPS-5/13/2024

Today Rusty & Robyn are joined by Harry Hartford, a Portfolio Manager at Causeway Capital Management in Los Angeles, CA. Mr. Hartford is the president at Causeway, fundamental portfolio manager, and head of fundamental research. Mr. Hartford co-founded the firm in June 2001 and is a member of the operating committee. From 1996 to June 2001, Mr. Hartford was a managing director for the Hotchkis & Wiley division of Merrill Lynch Investment Managers (HW-MLIM) and co-head of the firm’s HW-MLIM international and global value team. From 1994 to 1996, Mr. Hartford was a portfolio manager for Hotchkis and Wiley. From 1984 to 1994, Mr. Hartford was with The Investment Bank of Ireland, where he gained ten years’ experience in both international and global equity management. During this time, Mr. Hartford also managed the Irish Investment Fund, a closed-end country fund quoted on the NYSE. Before entering the investment business, Mr. Hartford lectured in micro and macroeconomics at Oklahoma State University. Mr. Hartford earned a BA, with honors, in economics from the University of Dublin, Trinity College, an MSc in economics from Oklahoma State University, and is a Phi Kappa Phi member. Mr. Hartford is a member of The Ireland Funds America Board of Directors.

Key Takeaways

• [03:46] - Harry's professional background and what drew him to the field of investment.
• [07:20] - What is Causeway’s investment philosophy and how does it differ from other international value managers?
• [09:27] - Which one of Causeway’s non-US value strategies is generating the most interest from end investors right now and why?
• [11:06] - Which of Causeway’s strategies does Harry think should be generating more investor interest in the current market environment?
• [12:08] - What is the argument for investing overseas, strategically, in a time where international markets have underperformed US Markets for several years?
• [13:50] - Is there a different argument for International Investing from a tactical standpoint?
• [15:31] - Potential catalysts that might cause the non-US markets to start to consistently outperform again.
• [19:52] - It seems like everyone is saying that the US Dollar is going to get stronger in the short term. What is Harry’s outlook on the US Dollar?
• [22:04] - What does Harry see ahead for International Small Cap stocks?
• [24:15] - What is Causeway’s “risk lens” model and how does it benefit their clients?

Quotes

[010:37] - “[Causeway Capital’s] Emerging Markets and International Small Cap strategies are primarily quantitative with a fundamental overlay, and they would be more tracking error oriented strategies.” ~ Harry Hartford

[20:53] - “There are things that are supporting that dollar at this point in time…but…you start to get concerned around the sustainability of the Federal deficit against a backdrop where the capital required to fund that deficit comes from overseas…and in addition to that, the absolute level of indebtedness is relatively high. So, I do worry that there are things that could derail the upward trajectory of the US Dollar and I would caution against getting overly complacent, simply because the dollar, for want of a better term, is the only game in town.” ~ Harry Hartford

Links

• Harry Hartford on LinkedIn
• Causeway Capital Management
• “The Boys are Back in Town” by Thin Lizzy

Connect with Us

• Meet Rusty Vanneman, Orion’s Chief Investment Officer
• Check Out All of Orion’s Podcasts
• Power Your Growth with Orion

Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 1080-OPS-5/2/2024

Today Rusty & Robyn are joined by Michael Arone, Chief Investment Strategist and Managing Director at State Street Global Advisors. Michael is the Chief Investment Strategist for the SPDR® Americas Business at State Street Global Advisors. He is responsible for expanding State Street Global Advisors’ footprint and thought leadership effort through frequent contributions to the financial news media, speaking engagements and client interactions. Michael is a highly regarded speaker at industry conferences and is the author of several articles related to investment management practices. He is a member of the firm’s Senior Leadership Team.

During his more than 20-year career as an investment professional, Michael has served as State Street Global Advisors’ Global and EMEA Head of Portfolio Strategy as well as a senior portfolio manager in the Global Active Quantitative Equity Group. He has substantial experience developing long-only and long-short quantitative strategies and managing investment portfolios using quantitative disciplines. Michael has worked extensively with the firm’s global institutional and intermediary clients to help them identify investment solutions that enable them to meet their long-term financial goals.

