Podcast
Orion's The Weighing Machine
Hosted by Orion Portfolio Solutions · EN
Orion’s The Weighing Machine How does Orion help financial advisors guide investors toward their financial goals? We provide the services and solutions advisors need to help clients stay invested in balanced portfolios. On Orion’s “The Weighing Machine,” featuring Ben Vaske, BFA, we cut through the market clamor and focus on time-tested principles that help financial advisors and investors reach their long-term financial goals. Each podcast reviews weekly commentary by Orion’s investment team and features a special guest to discuss market headlines.
Wealth Management services are offered by Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor. Orion Portfolio Solutions, LLC is a wholly owned subsidiary of Orion Advisor Solutions, Inc. (“Orion”).
Think2perform’s Behavioral Financial Advice program integrates traditional finance practices with psychology and neuroscience to improve emotional competency and decision-making behavior that increases effective usage of the financial plan with clients. To obtain the Behavioral Financial Advisor (BFA) designation, participants must complete a self-directed course, which takes 20-30 hours to complete, and includes a mix of interactive exercises, videos and case studies. To learn more about the BFA, visit https://www.think2perform.com.
0503-OPS-3/4/2024
25episodes
Episodes
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Savina Rizova of Dimensional Fund Advisors - It’s All About Research: The Latest Trends, How to Get the Best Data and Why It’s So Important
Jan 14, 202500:56:11Tap to summarizeToday, Rusty and Robyn are joined by Savina Rizova, Co-Chief Investment Officer and Global Head of Research at Dimensional Fund Advisors. Savina Rizova is Co-Chief Investment Officer and Global Head of Research at Dimensional Fund Advisors LP. She was named Co-CIO in 2024 and serves in that role alongside Gerard O’Reilly, who is also Co-Chief Executive Officer. As Co-CIO, Savina helps lead a team of more than 300 investment professionals across six countries. She is also Chair of the Investment Research Committee and a member of the Investment Committee. Since joining Dimensional’s Research department in 2004, Savina has worked closely with leading academics, collaborating on research, co-authoring papers, and partnering with Dimensional’s broader investment team to implement robust research in live portfolios. She has helped drive innovation across Dimensional’s product offering, including the development, launch, and rapid growth of Dimensional exchange-traded funds (ETFs), the expanded separately managed accounts (SMAs) offering, and model portfolios. She was instrumental in expanding the Research team to more than 100 specialists in investment research, strategy research, and analytics and data. Savina was recognized as one of Barron’s 100 Most Influential Women in US Finance in 2022 and 2023. She holds a PhD in finance and an MBA from the University of Chicago Booth School of Business. She also earned a BA in economics and mathematics from Dartmouth College, where she was a research assistant to Professor Kenneth French.Key Takeaways[03:44] - What motivated Savina’s transition from the academic world to the finance industry and how has her academic background shaped her approach to research?[07:18] - What does Savina’s day-to-day look like at Dimensional Fund Advisors and how does she balance innovation with maintaining Dimensional’s core investment philosophy?[11:57] - How does Savina translate complex, academic findings into actionable insights for advisors and investors?[15:57] - What are some essential research insights that every financial advisor should understand to better serve their clients when building portfolios?[18:27] - How does Dimensional identify and prioritize areas of research that could significantly impact their investment strategies?[21:13] - Does Savina believe the notion of market efficiency still holds as strongly today as it did when Dimensional was founded, or are there nuances that researchers have uncovered in recent years?[23:46] - Emerging areas of research that may play a larger role in Dimensional’s strategies in the future[26:15] - Have there been any recent research findings that challenge Dimensional’s long-term assumptions or that led to a change in their overall investment strategy?[28:20] - How has the explosion of big data and AI changed the research landscape at Dimensional?[31:37] - How is Dimensional using machine learning to enhance its research and investment processes, if at all?[33:16] - What are the biggest opportunities and challenges for investment research in the coming decade?