In this engaging session, financial industry pioneer Ric Edelman shares his journey from founding one of America's largest wealth advisory firms to becoming a leading advocate for blockchain technology and digital assets. Beginning with his Philadelphia roots and recent work with the Edelman Fossil Park, Ric transitions to explaining why he believes blockchain represents the most revolutionary technological advancement since the internet itself. He discusses the current state of digital assets, practical allocation strategies for advisors, and how the changing regulatory landscape is creating unprecedented opportunities. Ric emphasizes that RIAs who ignore digital assets are not only missing a key differentiator in a homogenous industry but also failing to address their clients' existing crypto holdings and questions. The conversation concludes with insights on tokenization as the future of asset management and the implications of a more crypto-friendly political environment.
Takeaways
Blockchain is Internet 3.0 - Just as Internet 1.0 connected people and 2.0 connected things, blockchain technology is creating the Internet of Money, enabling frictionless, fee-less transactions without intermediaries.
Digital assets are a legitimate, established asset class - With 15 years of performance data, Bitcoin has proven itself as the first new asset class in 170 years. Modern Portfolio Theory research suggests a 5% allocation optimizes risk-adjusted returns.
Compliance barriers are dissolving - With Bitcoin ETFs now available from major asset managers like BlackRock and Fidelity, compliance departments no longer have legitimate reasons to prohibit digital asset investments.
Client demand is overwhelming - 40% of US adults own Bitcoin, and 65% of clients would leave their advisor to find one who could help them with digital assets. Most firms are unprepared to meet this demand.
Tokenization will transform asset management - Beyond cryptocurrencies, blockchain enables the tokenization of real estate, art, music royalties, and other assets, potentially creating thousands of new investable asset classes.
Regulatory environment is improving dramatically - The current administration is strongly pro-crypto, with supportive officials throughout government and favorable legislation expected within the next 18 months.
Digital assets represent an M&A and organic growth opportunity - Firms that develop expertise in digital assets can differentiate themselves in a homogenous industry, attract new clients, deepen relationships with existing clients, and potentially increase their valuation.
Chapters
00:00 - Introduction and Philadelphia Connections
01:14 - The Edelman Fossil Park and Dinosaur Discoveries
02:43 - Evolution of the Personal Finance Industry
05:47 - Ric's Journey into Blockchain and Digital Assets
09:27 - Understanding Blockchain Technology as Internet 3.0
14:44 - Practical Asset Allocation Strategies for Digital Assets
18:06 - Bitcoin's Correlation with Traditional Markets
20:40 - Bitcoin as Digital Gold and Store of Value
23:14 - The Broader Digital Asset Ecosystem and Investment Options
25:45 - The Case for Adding Digital Assets to Client Portfolios
35:22 - ETFs and Product Proliferation in Digital Assets
38:23 - Tokenization: The Future Beyond ETFs
41:42 - Digital Assets in Retirement Accounts and Mainstream Adoption
44:00 - The Transforming Regulatory Landscape
47:25 - Impact on M&A Activity and Closing Advice
Summary
In this episode, Steven Clark interviews Gui Costin, Founder and CEO of Dakota, who shares his non-linear path to entrepreneurship and the principles that transformed his leadership approach. After cycling through 14 different jobs in 17 years, Gui founded Dakota to create a place where people could build long-term careers and "become the best version of themselves."
Gui discusses how a failed platform pivoted into a successful database business, the importance of treating people with kindness rather than just niceness, and why cold outreach remains the foundation of effective fundraising despite technological shifts. Gui also shares insights on the evolving RIA landscape, private credit markets, and Dakota's commitment to community impact through its giving initiatives.
Takeaways
The Dakota culture emphasizes kindness while maintaining high performance standards - not "nice" but genuinely kind
Cold outreach and being a "master messenger" remain fundamental to fundraising success despite technological changes
The RIA channel continues to grow as advisors seek independence, creating ongoing opportunities
Dakota Gives focuses on local, direct impact through carefully selected charities with an increasing focus on health, nutrition and youth sports
Chapters
01:00 Introduction and Early Career Path
06:18 The Founding of Dakota
13:25 Evolution of Company Culture
17:28 Leading Younger Generations
21:03 The Dakota Way of Sales
23:24 Trends in the RIA Family Office Channel
26:11 Private Credit and Investment Trends
30:56 Dakota Gives and Community Impact
33:46 Lightning Round and Closing
Summary
In this episode, Mark Carver, Managing Director and Global Head of Equity Factors at MSCI, shares how embracing discomfort and taking calculated risks shaped his path from an aspiring lawyer to a financial services leader. From his early days at Fidelity to pioneering factor ETFs at iShares, Carver offers candid insights about learning from setbacks and the importance of taking strategic risks in building a successful career. The conversation explores how embracing discomfort and challenging conventional wisdom can lead to transformative changes in financial services.
