Alternative Universe is a podcast for financial advisors, fund managers, and those who want to navigate the diverse landscape of alternative investments and explore opportunities that lie beyond the conventional. Brought to you by Mammothtechnology.com.
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Helping Startup Employees Navigate Stock Options with Dave Thornton (00:29:41)
Episode 016: Startup employees often receive stock options as part of their compensation package, offering them the opportunity for financial gain and a stake in the company's future. However, many employees are unaware of the complexities and challenges associated with stock options. They leave money on the table by abandoning their expiring stock options unexercised.
In this episode of Alternative Universe, Steve talks with Dave Thornton, Co-Founder, CEO, and Chief Investment Officer at Vested. Having spent a large part of his career as a serial entrepreneur, Dave’s most notable accomplishments include the founding and successful sale of PatientFinder, and his collaboration with Emilio Seijo, a Principal Quantitative Strategist at Vested, in creating a real-time illiquid asset pricing model. Dave also spent time building the systems at a hedge fund within Citigroup and worked as a Program Manager at Microsoft.
Dave talks with Steve about the challenges faced by startup employees when exercising their stock options. He shares how Vested helps employees understand and navigate their stock options, allowing them to unlock the potential value of their equity.
Join us as we discuss:
[02:41] - How Dave got started in stock options.
[06:12] - The origin of Vested.
[10:21] - How Vested evaluates opportunities.
[15:25] - The challenge facing public markets today.
[19:13] - Pros and cons of liquidation plans.
[21:25] - Vested's approach to serving investors.
[26:54] - Vested's strategy to access top brand VCs.
Key Takeaways
Vested empowers startup employees to capitalize on their hard-earned equity, primarily by providing funding to help exercise stock options.
Seventy-six percent of people abandon their expiring stock options, indicating a lack of knowledge, support, and resources to exercise them. This results in missed opportunities for wealth creation.
Vested aims to address the challenges and limitations of accessing venture capital by unlocking the potential of employee stock options and providing a more inclusive and accessible investment opportunity.
Quotes
"In your employee stock option plan, there is a provision that says when you leave for whatever reason, you have 90 days after you leave within which you have to exercise your vested stock options, or else they go up and smoke." ~ Dave Thornton
"VC has been notoriously hard to access for several reasons. One is that to get into the best brand-name VCs, you usually need to be able to write a really big ticket, and that's if the VC is even still open for subscription. The other is that even for people who can access venture capital managers they like, VCs are known to be a high-octane asset class." ~ Dave Thornton
Links
Dave Thornton on LinkedIn
Dave Thornton Email
Vested
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Disclosure
All content on this podcast is for informational purposes of a general nature only, and does not address any particular individual or investment. Nothing in this podcast constitutes accounting, legal, tax, financial or other professional advice. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the podcast participants may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. Please seek independent advice from a financial professional about your investment needs.
How to Maximize Retirement Income with Jack Sharry (00:29:18)
In this episode of Alternative Universe, Steve talks with Jack Sharry, EVP & Chief Growth Officer at LifeYield. Throughout his career, Jack has interacted with innovators, leaders, and disruptors who share his passion for combining human and digital advice. His background includes senior leadership roles at Morgan Stanley, Putnam, and Virtus. Jack contributes to numerous industry boards, publications, and organizations, advocating for practices and technology that provide more comprehensive access to financial advice, better investor outcomes, and individual retirement security through tax-efficient decumulation planning, social security optimization, and annuities.
Jack talks with Steve about how to maximize retirement income. Jack emphasizes the shift towards solutions-oriented approaches in financial planning and the need to integrate tax optimization into portfolio management. They also touch on the future trends in the industry, including the importance of multi-account, tax-smart management, and the role of alternatives in improving outcomes for clients.
Join us as we discuss:
[01:38] - How Jack got started in financial services.
[08:29] - Jack's secret weapon for giving advice.
[12:31] - How the wholesaling industry has changed over time.
[16:54] - Managing taxes and social security to improve client outcomes.
[18:55] - The benefits of optimizing social security strategies for clients.
[20:51] - Jack's outlook on the future of the industry.
[24:20] - Jack's key takeaways.
Key Takeaways
Listening is a crucial skill in the financial services industry. By listening to clients' pain points and concerns, advisors can better understand their needs and provide tailored solutions.
The industry is moving towards a solutions-oriented approach, integrating elements like equities, ETFs, alternatives, annuities, and tax optimization to improve client outcomes.
The industry's future lies in platforms and ecosystems that coordinate and integrate different elements of financial planning, including tax optimization, risk management, and social security planning.
Taxes are a significant cost for investors, and managing them can improve outcomes significantly.
Integrating tax optimization and risk management in the alternative space is a powerful combination that can improve client outcomes.
Quotes
"We help the advisor help the client avoid paying unnecessary taxes. We do it across the household; it's multi-account and tied into risk. Social security is another factor to be considered. That's how to maximize retirement income." ~ Jack Sharry
"Our industry is moving toward a multi-account, household-level portfolio management schema. And if you're going to improve outcomes, it's all around managing cost, risk, tax, and social security." ~ Jack Sharry
"The biggest single cost that an investor incurs over the course of their lifetime is taxes. So, if you can manage taxes, we improve outcome by 33%." ~ Jack Sharry
Links
Jack Sharry on LinkedIn
Jack Sharry on Twitter
LifeYield
Wealth Tech on Deck Podcast
Money Management Institute
Morgan Stanley
Putnam Investments
Rich Dad Poor Dad
Babson College
Edmund Murphy
Empower
EY
Tiburon CEO Summits
Chip Roame
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Mammoth
Steve on LinkedIn
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Disclosure
All content on this podcast is for informational purposes of a general nature only, and does not address any particular individual or investment. Nothing in this podcast constitutes accounting, legal, tax, financial or other professional advice. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the podcast participants may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. Please seek independent advice from a financial professional about your investment needs.
