Orion's The Weighing Machine Orion Portfolio Solutions

In today's business landscape, success is not solely dependent on products or services. Instead, the combination of people, culture, and technology drives business success. This trifecta of factors plays a crucial role in shaping the trajectory of any organization, influencing everything from employee productivity and customer satisfaction to innovation and long-term growth.
In this episode, Rusty and Robyn talk with Brian McLaughlin, President at Orion Advisor Tech. Prior to Orion's acquisition in June 2022, Brian was the CEO and Co-Founder of Redtail Technology, where he worked closely with advisors, broker-dealers, and industry partners for nearly two decades. Through innovation and cooperation, Brian's touchstone has always been to make the industry a better place for those who depend upon it. He is passionate about the CRM-driven solutions Redtail Technology provides to the financial services community and enjoys getting his hands dirty to pursue continuous innovation.
Having the desire to improve CRM-driven solutions, Brian talks about culture and technology. He explores how advisors can use technology to enhance and support their businesses, select the best investment solutions, and increase engagement in client satisfaction.

Key Takeaways

[03:25] - How Redtail Technology came to be.

[08:05] - How the merging of Orion and Redtail Technology came about.

[11:57] - Brian's definition of culture and why it's so important to an organization.

[14:17] - How Brian adapted to the merging of Orion and Redtail's cultures.

[16:46] - Brian's goals and objectives for building a fintech ecosystem.

[19:20] - The qualities Brian looks for in teammates and creators.

[21:17] - The power of integration and connected technology. 

[23:30] - What the Redtail Campaigns is all about.

[25:36] - What Redtail Speak is and how it works.

[29:05] - How advisors can best serve their clients in the current market environment.

[30:49] - The most vital piece of fintech in 2023.

[33:17] - How technology can increase client engagement and satisfaction.

[39:25] - The cool stuff Brian does as a tech nerd.

[41:46] - How financial advisors can use technology to identify and select investment opportunities. 

[43:40] - Brian's favorite investment idea.

[45:51] - How Brian keeps his energy up to perform at his best.

[47:43] - The people Brian is professionally thankful for.

[49:04] - Brian's recommendations for content.


Quotes
[12:01] - "Culture is the foundational element of any successful business. We have to have core values that everybody can relate to in the organization to help drive us when times are challenging or even when times are good." ~ Brian McLaughlin
[22:36] - "The power of integration is simplification, so you get back to what's really the most important thing. For an advisor, that's the client relationship and spending all their money and time there." ~ Brian McLaughlin
[33:40] - "Technology is designed to make the advisor's life easier. It's meant to make their business operate easier." ~ Brian McLaughlin

Links 

Brian McLaughlin on LinkedIn

Brian McLaughlin on Twitter

Redtail Technology

All I Do Is Win

Eric Clarke

Redtail Campaigns

Snappy Kraken

Orion Risk Intelligence

Speak - Redtail Technology

Orion Connect

BasisCode Compliance

Wondrium

Aaron Klein

Spenser Segal

Tony Leal

Skunk Works


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Rusty Vanneman

Robyn Murray


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0652-OPS-3/2/2023

Inflation is a term that has been on everyone's lips recently. For investors and policymakers alike, staying on top of the latest trends in the inflation market is essential for making informed decisions about their investments and financial strategies. 
In this episode, Rusty and Robyn talk with Michael Ashton, a.k.a. The Inflation Guy. Michael, Managing Principal at Enduring Investments, is one of the pioneers in U.S. inflation market innovation. Since 2003, Michael has played a role in developing the U.S. inflation derivatives markets and is a subject matter expert on inflation products and inflation trading. Before founding Enduring Investments, Michael worked in research, sales, and trading for several large investment banks, including Bankers Trust, Barclays Capital, and J.P. Morgan.
Michael talks with Rusty and Robyn about inflation and economics from a trader's seat. He speaks about his inflation outlook, how people should think and respond to inflation, and what makes a good trader.

Key Takeaways

[03:32] - An overview of Michael's professional history.

[05:36] - What Michael says about the current inflation environment.

[06:43] - Michael's outlook for inflation for the rest of the year.

[10:49] - How people should think about inflation.

[11:28] - What Michael has to say about the Fed's efforts to combat inflation.

[13:44] - Why the markets are more optimistic about inflation dropping right now.

[16:08] - Michael's outlook on interest rates, stocks, and real assets.

[19:38] - What the government debt levels mean for the economy and the markets.

[24:39] - How investors should manage their portfolios in an inflationary environment.