Takeaways
Curiosity and humility are foundational to success; learning from clients and colleagues drives innovation
Career growth often requires stepping into uncomfortable roles and learning from setbacks
The willingness to challenge conventional wisdom can lead to industry-transforming innovations
Financial services continues to evolve through technology, offering new opportunities for innovation
Chapters
00:00 Introduction to Mark Carver's Journey
03:18 Early Career and Transition to Financial Services
05:55 The Move to iShares and Embracing ETFs
10:17 Navigating Sales Management Challenges
13:27 Pivoting to Product Management and Factor Investing
17:33 Demystifying MSCI and Its Capabilities
21:01 The Role of Technology in Financial Services
23:30 Understanding Equity Solutions and Client Needs
30:18 Trends in Asset Management and Future Outlook
33:28 Reflections on the Investment Industry
35:16 Lightning Round and Closing Thoughts
Summary
Ed Lopez shares his path as head of product management at VanEck, where he guides a team that has helped transform the firm from its mutual fund roots to an ETF powerhouse. Through candid discussions about product launches, team building, and business growth, Ed reveals how patience and conviction shape successful leadership decisions. His practical approach to developing new products, combined with his commitment to open communication and team empowerment, offers a masterclass in modern asset management leadership.
Takeaways
Leadership Style
Emphasizes democratic decision-making and open communication with teams
Believes in giving products time to prove themselves in the market
Values team input while maintaining clear direction
Business Growth
Helped expand VanEck from 20 ETFs to 72, now managing $87 billion
Built product success through methodical development and strategic timing
Developed systematic approach to evaluate new product opportunities
Product Development
Uses rigorous criteria to assess market opportunities
Focuses on sustainable trends rather than short-term trades
Aims for "pure play" investment themes that can support billion-dollar funds
Market Insights
Active ETFs gaining momentum, particularly in fixed income
Private markets presenting new opportunities for product development
Digital assets attracting increased advisor attention and interest
Team Building
Maintains long-term team stability through collaborative culture
Encourages subject matter expertise across product lines
Balances creative freedom with structured decision-making
Chapters
00:00 Introduction to VanEck and ETF Landscape
04:04 VanEck's Growth and Product Management
06:54 The Current ETF Market Dynamics
10:10 Active ETFs and Market Trends
12:57 Mutual Fund Conversions and Their Impact
16:06 Thematic ETFs: Trends and Challenges
19:08 Exploring Private Markets and ETPs
21:57 Product Development and Market Strategy
24:48 Measuring ETF Success and Sustainability
27:49 Digital Assets and Advisor Adoption
31:09 Leadership and Management Style Evolution
33:46 The Future of Asset Management
In this conversation, Steven Clark connects with Eric Levinson, head of business development at VinaCapital, who shares his journey from the United States to Vietnam. Eric discusses his career transitions, the impact of travel on his professional life, and the unique challenges and opportunities he faced while moving to Vietnam during the COVID-19 pandemic. He provides insights into the investment market in Asia, the distribution models in the region, and offers advice for those considering bold career moves.
Takeaways
Eric has a rich background in financial services, transitioning through various roles.
Travel has significantly influenced Eric's career choices and perspectives.
The importance of believing in oneself when making career transitions.
Eric's experience during COVID-19 highlighted the challenges of remote work and adaptation.
Eric emphasizes the need for patience and listening in a new work environment.
Eric's journey reflects the importance of personal growth and self-discovery.
He encourages others to pursue their dreams without fear of regret.
Chapters
00:00 Introduction to Eric Levinson
03:00 Eric's Journey in Financial Services
09:02 The Impact of Travel on Career Choices
15:03 Transitioning to National Accounts
20:54 Moving to Vietnam During COVID-19
27:02 Financial Services in Asia
32:47 Distribution Models in Vietnam
39:07 Advice for Bold Career Moves
Summary
In this conversation, Steven Clark interviews Lee Kowarski, head of distribution solutions at SS&C Technologies. They discuss Lee's background, his journey in the financial services industry, and the challenges and opportunities in the industry. They also touch on topics such as the evolution of consulting firms, the impact of data and artificial intelligence, and the future of the financial services space. Lee shares his insights on leadership, the mutual fund industry, and the importance of being adaptable and innovative in a changing landscape.
