Adjusted for Risk

Why Insider 'Skin in the Game' May Beat the S&P 500

Mon, 17 Aug 2026 08:00:00 -0700

On the Adjusted for Risk podcast, host Ryan Nauman interviews Haren Bhakta, founder and CEO of the Inside Ownership Index, who explains how the S&P 500’s free-float weighting effectively underweights shares held by controlling insiders and can end up buying more of founder-led companies after key leaders die.

Bhakta describes manually compiling 20 years of S&P 500 proxy filings to aggregate insider-ownership data and creating a passive index that weights companies by insider ownership as a “skin in the game” approach. He argues high ownership aligns management with shareholders, supports long-term innovation, and avoids value-destroying incentives, citing ownership patterns among 100-baggers and major S&P value destroyers. He also warns that proxy voting power concentrated in large asset managers entrenches mediocre leadership.

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Learn more about Inside Ownership Index:

00:00 Welcome and Guest Intro

01:08 Origin of the Index

02:04 Free Float Problem

03:17 Building the Dataset

08:02 Why Ownership Matters

11:50 Power Law Leaders

14:37 Hundred Bagger Evidence

18:00 Long Term Culture Edge

27:24 Downside Protection

33:57 Passive Voting Risks

38:27 How Advisors Use OWN

40:25 Where to Learn More

41:29 Closing and Subscribe

What are the Expectations of the NextGen Advisor?

Tue, 11 Aug 2026 08:00:00 -0700

Recorded live at Wealth Management EDGE, host Ryan Nauman welcomes Nate Lenz, co-founder and CEO of Concurrent, to discuss shifts in wealth management and the rise of NextGen advisors.

Lenz explains Concurrent’s platform model supporting independent wealth managers by handling middle and back office functions while preserving advisor autonomy, and highlights growth to supporting over 90 firms, plus newer RIA Capital Partners and Platform-as-a-Service offerings.

They discuss the aging advisor workforce amid rising demand for advice, AI as a productivity and entrepreneurship enabler rather than a job threat, and the increasing importance of human relationships as some services become commoditized. Lenz shares findings on nextgen expectations—mentorship and clear career paths over remote work—and describes Concurrent’s campus recruiting, internship program, training curriculum, and 18-month operational rotation.

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Learn more about Concurrent here.

00:00 Podcast Welcome

00:33 Live From Edge

01:35 Meet Nate Lenz

02:01 Concurrent Platform

03:07 Advisor Talent Crunch

06:01 AI Opportunity Debate

08:44 AI Boosts Productivity

10:27 Human Element Matters

12:14 Next Gen Expectations

13:48 Internships Recruiting

16:23 Training Rotation Paths

18:22 Attracting Young Advisors

20:49 Wrap Up And Links

The Right Way to Use ETFs for Success

Mon, 03 Aug 2026 08:00:00 -0700

From Lake Tahoe on the Adjusted for Risk podcast, Ryan Nauman welcomes back Adam Patti, CEO of VistaShares, to discuss how innovation in ETFs is bringing sophisticated strategies to retail investors and reshaping portfolio construction. Patti shares VistaShares’ focus on building a small set of differentiated products, noting the firm launched its first ETF in December 2024 and has grown to over $2 billion in assets. They emphasize ETF benefits like transparency, low fees, tax efficiency, and intraday trading, while warning investors to “look under the hood” rather than rely on marketing. Patti outlines a durable, cycle-resistant portfolio approach built on diversification across equities, fixed income, commodities, real estate, and cash, and highlights three key ETF categories: growth equity, income, and downside protection. He explains VistaShares’ “bill of materials” process for Super Cycle ETFs, mapping supply chains and weighting companies by economic exposure to themes like AI, space, robotics, and defense, and previews future investor-focused ETFs tied to managers like Druckenmiller and Tepper.

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Learn more about VistaShares: https://www.vistashares.com/

00:00 Welcome and Setup

00:54 Meet Adam Patti 01:19

VistaShares Mission 02:36

Buffett and ETFs 03:57

Look Under Hood 05:35

Building Durable Portfolio

08:02 Concentration vs Diversification

11:26 Advisor Edge with ETFs

13:53 Marketing vs Philosophy

16:18 Next ETF Evolution

18:44 Staying Power Process

20:53 Bill of Materials Method

22:55 Whats Next and Wrap

Unlocking the Power of Employee Engagement and Culture in Financial Services

Fri, 31 Jul 2026 08:00:00 -0700

Recorded on location at the Steward Symposium, Ryan Nauman welcomes Maria Condon, Chief of Staff at Steward Partners, to discuss how the firm’s culture is built, reinforced, and scaled amid rapid growth. Maria explains why the annual three-day symposium exists, what makes its energy and access to leadership unique, and how in-person connection complements content like newsletters and podcasts. She details Steward’s ownership-driven alignment and accountability, the planning required as the event has grown from about 50 partners in 2017 to nearly 500 attendees, and what success looks like through engagement and traditions like the NFL-draft-style jersey ceremony. Maria also shares how “Stew-opoly” became a meaningful symbol of the firm’s story, and describes her chief of staff role as driving alignment, execution, communication, and cultural continuity.

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Learn more about Steward Partners here.

00:00 Welcome and Disclaimer

00:27 On Location at Symposium

01:12 Meet Maria Condon

02:28 What Symposium Is

05:13 Why It Feels Different

07:16 Culture at Steward

10:21 Proof Culture Is Real

12:48 Planning and Success

14:41 Jersey Ceremony Tradition

18:29 Scaling Culture with Growth

20:43 Stewopoly Culture Moment

23:10 Chief of Staff Explained

25:00 Culture Drives Outcomes

27:22 Why You Must Attend

28:35 Wrap Up and Links

Managing Risk Through Long-Short ETFs

Mon, 27 Jul 2026 08:00:00 -0700

From the “Adjusted for Risk” podcast, host Ryan Nauman interviews Wayne Penello, founder and CEO of NextGen EMP, about practical risk management for investors and advisors. Penello shares his background as a NYMEX options market maker and commodity risk consultant, emphasizing translating risk into meaningful metrics like budget outcomes and drawdowns rather than simple volatility. He argues advisors often diversify but don’t actively manage risk, and recommends using high-watermark/drawdown analysis to improve tactical entry decisions. Penello discusses why market timing fails and frames the opportunity as an allocation problem, advocating long/short strategies—especially in an ETF wrapper—for downside control, potential tax efficiency, and scalability for smaller accounts. He critiques buffered products for embedded costs, addresses misconceptions about long/short funds, and points listeners to the EMPB ETF and nextgenemp.com for more information.

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Learn more about NextGenEMP: https://nextgenemp.com/

00:00 Podcast Kickoff

01:10 Meet Wayne Penello

01:46 Wayne’s Risk Journey

05:26 Defining Investment Risk

06:47 Drawdowns and Timing

09:20 Buy Hold Hope

11:22 Advisors and Risk Gaps

14:13 Process Over Timing

18:22 Why Long Short Works

23:40 Long Short Myths

27:14 Market Cycles and AI

32:42 Core Portfolio Role

37:26 Advisor Practice Benefits

40:42 Where to Learn More

42:07 Closing Thanks

How to Make Work Optional

Fri, 24 Jul 2026 08:00:00 -0700

Ryan Nauman hosts Zephyr’s Adjusted for Risk podcast with guest Phil Palumbo, CEO/CIO of Palumbo Wealth Management and host of the Palumbo Pulse, to discuss aging demographics and implications for retirement planning and advisors. Palumbo describes leaving UBS to go independent for fiduciary alignment, better economics, and broader investment access, and explains his firm’s focus on helping founders prepare for and execute business exits, then manage taxes, planning, investing, and wealth transfer. He contrasts “retirement” with “make work optional,” emphasizing saving discipline, compounding, and long-term exposure to risk assets (stocks, real estate, private equity) to combat inflation and longevity risk. They stress the need for written financial plans, tax-aware investing, appropriate risk during distribution, bucket-based income planning, diversification, and client education to avoid panic selling during market volatility.

