The Fuse Show

Joe Duran and Terri Kallsen of Rise Growth Partners - 2025 Forecast

This Week on The Fuse Show, Natalie and Brian talk with Joe Duran and Terri Kallsen of Rise Growth Partners. Joe is a serial entrepreneur and an industry visionary in wealth management and wealth tech. Most recently Joe was a Partner at Goldman Sachs as Co-Head of the Workplace and Personal Wealth business. Joe founded and was CEO of United Capital, one of the nation’s largest independent wealth management firms, which was acquired by Goldman Sachs in July, 2019. Prior to that he built and sold Centurion Capital, one of the first Turnkey Asset Management Platforms to General Electric where he served as President of GE Private Asset Management (now NYSE listed AssetMark.) He has written three books on investing and entrepreneurship and has been on the New York Times and USA bestseller lists. Joe is a sought after conference speaker and appears frequently on a broad spectrum of media from CNBC to Goop. Joe has MBAs from Columbia University and UC Berkeley, and an undergraduate degree from Saint Louis University. He is a CFA Charterholder and a member of YPO. He has been a Yogi for decades, meditates daily and is an avid beach volleyball player. Joe is married to Jennifer and they have three daughters that they cherish.  They live in Laguna Beach, California and Tribeca, New York. They travel frequently, love dining, dancing and live concerts. Terri is an award-winning high growth Wealth Management Executive, leading RIA growth, digital solutions, and innovative ways to improve service and scale for Advisors and Clients. Terri was honored as the San Francisco Financial Woman of the Year in 2019 for her dedication to mentoring others in the community and empowering women in the workplace. Terri is the former COO of Wealth Enhancement Group (WEG) where she led Advisor Teams, Platform/Digital Strategy, High Net Worth & Trust Services. Prior to WEG, she was Executive Vice President of Investor Services at Charles Schwab, leading 7,000 employees and $1.6T in AUM. Her tenure at Charles Schwab was highlighted by multiple JD Power awards for client satisfaction, a clear testament to her commitment to delivering top-tier service. Terri is a 2019 graduate of the University of Chicago Booth School of Business Financial Management/CFO Program. She holds a Master’s Degree from the University of Wisconsin – Oshkosh and Bachelor Degree from the College of St. Benedict/Saint John’s University. Terri is Certified Financial Planner™.  Terri serves on the CFP® National Board of Directors. Terri is an enthusiastic marathon runner who has completed 21 marathons, 50 half marathons, and even more triathlons. She was awarded the Abbot Labs World Marathon achievement. She enjoys hiking Mount Tamalpais, boating to Napa Valley, and mentoring others to foster positive change. She also volunteers with the Oakland Homeless Shelter Shower program. Terri lives in the San Francisco Bay, with her husband, Scott of 30 years, and has three children and two dogs. Key Takeaways * [03:22] - Terri has completed 21 marathons. What has running taught her about resilience, perseverance and leadership? * [05:45] - Learn more about Joe’s yoga practice and why he recently took up beach volleyball. * [08:25] - If Terri and Joe had to switch industries overnight, what would each of them like to do professionally? * [10:26] - Learn more about their work at Rise Growth and about what is keeping them motivated and passionate this deep into their respective careers. * [15:59] - What are some of the biggest potential opportunities in 2025 for firms that have made it past that first “entrepreneurship stage” and are hoping to grow more? * [22:05] - What is going to be the most critical and transformative technology in 2025? * [29:17] - Specific examples of how consumer and advisor expectations may shift in the coming years and advice on how advisors can get in front of these shifting needs. * [35:14] - What might a great client portal experience look like in practice? * [36:20] - How might we implement hyper-personalization at scale for our clients? * [44:50] - What are the biggest challenges, or industry shifts, that advisors should prepare for in the next few years? * [48:50] - What futuristic or sci-fi invention would Joe and Terri wish for if they could snap their fingers and bring it about? Quotes [07:02] - "...Planning and wealth management is really about not doing what feels good, but doing what is good, and that usually means some short-term pain for long-term success…that’s true of all endeavors in life I think…If I have what feels good, it’s probably not good for me right? That trade off is a delicate and important balance we all need to learn, and I think that’s the role of great advice [as well]." ~ Joe Duran [https://www.linkedin.com/in/joe-duran-711167/] [19:44] - "Natalie, one part of your question was, ‘What would you tell advisors for 2025? They’ve moved beyond that unsellable practice and they want to get to be a much larger firm…’ The advice I always received as an advisor and a leader in this industry is ‘what got me here, won’t get me there.’" ~ Terri Kallsen [https://www.linkedin.com/in/terri-kallsen-cfp-%C2%AE-3b72954/] Links * Joe Duran on LinkedIn [https://www.linkedin.com/in/joe-duran-711167/] * Terri Kallsen on LinkedIn [https://www.linkedin.com/in/terri-kallsen-cfp-%C2%AE-3b72954/] * Rise Growth Partners [https://risegrowth.com/] Connect with Us * Meet Natalie Wolfsen [https://orion.com/thought-leader/natalie-wolfsen] * Meet Brian McLaughlin [https://orion.com/thought-leader/brian-mclaughlin] * Check Out All of Orion’s Podcasts [https://orion.com/resources-search?resource_type=podcasts] * Power Your Growth with Orion [https://orion.com/] Compliance Code: 3028-OAT-11/25/2024

