Welcome back to the Alt Goes Mainstream podcast.
We were live from AGM’s RIA Field Trip at Franklin Templeton’s New York office in Madison Square Park with Franklin Templeton’s Head of Private Markets - Americas Wealth Management Dave Donahoo to discuss the nuances of serving the wealth channel.
Dave brings the perspective of someone who has seen the wealth channel handle multiple market cycles and an understanding of both traditional and alternative asset management, while always keeping the outcome for the end investor in mind.
Dave started his career in the depths of the 2008 financial crisis at T. Rowe Price, where he worked with individual investors. He rose up the ranks of T. Rowe Price and then joined Blackstone as a Principal in the firm’s Private Wealth Solutions business before moving to Franklin Templeton as Head of Private Markets - Americas Wealth Management.
Unpacking nuances in private markets, Dave discussed why he believes a “family of specialists” with a “narrow scope” is critical for a private markets investment platform and how a traditional asset manager can approach building brand in private markets. We had a fascinating discussion, covering:
How Dave’s background starting his career working with individual investors has informed how he approaches creating solutions for the wealth channel.
Why LPs want to do more with fewer partners and what this means for GPs.
Specialists vs. generalists.
Why RIAs have “cold call fatigue.”
What RIAs want from a product perspective and why differentiation, trust, and proactive client service are top of the list.
How asset managers can approach brand-building.
The product innovation roadmap and what the path to 401(k) and DC products might look like.
Thanks, Dave, for sharing a fascinating window into the wealth channel and for your passion, expertise, and dedication to providing private markets solutions to the wealth channel.
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 Live From Franklin Templeton RIA Field Trip
00:07 Meet Dave Donahoo
02:29 Lehman Day One
03:15 Phone Lines Meltdown
03:38 Teacher Call Story
04:54 Start With End Client
05:37 Lessons From Blackstone
05:56 Wealth Playbook Takeaways
07:22 Why Franklin Made Sense
08:18 Traditional Manager Edge
08:40 Wealth Architecture Headstart
09:17 One Partner Full Platform
10:27 Challenges And Tradeoffs
10:55 Brand Transformation Work
11:58 Internal Alignment And Comms
12:30 Desired Brand Feeling
13:04 Specialist Manager Model
13:59 Perpetual Products Done Right
14:28 Defining The Right Structure
15:52 Vehicle Alpha Debate
16:26 Secondaries Structure Choice
18:28 Infrastructure Partnership Build
20:21 Preserving Investment Cultures
22:09 Data Synergies Across Teams
24:39 Macro Insights Advantage
26:11 Product Innovation Roadmap
27:36 401(k) And DC Opportunities
28:23 Private Markets Model Portfolios
29:39 What RIAs Really Want
30:55 Service And Honest Selling
31:53 Wrap Up And Thanks
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.
Editing and post-production work for this episode was provided by The Podcast Consultant.