Learn more about Palumbo Wealth Management here.

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00:00 Welcome and Sponsor

01:13 Meet Phil Palumbo

02:59 Going Independent RIA

04:54 Make Work Optional

07:50 Saving and Compounding

10:26 Spending and Longevity

12:14 Inflation and Risk Assets

15:39 Why Plans Matter

17:38 Tax Smart Investing

19:28 Exit Planning Playbook

24:14 Retirement Spending Strategy

29:14 Ignore Market Noise

32:05 Emotions and Marathon Mindset

34:13 Wrap Up and Where to Find

How to Identify Winning Opportunities in a Bond Picker's Market

Tue, 21 Jul 2026 08:00:00 -0700

From Zephyr’s Adjusted for Risk podcast, Ryan Nauman interviews Jim Jessup, income strategist at Virtus ETF Solutions, about ETF innovation and today’s fixed income environment. Jessup explains Virtus’s product-development approach: focus on commercially viable ETFs where managers can add alpha rather than chasing trends, and notes some highly specific ETFs may close or the industry may consolidate. On fixed income, he says despite macro and geopolitical noise and a new Fed chair (Warsh), market conditions look relatively normal: prices near par, default rates below but moving toward historical averages, and strong demand shown by oversubscribed new issues. He argues this is a “bond picker’s market” favoring active management, discusses private credit as a growing but varied space with both risks and liquidity benefits, and highlights the surge in AI-related investment-grade issuance as hyperscaler capex increasingly financed by debt.

Learn more about Zephyr here.

Learn more about Virtus Investment Partners here.

00:00 Podcast Kickoff

01:14 Meet Jim Jessup

03:12 ETF Boom Explained

04:05 Product Innovation Filter

06:52 Will ETFs Consolidate

08:22 Fixed Income Snapshot

10:36 Fed Chair And Signals

15:12 Defaults And Debt Wall

19:37 Private Credit Debate

25:14 Cash Yields And Risk

28:11 AI Driven Debt Wave

30:07 Where To Learn More

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How to Lead M&A with Strategic Growth in Mind

Fri, 17 Jul 2026 08:00:00 -0700

Recording on location at the Steward Symposium, host Ryan Nauman welcomes Scott Danner (Chief Growth Officer) and Valerie Rivera (Chief Operating Officer) of Steward Partners to discuss growth in wealth management, where organic expansion has become harder and M&A has become a major driver. Danner shares his background building Freedom Street Partners and joining Steward in 2023, noting Steward’s growth from about $30B to over $50B in AUM largely through acquisitions. They explain why Steward frames the function as “strategic growth” rather than recruiting, emphasizing attraction, culture, and relationship over transaction. Rivera highlights advisors’ priorities beyond payout—clients, employees, legacy, and transition support—while outlining due diligence, integration, communication, and repeatable operational processes. Danner addresses misconceptions, the importance of scalable, team-based practices, and Steward’s long-term goal of becoming a $100B firm.

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Learn more about Steward Partners here.

00:00 Welcome and Disclosures

00:41 Symposium Setup and Growth Theme

01:30 Meet Scott and Val

01:54 Scott Career and Steward Growth

03:26 Val Background and Partnership

04:24 Why Steward Calls It Growth

06:32 North Star Relationship First

08:34 Val Perspective on Transitions

12:18 When Advisors Truly Fit

15:35 Due Diligence Beyond Numbers

16:46 Scaling Operations for Growth

18:28 Cutting Through M&A Noise

20:56 Misconceptions and Practice Value

25:35 How Scott and Val Complement

26:53 Future Vision and Closing

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Stop Using Generic Marketing: Do This Instead

Wed, 15 Jul 2026 08:00:00 -0700

Ryan Nauman hosts Zephyr’s Adjusted for Risk podcast and speaks with Eden Ovadia, co-founder and CEO of Finny AI, about why organic growth is a major challenge for financial advisors and why reliance on M&A has made firms complacent and increasingly capital-inefficient as multiples rise. Ovadia explains that referrals still drive most industry growth but are largely passive, pushing ambitious firms to adopt more proactive prospecting and marketing strategies. They discuss how AI raises the bar for standing out, making niche specialization and sharp messaging more important, and why personalization matters from the first prospect interaction in a trust-based business. Ovadia describes how AI can automate prospect identification, segmentation, outreach, and content to book meetings, letting advisors focus on client relationships, and shares FINNY’s approach and her experience working with Josh Brown.

Learn more about Zephyr: https://informaconnect.com/zephyr/manager-screening/?utm_medium=Content&utm_source=Content_Podcast&utm_campaign=YT_Adjusted_for_Risk_&utm_content=YT_Adjusted_for_Risk

Learn more about FINNY: https://finny.com/

00:00 Welcome and Sponsor

01:14 Meet Eden and FINNY

04:01 Josh Brown Story

05:56 M&A vs Organic Growth

08:03 Referrals and Limits

09:37 Why Prospecting Is Hard

11:18 AI and Niche Targeting

14:40 Personalization Builds Trust

16:45 Scaling and Automation

22:30 Future of Growth Tech

24:32 Where to Learn More

25:11 Closing and Subscribe

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Beat Direct-to-Consumer Technology: The Advisor’s Edge

Tue, 14 Jul 2026 08:00:00 -0700

Ryan Nauman hosts Zephyr’s Adjusted for Risk podcast from Lake Tahoe and welcomes Zach Conway, CEO of Seeds, to discuss how evolving investor expectations are reshaping wealth management. Conway explains he founded Seeds after seeing a disconnect between advisors’ strong client discovery and the shallow, product-centered approach often used in investment management, alongside inefficient, fragmented portfolio operations. They discuss rising demands for personalization, transparency, values-based investing, and broader solution sets such as direct indexing and alternatives, plus the need to deliver these in unified, scalable UMAs. Conway argues the industry’s biggest threat is its own reputational and process failures more than AI, while noting technology must help advisors provide a better human-led experience. He outlines how Seeds supports deeper investor understanding, proposal creation, and automated implementation, trading, tax-loss harvesting, rebalancing, and cash management.

Learn more about Zephyr here.

Learn more about Seeds here.

00:00 Podcast Kickoff

01:09 Meet Zach Conway

01:40 What Seeds Does

03:18 Why Zach Started Seeds

08:21 Industry DNA Shift

10:55 SpaceX Expectations Example

13:51 Modern Investor Experience

18:13 Human Advisor vs Apps

20:53 Meeting Expectations Today

27:19 AI Balance and Risks

32:34 Scaling New Products

37:08 Biggest Threat Is Us

40:21 How Seeds Helps Advisors

42:45 Where to Learn More

43:02 Final Thanks and Outro

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Are Investors Compensated Enough for the Illiquidity of Interval Funds?

Mon, 06 Jul 2026 08:00:00 -0700

In this episode of Zephyr’s Adjusted for Risk, host Ryan Nauman speaks with Joe DaGrosa, CEO and founder of Axxes Capital and co-author of The Financial Advisor’s Guide to Private Investments, about the growing access retail investors have to private markets and the unique risks involved. DaGrosa explains how regulations have historically limited non-qualified purchasers, why registered vehicles are changing that, and what’s driving demand for private equity and private credit, including longevity and the need for higher returns. He argues interval funds can address key drawbacks of traditional drawdown funds by improving fee alignment, transparency, and offering limited liquidity, while emphasizing that advisor education and matching time horizon to illiquidity are critical. The conversation also covers diversification as public markets shrink, the importance of top-quartile manager selection, and how interval funds plan for redemptions.

Zephyr can help financial advisors locate the best interval fund strategy for their clients. Learn more here.

Learn more about Axxes Capital here.