Stacy Havener of Havener Capital - Growth Through Storytelling

This Week on The Fuse Show, Natalie and Brian talk with Stacy Havener, Founder and CEO of Havener Capital. Stacy Havener has made a career raising $8B+ for new/undiscovered funds that led to $30B+ in follow-on AUM. Prior to finding her niche in raising capital, she was an award-winning writer who dreamed of becoming a literature professor. Ironically, her love of words is one of the secrets to her success in an industry dominated by numbers. Growing up the only girl on all-boy soccer teams, it’s no surprise she’s now a female entrepreneur in one of the toughest “boys clubs.” At the heart of it all, there is one thing Stacy believes in – underdogs. Stacy is the Founder/CEO at Havener Capital Partners, a sales and marketing agency that helps boutique asset managers build, launch and grow funds. Havener Capital is on a mission to level the playing field in asset management by raising $100B for boutiques over the next decade. Stacy holds her Series 6, 7, 24, 63, 66, and 79 licenses and is a registered representative of Compass Securities Corporation. She received her Bachelor of Arts in English Literature from Western Connecticut State University, graduating summa cum laude in 1998. That same year, Stacy was named to both the NCAA and the GTE/CoSida Academic All-American teams for Division III Women’s Soccer and subsequently nominated for NCAA Woman of the Year. Based in Newport, RI, Stacy often spends her mornings walking the beach, sipping a Dunkin’ coffee, and listening to 90’s hip hop. Key Takeaways * [02:41] - What is Stacy’s “origin story” and how has her soccer background informed her finance career? * [04:18] - What are some of Stacy’s favorite old school hip-hop and rap artists? * [07:91] - How did Stacy make her way into the industry and founding her own wealth management company? * [09:54] - What role does storytelling play in Stacy’s business, her success and her clients’ success? * [16:03] - Why are stories, and words, so powerful in an industry often dominated by numbers? * [19:20] - How should advisors leverage storytelling to better differentiate themselves and communicate their passion? * [22:32] - Concrete examples of how differentiating your business can lead to a lot of growth. * [25:20] - Why does the financial services industry often fall short on marketing efforts and how could we improve as an industry? How cutting edge should our marketing strategies be? * [29:51] - How can small businesses harness a lot of the tools we’ve discussed, in spite of some of the unique obstacles they face? * [33:05] - Where does Stacy think the biggest opportunity for innovation is within advisor marketing, business development and storytelling? Quotes [11:18] - "If we really think about it, especially with a new firm, what are we buying? Like in Venture Capital, what are they buying with a startup? They’re buying the people…almost more than anything else, and story allows that connection to occur." ~ Stacy Havener [https://www.linkedin.com/in/stacyhavener/] [17:48] - "Whether we want to admit it or not, the heart buys first and the brain rationalizes that decision. So what story does is it gives you a direct line to the heart [and] to connection." ~ Stacy Havener [https://www.linkedin.com/in/stacyhavener/] Links * Stacy Havener on LinkedIn [https://www.linkedin.com/in/stacyhavener/] * Stacy’s Website [https://www.stacyhavener.com/] * Billion Dollar Backstory [https://www.billiondollarbackstory.com/] Connect with Us * Meet Natalie Wolfsen [https://orion.com/thought-leader/natalie-wolfsen] * Meet Brian McLaughlin [https://orion.com/thought-leader/brian-mclaughlin] * Check Out All of Orion’s Podcasts [https://orion.com/resources-search?resource_type=podcasts] * Power Your Growth with Orion [https://orion.com/] Compliance Code: 2509-OAT-9/30/2024

John Euart of McKinsey & Company - Buzzwords or Gamechangers?

