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In this episode of Wealth Management Invest, host David Bodamer speaks with Alicia Levine, chief investment officer at BNY Wealth, about the market forces influencing portfolio decisions. Alicia examines the strength of corporate earnings, why gains are extending beyond large cap technology companies, and how opportunities in small caps and international equities are contributing to a broader investment picture. For investors concerned about concentration risk, market volatility or the tax consequences of changing a portfolio, Alicia also explains how BNY Wealth approaches diversification. She discusses real assets, short-term fixed income and alternatives, along with current conditions in private credit, the due diligence behind newer investment products and ways tax-managed strategies can help investors make portfolio changes without losing sight of their capital gains budgets. Alicia discusses: How strong earnings across large caps and small caps, and fundamentals in international markets, are broadening equity opportunities How real assets, short-term fixed income and alternatives can add diversification to portfolios  Why newer private credit vintages and fund structures may differ from the direct lending opportunities of several years ago How three-year track records, manager research and operational reviews shape decisions on new investment products How tax-managed equities, fixed income and capital gains budgets can help investors manage taxable portfolio changes Connect With David Bodamer: [email protected]  Wealth Management LinkedIn: David Bodamer LinkedIn: Wealth Management Connect With Alicia Levine: LinkedIn: Alicia Levine LinkedIn: BNY Wealth Website: BNY Wealth Resources: Listen to the Wealth Management Invest Podcast on Wealth Management Listen and Subscribe to the Wealth Management Invest on Apple Podcasts Listen and Subscribe to the Wealth Management Invest on Spotify

David Bodamer speaks with Milissa Hutchinson, managing director and head of U.S. Wealth at Nomura Asset Management, about how financial advisors can approach diversification as they build portfolios for today’s evolving markets. Milissa shares Nomura’s perspective on diversification, explaining where the firm sees opportunities across emerging markets, small caps and innovation, including artificial intelligence-related growth beyond the largest U.S. technology companies. Milissa also explores the income opportunities available across fixed income, including high-yield and municipal bonds, and explains where active management may play a role as markets broaden. In addition, she addresses recent concerns surrounding private credit, the importance of understanding liquidity and investment vehicles, and why viewing private credit within the context of a diversified portfolio can help advisors and investors better assess its role alongside public equities and fixed income. Milissa discusses: How diversification can support portfolio resilience while maintaining exposure to potential growth opportunities Where emerging markets may offer exposure to AI growth through areas such as high-bandwidth memory and technology Why small caps, quality growth, value and innovation can serve different roles within diversified equity portfolios How current yields in high-yield and municipal bonds may offer income opportunities within investor portfolios How financial advisors can evaluate private credit while considering diversification, liquidity and its role within the broader portfolio Connect With David Bodamer: [email protected]  Wealth Management LinkedIn: David Bodamer LinkedIn: Wealth Management Connect With Milissa Hutchinson: LinkedIn: Milissa Hutchinson LinkedIn: Nomura Asset Management Website: Nomura Asset Management Resources: Listen to the Wealth Management Invest Podcast on Wealth Management Listen and Subscribe to the Wealth Management Invest on Apple Podcasts Listen and Subscribe to the Wealth Management Invest on Spotify

In this episode of Wealth Management Invest, host David Bodamer speaks with Karl Desmond, senior client portfolio manager at Invesco, about how financial advisors are using model portfolios. Karl breaks down trends with both  pre-built and custom model portfolios, including how advisors can maintain input on asset allocation, manager selection, and existing holdings while delegating more of the portfolio construction process. Karl also discusses tax-aware transitions and implementation challenges associated with less-liquid strategies when incorporating them into model portfolios. In addition, he explores the rise of multi-manager portfolios, the role of wealth technology in trading and tax management and how a more consistent investment process can help advisors spend more time with clients while preparing their firms for future growth, advisor transitions and eventual succession. Karl discusses: How model portfolios create capacity for client service, planning, prospecting and other advisor priorities How advisors can preserve their investment philosophy while outsourcing portfolio construction and manager research Why tax-aware transitions may preserve appreciated holdings while reducing disruption for existing clients How liquid and private alternatives introduce education, liquidity, rebalancing and implementation concerns How streamlined portfolio processes can support practice efficiency, advisor transitions and firm succession Connect With David Bodamer: [email protected]  Wealth Management LinkedIn: David Bodamer LinkedIn: Wealth Management Connect With Karl Desmond: LinkedIn: Karl Desmond LinkedIn: Invesco Website: Invesco Resources: Listen to the Wealth Management Invest Podcast on Wealth Management Listen and Subscribe to the Wealth Management Invest on Apple Podcasts Listen and Subscribe to the Wealth Management Invest on Spotify