Applying Practical Wisdom in Investment Partnership with John Candeto (00:26:43)
Episode 014: Built on the bedrock of practical wisdom and a long-term perspective, Phronesis Fund believes in forging genuine partnerships rather than chasing fads. This commitment allows them to do more than invest. It's about building a foundation for shared success, thoughtful partnerships, flexible investment strategies, and a financial future as unique and enduring as the client.
In this episode of Alternative Universe, Steve is joined by John Candeto, Founder and Managing Partner of Phronesis Fund. John shares his journey from operator to investor and explains how his background in building businesses has shaped his investing approach. He discusses his investment philosophy and the importance of practical wisdom in long-term investing. John also shares his insights on risk management, the power of curiosity and capability, and the power law in investing.
Join us as we discuss:
[01:42] - How Phronesis Fund got its name.
[02:23] - What investment partnership means to John.
[05:27] - How Phronesis Fund finds the best partners.
[07:44] - The flexibility to invest in public and private companies.
[11:20] - How John qualifies potential partners.
[13:36] - The economy of time.
[18:00] - How curiosity relates to your ability to serve others.
[19:51] - The power law in venture capital.
Key Takeaways
Phronesis Fund is built on the principles of practical wisdom and long-term thinking. It focuses on serving partners rather than trying to be all things to all people.
Phronesis Fund's structure allows for flexibility and concentration in investments, with a higher bar for private investments due to the operational intensity involved.
Time is the only asset we cannot get more of. Balancing work and personal life to maximize fulfillment and serve others effectively is important.
Quotes
"We're not trying to be all things, all people. We're trying to be things where we can apply practical wisdom in a very long, biased, long duration, slow-moving, thoughtful partnership." ~ John Candeto
"Whatever your job is, it's to serve your clients, serve your customers, and serve your partners. If you believe that, what those you serve really need from you is the intersection of what you're curious about and capable of." ~ John Candeto
"The only asset you can't get more of is time. We don't even know how much of it we have. It can't be a game of 'spend all my time on this thing so that later I can do that thing.' It's got to be much more of a game of trade-offs and balance." ~ John Candeto
Links
John Candeto on LinkedIn
John Candeto on Twitter
John Candeto Email
John Candeto Portal
Phronesis Fund
Wynton Marsalis
Merrill Lynch
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Mammoth
Steve on LinkedIn
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Disclosure
All content on this podcast is for informational purposes of a general nature only, and does not address any particular individual or investment. Nothing in this podcast constitutes accounting, legal, tax, financial or other professional advice. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the podcast participants may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. Please seek independent advice from a financial professional about your investment needs.
Creating a Michelin-Star Client Experience with Kyle Van Pelt (00:37:36)
Episode 013: For years, advisors have relied on many third-party tools to solve specific client needs. However, this fragmented approach often leads to a disjointed user experience, with advisors juggling multiple logins and navigating different interfaces. Therefore, firms need a platform that allows them to take control of their data and innovation timelines. By centralizing data into one place, firms can create their unique Michelin-star experience for advisors and their clients.
In this episode of Alternative Universe, Steve talks with Kyle Van Pelt, CEO at Milemarker. They discuss how advisory firms can create a unique and streamlined client experience. Kyle emphasizes the importance of using best-of-breed tools for solving client problems while centralizing the data into one platform the firm owns. The conversation also touches on the challenges and opportunities presented by the growing demand for alternative investments and the evolving expectations of the next generation of clients.
Join us as we discuss:
[03:01] - The complexity of wealth management and the need for specialized tools.
[04:24] - What it takes to develop specialized tools for wealth management.
[06:24] - The opportunity for RIAs to create a specialized client experience.
[07:34] - How Milemarker creates a Michelin-star client experience.
[11:05] - How Milemarker centralizes data.
[14:40] - How small firms can compete with big names in the industry.
[17:08] - Investing in alternative investments and the challenges it brings.
[22:24] - The most underserved client demographics in financial services.
[24:34] - The changing expectations of the younger generation.
[27:26] - The changing approach to wealth and spending.
[28:25] - The importance of work-life balance.
[34:52] - Kyle's key takeaways.
Key Takeaways
Milemarker allows advisory firms to centralize data from best-of-breed tools, creating a unique and streamlined experience for advisors and clients.
Wealth management firms should take control of their data and innovation timelines to create a unique client experience.
The integration of alternative investments presents new challenges for wealth management firms but also opportunities for growth and differentiation.
Quotes
"At Milemarker, we're going to take all the data from the best-of-breed tools. We're going to centralize it into one place that the firm owns. So stop trying to get these other third-party tools to integrate as you want them to. And stop waiting on their roadmaps to meet your roadmap, but have them integrate to you." ~ Kyle Van Pelt
"If you're an RIA or you own your firm, you should absolutely own your data, and you should be able to own and control your own roadmap and your innovation. I think that's a huge trend that we're seeing in the industry, and it's one that you take advantage of." ~ Kyle Van Pelt
Links
Kyle Van Pelt on LinkedIn
Kyle Van Pelt on Twitter
Milemarker
Michael Kitces
LifeYield
Joel Bruckenstein
Bob Veres
T3 Conferences
Altruist
Joe Duran
Joshua Brown
Die With Zero
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Steve on LinkedIn
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Disclosure
All content on this podcast is for informational purposes of a general nature only, and does not address any particular individual or investment. Nothing in this podcast constitutes accounting, legal, tax, financial or other professional advice. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the podcast participants may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. Please seek independent advice from a financial professional about your investment needs.
