Wednesday, October 7, 2020, 2:00pm – 4:00pm (Session 1)
Personal Indexing Gone Retail
Personal or direct indexing is not a new concept. Separate account managers and institutions have been offering personal index portfolios for decades, particularly to higher-net-worth clients with significant portfolio customization needs and sufficient assets to fully implement a direct index portfolio with acceptable levels of tracking error. However, recently, a number of industry moves indicate that direct indexing may be poised to “go retail”. Several major retail brokerage platforms have launched fractional shares platforms, Schwab acquired the technology and intellectual property of Motif, and Goldman Sachs purchased Folio Financial, known for its fractional share and direct indexing capabilities. This session takes a hard look at the value propositions, risks, and challenges associated with direct-indexed portfolios and the considerations and constraints that wealth management firms must deal with in developing direct index products and strategies.
Randy Bullard, Global Head of Wealth, Charles River Development
Omar Aguilar, Senior Vice President, Chief Investment Officer, Passive Equity and Multi-Asset Strategies, Charles Schwab Investment Management
Brian Langstraat, Chief Executive Officer, Parametric
Semi-Transparent ETFs: Is It Time?
In the past year, new forms of semi-transparent ETFs have debuted, and there is a renewed push by investment managers to utilize these structures to offer both new and existing products under a different wrapper. This session focuses on what makes the latest semi-transparent ETF structures different from previous versions, their potential benefits relative to past structures and traditional mutual funds, and where they may fit on the product shelf compared to the same strategies in other wrappers.
Daniil Shapiro, Associate Director, Product Development, Cerulli Associates
Cleo Chang, Senior Vice President, Head of Investment Solutions, American Century Investments
Anna Paglia, Global Head of ETFs and Indexed Strategies, Invesco
Stuart Thomas, Founding Principal, Precidian Investments
Wednesday, October 14, 2020, 11:00am – 1:00pm (Session 2)
Asset Allocations Everywhere
The last several years have seen an explosion in the development of asset allocation models across firms, channels, and types of programs – with one recent estimate that there is now $3 trillion invested in these types of portfolios. “Model marketplaces” have proliferated for use by financial advisors in Rep-as-PM programs, asset managers and home offices have developed asset allocation SMAs to streamline SMA delivery and reduce risk, and digital/robo programs are directing clients into asset allocation programs. This session looks at the various types of asset allocation models, their benefits, and why more advisors aren’t using them. It will also provide case studies of successful asset allocation programs and the features that can increase advisor and client adoption.
Brendan Powers, Associate Director, Product Development, Cerulli Associates
Brooks Friederich, Director of Research Strategy, Envestnet | PMC
Ryan O'Connor, Head of Models, Goldman Sachs
Kris Spazafumo, Vice President, Senior Manager, Wealth Management Group, Capital Group
Improving Rep-as-PM Outcomes
Assets in rep-as-PM programs have continued to grow relative to other fee-based programs despite home office efforts to have financial advisors move to more fully managed solutions. The broad industry perception is that rep-as-PM assets create risk and focus advisor energy and resources on lower-value trading and portfolio management functions rather than higher-value growth and client service activities. However, technology is lessening the time required to service and operate rep-as-PM assets while also improving controls and oversight for home office organizations. This session takes a deep dive into the rep-as-PM operating model,
the benefits and drawbacks compared to other managed account offerings, and emerging technologies and best practices to improve operations and reduce risk.
Tom Murphy, Senior Vice President, Advisory Platforms | Investor & Investment Solutions, LPL Financial
James Anderson, Partner, Asset Management Group, Willkie Farr & Gallagher LLP
Paul Gamble, Chief Executive Officer, 55ip
Peter Malafronte, Managing Director, Investment Solutions Group, Merrill Lynch
Clifford Schoeman, Head, Investment Solutions & Portfolio Services, Jemstep by Invesco