Recorded live at the Exchange ETF Conference, host Ryan Nauman welcomes Christopher Getter, Managing Director and Portfolio Manager at Simplify Asset Management, to discuss why private credit has become a hot—and increasingly scrutinized—topic in wealth and asset management. Getter explains recent idiosyncratic blowups, AI-related disruption risks in tech-heavy private credit, and broader late-stage credit-cycle behavior as spreads tighten and managers reach for yield. He argues concerns are warranted but not comparable to 2008, noting private credit has already repriced with discounts to book value widening north of 20% while high yield spreads remain relatively tight. The conversation highlights liquidity and structure mismatches for retail investors, manager dispersion, and why private credit can offer floating-rate exposure and higher returns—alongside hidden volatility and drawdown risk. Getter also discusses liquid alternatives such as managed futures, currency strategies, and hedged high yield, emphasizing that advisors should look beyond labels, understand true exposures, and ensure investors are compensated for the risks taken.

Learn how Zephyr can help financial advisors create modern diversified portfolios here.

Learn more about Simplify Asset Management here.

00:00 Welcome and Disclosures

00:38 Live From ETF Exchange

01:35 Meet Christopher Getter

01:57 Simplify and Alt ETFs

03:05 Why Private Credit Scrutiny

05:09 Spreads and Pain Priced In

08:05 Systemic Risk or Not

08:50 Not Another 2008

09:48 Late Cycle Credit Behavior

10:30 Retail Fit and Liquidity

12:48 Private vs Public Credit

14:56 Liquid Alternative Options

17:25 High Yield With Hedge

18:19 Advisor Due Diligence

19:33 Wrap Up and Where to Learn More

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On Zephyr’s Adjusted for Risk Podcast, host Ryan Nauman welcomes David Lau, founder of DPL Financial Partners, to discuss how modern, low-cost, commission-free annuities can help address retirement income gaps as pensions decline and Social Security remains uncertain. Lau explains why annuities are polarizing—largely due to commissions driving higher costs, complexity, and surrender periods—and how DPL works with carriers and technology to bring over 100 commission-free products to fee-based and fee-only advisors. They cover key use cases including lifetime income, downside protection to manage sequence risk, and tax deferral for high earners, plus replacing older, higher-cost annuities. Lau also describes how commission-free annuities can help advisors differentiate with prospects, increase recurring fee revenue, improve firm valuation, and support independence by bringing annuity assets under management without maintaining a broker-dealer affiliation.

Learn more about Zephyr here.

Learn more about DPL Financial Partners here.

00:00 Welcome and Setup

01:33 Meet David Lau

04:32 Why Annuities Polarize

06:44 Commission Free Evolution

11:36 Retirement Income Benefits

14:16 Income Riders Explained

17:29 Suitability and Liquidity

20:18 Simple Products Not Sold

21:50 Advisor Use Cases

23:54 Practice Growth and Value

26:36 Independence Transition Hurdles

30:25 Planning Your Move

32:25 Wrap Up and Resources

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