A Financial Advisor's Journey into Energy Entrepreneurship with Jordan Strebeck (00:49:07)
Episode 012: In this episode of Alternative Universe, Steve is joined by Jordan Strebeck, Managing Partner at Fortress Energy. Jordan is a proud West Texan, Red Raider, father, and husband. He studied agriculture, economics, and personal finance at Texas Tech University and later attended Harvard Business School on the Frisk Fellowship. Before co-founding Fortress, he was the Vice President of Finance & Business Development at Piedra Resources and Rock River Minerals, both long-time independent Permian Basin energy companies.
Jordan shares his journey in the oil and gas industry and how he found his passion for mineral and royalty interests. He discusses the importance of timing and the challenges and rewards of being an entrepreneur. Jordan also explains the concept of mineral and royalty interests and how his company navigated the market during the COVID-19 pandemic. With a focus on aligning incentives and building strong relationships, Fortress Energy continues to thrive in the alternative investment landscape.
Join us as we discuss:
[01:49] - How Jordan got into Harvard Business School.
[03:32] - Jordan's most memorable experiences in Boston.
[06:20] - The why and how of Jordan's move into financial services.
[13:12] - Jordan's life after Harvard Business School.
[17:43] - Jordan's motivation for building Fortress Energy.
[20:33] - The people who have helped Jordan in his career.
[22:07] - The importance of having a supportive spouse in entrepreneurship.
[26:17] - The joys and challenges of parenting four children in different stages of life.
[28:06] - Navigating the challenges of the energy industry during the pandemic.
[33:18] - Buying and owning mineral and royalty interests.
[38:46] - The structure of Fortress Energy's funds.
[43:19] - Jordan's bourbon collection.
Key Takeaways
Building a successful business requires timing, perseverance, and adapting to changing market conditions.
Mineral and royalty interests offer an asymmetry in a risk-return profile and provide opportunities for excess alpha without excess beta.
Investing in mineral interests provides the potential for a low-risk asset and the potential for both fixed-income-like characteristics and equity-like upside.
Family support and a strong sense of purpose can provide the emotional and psychological stability needed to navigate the challenges of entrepreneurship.
Quotes
"If we're not doing this so that people's lives can be changed, not just ours but our team's, we probably got our incentives a bit backward." ~ Jordan Strebeck
"Timing's everything. The timing of crashes in a commodity business is very important." ~ Jordan Strebeck
"From an entrepreneur standpoint, if your soul and your family are solid, then the stuff above it is no longer life or death. There's not a gun pointed at your head. And that's when you're going to function at your best." ~ Jordan Strebeck
Links
Jordan Strebeck on LinkedIn
Jordan Strebeck on Twitter
Fortress Energy
Harvard Business School
Texas Tech University
Vickie Hampton
Evensky & Katz
John Salter
Deena B. (Katz) Evensky
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Steve on LinkedIn
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Disclosure
All content on this podcast is for informational purposes of a general nature only, and does not address any particular individual or investment. Nothing in this podcast constitutes accounting, legal, tax, financial or other professional advice. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the podcast participants may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. Please seek independent advice from a financial professional about your investment needs.
The Intersection Between Law and Alternatives with Cassandra Borchers (00:35:23)
Episode 011: In this episode of Alternative Universe, Steve talks with Cassandra Borchers, Investment Management Partner and Chair of the Blockchain & Cryptocurrencies group at Thompson Hine. Cassandra's practice has focused primarily on securities, investment capital, cryptocurrency and blockchain, corporate representation and governance, counseling mutual funds, ETFs, and closed-end interval funds. She has assisted companies in securities offerings, including mutual funds, commodity pools, private equity, fund formation, registration, mergers, and reorganizations.
Cassandra talks with Steve about the intersection of law and alternative investments. She discusses the evolving regulatory space and the importance of compliance in alternative investments. Cassandra also delves into the growing presence of cryptocurrencies and emphasizes the significance of technology advancements, such as tokenization and blockchain, in shaping the future of alternative investments.
Join us as we discuss:
[02:15] - How Cassandra got into the alternative space.
[05:34] - The challenges facing fund managers in alternative investments.
[07:32] - The growing interest in cryptocurrencies.
[10:03] - Overview of Thompson Hine and its investment management group.
[12:54] - Thompson Hine's innovative approach to helping clients start funds.
[16:03] - Misconceptions in private investments.
[19:28] - How regulators protect mainstream investors.
[22:39] - The transition from registered investment advisor to fund manager.
[26:59] - Secondary markets and their regulatory advancements.
[30:43] - The potential for redefining accredited investors.
Key Takeaways
The regulation of cryptocurrency is expanding and evolving worldwide.
The approval of Spot Bitcoin ETFs marks a new era of the acceptance of crypto as a mainstream investment.
Tokenization offers new opportunities for investors.
Compliance is crucial in the alternative investment space, and having a strong compliance team and legal advisors is essential for navigating the complex regulatory landscape.
Technology advancements, such as AI and blockchain, are revolutionizing the industry by improving efficiency, enabling secondary markets, and enhancing investor experiences.
Quotes
"The regulations have expanded in all sorts of ways. You need to have a strong compliance team, legal advisors, and groups like Mammoth to make sure that you're properly serving your clients." ~ Cassandra Borchers
"Alternatives are not just in the private fund markets. There are a lot of optionalities out there, depending on the type of investor or advisor you are and who your clients are. There are ways to get people exposure." ~ Cassandra Borchers
"Crypto is here to stay. Regulation is expanding and evolving here in the US, and there's a lot of movement going on everywhere. Bitcoin is definitely not going away, and we're moving into a new era." ~ Cassandra Borchers
Links
Cassandra Borchers on LinkedIn
Cassandra Borchers Email
Thompson Hine LLP
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Steve on LinkedIn
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Disclosure
All content on this podcast is for informational purposes of a general nature only, and does not address any particular individual or investment. Nothing in this podcast constitutes accounting, legal, tax, financial or other professional advice. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the podcast participants may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. Please seek independent advice from a financial professional about your investment needs.
