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Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets: Daily Summaries Delivered
by Michael Sidgmore
Alt Goes Mainstream podcast is the place to turn to for interviews with some of the brightest and most experienced minds in the world at the intersection of private markets and wealth management. AGM dives into investment strategies like private equity (PE), private credit, venture capital (VC), secondaries, GP stakes, infrastructure, real estate, wealth management, and comprehensively covers tools and frameworks for approaching private markets, such as asset allocation, evergreen funds, model portfolios, and more. For anyone looking to invest into private markets (from experienced wealth managers to family offices to the individual investor looking for a more diversified investment portfolio), you’ll hear inside stories from executives and founders at some of the world’s largest financial institutions, alternative asset managers firms, and wealth management firms. More than a personal finance podcast, Alt Goes Mainstream dives deep into trends, investment strategies, firm building lessons.
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- Yesterday51 min
Bank of America's Mark Sutterlin - why being a good investor in private markets is table stakes
Welcome back to the Alt Goes Mainstream podcast.Today’s conversation provides a fascinating window into the world of how one of the industry’s largest wealth managers approaches private markets.We sat down with the man who holds the keys to the kingdom.Mark Sutterlin is the Head of Alternative Investments within the Investment Solutions Group at Bank of America. He leads the firm’s strategy and platform development across hedge funds, private credit, private equity, physical precious metals, and real estate, delivering a broad spectrum of institutional-grade investment solutions to advisors and their clients.Mark brings the advisor’s perspective to bear as he builds the alternative investments menu for Merrill and Bank of America Private Bank and helps educate advisors and clients on how and where to thoughtfully and appropriately include private markets in portfolios.Mark and I had a fascinating discussion. We covered:How GPs can work with private banks.What one of the largest private wealth allocators looks for in GPs.How Merrill approaches different product structures to deliver solutions across the wealth client spectrum.What constitutes a manager’s edge.I loved this conversation with Mark, who takes such a thoughtful approach and brings a true passion to helping clients and advisors build and protect wealth.Thanks Mark for sharing your expertise, wisdom, and passion on private markets and private wealth.Show Notes00:00 Investor Edge Beyond Returns00:32 Sponsor Message from Ultimus01:41 Meet Mark Sutterlin04:15 Advisor Trust and Responsibility04:24 Penetration Across Wealth Tiers04:38 Scaling Alts Across Books04:49 Evergreen to Drawdown Spectrum05:12 Building the Shelf Challenge05:32 Evergreen Role in Portfolios05:42 Serving Broad Client Needs06:06 Optionality Not One Product06:20 Diligence as Core Identity06:48 Nuance in Private Credit07:27 Long-Term Themes Overlay07:56 Core and Satellite Question08:28 Drawdown vs Evergreen Tradeoffs08:48 Advisor Client Feedback Loop09:25 Evergreens Now Dominate Flows09:49 Evergreen Growing Pains10:14 Education and Expectations10:42 Rotation Within Evergreens11:11 Who Can Run Evergreens Well11:35 Scale Deal Flow Allocation Policy12:29 Post Sale Servicing Matters12:52 How Managers Should Service13:23 Transparency Builds Loyalty14:03 Vetting Managers for Private Banks14:45 Investor Skill Is Table Stakes15:22 Thousand Funds Deep Diligence16:07 Unpacking Firm DNA16:23 Private Wealth Is High Touch16:53 Eyes Wide Open Expectations17:14 Best GPs Listen and Adapt18:12 Customization Versus Scale19:13 Specialists and Custom Funds19:57 Proposal Tools for Advisors20:43 Menu Design From Client Needs21:25 Differentiation in UHNW22:31 Co-Invest and Capacity Access24:43 Tech DLT and Streamlining25:38 Biggest Blocker Education Gap26:45 Misconception Complexity27:52 Alts Invitationals Bootcamp29:45 Where Advisors Are Today30:16 What Why How Framework31:32 Implementation Needs Support31:51 Scaling the Alts Business32:45 Open Architecture Platform33:01 Lifecycle Ops Risk Controls33:40 Where to Invest Next33:53 Infrastructure and DLT Readiness34:42 Future Growth Sources35:37 Advisors Yet to Adopt36:00 Balanced Growth Outlook36:58 Client Sentiment Today38:11 Patience and Long-Term Adoption38:51 Next Gen Investor Mindset40:43 Defining a Manager’s Edge41:23 Specialization and Storytelling42:31 Building a Menu of Edges42:47 Business Plan Plus Open Mind43:44 Advice for GPs Pitching Merrill44:39 Platform Differentiation and Exclusivity46:47 What Worries Mark Today48:19 Excited About AI and Infrastructure50:42 Wrap Up and ThanksA Word from Our Sponsor, UltimusThis 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 th