00:00 Welcome and Setup

01:15 Meet Joe DaGrosa

02:49 Why Axxes Capital

06:15 Democratizing Private Markets

08:17 What Drives the Shift

10:46 Illiquidity and Education

13:11 Choosing Access Vehicles

15:13 Interval Funds Explained

19:09 Diversification Case

20:58 Manager Selection Matters

24:45 Who Interval Funds Fit

27:09 Handling Redemptions

28:38 Wrap Up and Resources

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AI in Fixed Income - Balancing Risks and Rewards

Mon, 29 Jun 2026 08:00:00 -0700

Ryan Nauman hosts Zephyr’s Adjusted for Risk podcast with Robert Cohen, Director of Global Developed Credit at DoubleLine, to discuss why bonds face bearish sentiment amid elevated Treasury yields and how advisors should think about fixed income today. Cohen frames the macro backdrop as “war and AI,” citing Middle East conflict-driven oil constraints that could push core CPI above 4% and keep inflation above 3%, while massive AI capex supports earnings but raises valuation and concentration risks. He explains how DoubleLine limits AI exposure in credit, argues corporate credit fundamentals remain strong with upgrades outpacing downgrades despite tight spreads, and flags weakness in lower-quality loans/private credit. The conversation covers securitized credit opportunities by underlying assets, emphasizes active, multi-sector management, and recommends lower duration given inflation and deficit risks, while suggesting many investors may be underweight fixed income.

Zephyr can help financial advisors create modern diversified portfolios here.

Learn more about DoubleLine here.

00:00 Welcome and Setup

01:51 Meet Robert Cohen

03:32 Macro War and AI

06:25 Managing AI Exposure

10:00 AI ROI and Bubble Risks

16:19 Markets vs Macro Signals

19:48 Corporate Credit Health

26:32 Securitized Credit Picks

30:52 Duration Strategy Now

33:12 Multi Sector Approach

34:53 Rebalancing to Fixed Income

36:06 Wrap Up and Resources

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The Growth Secret Most Financial Leaders Ignore

Fri, 26 Jun 2026 08:00:00 -0700

Recorded on location at the Steward Symposium, host Ryan Nauman welcomes Jim Gold, CEO of Steward Partners, to discuss the rapid evolution of wealth management and how Steward is positioning itself to lead. Gold shares his background from Smith Barney and Morgan Stanley Smith Barney and explains Steward’s execution-focused growth, describing “unstoppable” momentum and a culture built on respect, responsiveness, partner voice, and broad equity ownership. He outlines Steward’s differentiated M&A approach centered on “sell and stay,” multi-generational teams, and preserving advisor identity rather than forcing short contracts or major changes. Gold describes the advisor of the future as more planning- and relationship-focused, highlights AI as both the biggest opportunity and key competitive risk, and reiterates the value of independence and fiduciary alignment for clients. He closes with Steward’s ambition to reach $100B in assets and notes significant recent asset growth.

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Learn more about Steward Partners here.

00:00 Welcome and Disclosures

00:40 Steward Symposium Setup

01:32 Meet Jim Gold

01:57 Steward Origin Story

02:53 Building Something Different

04:01 Unstoppable Culture

06:03 Scaling Without Losing Culture

07:25 Staying Competitive With M&A

10:06 Protecting Culture as You Grow

12:30 Advisor of the Future

15:15 AI Risks and Opportunities

17:58 Recruiting Top Talent

20:08 Why Independence Matters

22:12 Lessons and Five Year Vision

24:11 Closing Thanks and Where to Listen

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How to Actually Use AI in Wealth Management

Mon, 22 Jun 2026 08:00:00 -0700

In this episode of Zephyr’s Adjusted for Risk podcast, host Ryan Nauman welcomes Mohan Gurupackiam, CIO at Steward Partners, to discuss how wealth management’s view of AI has shifted from curiosity and pilots to operationalization with governance and safe scaling. Mohan explains how firms are using AI as part of an advisor’s daily operating system—supporting meeting prep and automation, opportunity identification, communications, and eliminating non-value work—while noting investment research adoption remains limited due to trust. They cover key obstacles including data foundations, regulatory uncertainty, behavioral resistance and change management, legacy architecture, and talent gaps. Mohan emphasizes keeping humans in the loop, starting small with clear ROI, and combating advisor tech fatigue. He closes with three strategic advantages: unified data and context, productivity economics, and end-to-end automation.

Learn more about Zephyr here.

Learn more about Steward Partners here.

00:00 Welcome to the Podcast

01:11 Meet Mohan Gurupackiam

02:05 Steward Partners Overview

04:30 AI Mindset Shift

07:03 AI in Advisor Workflows

09:57 Human First AI Strategy

13:44 Implementation Roadblocks

19:17 Where AI Delivers Impact

24:53 Getting Started with AI

27:47 Tech Stack Fatigue

30:54 Winning in a Commoditized World

32:57 Wrap Up and Resources

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The Hidden Risks of Private Markets You Can’t Ignore

Wed, 17 Jun 2026 08:00:00 -0700

Ryan Nauman hosts Zephyr’s Adjusted for Risk podcast with Dana D’Auria, Group President of Solutions and Co-CIO at Envestnet, discussing the growing role of private markets in wealth management. D’Auria explains how Envestnet combines asset management and wealth tech, then outlines key trends: companies staying private longer, increased demand from the wealth channel, and expanded use of vehicles like interval funds, tender offers, private BDCs, and private REITs. They emphasize that “semi-liquid” vehicles can become illiquid during dislocations, and highlight major risks including illiquidity, return dispersion across managers, and valuation/marking differences versus public markets that can overstate diversification metrics like correlation. D’Auria advises using specialist due diligence, evaluating tail-risk metrics, and leveraging available education from asset managers and resources such as Tony Davidow’s book.

Zephyr can help financial advisors create modern diversified portfolios learn more here.

To learn more about Envestnet here.

00:00 Podcast kickoff

01:18 Meet Dana D'Auria

03:41 Wealth tech meets investing

05:52 Why private markets boom

09:09 Diversification reality check

13:00 IPOs and index impact

16:11 Access vehicles expand

18:00 Advisor adoption spectrum

21:21 Interval funds liquidity

26:34 Key risks and due diligence

34:21 Education and wrap-up

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Trading ETFs and Sports Cards: A Parallel Conversation

Tue, 16 Jun 2026 08:00:00 -0700

From Lake Tahoe, Zephyr market strategist Ryan Nauman welcomes back Lance McGray, Managing Director and Head of ETF Product at Advisors Asset Management (AAM), to compare today’s booming ETF landscape with the exploding sports card market. They discuss record ETF growth, lower barriers to entry, and how an influx of new and exotic products can create “noise” for investors—much like chasing rare pulls in hobby boxes. McGray emphasizes discipline, due diligence, and focusing on strategies with longevity, including ways to evaluate active ETFs with limited live track records through conversions or composites. The conversation also covers how marketing drives attention, why relationships and education matter, and AAM’s focus on income generation, dividend sustainability, and avoiding dividend cutters using free cash flow as a key lens.

00:00 Welcome and Setup

01:28 Meet Lance McGray

02:28 Lance Background and AAM

05:21 Sports and Investing Converge

06:32 ETFs vs Sports Cards

10:57 Noise and Gambling Risks

12:01 Discipline and Game Plan

13:45 Spotting ETF Longevity

14:53 Active ETFs and Track Records

20:32 Singles Doubles Approach

24:37 Marketing Hype and Relationships

30:50 Long Term Qualities Income Focus

35:06 Favorite Cards and Wrap Up

36:45 Where to Learn More

37:21 Final Thanks and Outro

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How Financial Advisors Can Add Value Through Investment Management

Wed, 03 Jun 2026 08:00:00 -0700

Ryan Nauman hosts Zephyr’s Adjusted for Risk podcast and interviews Manju Boraiah, Head of Systematic Fixed Income and Co-Head of Custom SMAs at Allspring, a privately owned global asset manager with about $625B AUM. They discuss the evolution of systematic fixed income investing and why models require “hands on the wheel” as regimes change. Manju identifies outsourced investment management as a major trend, driven by advisors’ time constraints, customization needs, and demand for tax efficiency, fueling growth in custom SMAs, active ETFs, and third-party and custom models. They explore how advisors can add value through better goal-to-portfolio mapping, household-level portfolio coordination, and holistic tax efficiency, and highlight the industry’s biggest gap as “aggregation without integration.” Manju describes the move from UMA to unified managed household (UMH) platforms and how AI—especially workflow orchestration—could help integrate front, middle, and back office processes at scale.