Building Successful Startups with Fractional Hires with Praveen Ghanta (00:38:04)
Episode 010: Building a successful business is often a multifaceted journey, demanding strategic decisions and resourceful approaches. For startups, managing operational complexity requires a keen understanding of growth strategies, revenue models, and investment considerations. Savvy investors, however, are turning their attention to niche startups powered by fractional work.
In this episode of Alternative Universe, Steve talks with Praveen Ghanta, Founder and CEO of fraction. Praveen shares his entrepreneurial journey, from his early days in the dot-com bubble to building successful startups in the fintech industry. He discusses fractional work and how it can be a cost-effective solution for businesses. Their conversation also covers the changing landscape of startup funding, the value of profitability, and the potential of niche markets in the private markets space.
Join us as we discuss:
[01:53] - Praveen's background and journey into fintech.
[02:33] - Praveen's first startup and its acquisition.
[06:21] - The need for transparency in private markets.
[08:20] - Lessons learned from a failed startup.
[11:25] - Praveen's reasons for bootstrapping.
[15:58] - The benefits of bootstrapping and customer funding.
[20:25] - The concept behind the creation of fraction.
[24:43] - The cost savings of fractional workforces.
[28:14] - Increasing profitability and margins in business.
[32:17] - The value of investing in niche tech companies.
Key Takeaways
Startups with a clear revenue model can have more options and flexibility in their growth strategies.
Fractional work can be a cost-effective solution for businesses, allowing them to access specialized expertise part-time.
Fractional work allows for long-term relationships with experts, leading to knowledge transfer and consistent support for the business.
Investing in niche markets and companies with a clear path to profitability can be a lower-risk and more realistic approach than chasing unicorn startups.
Quotes
"Being bootstrapped, what's your funding source? Your customers are your funding source. So, therefore, you've got to meet their needs and grow and adapt with them." ~ Praveen Ghanta
"I tried to start a startup where I didn't have a sales function. I did a hundred sales calls myself. I tried to chase down leads and I realized, that even if the software might be good, this is really hard." ~ Praveen Ghanta
"For investors that are thinking about investing in startups, rather than going after those players that are trying to make horizontal, scalable tech, there are other tech investments that you might make that are substantially low risk because they're operating companies that are either close to or on their way to profitability that are in niches." ~ Praveen Ghanta
Links
Praveen Ghanta on LinkedIn
fraction
SS&C Technologies
Portfolio Risk Analytics | Orion Risk Intelligence
Nitrogen Wealth
Eric Clarke
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Steve on LinkedIn
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Disclosure
All content on this podcast is for informational purposes of a general nature only, and does not address any particular individual or investment. Nothing in this podcast constitutes accounting, legal, tax, financial or other professional advice. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the podcast participants may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. Please seek independent advice from a financial professional about your investment needs.
A Neurosurgeon's Journey into Private Investments with Matt McGirt (00:34:23)
Episode 009: Surgeons and high-income professionals often seek investment opportunities to maximize wealth. While traditional investment strategies may provide steady growth, they often lack the potential for higher returns. Private investments, however, have the potential for high growth and give access to sectors not available on public markets. The challenge lies in finding deals that are well-vetted and trustworthy.
In this episode of Alternative Universe, Steve talks with Matt McGirt, Founder & General Partner at Mammoth. Matt shares his journey of investing in alternative assets and his challenges in finding private investment opportunities aligned with his expertise and risk tolerance. He also discusses the need for a platform like Mammoth Technology that provides a menu of private investment options with a formalized diligence process, allowing investors and their advisors to make informed decisions.
Join us as we discuss:
[01:36] - Matt's background as a neurosurgeon.
[04:24] - Matt's early experience working with a financial advisor.
[06:28] - The evolution of Matt's investment strategy.
[10:37] - The untapped growth in private investments.
[15:04] - Reasons why clients switch investor firms or financial advisors.
[20:04] - How private markets are growing and offer true diversification.
[23:52] - How Mammoth fills the unmet needs of investors and fund managers.
[28:20] - Matt's experience on national TV.
Key Takeaways
Saving and investing early in one’s career is important.
Physicians need to work with a financial advisor who understands their unique needs.
Surgeons and high-income professionals seek alternative investment opportunities to maximize their wealth.
There’s a need for access to healthcare investments and private investment opportunities that align with one's expertise and risk tolerance.
Technology platforms like Mammoth are bridging the gap between investors and private placement deals by offering a menu of private investment options with a formalized diligence process.
Quotes
"I immediately saw value in any product that can bring private placement deals to an average RIA who can't provide those with great security or diligence. That's why I got excited about the Mammoth tech product." ~ Matt McGirt
"In my community, no one had access to a healthcare investment. My access to a menu of options that had some diligence that I trusted did not exist for me or my colleagues. It's a massively underserved market, and as an industry, there's an untapped growth service line there as well." ~ Matt McGirt
"It's amazing how many clients will move to new investor firms or new financial advisors, not based on how well or how diversified a public strategy investment strategy was, but the quality and quantity of private deals." ~ Matt McGirt
Links
Matt on LinkedIn
Johns Hopkins University
BlackRock
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Steve on LinkedIn
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Disclosure
All content on this podcast is for informational purposes of a general nature only, and does not address any particular individual or investment. Nothing in this podcast constitutes accounting, legal, tax, financial or other professional advice. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the podcast participants may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. Please seek independent advice from a financial professional about your investment needs.