Takeaways
The financial services industry is facing challenges such as margin compression and fee compression, but it is still an exciting space with opportunities for growth and innovation.
Leaders in the industry need to be strategic and adaptable, embracing data, technology, and artificial intelligence to drive their businesses forward.
The mutual fund industry is experiencing pressure as assets move to other investment vehicles, but there will always be a mix of products and opportunities for growth.
The James Beard Foundation and Rethink Food are organizations that Lee Kowarski supports, as they work to support and uplift the restaurant industry and address food insecurity.
Lee Kowarski emphasizes the importance of building and leading a strong team, and takes pride in the impact he has had on the careers of his team members.
Chapters
00:00 Introduction and Background
08:18 Starting and Selling a Business
14:21 The Changing Landscape of Consulting Firms
23:32 Predicting Future Themes and Developments
28:15 Lightning Round
Stewart Foley, founder of Insurance AUM, discusses his career in insurance asset management and the growth of his platform. He shares the importance of self-reflection and his experiences of taking time off to go on motorcycle rides for well-being. Foley also highlights the opportunities in the insurance industry and the impact of technology on insurance and asset management.
Takeaways
The insurance industry offers diverse career opportunities and is often overlooked by young professionals.
Insurance companies are sophisticated investors and play a significant role in the asset management industry.
Technology, such as insurtech and AI, is transforming the insurance industry and creating new opportunities.
Foley emphasizes the importance of taking time off and engaging in self-reflection to make informed career decisions.
He is a strong advocate for mental health and supports initiatives to raise awareness and prevent suicide.
Chapters
00:00 Introduction and Relocation to Austin
03:03 Early Years and Career in Finance
07:59 Key West to Halifax Ride and Taking Time Off
14:07 Teaching and Mentoring in Finance
22:03 The Importance of the General Account in Insurance
25:00 Trends in Insurance Asset Management
32:10 Insurtech and Technology in Insurance
37:01 Outlook on Financial Services and Insurance
39:57 Insurance AUM Podcast and Mental Health Advocacy
44:57 Lightning Round
If you or someone you know is struggling with mental health, help is available. The 988 National Mental Health Crisis Hotline offers confidential support 24 hours a day, 7 days a week. Don't hesitate to reach out and get the support you need.
Bill Cashel, co-founder and head of business development for Privacore Capital, shares his career journey and insights into the financial services industry. He discusses his background, early years, and how he discovered his interest in finance. Bill also talks about his transition from wealth advisory to distribution and his experience at AQR. He expresses his optimism for the future of financial services and the private strategies business. Finally, he explains the mission of Privacore and its role in bridging the gap between top-tier GP firms and the private wealth channel.
Takeaways
Bill Cashel's career in the financial services industry has been marked by success at every level.
He emphasizes the importance of taking calculated risks and being open to new ideas in leadership.
Bill is bullish on the future of financial services, particularly in the private strategies business.
Privacore Capital aims to solve the issue of expanding top-tier GP firms into the private wealth channel.
Chapters
00:00 Introduction and Background
03:27 Career Progression and Path
08:16 Transition to Distribution
13:54 Joining AQR
16:00 Bullish on Financial Services
25:22 Private Strategies Business
35:11 Leadership Style
37:02 Privacore Story
© 2024 Privacore Capital, all rights reserved. Privacore Capital is an affiliate of Janus Henderson US (Holdings) Inc. Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. DAK Associates is not affiliated with Privacore Capital, Janus Henderson, or its subsidiaries.
INTRODUCING The Hunter podcast which is dedicated to highlighting leadership insights from top-tier executives within the financial services industry. Our show is designed for wealth and asset management executives, and we pride ourselves on being at the forefront of talent recruitment since 1979. With over 40 years of experience, we understand the unique demands of the wealth and asset management industry, and we're here to share the stories of the leaders who have weathered the storms and emerged as trailblazers in their field.
Meet Your Host
Steven Clark, President and Partner, has been a search professional with DAK since 1989. As President, Steven is principally involved in driving firm revenues, managing client company relations, setting strategic direction, and managing and directing the day-to-day efforts of DAK’s team of search professionals.