Welcome to the Allocate Podcast, an interview and educational content series to help investors learn and navigate investing in alternatives. Join us to hear from leading founders, fund managers, and allocators on the latest trends and the keys to successfully participating in the private markets.

In this episode, Allocate Co-Founder and President, Samir Kaji, speaks with Alan Zafran, Co-Founder and Managing Partner at IEQ Capital. Alan shares his journey from Goldman Sachs and Merrill Lynch to building a client-centric, independent wealth management firm, offering a unique perspective on the evolution of the industry and the importance of culture, technology, and innovation.

Topics include the transformation of wealth management from traditional models to bespoke client experiences, the growing role and complexity of alternative investments, and the impact of technology and artificial intelligence on both client service and operational efficiency. The conversation also explores the rise of evergreen and semi-liquid funds, industry consolidation, advisor education, and the future of private markets. Alan offers practical insights on building institutional-quality investment programs, maintaining a strong client-first culture amid growth, and leveraging technology to deliver better outcomes for clients in an ever-changing landscape.

About Alan Zafran

Alan Zafran is the Co-Founder and Managing Partner of IEQ Capital, bringing decades of experience in wealth management and alternative investments. Under his leadership, IEQ has grown rapidly by serving ultra-high-net-worth individuals, families, and institutions with customized investment strategies and client-first service. Alan is recognized for his expertise in building innovative investment platforms and his commitment to helping clients achieve long-term financial success.

IEQ Capital is a leading independent wealth management firm dedicated to serving ultra-high-net-worth clients, entrepreneurs, and institutions. With a focus on customized investment solutions, alternative strategies, and holistic financial planning, IEQ has scaled significantly since its founding, managing billions in assets while maintaining a client-centric culture rooted in transparency, research, and long-term partnership.

Topics in this conversation include:

* Alan’s Background and Journey (1:27)

* Building a Client-Centric Firm (3:16)

* Rising Client Demands and Non-Investment Services (7:28)

* Mainstreaming of Alternatives for Accredited Investors (13:15)

* Risk, Return, and Illiquidity Premiums in Private Markets (16:38)

* Building Institutional-Quality Private Market Programs (19:37)

* Advisor Education and Internal Knowledge Sharing (22:58)

* Challenges in Advisor Education and Client Communication (26:22)

* Underreported Secular Trends in Private Markets (31:38)

* The Rise and Implications of Private Market Secondaries (34:47)

* Fund Size, Dispersion, and Return Compression (38:41)

* Private Equity’s Role in Wealth Management Firm Consolidation (40:50)

* Potential Downsides of Industry Consolidation (44:12)

* KPIs, Culture, and Growth in Wealth Management (46:21)

* Technology and AI in Enhancing Client Experience (48:40)

* Final Thoughts and Takeaways (51:14)

Disclosure

The information on this page constitutes market commentary and is provided by Allocate Management Company, LLC, any of its affiliates or any of its or their affiliates, directors, officers, employees or advisers (collectively referred to herein as “Allocate”) for informational purposes only.

Any opinions, assumptions, assessments, statements or the like (collectively, “Statements”) regarding market condition, future events or which are forward-looking, including Statements about investment processes, investment objectives, goals, risk management techniques, views of possible future outcomes in any investment asset class or market, or of possible future economic developments, constitute only market commentary based on the subjective views, beliefs, outlooks, forecasts, projections, estimations or intentions of Allocate, should not be relied on, are subject to change. Although Allocate believes that the expectations reflected in the Statements are reasonable, no representation is made or assurance given that such Statements are correct or that the objectives of an investment product or service will be achieved or that investors will receive a return of their capital or will not sustain losses. All investments involve risks and uncertainties, as disclosed in the applicable offering documents. Allocate undertakes no responsibility or obligation to revise or update any Statements. Statements expressed herein may not be shared by all personnel of Allocate. This page and the Statements are not intended as investment advice or recommendations by Allocate. It is Allocate’s policy that investment recommendations to its clients must be based on the investment objectives and risk tolerances of each individual client.

This page and Statements may contain or are based on third-party sources that, although believed to be reliable, have not been independently verified. Market and investment views of third parties presented herein do not necessarily reflect the views of Allocate. All such information is as of the date indicated, if indicated, may not be complete, is subject to change. All rights to the trademarks, copyrights, logos and other intellectual property listed herein belong to their respective owners and the use of such logos hereof does not imply an affiliation with, or endorsement by, the owners of such trademarks, copyrights, logos and other intellectual property.

Past performance is not indicative of future results.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit joinallocate.substack.com