Streamlining the Alternative Investment Process with Kim Mackrill (00:49:49)
Episode 008: Integrating alternative investments into the advisor's toolkit allows for greater diversification and access to innovative companies. By leveraging technology and streamlining the investment process, advisors can better serve their clients and participate in the legacy-building process of supporting impactful investments.
In this episode of Alternative Universe, Steve is joined by Kim Mackrill, CEO of Mammoth Technology. Kim shares her origin story, from working in the nonprofit sector to starting her marketing firm and eventually diving into alternative investments. She discusses how Mammoth is working to provide a seamless and streamlined experience for advisors and fund managers, from fund formation to investor onboarding and ongoing management.
Join us as we discuss:
[02:18] - Kim's backstory and how she got involved with Mammoth Technology.
[11:55] - The importance of improving advisor experience.
[13:35] - Kim's first experience with alternative investments.
[19:58] - Why creating a seamless, streamlined experience for investors is important.
[24:01] - How Mammoth provides a complete technology solution.
[26:48] - The hurdles financial advisors face in incorporating alternative investments.
[34:11] - The potential for collaboration between fund managers and financial advisors.
[39:40] - Streamlining the alternative investment process for clients.
Key Takeaways
Mammoth Technology's solutions aim to streamline the alternative investment process, from fund formation to investor onboarding and ongoing management.
Data is the fuel that powers the engine of an advisory practice, and Mammoth focuses on providing accurate and accessible data to advisors.
The private markets are growing in size and importance, and financial advisors need to pay attention to alternative investments to achieve diversification for their clients.
Mammoth believes in creating a central location for alternative investments to provide a seamless experience for financial advisors and their clients.
Quotes
"It is a high priority for the very best firms out there and for the very best technology firms to make everyone all the way up and down the value stack of advice enjoy the process. That's the pinnacle of great work. And happy work is happy advisors, happy team members, and happy clients." ~ Kim Mackrill
"If you cannot control and own your experience, then you are essentially selling something that belongs to someone else." ~ Kim Mackrill
"We are really hopeful about how fund managers and financial advisors can work together, not just because it's good for them and their firms or even just because it's good for the investor, but because we think that the vast majority of innovation is happening inside of these private companies right now." ~ Kim Mackrill
Links
Kim Mackrill on LinkedIn
Mammoth Technology
Orion Advisor Solutions
Jud Mackrill
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Steve on LinkedIn
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Disclosure
All content on this podcast is for informational purposes of a general nature only, and does not address any particular individual or investment. Nothing in this podcast constitutes accounting, legal, tax, financial or other professional advice. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the podcast participants may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. Please seek independent advice from a financial professional about your investment needs.
Unlocking Opportunities in Private Credit with Jamie Shulman (00:26:50)
Episode 007: Private credit offers a unique value proposition, presenting investors and borrowers with compelling opportunities. Operating outside the confines of the traditional banking system, private credit lenders possess greater flexibility and agility in crafting solutions tailored to the specific needs of businesses. This advantage allows for a more dynamic and adaptable approach to credit provision, offering mutually beneficial outcomes for borrowers and investors.
In this episode of Alternative Universe, Steve talks with Jamie Shulman, Co-Founder and Fund Manager at Meriwether Group Capital. With 27 years of experience in commercial banking, Jamie has dedicated his career to helping entrepreneurs and founders realize their dreams. Jamie's diverse experience in management, mentorship, and strategic business planning for growing companies makes him an invaluable and trusted advisor, going far beyond the boundaries of traditional lending. His successes have come from ensuring exceptional service to clients while providing employees an engaging and rewarding workplace, leading to top-tier results for shareholders.
Jamie talks with Steve about private credit and the opportunities it presents. He shares how Meriwether Group Capital provides capital to quality businesses that fall outside the box of traditional banks. Jamie also discusses the impact of the current economic climate on private credit and the opportunities it presents for lenders.
Join us as we discuss:
[01:21] - Jamie's background and how he got into private lending.
[04:18] - How Meriwether supports businesses.
[09:58] - How low interest rates impact Meriwether's lending approach.
[13:38] - Companies Meriwether likes to work with.
[16:12] - Meriwether's lending history.
[18:12] - Jamie's involvement with Meriwether's operations.
[23:50] - Jamie's key takeaways.
Key Takeaways
Meriwether Group Capital focuses on providing capital to quality businesses that don't fit with the traditional banking box.
Meriwether Group Capital works closely with borrowers, provides ongoing support, and acts as a resource for their growth and success.
Private credit lenders have an advantage in the current economic climate due to the conservative nature of large banks and the run-on deposits experienced by smaller banks.
Quotes
"I'm always happy to be a resource. If you have a potential borrower and are unsure what to do with or where to send them, start with me." ~ Jamie Shulman
"Even if you don't think I can do the loan, I'm happy to invest 30 minutes. If I can't do it, I probably know someone who can. If that helps you as the advisor solidify your relationship, well then, it's win-win." ~ Jamie Shulman
"Private credit is in a good space. It's not without risk, but the return is worth it on an adjusted risk basis." ~ Jamie Shulman
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Jamie Shulman on LinkedIn
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Meriwether Group Capital
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Disclosure
All content on this podcast is for informational purposes of a general nature only, and does not address any particular individual or investment. Nothing in this podcast constitutes accounting, legal, tax, financial or other professional advice. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the podcast participants may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. Please seek independent advice from a financial professional about your investment needs.