00:00 Welcome to the Podcast

01:17 Meet Manju Boraiah

04:05 Systematic Fixed Income Explained

07:47 Big Trend Outsourced Investing

11:45 How Advisors Add Value Now

15:42 Unsolved Problem Integration Gap

21:22 Beyond UMA to Managed Households

25:07 AI Levels and Workflow Orchestration

29:27 Wrap Up and Where to Learn More

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Is it Time to Stop Overlooking Municipal Bonds?

Mon, 01 Jun 2026 08:00:00 -0700

From Lake Tahoe, Zephyr’s Adjusted Risk Podcast welcomes Eric Kazatsky, Client Portfolio Manager at MacKay Municipal Managers, an $85–$86B specialist in tax-exempt and taxable municipal strategies across ETFs, mutual funds, interval funds, and limited partnerships. The conversation covers today’s macro uncertainty—sticky inflation, rate direction, yield-curve shape, geopolitics—and why munis can help portfolios through low correlation, diversification, and tax-equivalent income potential. Kazatsky discusses a defensive posture using higher coupons, where MacKay sees relative value on the muni curve (about 17–22 years), how munis follow Treasuries directionally while facing distinct domestic fundamentals, and why taxable munis exist and can offer attractive spread and institutional-grade issuers. He also explains active vs. passive considerations in a market with many issuers and index gaps, and shares where to find MacKay’s research and updates online.

Learn how Zephyr can help you show the impact Municipal Bonds have on investment portfolios. Learn more about Zephyr here.

Learn more about MacKay Municipal Managers here.

00:00 Welcome to the Podcast

01:19 Meet Eric and MacKay

02:48 Munis in Real Life

03:30 Interval Funds Explained

04:32 Macro Backdrop and Rates

07:05 Best Spots on the Curve

08:15 Geopolitics and Muni Resilience

11:40 Taxable vs Tax Free Munis

13:45 Why Munis Get Overlooked

16:40 Interest Rate Volatility and Liquidity

18:25 Active vs Passive in Munis

21:36 How Advisors Should Use Munis

22:57 Where to Learn More

23:49 Final Thanks and Sign Off

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Mastering Energy Market Trends for Portfolio Growth

Fri, 29 May 2026 08:00:00 -0700

Recorded on location at the Exchange ETF Conference, Zephyr market strategist Ryan Nauman speaks with Mark Marifian, Head of Product at Tortoise Capital, about why energy belongs in portfolios and common misconceptions that it’s only about crude prices or big integrated oil companies. Marifian explains the breadth of energy sub-sectors, highlights midstream’s fee-based, repeatable cash flows, and discusses how energy infrastructure can provide income and inflation protection through contract and tariff adjustments linked to PPI. They cover how allocators may bucket energy within income, real assets, or core/satellite equity exposures, and why energy’s small S&P 500 weight may create opportunity. Marifian also outlines MLPs’ role, introduces Tortoise’s TMLP ETF, and discusses data-center/AI-driven demand, energy security, and an oil “sweet spot” range of $60–$90.

Learn more about Zephyr here.

Learn more about Tortoise Capital here.

00:00 Welcome and Disclosures

00:41 Energy in the Spotlight

01:28 Meet Mark Marifian

02:50 Why Energy Belongs in Portfolios

05:13 Misconceptions and Energy Subsectors

07:11 Energy’s Small S&P Weight

08:23 Where Energy Fits in Allocation

10:21 MLPs Explained and Income Potential

11:26 How to Access MLPs with TMLP

12:50 Future Demand from AI and Security

15:12 Oil at $100 and the Forward Curve

17:17 The Sweet Spot for Oil Prices

18:32 Wrap Up and Where to Learn More

Why Beating the Market Is Hard and How Advisors Add Value

Tue, 26 May 2026 08:00:00 -0700

Ryan Nauman hosts Zephyr’s Adjusted for Risk podcast with Mike Willis, CEO and co-founder of Cyber Hornet ETFs, discussing why consistently beating the market is difficult and how advisors can add value through asset allocation, discipline, and client coaching. Willis shares his background from wirehouses to launching an RIA and creating investment products to make his strategies accessible to smaller investors, including why he shifted to using the S&P 500 as a portfolio backbone after underperforming in 2013–2014. He explains Cyber Hornet’s 75/25 approach—75% S&P 500 with a 25% crypto “kicker” (Bitcoin, Ethereum, Solana, or XRP) rebalanced monthly—to buffer volatility while gaining crypto exposure, and discusses crypto “winter,” technical patterns, scarcity fundamentals, regulatory clarity, and the still-low adoption of crypto by financial advisors.

Zephyr can help financial advisors create modern diversified portfolios. Learn more here.

Learn more about Cyber Hornet ETFs here.

00:00 Podcast Kickoff

01:30 Meet Mike Willis

02:26 Advisor Value Beyond Alpha

03:55 Why Build a Fund Platform

05:33 From Active to Index Core

06:33 Adding a Crypto Kicker

08:51 The Index Ticker Story

14:09 Why Crypto Beats Options

15:26 Bitcoin Adoption Waves

18:38 Crypto Winter Explained

24:08 What Ends the Downturn

27:23 Advisor Adoption Outlook

29:32 Wrap Up and Resources

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Why 2026 Is A "Prove It" Year for Many AI Stocks

Fri, 22 May 2026 08:00:00 -0700

Recorded at the Exchange ETF Conference in Las Vegas, host Ryan Nauman welcomes Sal Esposito, Head of ETFs at Zacks Investment Management, to discuss why market leadership driven by mega-cap tech and AI is shifting back toward fundamentals. Esposito explains Zacks’ disciplined process focused on earnings, analyst estimate revisions, and balance sheets, calling 2026 a “prove it” year for AI as investors look under the hood for real results. They cover how Zacks applies its Zacks Indicator model across products, why active management can add value in small/mid caps and international equities, and how geopolitical uncertainty and interest-rate expectations can affect market breadth and international performance. Esposito also shares updates on Zacks’ growing ETF lineup, including international exposure.

Zephyr can help financial advisors locate the best ETF strategies for their clients. Learn more here.

Learn more about Zacks Investment Management here.

00:00 Welcome and Disclosures

00:38 Live From ETF Conference

01:37 Meet Sal Esposito

02:04 Zacks ETF Growth Story

03:05 AI Hype vs Fundamentals

04:30 Prove It Year for AI

08:05 Earnings Driven Process

10:42 International ETF Expansion

12:21 Small Mid Cap Active Edge

16:08 International Outlook 2026

19:37 Active Defense in Downturns

20:30 Where to Learn More

20:46 Closing and Subscribe

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Rethinking Bonds: Bonds Carry More Risk Than Stocks in Next 2 - 3 Years

Wed, 20 May 2026 08:00:00 -0700

Ryan Nauman hosts Zephyr’s Adjusted for Risk Podcast with guest Edison Byzyka, Chief Investment Officer of Credent Wealth Management, a $4.5B fee-only RIA headquartered in northeast Indiana. They discuss today’s macro uncertainty (Iran conflict, oil, inflation) while emphasizing skepticism and reliance on data such as economic surprise indices, forward inflation expectations, labor resilience, and high-yield spreads that don’t signal major distress. Byzyka explains how Credent defines risk primarily as drawdowns rather than benchmark-relative volatility, aiming for positive risk-adjusted returns over three-year cycles including tax and accounting alpha. He highlights key current risks: difficulty monetizing AI-related capex and lofty forward earnings expectations in mega-cap AI names, which may pressure market-cap-weighted indices and favor equal weight. They cover valuation implications for five-year returns, question fixed income’s stabilizing role, and describe using structured notes and selective constituent selection to mitigate downside while maintaining upside participation, concluding that active management and partial illiquidity may become more important in portfolio construction.

Zephyr can help financial advisors create modern diversified portfolios. Learn more here.

Learn more about Credent Wealth Management here.