[28:57] - How investors and advisors should think about high-frequency economic data. 

[31:05] - Michael's approach to using consensus expectations and surveys.

[35:53] - What Michael meant when he said boredom is winning.

[37:51] - How AI is going to change investing.

[41:56] - What Michael advises people about consuming content.

[45:05] - Michael's favorite investment idea.

[47:06] - How Michael maintains his energy to perform at his best.


Quotes
[06:17] - "The inflation derivatives markets are pricing in that inflation would reach two and a quarter by June, and that's just not going to happen. Core inflation and median inflation will take a long time to get back to any semblance of what we thought and what used to be normal. And when I say a long time, I mean years." ~ Michael Ashton
[10:50] - "The debate coming into this year wasn't whether inflation would decline as much as the market thought. The question was, when does everyone realize that inflation won't be 2% by the middle of the year?" ~ Michael Ashton
[24:55] - "One of the things that happen when you get to higher inflation, in addition to having more volatile inflation, is all of the financial variables get more volatile. You need to diversify more than you otherwise would have in real assets, particularly commodities." ~ Michael Ashton

Links 

Michael Ashton on LinkedIn

Michael Ashton on Twitter

Enduring Investments

Cents and Sensibility: The Inflation Guy Podcast

Lampshades on Fire by Modest Mouse

J.P. Morgan

Barclays Corporate and Investment Bank

Deutsche Bank

John Huston

Trinity University

The Magnus Archives

Inflation Guy


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0584-OPS-2/23/2023

Succession planning is essential for any organization to ensure its long-term sustainability and success. However, creating a successful succession plan is not as simple as identifying potential leaders and hoping for the best. What are the steps that organizations need to take to develop a robust and effective plan? 
In this episode, Rusty and Robyn talk with Eric Godes, Senior Vice President and Senior Consultant at FP Transitions. Eric has been a pioneer in the wealth management industry. At Fidelity Investments, he helped to launch the first-ever ever home stock trading system. Also, he founded one of the country's first Registered Investment Advisors, Kobren Insight Management. At FP Transitions, Eric works with financial advisory firms across the country to help them reach all their goals, including internal and external solutions.
A longtime leader in the wealth management industry, Eric talks with Rusty and Robyn about succession planning and how it works. He also speaks about the foundation of a successful succession plan, the compensation structure, and finding the right partner.

Key Takeaways

[04:08] - Eric's career history in wealth management and what led him to FP Transitions.

[06:58] - An overview of Eric's role at FP Transitions.

[08:27] - How Eric defines succession planning.

[10:07] - The elements of an internal succession plan.

[13:02] - The foundation of a successful succession plan.

[14:27] - How a firm's compensation structure impacts an internal succession plan.

[15:38] - What advisors should know about synthetic or phantom equity.

[17:35] - The qualities to consider when designing a successor team.

[19:33] - What good revenue growth looks like in an internal succession plan.

[21:30] - The current market drivers for succession planning.

[22:48] - The alternatives firms can use if their internal succession plan isn't well-positioned.

[23:25] - How advisors can find the right succession planning partner.

[27:45] - How consolidators fare in the M&A market.

[31:55] - Eric's favorite investment strategy.

[33:16] - How Eric maintains his ability to perform at a high level.

[34:52] - The people Eric is professionally thankful for.

[37:33] - Eric's recommendations for content.


Quotes
[08:57] - "Succession planning is a thoughtful, well-planned transition from one generation to the next. It doesn't happen at the moment, but it's usually a lengthy process." ~ Eric Godes
[13:22] - "A stronger, growing, and thriving business will be more attractive to successors. It's also going to help them afford the succession plan financially." ~ Eric Godes
[17:45] - "The first thing most owners would think about is, ‘does my potential successor have the same value set that I have?’ It's hard if you're not thinking similarly about the clients, the business, and what's best about servicing the clients." ~ Eric Godes

