Orion’s The Weighing Machine

Today, Rusty and Robyn are joined by Sue Thompson, co-founder of Women in ETFs. Sue Thompson is a strategic, dynamic Financial Services Executive who has distinguished herself by commercializing new trends in the financial services industry. Her expertise spans investment management distribution, strategy, competitive landscape, finance, marketing, digital innovation and technology. Sue's experience at the top 3 ETF issuers gave her a unique perspective to push the envelope in strategy and distribution, ensuring that the firms where she worked were at the forefront of the industry. The organizations benefited from her ability to discern and capitalize on market trends, fostering innovation and driving growth in a competitive landscape. With a focus on collaborative success, she empowered her teams to deliver exceptional results. State Street Global Advisors (SSGA) recruited Sue as Head of Americas Distribution in 2018 to staunch ETF market share losses. Her strategy was to overhaul distribution, focus on lower cost solutions, and deepen client loyalty and advocacy. She defined a clear vision, restructured the distribution teams, leveraged data and established a Client Advisory Council. During her tenure, assets more than doubled, increasing from $500B to over $1 trillion AUM and employee satisfaction also doubled during that time. Prior to her role at SSGA, Sue was a Managing Director at Blackrock, where she led the RIA and Asset Manager teams. She led the firm’s investment in the RIA business and helped the Aladdin business in developing technology solutions for RIAs. During her tenure, the iShares business grew from $350B AUM to over $1 trillion. Sue co-founded Women in ETFs and is currently a board member emeritus. She has also served on the Board of Governors of the Money Management Institute as well as on the Franklin Templeton ETF board. She's been named as one of the most influential women in U.S. Finance by Barron's magazine since the inception of the list in 2020 through 2023.Key Takeaways[03:38] - Sue’s professional background, career highlights and what she’s up to now[06:23] - What were some of the most pivotal moments in Sue’s career and how did they shape the leader she is today?[07:32] - How has Sue’s collaborative approach to leadership evolved over the years?[09:57] - What frameworks or approaches does Sue use when she’s faced with very difficult decisions as a leader?[12:47] - How has the ETF industry evolved since Sue started and what does she see as some of the most significant milestones in its history?[15:56] - What does Sue think are some of the most exciting trends in the ETF space and how does she think financial advisors should position themselves to take advantage of these?[18:13] - What misconceptions or barriers still need to be addressed in the ETF space?[19:42] - What did Sue discover as she searched for a financial advisor and what does her selection process look like?[25:27] - Outside of the traits she has already mentioned, what values does she think are very important and not important for financial advisors?[27:43] - How would Sue describe her investment philosophy and how has this philosophy changed over the years? Also, does Sue believe that a shared philosophy is one of the key factors for selecting the right financial advisor?[34:28] - What advice would Sue give to women aspiring to leadership roles in financial services?[37:22] - How can firms encourage more women financial advisors to join and thrive in this field?[39:08] - What impact does Sue hope to have both on the financial industry as a whole and the individuals she has worked with?[40:50] - What is currently Sue’s favorite investment idea?Quotes[08:01] - “What you find, when you start to work with people, is there are very few people you work with that aren’t trying to do their best. Most people come to work and they try to do their best everyday. So, when they fail, it’s not because they’re necessarily…bad at something…it’s because they have one particular strength that they lean on and they overplay that. ”  ~ Sue Thompson[19:58] - “I think that we are so used to, in a post-covid world, things like Zoom calls and video conferencing, that I don’t necessarily think that you need to be co-located with your advisor any longer…So I think that advisors who have got it in their head ‘oh well, my world is Cleveland,’ and they don’t want to think beyond that, I think they do themselves a disservice…[for many people] it’s more important to find the right advisor.”  ~ Sue ThompsonLinksSue Thompson on LinkedInWomen in ETFs“Brave” by Sara BareillesConnect with UsMeet Rusty Vanneman, Orion’s Chief Investment OfficerCheck Out All of Orion’s PodcastsPower Your Growth with OrionDisclosure(s) - Wealth Management services offered through Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor.Advertisement sponsored by Toews Asset Management. Toews Asset Management and Orion Advisor Solutions, Inc. (“Orion”) are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided. Orion does not endorse any particular third-party product or service.Compliance Code: 0227-R-25027

