Welcome back to the Alt Goes Mainstream podcast.
Building community is central to enabling an industry to grow. There are few better ways to build community and foster trusted relationships than to break bread.
As the wealth channel continues to expand its adoption of private markets, peer-to-peer learning becomes ever more important. Sharing experiences and perspectives is what will help the wealth channel adopt private market solutions thoughtfully and responsibly.
That’s what happened at Franklin Templeton’s Private Markets RIA Advisory Council event and dinner at BLACKBARN recently. Bread was broken. Relationships were built.
We also found time to record a podcast at a dinner table with Franklin Templeton’s Head of Private Markets - Americas Wealth Management Dave Donahoo and Summit Wealth Group’s CIO Chelsea Ganey. The discussion granted access to a direct, honest, and raw window into perspectives on how asset managers and wealth managers can work together to educate one another and help move the industry forward. And yes, bread was broken before and after the podcast.
Please enjoy this fantastic conversation with Dave and Chelsea on the state of private markets and private wealth and how both asset managers and wealth managers can balance customization and differentiation with scale.
Thanks, Dave and Chelsea, for such a thoughtful and fascinating conversation.
Show Notes
00:00 A message from Ultimus, our Sponsor
00:57 Meet The Guests
01:07 Private Markets Are Eating World
01:29 Why Create RIA Council
01:49 Franklin Client-First DNA
02:09 From Public To Private
02:43 Listening Beyond Product
03:07 Peer To Peer Insights
04:12 Chelsea On The Benefits of Advisory Council
04:36 Inbox Overload And Filtering
05:10 Serving Diverse RIA Needs
06:15 Many RIAs Within One
06:30 What CIOs Need Most
06:54 Educating Advisors At Scale
07:32 GPs Must Listen Better
08:26 What Education Really Means
09:01 Repeatable Advisor Resources
09:54 Avoid Oversimplifying Complexity
10:30 Education Shifts To Choice
11:50 Balancing Choice And Customization
13:13 Centralized Menu For Scale
15:10 Sober Selling And Integrity
16:30 Franklin Private Markets Platform
17:59 Specialist Managers Model
18:28 Infrastructure Partnership Play
19:22 Do More With Less Managers
21:04 Holistic Options For Advisors
21:47 Where Product Innovation Goes
22:23 Sun Moon Stars Aligning
22:53 Future Access 401k Models
23:12 Start With Investment Why
23:29 Allocator Innovation Lens
24:09 Models Versus Customization
24:35 Why Innovation Matters
24:53 No One Right Way
25:18 Whats Still Missing
25:33 Scaling And The Middle
25:55 Magic Wand Question
26:19 Plumbing And Reporting
26:32 Perpetual Structure Tradeoffs
26:46 Protecting Investment Integrity
27:30 Long Term Over Short Term
27:42 Need More CIO Mindsets
28:03 Strategic Allocation For Alts
28:50 Chelsea On Strategic Framing
29:34 Making Liquidity Intuitive
30:06 Educating On Liquidity Risk
30:29 Private Markets Risk Reframe
31:32 Dave On Portfolio Construction
32:14 Standardizing Industry Terms
32:42 Building Trust With Liquidity
33:45 A Fun Question
38:10 Client Analogies That Stick
40:43 Fat Pitch Opportunities Today
42:53 Closing Thoughts And Thanks
A Word from Our Sponsor, Ultimus
This episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.
That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.
Learn more at ultimusfundsolutions.com or email info@ultimusfundsolutions.com.
We thank Ultimus for their support of alts going mainstream.