- 4 days ago17 min
iCapital's Kunal Shah - the private markets mindset wealth managers need: live from iCapital Connect
Welcome to the 20th episode of the Alts Pulse, a collaboration between iCapital x Alt Goes Mainstream. In the latest episode of the Alts Pulse, we were live from iCapital Connect. iCapital Managing Director, Head of Private Asset Research & Model Portfolios, Kunal Shah, and I had a conversation about how to marry an institutional allocator’s mindset with the nuances of serving wealth clients.Kunal brings an institutional allocator’s mindset to the wealth channel. At iCapital, he’s focused on the identification, selection, and due diligence of private equity funds offered on the Flagship Platform. Prior to iCapital, Kunal was a Principal in the private markets group at Meketa Investment Group, a leading global investment consultant serving pension funds, endowments and foundations, and family offices. In that role, Kunal was responsible for leading and managing private equity fund investments. He joined Meketa in 2006 and invested globally, covering buyouts, venture capital, private debt, natural resources, and infrastructure investments. He also developed and led Meketa’s secondary funds purchase practice. Kunal has also served on various LP advisory boards. Prior to Meketa, Kunal was an analyst at The Vanguard Group. Kunal and I finally turned all those hallway conversations we had at iCapital’s old office of 441 Lexington into a podcast! We had a fascinating discussion about how to evaluate alternative asset managers and what makes a great manager. We covered:How should wealth managers approach private markets?Why it’s important to “always be committed” rather than try to time vintages.Are evergreen structures a “game changer” for the wealth channel and a foundational piece for model portfolios?What features does a GP need to run an evergreen fund structure?What does the centralization of the CIO function and OCIO consolidation in the wealth channel mean for GPs?Thanks, Kunal, for sharing your passion, wisdom, and expertise at the intersection of private markets and private wealth, and for a great conversation that tied together how private markets and private wealth are changing as new product structures and product innovation take shape.
- 1 weeks ago53 min
Benefit Street Partners' Michael Comparato - the opportunity in commercial real estate credit
Welcome back to the Alt Goes Mainstream podcast.Today’s episode brings commercial real estate credit investing to life with someone who has real estate in his blood. Michael Comparato’s grandfather started building single-family homes in upstate New York in 1946. He built his first shopping center in 1958. Michael was born into a family where he was on construction sites from a young age. At 13, he was doing landscaping. At 15, he was hanging drywall. Today, Michael is a Senior Managing Director, Head of Real Estate and Portfolio Manager with Benefit Street Partners, as well as Chief Executive Officer of Franklin BSP Realty Trust, Inc (NYSE: FBRT). He also serves on the US Executive Committee.Prior to joining BSP in 2015, Michael was Head of U.S. Equity Investments at Ladder Capital. Before that, he was President at Bank Atlantic Commercial Mortgage Capital.Benefit Street Partners is part of Franklin Templeton’s family of specialists in private markets. BSP is a specialized private credit firm with over $92B in AUM. The firm manages a wide range of private credit strategies, including direct lending, special situations, commercial real estate debt, infrastructure debt, asset-backed finance, structured credit, and liquid credit. It also manages a non-traded Business Development Company and publicly-listed mortgage REIT.Since BSP was acquired by Franklin Templeton in 2019, it has partnered with the $1.7T investment manager to expand how it structures various products and funds, enabling more access to the private credit asset class for wealth investors.From his perch as the Head of BSP’s Real