Adjusted for Risk

Ryan Nauman
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Hosted by Market Strategist Ryan Nauman, Adjusted for Risk brings together financial markets, investments, economics, wealth management, and life to help investment professionals make sense of what's happening—and prepare for what's next. Ryan sits down with industry leaders, investment experts and thought leaders to explore the trends driving markets and influencing investor behavior, from ETFs and SMAs to portfolio construction, AI, the economy, and the evolving wealth management industry. Expect insightful conversations, actionable ideas, and a fun, engaging approach to the topics that matter most to financial advisors, wealth managers, portfolio managers, and investment professionals. Cut through the noise. Gain perspective. Make more informed investment decisions. Subscribe to Adjusted for Risk and stay ahead of the trends shaping markets, investments, and wealth management. Adjusted for Risk — Cut Through the Noise. Invest With Perspective.

  1. 4d ago

    Why Insider 'Skin in the Game' May Beat the S&P 500

    On the Adjusted for Risk podcast, host Ryan Nauman interviews Haren Bhakta, founder and CEO of the Inside Ownership Index, who explains how the S&P 500’s free-float weighting effectively underweights shares held by controlling insiders and can end up buying more of founder-led companies after key leaders die. Bhakta describes manually compiling 20 years of S&P 500 proxy filings to aggregate insider-ownership data and creating a passive index that weights companies by insider ownership as a “skin in the game” approach. He argues high ownership aligns management with shareholders, supports long-term innovation, and avoids value-destroying incentives, citing ownership patterns among 100-baggers and major S&P value destroyers. He also warns that proxy voting power concentrated in large asset managers entrenches mediocre leadership. Connect with Ryan Nauman: LinkedIn X Learn more about Inside Ownership Index: Related:Russell’s Rebalance Is a Healthy Pruning Amidst an Epic Small-Cap Run 00:00 Welcome and Guest Intro 01:08 Origin of the Index 02:04 Free Float Problem 03:17 Building the Dataset 08:02 Why Ownership Matters 11:50 Power Law Leaders 14:37 Hundred Bagger Evidence 18:00 Long Term Culture Edge 27:24 Downside Protection 33:57 Passive Voting Risks 38:27 How Advisors Use OWN 40:25 Where to Learn More 41:29 Closing and Subscribe

  2. Aug 11

    What are the Expectations of the NextGen Advisor?

    Recorded live at Wealth Management EDGE, host Ryan Nauman welcomes Nate Lenz, co-founder and CEO of Concurrent, to discuss shifts in wealth management and the rise of NextGen advisors. Lenz explains Concurrent’s platform model supporting independent wealth managers by handling middle and back office functions while preserving advisor autonomy, and highlights growth to supporting over 90 firms, plus newer RIA Capital Partners and Platform-as-a-Service offerings. They discuss the aging advisor workforce amid rising demand for advice, AI as a productivity and entrepreneurship enabler rather than a job threat, and the increasing importance of human relationships as some services become commoditized. Lenz shares findings on nextgen expectations—mentorship and clear career paths over remote work—and describes Concurrent’s campus recruiting, internship program, training curriculum, and 18-month operational rotation. Connect with Ryan Nauman: LinkedIn X Learn more about Concurrent here. 00:00 Podcast Welcome 00:33 Live From Edge 01:35 Meet Nate Lenz 02:01 Concurrent Platform 03:07 Advisor Talent Crunch 06:01 AI Opportunity Debate 08:44 AI Boosts Productivity 10:27 Human Element Matters 12:14 Next Gen Expectations 13:48 Internships Recruiting 16:23 Training Rotation Paths 18:22 Attracting Young Advisors 20:49 Wrap Up And Links

  3. Aug 3

    The Right Way to Use ETFs for Success

    From Lake Tahoe on the Adjusted for Risk podcast, Ryan Nauman welcomes back Adam Patti, CEO of VistaShares, to discuss how innovation in ETFs is bringing sophisticated strategies to retail investors and reshaping portfolio construction. Patti shares VistaShares’ focus on building a small set of differentiated products, noting the firm launched its first ETF in December 2024 and has grown to over $2 billion in assets. They emphasize ETF benefits like transparency, low fees, tax efficiency, and intraday trading, while warning investors to “look under the hood” rather than rely on marketing. Patti outlines a durable, cycle-resistant portfolio approach built on diversification across equities, fixed income, commodities, real estate, and cash, and highlights three key ETF categories: growth equity, income, and downside protection. He explains VistaShares’ “bill of materials” process for Super Cycle ETFs, mapping supply chains and weighting companies by economic exposure to themes like AI, space, robotics, and defense, and previews future investor-focused ETFs tied to managers like Druckenmiller and Tepper. Connect with Ryan Nauman: LinkedIn: https://www.linkedin.com/in/ryannauman1/ X: https://twitter.com/LkTahoeBadger Learn more about VistaShares: https://www.vistashares.com/ 00:00 Welcome and Setup 00:54 Meet Adam Patti 01:19 VistaShares Mission 02:36 Buffett and ETFs 03:57 Look Under Hood 05:35 Building Durable Portfolio 08:02 Concentration vs Diversification 11:26 Advisor Edge with ETFs 13:53 Marketing vs Philosophy 16:18 Next ETF Evolution 18:44 Staying Power Process 20:53 Bill of Materials Method 22:55 Whats Next and Wrap