[34:30] - What are the most rewarding and challenging aspects of leading a global research team at Dimensional?[36:40] - As Co-CIO, how has the investment offering from Dimensional evolved in recent years?[42:37] - What steps can we take, as an industry, to encourage more women to explore careers in research and finance?[44:12] - What is currently Savina’s favorite investment idea?Quotes[17:27] - "The majority of active managers underperform their benchmarks. So, that’s another key takeaway - don’t underestimate how difficult it is, and impossible systematically, to outguess market prices. [However], if you want to outperform markets, you don’t have to do that. You can seek to outperform markets by focusing on what you mentioned earlier. [Having an] evidence-based approach [and] premiums that are motivated by a robust [research]. ” ~ Savina Rizova[22:57] - "The one thing many people misunderstand is: market efficiency is a model of how to think about the world or investing. Every model, by default, is wrong [and] is not an accurate description of reality. What is useful about models, is they help you organize how you think about [the world] and how you behave.” ~ Savina RizovaLinksSavina Rizova on LinkedInDimensional Fund Advisors“My Way” by Frank SinatraConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Compliance Code: 3319-OPS-12/31/2024
Transcribe →Rusty Vanneman and Robyn Murray of Orion - Year-End Review of The Weighing Machine
Jan 7, 202500:41:20Tap to summarizeKey Takeaways[03:45] - What are some of Rusty’s and Robyn’s all time favorite walk-up songs from The Weighing Machine?[06:03] - What led Rusty to start The Weighing Machine and what did he want to create with it?[09:27] - How did Robyn and Rusty come to be co-hosts of The Weighing Machine originally?[10:12] - What were three of their favorite podcast episodes from the past year?[16:11] - What is Robyn’s favorite investment idea currently?[16:56] - What is Rusty’s favorite investment idea currently?[18:26] - How does Robyn maintain her energy, both physically and mentally, to perform at a high level?[19:12] - How does Rustry maintain his energy, both physically and mentally, to perform at a high level?[22:05] - Are there any mentors or professional peers that Robyn is particularly thankful for?[23:00] - Are there any mentors or professional peers that Rusty is particularly thankful for?[27:52] - What are Rusty and Robyn watching, reading, listening to or watching at the moment?[33:35] - In this age of information overload, how does Robyn balance the need to be informed and educated with the need to reset and tune out?[34:57] - In this age of information overload, how does Rusty balance the need to be informed and educated with the need to reset and tune out?Quotes[17:53] "Investing in yourself is my favorite investment idea. People always think about investments as measured in dollars, but it’s really about developing your own potential and talent and always adapting to what’s going on." - Rusty Vanneman[12:53] "One of the most memorable episodes was with a U.S. Army General, who talked about the importance of culture and leadership. It was inspiring and highly relevant for financial advisors and listeners alike." - Rusty VannemanLinks“I Might Be Wrong” by Radiohead“Where Your Mind Wants to Go” by Blonde Redhead“Scatterlings of Africa” by Johnny Clegg“KeepsakeFM” by Holly WaxwingGood Inside Podcast with Dr. BeckyConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Compliance Code: 3295-OPS-12/26/2024
Transcribe →Jack Sharry of LifeYield - Technology and Tax Efficient Investing
Dec 31, 202400:51:31Tap to summarizeToday, Rusty and Robyn are joined by Jack Sharry, Executive Vice President and Chief Growth Officer at LifeYield. Jack Sharry has been a financial industry innovator, collaborator and advocate for 40+ years. He served as an executive at Morgan Stanley, Putnam Investments, Virtus Investment Partners and now, LifeYield where he led sales, marketing, product development and distribution strategy. Jack is the Chair of the InvestmentNews Future of Financial Advice initiative and a frequent contributor to the publication, he Co-Chairs the Money Management Institute Digital Advice Community, and hosts the LifeYield podcast, WealthTech on Deck, where he talks with other industry leaders on their tech strategy designed to improve investor and advisor outcomes.Key Takeaways[03:15] - Jack’s professional background and the highlights of his career[06:15] - What is LifeYield’s big news today and how do they optimize financial outcomes for their clients?