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 around 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.

The dinner table provided a perfect setting to discuss what’s on the menu in private markets and private wealth. We covered:

Why there’s no free lunch, just dinner.

Are private markets eating the world?

Creating curated menus for advisors.

The recipes for success in private markets distribution.

Thanks, Dave and Chelsea, for such a thoughtful and fascinating conversation.

Thanks for reading Alt Goes Mainstream! Subscribe for free to receive new posts and support my work - writing and podcasting about the convergence of private markets and private wealth since December 2020.

A word from AGM podcast sponsor, Ultimus Fund Solutions

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: ultimusfundsolutions.com or email info@ultimusfundsolutions.com.

We thank Ultimus for their support of alts going mainstream.

Show Notes

00:00 Sponsor Intro by Ultimus

00:57 Meet The Guests, Dave Donahoo and Chelsea Ganey

01:07 Private Markets Everywhere

01:30 Why FormT he Franklin Templeton RIA Advisory Council

01:51 Franklin Client-First DNA

02:11 The New Franklin Templeton

03:05 Beyond Product Feedback

03:48 Chelsea On The Value of The Advisory Council

04:31 Networking Beats Inbox Noise

05:23 Serving Diverse RIAs

06:28 Inside One RIA Many Needs

07:47 What GPs Should Do Better

08:47 Education That Actually Sticks

09:55 From White Papers To Tools

10:50 Education Then Vs Now

11:42 Choice Changes The Pitch

12:21 Customization Vs Scale

13:26 Centralized CIO Menus

15:51 Sober Selling Long Term

17:13 Franklins Specialist Platform

18:19 Why Specialists Win

19:17 Infrastructure Partnership Play

20:13 More With Less Managers

22:10 Advisor Level Efficiency

22:46 Whats Next Product Innovation

23:23 Integrity First Adoption

24:36 Allocator Lens Shift

25:00 Innovation Options Overview

25:15 Model Portfolios Debate

26:03 Customization Versus Scale

26:29 What Private Markets Lack

26:44 Meeting In The Middle

27:07 Magic Wand Question

27:31 Plumbing And Reporting

27:45 Ease Without Dilution

28:00 Lexington Structure Constraints

28:44 Long Term Over Short Term

28:56 Need More CIO Mindset

29:17 Strategic Allocation Framework

29:34 Avoiding Whipsaw Flows

30:08 Chelsea On Strategic Thinking

30:24 Integrating Alts In Portfolios

30:57 Advisor Conversation Shift

31:32 Educating On Liquidity

31:43 Reframing Private Risk

32:07 Control And Recovery Benefits

33:07 Dave On Liquidity Risk

33:52 Stop Saying Semi Liquid

34:19 Structural Liquidity And Trust

35:23 Dinner Props And Buckets

35:57 Starter Main Dessert Picks

36:16 Real Estate Equity Starter

36:51 Secondaries Main Course

37:11 Real Estate Credit Dessert

38:04 Diversify Early Or Regret

39:37 Strategic Neutral Analogy

40:00 Client Analogies That Work

40:34 Zillow House Price Lesson

41:40 Baseball Patience Mindset

42:52 Fat Pitch Question

43:01 Chelsea On Secondaries Credit

43:59 Dave Singles Versus Homers

44:42 Lead Off Batter Story

45:02 No Free Lunch Just Dinner

45:40 Closing Thanks And Outro

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