Episodes

  • Episode 252: Market Risk Clarity in a World of Peak Uncertainty

    Episode 252: Market Risk Clarity in a World of Peak Uncertainty
    Apr 15 2026
    If your clients want answers from today’s headlines, how do you give them clarity that still makes sense 5–10 years from now? In this episode of The Registered Investment Advisor Podcast, host Seth Greene interviews Nathaniel “Nat” Guild, founder and president of Apex Equity Research LLC, who discusses one of the most overlooked risks in modern portfolio building: hidden concentration risk. Nathaniel also explains why safeguarding against losses, rather than simply pursuing gains, is the real secret to long-term investing success. He further examines how passive strategies and the rapid growth of private and shadow assets are creating hidden structural risks that many advisors and clients fail to see. Key Takeaways: → The most important factor in investing isn’t maximizing returns; it’s avoiding major drawdowns that can permanently impair capital. → Seven to ten stocks now dominate major indexes, meaning many “diversified” portfolios may be far more concentrated than advisors realize. → The rise of index funds combined with growth in private assets creates distortions that can amplify volatility and reduce true diversification. → Diversifying information intake is just as important as diversifying portfolios. → Short-term media narratives often distract from meaningful long-term risks. Nathaniel “Nat” Guild is the founder and President of Apex Equity Research LLC, established in 2011 to provide rigorous investment research to financial institutions, fund managers, and fiduciaries seeking clarity in U.S. equities. Known for pinpointing critical risk factors that help long-term investors cut through market noise, Nat has advised some of the largest mutual and hedge funds in the industry. His previous firm, Short Alert, earned a Barron’s cover story for exceptional performance, and his insights have appeared in Fortune, SmartMoney, and The Wall Street Journal. In May 2025, he launched Market Risks, a semi-monthly newsletter that breaks down complex financial data and global events into clear, actionable insights for disciplined investors. Connect With Nathaniel: Website: https://apex-equity-research.com/ LinkedIn: https://www.linkedin.com/in/nathaniel-guild-b583831/ Learn more about your ad choices. Visit megaphone.fm/adchoices
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    18 mins
  • Episode 251: The Real Work Behind a Mutual Fund to ETF Conversion

    Episode 251: The Real Work Behind a Mutual Fund to ETF Conversion
    Apr 8 2026
    One wrong portfolio choice can turn a tax-saving strategy into a taxable mistake. Here’s how to prevent it. In this episode of The Registered Investment Advisor Podcast, host Seth Greene interviews experienced entrepreneur and investor Jason Marcus, who discusses the realities of building, funding, and scaling companies in today’s capital environment. This conversation explains the difference between fast money and smart money, emphasizing why alignment between founders and investors is essential and why disciplined decision-making is more important than market timing. For RIAs advising entrepreneurial clients or investing alongside them, it offers practical insights on navigating volatility and minimizing downside risk. Key Takeaways: → Not all funding is created equal. Strategic investors who bring experience, relationships, and discipline can be far more valuable than simply the highest valuation offer. → Clear expectations between founders and investors, especially around time horizons and exit strategy, can prevent costly misalignment later. → Entrepreneurs often underestimate how long it takes to achieve liquidity. Building financial buffers and exit optionality protects both business and family stability. → Markets fluctuate, industries trend, but disciplined underwriting and thoughtful scaling remain constant drivers of long-term success. → RIAs can add significant value by helping founders think holistically about personal wealth planning, tax strategy, and diversification beyond their primary business asset. Jason Marcus serves as Chief Operating Officer and Chief Compliance Officer at Scharf Investments, where he recently helped lead one of the largest active mutual fund-to-ETF conversions of the year. Blending executive leadership with deep operational expertise, he oversees firm operations, compliance, and strategic execution during pivotal moments of growth and change. Prior to joining Scharf in 2010, Jason spent eight years at Fairholme Capital Management in multiple operational roles during a period of rapid asset expansion, gaining firsthand insight into how structure, scale, and disciplined execution create the foundation for long-term investment success. Connect With Jason: Website: https://scharfinvestments.com/ LinkedIn: https://www.linkedin.com/company/scharfinvestments/ Learn more about your ad choices. Visit megaphone.fm/adchoices
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    17 mins
  • Episode 250: Secrets To 10Xing Your Business: And Cashing Out Tax-Free

