Episodes

  • Why Taxes Could Be Your Last Great Differentiator, And What to Do About It

    Why Taxes Could Be Your Last Great Differentiator, And What to Do About It
    Apr 15 2026
    In this episode of Advisor Wars, sponsored by Obsidian CIO, hosts Bob Huebscher (founder of Advisor Perspectives) and Joe Halpern (Managing Partner and CIO of Obsidian CIO) kick off a new series on the role of tax planning in the advisory profession.

    Advisors will discover why mastering tax portfolio management may be the single most powerful way for RIAs to separate themselves from commodity advisors.

    Tax is one of the two largest lifetime expenses for most clients right alongside housing. Yet many advisors still treat it as an afterthought.

    In this episode, Bob and Joe explore why that can no longer be the case, what's changed in the advisory landscape over the last three to five years, and how the convergence of new products and better technology is raising the bar for what clients should expect.

    Key takeaways for advisors:
    • Tax is not optional: It's one of your client's top two lifetime expenses, treat it that way
    • Tax harvesting is table stakes: If you're not offering it, clients should be asking why
    • Premium strategies exist: Long/short tax extensions, exchange funds, and direct indexing go well beyond checkbox harvesting
    • Start with the basics: Maximizing 401(k) matches, 529s, and HSAs can make a bigger difference than any sophisticated product
    • Think in after-tax, after-fee returns: Gross performance is a distraction — net is what matters to clients
    • Technology is the great enabler: Advisors who build or partner with the right tech stack will be able to customize at scale in ways that were impossible just a few years ago
    • An OCIO can do what internal teams often can't: Deep focus on portfolio-level tax integration, freeing advisors to do what they do best, build client relationships

    The advisors who thrive in the next decade won't just manage portfolios. They'll manage tax outcomes. This episode tells you where to start.

    Subscribe to Advisor Wars on YouTube, Apple Podcasts, and Spotify to catch every episode in this series on tax planning, including upcoming episodes on operational playbooks, client conversations, and building repeatable tax-aware processes.

    To learn more about Obsidian CIO or connect with Joe Halpern, go to www.obsidiancio.com or download their White Paper, How to Scale Your RIA to $1 Billion and Beyond.

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    IMPORTANT DISCLOSURE: Obsidian CIO LLC sponsors the podcast to further education and critical thinking about the factors that affect markets and investing. The podcast does not provide investment advice. Investment advice is offered only to clients of Obsidian CIO who have entered into an advisory agreement and with whom Obsidian CIO has identified individual objectives, risk tolerance, and other investment needs.
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    27 mins
  • How AI Will Transform Work, Longevity, and Wealth Management

    How AI Will Transform Work, Longevity, and Wealth Management
    Mar 25 2026
    In this special episode of Advisor Wars sponsored by Obsidian CIO, hosts Bob Huebscher (founder of Advisor Perspectives) and Joe Halpern (Managing Partner and CIO of Obsidian CIO) sit down with one of the foremost experts in artificial intelligence, Dr. Alex Wissner-Gross, to explore what AI means for the future of wealth management and the financial advisory profession.

    Alex is a director or advisor to multiple AI companies, author of the daily AI newsletter The Innermost Loop, and co-host of the Moonshots podcast with Peter Diamandis. He is also co-author of the forthcoming book Solve Everything.

    Over 45 minutes, he delivers a sweeping and often surprising perspective on where AI is taking our economy and specifically what it means for advisors, RIA owners, and their clients.

    Whether you are deeply immersed in AI tools today or just beginning to explore what the technology means for your practice, this episode delivers critical context and practical implications that every financial professional needs to understand.

    Key takeaways for advisors:
    • Lean into AI now: Advisors who wait will fall behind
    • Automate your own workflows: Full automation could be one to two years away
    • Rethink your value proposition: Relationship management and holistic planning are the most durable advisory functions
    • Clients live longer: Prepare clients for a dramatically longer planning horizon as longevity science accelerates
    • Outsourcing: Outsourcing investment management (via an OCIO like Obsidian CIO) frees advisors to focus with confidence on their core value proposition.

    The future of the profession will not look like the present, the advisors who thrive will be those who adopt and use AI.

    Follow Alex’s work by subscribing to The Innermost Loop, or the Moonshots podcast with Peter Diamandis.

    Listeners can download the white paper by Obsidian CIO, How to Scale Your RIA to $1 Billion and Beyond.

