In this episode of the Wealth Management Invest podcast, host David Bodamer sits down with Dan Noonan, executive vice president at Cohen & Steers, to discuss how real assets are being incorporated into portfolios across the wealth management channel. Dan shares how sectors such as real estate, infrastructure, commodities and natural resource equities can contribute to diversification and income, and explains how advisors are approaching these asset classes as market conditions evolve.

Dan also breaks down the differences between listed and private real estate investments, including how liquidity, income and volatility profiles compare. In addition, Dan discusses the growing adoption of active ETFs within specialized sectors and highlights opportunities emerging in areas like necessity retail properties and next-generation real estate categories such as data centers and cell towers.

Key takeaways:

• Renewed advisor interest in real assets as diversification and inflation mitigation tools
• Key differences between listed and private real estate and how each fits into portfolio construction
• The expanding role of active ETFs in specialized asset classes such as real estate and infrastructure
• How next-generation real estate sectors like data centers and cell towers are shaping the market

Connect With David Bodamer:

• david.bodamer@informa.com
• Wealth Management
• LinkedIn: David Bodamer
• LinkedIn: Wealth Management

Connect With Dan Noonan:

• LinkedIn: Dan Noonan
• LinkedIn: Cohen & Steers
• Website: Cohen & Steers

Resources:

• Listen to the Wealth Management Invest Podcast on Wealth Management
• Listen and Subscribe to the Wealth Management Invest on Apple Podcasts
• Listen and Subscribe to the Wealth Management Invest on Spotify

In this episode of the Wealth Management Invest Podcast, host David Bodamer sits down with Kimberly Flynn, president of XA Investments, to discuss how interval and tender offer funds are reshaping access to private markets for financial advisors.

Kimberly explains how private credit, private equity and other alternative strategies are being packaged for the wealth channel, and what advisors should understand about their fund structures, platform requirements and track records. She also shares insights from XA Investments’ research on advisor adoption, public/private partnerships and the growing role private markets may play in portfolio construction over time.

Key takeaways:

• Growth in interval and tender offer funds and what it signals about advisor demand for private market exposure
• Differences in adoption across RIAs, wirehouses and IBDs
• How track record requirements and platform standards shape fund availability
• The role of partnerships, indices and research in helping advisors evaluate options

Connect With David Bodamer:

• david.bodamer@informa.com
• Wealth Management
• LinkedIn: David Bodamer
• LinkedIn: Wealth Management

Connect With Kimberly Flynn:

• LinkedIn: Kimberly Flynn
• Website: XA Investments

Resources:

• Listen to the Wealth Management Invest Podcast on Wealth Management
• Listen and Subscribe to the Wealth Management Invest on Apple Podcasts
• Listen and Subscribe to the Wealth Management Invest on Spotify

In this episode of the Wealth Management Invest podcast, host David Bodamer speaks with Dave Donahoo, head of Americas, Wealth Management Alternatives at Franklin Templeton, about how private equity, private credit and real estate are increasingly shaping portfolio construction within the wealth channel.

Dave shares how Franklin Templeton approaches private markets, evaluates semi-liquid fund structures and prioritizes investment integrity when adapting institutional strategies for advisors. He also discusses current themes across private asset classes, the role of education in advisor adoption, and why private markets are becoming a central part of long-term portfolio design.

Key points:

• Why private markets are no longer viewed as niche allocations for wealth portfolios
• How semi-liquid structures are evaluated before launch
• The role of supply and demand across private equity, credit and real estate
• How institutional experience informs product design for wealth clients

Connect With David Bodamer:

• david.bodamer@informa.com
• Wealth Management
• LinkedIn: David Bodamer
• LinkedIn: Wealth Management

Connect With Dave Donahoo:

• LinkedIn: Dave Donahoo
• LinkedIn: Franklin Templeton
• Website: Franklin Templeton
• Website: Alternatives by Franklin Templeton

Resources:

• Listen to the Wealth Management Invest Podcast on Wealth Management
• Listen and Subscribe to the Wealth Management Invest on Apple Podcasts
• Listen and Subscribe to the Wealth Management Invest on Spotify

In this episode of Wealth Management Invest, host David Bodamer sits down with Anya Coverman, president and CEO of the Institute for Portfolio Alternatives, to open 2026 with a discussion on key regulatory and policy developments affecting private markets, including ERISA modernization, 401(k) access, accredited investor definitions and the impact of state-level regulation.

Anya outlines the IPA’s role in representing the alternatives ecosystem and shares insight into how access to private markets has evolved, why individual investors remain under allocated compared to institutions, and how innovation in fund structures, fintech infrastructure and industry partnerships is reshaping the wealth channel.

Key takeaways:

• Individual investors remain under allocated to private markets compared to institutions
• New fund structures, fintech platforms and partnerships are expanding advisor access to alternatives
• Policy developments around ERISA, 401(k)s and accredited investors will shape future access
• Durable, thoughtful regulation is essential to responsible growth in private markets
• Education and collaboration are critical as alternatives play a larger role in portfolios

Connect With David Bodamer:

• david.bodamer@informa.com
• Wealth Management
• LinkedIn: David Bodamer
• LinkedIn: Wealth Management

Connect With Anya Coverman:

• Institute for Portfolio Alternatives
• LinkedIn: Anya Coverman

Resources:

• Listen to the Wealth Management Invest Podcast on Wealth Management
• Listen and Subscribe to the Wealth Management Invest on Apple Podcasts
• Listen and Subscribe to the Wealth Management Invest on Spotify

In this episode of Wealth Management Invest, host David Bodamer speaks with Daniel M. Milligan, vice president of separately managed accounts at Columbia Threadneedle Investments, to examine how advisors are using SMAs and direct indexing when building client portfolios.