In this episode of Wealth Management Invest, David Bodamer speaks with Brian Moriarty, principal on Morningstar’s Manager Research Team, about the latest trends shaping the semiliquid fund market. Brian shares insights from Morningstar’s latest research, explaining why investor flows are shifting away from private credit toward private equity and venture capital, while exploring how changing market conditions may affect future return expectations. Brian also explains how leverage, redemption limits and portfolio liquidity influence the performance of semiliquid funds. In addition, he discusses the role of cash management, portfolio overlap across private credit strategies, evolving fee disclosures and Morningstar’s approach to evaluating these investments through its Medalist Ratings, giving investors a clearer framework for comparing semiliquid funds with public market alternatives. Brian discusses: Why investor flows are shifting from private credit toward private equity and venture capital funds How leverage, redemption limits and valuation practices influence returns in semiliquid fund structures The role of portfolio liquidity, cash retention and loan maturities in managing investor redemptions How fee structures and incentive fee disclosures can affect comparisons across investment products What Morningstar’s Medalist Ratings reveal about evaluating semiliquid funds versus public market investments Connect With David Bodamer: [email protected]  Wealth Management LinkedIn: David Bodamer LinkedIn: Wealth Management Connect With Brian Moriarty: LinkedIn: Brian Moriarty LinkedIn: Morningstar Website: Morningstar Resources: Listen to the Wealth Management Invest Podcast on Wealth Management Listen and Subscribe to the Wealth Management Invest on Apple Podcasts Listen and Subscribe to the Wealth Management Invest on Spotify Morningstar: The State of Semiliquid Funds 2026 Report

In this episode of Wealth Management Invest, David Bodamer speaks with Matt Kaufman, global head of ETFs at Calamos Investments, about the rise of autocallable ETFs. Matt explains how these strategies originated in the structured note market and discusses how the ETF wrapper is helping make them more accessible through features such as diversification, liquidity, transparency and operational efficiency. Matt also breaks down the mechanics of autocallable income strategies, including coupon barriers, principal protection thresholds and laddered portfolio construction. In addition, he shares insights into Calamos’ income-focused and growth-focused offerings, explores the differences between autocallable ETFs and covered call ETFs, and discusses the role of tax-efficient distributions, memory features and long-term portfolio applications for both income and growth-oriented investors. Matt discusses: How autocallable yield notes work and why they’ve become widely used for equity-linked income strategies Why Calamos launched autocallable ETFs and how laddering seeks to improve diversification benefits Differences between covered call approaches and autocallable income structures for investors The tax treatment, liquidity features and operational efficiencies offered through the ETF wrapper Connect With David Bodamer: [email protected]  Wealth Management LinkedIn: David Bodamer LinkedIn: Wealth Management Connect With Matt Kaufman: LinkedIn: Matt Kaufman LinkedIn: Calamos Investments Website: Calamos Investments Resources: Listen to the Wealth Management Invest Podcast on Wealth Management Listen and Subscribe to the Wealth Management Invest on Apple Podcasts Listen and Subscribe to the Wealth Management Invest on Spotify

