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 the IPA’s role in representing the alternatives ecosystem and shares insight into how access to private markets has evolved, why individual investors remain under allocated compared to institutions, and how innovation in fund structures, fintech infrastructure and industry partnerships is reshaping the wealth channel.

Key takeaways:

• Individual investors remain under allocated to private markets compared to institutions
• New fund structures, fintech platforms and partnerships are expanding advisor access to alternatives
• Policy developments around ERISA, 401(k)s and accredited investors will shape future access
• Durable, thoughtful regulation is essential to responsible growth in private markets
• Education and collaboration are critical as alternatives play a larger role in portfolios

Connect With David Bodamer:

• david.bodamer@informa.com
• Wealth Management
• LinkedIn: David Bodamer
• LinkedIn: Wealth Management

Connect With Anya Coverman:

• Institute for Portfolio Alternatives
• LinkedIn: Anya Coverman

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 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 how direct indexing creates flexibility for investors seeking tailored equity exposures. He also walks through the role municipal bond SMAs can play in taxable accounts and highlights how advisors can use these tools.

Key takeaways:

• How technology has allowed SMAs to move downmarket with lower minimum investments
• Tax and transparency benefits that distinguish SMAs from mutual funds and ETFs
• How direct indexing pairs index-like exposure with systematic tax management and client-level customization
• Using SMAs and direct indexing to address concentrated stock positions while managing tax consequences over time
• Limits of customization, advisor education needs, and why SMAs are increasingly central to holistic planning

Connect With David Bodamer:

• david.bodamer@informa.com
• WealthManagement.com
• LinkedIn: David Bodamer
• LinkedIn: WealthManagement

Connect With Daniel Milligan:

• Website: Columbia Threadneedle Investments
• LinkedIn: Columbia Threadneedle Investments
• LinkedIn: Daniel Milligan

About Our Guest:

Dan Milligan is Vice President of Separately Managed Accounts at Columbia Threadneedle Investments, based in Boston, MA. He has been at the firm for almost 19 years. He holds a bachelor’s degree in economics from Boston College and an MBA from Boston College Carroll School of Management. He is a CFA Charterholder.

Resources:

• Listen to the Wealth Management Invest Podcast on WealthManagement.com
• 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 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 client portfolios and the expanding accessibility of SMAs for tax-efficient investing.

Key Takeaways:

• How AllianceBernstein has ramped up to $9 billion in ETF assets in three years with 19 active funds

• The trend of advisors consolidating manager relationships

• Structural and cyclical investment trends shaping portfolios, from private credit to international equities

• The growing accessibility of SMAs and their role in optimizing after-tax returns

• The rise of defined outcome ETFs and how advisors can use them

Connect With David Bodamer:

• david.bodamer@informa.com
• WealthManagement.com
• LinkedIn: David Bodamer
• LinkedIn: WealthManagement

Connect With AllianceBernstein:

• AllianceBernstein
• LinkedIn: AllianceBernstein

Connect With Noel Archard:

• LinkedIn: Noel Archard

Connect With Onur Erzan:

• LinkedIn: Onur Erzan

Resources:

• Listen to the Wealth Management Invest Podcast on WealthManagement.com
• Listen and Subscribe to the Wealth Management Invest on Apple Podcasts
• Listen and Subscribe to the Wealth Management Invest on Spotify
• RIA Edge Private Markets: December 4, 2025, in New York, NY