Adjusted for Risk

Zephyr
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The Adjusted for Risk podcast is a weekly podcast hosted by Market Strategist Ryan Nauman that brings together wealth management trends, financial markets, investments, economics and life to help investment professionals prepare for the week ahead and help them make more informed investment decisions on behalf of their clients. Industry leaders join the show to provide expert insights in a fun and engaging format to help investment professionals grow their businesses and stay ahead of the trends impacting investor's investment decisions.

  1. 16h ago

    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

  2. 4d ago

    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

  3. 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

  4. 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

  5. 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

  6. Jul 15

    Stop Using Generic Marketing: Do This Instead

    Ryan Nauman hosts Zephyr’s Adjusted for Risk podcast and speaks with Eden Ovadia, co-founder and CEO of Finny AI, about why organic growth is a major challenge for financial advisors and why reliance on M&A has made firms complacent and increasingly capital-inefficient as multiples rise. Ovadia explains that referrals still drive most industry growth but are largely passive, pushing ambitious firms to adopt more proactive prospecting and marketing strategies. They discuss how AI raises the bar for standing out, making niche specialization and sharp messaging more important, and why personalization matters from the first prospect interaction in a trust-based business. Ovadia describes how AI can automate prospect identification, segmentation, outreach, and content to book meetings, letting advisors focus on client relationships, and shares FINNY’s approach and her experience working with Josh Brown. Learn more about Zephyr: https://informaconnect.com/zephyr/manager-screening/?utm_medium=Content&utm_source=Content_Podcast&utm_campaign=YT_Adjusted_for_Risk_&utm_content=YT_Adjusted_for_Risk Learn more about FINNY: https://finny.com/ 00:00 Welcome and Sponsor 01:14 Meet Eden and FINNY 04:01 Josh Brown Story 05:56 M&A vs Organic Growth 08:03 Referrals and Limits 09:37 Why Prospecting Is Hard 11:18 AI and Niche Targeting 14:40 Personalization Builds Trust 16:45 Scaling and Automation 22:30 Future of Growth Tech 24:32 Where to Learn More 25:11 Closing and Subscribe Connect with Ryan Nauman: LinkedIn X

  7. Jul 14

    Beat Direct-to-Consumer Technology: The Advisor’s Edge

    Ryan Nauman hosts Zephyr’s Adjusted for Risk podcast from Lake Tahoe and welcomes Zach Conway, CEO of Seeds, to discuss how evolving investor expectations are reshaping wealth management. Conway explains he founded Seeds after seeing a disconnect between advisors’ strong client discovery and the shallow, product-centered approach often used in investment management, alongside inefficient, fragmented portfolio operations. They discuss rising demands for personalization, transparency, values-based investing, and broader solution sets such as direct indexing and alternatives, plus the need to deliver these in unified, scalable UMAs. Conway argues the industry’s biggest threat is its own reputational and process failures more than AI, while noting technology must help advisors provide a better human-led experience. He outlines how Seeds supports deeper investor understanding, proposal creation, and automated implementation, trading, tax-loss harvesting, rebalancing, and cash management. Learn more about Zephyr here. Learn more about Seeds here. 00:00 Podcast Kickoff 01:09 Meet Zach Conway 01:40 What Seeds Does 03:18 Why Zach Started Seeds 08:21 Industry DNA Shift 10:55 SpaceX Expectations Example 13:51 Modern Investor Experience 18:13 Human Advisor vs Apps 20:53 Meeting Expectations Today 27:19 AI Balance and Risks 32:34 Scaling New Products 37:08 Biggest Threat Is Us 40:21 How Seeds Helps Advisors 42:45 Where to Learn More 43:02 Final Thanks and Outro Connect with Ryan Nauman: LinkedIn X

  8. Jul 6

    Are Investors Compensated Enough for the Illiquidity of Interval Funds?

    In this episode of Zephyr’s Adjusted for Risk, host Ryan Nauman speaks with Joe DaGrosa, CEO and founder of Axxes Capital and co-author of The Financial Advisor’s Guide to Private Investments, about the growing access retail investors have to private markets and the unique risks involved. DaGrosa explains how regulations have historically limited non-qualified purchasers, why registered vehicles are changing that, and what’s driving demand for private equity and private credit, including longevity and the need for higher returns. He argues interval funds can address key drawbacks of traditional drawdown funds by improving fee alignment, transparency, and offering limited liquidity, while emphasizing that advisor education and matching time horizon to illiquidity are critical. The conversation also covers diversification as public markets shrink, the importance of top-quartile manager selection, and how interval funds plan for redemptions. Zephyr can help financial advisors locate the best interval fund strategy for their clients. Learn more here. Learn more about Axxes Capital here. 00:00 Welcome and Setup 01:15 Meet Joe DaGrosa 02:49 Why Axxes Capital 06:15 Democratizing Private Markets 08:17 What Drives the Shift 10:46 Illiquidity and Education 13:11 Choosing Access Vehicles 15:13 Interval Funds Explained 19:09 Diversification Case 20:58 Manager Selection Matters 24:45 Who Interval Funds Fit 27:09 Handling Redemptions 28:38 Wrap Up and Resources Connect with Ryan Nauman: LinkedIn X

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About

The Adjusted for Risk podcast is a weekly podcast hosted by Market Strategist Ryan Nauman that brings together wealth management trends, financial markets, investments, economics and life to help investment professionals prepare for the week ahead and help them make more informed investment decisions on behalf of their clients. Industry leaders join the show to provide expert insights in a fun and engaging format to help investment professionals grow their businesses and stay ahead of the trends impacting investor's investment decisions.

Information

  • Creator
    Zephyr
  • Years Active
    2026
  • Episodes
    40
  • Rating
    Clean
  • Copyright
    © Copyright 2026 Zephyr
  • Show Website
    Adjusted for Risk