Contrarian Views On China, Modern Portfolio Theory And More

Plus Deals & Recruiting, Our Investments Roundup, Hightower’s M&A, Marketing Trends, Advisor Recruiting In 2024, And Atria’s FI Partnerships
Larry Roth, CEO, Wealth Solutions Report
Larry Roth, CEO, Wealth Solutions Report

Debates between consensus and contrarian views are as old as investing itself, and often yesterday’s contrarian view becomes today’s consensus. Our methods for expressing contrarian views in portfolios are magnitudes more complex and potentially profitable than the 1637 method of simply refraining from buying tulips, but the core idea remains that investors form a consensus while others with different thought processes or information disagree.

Today we bring you the views of a portfolio manager who says China investing is the “contrarian trade of the year,” and an index provider who calls out flaws in both active and passive investing and challenges basic assumptions of modern portfolio theory.

We also present our latest Deals & Recruiting Roundup, our Investments Roundup which by popular demand now will be a monthly column, Private Advisor Group’s marketing trends analysis, Hightower’s investment in a $3.3 billion firm, insights of four industry executives on advisor recruiting in 2024 and Atria’s 32 financial institution wins for 2023.

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Deals & Recruiting Roundup: This edition covers the launch of Diversify Wealth Management with three acquisitions, MAI Capital Management acquiring Madison Wealth Management, Hightower investing in Capital Management Group of New York, Atria’s subsidiaries forming and renewing 32 partnerships last year, The AmeriFlex Group bringing on 60 advisors in 2023, Cambridge launching BridgePort Financial Solutions, Sanctuary Wealth recruiting from RBC and Merrill Lynch, and Realta Wealth appointing Mark Helliker as COO.

Investments Roundup: Meet our newest Investment Solutions Leader of the Month, Kenneth Heinz, President of HFR. Other entries include VanEck and 10 others launching bitcoin ETFs, Cerulli reporting that ETF assets hit record highs, Blackstone’s PE fund for wealthy investors, Arch Indices partnering with Quorus, FusionIQ partnering with Avantis Investors, Smartleaf Asset Management partnering with Clearstead Advisors, SoFi launching the SoFi Enhanced Yield ETF, Simplify Asset Management launching the Simplify MBS ETF and SKYVIEW 1 launching banking account indices.

Key marketing trends: Kelly Coulter, Head of Marketing at Private Advisor Group, examines three key advisor marketing trends for 2024 – AI, personalization and outsourcing – and provides steps advisors can implement for sustained marketing success.

“Contrarian trade of the year”: Ben Harburg, Portfolio Manager at CoreValues Alpha, discusses the problems advisors encounter on investing in China, the reasons why an advisor should invest regardless of the challenges, and his outlook for the Chinese economy in 2024 and beyond.

Strategic investment: Hightower Advisors invests in and onboards $3.3 billion Capital Management Group of New York (CMG), formerly affiliated with Equitable Advisors. Hightower Chairman and CEO, Bob Oros, and CMG Founder and Managing Partner, Thomas M. Mingone, provide comments.

FIs in focus: Atria Wealth Solutions’ financial institutions-focused subsidiaries CUSO Financial Services and Sorrento Pacific Financial entered 16 new partnerships and renewed 16 partnerships with banks and credit unions in 2023. Kevin Mummau and Brian Bichler, both Co-Heads of Atria’s Financial Institution channel, provide commentary.

Recruiting in the new year: What’s around the corner for advisor recruiting in 2024? We spoke with four industry veterans to hear their views: Kristin Kimmell, EVP, Business Development of Osaic; Neil Turner, Co-Founder and Co-CEO of NewEdge Advisors; Vince Fertitta, President of Sanctuary Wealth; and Timothy Boostrom, Business Development Managing Director of Stifel Independent Advisors.

Is portfolio theory broken? Index provider Arch Indices partners with Quorus for Quorus to use its indexes when serving clients. Quorus CEO John Hill and Arch CEO Yang Tang comment. Tang says not only are passive and active investing flawed, but so is modern portfolio theory, and discusses how Arch’s methodology corrects for these.

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Larry Roth
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Wealth Solutions Report

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