Links 

Eric Godes on LinkedIn

FP Transitions

Don't Look Back by Boston

Fidelity Investments

Charles Schwab

TD Ameritrade

Pershing

E*Trade

David Grau

Pathstone

Seeking the Extraordinary

The Colony Group

Michael Kitces

How I Built This with Guy Raz

The Perfect Fit

Succession Planning Course Corrections

Acquisition Readiness Self-Assessment


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Rusty Vanneman

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0476-OPS-2/15/2023

When it comes to investing, the stakes are high. One bad decision can mean a loss of money, time, or opportunity. While there are many products and strategies an advisor can access and implement, how can they find the best ones to ensure their clients avoid costly mistakes and maximize their returns? 
In this episode, Rusty and Robyn talk with Christopher Hart, Head of Investment Due Diligence at Brinker Capital. In his role, Chris oversees all investment products that advisors can use within their client portfolios. These include interviewing managers and talking to analysts to make sure they're doing what they say they will. He is responsible for ensuring the quality of all investment products curated by Orion and Brinker. 
With over a decade of experience in due diligence in the investment industry, Chris talks with Rusty and Robin about why due diligence is an important step in building an investment portfolio, how to choose a manager or a strategy, and how Orion's due diligence process is different from other firms.

Key Takeaways

[03:18] - Rusty's review of the market.

[06:01] - Chris' professional background and what brought him to Brinker Capital.

[08:01] - What it's like to be the head of investment due diligence.

[09:02] - Why due diligence is important in building an investment portfolio.

[10:53] - Chris and his team's due diligence process.

[14:52] - The amount of work Chris and his team put into due diligence.

[17:09] - The time it takes for a new strategy to become available to investors and advisors.

[18:03] - The qualities Chris looks for in an investment manager.

[21:38] - What a successful investment strategy looks like.

[23:32] - What causes an investment strategy to be removed from the platform.

[25:55] - How Chris' due diligence process differs from other investment firms.

[28:22] - The five P’s of due diligence.

[30:41] - How due diligence has evolved over time.

[33:22] - What investors and financial advisors look for in a due diligence manager.

[35:13] - What Chris looks for in an analyst.

[38:01] - The person who influenced Chris' investment philosophy.

[39:33] - Chris' favorite investment strategy.

[41:23] - How Chris maintains his physical and mental health to perform well.

[43:02] - The people Chris is professionally grateful to.

[45:14] - Chris' recommendations for content.


Quotes
[09:36] - "There are so many products out there for advisors to access, and they could spend all day looking at them, reading about them, and trying to figure out which is the best to use in portfolios for their clients. Our job is to filter that universe and bring that universe down to a manageable number." ~ Christopher Hart
[10:15] - "Time is everyone's most precious commodity. Anything we can do to save advisors time and help them deliver better client outcomes is the central tenet of what we're trying to accomplish." ~ Christopher Hart
[27:25] - "Many due diligence firms will pass along fact sheets, pitchbooks, and explainers of how a particular manager does what they do. What a lot of firms are lighter on is opinion around whether they think what those firms are doing is good or bad. And we make a conscious effort to weave that opinion in our guiding star reports." ~ Christopher Hart

Links 

Christopher Hart on LinkedIn

Brinker Capital

Sweet Child O' Mine by Guns N' Roses

River Road Asset Management

The London Company

Jeremy Siegel

Stocks for the Long Run

The Future for Investors

A Wealth of Common Sense

Ben Carlson

Mutual Fund Observer


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0482-OPS-2/15/2023

Exchange-traded funds, or ETFs, have become increasingly popular as investors look for a simple, diversified, and cost-effective approach to investing. While ETFs provide a convenient way for investors to gain exposure to a wide range of assets, in what direction is the ETF market headed in the future?
In this episode, Rusty and Robyn talk with Eric Biegeleisen, Partner and Deputy Chief Investment Officer at 3EDGE Asset Management. In his role, Eric is responsible for the research operations at 3EDGE. His research focuses on discovering and exploring the interconnectedness of global capital markets through quantitative and qualitative analyses. Under Eric's leadership, 3EDGE has significantly enhanced its proprietary global capital markets model.
Having a goal to steward 3EDGE's relationships with ETF managers to help bring new products to market, Eric talks with Rusty and Robyn about the ins and outs of exchange-traded funds (ETFs), the projected growth, and how they stand up against direct indexing. Eric also shares some of the opportunities ETF offers in the investment industry.

Key Takeaways

[02:59] - Eric's path to becoming 3EDGE Asset Management's Deputy Chief Investment Officer.

[04:29] - How 3EDGE Asset Management serves private and institutional clients.

[07:15] - How 3EDGE Asset Management constructs portfolios.

[09:14] - What makes 3EDGE different from its competitors and peers.

[10:28] - Eric's outlook on exchange-traded funds (ETFs).

[11:32] - The pros and cons of investing in ETFs.

[12:32] - How 3EDGE can compete against the big proprietary ETF providers.

[15:01] - Eric's take on direct indexing being a threat to ETFs.