Today, Rusty and Robyn are joined by David Lau, Founder and CEO at DPL Financial Partners. David Lau is widely recognized as an innovator and disruptor in the financial services industry. He is the Founder and Chief Executive Officer of DPL Financial Partners, a privately held financial services firm that specializes in the development and distribution of low-cost, commission-free insurance and annuity products, as well as technology-driven product discovery tools and education, for Registered Investment Advisors (RIAs) and individual investors. Since going to market in 2018, DPL has worked with 20 leading insurance carriers to bring a range of value-driven, no-load products to its turnkey insurance management platform for advisors, and built an advisor base of more than 10,000 advisors from more than 3,500 RIA firms. Mr. Lau is a sought-after speaker, commentator, and adviser to financial journalists, insurance carriers, RIA firms, fintech providers and others in the financial services and fintech industries. His work has received coverage in The Wall Street Journal, The New York Times, Barron's, CNBC, Wealth Management, and other financial media where he provides insights on industry products, players, trends, and best practices. Mr. Lau serves on the CFP Board's Standards Resource Commission, and also on the Insurance sub-committee, to help develop resources that provide guidance to CFP® professionals and their firms on CFP Board’s new Code of Ethics and Standards of Conduct. Prior to founding DPL, Mr. Lau was Chief Operating Officer of Jefferson National, a leading innovator of tax-advantaged investing strategies for RIAs and fee-based advisors, where he led sales, marketing, technology, operations, and service. During his tenure, Mr. Lau architected the industry’s first flat-fee variable annuity product, Monument Advisor, and grew it into the leading no-load variable annuity in the market. Prior to joining Jefferson National, Mr. Lau was principal and co-founder of The Oysterhouse Group, LLC, a management consulting firm focused on retail delivery of financial services products, where he developed “go-to-market” strategies for key initiatives. His firm’s list of internationally recognized clients included Shinsei Bank, Merrill Lynch and Ace Insurance Group. Earlier, Mr. Lau served as Chief Marketing Officer of E*Trade Bank, and its predecessor TeleBank, the first pure-play internet bank. As the chief marketing strategist, he was responsible for creating and implementing break-through national direct marketing and branding campaigns that defined the online banking category. During Mr. Lau’s six-year tenure deposits at the bank grew from $200M to over $8B, and, at the time of its sale to E*Trade, TeleBank was the largest internet bank worldwide and five times larger than all US competitors combined. Mr. Lau’s early career included various positions at the Jamestown Foundation and the American Trucking Associations. In his leisure time, David enjoys spending time with his family, playing golf and cooking. Additionally, David is a diehard Boston Red Sox fan and an avid Duke basketball fan.Key Takeaways[04:13] - David’s professional highlights and more on his current role at DPL[06:25] - What was the impetus for founding DPL and for the services they provide?[10:35] - What are some of the unique challenges that fee-based advisors face, when it comes to implementing insurance solutions, and how does DPL address them?[13:30] - How does DPL help advisors break away and retain their book of annuities?[15:52] - Why has the growth in insurance and annuities not kept pace with the growth of the rest of the financial services industry?[18:11] - How should advisors go about incorporating insurance into their holistic financial plans?[20:17] - What are the behavioral and psychological benefits of using  insurance and annuities as strategic tools during periods of market volatility?[24:11] - What kind of trends is David seeing in the adoption of commission free insurance products among registered investment advisors?[26:33] - What role does technology play in simplifying the process of offering insurance products to clients?[28:40] - What are some common misconceptions financial advisors have about annuities or life insurance products?[31:24] - For advisors looking to integrate these commission free insurance products, how do they educate their clients about the benefits of them?[34:03] - What inspired David to create the Advisor Revelations podcast?[36:27] - What feedback has David received on his podcast and how has that shaped its content?[37:56] - For someone who has not yet checked out his podcast, does David have any recommendations for an episode to start with?[39:47] - If David could give one piece of advice to financial advisors looking to grow their practice, what would it be?[41:48] - What is currently David’s favorite investment idea?Quotes[22:25] - “Annuities kind of give…the client a license to spend, because they don’t worry about overspending and outliving their money because they have that guaranteed income stream…they’re still getting a paycheck, and that’s another great behavioral thing.”  ~ David Lau[41:13] - “It’s always more expensive to go find the next customer than it is to further monetize your existing ones, and that’s what we can help you do. We can help you further monetize your existing ones, giving them better products, better outcomes and then also your ability to more easily find and attract new clients.”  ~ David LauLinksDavid Lau on LinkedInDPL Financial Partners“Here Comes the Sun” by The BeatlesAdvisor Revelations PodcastConnect 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.Advertisement sponsored by [Toews Asset Management]. [Toews Asset Management] and Orion Advisor Solutions, Inc. (“Orion”) are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided. Orion does not endorse any particular third-party product or service.Compliance Code: 0097-R-25013

