Welcome back to the Alt Goes Mainstream podcast.
Building community is central to enabling an industry to grow. There are few better ways to build community and foster trusted relationships than to break bread.
As the wealth channel continues to expand its adoption of private markets, peer-to-peer learning becomes ever more important. Sharing experiences and perspectives is what will help the wealth channel adopt private-market solutions thoughtfully and responsibly.
That’s what happened at Franklin Templeton’s Private Markets RIA Advisory Council event and dinner at BLACKBARN recently. Bread was broken. Relationships were built.
We also found time to record a podcast around a dinner table with Franklin Templeton’s Head of Private Markets - Americas Wealth Management Dave Donahoo and Summit Wealth Group’s CIO Chelsea Ganey. The discussion granted access to a direct, honest, and raw window into perspectives on how asset managers and wealth managers can work together to educate one another and help move the industry forward. And yes, bread was broken before and after the podcast.
Please enjoy this fantastic conversation with Dave and Chelsea on the state of private markets and private wealth and how both asset managers and wealth managers can balance customization and differentiation with scale.
The dinner table provided a perfect setting to discuss what’s on the menu in private markets and private wealth. We covered:
Why there’s no free lunch, just dinner.
Are private markets eating the world?
Creating curated menus for advisors.
The recipes for success in private markets distribution.
Thanks, Dave and Chelsea, for such a thoughtful and fascinating conversation.
A word from AGM podcast sponsor, Ultimus Fund Solutions
This episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.
That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.
Learn more: ultimusfundsolutions.com or email info@ultimusfundsolutions.com.
We thank Ultimus for their support of alts going mainstream.
Show Notes
00:00 Sponsor Intro by Ultimus
00:57 Meet The Guests, Dave Donahoo and Chelsea Ganey
01:07 Private Markets Everywhere
01:30 Why FormT he Franklin Templeton RIA Advisory Council
01:51 Franklin Client-First DNA
02:11 The New Franklin Templeton
03:05 Beyond Product Feedback
03:48 Chelsea On The Value of The Advisory Council
04:31 Networking Beats Inbox Noise
05:23 Serving Diverse RIAs
06:28 Inside One RIA Many Needs
07:47 What GPs Should Do Better
08:47 Education That Actually Sticks
09:55 From White Papers To Tools
10:50 Education Then Vs Now
11:42 Choice Changes The Pitch
12:21 Customization Vs Scale
13:26 Centralized CIO Menus
15:51 Sober Selling Long Term
17:13 Franklins Specialist Platform
18:19 Why Specialists Win
19:17 Infrastructure Partnership Play
20:13 More With Less Managers
22:10 Advisor Level Efficiency
22:46 Whats Next Product Innovation
23:23 Integrity First Adoption
24:36 Allocator Lens Shift
25:00 Innovation Options Overview
25:15 Model Portfolios Debate
26:03 Customization Versus Scale
26:29 What Private Markets Lack
26:44 Meeting In The Middle
27:07 Magic Wand Question
27:31 Plumbing And Reporting
27:45 Ease Without Dilution
28:00 Lexington Structure Constraints
28:44 Long Term Over Short Term
28:56 Need More CIO Mindset
29:17 Strategic Allocation Framework
29:34 Avoiding Whipsaw Flows
30:08 Chelsea On Strategic Thinking
30:24 Integrating Alts In Portfolios
30:57 Advisor Conversation Shift
31:32 Educating On Liquidity
31:43 Reframing Private Risk
32:07 Control And Recovery Benefits
33:07 Dave On Liquidity Risk
33:52 Stop Saying Semi Liquid
34:19 Structural Liquidity And Trust
35:23 Dinner Props And Buckets
35:57 Starter Main Dessert Picks
36:16 Real Estate Equity Starter
36:51 Secondaries Main Course
37:11 Real Estate Credit Dessert
38:04 Diversify Early Or Regret
39:37 Strategic Neutral Analogy
40:00 Client Analogies That Work
40:34 Zillow House Price Lesson
41:40 Baseball Patience Mindset
42:52 Fat Pitch Question
43:01 Chelsea On Secondaries Credit
43:59 Dave Singles Versus Homers
44:42 Lead Off Batter Story
45:02 No Free Lunch Just Dinner
45:40 Closing Thanks And Outro
Disclaimer: Alt Goes Mainstream is an independent podcast and newsletter focused on the private markets industry. It is published for informational and educational purposes only and does not constitute investment advice, financial advice, legal advice, or any other form of professional advice. Nothing contained herein should be construed as a recommendation to buy, sell, or hold any security or investment product. Some companies, individuals, or organizations featured or mentioned in this newsletter may be current or past sponsors of Alt Goes Mainstream. Sponsorship does not influence editorial coverage, but readers should be aware that a relationship might exist. The author may hold direct or indirect investments in companies, funds, or other entities mentioned in this podcast or newsletter.