    Episode 250: Secrets To 10Xing Your Business: And Cashing Out Tax-Free
    Apr 1 2026
    Most business owners don’t realize they’re building an exit they can’t afford. On this episode of The Registered Investment Advisor Podcast, host Seth Greene sits down with Marc Adams, founder of Acquisitions4U, who shares a deeply personal story that transformed his approach to private equity and business growth. After being diagnosed with stage four cancer during the pandemic and told he had just six months to live, Marc was confronted with a life changing question from his 10-year-old son about what happens to business owners who never get to sell. That moment became the catalyst for the Double and Keep It Framework, designed to help founders of sub-$50 million companies dramatically increase enterprise value. Without giving up equity or taking on burdensome debt, Marc shows entrepreneurs how to exit with significantly more capital. This episode is a masterclass on purpose driven capital, smarter exits, and rethinking how founders truly monetize what they have built. Key Takeaways: → Nine out of ten privately held businesses never achieve the valuation owners expect or fail to sell at all. This is often due to poor exit planning and fee erosion. → A business generating $750K in EBITDA may only command 1–2x multiples, but when aggregated into a larger $5M+ EBITDA group, valuation multiples can expand dramatically. → Waiting until you’re “ready to retire” often means discovering too late that taxes, fees, and valuation discounts can erode 30–50% of the sale proceeds. → No Equity Dilution, No Debt Servicing → Pivoting from traditional private equity to founder-focused value creation was fueled by personal adversity and a commitment to helping families secure financial futures. Marc Adams is a strategy mentor and business-exit planner who helps founder-led companies double enterprise value in 12–24 months and structure tax-efficient exits—without heavy dilution or personal guarantees. He’s helped take a company from roughly $140M to a $1B valuation and led a loss-making $18M-revenue business to a $140M exit. A bestselling author with Times Square features, Marc works closely with family offices and private capital, giving founders a practical, buyer-aligned playbook for value creation, clean diligence, and better after-tax outcomes. Connect With Marc: Website: https://acquisitions4you.com/ LinkedIn: https://www.linkedin.com/in/1marcadams/ Learn more about your ad choices. Visit megaphone.fm/adchoices
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    18 mins
  • Episode 249: The Reverse Multifamily Office: Accounting First, Then Wealth

    Episode 249: The Reverse Multifamily Office: Accounting First, Then Wealth
    Mar 25 2026
    What if your accountant helped you build wealth instead of just filing forms? On this episode of The Registered Investment Advisor Podcast, host Seth Greene sits down with CPA and entrepreneur Sean Duncan, founder of SMD Consulting & Accounting, who shares his unconventional journey from preparing for a career in the FBI to sparking a reinvention of the traditional CPA model. Instead of stopping at compliance, Sean built a subscription-based, holistic advisory firm that brings together tax strategy, wealth management, insurance, and legal coordination to deliver a true family office experience for everyday clients. He shares powerful insights on building a purpose-driven business, scaling with culture, and turning accounting into a strategic engine for growth. Key Takeaways: → Career purpose matters more than titles. → Traditional accounting leaves opportunity on the table. → SMD thrives with solo and small-group medical practices, particularly surgeons, who earn significant income but are often underserved by traditional family offices. → Moving to fixed-fee, subscription-style services eliminates billable-hour friction and encourages deeper client engagement. → Leading with tax strategy and integrated wealth management through partnerships creates a comprehensive solution for high-earning professionals. Sean M. Duncan has built a powerful reputation as a thought leader in the accounting industry by championing proactive strategy, education, and real-world guidance over routine tax preparation. Through SMD Consulting and Accounting, LLC, he operates on the belief that business owners and individuals need forward-thinking advice as much as they need financial compliance. With more than 25 years of experience, Sean shares his deep expertise in tax strategy, wealth building, asset protection, legacy planning, and philanthropy through conferences, private seminars, client advisory, and mentorship, all driven by a passion for helping others achieve lasting success. Connect With Sean: Website: https://smdaccounting.com/ LinkedIn: https://www.linkedin.com/in/sean-m-duncan-cpa/ Facebook: https://www.facebook.com/SMDConsultingAndAccounting Learn more about your ad choices. Visit megaphone.fm/adchoices
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    16 mins
  • Episode 248: Why RIAs Are Reconsidering Annuities (For Real)