Today, Rusty and Robyn are joined by Bob Baker, President at Advanced Asset Management Advisors. Bob founded Advanced Asset Management Advisors in 1998, with the mission of creating a better client investment experience. Today, he remains heavily involved in carrying that vision forward, overseeing the daily management of the company. Bob received a degree in finance from the Ohio State University. With nearly 30 years in the industry, Bob has wealth of experience in portfolio creation and asset management. Before starting AAMA, he served as Vice President of a large regional investment firm and President of a national advisory group. He oversaw the management of retirement plans and participated in the development, launch, and marketing of load and no-load mutual funds. Bob has also served as a trust officer for the Bank One Trust Company, managing client portfolio investments.Key Takeaways[04:12] - Bob’s professional highlights and more on his current role at AAMA[05:08] - What was their mission when Bob first founded AAMA and how has this played out over the  years?[05:45] - Learn about AAMA’s fundamental investment process and how that has, or hasn’t, changed over the years[07:32] - From an investment process standpoint, how does AAMA’s fundamental process flow into the firm’s strategies?[08:18] - What makes working with AAMA different from large brand firms?[09:10] - How has AAMA enhanced its capabilities in recent years?[09:47] - What are the key market trends, challenges and opportunities that Bob sees coming up in 2025?[12:01] - How is Bob putting the inflation data into perspective and how is this view impacting his portfolio positioning, if at all?[13:00] - Over the past couple years, Bob has held a fairly contrarian view of the economy. Has anything changed his view recently?[14:00] - Why have AAMA’s sector weights remained relatively stable in spite of recent volatility?[15:17] - Why has investor sentiment been so bullish? Also, does this impact AAMA’s portfolio decisions or market commentary in any way?[16:06] - Looking ahead at 2025, how does Bob think fiscal and monetary policies might influence investment strategies and market dynamics?[17:06] - What risks are Bob most worried about at the moment?[18:33] - What is currently Bob’s favorite investment idea?[19:55] - How does Bob balance the need to stay informed and educated with the need to take mental space and tune out?Quotes[05:48] - “Well we deploy a fundamental investment process, and it looks at really strictly fundamental valuations in the marketplace. PEs, forecast of earnings, etc. We’re looking basically to overweight undervalued sectors and underweight overvalued sectors, and we do that through a very disciplined process…It’s been a good discipline for us to implement overtime. We’ve not changed it, because again, it keeps us out of a lot of the noise that can sometimes come into a portfolio.  ~ Bob Baker[08:21] - “As a boutique firm, we kind of pride ourselves in the process of, if an advisor would like to speak with us they can pick up the phone and call myself, or my partner…and get answers to questions that they would like to have immediately, or quickly. Since those advisors have the opportunity to really talk to the decision makers of the firm, we think that’s a competitive edge vs. some of the other, larger firms on the platform where you’re probably not going to talk to the president or CIO…directly. ~ Bob BakerLinksBob Baker on LinkedInAdvanced Asset Management Advisors“Shake it Off” by Taylor SwiftConnect 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.Advertisement sponsored by [Toews Asset Management]. [Toews Asset Management] and Orion Advisor Solutions, Inc. (“Orion”) are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided. Orion does not endorse any particular third-party product or service.Compliance Code: 0086-R-250010