00:00 Welcome to the Podcast

01:13 Meet Edison Byzyka

01:32 Credent Wealth Overview

03:51 Big Ten Sports Banter

06:03 Macro Uncertainty Check

10:40 Markets vs the Headlines

11:46 Defining Investment Risk

16:05 Biggest Risks Right Now

19:08 AI Capex and ROI Questions

20:20 AI Risks And Rotation

21:14 Advisor Focus And Flows

23:21 Mitigating With Selection

25:12 Structured Notes Surge

29:21 Valuations And Equal Weight

32:21 Rethinking Fixed Income

35:36 Bond Alternatives With Notes

37:37 Portfolio Construction Outlook

39:24 Closing And Resources

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Where to Find Portfolio Stability During Market Uncertainty?

Mon, 18 May 2026 08:00:00 -0700

From Lake Tahoe on Zephyr’s Adjusted for Risk Podcast, host Ryan welcomes back Sal Gilbertie, CEO of Teucrium ETFs, to discuss row crop investing and how corn, soybeans, wheat, and sugar can impact portfolios. Gilbertie explains how energy and fertilizer costs—especially amid Middle East conflict and potential LNG disruptions—affect crop economics and planting decisions, and why grains often trade near cost of production with historically limited downside at breakeven levels (corn around $4, trading near $4.40). He outlines the “golden grain cycle” (breakeven, disruption-driven spike, then replanting and normalization), notes steady long-term global demand, and describes grains’ diversification benefits, citing an agricultural index that outperformed the S&P 500 during multiple drawdowns. He also explains sugar’s volatility via Brazil’s ethanol-versus-sugar production economics and shares how advisors can research Teucrium resources to gain exposure via ETFs.

Zephyr can help financial advisors create modern diversified portfolios. Learn more here.

Learn more about Teucrium here.

00:00 Welcome and Sponsor

01:04 Meet Sal Gilbertie

01:39 Teucrium and Grain ETFs

03:03 Macro Forces on Grains

04:05 Fertilizer and Crop Rotation

05:58 Supply Levels and Breakevens

08:47 Portfolio Benefits of Grains

11:51 Golden Grain Cycle Explained

14:35 Wheat Sugar and Global Producers

15:54 Fertilizer Inflation and 2027

18:28 Timing Grain Allocations

19:45 Corn Supply Pile

21:20 Seasonal Price Patterns

22:02 Portfolio Diversifier Case

24:28 Why Grains Get Ignored

27:50 Advisor Allocation Tactics

29:36 Sugar Ethanol Link

33:28 How To Get Exposure

35:28 Closing Thanks

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Rethinking Risk: Why Smart Asset Allocation in Emerging Markets Matters

Wed, 13 May 2026 08:00:00 -0700

On location at the Exchange at 2026 ETF conference, host Ryan Nauman welcomes Ed Lopez, Head of Product Management at VanEck and host of the Trends with Benefits podcast, to discuss emerging markets after strong 2025 performance. Lopez explains how diversification benefited investors in 2025 as emerging market equities rose over 30% and emerging market debt returned around 17%, but notes recent risk-off sentiment tied to the Iran conflict and a move back into the U.S. dollar. He outlines longer-term reasons to be constructive on emerging markets, including central bank diversification away from the dollar since Russia’s invasion of Ukraine, comparatively stronger fiscal positions, and more attractive valuations. They discuss why U.S. investors remain underweight EM, common misconceptions, China’s large index weight, and using ETFs—including ex-China, country, smart beta, and active ETFs—to be more selective, highlighting India-focused approaches.

Zephyr can help financial advisors create modern diversified portfolios. Learn more here.

Learn more about VanEck here.

00:00 Welcome and Disclosures

00:38 On Location at Exchange

00:55 Why Emerging Markets Now

01:21 Sponsor and Guest Intro

02:24 Ed Lopez and VanEck

03:37 Macro Risks and EM Outlook

07:19 Why Investors Underweight EM

09:04 Beyond Diversification Returns

10:17 China Weight and EM Options

12:40 Active ETFs and Smart Beta

14:01 EM Misconceptions Explained

15:32 Best Ways to Get EM Exposure

16:36 Where to Learn More Wrap Up

17:21 Final Thanks and Subscribe

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Should Commodities Be a Core Holding in an Asset Allocation?

Mon, 11 May 2026 08:00:00 -0700

From Lake Tahoe, Zephyr market strategist Ryan Nauman welcomes Paul Baiocchi, Head of Fund Strategy at SS&C ALPS Advisors, to discuss why commodities have returned to focus amid strong gold and silver performance in 2025 and the Iran conflict’s impact on markets. They explore what recent geopolitical and even weather-driven disruptions reveal about fragile global supply/demand, how energy and other constrained inputs (fertilizer, aluminum, helium, copper) can provide diversification—including periods of negative correlation to the S&P 500—and why many portfolios lack exposure given low energy/materials weights. Paul argues secular forces like AI-driven data center buildouts, electrification, and rising electricity demand create long-term support for commodities and related equities, and outlines implementation approaches spanning commodity baskets, dynamic strategies, and thematic allocations across energy, materials, utilities, renewables, and nuclear.

Zephyr can help financial advisors create modern diversified portfolios. Learn more here.

Learn more about SS&C ALPS Advisors here.

00:00 Welcome to the Podcast

01:06 Meet Paul Baiocchi

02:20 Alps Advisors and ETFs

05:33 Iran Conflict Lessons

09:59 Why Commodities Get Ignored

16:52 AI Electrification Demand

22:02 Commodities Supercycle Case

24:26 Portfolio Allocation Framework

28:38 Smarter Commodity Exposure

33:29 Implementation and Products

35:56 Wrap Up and Resources

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Unlocking the Secrets to Profitable Farmland Investment Strategies

Fri, 08 May 2026 08:00:00 -0700

Ryan Nauman hosts Zephyr’s Adjusted for Risk Podcast from Lake Tahoe and interviews David Chan, Head of Investor Relations at Homestead Capital, an institutional manager focused on U.S. farmland and agricultural investments. Chan explains Homestead’s origins, its farmland equity approach and newer credit strategy lending to farmers, and key themes shaping farmland: income durability, inflation linkage, land scarcity, active management potential, and a flight to quality driven by water security—highlighting California’s Sustainable Groundwater Management Act and resulting value bifurcation. They break down farmland returns into income (lease or operating) and appreciation, distinguish permanent crops (e.g., almonds, pistachios, citrus, wine grapes) from row crops (e.g., corn, wheat, soy), and discuss ways to invest via direct ownership/funds, public vehicles, and credit. Chan addresses misconceptions, benchmarks (NCREIF Farmland Index), liquidity and complexity, current bear markets in permanent crops tied to pandemic-era oversupply, and geopolitical impacts such as fertilizer pricing and potential E15 ethanol policy boosting corn demand.

Learn more about Zephyr here.

Learn more about Homestead Capital here.

00:00 Welcome and Setup

01:13 Meet Homestead Capital

02:55 Personal Farming Roots

04:39 Farmland Themes Today

10:40 How Farmland Returns Work

12:43 Permanent vs Row Crops

15:31 Ways to Invest in Farmland

17:26 Finding Deals Now

19:40 Why Permanent Crops Slump

23:58 Common Farmland Myths

27:31 Risk and Benchmarks

30:32 Liquidity and Complexity

32:51 Geopolitics and Fertilizer

37:06 Wrap Up and Contact Info

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What Impact Will New Fed Chair Warsh Have on Policy?

Thu, 07 May 2026 08:00:00 -0700

During this clip of Ryan Nauman's conversation with DoubleLine's Deputy CIO Jeffrey Sherman, the two discuss the new Fed chair pick Kevin Warsh, Fed independence, the tension between inflation and employment.

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Mastering Confidence in a Male-Dominated Industry

Wed, 06 May 2026 08:00:00 -0700

Host Ryan Nauman speaks with Kara Pagliuca, board member of Women in ETFs and senior director of global strategic partnerships at S&P Dow Jones Indices, about the evolving demographics of the investment management and ETF industry. Pagliuca shares her career path, WE’s mission to connect, support, and inspire professionals across the ETF ecosystem, and how the organization promotes mentorship, leadership, speaking opportunities, and broader representation in media and conference panels. They discuss progress in women reaching executive roles, the importance of intentional hiring and promotion, and how confidence, early education, visible role models, and sponsors can help women enter and advance in a male-dominated field.