This Week on The Fuse Show, Natalie and Brian talk with John Euart, Associate Partner at McKinsey & Company. Key Takeaways * [04:11] - John’s professional background and what led him to McKinsey and to specialize in industry trends? * [07:09] - As an industry, we have talked extensively about the great generational wealth transfer and also succession planning for the advisors planning to retire by 2035. Considering this, why are we seeing a reluctance among advisors to take action with the younger generation and with their own retirement? * [12:46] - Does John think that advice is becoming more scalable as more private equity comes into the industry? * [13:22] - Does John think that the generational wealth transfer is more of an industry game changer or just a current buzzword or focal point? * [15:28] - How does John think AI use will evolve within the RIA space going forward? * [21:25] - Since AI is such a rapidly evolving feed, where should advisory firms look to invest within the AI space to help them grow down the road? * [22:27] - Everyone’s take on whether AI is an industry game changer or just a buzzword. * [24:53] - How important is it for a client to have a “one stop shop” experience? * [27:23] - Is there a certain section of the financial services industry that is doing a particularly good job of using “coopetition” to their benefit? * [31:23] - Is hyper personalization something we should be investing in as an industry in John’s opinion? * [34:05] - Is the industry doing a good job of building and distributing the tools that advisors need for this type of personalization? * [39:10] - Does John think we are in a bubble with private equity or does he think that its growth is sustainable? * [42:15] - Is it potentially beneficial for some investors to have less liquid investments? * [47:22] - Does John think that the benchmarking against other advisors is really critical? * [50:26] - Is benchmarking a buzzword or a game changer in everyone’s opinion? Quotes [08:47] - "Another thing that I’d like to get your thoughts on as well, is that I do think there is a broader consumer preference shift that’s happening. I think it’s being influenced by the younger generations. Younger generations want experience and they are more focused on life goals, as opposed to…growing that nest egg as big as possible, and I think we are starting to see that actually impact their parents and grandparents…I’m seeing more and more older generations start to trickle that wealth transfer and actually…[they often want to] see the impact of that wealth transfer before they pass on." ~ John Euart [https://www.linkedin.com/in/john-euart/] [23:15] - "I do believe that you are both right. [Adopting AI] is going to require us, whether you’re an RIA, a consultant, a tech leader or a CEO, to think about work fundamentally differently and to think about our data fundamentally differently…I’ve talked about this many times…I think that Financial Services biggest limitation is actually a data problem. " ~ Natalie Wolfsen [https://orion.com/thought-leader/natalie-wolfsen] Links * John Euart on LinkedIn [https://www.linkedin.com/in/john-euart/] * McKinsey & Company [https://www.mckinsey.com/] Connect with Us * Meet Natalie Wolfsen [https://orion.com/thought-leader/natalie-wolfsen] * Meet Brian McLaughlin [https://orion.com/thought-leader/brian-mclaughlin] * Check Out All of Orion’s Podcasts [https://orion.com/resources-search?resource_type=podcasts] * Power Your Growth with Orion [https://orion.com/] Compliance Code: 2268-OAT-9/4/2024

Innovation in Alternatives with Phil Huber of Cliffwater

This Week on The Fuse Show, Natalie and Brian talk with Phil Huber. Phil is a Managing Director and Head of Portfolio Solutions for Cliffwater, based in their Chicago office. Prior to joining Cliffwater, Phil was the Chief Investment Officer for Savant Wealth Management. He earned a bachelor’s degree in finance from the Kelley School of Business at Indiana University. He is a CERTIFIED FINANCIAL PLANNER™ professional, has attained his Chartered Financial Analyst® (CFA®) designation and is a member of the CFA Society of Chicago. Phil has been featured in a number of notable media outlets, including The Wall Street Journal, The New York Times, InvestmentNews, CityWire RIA Magazine and Bloomberg TV. From 2018-2020, he was named one of Investopedia’s Top Financial Advisors. Phil was also named CIO of the Year by RIA Intel in 2023. Phil and his wife Christie live in the northwest suburbs of Chicago where they enjoy reading, yoga and spending time with their daughter Hannah. He is also a lifelong, die-hard professional wrestling fan. Certified Financial Planner Board of Standards Inc. (CFP Board) owns the certification marks CFP® and CERTIFIED FINANCIAL PLANNER™ in the U.S., which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements. Key Takeaways * [03:47] - Learn about Phil’s background, how he got into the industry and how he ended up focusing on alternative investments in particular. * [06:36] - What inspired Phil to write his book, ‘The Allocator’s Edge?’ * [10:17] - In his book, Phil states “that we are living in a golden age of alternative investments.” Why does he think this and what ushered this change into place? Also, what is driving the move of active investing out of the public markets and into alts? * [15:09] - Is technology helping make alternative investments more accessible to investors and advisors in Phil’s opinion? * [23:00] - What should advisors consider when sizing their positions in alternative investments? * [26:23] - What are some other hurdles that RIAs face to get into alternative investments and how might we be able to help them overcome these? * [28:38] - What, from Phil’s perspective, are some of the biggest opportunities that advisors are overlooking in alternative investments? * [33:32] - If Phil could give listeners one key takeaway on alternative investments, what would it be? * [37:27] - If he could snap his fingers and make it happen, what futuristic or sci-fi tool would Phil wish for the most? Quotes [16:31] - "Most people don’t view fund structures as technological breakthroughs…[but] I kind of think of them though, as technology, in a way…I think of the ETF as a technology that has really democratized beta…and to bring down costs and increase liquidity, and so the ETFs have now become this ubiquitous fund vehicle that pretty much everyone uses as their default way of gaining market exposure." ~ Phil Huber [https://www.linkedin.com/in/phil-huber/] [23:18] - "[When allocating to alts] it has to be enough to matter, but not so much that it’s going to introduce behavioral risk into the portfolio or to the end client, so I think there’s a middle ground range there…of 10-30% of a portfolio across alternatives." ~ Phil Huber [https://www.linkedin.com/in/phil-huber/] Links * Phil Huber on LinkedIn [https://www.linkedin.com/in/phil-huber/] * Cliffwater LLC [https://www.cliffwater.com/] * The Allocator’s Edge [https://www.amazon.com/Allocators-Edge-alternative-investments-diversification/dp/0857197932] Connect with Us * Meet Natalie Wolfsen [https://orion.com/thought-leader/natalie-wolfsen] * Meet Brian McLaughlin [https://orion.com/thought-leader/brian-mclaughlin] * Check Out All of Orion’s Podcasts [https://orion.com/resources-search?resource_type=podcasts] * Power Your Growth with Orion [https://orion.com/] Compliance Code: 2011-OAT-8/8/2024