Today, Rusty and Robyn are joined by This week, Rusty Vanneman and Robyn Murray talk with Brent Sullivan, Founder of Tax Alpha Insider. Brent Sullivan is a taxable investing specialist, blogger and software developer. He graduated from Cornell's Financial Engineering program, worked on PIMCO's trade floor, wrote code for Parametric Portfolio Associates, left to work at Zillow Group in the software observability team and then raised money as a venture-backed founder. Tax Alpha Insider is a blog, newsletter and media platform focused on taxable investing. Brent consults for advisers on taxable investing product marketing and development.Key Takeaways[01:33] - An overview of some of the things we will cover on The Weighing Machine this year.[03:36] - Learn more about Brent’s professional background and how he ended up in his current role[05:26] - What motivated Brent to found Tax Alpha Insider and who is it aimed at?[06:38] - Why does Brent believe that sometimes the tax tail should actually wag the dog?[08:03] - How can financial advisors effectively measure and communicate the value of tax alpha to their clients?[08:56] - What is Direct Indexing, why is it important and why should advisors and investors care about it?[10:13] - What role does technology play in the efficient execution of Direct Indexing strategies and what tools should advisors be looking for?[11:35] - What are the most common pain points for advisors and investors using Direct Indexing and how can these be addressed?[13:53] - When an advisor or investor is shopping for a Direct Indexing provider, what should they be looking for and what questions should they be asking?[15:01] - Are there additional signs of good or bad Direct Indexing shops that people should be on the lookout for?[16:05] - What are Section 351 ETFs, how do they work and what are their potential benefits?[17:47] - Could these signal a tectonic shift for the wealth management industry?[20:41] - How does a 351 ETF differ from an exchange fund? Do they serve the same purpose?[22:06] - If 351 ETFs don’t solve the problem of diversifying single stock risk, what will?[24:58] - Are there any upcoming regulatory or market trends that will affect 351 ETFs that advisors should be aware of?[25:40] - How much should advisors and investors care about AI and how is Brent using it?[28:23] - Are there any other key research insights that Brent would like to cover today?[29:23] - What resources would Brent recommend for advisors looking to learn more about taxable investing?[31:00] - What is currently Brent’s favorite investment idea?Quotes"Direct Indexing is an investment management strategy that favors individual stocks and bonds for portfolio customization. Customization can be broken down into at least two big categories, one of them is risk and one of them is tax…Why should investors or advisors know about this? That’s because it replaces a fund, which I consider practically a sledgehammer in portfolio allocation, with a scalpel. That’s what Direct Indexing does is give you incredible precision both with risk and tax. ” ~ Brent Sullivan"What matters for allocators is that you’re able to rebalance a portfolio tax free. There’s a bunch of legal boxes you have to check, forget about all that stuff [for now]. Imagine that you’re in a situation where you’ve got a portfolio of direct equities and it's grown a lot, and you’re unable to rebalance or tax loss harvest just because you’re so far above cost basis. [However], you might consider rolling the portfolio into an ETF that’s accepting assets in kind. That’s what 351 allows and affords. Again, tons of boxes to check, but that’s the opportunity there…tax free rebalancing. ” ~ Brent SullivanLinksBrent Sullivan on LinkedInTax Alpha Insider“This Must Be the Place” by Talking HeadsConnect 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.Advertisement sponsored by [Toews Asset Management]. [Toews Asset Management] and Orion Advisor Solutions, Inc. (“Orion”) are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided. Orion does not endorse any particular third-party product or service.Compliance Code: 0093-R-25013

Today, 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

Key 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

Today, 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

Today, 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

Today, 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 this estimate.Each Stone Ridge Longevity Income ETF is designed to support the option for members of its Modeled Cohort to continue to pursue substantially identical monthly distributions beyond age 80 by investing in a Closed-End Fund. However, the Closed-End Funds may not become available as intended, and there is no way for investors to assess the risk that the Closed-End Funds will not be launched. For example, the Adviser may determine that it is not appropriate to launch the Closed-End Funds if the Adviser believes there may not be a sufficiently diverse investor base, which is expected to be at least 100 shareholders. In the absence of a Closed-End Fund, investors may remain invested in the relevant ETF; alternatively, an investor may sell his or her shares, though investors may not have available to them an alternative investment option that provides the same level of distributions as they might have been able to receive if a Closed-End Fund were available. Shares of the ETFs may continue to be held by a shareholder’s beneficiary or may be sold at the then-current market price. However, a beneficiary of an ETF shareholder will not be eligible to invest in a corresponding Closed-End Fund unless the beneficiary is a member of the Modeled Cohort. The Closed-End Funds will be subject to different and additional risks as will be disclosed in the Closed-End Funds’ prospectuses. Unlike the Closed-End Funds, the Stone Ridge Longevity Income ETFs do not provide longevity-linked distributions and do not engage in longevity pooling. This is not an offer to sell or the solicitation of an offer to buy securities of the Closed-End Funds. A form of a Closed-End Fund’s prospectus (which is subject to revision) is included as Appendix A to each Stone Ridge Longevity Income ETF’s prospectus.The Stone Ridge Longevity Income ETFs are subject to risks related to exchange trading, including the following:Each Stone Ridge Longevity Income ETF’s shares will be listed for trading on an exchange (the “Exchange”) and will be bought and sold on the secondary market at market prices.  Although it is expected that the market price of ETF shares will typically approximate the ETF’s net asset value (“NAV”), there may be times when the market price reflects a significant premium or discount to NAV.Although each Stone Ridge Longevity Income ETF’s shares will be listed on the Exchange, it is possible that an active trading market may not be maintained.Shares of each Stone Ridge Longevity Income ETF will be created and redeemed by a limited number of authorized participants (“Authorized Participants”).  ETF shares may trade at a greater premium or discount to NAV in the event that the Authorized Participants fail to fulfill creation or redemption orders on behalf of the ETF.Each Stone Ridge Income ETF has a limited operating history for investors to evaluate, and new ETFs may not attract sufficient assets to achieve investment and trading efficiencies.For additional risks, please refer to the relevant prospectus and statement of additional information.The Stone Ridge Income ETFs are distributed by Foreside Financial Services, LLC.