    Subscribe to Advisor Wars on YouTube, Apple Podcasts, and Spotify to ensure you never miss an episode.

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    IMPORTANT DISCLOSURE: Obsidian CIO LLC sponsors the podcast to further education and critical thinking about the factors that affect markets and investing, and the podcast does not provide investment advice. Investment advice is only offered to clients of Obsidian CIO who have entered into an advisory agreement and with whom Obsidian CIO has identified individual objectives, risk tolerance, and other investment needs.
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    48 mins
  • Alternative Investments Are Not Optional: Scott Welch on Going All-In on Alts

    Alternative Investments Are Not Optional: Scott Welch on Going All-In on Alts
    Mar 10 2026
    In this episode sponsored by Obsidian CIO, hosts Bob Huebscher (founder of Advisor Perspectives) and Joe Halpern (Managing Partner and CIO of Obsidian CIO) go inside a leading multifamily office to show what a fully committed alternatives practice actually looks like in action.

    Joined by special guest Scott Welch, CIO and Partner at Certuity, a $4 billion multifamily office serving ultra-high-net-worth families across the country, this episode delivers an unfiltered look at how a seasoned investment professional sources, vets, sizes, and integrates alternative investments into real client portfolios.

    Scott’s bottom line for advisors considering alternatives: go all-in, or don’t go at all.

    • Understand the Modified Endowment Model — Learn how Certuity adapts institutional investing principles for individual families, balancing global diversification, tax efficiency, and liquidity needs.

    • Define Your Alternatives Framework — Why Scott draws a sharp distinction between alternatives (hedge funds and diversifying strategies) and private markets (private equity and private credit) and why that distinction shapes every allocation decision.

    • Source and Vet Managers Like an Institutional Investor — Certuity applies a rigorous four-P framework (People, Philosophy, Process, Performance), why it favors deep relationships with fewer managers, and how Alt+ makes institutional minimums accessible to individual clients.

    • Size Alternatives to Move the Needle — Understand why a 20–25% allocation is the threshold that actually impacts portfolio performance and how to balance that against each client’s liquidity threshold and cash flow needs.

    • Build the Operational Infrastructure — Learn how Certuity handles capital calls, performance reporting, and consolidated K-1s at scale and where AI is beginning to streamline the process.

    Listeners can download the white paper by Obsidian CIO, How to Scale Your RIA to $1 Billion and Beyond.

    Subscribe to Advisor Wars on YouTube, Apple Podcasts, and Spotify to ensure you never miss an episode.

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    IMPORTANT DISCLOSURE: Obsidian CIO LLC sponsors the podcast to further education and critical thinking about the factors that affect markets and investing, and the podcast does not provide investment advice. Investment advice is only offered to clients of Obsidian CIO who have entered into an advisory agreement and with whom Obsidian CIO has identified individual objectives, risk tolerance, and other investment needs.
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    31 mins
  • What is Behind the Alt Craze and Why Are Advisors Behind?

    What is Behind the Alt Craze and Why Are Advisors Behind?
    Feb 26 2026
    In this episode sponsored by Obsidian CIO, hosts Bob Huebscher (founder of Advisor Perspectives) and Joe Halpern (Managing Partner and CIO of Obsidian CIO) investigate the forces driving the "alt craze" and why advisors are lagging behind the industry momentum.

    Joined by special guest Kendrick Wakeman, a 30-year industry veteran and CEO of WealthTech Strategy Partners, this episode unpacks the massive shift of alternative investments downstream into wealth management—and reveals the substantial gaps that still need to be filled before alternatives truly become mainstream for advisors and their clients.

    The conversation explores the technological, educational, and operational barriers preventing advisors from fully capitalizing on alternatives, from subscription processes that desperately need automation to the critical lack of due diligence frameworks and advisor education.

    Whether you're exploring alternatives for the first time or struggling with implementation, this episode delivers the strategic insights needed to understand where the industry is headed and what still needs to happen including:

    Understand the "Alts2Wealth" Movement - Learn what's really driving the democratization of alternatives and why institutional capital is pushing downstream.

    Identify the Critical Infrastructure Gaps - Discover the three key processes: onboarding, subscription, and post-trade management, that must be scaled for alternatives to reach mass adoption.

    Recognize the Role of TAMPs and OCIOs - Understand why outsourced platforms are positioned to become the biggest beneficiaries of the alts craze.