  4. Jul 31

    Unlocking the Power of Employee Engagement and Culture in Financial Services

    Recorded on location at the Steward Symposium, Ryan Nauman welcomes Maria Condon, Chief of Staff at Steward Partners, to discuss how the firm’s culture is built, reinforced, and scaled amid rapid growth. Maria explains why the annual three-day symposium exists, what makes its energy and access to leadership unique, and how in-person connection complements content like newsletters and podcasts. She details Steward’s ownership-driven alignment and accountability, the planning required as the event has grown from about 50 partners in 2017 to nearly 500 attendees, and what success looks like through engagement and traditions like the NFL-draft-style jersey ceremony. Maria also shares how “Stew-opoly” became a meaningful symbol of the firm’s story, and describes her chief of staff role as driving alignment, execution, communication, and cultural continuity. Connect with Ryan Nauman: LinkedIn X Learn more about Steward Partners here. 00:00 Welcome and Disclaimer 00:27 On Location at Symposium 01:12 Meet Maria Condon 02:28 What Symposium Is 05:13 Why It Feels Different 07:16 Culture at Steward 10:21 Proof Culture Is Real 12:48 Planning and Success 14:41 Jersey Ceremony Tradition 18:29 Scaling Culture with Growth 20:43 Stewopoly Culture Moment 23:10 Chief of Staff Explained 25:00 Culture Drives Outcomes 27:22 Why You Must Attend 28:35 Wrap Up and Links

  5. Jul 27

    Managing Risk Through Long-Short ETFs

    From the “Adjusted for Risk” podcast, host Ryan Nauman interviews Wayne Penello, founder and CEO of NextGen EMP, about practical risk management for investors and advisors. Penello shares his background as a NYMEX options market maker and commodity risk consultant, emphasizing translating risk into meaningful metrics like budget outcomes and drawdowns rather than simple volatility. He argues advisors often diversify but don’t actively manage risk, and recommends using high-watermark/drawdown analysis to improve tactical entry decisions. Penello discusses why market timing fails and frames the opportunity as an allocation problem, advocating long/short strategies—especially in an ETF wrapper—for downside control, potential tax efficiency, and scalability for smaller accounts. He critiques buffered products for embedded costs, addresses misconceptions about long/short funds, and points listeners to the EMPB ETF and nextgenemp.com for more information. Connect with Ryan Nauman: LinkedIn: https://www.linkedin.com/in/ryannauman1/ X: https://twitter.com/LkTahoeBadger Learn more about NextGenEMP: https://nextgenemp.com/ 00:00 Podcast Kickoff 01:10 Meet Wayne Penello 01:46 Wayne’s Risk Journey 05:26 Defining Investment Risk 06:47 Drawdowns and Timing 09:20 Buy Hold Hope 11:22 Advisors and Risk Gaps 14:13 Process Over Timing 18:22 Why Long Short Works 23:40 Long Short Myths 27:14 Market Cycles and AI 32:42 Core Portfolio Role 37:26 Advisor Practice Benefits 40:42 Where to Learn More 42:07 Closing Thanks

  6. Jul 24

    How to Make Work Optional

    Ryan Nauman hosts Zephyr’s Adjusted for Risk podcast with guest Phil Palumbo, CEO/CIO of Palumbo Wealth Management and host of the Palumbo Pulse, to discuss aging demographics and implications for retirement planning and advisors. Palumbo describes leaving UBS to go independent for fiduciary alignment, better economics, and broader investment access, and explains his firm’s focus on helping founders prepare for and execute business exits, then manage taxes, planning, investing, and wealth transfer. He contrasts “retirement” with “make work optional,” emphasizing saving discipline, compounding, and long-term exposure to risk assets (stocks, real estate, private equity) to combat inflation and longevity risk. They stress the need for written financial plans, tax-aware investing, appropriate risk during distribution, bucket-based income planning, diversification, and client education to avoid panic selling during market volatility. Learn more about Palumbo Wealth Management here. Connect with Ryan Nauman: LinkedIn X 00:00 Welcome and Sponsor 01:13 Meet Phil Palumbo 02:59 Going Independent RIA 04:54 Make Work Optional 07:50 Saving and Compounding 10:26 Spending and Longevity 12:14 Inflation and Risk Assets 15:39 Why Plans Matter 17:38 Tax Smart Investing 19:28 Exit Planning Playbook 24:14 Retirement Spending Strategy 29:14 Ignore Market Noise 32:05 Emotions and Marathon Mindset 34:13 Wrap Up and Where to Find