[08:26] - What is a Unified Managed Household (UMH), why is it significant and how does it benefit both advisors and investors?[11:13] - What are some of LifeYield’s strategies for reducing tax exposure for investors?[13:20] - What are some of the common challenges individuals face when planning retirement and how does LifeYield address these?[15:09] - What inspired Jack to start his podcast, “Wealth Tech on Deck?”[17:58] - What are some of the most memorable conversations that Jack has had on his podcast? Also, for a first time listener, are there any particular episodes that he would recommend?[22:52] - Has Jack noticed any emerging trends, that are shaping wealth management and fintech, across his podcast conversations?[24:28] - How is artificial intelligence going to transform wealth management?[26:32] - What aspects of teaching does Jack find the most fulfilling and how does this role influence his professional perspective?[31:11] - What is Jack’s current assessment of college students, and therefore the future of the wealth management industry?[33:25] - Pivotal moments or decisions that really shaped Jack’s career and got him where he is today[37:05] - How has Jack seen the financial industry evolve since he began and what are some of the key things he learned from those changes?[38:45] - What drives Jack’s passion and how has he maintained his enthusiasm throughout his extensive career?[39:45] - What are Jack’s aspirations for LifeYield, and the broader financial industry, over the next decade?[41:43] - What is Jack’s favorite investment idea currently?Quote[34:23] - "So this homework assignment, which I give to all our listeners here to try this, I’ve done this with many folks over the years. When you go home you are not allowed to make a declarative statement for the first hour you are home, whether you live with a partner, roommate, friend, wife [or] husband. ” ~ Jack SharryLinksJack Sharry on LinkedInLifeYield“Here Comes the Sun” by The BeatlesMad River ReflectionsConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Compliance Code: 3199-OPS-12/13/2024
Transcribe →Shana Sissel of Banrion Capital Management - The Risks and Rewards of Alternative Investing
Dec 24, 202400:59:32Tap to summarizeToday, Rusty and Robyn are joined by Shana Sissel, Founder and Chief Executive Officer at Banrion Capital Management. For two decades Shana Orczyk Sissel has climbed the ladder of the financial services industry. As Founder, President & Chief Executive Officer of Banrion Capital Management Shana helps independent advisors navigate the complex world of alternative investing, assisting with investment platform development, alternatives in portfolio construction and developing best practice in alternative investment due diligence. Dubbed the "Queen of Alternatives" by her peers. Shana is a sought after speaker & media contributor, appearing frequently at industry events and on major financial news outlets like CNBC, Fox Business Network, Bloomberg and the TD Ameritrade Network. Shana has maintained fierce, outspoken advocacy for her fellow women in finance for the duration of her career — acting as a mentor for many other young women navigating the battlefield of a male-dominated industry. Having overcome many obstacles to achieve success in her own career, she leverages her personal social media following to speak out for the recognition and support of women in her field. As a member of Women in ETFs, Shana has become a spokesperson for their Speaker’s Bureau, with the goal of improving public representation of females in industry-oriented events and conferences, as well as in financial media.Key Takeaways[03:46] - The highlights of Shana’s career and the breadth of her experience in the industry[06:34] - What drove Shana to start Banrion Capital Management and what sets them apart as a firm?[12:26] - To set the stage, how does Shana define Alternative Investments?[13:45] - How do alts reduce portfolio risk and potentially enhance risk-adjusted performance?[16:24] - What is Shana’s view on private equity and private credit and does she think they are diversifying asset classes?[18:35] - What is Shana’s take on Cliff Asness’ perspective on high-volatility alternatives?[21:22] - Which alternatives strategies does Shana recommend for advisors looking to incorporate alts into their clients’ portfolios?[29:01] - What are some common misconceptions about Alternative Investments and how does Shana address these with clients?[32:35] - What are some of the educational programs, on alts, that Banrion offers to advisors and investors?[36:53] - What are some of the experiences that have shaped Shana and how have they shaped her approach to leadership and investment?