Finding Opportunities and Overcoming Uncertainty in Venture Capital with Earnest Sweat (00:37:20)
Episode 006: Venture capital, a potent catalyst for innovation and economic growth, is at a crossroads. It has historically offered compelling prospects for investors and entrepreneurs alike. But recent headwinds like shifting market conditions, economic uncertainty, and rapidly evolving technology cast a shadow over the industry. Despite these challenges, the inherent power of venture capital to propel progress and shape the future remains undiminished.
In this episode of Alternative Universe, Steve talks with Earnest Sweat, a Venture Capitalist. Earnest specializes in applying AI and advanced technology to sectors in the real economy such as logistics, real estate, and insurance. With a background in venture capital, Earnest has a unique perspective on early-stage businesses and the opportunities they present. He is passionate about finding and investing in companies that can make a significant impact.
Earnest talks with Steve about the current state of venture capital and the opportunities that exist despite the uncertainty in the market. He believes there is a need for venture capital to expand into traditionally ignored industries and support founders who are solving problems in those industries. Earnest also discusses the role of AI in venture capital and the need to automate repetitive tasks to increase efficiency.
Join us as we discuss:
[01:54] - Earnest's ability to simplify complex concepts.
[04:01] - Why ventures are at an inflection point.
[09:28] - Venture capital's role in aligning technology with non-tech verticals.
[14:05] - Other venture-backable business models besides SaaS.
[18:00] - Industries with investment opportunities.
[20:09] - The rise of fractional employment and its benefits.
[23:45] - Earnest’s views on AI.
[27:59] - Qualities of a good venture capitalist.
[31:57] - Earnest’s advice to founders considering venture capital.
[34:16] - Earnest’s key takeaways.
Key Takeaways
Venture capital is facing an inflection point due to changing market conditions, but there are still opportunities for growth and investment.
Industries that have been traditionally ignored, such as logistics, retail tech, healthcare services, and insurance, present significant opportunities for venture capital.
Founders who deeply understand their industry and can attract technical talent are well-positioned to succeed in venture capital.
Integration is an important area for investment and can drive efficiency and growth in various industries.
Quotes
"With venture, something can look great for two years, then look bad for four years, and then look great again 10 years from now. You have to be okay with ambiguity." ~ Earnest Sweat
"Having less hubris and more humility makes great venture capitalists." ~ Earnest Sweat
"It is a great time for venture despite all the uncertainty. But as financial advisors and fund managers, it's about having conviction." ~ Earnest Sweat
Links
Earnest Sweat on LinkedIn
Earnest Sweat on Twitter
Swimming with Allocators Podcast
Apply to join the Public School Syndicate and join the newsletter.
Thesis Deck
Earnest's past newsletters
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Steve on LinkedIn
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Disclosure
All content on this podcast is for informational purposes of a general nature only, and does not address any particular individual or investment. Nothing in this podcast constitutes accounting, legal, tax, financial or other professional advice. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the podcast participants may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. Please seek independent advice from a financial professional about your investment needs.
Building Wealth and High-Net-Worth Connections with Matt Shechtman (00:32:18)
Episode 005: Alternative assets offer unique opportunities for investors seeking diversification and potentially higher returns. Communities like Long Angle provide a platform for high-net-worth individuals and families to explore alternative investments and connect with like-minded peers. By leveraging referrals, conducting thorough due diligence, and staying informed about emerging trends, investors and financial advisors can capitalize on the opportunities presented by alternative investments.
In this episode of Alternative Universe, Steve talks with Matt Shechtman, Managing Director at Long Angle. In his role, Matt manages deal flow and investment strategy for high-net-worth individuals looking to navigate finances, planning, and investments. He manages alternative investing for the group, including sourcing, diligence, execution, and closing.
Matt talks about building wealth, relationships, and connections through Long Angle, a community for high-net-worth individuals and families engaged in alternative investments. He discusses the value of alternative investments and the interconnectedness of different investment classes. Matt also explains how Long Angle invests in highly curated alternative assets through single-fund vehicles, allowing members to opt in on a deal-by-deal basis.
Join us as we discuss:
[01:22] - An overview of Long Angle and its role for high-net-worth individuals.
[02:54] - The vehicle Long Angle uses to pool its partner's money.
[03:44] - How to become a member of Long Angle.
[05:46] - How Long Angle and RIAs work.
[07:45] - Matt's background and journey to Long Angle.
[11:05] - The launch of Long Angle and how it achieves tremendous growth.
[14:34] - What attracts people to Long Angle.
[20:09] - The asset class Matt is most excited about.
[24:56] - Matt's entrepreneurial experiences.
[28:29] - Key takeaways from the conversation.
Key Takeaways
Alternative assets can be hard but rewarding.
Alternative investments can provide long-term compounded tax advantage growth.
Long Angle focuses on alternative assets and provides access to institutional-level managers across various asset classes.
Search funds, which focus on micro-cap private equity, offer attractive returns and scalability.
GP stakes can be a great real estate replacement, providing immediate income and the ability to invest in private managers on a minority basis.
Quotes
"There's a lot of value in having a bunch of different data points against industries, backgrounds, sectors and experience, and then providing the ability to benchmark, learn, and then network." ~ Matt Shechtman
"Alternative assets can be hard but really rewarding. If you spend the work doing it and understand your asset classes and investing methodology, there's real alpha to be had." ~ Matt Shechtman
"When it comes to long-term compounded tax advantage growth, some of these illiquid private market/private equity options are super attractive." ~ Matt Shechtman
Links
Matt Shechtman on LinkedIn
Long Angle
Wells Fargo
JPMorgan Chase
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Disclosure
All content on this podcast is for informational purposes of a general nature only, and does not address any particular individual or investment. Nothing in this podcast constitutes accounting, legal, tax, financial or other professional advice. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the podcast participants may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. Please seek independent advice from a financial professional about your investment needs.