Learn more about Zephyr here.

Learn more about Women in ETFs (WE) here.

00:00 Podcast Welcome

00:53 Live From Exchange

01:37 Meet Kara Pagliuca

03:12 Women In ETFs Mission

04:18 A Personal Discrimination Story

05:36 Why ETFs Focus

07:21 Progress For Women Leaders

09:17 Building Confidence Early

12:23 Wealth Transfer And Advisors

14:04 What Drives Change

15:09 More Work To Do

17:01 Advice For Career Growth

20:40 Closing And Resources

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Tokenization & ETFs: The End of Traditional Market Barriers?

Mon, 04 May 2026 08:00:00 -0700

From Zephyr’s Adjusted for Risk podcast, Ryan Nauman interviews Roxanna Islam, Head of Sector and Industry Research at TMX VettaFi, about major ETF trends and what they mean for advisors. Islam explains VettaFi’s role in helping build and grow ETF products and highlights fast-growing areas including spot Bitcoin ETFs (launched January 2024) and the broader crypto ETF ecosystem, noting flow consolidation into larger funds like iShares’ IBIT amid a Bitcoin pullback, and differences versus Ether products. She also discusses the rapid growth of options-based ETFs, defined outcome/buffer ETFs, and a return to thematic investing such as AI infrastructure, space, and defense, including rising interest around SpaceX exposure. The conversation covers challenges of putting private markets/private credit into ETFs due to liquidity and transparency constraints, and clarifies tokenization as moving real-world assets onto blockchain rails, including a filing to tokenize the TBIL ETF.

Zephyr can help financial advisors locate the best Crypto ETF strategies for their clients. Learn more here.

Learn more about TMX VettaFi here.

00:00 Welcome and Setup

01:10 Meet Roxanna Islam

03:26 ETF Trends Overview

04:37 Crypto and Bitcoin ETFs

06:01 Options and Buffer ETFs

06:40 Thematic ETFs AI and Space

08:40 SpaceX Exposure via ETFs

11:02 Private Markets in ETFs

15:34 Bitcoin Pullback and Flows

21:45 Overcrowded Crypto Products

25:37 Tokenization Explained

28:40 What Advisors Should Do

30:18 Wrap Up and Resources

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Why do Humans Struggle at Picking Stocks?

Mon, 27 Apr 2026 08:00:00 -0700

Ryan Nauman hosts Zephyr’s Adjusted for Risk podcast from Lake Tahoe and interviews Jacob Ayres-Thomson, founder and CEO of 3AI, about how AI is shifting wealth management from understanding AI to implementing it for investing. Jacob explains 3AI’s “Alpha Intelligence,” which targets equity outperformance through predictive insights delivered for people, quant models, and AI-powered funds/indices. He describes his background in equities trading, stochastic asset modeling, and machine learning, and why humans struggle with stock picking due to noisy markets, insufficient data for reliable learning, and benchmark effects driven by market-cap concentration. They discuss AI’s role in increasing market efficiency, removing the analysis bottleneck by condensing vast data into forecasts and explainable research, and how advisors can use robust, statistically tested AI signals and indices, including products built with S&P Global.

Learn more about Zephyr here.

Learn more about 3AI here.

00:00 Welcome to the Podcast

01:18 Meet Jacob Ayres-Thomson

02:00 What 3AI Does

05:55 Why Stock Picking Is Hard

08:24 Learning From Noisy Markets

11:28 Speculation and Market Cycles

14:28 Stocks as a Never Ending Game

15:25 How AI Changes Investing

17:38 Alpha Intelligence in Practice

20:01 AI as the Analysis Engine

21:14 Wrapping Up the AI Thesis

22:03 AI Is Not One Thing

23:39 Markets Get More Efficient

25:44 Where Alpha Still Exists

26:52 Humans Plus AI Together

29:16 Alpha Intelligence Scoring

29:59 Stock Specific Factor Weights

33:47 Causality Versus Correlation

37:30 Moneyball Investing Analogy

39:26 Advisors Using AI Tools

41:25 Due Diligence On Forecasts

42:36 Where To Learn More

44:34 Podcast Wrap Up

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Investment Strategies for Balancing Risk and Return in an Unpredictable Market

Fri, 24 Apr 2026 08:00:00 -0700

Recorded live at the Exchange ETF conference in Las Vegas, host Ryan Nauman welcomes David Nicholas, founder and CEO of XFUNDS, to discuss what a strong multi-year equity run means for investors and how to prepare for potential selloffs. Nicholas explains why focusing only on capital appreciation can be risky, argues that true diversification means some parts of a portfolio will lag, and emphasizes drawdown as a practical risk measure compared with volatility alone. He describes how investors often underestimate their drawdown exposure and how income generation can help investors avoid selling during downturns. Nicholas outlines XFUNDS’ approach using option overlays such as put spread selling and iron condors to harvest volatility and generate income without fully capping upside, and discusses implementation, including equity and fixed-income sleeves, potential allocations, and where to learn more at nicholasx.com.

Zephyr can help financial advisors create modern diversified portfolios. Learn more here.

Learn more about XFUNDS here.

00:00 Show Welcome

00:36 Live From Vegas

01:33 Meet David Nicholas

02:28 Why Launch ETFs

03:55 Beyond Growth Focus

06:21 Drawdown Risk Matters

07:59 Measuring Risk Tolerance

09:32 Income As Hedge

10:04 Options Strategy Basics

11:54 Explaining To Advisors

13:15 Portfolio Fit And Allocation

16:41 Where To Learn More

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Is This the Future of Risk Management in ETFs? Understanding Autocallable Innovation

Wed, 22 Apr 2026 08:00:00 -0700

Host Ryan Nauman welcomes Will Rhind, founder and CEO of GraniteShares, to discuss ETF innovation, the growth of active ETFs, and the rising use of derivatives in ETFs. Rhind explains how the SEC’s Derivatives Rule (18f-4) helped enable broader derivatives usage in funds, bringing strategies once limited to hedge funds and ultra-high-net-worth investors into ETF wrappers. The conversation focuses on autocallable strategies—popular in structured notes—designed to deliver attractive yield alongside defined downside protection, and why they resonate when markets are near all-time highs and investors prioritize capital preservation. Rhind highlights liquidity as a key advantage of the ETF structure versus traditional structured notes and discusses how advisors may use auto-callable ETFs as complements to fixed income, equity income, or alternatives.

Learn more about Zephyr here.

Learn more about GraniteShares here.

00:00 Podcast Welcome Disclaimer

01:10 ETFs Innovation Autocallables

02:09 Meet Will Rhind GraniteShares

04:09 Keeping Up With Trends

05:59 Derivative Rule 18f-4

08:04 Autocallable Basics

09:55 Why Now Downside Focus

12:20 Liquidity ETF Wrapper Edge

14:52 Advisor Allocation Playbook

16:56 Wrap Up Where To Learn More

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How to Use Options to Generate Income and Protect Your Downside

Mon, 20 Apr 2026 08:00:00 -0700

From Lake Tahoe, Zephyr market strategist Ryan Nauman hosts Zephyr’s Adjusted for Risk Podcast featuring YieldMax ETFs strategist and CNBC contributor Mike Khouw to discuss the fast-growing trend of using options and other derivatives inside ETFs for drawdown management and enhanced income. Khouw shares his derivatives background, explains YieldMax’s approach to single-stock option income ETFs. They cover the macro backdrop (inflation, labor trends, and a potential new Fed chair), why cash flow matters for many investors, how options overlays tend to perform in different markets, and key advisor considerations and misconceptions around single-stock products, including concentration risk, taxes, and the tradeoff between distributions and price appreciation. Khouw directs listeners to yieldmaxetfs.com for fund details and holdings transparency.