Estate business, Michael has the perspective of how one of the industry’s scaled real estate investment firms is approaching commercial real estate credit and where the firm sees opportunity. Michael and I had a fascinating conversation about the evolution of CRE credit and why now might be an interesting time in the CRE credit space. We covered:Why CRE, why now.What bank retrenchment means for CRE credit investors today.The relative resilience of multi-family.The maturity wall myth.Is the “extend and pretend” activity a reality?How AI impacts commercial real estate.Thanks Michael for sharing your passion, wisdom, and expertise on commercial real estate credit.Show Notes00:00 Meet Michael Comparato01:17 Real Estate Roots03:25 Early Lessons and Purpose03:35 Hurricanes And Tenants05:05 Story Over Spreadsheet06:49 Why Origination Wins08:43 Family Business Ethos10:59 Trust And Transparency11:27 Lending Through Covid13:05 Structuring For Uncertainty13:56 Boom Times Underwriting Shifts16:54 Crowded Class A Trade18:19 Are Values Fair Today21:46 Operator Shakeout23:59 Scale and Market Structure26:16 Banks Pull Back Credit27:59 Private Credit Fills Gap29:24 Who Holds Last Dollar Risk29:29 Returns and Competition30:35 Competition Compresses Yields30:58 Maturity Wall Myth33:05 How Investors Bucket Credit36:04 Wealth Channel Opportunity37:49 Why Credit Beats Equity Now41:58 Megatrends and AI Fears44:40 Shelter and Multifamily Focus46:11 Community and Social Real Estate48:16 Real Estate Constant Evolution51:06 CRE Credit vs Direct Lending53:21 Final Wrap and OutroA Word from Our Sponsor, UltimusThis 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 at ultimusfundsolutions.com or email info@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.
- 4 weeks ago44 min
73 Strings' Yann Magnan - unlocking valuation intelligence in private markets
Welcome back to the Alt Goes Mainstream podcast.Today’s episode is with a founder who is building mission-critical valuation and portfolio monitoring software for alternative asset managers.We are joined by Yann Magnan, the Co-Founder and CEO of 73 Strings, to discuss how valuation work and portfolio monitoring is moving from manual to automated and why that’s so important for the industry. 73 Strings has leveraged AI and automation to more seamlessly and cost-effectively extract data, monitor portfolios, and streamline middle-office processes for valuations. 73 Strings works with a number of the industry’s top alternative asset managers and has received investment from Blackstone, Growth Equity at Goldman Sachs Alternatives, Hamilton Lane, Golub, Fidelity International Strategic Ventures, and Broadhaven Ventures, amongst others.Yann has brought his experience as a senior member of the Duff & Phelps team, where he was EMEA Market Leader and member of the Global Operating Committee and as a Partner at EY’s Transaction Advisory Services to help bring valuation and portfolio monitoring solutions into the mainstream.Yann and I had a fascinating conversation about how technology innovation and AI are impacting private markets and perspectives on valuation work today. We discussed:The challenges with manual valuation services businesses.How to create uniformity and standardization with private markets fund performance data.How AI is changing private markets post-investment reporting processes.Does automation in private markets help big funds or small funds more?The evolution of post-investment private markets market structure.The biggest technology innovation still missing from private markets.Why the growth of the wealth channel and evergreen funds increases the need for more streamlined reporting and valuation solutions.Thanks Yann for coming on the show to share your expertise, insights, and passion about private markets.Show Notes00:00 AI Since Day One01:06 A Message from our Sponsor, Ultimus02:02 Introduction to Yann Magnan04:11 From Manual To Automated04:44 Excel Google Email04:58 Cloud And Early AI05:07 Governed Auditable Process05:30 Founding 73 Strings05:36 Two Valuation Platforms05:55 Scaling With Alts Growth06:28 Evergreen Acceleration06:54 Retail Investor Expectations07:09 Transactions Need Fresh NAVs07:44 Valuations For Transactions08:14 Continuation Vehicles Context08:42 Reporting To Trading Shift09:07 Illiquid Vs Liquid Compare09:18 Mimicking Public Markets09:43 Valuation Philosophy Changes10:27 Back Office To Front Office11:25 New Stakeholders To Balance11:59 Why Private Must Feel Public12:20 Transparency And