Key Takeaways

• [03:28] - Michael’s professional background and highlights from his time at State Street.
• [04:40] - What really makes State Street stand out in this industry?
• [06:28] - What is the primary risk that Michael thinks investors are overlooking right now?
• [08:06] - Even though The Fed is still suggesting it will cut rates soon, it hasn’t made any moves yet, so what should the takeaway be from that?
• [09:27] - Why are growing government deficits and rising, bipartisan protectionism often two ingredients in Stagflation?
• [10:52] - How does Michael assess the current inflation trend?
• [13:02] - What are the potential odds that Stagflation actually occurs?
• [14:32] - How can investors better prepare for all possibilities, Stagflation or otherwise?
• [16:10] - What is driving the potential liquidity squeeze?
• [19:58] - Why don’t investors know more about the surprising outperformance of small and mid cap stocks?
• [21:20] - What should investors know about market concentration and “The Magnificent 7?”
• [23:10] - What are some surprises that Michael has noticed in long maturity treasuries?
• [25:30] - What is currently Michael’s favorite investment idea?

Quotes

[14:04] - “Maybe there’s only a 20% chance [of Stagflation], but it’s a chance that investors are not currently pricing in and they’re underestimating. They are pricing it as a 0% chance, and I think it is probably above that.” ~ Michael Arone

[26:56] - “The top 5 companies in the S&P 500, their market capitalization is more than 3.6x all of small cap put together. That surpasses where we were at the height of the Technology, Media and Telecom bubble, so I think you’ll get some mean reversion…I think small cap stocks are…under loved and that’s one of my favorite ideas for 2024.” ~ Michael Arone

Links

• Michael Arone on LinkedIn
• “Lose Yourself” by Eminem
• State Street Global Advisors

Connect with Us

• Meet Rusty Vanneman, Orion’s Chief Investment Officer
• Check Out All of Orion’s Podcasts
• Power Your Growth with Orion

Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

Compliance Code: 0972-OPS-4/22/2024

Today Rusty & Robyn are joined by Brian Storey and Andrew Goins of Brinker Capital, Deputy Chief Investment Officer and Senior Portfolio Manager at Brinker Capital respectively.

Key Takeaways

• [03:47] - Andrew’s and Brian’s professional backgrounds and what they do in their current positions.
• [09:05] - Who have provided some of their key philosophical insights over the years and how have those influences impacted their style of investing?
• [12:10] - What is the elevator pitch for what the Destination Strategies at Brinker Capital are and what they are trying to accomplish?
• [12:55] - How do the above strategies differ from other multi-asset strategies that are available?
• [17:04] - How do they hone the art of Portfolio Management and how do Brian and Andrew interface in their day to day?
• [21:17] - Learn a bit more about the due diligence process for Brinker’s Destination strategies.
• [25:25] - When searching for managers, what are some of the key attributes they look for and, on the flip side, what are some reasons why they might terminate a manager?
• [27:47] - What is some of the risk management research that goes into their Destinations portfolio?
• [32:11] - What market environments might these strategies perform best in and vice versa?
• [37:49] - What are each of their favorite investment ideas currently?

Quotes

[16:03] - “[Brinker’s] use of…diversifying asset classes or strategies [sets us apart]...As we look at some of our peers…they tend to be much more traditional asset classes, more focused on equities and Fixed Income…That’s been a hallmark of Destinations at Brinker Capital for many many years and we do think that is both an area where we add a lot of value but [is also] just a differentiator from our peers.” ~ Andrew Goins

[27:01] - “[When selecting an asset manager] you…want to see, you know, curiosity, creativity [and] the ability to adapt the process to potentially changing market conditions or different environments…being able to be flexible in their approach [is so important]...and can benefit the portfolio performance going forward” ~ Brian Storey

Links

• “Into the Great White Open” by Tom Petty and The Heartbreakers
• “The Gambler” by Kenny Rogers
• Orion Wealth Management

Connect with Us

• Meet Rusty Vanneman, Orion’s Chief Investment Officer
• Check Out All of Orion’s Podcasts
• Power Your Growth with Orion

Disclosure(s) - Custom Indexing offered through Orion Portfolio Solutions, LLC a registered investment advisor.

Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor. Wealth Management services are offered by Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor. Orion Portfolio Solutions, LLC is a wholly owned subsidiary of Orion Advisor Solutions, Inc. (“Orion”)

The Destinations Funds are distributed by Foreside Fund Services, LLC.

Compliance Code: 0969-OPS-4/22/2024