Ritholtz Wealth Management's Ben Carlson- bringing a wealth of common sense to asset allocation

Описание: Original Publish Date: October 31, 2024

Today’s show features a guest who brings a wealth of common sense to wealth management and asset allocation.

We talk with Ben Carlson, the Director of Institutional Asset Management at Ritholtz Wealth Management, a $5B AUM wealth management firm. He’s managed institutional portfolios for his entire career. He started out with an institutional investment consulting firm, where he deployed portfolio strategies and created investment plans for foundations, endowments, pensions, hospitals, insurance companies, and HNW individuals. More recently, he was part of the portfolio management team for an investment office that managed a large endowment fund for a charitable organization.

Ben is a student of markets and asset allocation, which is clear from the knowledge he shares daily and weekly with his blog, A Wealth of Common Sense, and his podcast Animal Spirits with Michael Batnick and Ben Carlson. He’s also authored four books about saving, investing, and money. He was named to the Investment News 40 Under 40 list of top financial advisors in 2017.

Ben and I had a fascinating conversation about the adoption of alternatives in the wealth channel and the whys and hows of asset allocation. We discussed:

• Why asset allocation is the most important aspect of an investment plan.
• The question of whether or not investors now have too much choice?
• Why Ben documents every investment decision he makes.
• The benefits of private markets and the pitfalls of private markets.
• His biggest lesson learned in investing.
• Why crypto has helped younger investors become more comfortable with
volatility (for better or worse).
• The future of wealth management and what won’t change about the
advisor / client relationship.
• The power of content creation and how it helps him approach investing.

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Chapters:
0:00 - Podcast Introduction
2:02 - Guest Bio: Ben Carlson
3:46 - Welcome and Career Background
4:03 - Entering the Asset Allocation World
6:09 - Evolution of Asset Allocation
7:15 - The Paradox of Choice for Investors
8:10 - Distilling Choices: Liquidity and Risk
9:46 - From Institutional to Wealth Management
12:30 - The 60/40 Portfolio and Patience
14:05 - Simplicity vs. Complexity in Portfolios
16:47 - New Structures in Private Markets
18:29 - Views on Private Markets Evolution
20:43 - Private Markets in the Wealth Channel
23:20 - Advisor Differentiation and Alts
25:18 - Pressure to Offer Alternatives
26:26 - Next Frontier for Advisors in Privates
27:50 - Differentiating with Private Markets
28:45 - Defining Firm Culture at Ritholtz
30:13 - Evaluating Managers for Cultural Fit
32:03 - Power of Content Creation
34:16 - Building a Brand as a Startup
36:16 - Maintaining a Growth Mindset
37:54 - Advice for Younger Advisors
39:31 - Compounding in Public and Private Markets
40:06 - Benefits of Private Markets
41:05 - What Excites You About Private Markets
42:25 - Defining Alternatives
43:43 - How Younger Investors Approach Markets
45:59 - Advisors Adapting to Younger Clients
46:53 - Future of Wealth Management
49:07 - Favorite Alternative Investment
51:47 - Closing Remarks

Editing and post-production work for this episode was provided by The Podcast Consultant.

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