    Address the Education Deficit - Learn why advisor education remains the single largest human constraint holding back adoption.

    Evaluate Due Diligence Challenges - Understand why alternatives lack the standardized data and ratings that exist for public investments—and what needs to change.

    Anticipate the Next 5 Years - Get Kendrick's prediction for when the market will be fully deployed and what success looks like when "Alts2Wealth" simply becomes "wealth."

    Kendrick Wakeman and WealthTech Strategy Partners’ new White Paper is available here, What Really Needs to Happen for Alts2Wealth to Become Mainstream.

    Listeners can download the new White Paper by Obsidian CIO, How to Scale Your RIA to $1 Billion and Beyond.

    Subscribe to Advisor Wars on YouTube, Apple Podcasts, and Spotify to ensure you never miss an episode.

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    IMPORTANT DISCLOSURE: Obsidian CIO LLC sponsors the podcast to further education and critical thinking about the factors that affect markets and investing, and the podcast does not provide investment advice. Investment advice is only offered to clients of Obsidian CIO who have entered into an advisory agreement and with whom Obsidian CIO has identified individual objectives, risk tolerance, and other investment needs.
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    29 mins
  • The Five Requirements for Using Alternatives Appropriately

    The Five Requirements for Using Alternatives Appropriately
    Feb 12 2026
    In this episode of Advisor Wars, sponsored by Obsidian CIO, hosts Bob Huebscher (founder of Advisor Perspectives) and Joe Halpern (Managing Partner and CIO of Obsidian CIO) provide a comprehensive framework for financial advisors seeking to incorporate alternative investments into client portfolios with confidence and competence.

    This episode moves beyond theoretical benefits to deliver practical, actionable guidance on the five critical requirements for safely and effectively allocating alternatives. The conversation explores everything from client suitability and portfolio sizing to due diligence frameworks, operational workflows, and client communication strategies that build trust while managing expectations.

    Whether you are just beginning to explore alternatives or looking to refine your existing approach, this episode provides the strategic blueprint needed to implement a successful alternatives program that serves your clients' best interests including:

    Master Client Suitability - learn how to assess whether alternatives are appropriate for specific clients.

    Understand Portfolio Exposure - Discover how to analyze existing client exposures and identify diversification opportunities.

    Build a Robust Due Diligence Framework - Gain insights into conducting thorough investment analysis.

    Navigate Operational Complexity - Understand the subscription process, ongoing reporting requirements, tax documentation challenges, and the critical importance of platforms like iCapital and CAIS.

    Determine Appropriate Sizing - Learn practical guidelines for allocation sizing based on client circumstances.

    Navigate Client Communication - Develop effective strategies for explaining illiquidity risks and setting realistic expectations.

    Avoid Common Mistakes - Understand the biggest errors advisors make when introducing alternatives.

    Subscribe to Advisor Wars on YouTube, Apple Podcasts, and Spotify to ensure you never miss an episode.

    Listeners can download the new White Paper by Obsidian CIO, here:

    White Paper: How to Scale Your RIA to $1 Billion and Beyond

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    IMPORTANT DISCLOSURE: Obsidian CIO LLC sponsors the podcast to further education and critical thinking about the factors that affect markets and investing, and the podcast does not provide investment advice. Investment advice is only offered to clients of Obsidian CIO who have entered into an advisory agreement and with whom Obsidian CIO has identified individual objectives, risk tolerance, and other investment needs.
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    33 mins
  • Beware of (but maybe use) Interval Funds

    Beware of (but maybe use) Interval Funds
    Jan 23 2026
    Advisor Wars, Episode 2, Beware of (but maybe use) Interval Funds, Sponsored by Obsidian CIO

    In this episode of Advisor Wars, hosts Bob Huebscher (founder of Advisor Perspectives) and Joe Halpern (Managing Partner and CIO of Obsidian CIO) demystify an investment structure gaining popularity with both investors and advisors: Interval Funds.

    This episode provides advisors with an essential framework for understanding both the opportunities and significant risks associated with interval funds, challenging the prevailing narrative that these vehicles offer simple, liquid access to sophisticated alternative strategies.

    Unlike mutual funds and ETFs that are limited to 15% illiquid holdings, interval funds can hold 100% illiquid securities. The trade-off? While investors can enter daily, exits are limited to quarterly redemption windows with typical 5% gates on total fund assets.