Today, Rusty and Robyn are joined by Joel Shulman and Eva Ados of EntrepreneurShares. Dr. Joel Shulman is the Founder/Managing Director/CIO of ERShares. His 25+ years of research at Babson College (#1 in Entrepreneurship) and best business book written while at Harvard, led to the formation of a proprietary investment model and the Entrepreneur Factor. The formation of his money management practice followed the sale of the Shulman Review, a CFA test-prep company that trained over 12,000+ investment professionals in 110+ countries around the world. Dr Shulman appears frequently in the media including, Fox Business, CNBC, Bloomberg, Yahoo Finance, WSJ, Barrons, Forbes among others. He has been a consultant to many leading organizations as well as The World Bank in which he helped facilitate capital market development in Central Asian states. He has a Ph.D. and CFA designations along with an MPA from the Kennedy School of Government at Harvard University.Key Takeaways[03:26] - What has Joel loved about his career and how has he been able to accomplish so many things?[04:50] - How did EntrepreneurShares come about and what do they stand for as a firm?[09:09] - What originally inspired Joel to start ERShares?[12:31] - What is the entrepreneur factor and how has it changed over the years?[18:09] - Learn more about their XOVR ETF and what makes it unique.[19:56] - How much can XOVR invest in private equities and how does it work?[23:30] - More on Joel’s time at Babson College and how it affected his transition into asset management.[28:52] - What strategies does Joel employ to manage risk associated with investing in these high-growth, entrepreneurial companies during volatile market conditions?[32:12] - How do emerging technologies, like Artificial Intelligence and Blockchain, influence some of their investment strategies?[34:25] - What are the primary differences between investing in US-based entrepreneurial companies vs. those in international markets? Does their entrepreneur factor work as well abroad, or does it need the entrepreneurial infrastructure provided here in the United States?[37:23] - How is Joel seeing their fund being used in portfolios?[39:33] - What does Joel think goes into being a good professor? Also, does he miss teaching?[44:15] - As a professor, what methods did he find to be most effective at encouraging students to break down complex financial theories? Also, how can financial advisors use these techniques to better serve their clients?[47:35] - What advice would Joel give to students or aspiring finance professionals in today’s competitive landscape?[50:12] - What qualities does Joel see in students today that makes him optimistic about the future of the industry?[53:05] - What is currently Joel’s favorite investment idea?Quotes[16:28] - “Entrepreneurs [are often present] for 10, 20, 30 years. They’re not leaving very quickly, so their longevity is 5x, 6x [or] 7x what the normal CEO would be…As a result, they have a long-term orientation and…it’s that mindset that really makes the difference, because the way they build the organization and the way they manage it is much different than someone who [will be] there for 3 to 4 years. ” ~ Joel Shulman[44:15] - “One of the things that makes people great in any industry, in any capacity, is curiosity...The most successful people in our investment profession, these are curious people. People who look at something and they…say ‘how did that happen, how did that come to be?’” ~ Joel ShulmanLinksEntrepreneurSharesJoel M. Shulman on LinkedInERShares on InstagramERShares on YoutubeERShares on FacebookERShares on LinkedIn“Lose Yourself” by EminemConnect 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.Advertisement sponsored by Janus Henderson Investors. Janus Henderson Investors and Orion Advisor Solutions, Inc. (“Orion”) are not affiliated companies, and the advertisement is not a recommendation or endorsement by Orion for any of the services referenced or provided. Orion does not endorse any particular third-party product or service.Compliance Code: 3094-OPS-12/3/2024