    Episode 248: Why RIAs Are Reconsidering Annuities (For Real)
    Mar 18 2026
    What if the annuity conversation your clients avoid is actually the simplest way to lower costs, maintain liquidity, and unlock advisory revenue you’re currently missing out on? In this episode of The Registered Investment Advisor Podcast, host Seth Greene interviews Tom McCarthy, Chief Distribution Officer at DPL Financial Partners. He discusses the quiet yet powerful shift transforming the RIA space through the modernization of annuities. They explore how 1035 exchanges are unlocking billions in legacy commission assets, how advisors can convert outdated products into recurring advisory revenue, and why education remains the biggest barrier to adoption. For RIAs navigating independence, mergers and acquisitions, or enterprise valuation, this conversation provides timely insights into how annuities are evolving into strategic planning tools instead of traditional sales products. Key Takeaways: → The advisory model is no longer limited to investments. Modern annuities now support fee billing, liquidity, and tax efficiency, aligning with the RIA model. → Through 1035 exchanges, advisors can convert commission-based annuities into advisory-fee structures. → Commission revenue can complicate valuations and M&A deals. Converting legacy commission books into advisory assets enhances firm valuation and deal flexibility. → Many RIAs still associate annuities with high costs, illiquidity, and a sales culture, not realizing the product has significantly modernized. → DPL allows advisors to fully detach from broker/insurance licenses while maintaining advisory economics on legacy annuity books, removing a major barrier to independence. Tom McCarthy is the Chief Distribution Officer at DPL Financial Partners, where he leads sales and distribution strategies to drive growth in advisory-focused insurance and structured solutions within the RIA and wealth management sectors. Previously, he served as EVP and Head of Wealth Sales at Orion Advisor Solutions, overseeing significant asset growth, doubling RIA adoption of wealth services, and securing key enterprise integrations. Before that, he spent over 20 years at AssetMark, helping grow the firm from $1B to more than $100B in AUM and guiding it through a successful IPO. Connect With Tom: Website: https://www.dplfp.com/ LinkedIn: https://www.linkedin.com/in/tomwmccarthy/ Learn more about your ad choices. Visit megaphone.fm/adchoices
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    15 mins
  • Episode 247: Harnessing AI to Revolutionize Financial Services Marketing

    Episode 247: Harnessing AI to Revolutionize Financial Services Marketing
    Mar 11 2026
    Are you ready to revolutionize your marketing with artificial intelligence? AI tools are transforming the way insurance agencies operate, from lead magnets to full marketing automation. On this episode of The Registered Investment Advisor Podcast, host Seth Greene interviews Michael Jans, Founder of The Society of Insura-Preneurs, Creator of the AI Growth Academy, and Co-Founder of Agency Revolution. Michael shares insights from his 30-year journey in the property, casualty, and financial services industries. He shares lessons from building and selling one of the leading marketing automation platforms in insurance and reveals what is next in his AI-driven evolution. In a live walkthrough, he builds a complete cross-sell campaign in under 40 minutes! Tune in to this masterclass on leveraging AI to scale without sacrificing personalization. Key Takeaways: → AI is only as powerful as the strategy behind it. → Using tools such as the Lead Magnet Machine, Email Genius, Message Multiplier, and Post Promoter, advisors can rapidly and systematically create multi-channel campaigns. → Data-driven email copy dramatically improves performance. → One core piece of content can be transformed into videos, podcasts, LinkedIn posts, carousel graphics, and surveys. → Constraints can become strategic assets. Michael Jans is a leading business and marketing coach for insura-preneurs ready to grow faster, earn more, and build agencies designed for long-term value rather than burnout. For more than twenty years, he has helped insurance agency owners evolve from income-driven operations into scalable, equity-focused businesses built for valuation and lasting impact. As founder of Insurance Profit Systems, The Quantum Club, Agency Revolution, and the Annual Insurance Marketing Boot Camp, and now the founder of The Society of Insura-Preneurs and creator of the AI Growth Academy, Michael equips agency leaders with AI-enabled systems that accelerate growth while expanding freedom and legacy. Connect With Michael: Website: https://www.insura-preneur.com/ LinkedIn: https://www.linkedin.com/in/michaeljans/ Learn more about your ad choices. Visit megaphone.fm/adchoices
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    18 mins
  • Episode 246: Scaling a Boutique Wealth Management Firm