In this episode of the Wealth Management Invest podcast, host David Bodamer speaks with Mark Sutterlin, head of alternative investments at Bank of America Merrill Lynch, about the increasing role of private markets within client portfolios. Mark outlines how demand for alternative investments is evolving, particularly among ultra-high-net-worth investors, and explains how firms are expanding access through new platform offerings and structures. Mark also explores the role of evergreen funds in making private markets more accessible, while emphasizing the importance of long-term thinking, diversification, and consistent allocation. In addition, he shares perspectives on how technology is improving the investment experience, along with key themes shaping opportunities across areas such as artificial intelligence, infrastructure, and hedge strategies. Key takeaways: Why ultra-high-net-worth investors are increasing allocations to private markets for diversification How evergreen funds help simplify access but still require long-term discipline from investors The role of advisor education in helping clients understand illiquidity and portfolio fit How technology is improving reporting, execution and the overall investor experience Key investment themes including AI, infrastructure growth and renewed interest in hedge strategies Connect With David Bodamer: [email protected]  Wealth Management LinkedIn: David Bodamer LinkedIn: Wealth Management Connect With Mark Sutterlin: LinkedIn: Mark Sutterlin LinkedIn: Bank of America Merrill Lynch LinkedIn: Bank of America Business Website: Bank of America Business Resources: Listen to the Wealth Management Invest Podcast on Wealth Management Listen and Subscribe to the Wealth Management Invest on Apple Podcasts Listen and Subscribe to the Wealth Management Invest on Spotify

In this episode of the Wealth Management Invest podcast, host David Bodamer sits down with Chris Acito, CEO and founder of Gapstow Capital Partners, to examine the growing attention around private credit and the forces shaping its current outlook. Chris explains how the expansion of retail investor access has changed the structure of the market, particularly through interval funds and non-traded BDCs, and why recent redemption activity is bringing renewed focus to liquidity design. Chris also breaks down the distinction between liquidity concerns and underlying credit quality, offering context around default expectations and sector-specific pressures such as recent volatility in software lending. In addition, he discusses the valuation gap between listed and non-listed vehicles, what it may signal about investor sentiment, and the key indicators advisors should monitor as the market adjusts over the coming quarters. Key takeaways: How private credit funds are structured and why redemption limits are built into the system for stability The shift from institutional to retail capital and how it has reshaped liquidity dynamics in credit markets Why redemption pressure may not signal panic, but rather a test of fund design and investor expectations Differences between listed and non-listed BDCs and what pricing gaps may reveal about market sentiment Key indicators to watch, including credit performance, fund flows and valuation trends across vehicles Connect With David Bodamer: [email protected]  Wealth Management LinkedIn: David Bodamer LinkedIn: Wealth Management Connect With Chris Acito: LinkedIn: Chris Acito LinkedIn: Gapstow Capital Partners Website: Gapstow Capital Partners Resources: Listen to the Wealth Management Invest Podcast on Wealth Management Listen and Subscribe to the Wealth Management Invest on Apple Podcasts Listen and Subscribe to the Wealth Management Invest on Spotify

David Bodamer speaks with Cheryl Nash, President of APL at InvestCloud, about how wealth technology is evolving to support the next phase of managed accounts. Cheryl explains how platforms are moving beyond traditional investment strategies to focus on personalization, tax awareness, and the integration of private markets into scalable portfolio solutions. Cheryl also outlines how firms are working to bring private assets into the same framework as public investments, including the operational challenges of trading, rebalancing, and automation across large numbers of accounts. In addition, Cheryl explores how artificial intelligence is being applied to streamline workflows, improve data accuracy, and enhance advisor efficiency, while emphasizing the growing importance of scalability as firms expand and client expectations continue to rise. Key takeaways: How platforms now rebalance thousands of accounts while supporting tax overlays and multi-asset portfolios Why private markets are moving into managed accounts and the infrastructure required to support them How personalization has shifted from a premium offering to a standard expectation across client portfolios The role of AI in improving workflows, data reconciliation, and advisor decision-making efficiency Why scalability and integrated systems are critical as firms grow through M&A and increasing client demand Connect With David Bodamer: [email protected]  Wealth Management LinkedIn: David Bodamer LinkedIn: Wealth Management Connect With Cheryl Nash: LinkedIn: Cheryl Nash LinkedIn: InvestCloud Website: InvestCloud [email protected]  Resources: Listen to the Wealth Management Invest Podcast on Wealth Management Listen and Subscribe to the Wealth Management Invest on Apple Podcasts Listen and Subscribe to the Wealth Management Invest on Spotify