    Understanding this structure is critical for proper client positioning. Key discussion points include:

    The underlying asset must align with the interval fund wrapper. Shorter-duration credit strategies work better than venture capital or private equity, where the forced cash drag undermines the strategy's core economics.

    If there's any possibility a client might need access to these funds within 12-18 months, interval funds are inappropriate. These vehicles cannot be margined, and redemption queues during stress periods can be lengthy.

    Interval funds are one tool among many for accessing alternatives. For qualified purchasers, traditional closed-end vintage funds may offer better performance by eliminating cash drag.

    While the operational ease of interval funds—daily subscriptions, quarterly redemptions, ticker-based trading, 1099 reporting—makes them attractive to advisors, this simplicity can mask underlying complexity and risk.

    Advisors may be allocating too much to interval funds, seduced by simplicity and the sophisticated alternative narrative.

    Related Research

    The episode frames interval funds within the broader democratization of alternative investments, referencing recent research including:

    JPMorgan 'Eyes on the Market' by Michael Cembalest, 2025 Alternatives Investments Review

    Goldman Sachs survey of 1,000 HNW/UHNW investors, Opening the Door to Alternatives

    Listeners can also download the new White Paper by Obsidian CIO, here:

    White Paper: How to Scale Your RIA to $1 Billion and Beyond

    Subscribe to Advisor Wars on YouTube, Apple Podcasts, and Spotify to ensure you never miss an episode.

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    IMPORTANT DISCLOSURE: Obsidian CIO LLC sponsors the podcast to further education and critical thinking about the factors that affect markets and investing, and the podcast does not provide investment advice. Investment advice is only offered to clients of Obsidian CIO who have entered into an advisory agreement and with whom Obsidian CIO has identified individual objectives, risk tolerance, and other investment needs.
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    38 mins
  • Alternative Investments

    Alternative Investments
    Jan 14 2026
    Advisor Wars, Episode 1, Alternative Investments, Sponsored by Obsidian CIO

    In this inaugural episode of Advisor Wars, hosts Bob Huebscher (founder of Advisor Perspectives) and Joe Halpern (Managing Partner and CIO of Obsidian CIO) tackle one of the most critical trends facing financial advisors today: alternative investments.

    This episode delivers an essential roadmap for advisors navigating the complex world of non-liquid alternatives—from private equity strategies to interval fund structures. The conversation goes beyond the marketing hype to reveal the investment risks, operational realities, and competitive pressures that make alternatives impossible to ignore.

    Whether advisors are skeptical of alternatives or already incorporating them into client portfolios, this episode provides the strategic framework you need to respond to client demands and stay competitive in a rapidly evolving marketplace.

    Understand the Competitive Imperative: Learn why major asset managers like Apollo and BlackRock are marketing alternatives directly to mass affluent consumers—and why advisors who ignore this secular trend risk losing clients to competitors who have a compelling story to tell.

    Master the Risk-Return Tradeoff: A perspective on the real risks of alternative investments—from liquidity constraints in interval funds to the complexity of underlying exposures—so you can make informed decisions about sizing and strategy selection for client portfolios.

    Navigate Operational Complexity: An introduction to the operational hurdles of incorporating alternatives into your practice, and understand the limitations of common platforms like iCapital and CAIS and what due diligence gaps remain your responsibility.

    Develop Your Client Communication Strategy: Craft a compelling narrative around alternatives (or your decision not to use them) that resonates with clients who are increasingly exposed to sophisticated marketing campaigns promoting these products.

    Access Alternatives to Help Grow Your Practice: Preview the white paper case studies showing how one RIA scaled from $100 million to over $1.25 billion in AUM by strategically partnering with an outsourced CIO to handle the investment complexity while focusing on holistic planning and relationship management.

    Subscribe to Advisor Wars on YouTube, Apple Podcasts, and Spotify to ensure you never miss an episode.

    Listeners can download the new White Paper by Obsidian CIO, here:

    White Paper: How to Scale Your RIA to $1 Billion and Beyond

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    IMPORTANT DISCLOSURE: Obsidian CIO LLC sponsors the podcast to further education and critical thinking about the factors that affect markets and investing, and the podcast does not provide investment advice. Investment advice is only offered to clients of Obsidian CIO who have entered into an advisory agreement and with whom Obsidian CIO has identified individual objectives, risk tolerance, and other investment needs.
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    34 mins