Transforming Wealth Management Through Alternatives

Episode 066: On this week’s episode of The Connected Advisor, I talk with Dick Pfister, CEO and Founder of AlphaCore Wealth Advisory.

Traditional wealth management often focuses on stocks and bonds, potentially leaving investors vulnerable during market downturns. AlphaCore believes there's a better way. By marrying alternative investments and traditional asset classes, advisors can bridge the gap between traditional wealth planning and the world of alternatives. Breaking down barriers to alternative investments allows investors to diversify and build more resilient portfolios, enhance returns, and mitigate risks.

In this episode, we discuss alternative investments and how AlphaCore democratizes access to these strategies. Dick also covers the categories of alternative investments, the role of education in driving accessibility and adoption, upcoming trends in wealth management, and the importance of technology and artificial intelligence in the development of the industry.

Key Takeaways

• AlphaCore aims to democratize access to alternative investments to enable retail investors to build diversified and more resilient portfolios.

• Alternative investment adoption in retail wealth management is still in the early stages. Education for both advisors and clients is crucial for broader acceptance.

• The future of wealth management will likely see alternative investment become mainstream, and artificial intelligence will play a crucial role in their adoption.

Quotes

[09:34] - "Coming from the world of alternative strategies, I thought you should have stocks and bonds. But you should have this other instrument called alternatives. Let's make that the third leg of the stool, and that will give you the diversification needed to make it not only in bull markets but in bear markets when you don't have those opportunities in equities." ~ Dick Pfister

[14:33] - "The number one value is, 'do what's right for the client.' And when you do what's right for the client, even if it's more expensive for you as a wealth advisor, more difficult, or operationally inefficient, you're going to get good organic growth because you're putting their interests first." ~ Dick Pfister

[27:57] - "You have to make sure you're embracing artificial intelligence in a way you can utilize to help scale and be more efficient. That's going to become more and more a part of what we do. Not to replace but to enhance what we do." ~ Dick Pfister

Links 

• Dick Pfister on LinkedIn

• AlphaCore Wealth Advisory

• CME Group

• Morgan Stanley

• Altegris

• iCapital

• CAIS

• Docusign

• CAIA Association

• The Obstacle Is the Way

Connect with our hosts

• Milemarker.co

• Kyle on LinkedIn

• Jud on LinkedIn

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Kyle Van Pelt