In this episode of the Wealth Management Invest podcast, host David Bodamer sits down with Dan Noonan, executive vice president at Cohen & Steers, to discuss how real assets are being incorporated into portfolios across the wealth management channel. Dan shares how sectors such as real estate, infrastructure, commodities and natural resource equities can contribute to diversification and income, and explains how advisors are approaching these asset classes as market conditions evolve. Dan also breaks down the differences between listed and private real estate investments, including how liquidity, income and volatility profiles compare. In addition, Dan discusses the growing adoption of active ETFs within specialized sectors and highlights opportunities emerging in areas like necessity retail properties and next-generation real estate categories such as data centers and cell towers. Key takeaways: Renewed advisor interest in real assets as diversification and inflation mitigation tools Key differences between listed and private real estate and how each fits into portfolio construction  The expanding role of active ETFs in specialized asset classes such as real estate and infrastructure How next-generation real estate sectors like data centers and cell towers are shaping the market Connect With David Bodamer: [email protected]  Wealth Management LinkedIn: David Bodamer LinkedIn: Wealth Management Connect With Dan Noonan: LinkedIn: Dan Noonan LinkedIn: Cohen & Steers Website: Cohen & Steers Resources: Listen to the Wealth Management Invest Podcast on Wealth Management Listen and Subscribe to the Wealth Management Invest on Apple Podcasts Listen and Subscribe to the Wealth Management Invest on Spotify

In this episode of the Wealth  Management Invest Podcast, host David Bodamer sits down with Kimberly Flynn, president of XA Investments, to discuss how interval and tender offer funds are reshaping access to private markets for financial advisors. Kimberly explains how private credit, private equity and other alternative strategies are being packaged for the wealth channel, and what advisors should understand about their fund structures, platform requirements and track records. She also shares insights from XA Investments’ research on advisor adoption, public/private partnerships and the growing role private markets may play in portfolio construction over time. Key takeaways: Growth in interval and tender offer funds and what it signals about advisor demand for private market exposure Differences in adoption across RIAs, wirehouses and IBDs How track record requirements and platform standards shape fund availability The role of partnerships, indices and research in helping advisors evaluate options Connect With David Bodamer: [email protected]  Wealth Management LinkedIn: David Bodamer LinkedIn: Wealth Management Connect With Kimberly Flynn: LinkedIn: Kimberly Flynn Website: XA Investments Resources: Listen to the Wealth Management Invest Podcast on Wealth Management Listen and Subscribe to the Wealth Management Invest on Apple Podcasts Listen and Subscribe to the Wealth Management Invest on Spotify

In this episode of the Wealth Management Invest podcast, host David Bodamer speaks with Dave Donahoo, head of Americas, Wealth Management Alternatives at Franklin Templeton, about how private equity, private credit and real estate are increasingly shaping portfolio construction within the wealth channel. Dave shares how Franklin Templeton approaches private markets, evaluates semi-liquid fund structures … Read More Read More

In this episode of Wealth Management Invest, host David Bodamer sits down with Anya Coverman, president and CEO of the Institute for Portfolio Alternatives, to open 2026 with a discussion on key regulatory and policy developments affecting private markets, including ERISA modernization, 401(k) access, accredited investor definitions and the impact of state-level regulation. Anya outlines … Read More Read More

In this episode of Wealth Management Invest, host David Bodamer speaks with Daniel M. Milligan, vice president of separately managed accounts at Columbia Threadneedle Investments, to examine how advisors are using SMAs and direct indexing when building client portfolios. Daniel outlines how technology has increased access to SMAs, why tax-aware personalization is gaining traction, and … Read More Read More

In this episode of Wealth Management Invest, host David Bodamer speaks with two AllianceBernstein executives: Onur Erzan, head of Global Client Group and Private Wealth, and Noel Archard, CFA, global head of ETFs and Portfolio Solutions. The duo shares insights on the growth of AllianceBernstein’s active ETF platform, the increasing integration of private markets into … Read More Read More

In this episode of Wealth Management Invest, host David Bodamer speaks with Todd Schlanger, CFA, senior investment strategist for multi-asset investing at Vanguard, to explore how advisors can approach portfolio construction in today’s market.  Todd shares why the 60/40 portfolio still plays a crucial role, the rise of dynamic and active-passive strategies, and the increasing … Read More Read More