[16:05] - The 3EDGE view on the stock market for 2023.

[19:10] - Eric's tactical strategies for international equity.

[21:57] - The strategy Eric uses to diversify assets.

[25:11] - One of Eric's favorite investment strategies.

[26:11] - How Eric maintains his energy and ability to perform at a high level.

[27:11] - The people Eric is grateful for professionally.

[28:36] - Eric's recommendation for content.


Quotes
[07:42] - "Behaviorally, investors can act as a herd, whether in a virtuous or vicious way. We need these behavioral factors to identify the real short-term potential changes." ~ Eric Biegeleisen
[10:49] - "The ETF space continues to grow as it siphons off assets from other wrappers and large mutual funds. As new money folds in as it's gotten even larger, institutional dollars roll in." ~ Eric Biegeleisen
[11:39] - "The pros (of ETFs) are a long list: transparent, low cost, tax efficient. There are over 1,700 listed ETFs in the U.S. alone, so there are exposures to nearly everything one would want." ~ Eric Biegeleisen

Links 

Eric Biegeleisen on LinkedIn

Eric Biegeleisen on Twitter

3EDGE Asset Management

Thunderstruck by AC/DC

Stephen Cucchiaro

Charles Schwab

Windhaven Investment Management

BlackRock

Vanguard

State Street Global Advisors

Bob Phillips

The Peter Attia Drive Podcast

The Dawn of Everything: A New History of Humanity

Never Finished: Unshackle Your Mind and Win the War Within

Think Again: The Power of Knowing What You Don't Know

Power and Prediction: The Disruptive Economics of Artificial Intelligence

The Origin of Wealth


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0141-OPS-1/19/2023

Direct indexing is becoming one of the fastest-growing strategies in wealth management. This strategy involves creating and maintaining a portfolio that tracks the constituents of a benchmark index, such as the S&P 500. As direct indexing allows investors to customize and tailor their portfolios around specific investment interests and weight holdings according to their preferences, the trend of financial firms acquiring fintech platforms for their direct indexing technology is on the rise.
In this episode, Rusty and Robyn talk with Art Lutschaunig, Co-Founder and CEO at Parti Pris Investment Partners. Art brings almost 40 years of financial industry experience to his position at Parti Pris. In his leadership role, Art calls upon his extensive experience and expertise in designing, building, and implementing large-scale wealth management organizations, services, and products to drive the development of Parti Pris’ services dedicated to portfolio personalization on behalf of financial advisors.
Art talks with Rusty and Robyn about what financial advisors and investors need to know about direct indexing, the future of fintech and managed accounts, and his outlook on the current market.

Key Takeaways

[04:47] - How Art got started in the financial services industry. 

[13:38] - The story behind the name Parti Pris Investment Partners.

[15:35] - What financial advisors and investors need to know about direct indexing.

[20:21] - Why the advisory community favors direct indexing strategies.

[26:05] - How technology simplifies portfolio management for advisors.

[32:46] - How the managed account business can be improved.

[37:44] - The qualities Art is looking for when hiring people.

[42:34] - Art's advice for people thinking about starting their own business.

[45:16] - What Art thinks about the current market.

[51:41] - How Art maintains his physical and mental health to perform at his best.

[55:33] - The people Art is professionally thankful for.

[59:17] - Art's recommendations for content.


Quotes
[27:43] - "We're driving technology to simplify the complex for the advisor. And Orion is one of the fintech firms creating lots of technology to provide seamless integration and simplify the advisor's ability to run a practice and a portfolio."  ~ Art Lutschaunig 
[29:08] - "Our technology is getting to the point where we can acquire data, manage data, create security and data, create information out of data, and integrate across multiple constituent parts to offer a better, more simplified way for an advisor to implement their portfolios and practices." ~ Art Lutschaunig
[41:54] - "Every time you look at a problem, flip the pancake. When you run into a problem, turn it upside down and see if the answer is on the other side of the pancake.  ~ Art Lutschaunig

Links 

Art Lutschaunig on LinkedIn

Parti Pris Investment Partners

I'm Comin' Home by Robert Earl Keen

Bill Eigen

Fidelity Investments

Morningstar

Russell Investments

Washington University in St. Louis

Fidelity Advisor Funds and Strategic Advisers Funds

CLS Investments

Aperio Group

Vanguard

Joe Smith

When Things Fall Apart: Heart Advice for Difficult Times

The Soul of A New Machine


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Rusty Vanneman

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2472-OPS-12/21/2022