[41:17] - Challenges Shana has faced as a woman in the industry and how she has navigated them in her career[44:36] - What initiatives and advice has Shana offered to support women who are in this field or entering this field?[48:35] - Looking ahead, what are Shana’s aspirations for Banrion Capital Management, and the broader financial industry, in the next decade?[51:02] - What is Shana’s favorite investment idea at the moment?Quote[07:50] - "99% of the competitors in the space that create and build these access platforms for alternative strategies for advisors were founded and built to solve problems for asset managers, not advisors." ~ Shana SisselLinksShana Sissel on LinkedInBanrion Capital Management“Fighter” by Christina Aguilera“Wanna Be” by Megan Thee Stallion & GloRillaConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Compliance Code: 3195-OPS-12/13/2024
Transcribe →Nate Conrad of LifeX - A New Approach to Retirement Planning
Dec 17, 202400:43:00Tap to summarizeToday, Rusty and Robyn are joined by Nate Conrad, Head of LifeX at Stone Ridge. Nate formerly served as the Head of Markets at Stone Ridge and as the President of NYDIG. Prior to joining Stone Ridge in 2016, Nate worked at Goldman Sachs as a vice president in the Interest Rates Trading business. Nate received his BSE in Computer Information Science from the University of Pennsylvania.Key Takeaways[03:03] - More on Nate’s career and his current position at Stone Ridge Asset Management.[04:19] - What is the philosophy behind Stone Ridge Asset Management and what sets them apart as a firm?[05:51] - What is the elevator pitch for LifeX and why might it be a real game changer for financial advisors and investors?[08:55] - How do LifeX ETFs convert accumulated assets into predictable, monthly distributions?[10:31] - What types of government bonds do LifeX ETFs invest in and how does this strategy support reliable, monthly payments?[11:06] - There are other bond ladder solutions, so what makes this franchise of ETFs different?[13:43] - How can inflation protected ETFs address the persistent concerns around rising prices?[16:00] - LifeX ETFs have a fee structure that decreases overtime. What are the long-term benefits of this approach for investors?[18:18] - What types of investors would benefit most from incorporating LifeX ETFs into their retirement planning?[21:05] - How might LifeX help advisors actually grow their business as a result of the great generational wealth transfer?[24:45] - Other unique implementations or use cases of the LifeX products.[27:00] - What are the tax implications of investing in LifeX ETFs and how does this compare to other retirement income solutions?[29:26] - How are advisors making their allocations with these funds?[31:24] - What are some of the common questions or concerns that Nate hears from advisors and investors about LifeX?[34:37] - What resources and support does LifeX provide to financial advisors to learn more about these ETFs and help them integrate them into clients’ portfolios?[35:52] - What is currently Nate’s favorite investment idea?Quotes[03:44] - "Innovation is really at the core…[of] what we do at Stone Ridge. It all starts with hearing the problems that people have in their portfolios. What are the things that keep them from feeling financially secure? And, when you hear those problems, asking questions about the root cause and then trying to solve them with a little bit of an engineering mindset." ~ Nate Conrad[04:42] - "If you’re not somebody in our country who is an ‘accredited investor’ or ‘qualified purchaser,’ which are standards based on wealth and not intelligence, which we really don’t like, then there’s a whole set of investments that you’re not allowed to have access to. A lot of the most diversifying assets out there tend to be in private structures that the majority of Americans can’t get access to, and that doesn’t sit well with us at Stone Ridge." ~ Nate ConradLinksNate Conrad on LinkedIn“Under Pressure” by QueenWade Pfau White PaperStone Ridge on LinkedInLifeX FundsStone RidgeConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionFor important risk disclosures, visit the LifeX website: LifeX FundsDisclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.Compliance Code: 3120-OPS-12/4/2024Important Risk Disclosures for LifeX ETFsDefinitions:Distribution Yield: Distribution Yield, or Distribution Rate is calculated as the intended annualized distribution per share divided by the net asset value (NAV) of the fund. A portion of each fund’s monthly distribution is expected and intended to include return of capital.TIPS: Treasury Inflation-Protected