The Need for a Data Revolution with Christi Deakin and Chris McDonald of Amazon Web Services

This Week on The Fuse Show, Natalie and Brian are joined by Christi Deakin and Chris McDonald from Amazon Web Services. Christi Deakin, based in Sarasota, FL, is currently a US Fintech Leader at Amazon Web Services (AWS), bringing experience from previous roles at Nyca Partners, Wells Fargo and BearingPoint (formerly KPMG). Christi Deakin holds a BBA in Accounting @ The University of Texas at Austin. With a robust skill set that includes Portfolio Management and more, Christi Deakin contributes valuable insights to the industry. Chris serves as the Industry Specialist of Capital Markets at AWS. He has over 20 years of experience with roles focused on global product management, compliance and regulation at Bloomberg and executive management roles at Goldman Sachs and JP Morgan Chase. Key Takeaways * [02:41] - Where do each of our guests currently live and what do they love about it? * [05:37] - More on each guest’s professional background and what led them to Fintech and AWS. * [08:21] - From their perspective, what are the main data challenges that are holding the industry back and keeping us siloed? * [12:58] - How might larger organizations best adapt to the shift in customer experience that will need to happen for many of our next gen clients? * [17:47] - What are some of the new innovations at AWS that people should be paying attention to in our industry? * [20:21] - How do they think that AI might transform the financial services industry over time? * [23:47] - It seems like we are still very much in the trial and error phase of AI and we will have to wait for the dust to settle before we know what sticks. Do Chris and Christi agree with this? * [25:14] - Looking ahead, what future trends do they see really impacting the industry or B2B more generally? * [27:27] - If they could leave our listeners with one key takeaway, what would that be? * [28:41] - If they could snap their fingers and make it happen, what futuristic technology or tool would each of them wish for most? Quotes [11:40] - "With a 3 Trillion Dollar wealth transfer on the horizon…,and this wealth transfer is going to younger generations, I think customer experience expectations are really going to rise. That doesn’t mean everything is going to be digital and self-service, because investors at some point…want advice [on] how to manage their money and how to manage these important decisions in their life." ~ Christi Deakin [https://www.linkedin.com/in/christi-deakin/] [16:45] - "...I think being able to bring [the level of personalization we see on streaming services]...into the Financial Services is huge. Again, it’s a little more complicated, it’s a little more sensitive [when] you’re talking about someone’s money, but the underneath kind of capabilities of putting all that data together and joining the dots…is really key." ~ Chris McDonald [https://www.linkedin.com/in/christopher-r-mcdonald-b8237720/] Links * Christi Deakin on LinkedIn [https://www.linkedin.com/in/christi-deakin/] * Chris McDonald on LinkedIn [https://www.linkedin.com/in/christopher-r-mcdonald-b8237720/] * Amazon Web Services [https://aws.amazon.com/] Connect with Us * Meet Natalie Wolfsen [https://orion.com/thought-leader/natalie-wolfsen] * Meet Brian McLaughlin [https://orion.com/thought-leader/brian-mclaughlin] * Check Out All of Orion’s Podcasts [https://orion.com/resources-search?resource_type=podcasts] * Power Your Growth with Orion [https://orion.com/] Compliance Code: 1758-OAT-7/16/2024