Understanding the World of Angel Investing with Matt Dunbar (00:33:49)
Episode 004: Angel investing offers a compelling alternative investment strategy for financial advisors and their clients. It presents a unique opportunity for investors to support early-stage ventures, drive job growth, and significantly impact their local economies. However, this asset class requires careful due diligence, investor education, and a well-structured operational model. By partnering with established angel networks, advisors can provide their clients access to a curated pipeline of potential investments and the expertise needed to navigate this market.
In this episode of the Alternative Universe, Steve talks with Matt Dunbar, Co-Founder & Managing Director of VentureSouth. They discuss the world of angel investing and the importance of due diligence in this asset class. Matt shares how VentureSouth operates, source deal flow, and the diligence process they use to evaluate investment opportunities. Matt also highlights the value of investor education and the importance of diversification in building a successful portfolio in early-stage investing.
Join us as we discuss:
[01:37] - Matt's background and how he got into the venture markets.
[07:33] - The founding of the Upstate Carolina Angel Network (UCAN).
[09:20] - UCAN is the predecessor of VentureSouth.
[10:27] - The challenge of finding capital for startups.
[12:03] - The idea of aggregating capital and expanding the network.
[13:27] - Definition of an angel investor.
[15:02] - Regulatory requirements for selling securities to investors.
[20:23] - How VentureSouth handles due diligence with its network.
[25:01] - Types of vehicles and operational structure of VentureSouth.
[28:01] - Matt's three key takeaways.
Key Takeaways
Angel investing requires time and effort to source deals and conduct thorough due diligence.
Early-stage investing is risky, but diligent research can help eliminate obvious failures.
Investor education is crucial for understanding early-stage investing and making informed investment decisions.
VentureSouth leverages its network of investors to evaluate and select the most promising opportunities.
The goal of VentureSouth is to make money, have fun, and do good by supporting startups and creating jobs.
Quotes
"Our tagline and mission statement is: make money, have fun, and do good. We're really committed to all three of those things as part of our process." ~ Matt Dunbar
"If you really want to get exposure to the early-stage asset class in a non-traditional way that's not just a passive large venture fund investment, you have to be aware of the time and effort it takes to not only source the deals but really do your homework and understand how to approach the diligence." ~ Matt Dunbar
"There's a richness in sharing wisdom and learning with entrepreneurs trying to create new business and helping them navigate the untold litany of challenges that come up for startups." ~ Matt Dunbar
Links
Matt Dunbar on LinkedIn
VentureSouth
Clemson University
Eastman
Stanford University
Boston Consulting Group
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Disclosure
All content on this podcast is for informational purposes of a general nature only, and does not address any particular individual or investment. Nothing in this podcast constitutes accounting, legal, tax, financial or other professional advice. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the podcast participants may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. Please seek independent advice from a financial professional about your investment needs.
Navigating Alternative Investments as a Strategy for Growth with Victoria Bills (00:46:42)
Episode 003: In this episode of Alternative Universe, we bring you a webinar featuring Steve Zuschin, Jud Mackrill, and Victoria Bills. Victoria is the Chief Investment Strategist at Banrion Capital Management, and Jud is Co-Founder at Milemarker and General Partner at Mammoth. Together, they dive into the world of alternative investments for business growth and retirement strategies. They also discuss the complexities of incorporating alternative investments into business strategies, positioning them for clients, and overcoming challenges. They touch on the importance of building a positive client experience and tailoring investment strategies for retired clients.
Join us as we discuss:
[01:22] - Intro to Victoria Bills and Steve Zuschin.
[05:10] - How do advisors know if alternative investments are right for their clients?
[10:50] - How should advisors be positioning alternative investments to their clients?
[14:55] - What’s the biggest challenge most advisors face in starting to use alternatives?
[21:08] - Best structure for sub docs process?
[24:41] - What factors are considered in building alts allocation?
[26:29] - How do advisors build client experience?
[30:38] - What are advisors doing to satisfy due diligence when they don’t claim to be experts in underwriting one fund from the next?
[33:02] - Why should financial advisors advocate for allocating a specific percentage of a HNW client’s portfolio to hedge funds, given their potential to mitigate risk and generate alpha in volatile markets?
[34:14] - In what ways can financial advisors tailor alternative investment strategies to align with the income generation goals of retired clients with a moderate risk tolerance?
[35:13] - How can financial advisors tactically implement private equity and real estate investments to enhance diversification within a client’s portfolio?
[36:20] - How do you evaluate the solidarity of an alt fund?
[37:55] - Any warnings on alt environment, specifically private equity or opportunity zones due to interest rates?
[39:34] - What is Mammoth Technology’s business model?
[42:02] - How does Mammoth’s platform integrate with other platforms an advisor is already using?
[43:32] - Can you white-label Mammoth’s platform?
[43:39] - Does Mammoth’s platform include fund listings and descriptions, subscription process, and fund reporting?
[43:56] - Is Mammoth’s platform just for advisors or L.P.’s as well?
Quotes
“We don’t get paid to put products on our platform. We don’t get paid if you invest. We get paid for the fact that we continue to work as an advocate for the funds that are on our platform, but most importantly, keeping the financial advisor in mind.” ~ Victoria Bills
“Ultimately, that's why Mammoth exists, is to try and reduce some of those challenges and to make alternatives easier for you to approach, but also easier for you to provide excellent service to your clients when they do allocate to these different types of products on the private market." ~ Steve Zuschin
Links
Victoria on LinkedIn
Jud on LinkedIn
Banrion Capital Management
Mammoth Technology
Milemarker
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Disclosure
All content on this podcast is for informational purposes of a general nature only, and does not address any particular individual or investment. Nothing in this podcast constitutes accounting, legal, tax, financial or other professional advice. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the podcast participants may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. Please seek independent advice from a financial professional about your investment needs.