Liquidity13:18 Is Liquidity Good15:11 Evergreen Process Differences16:09 Higher Frequency Requirements18:00 Tech Leverage Points18:53 People Plus Technology19:44 Portfolio Data As DNA21:02 No Single Valuation Standard21:47 Consistency Over Time22:20 Human In The Loop22:42 Art And Science Framework24:03 No One Best Method24:55 Wealth Channel Education25:30 What LPs Should Ask26:46 What Top GPs Want27:38 Global Tech Adoption28:49 Fundraising Drives Ops30:23 AI Data Extraction Story31:48 Standardizing Data Labels32:21 Data Model Requirements32:52 Is Data A Moat33:14 Turning Data Into Insights33:54 Scale Versus Specialization35:04 Tech Helps Small Managers36:21 AI Impact On All Funds36:44 Starting Before GenAI Boom37:42 ML And NLP Foundations38:40 Agents Accelerate Valuations39:26 Overnight Valuation Refresh39:57 More Frequent Valuations40:10 Limits Of Daily Data41:03 Explainability And Trust41:42 Next Market Structure Shift42:09 Digital GP LP Data Sharing43:12 Interconnection Needs Trust43:46 Closing ThanksA Word from Our Sponsor, UltimusThis 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 em
- May 5, 202635 min
Hamilton Lane's Hartley Rogers - pioneering private markets: Live from iCapital Connect
Welcome back to the Alt Goes Mainstream podcast.We were live from iCapital Connect’s conference in Phoenix, where we sat down with some of the industry’s leaders across asset management and wealth management.Hartley Rogers is a pioneer in private markets. He is the Executive Co-Chairman of Hamilton Lane, where he plays a significant role in investing and client relationship activities, as well as in strategic and organizational development. He is a Member of the Investment Committees and is the Chairman of the Board of Directors. Prior to joining Hamilton Lane in 2003, Hartley was a Managing Director in the private equity fund management areas at Morgan Stanley and at Credit Suisse. He started his career on Wall Street in 1981.This was a thoroughly fascinating conversation. Hartley’s wealth of knowledge made for a nuanced discussion that married the evolution of the business of asset management with why and how product structure innovation has unfolded as it has in private markets. We also dove into an area that is Hartley’s passion: venture and the innovation economy.We covered:Hamilton Lane’s evolution scaling from 50 people in a single office to 800 people across 22 offices.The transformation from investment consulting into a solutions provider and asset manager for investors.The importance of data, tools, access, and portfolio construction to manage the increasing complexity of private markets.How will the wealth channel invest in private markets?The misconceptions of evergreens being “ATMs.”What is the “special sauce” in constructing an evergreen portfolio?How secondaries can help feed the evergreen fund engine.What defines a manager’s edge.What private markets strategies excite Hartley.I’m really excited to share this conversation with you all, as it’s equal parts invigorating and informative.Thanks Hartley for sharing your wisdom, expertise, and passion about private markets.Show Notes00:00 Hamilton Lane -Then and Now03:55 Hartley’s Origin Story04:39 Hamilton Lane’s Consulting Roots04:57 From Consulting to OCIO Partner05:15 Scaling Changed the Job06:53 Why Clients Still Need Help07:15 Trillions in Private Markets07:44 Mega-Managers and Complements08:56 Finding Smaller Manager Alpha09:20 Middle Market Opportunity09:47 Why Companies Stay Private10:56 Churn and New Entrants11:17 GP Skillset Has Expanded11:51 From Leverage to Operations12:02 Data Transforms Underwriting12:43 Hamilton Lane Data Advantage13:33 Secondaries and Evergreen Rise14:04 Evergreen Design and Liquidity14:40 Why The Wealth Channel Prefers Evergreens15:41 Evergreen Diversification Needs16:47 Allocating Core vs Satellite18:44 Evergreens Evolve Like ETFs34:27 ClosingA Word from Our Sponsor, UltimusThis 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 at ultimusfundsolutions.com or email info@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Hamilton Lane Disclaimer: The views expressed herein are those of the speaker as of the date of recording and are subject to change. This content is for informational and educational purposes only and does not constitute investment advice, an offer to sell, or a solicitation of an offer to buy any security or investment product.
- Apr 30, 202647 min
Lincoln International's Brian Garfield - how is AI impacting private markets valuations?