Daniel outlines how technology has increased access to SMAs, why tax-aware personalization is gaining traction, and how direct indexing creates flexibility for investors seeking tailored equity exposures. He also walks through the role municipal bond SMAs can play in taxable accounts and highlights how advisors can use these tools.

Key takeaways:

• How technology has allowed SMAs to move downmarket with lower minimum investments
• Tax and transparency benefits that distinguish SMAs from mutual funds and ETFs
• How direct indexing pairs index-like exposure with systematic tax management and client-level customization
• Using SMAs and direct indexing to address concentrated stock positions while managing tax consequences over time
• Limits of customization, advisor education needs, and why SMAs are increasingly central to holistic planning

Connect With David Bodamer:

• david.bodamer@informa.com
• WealthManagement.com
• LinkedIn: David Bodamer
• LinkedIn: WealthManagement

Connect With Daniel Milligan:

• Website: Columbia Threadneedle Investments
• LinkedIn: Columbia Threadneedle Investments
• LinkedIn: Daniel Milligan

About Our Guest:

Dan Milligan is Vice President of Separately Managed Accounts at Columbia Threadneedle Investments, based in Boston, MA. He has been at the firm for almost 19 years. He holds a bachelor’s degree in economics from Boston College and an MBA from Boston College Carroll School of Management. He is a CFA Charterholder.

Resources:

• Listen to the Wealth Management Invest Podcast on WealthManagement.com
• Listen and Subscribe to the Wealth Management Invest on Apple Podcasts
• Listen and Subscribe to the Wealth Management Invest on Spotify

In this episode of Wealth Management Invest, host David Bodamer speaks with two AllianceBernstein executives: Onur Erzan, head of Global Client Group and Private Wealth, and Noel Archard, CFA, global head of ETFs and Portfolio Solutions. The duo shares insights on the growth of AllianceBernstein’s active ETF platform, the increasing integration of private markets into client portfolios and the expanding accessibility of SMAs for tax-efficient investing.

Key Takeaways:

• How AllianceBernstein has ramped up to $9 billion in ETF assets in three years with 19 active funds

• The trend of advisors consolidating manager relationships

• Structural and cyclical investment trends shaping portfolios, from private credit to international equities

• The growing accessibility of SMAs and their role in optimizing after-tax returns

• The rise of defined outcome ETFs and how advisors can use them

Connect With David Bodamer:

• david.bodamer@informa.com
• WealthManagement.com
• LinkedIn: David Bodamer
• LinkedIn: WealthManagement

Connect With AllianceBernstein:

• AllianceBernstein
• LinkedIn: AllianceBernstein

Connect With Noel Archard:

• LinkedIn: Noel Archard

Connect With Onur Erzan:

• LinkedIn: Onur Erzan

Resources:

• Listen to the Wealth Management Invest Podcast on WealthManagement.com
• Listen and Subscribe to the Wealth Management Invest on Apple Podcasts
• Listen and Subscribe to the Wealth Management Invest on Spotify
• RIA Edge Private Markets: December 4, 2025, in New York, NY

In this episode of Wealth Management Invest, host David Bodamer speaks with Todd Schlanger, CFA, senior investment strategist for multi-asset investing at Vanguard, to explore how advisors can approach portfolio construction in today’s market.

Todd shares why the 60/40 portfolio still plays a crucial role, the rise of dynamic and active-passive strategies, and the increasing use of ETFs in model portfolios. He also explains Vanguard’s 13 investment strategies and highlights the role advisors can play in guiding client behavior during periods of market volatility.

Key takeaways:

• Why the 60/40 portfolio remains relevant as a long-term “all-weather” strategy
• How dynamic strategies adapt to capital market assumptions across more than 100 asset classes
• The growing role of ETFs, including passive and active approaches, in model portfolios
• Vanguard’s 13 strategies are designed to address diverse investor needs and objectives
• The importance of advisor behavioral coaching to help clients stay disciplined through volatility

Connect With David Bodamer:

• david.bodamer@informa.com
• WealthManagement.com
• LinkedIn: David Bodamer
• LinkedIn: WealthManagement

Connect With Todd Schlanger

• Vanguard
• LinkedIn: Todd Schlanger
• Bonds remain in favor in time-varying model portfolio
• Vanguard’s portfolio construction framework
• Time-varying asset allocation: Vanguard’s approach to dynamic portfolios

Resources:

• Listen to the Wealth Management Invest Podcast on WealthManagement.com
• Listen and Subscribe to the Wealth Management Invest on Apple Podcasts
• Listen and Subscribe to the Wealth Management Invest on Spotify

In this episode of Wealth Management Invest, host David Bodamer talks with Jonathan McEvoy, managing director, Investor Relations and head of Private Wealth Secondaries Solutions Distribution at Coller Capital, to explore how secondaries provide an additional access point to private markets. Jonathan shares the growth story of private equity and private credit secondaries, their benefits to advisors and clients and how Coller Capital uses semiliquid funds to deliver its strategies.

Key Points :

• The evolution of the secondary market from niche beginnings to a $160 billion-plus annual transaction space
• How secondaries provide liquidity, diversification and reduced risk through seasoned portfolios
• The advantages of semiliquid fund structures for private wealth investors
• The growing importance of education for advisors and clients when approaching secondaries

Connect With David Bodamer:

• david.bodamer@informa.com
• WealthManagement.com
• LinkedIn: David Bodamer
• LinkedIn: WealthManagement

Connect With Jonathan McEvoy:

• Website: Coller Capital
• LinkedIn: Jonathan McEvoy

Resources:

• Listen to the Wealth Management Invest Podcast on WealthManagement.com
• Listen and Subscribe to the Wealth Management Invest on Apple Podcasts
• Listen and Subscribe to the Wealth Management Invest on Spotify