  7. Jul 21

    How to Identify Winning Opportunities in a Bond Picker's Market

    From Zephyr’s Adjusted for Risk podcast, Ryan Nauman interviews Jim Jessup, income strategist at Virtus ETF Solutions, about ETF innovation and today’s fixed income environment. Jessup explains Virtus’s product-development approach: focus on commercially viable ETFs where managers can add alpha rather than chasing trends, and notes some highly specific ETFs may close or the industry may consolidate. On fixed income, he says despite macro and geopolitical noise and a new Fed chair (Warsh), market conditions look relatively normal: prices near par, default rates below but moving toward historical averages, and strong demand shown by oversubscribed new issues. He argues this is a “bond picker’s market” favoring active management, discusses private credit as a growing but varied space with both risks and liquidity benefits, and highlights the surge in AI-related investment-grade issuance as hyperscaler capex increasingly financed by debt. Learn more about Zephyr here. Learn more about Virtus Investment Partners here. 00:00 Podcast Kickoff 01:14 Meet Jim Jessup 03:12 ETF Boom Explained 04:05 Product Innovation Filter 06:52 Will ETFs Consolidate 08:22 Fixed Income Snapshot 10:36 Fed Chair And Signals 15:12 Defaults And Debt Wall 19:37 Private Credit Debate 25:14 Cash Yields And Risk 28:11 AI Driven Debt Wave 30:07 Where To Learn More Connect with Ryan Nauman: LinkedIn X

  8. Jul 17

    How to Lead M&A with Strategic Growth in Mind

    Recording on location at the Steward Symposium, host Ryan Nauman welcomes Scott Danner (Chief Growth Officer) and Valerie Rivera (Chief Operating Officer) of Steward Partners to discuss growth in wealth management, where organic expansion has become harder and M&A has become a major driver. Danner shares his background building Freedom Street Partners and joining Steward in 2023, noting Steward’s growth from about $30B to over $50B in AUM largely through acquisitions. They explain why Steward frames the function as “strategic growth” rather than recruiting, emphasizing attraction, culture, and relationship over transaction. Rivera highlights advisors’ priorities beyond payout—clients, employees, legacy, and transition support—while outlining due diligence, integration, communication, and repeatable operational processes. Danner addresses misconceptions, the importance of scalable, team-based practices, and Steward’s long-term goal of becoming a $100B firm. Learn more about Zephyr here. Learn more about Steward Partners here. 00:00 Welcome and Disclosures 00:41 Symposium Setup and Growth Theme 01:30 Meet Scott and Val 01:54 Scott Career and Steward Growth 03:26 Val Background and Partnership 04:24 Why Steward Calls It Growth 06:32 North Star Relationship First 08:34 Val Perspective on Transitions 12:18 When Advisors Truly Fit 15:35 Due Diligence Beyond Numbers 16:46 Scaling Operations for Growth 18:28 Cutting Through M&A Noise 20:56 Misconceptions and Practice Value 25:35 How Scott and Val Complement 26:53 Future Vision and Closing Connect with Ryan Nauman: LinkedIn X

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About

Hosted by Market Strategist Ryan Nauman, Adjusted for Risk brings together financial markets, investments, economics, wealth management, and life to help investment professionals make sense of what's happening—and prepare for what's next. Ryan sits down with industry leaders, investment experts and thought leaders to explore the trends driving markets and influencing investor behavior, from ETFs and SMAs to portfolio construction, AI, the economy, and the evolving wealth management industry. Expect insightful conversations, actionable ideas, and a fun, engaging approach to the topics that matter most to financial advisors, wealth managers, portfolio managers, and investment professionals. Cut through the noise. Gain perspective. Make more informed investment decisions. Subscribe to Adjusted for Risk and stay ahead of the trends shaping markets, investments, and wealth management. Adjusted for Risk — Cut Through the Noise. Invest With Perspective.

Information

  • Creator
    Ryan Nauman
  • Years Active
    2026
  • Episodes
    43
  • Rating
    Clean
  • Copyright
    © Copyright 2026 Ryan Nauman
  • Show Website
    Adjusted for Risk