Securities (TIPS) is a type of government bond issued by the U.S. Treasury where the principal amount adjusts based on inflation.CPI: The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. Indexes are available for the U.S. and various geographic areas. Average price data for select utility, automotive fuel, and food items are also available.Footnotes:The tax discussion herein is general in nature. Investors should consult their tax advisers about the effect that an investment in Stone Ridge Longevity Income ETFs could have on their tax situation. Please refer to the prospectus for a discussion of tax risks. Holdings of the ETFs in a qualified retirement account may not benefit from a tax-advantaged distribution.Risk Disclosures:Stone Ridge Term Income ETFs (Stone Ridge 2035 Term Income ETF, Stone Ridge 2040 Term Income ETF, and Stone Ridge 2045 Term Income ETF), Stone Ridge 2064 Longevity Income ETF, Stone Ridge 2064 Inflation-Protected Longevity Income ETF, Stone Ridge 2065 Longevity Income ETF, and Stone Ridge 2065 Inflation-Protected Longevity Income ETF.These funds have filed a registration statement with the Securities and Exchange Commission, but it is not yet effective. An investment in the funds cannot be made, nor money accepted, until the relevant registration statement is effective. An investor should consider the objectives, risks, and charges and expenses of the funds carefully before investing. The relevant preliminary prospectus, which contains this and other information about the funds, may be obtained by calling 855-609-3680. The information in the preliminary prospectuses is not complete and may be changed. The relevant final prospectus should be read carefully before investing, and when available may be obtained from the same source. This communication is not an offer to sell or the solicitation of an offer to buy securities and is not soliciting an offer to buy these securities in any state in which the offer, solicitation or sale would be unlawful.Investors should carefully consider the risks and investment objective of (i) the Stone Ridge 2035 Term Income ETF, Stone Ridge 2040 Term Income ETF and Stone Ridge 2045 Term Income ETF (each, a “Term Income ETF” and, together, the “Stone Ridge Term Income ETFs”), (ii) the Stone Ridge Longevity Income 2048 ETF and each other series of Stone Ridge Trust with the same investment objective and strategy that is part of the same fund family (the “Stone Ridge Longevity ETFs”) and (ii) the Stone Ridge 2048 Inflation-Protected Longevity Income ETF and each other series of Stone Ridge Trust with the same investment objective and strategy that is part of the same fund family (the “Stone Ridge Inflation-Protected Longevity Income ETFs” and, together with the Stone Ridge Longevity ETFs, the “Stone Ridge Longevity Income ETFs” and each, a "Longevity Income ETF")(the Stone Ridge Longevity Income ETFs and the Stone Ridge Term Income ETFs are collectively referred to herein as the "Stone Ridge Income ETFs"), as an investment in the Stone Ridge Income ETFs may not be appropriate for all investors and is not designed to be a complete investment program. There can be no assurance that an ETF will achieve its investment objectives.Investors should consider the investment objectives, risks, and charges and expenses of the Stone Ridge Income ETFs carefully before investing. The prospectus contains this and other information about the investment company and may be obtained by visiting www.lifexfunds.com. The prospectus should be read carefully before investing.An investment in the Stone Ridge Income ETFs involves risk. Principal loss is possible.Each Stone Ridge Longevity Income ETF intends to make an identical distribution each month equal to $0.0833 per outstanding share of the ETF (multiplied, in the case of the Stone Ridge Inflation-Protected Longevity Income ETFs, by an inflation adjustment as specified in the ETF’s prospectus, which is intended to reflect the cumulative impact of inflation since the launch of the ETF) until April of the year twenty years prior to the ETF’s end year. Thereafter, to counterbalance the frontloading of the ETF’s distributions, each ETF will reduce its per-share distribution rate to a level estimated to be sustainable through the ETF’s end year, resulting in a one-time decrease of ~25% to the per-share distribution amount. This event is referred to herein as the “recalibration.” An estimate of this reduced distribution rate is provided in each ETF’s prospectus; however, there is a risk that the ETF may ultimately recalibrate its distribution to be higher or lower than ...
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