Welcome back to the Alt Goes Mainstream podcast.Today’s episode dives into the nuances of the numbers to discuss valuations, underwriting, and the state of private markets.We sat down with Brian Garfield, Managing Director and Global Head of the Portfolio Valuations practice within Lincoln International’s Valuations and Opinions Group.Brian provides valuation and transaction opinion services to public and private alternative asset managers. He leads a team of over 225 professionals, providing strategic oversight for the Global Portfolio Valuation practice which includes both our Portfolio Valuation and Asset Backed Finance teams situated across North America, EMEA and APAC. Brian’s team also produces the Lincoln Private Market Index, Lincoln Senior Debt Index, and Lincoln Default Index. Brian and his team specialize in estimating the fair value for an array of financial instruments, including direct investments in senior, unitranche and subordinated loans, as well as preferred equity, common equity, option and warrants. His expertise also includes valuing secondary fund interests, co-investments, and GP stakes.Prior to joining Lincoln, Brian spent more than six years at Duff & Phelps, LLC, where he advised a wide range of alternative asset managers.Brian and I had a fascinating conversation about the current state of valuations and underwriting in private markets. We discussed:How is AI impacting SaaS company valuations?Taking stock of the current fundamentals of private companies.Is the “iceberg of deals” melting?How indices and benchmarks are bringing a “deeper level of transparency than price” to a market.How is continuation vehicle activity impacting private markets?How has the growth of evergreen funds impacted the world of valuations?Thanks Brian for sharing your expertise, insights, and passion about private markets and valuations.Show Notes00:00 AI Hype Reality Check01:01 A Message From Our Sponsor, Ultimus01:57 Introducing Brian Garfield04:12 Art Versus Science in Valuations04:55 Tech Automation Transparency06:07 Valuation For New Investors07:35 Entry Price Anchor08:51 From Entry To Exit10:06 Cycles And The Public Versus Private Gap10:45 Lincoln Private Market Index11:55 AI And Software Bifurcation16:36 Private Market Health Signals17:49 2021 Vintage Leverage Trap19:47 Exit Logjam Continuation Vehicles21:06 Winners Path To Exits22:37 Deal Flow Thawing23:33 Capital Shifts and Yields25:56 Underwriting Discipline Today28:52 AI Winners and Specialists30:38 Energy Shock and Valuations35:11 Public Private Convergence36:17 Indexes and Transparency38:03 Evergreen Cadence Shift41:26 Standardization and Data Tech43:09 AI Querying and Backtesting46:42 Wrap UpA Word from Our Sponsor, UltimusThis 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 at ultimusfundsolutions.com or email info@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Editing and post-production work for this episode was provided by The Podcast Consultant.
- Apr 23, 202641 min
Bridgepoint's Xavier Robert - building a "middle market global champion"
Welcome back to the Alt Goes Mainstream podcast.Today’s episode unpacks the nuances of the middle market investing landscape with an industry expert who spearheads one of the leading middle market investment platforms.We sat down in Bridgepoint’s London office with Partner and Chief Investment Officer Xavier Robert.Xavier is a Partner of Bridgepoint and Chief Investment Officer, where he’s been a member of the firm for almost 28 years. He is a member of the Firm’s Group Management Committee and Investment Advisory Committee. He currently sits on the boards of MiQ, Kyriba, and Qualitest. He was previously a Board Member and Chair of the Remuneration Committee at eFront, which the firm sold to BlackRock. Prior to joining Bridgepoint, he worked at Total and Ernst & Young.Xavier and I had a fascinating and nuanced discussion about why the middle market is a compelling segment in the market and how Bridgepoint has expanded across asset classes. We discussed:How Bridgepoint’s origins as part of NatWest Banking Group helped to shape the firm’s early days as an independent investment platform.The “entrepreneurial story” of Bridgepoint.The story of Bridgepoint’s IPO and how everyone from the CEO to the receptionist all had shares in the company pre-IPO.The importance of being local in markets across Europe but operating as a single team.The expansion of Bridgepoint’s platform across credit, infrastructure, and secondaries.Why Europe, why now.Why the middle market is an attractive segment for investment.Sizing up the middle market investment opportunity and how the size and scale of middle market companies provide investors with more control of exit outcomes.What drives returns in the middle market.Why and how Bridgepoint has approached working with the wealth channel.Thanks Xavier for coming on the show to share your wisdom, expertise, and passion for private markets, investing, and the European mid-market.Show Notes00:00 Welcome and Setting00:36 Bridgepoint Origins02:14 Team Culture Ownership03:33 Platform Full Circle04:06 Partnering With Founders06:06 Why Middle Market08:29 Exits and Market Shifts10:12 Value Creation Playbook12:07 Bridgepoint Competitive Edge14:05 Europe Local Advantage16:15 Europe Returns Misconceptions17:26 US Firms and Competition18:29 Geopolitics and Expansion19:57 Middle East Growth Story20:45 Wealth Channel Strategy21:48 Why Private Markets Win22:25 Responsible Access For Wealth23:11 Building An Evergreen Platform25:40 Why Combine Infra And PE28:35 Evergreen Deal Allocation30:42 Scaling Funds Without Dilution32:41 Kyriba Deal Lessons36:34 What Excites Middle Market37:45 Building Asset Management Today39:27 Global Middle Market Ambition40:49 Full Circle Closing Thoughts* Note: This episode was originally recorded in January 2026.