Sustainable Growth, Innovation, and Founder Resilience with Mark Phillips (00:37:19)
Episode 002: In this episode, Steve talks with Mark Phillips, Founder and Managing Partner of 11 Tribes Ventures, about his unconventional journey into venture capital, including a failed entrepreneurial venture, which changed his perspective on entrepreneurship and led him to venture capital.
Mark talks about the importance of entrepreneurship for societal impact, the concept of "completing capitalism," and the overlooked significance of founder resilience. Mark also discusses the future of venture capital, emphasizing sustainable growth, reasonable exits, and lower volatility. Lastly, Steve and Mark underline the potential of impact investing and the crucial role of purpose in business.
Join us, as we discuss:
(00:35] - Building an alternative investment fund.
[11:11] - Entrepreneurship's role in optimizing capitalism.
[16:01] - Founder resilience in venture capital.
[25:04] - Reimagining venture capital for sustainable growth.
[31:54] - Information overload in a noisy market.
Key Takeaways
Separating your identity from your business is crucial, especially during the failures, as it provides valuable insights for future ventures.
Don’t just measure business outcomes, but also the impact on society and the community. Businesses have the power to create meaningful societal change.
Founder resilience is critical. There is a direct correlation between founder well-being and business success.
Focusing on sustainable growth, reasonable exits, and lower volatility can redefine the venture capital landscape.
It’s easy to live in a state of information overload. Mindfully consuming information can dramatically affect well-being and decision-making in the financial world.
Quotes
"It's so easy to let the pursuit of making money get in the way of the things that actually motivate us. We have to avoid that, and that's really where we as a fund feel like we have a responsibility to support entrepreneurs with that vision." ~ Mark Phillips
“Founders who have worked with coaches reported having 89% reduced stress, 91% increased business performance, 75% improved employee retention, and 89% improved quality of life." ~ Mark Phillips
"I am convinced that the only thing that has to grow faster than an organization is its founder." ~ Mark Phillips
"Work, and particularly entrepreneurship, is a calling. You do not quit your W2 high-paying job with cushy health insurance to go build a company that is only a business plan as it stands today if you don't feel called to that." ~ Mark Phillips
Links
Mark Phillips on LinkedIn
11 Tribes Ventures
Dr. Daniel Crosby
Charlie Munger
Warren Buffett
Founders Podcast
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Disclosure
All content on this podcast is for informational purposes of a general nature only, and does not address any particular individual or investment. Nothing in this podcast constitutes accounting, legal, tax, financial or other professional advice. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the podcast participants may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. Please seek independent advice from a financial professional about your investment needs.
Bridging the Technology Gap and Enhancing the Investor Experience with Jud Mackrill (00:34:44)
Episode 001: Wealth management plans can often seem disconnected, creating complexity for firms and confusion for clients. In this episode of Alternative Universe, Mammoth CRO Steve Zuschin and Milemarker Co-Founder Jud Mackrill talk about these complexities and how technology can be the bridge firms and clients need.
Having worked with Orion, Carson, and other asset managers, Jud discusses his entrepreneurial journey and his dedication to solving problems within the wealth management industry. He shares his views on how the investment process could be improved, focusing on streamlining the experience for both investors and advisors, emphasizing the necessity of maintaining a strong “why” amidst the “how”.
Steve and Jud also discuss how Mammoth helps to stitch everything together, providing a uniform experience for both the investor and the advisor.
Join us as we discuss:
[00:38] - Introducing Alternative Universe.
[03:02] - Jud’s background in wealth management and challenges in integrating technology.
[09:58] - Improving user experience in private markets.
[17:26] - Simplifying SPVs for venture investments.
[23:14] - The importance of being a bridge-builder in wealth management.
[26:56] - How technology can be the “connective tissue” for clients.
Key Takeaways
Alternative investments have transformative potential for clients.
Advisors should be empathetic and strive to introduce innovative solutions for onboarding and managing private investments.
The methods for handling private investments are outdated, and there is vast potential for technology to enhance the investor experience.
It’s critical to understand the role of SPVs in private investments, and the need for modernization and a user-friendly client experience for long-term LPs.
Be aware of the challenges financial advisors face in offering alternative investments to their clients and strive to understand the "why" behind these investments.
Aim to be a bridge-builder, and recognize how alternative investments can act as connectors for clients and aid them in achieving their goals.
Always prioritize what is best for clients, even if it requires additional work.
Quotes
“The right thing always is a little harder, I think. Our goal is to help you do the very best thing for your clients, at scale, in a way that it feels honestly delightful. I love that we are bridge-builders.” ~ Jud Mackrill
“I've always believed that an advisor is there for a really great reason and they should be knitting together the conversation. If they're truly a fiduciary, a super-trained expert working on behalf of the client, they should be there guiding them.” ~ Jud Mackrill
“How do we help advisors truly integrate all these alternative opportunities? The client is going to invest in them with or without their advisor, but the advisor as a fiduciary should be there to help make sure it's the best thing possible.” ~ Jud Mackrill
Links
Jud Mackrill on LinkedIn
Orion
TA Associates
Abacus
Hubble
The Boring Company
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Disclosure
All content on this podcast is for informational purposes of a general nature only, and does not address any particular individual or investment. Nothing in this podcast constitutes accounting, legal, tax, financial or other professional advice. The discussion on this podcast of any entity, product or service does not imply an endorsement thereof, and the podcast participants may have a financial interest, whether through investment or otherwise, in one or more of any such entities, products or services. Please seek independent advice from a financial professional about your investment needs.
