Masters in Business: BlackRock's Jamie Magyera on Wealth Management and Retirement

Date: September 19, 2025
Host: Barry Ritholtz | Guest: Jamie Magyera, Head of US Wealth Advisory and Retirement Business, BlackRock

Episode Overview

This episode features Jamie Magyera, the head of BlackRock’s US Wealth Advisory and Retirement businesses, discussing the evolution of wealth management, the rise of customization and alternatives, and the future of retirement planning. Jamie shares her unusual journey into finance, the changing demographics of wealth, and how BlackRock is addressing the needs of modern investors—from direct indexing and crypto to integrating private markets into retail portfolios.

Key Discussion Points & Insights

Jamie Magyera's Career Journey and Early Influences

• Background & Education
  • Jamie studied psychology at the University of Pennsylvania. She had wide-ranging interests, including work in music distribution but ultimately pivoted to finance for financial stability.

    "I was that kid that loved working... I was a babysitter, I worked at a bakery. I taught tennis lessons. I did it all and I loved it." — Jamie Magyera (03:08)

• Entry into Finance
  • With no finance background, Jamie started at Merrill Lynch Investment Managers as a technology project manager, eventually moving closer to client-facing roles and marketing.

    "I wanted to be the farthest thing away from markets because I had no experience. I didn’t even know what a mutual fund was." — Jamie Magyera (05:39)

BlackRock and the Industry: Growth, Innovation, and Resilience

• Role in BlackRock’s Evolution
  • After the Merrill-BlackRock merger, Jamie led marketing, played a key role in integrating retirement business lines post-iShares and BGI acquisitions, and emphasized the importance of culture and talent in successful mergers.

    "When you acquire, you’re acquiring for capabilities, but you’re acquiring for talent and culture." — Jamie Magyera (09:20)

• Navigating the Financial Crisis
  • BlackRock’s diversified approach (with iShares, fixed income, Aladdin platform) facilitated resilience through market turmoil.

    "We had multiple ways to lead through that and help our clients through that crisis." — Jamie Magyera (09:57)

The BlackRock US Wealth Advisory Business: Focus and Strategy

• Mission
  • Help advisors deliver better portfolios and scale their practices to better serve clients across diverse client segments—next-gen investors, women, and high-net-worth individuals.

    "We think about at BlackRock is how do we make investing easier, right? ... How do we get more people access to the capital markets?" — Jamie Magyera (11:52)

• iShares and Beyond
  • While iShares is prominent, BlackRock’s offerings span active strategies, alternatives, and powerful tech solutions. Rapid change in investor preferences is driving innovation.

Key Growth Segments and Customization Trends

• Next-Gen Investors (Millennials & Gen Z) [13:15–15:40]

  • Major asset transfer underway—70+ trillion dollars expected.
  • Next-gen values: investing aligned with beliefs, tech forward, crypto-savvy.
  • BlackRock responded with the iShares Bitcoin ETF, which has amassed $85bn in less than two years.

    "80 plus percent of millennial millionaires hold crypto... So what we were doing and investing and innovating in, in service of client demand is creating a Bitcoin ETF." — Jamie Magyera (14:28)

• Women as an Ascendant Segment [19:16–22:13]

  • Women currently control a third of global assets, headed toward 70% by 2050.
  • Women’s investing style: more impact- and goals-oriented, often under-served by the industry.

    "70% of women leave their husband's financial advisor after a divorce or a death." — Jamie Magyera (21:25)

  • BlackRock initiatives: customization (e.g. direct indexing), education, partnerships (e.g., Willow).

Direct Indexing and Tax Alpha [23:24–27:47]

• Rise of Direct Indexing

  • Shift from ultra-high-net-worth to wider adoption.
  • Predominant driver: after-tax returns and portfolio customization.

    "Yet we manage our investments before taxes... it is predominantly tax customization, tax management." — Jamie Magyera (25:26)

  • Powerful for high-concentration, low-basis portfolios; Appirio acquisition was key for BlackRock.

• Integration of SMAs, Option Overlays, Holistic Offering

  • BlackRock is converging direct indexing, fixed income, option overlays (via SpiderRock) into a unified, customizable managed portfolio approach.

Advisor Relationships and Outsourcing [28:30–29:48; 49:01–50:09]

• Deeper Partnerships
  • BlackRock moved from vendor to “true partner”—offering investment, technology, operational, and growth support.
• OCIO/Model Portfolio Approach
  • The rise of outsourcing: BlackRock’s models business is $350B and growing, underscoring advisors' need for scalable, professional management so they can focus on client relationships.