00:00 Welcome and Topic

01:18 Meet Mike Khouw

02:38 YieldMax Strategy Overview

05:26 Cash Flow vs Growth

12:50 Why Options Overlays

16:05 Options ETF Boom Explained

22:42 When Overlays Work Best

30:43 Advisor Due Diligence

33:44 Concentration and Tax Angles

37:19 Portfolio Fit and Examples

43:00 Where to Learn More

43:38 Final Thanks and Subscribe

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Building Wealth through Knowledge: Alexis Rosenblum Discusses Community Initiatives

Thu, 16 Apr 2026 08:00:00 -0700

Ryan Nauman hosts Zephyr’s Adjusted for Risk Podcast during Financial Literacy Month and welcomes Alexis Rosenblum, Global Head of Sustainability and Social Responsibility at Capital Group. Rosenblum explains Capital Group’s mission, its employee-driven philanthropy program Capital Cares, and the firm’s focus on expanding access to investing and wealth-building. She details the Community Wealth Council, a 10-month fellowship that equips nonprofit leaders with financial education and pairs them with pro bono financial advisor mentors in a train-the-trainer model to address community-specific needs and build trust in financial services. Rosenblum shares research findings on barriers to wealth—limited resources, networks/trust, and knowledge plus the emotional stigma around money—and notes partnerships with The Practice Space and the Foundation for Financial Planning, including ways advisors can volunteer via FFP resources.

Learn more about Zephyr here.

Learn more about Capital Group here.

00:00 Podcast Kickoff

01:17 Meet Alexis Rosenblum

01:51 Capital Group Mission

04:42 Defining Community Access

05:25 Philanthropy Capital Cares

09:27 Community Wealth Council

13:32 Research Shaping Program

16:38 Trust and Wealth Barriers

22:16 Training and Partners

24:20 Nonprofits and Tailoring

26:55 Advisor Role and Joining

33:10 Mentorship Details

35:08 Movement and Wrap Up

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Staying Consistent in Volatile Markets: Insights from Baron Capital

Mon, 13 Apr 2026 08:00:00 -0700

Recorded at the Exchange ETF Conference in Las Vegas, host Ryan Nauman welcomes Michael Baron, co-president and portfolio manager at Baron Capital, to discuss the firm’s long-term growth investing philosophy and its expansion into ETFs. Baron explains that since 1982 the firm has focused on owning competitively advantaged businesses for years, emphasizing management quality, durable advantages, and valuations based on future earnings rather than near-term results. He describes how Baron Capital aims for consistency through market cycles by holding diversified types of growth companies. Baron outlines the rationale for launching five ETFs in December to complement their mutual fund lineup, citing investor demand for different vehicles and ETF benefits such as tax efficiency, tradability, and transparency, while keeping strategies core to the firm. He also notes mutual fund trading improvements and plans for additional ETFs.

Zephyr can help financial advisors create modern diversified portfolios. Learn more here.

Learn more about Baron Capital here.

00:00 Show Intro and Disclosures

00:37 Live From ETF Exchange

01:45 Baron Capital Philosophy

05:25 Growing Up Investing

10:34 Consistency Through Cycles

15:21 Why Launch ETFs Now

17:30 Inside the Five ETFs

20:52 Mutual Funds Learnings

23:12 Where to Learn More

24:23 Closing and Subscribe

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A Conversation with Shannon Rosic: Trends Shaping Wealth Management

Fri, 10 Apr 2026 08:00:00 -0700

Ryan Nauman hosts Zephyr’s Adjusted for Risk podcast and welcomes Shannon Rosic, Director of WealthStack Content and Solutions at Informa Connect and host of the WealthStack podcast, to discuss how advisors can get the most out of industry conferences, including Wealth Management Edge (June 9–11 in Boca Raton). Rosic explains WealthStack’s role in helping advisors cut through the growing WealthTech landscape and emphasizes the importance of advisor experience with technology. They explore how conferences have evolved from information delivery to community, hands-on learning, and serendipitous connections, and Rosic shares strategies to maximize ROI by planning ahead, prioritizing meaningful conversations, and following up afterward. Rosic also highlights key wealth management trends including AI implementation, advisor efficiency, personalization at scale, and increased niche specialization among advisors.

Learn more about Zephyr here.

Learn more about Wealth Management Edge here.

Learn more about Wealth Management here.

00:00 Welcome and Sponsor

01:19 Meet Shannon Rosic

03:55 Wealth Tech Noise and Advisor Experience

06:16 Memorable Interviews and Gadget Girl

09:43 How Conferences Have Evolved

14:18 Why Attend in Volatile Markets 18:03 Wealth Management Edge Highlights

22:19 Conference ROI Plan and Follow Up

23:29 Top Trends AI Efficiency Personalization

27:09 CTO Think Tanks and AI Reality

29:49 Wrap Up and Where to Find More

Connect with Ryan Nauman: LinkedIn

A Deep Dive into Fixed Income with DoubleLine's Jeffrey Sherman

Thu, 09 Apr 2026 08:00:00 -0700

Live from Las Vegas, host Ryan Nauman welcomes DoubleLine Deputy CIO Jeffrey Sherman to discuss the macro backdrop and portfolio implications. Sherman outlines DoubleLine’s fixed-income focus and multi-wrapper approach across mutual funds, ETFs, and separate accounts. They cover the new Fed chair pick Kevin Warsh, Fed independence, the tension between inflation and employment, and the challenge of financing large U.S. deficits and Treasury rollover needs. Sherman explains why 10-year yields rose during the war amid a repricing of inflation risk, why the Fed’s threshold for cuts has increased, and why he prefers the front end and belly of the curve over long bonds. They discuss tight credit spreads, risks emerging in loans/private credit, agency MBS opportunities and Fannie/Freddie uncertainty, the attractiveness of emerging markets as a way to bet against the dollar, and the role of gold in diversified portfolios.

Zephyr can help financial advisors create modern diversified portfolios. Learn more here.

Learn more about DoubleLine here.

00:40 Walkup Music Banter

01:00 Live From ETF Exchange

01:23 Meet Jeffrey Sherman

01:41 Tahoe Small Talk

03:05 DoubleLine Overview

05:35 Macro Crosscurrents Fed

07:34 New Fed Chair Risks

10:52 Fed Independence Debt

13:21 Why Yields Rose

18:12 Credit Spreads Check

22:14 What Widens Spreads

23:15 Oil and Credit Spreads

24:47 Duration Strategy Today

27:28 Curve Positioning Playbook

28:35 Agency MBS Opportunity

30:51 Fannie Freddie Overhang

35:47 EM Debt as Dollar Hedge

38:32 Advisor Portfolio Takeaways

40:59 Gold and Dollar Outlook

41:44 Tahoe Banter and Wrap

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Independent vs. Consolidators: Defining Wealth Management's Future

Wed, 08 Apr 2026 08:00:00 -0700

In this episode of Zephyr’s Adjusted for Risk, Ryan Nauman speaks with Pete McGratty, Executive Director of RIA Development at Verdence, about the evolution of wealth management and the shifting landscape of the independent channel. Pete outlines three phases of change, from early broker-driven models to the breakaway movement and today’s emerging split between traditional independent RIAs and large PE-backed consolidators. They discuss how scale is expanding service menus (technology, planning, tax, private investments) while differing values can recreate “wirehouse” behaviors inside independence. Pete frames a “four-legged stool” for evaluating firms—fiduciary alignment, proactive client relationships, planning, and investments—and explains how smaller firms can compete by leveraging community resources, succession solutions, and shared capabilities. The conversation also dives into private markets, especially private credit, emphasizing client fit, education, due diligence, and the risks of interval fund liquidity mismatches.

Learn more about Zephyr here.

Learn more about Verdence here.