- Apr 21, 202630 min
AlphaCore Wealth Advisory's Dick Pfister - Wealth management with alpha at its core: live from iCapital Connect
Welcome to the 19th episode of the Alts Pulse, a collaboration between iCapital x Alt Goes Mainstream. In the latest episode of the Alts Pulse, we were live from iCapital Connect. AlphaCore Wealth Advisory CEO & Founder Dick Pfister and I had a nuanced discussion about the intersection of wealth management, technology, and private markets.Dick is a pioneer of providing the wealth channel with access to private markets. He’s also a serial entrepreneur in both wealth management and private markets, bringing 25 years of experience across wealth advisory and financial services to bear as he builds AlphaCore. In 2015, he founded AlphaCore, which has become a leading wealth advisory firm. He serves as AlphaCore’s CEO and is a managing member of the Investment Committee. As a partner at Altegris, Dick democratized access to elite asset managers previously not available to the mainstream investor. In 2010, Dick and his partners sold Altegris to a Fortune 500 company.Dick and I had a fascinating discussion about the evolution of wealth management. We covered:How Dick’s background in trading and private markets informed the creation of AlphaCore Wealth Advisory.Lessons learned from pioneering alts access with Altegris.What’s in a name, AlphaCore edition.Why there’s “alpha” beyond investing in wealth management.How AlphaCore leverages technology to enhance the client experience and streamline workflows for advisors.How the trend of increasing centralization of the CIO function is changing how advisors allocate to private markets.Thanks Dick for a great conversation tying together how private markets and private wealth are increasingly interlinked and woven into a wealth client’s financial life.Show Notes00:00 Welcome00:47 Dick’s Trading Roots and Altegris02:05 AlphaCore Origin Story03:55 Alpha Beyond Investing05:50 Private Markets and Liquidity07:39 Tech Workflows and Proposals09:47 AI and Risk Factor Tools11:03 Risk Buckets in Alternatives12:42 Advisor Education and Holding Power13:56 Growth Through Acquisitions17:18 Differentiating in Private Markets Today20:49 Open Architecture vs Centralization22:15 Scaling Models and Venture Access26:05 Next Frontier of Education and Content27:56 Clients, Social Media, and Human Advice29:05 AI Threats and Opportunities29:39 Closing Thanks
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About Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets
Alt Goes Mainstream podcast is the place to turn to for interviews with some of the brightest and most experienced minds in the world at the intersection of private markets and wealth management. AGM dives into investment strategies like private equity (PE), private credit, venture capital (VC), secondaries, GP stakes, infrastructure, real estate, wealth management, and comprehensively covers tools and frameworks for approaching private markets, such as asset allocation, evergreen funds, model portfolios, and more. For anyone looking to invest into private markets (from experienced wealth managers to family offices to the individual investor looking for a more diversified investment portfolio), you’ll hear inside stories from executives and founders at some of the world’s largest financial institutions, alternative asset managers firms, and wealth management firms. More than a personal finance podcast, Alt Goes Mainstream dives deep into trends, investment strategies, firm building lessons.
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