The Retirement Business and The Read on Retirement Report [29:48–35:27]

• BlackRock’s Retirement Reach
  • Over half of BlackRock’s assets relate to retirement (401ks, 403bs, DB plans).
• 2025 Survey Findings:
  • Savers: All-time high confidence but lower savings rates.
  • Plan Sponsors: Lowered confidence, recognizing ongoing challenges.
  • Retirees: Low confidence in sustaining income after leaving workforce.
• Key Demands from Savers
  • Need for professionally managed solutions (e.g., target-date funds).
  • Growing interest in guaranteed income (e.g., BlackRock’s LifePath Paycheck).
• Portfolios Are Changing
  • The classic 60/40 may evolve into models like 50/30/20 with more exposure to private markets, which can boost returns.

The Rise (and Democratization) of Alternatives [37:57–47:47]

• BlackRock’s Push into Private Markets

  • Series of acquisitions (HPS, GIP, Preqin) to deepen private markets access for retail and advisors.

    "We are very focused on really democratizing access, helping everyday people when appropriate gain access to this very important part of the capital markets." — Jamie Magyera (39:14)

• Tech Partnerships

  • Platforms like iCapital (Jamie is on the board) and GeoWealth reduce operational complexity—advisors can offer private/public blends in one managed account.

• Semi-Liquid Structures

  • New solutions aim to provide liquidity and easier integration of private assets into diversified portfolios; education remains critical.

    "We've done so much work to build solutions that actually are semi liquid and that provide that liquidity on a regular basis for advisors and their clients." — Jamie Magyera (41:16)

• Advisors Freed from Complexity

  • BlackRock assumes operational heavy-lifting—due diligence, reporting, rebalancing—enabling advisors to focus on client goals.

• Future Prospects

  • Question of alternatives in ETF form: transparency, data, and new vehicles are being actively developed.

Overlooked Opportunities and Advice to the Industry [50:09–55:17]

• Under-discussed Areas

  • Taxes remain underappreciated as a source of value and relationship-building opportunity.

    "I think taxes is still not being discussed enough... There is so much value you can bring as an advisor to your client by just having that conversation." — Jamie Magyera (50:36)

• Growth Drivers

  • Infrastructure and AI as structural priorities for future alpha.

• Advice to New Entrants

  • You don’t need a traditional background; curiosity and questioning are valuable.

    "I say, come into this industry. You don’t need a traditional background... Come into this industry and help us make it better." — Jamie Magyera (54:01)

• Personal Reflection

  • Jamie’s only regret: not starting to save and invest even earlier, and using all the available tools to do so.

Notable Quotes & Memorable Moments

• On iShares Bitcoin ETF:

  "85 [billion]... This is less than two years old, right?" — Barry Ritholtz (14:53)
  "I think we're going to see a lot of firms coming out now to say we're actually going to allow advisors to incorporate this into portfolios." — Jamie Magyera (15:40)

• On Women’s Wealth:

  "Women today control a third of the world’s assets. In a few years, it’ll be 50%. It'll be 70% by 2050." — Jamie Magyera (19:41)

• On Direct Indexing for Tax Alpha:

  "We live in an after-tax world. I bought my coffee with after-tax dollars. Yet we manage our investments before taxes." — Jamie Magyera (25:26)

• On BlackRock’s Retirement Footprint:

  "Over half of the assets at BlackRock are helping people save for retirement in some way." — Jamie Magyera (30:40)

• On Private Markets Access:

  "There is a world to believe strongly… you need full exposure to public and to private markets." — Jamie Magyera (38:38)

Important Segments & Timestamps

• Jamie’s Background and Career Path [02:48–08:16]
• BlackRock's Merger Integration and the Financial Crisis [08:42–10:39]
• US Wealth Advisory Focus & Strategy [11:52–13:15]
• Client Segments: Next-Gen, Women, High-Net-Worth [13:15–22:13]
• Direct Indexing and Tax Alpha [23:24–27:47]
• Advisor Partnerships and Outsourcing [28:30–29:48; 49:01–50:09]
• Retirement Business and Industry Survey Insights [29:48–35:27]
• Rise of Alternatives, Access, and Product Innovation [37:57–47:47]
• Model Portfolios and OCIO [48:41–50:09]
• Unspoken Opportunities: Taxes, Infrastructure, AI [50:09–51:25]
• Mentorship, Books, and Personal Habits [51:25–54:01]
• Advice for Young Professionals [54:01–55:17]

Conclusion

Jamie Magyera provided a comprehensive look at how BlackRock is shaping the future of wealth and retirement management. From the democratization of alternatives and direct indexing for tax management to the growing influence of women and next-gen investors, BlackRock is positioning itself to lead with innovation and client-centric solutions. Wealth advisors and investors should focus on personalization, after-tax returns, and holistic portfolio construction—including private assets—as key drivers for future success. Jamie’s advice: focus on taxes, stay curious, and don’t wait to start investing.