00:00 Welcome and Sponsor

01:02 Meet Pete McGratty

03:07 Wealth Management Evolution

05:55 Third Wave of Independence

10:42 Consolidators vs RIAs

16:35 Ecosystem Choosing Sides

19:47 How Small RIAs Compete

23:17 Private Markets Opportunity

27:46 Interval Funds and Risks

33:23 Due Diligence Solutions

38:39 Wrap Up and Resources

Connect with Ryan Nauman: LinkedIn

Aapryl and Zephyr: Elevating Investment Decisions with Data-Driven Insights

Mon, 06 Apr 2026 08:00:00 -0700

From Lake Tahoe, Zephyr market strategist Ryan Nauman hosts Zephyr’s Adjusted for Risk Podcast with Aapryl's Bill Himpele and Cesar Gonzales to discuss why allocators should move beyond backward-looking performance reporting toward skill-based analytics. They explain that much apparent outperformance is driven by cyclical market and style exposures rather than repeatable manager skill, and describe Aapryl’s peer-relative methodology, including style-adjusted “passive portfolio” clones that separate exposure from skill and break skill into stock selection, timing, and consistency. The episode highlights Aapryl metrics such as the Aapryl Score (rank 1–5) and expected alpha, supported by ongoing quarterly testing and machine learning to form a forward-looking view. They also cover the Zephyr–Aapryl partnership embedding Aapryl analytics in the Zephyr dashboard, including coverage of SMA managers via Zephyr’s PSN database, to improve diligence, communication, transparency, and decision accountability.

Learn more about Zephyr and investment risk management here.

Learn more about Aapryl here.

00:00 Welcome to the Podcast

01:15 Meet Bill and Cesar

03:46 Why Skill Beats Performance

07:30 Advisor and Allocator Impact

09:31 Aapryl Score and Expected Alpha

11:51 Peer Groups and Return Based Analysis

15:09 Zephyr Aapryl Partnership

20:26 Who Benefits and SMA Coverage

24:48 Transparency and Evidence Based Testing

27:57 Wrap Up and Where to Learn More

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Deciphering Risk in Private Credit Markets

Fri, 03 Apr 2026 08:00:00 -0700

Recorded live at the Exchange ETF Conference, host Ryan Nauman welcomes Christopher Getter, Managing Director and Portfolio Manager at Simplify Asset Management, to discuss why private credit has become a hot—and increasingly scrutinized—topic in wealth and asset management. Getter explains recent idiosyncratic blowups, AI-related disruption risks in tech-heavy private credit, and broader late-stage credit-cycle behavior as spreads tighten and managers reach for yield. He argues concerns are warranted but not comparable to 2008, noting private credit has already repriced with discounts to book value widening north of 20% while high yield spreads remain relatively tight. The conversation highlights liquidity and structure mismatches for retail investors, manager dispersion, and why private credit can offer floating-rate exposure and higher returns—alongside hidden volatility and drawdown risk. Getter also discusses liquid alternatives such as managed futures, currency strategies, and hedged high yield, emphasizing that advisors should look beyond labels, understand true exposures, and ensure investors are compensated for the risks taken.

Learn how Zephyr can help financial advisors create modern diversified portfolios here.

Learn more about Simplify Asset Management here.

00:00 Welcome and Disclosures

00:38 Live From ETF Exchange

01:35 Meet Christopher Getter

01:57 Simplify and Alt ETFs

03:05 Why Private Credit Scrutiny

05:09 Spreads and Pain Priced In

08:05 Systemic Risk or Not

08:50 Not Another 2008

09:48 Late Cycle Credit Behavior

10:30 Retail Fit and Liquidity

12:48 Private vs Public Credit

14:56 Liquid Alternative Options

17:25 High Yield With Hedge

18:19 Advisor Due Diligence

19:33 Wrap Up and Where to Learn More

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A New Era of Annuities: Insights from David Lau of DPL Financial Partner

Tue, 31 Mar 2026 08:00:00 -0700

On Zephyr’s Adjusted for Risk Podcast, host Ryan Nauman welcomes David Lau, founder of DPL Financial Partners, to discuss how modern, low-cost, commission-free annuities can help address retirement income gaps as pensions decline and Social Security remains uncertain. Lau explains why annuities are polarizing—largely due to commissions driving higher costs, complexity, and surrender periods—and how DPL works with carriers and technology to bring over 100 commission-free products to fee-based and fee-only advisors. They cover key use cases including lifetime income, downside protection to manage sequence risk, and tax deferral for high earners, plus replacing older, higher-cost annuities. Lau also describes how commission-free annuities can help advisors differentiate with prospects, increase recurring fee revenue, improve firm valuation, and support independence by bringing annuity assets under management without maintaining a broker-dealer affiliation.

Learn more about Zephyr here.

Learn more about DPL Financial Partners here.

00:00 Welcome and Setup

01:33 Meet David Lau

04:32 Why Annuities Polarize

06:44 Commission Free Evolution

11:36 Retirement Income Benefits

14:16 Income Riders Explained

17:29 Suitability and Liquidity

20:18 Simple Products Not Sold

21:50 Advisor Use Cases

23:54 Practice Growth and Value

26:36 Independence Transition Hurdles

30:25 Planning Your Move

32:25 Wrap Up and Resources

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Investment Insights: Thomas Martin on Markets and Risk

Mon, 30 Mar 2026 08:00:00 -0700

On Zephyr’s Adjusted for Risk Podcast, market strategist Ryan Nauman interviews Thomas Martin, board member, partner, and senior portfolio manager at Globalt Investments, about the current market environment and portfolio positioning. Martin highlights the war involving Iran and potential disruption at the Strait of Hormuz as the key macro risk, primarily through its impact on oil prices and inflation, with possible recession implications if elevated prices persist. He explains Globalt’s approach as balanced and benchmark-aware, currently modestly overweight the U.S., underweight international equities, and holding Treasuries over credit due to insufficient compensation for credit risk, while managing duration near the market. He discusses using gold and silver as uncertainty hedges, trimming after spikes, the challenges of high index concentration, the sustainability of tech-led leadership, valuation pressures from AI disruption risk, and why P/E ratios remain a useful shorthand despite limitations.

Zephyr helps Investment professionals shift through the noise. Learn more here.

Learn more about Globalt Investments here.

00:00 Welcome to the Podcast

01:03 Meet Tom Martin

03:02 Biggest Macro Risk Oil

07:49 Portfolio Positioning Today

11:26 Why Underweight International

14:12 Balancing Risk and Upside

17:10 Market Broadening Beyond Tech

20:16 Valuations and PE Debate

24:54 Beating a Concentrated Index

28:50 AI Hype vs Real Winners

31:07 Wrap Up and Where to Learn More

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Building Capacity for Sustainable Growth

Tue, 24 Mar 2026 08:00:00 -0700

Ryan Nauman hosts Zephyr’s Adjusted for Risk podcast with guest Angie Herbers, founder of Herbers & Company. They discuss growth in wealth management and why capacity—defined as the ability to absorb additional growth without service quality decreasing—is the primary growth engine behind both organic growth and M&A. Herbers distinguishes capacity from productivity, explains why common benchmarks often miss differences in service models, and highlights the importance of the support ratio and investing in advisors rather than excessive support staffing. She argues firms can improve capacity by focusing first on client experience, then organizational and operational structure, and by clarifying a core service to avoid diluted offerings. They also discuss AI’s role in transforming support work and improving response and information quality.

Learn more about Zephyr: https://informaconnect.com/zephyr/?utm_medium=Content&utm_source=Content_Podcast&utm_campaign=YT_Adjusted_for_Risk_&utm_content=YT_Adjusted_for_Risk

Learn more about Herbers & Company here: https://www.herbersandcompany.com/

00:00 Welcome and Guest Intro

01:30 Angie Herbers Background

03:16 Growth Engines and Capacity

05:48 Why M&A Took Off

07:48 Defining Capacity Simply

10:26 Key Capacity Ratios

14:29 Support Ratio Strategy

19:30 Productivity vs Capacity

22:49 Why Capacity Gets Ignored

29:27 Boosting Capacity via Client Experience

35:20 Avoiding Service Dilution

42:43 AI and the Future of Capacity

46:10 Where to Learn More and Wrap Up

Connect with Ryan Nauman:

LinkedIn: https://www.linkedin.com/in/ryannauman1/

X: https://twitter.com/LkTahoeBadger