    Episode 246: Scaling a Boutique Wealth Management Firm
    Mar 4 2026
    What’s the secret to growing a successful wealth management business? It’s not just about the investments, it’s about the deep relationships and personalized service you provide to clients. On this episode of The Registered Investment Advisor Podcast, host Seth Greene sits down with Adam Spiegelman, CFP®, Wealth Advisor at Spiegelman Wealth Management, who shares insights from his 25-year journey in the financial services industry, focusing on his recent transition to a Registered Investment Advisor (RIA). From managing $440 million in assets to building an RIA from the ground up, Adam reveals the challenges and strategies behind his firm’s success. Tune in for valuable advice on client engagement, business growth, and the importance of personalized financial planning. Key Takeaways: → The breakaway decision is as emotional as it is operational. → “Living wealthy” is about permission, not just money. Enjoy the wealth you’ve spent decades building, whether that means travel, volunteering, or small lifestyle upgrades. → Transitioning away from third-party models allows for greater customization, cleaner fee structures, and stronger alignment with client goals. → Growth must align with values, not ego. Emphasize stabilizing systems and client experience before pursuing expansion, ensuring growth never compromises service quality. → Consistent saving beats flashy investment schemes. Save regularly, max out retirement accounts, and avoid chasing unrealistic returns. Adam Spiegelman is a Wealth Advisor with Spiegelman Wealth Management, which offers investment and wealth management programs and services for high-net-worth clients. The company’s mission is to develop enduring relationships with clients by providing professional guidance for a lifetime of financial security. Adam Spiegelman can help create a complete financial plan - whether a client is focused on managing current financial success, or on protecting and preserving assets over the long term. Connect With Adam: Website: https://www.spiegelmanwealth.com/ LinkedIn: https://www.linkedin.com/in/adamspiegelman/ Learn more about your ad choices. Visit megaphone.fm/adchoices
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    15 mins
  • Episode 245: The Changing Landscape of Venture Capital

    Episode 245: The Changing Landscape of Venture Capital
    Feb 25 2026
    What separates investors who chase deals from those who consistently engineer successful exits? On this episode of The Registered Investment Advisor Podcast, host Seth Greene interviews Scott Kelly, Founder and CEO of Black Dog Venture Partners, who shares his extensive experience in venture capital, having raised billions and facilitated over 30 successful exits. From his early days as a stockbroker to founding one of the largest investor syndicates in the tech space, Scott's journey offers invaluable insights into the rapidly evolving investment environment. Tune in as Scott discusses how AI is reshaping investment strategies, how startups can succeed in a competitive market, and the future of venture capital. Key Takeaways: → Strong outcomes often stem from early positioning, strategic networking, and aligning founders with the right investors. → Well-curated pitch forums create efficient deal flow, surface high-quality founders, and accelerate trust between investors and operators. → Companies that generate real revenue attract better capital, partners, and exit opportunities. → Today’s investors must adapt to new technologies, faster cycles, and more competitive deal environments. → Referrals and long-standing relationships consistently yield stronger investments than transactional deal sourcing. Scott Kelly is the Founder and CEO of Black Dog Venture Partners, a national accelerator helping disruptive startups secure funding, forge strategic partnerships, and scale with executive support. With more than 20 years of experience across venture capital, marketing, sales, and leadership, Scott has guided hundreds of companies by leveraging a powerful network of over 13,000 investors and 40,000 business partners. He also produces VC Fast Pitch, a premier national event series that connects high-growth startups with top-tier investors. Beyond building companies, Scott is a college professor, mentor, and champion of leadership and personal development, sharing the journey with Melvin, the beloved black dog who inspired the brand. Connect With Scott: Website: https://blackdogventurepartners.com/ LinkedIn: https://www.linkedin.com/company/blackdogventurepartners/ Twitter/X: https://x.com/BlackDogCEO Instagram: https://www.instagram.com/blackdogceo Facebook: https://www.facebook.com/blackdogventurepartners Learn more about your ad choices. Visit megaphone.fm/adchoices
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    16 mins