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

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 use of ETFs in model portfolios. He also explains Vanguard’s 13 investment strategies and highlights the role advisors can play in guiding client behavior during periods of market volatility.

Key takeaways:

• Why the 60/40 portfolio remains relevant as a long-term “all-weather” strategy
• How dynamic strategies adapt to capital market assumptions across more than 100 asset classes
• The growing role of ETFs, including passive and active approaches, in model portfolios
• Vanguard’s 13 strategies are designed to address diverse investor needs and objectives
• The importance of advisor behavioral coaching to help clients stay disciplined through volatility

Connect With David Bodamer:

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

Connect With Todd Schlanger

• Vanguard
• LinkedIn: Todd Schlanger
• Bonds remain in favor in time-varying model portfolio
• Vanguard’s portfolio construction framework
• Time-varying asset allocation: Vanguard’s approach to dynamic portfolios

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 talks with Jonathan McEvoy, managing director, Investor Relations and head of Private Wealth Secondaries Solutions Distribution at Coller Capital, to explore how secondaries provide an additional access point to private markets. Jonathan shares the growth story of private equity and private credit secondaries, their benefits to advisors and clients and how Coller Capital uses semiliquid funds to deliver its strategies.

Key Points :

• The evolution of the secondary market from niche beginnings to a $160 billion-plus annual transaction space
• How secondaries provide liquidity, diversification and reduced risk through seasoned portfolios
• The advantages of semiliquid fund structures for private wealth investors
• The growing importance of education for advisors and clients when approaching secondaries

Connect With David Bodamer:

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

Connect With Jonathan McEvoy:

• Website: Coller Capital
• LinkedIn: Jonathan McEvoy

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 the Wealth Management Invest Podcast, host David Bodamer interviews Ben Sayer, managing director and head of the alternative investments group at MAI Capital Management.

Ben shares insights on MAI’s longstanding approach to private markets, the rise of evergreen structures, and the operational challenges of managing illiquid assets. He also discusses how client education and strategic technology partnerships can unlock meaningful access to alternatives.

Key highlights include:

• MAI Capital’s evolution from a sports agency affiliate to a $30 billion RIA serving entertainers, high-net-worth individuals and multi-family offices
• How MAI has long embraced alternatives, including co-investments and custom feeder funds
• The complexities of evergreen structures, including liquidity mismatches, pricing concerns and client expectations
• Diligence strategies RIAs should apply before recommending alternatives, including document review and external legal support
• Educating clients on illiquidity, reporting delays and drawdown scenarios to avoid panic during market stress

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

Connect With David Bodamer:

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

Connect With Ben Sayer:

• Website: MAI Capital Management
• LinkedIn: Ben Sayer
• Email: bsayer@mai.capital

Guest Bio:

Ben Sayer, CFA, has been with MAI Capital since 2017 and currently leads the alternative investments group, having worked on the team throughout his tenure. Based in Cleveland, Ohio, he focuses on due diligence and investment modeling across asset classes, including real estate, private equity and venture capital. Before joining MAI Capital, he was a product manager at PNC Capital Advisors and previously worked at JPMorgan Chase. Outside of work, Ben served as president of CFA Society Cleveland, an organization dedicated to promoting professional development, ethics, and industry engagement within the financial community in Northeast Ohio.

In this episode of the Wealth Management Invest Podcast, host David Bodamer interviews Tom Cohn, partner and chief solutions officer at Cerity Partners. They explore the significance of private markets in client portfolios and discuss asset allocation strategies.

Tom shares insights on the evolution of private markets, the rise of evergreen structures and the impact of macroeconomic trends on investment decisions.

They discuss:

• Key considerations for client portfolios, including illiquidity risk and asset class diversification
• The growing importance of data centers and AI-driven infrastructure investments
• How secondaries provide diversification and reduce risk exposure
• The shift of credit opportunities from banking to asset management

Connect With David Bodamer:

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

Connect With Tom Cohn:

• LinkedIn: Tom Cohn
• LinkedIn: Cerity Partners
• Cerity Partners

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 the Wealth Management Invest Podcast, host David Bodamer sits down with Don Calcagni, the chief investment officer of Mercer Advisors, to explore how Mercer attempts to align investment decisions with financial goals. David and Don dive into defining clear investment objectives that align with clients’ financial aspirations, the importance of moving beyond 60/40 asset allocations, and understanding the psychological hurdles investors face.

They discuss the latest investment vehicles, transforming strategies, the ongoing active versus passive management debate, and the nuances of private markets.

Connect With David Bodamer:

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

Connect With Don Calcagni:

• Mercer Advisors
• LinkedIn: Don Calcagni

About Our Guest:

As Chief Investment Officer, Don is responsible for setting the strategic direction of the firm’s investment offering, chairing the firm’s investment committee, and the prudent stewardship of over $70 billion in assets under management. As a member of the executive leadership team, he also participates in M&A due diligence, oversees investment integration for new acquisitions, and provides ongoing advice regarding the firm’s overall strategic direction to the Board of Directors, President, and Chief Executive Officer.