In this engaging session, financial industry pioneer Ric Edelman shares his journey from founding one of America's largest wealth advisory firms to becoming a leading advocate for blockchain technology and digital assets. Beginning with his Philadelphia roots and recent work with the Edelman Fossil Park, Ric transitions to explaining why he believes blockchain represents the most revolutionary technological advancement since the internet itself. He discusses the current state of digital assets, practical allocation strategies for advisors, and how the changing regulatory landscape is creating unprecedented opportunities. Ric emphasizes that RIAs who ignore digital assets are not only missing a key differentiator in a homogenous industry but also failing to address their clients' existing crypto holdings and questions. The conversation concludes with insights on tokenization as the future of asset management and the implications of a more crypto-friendly political environment.

Takeaways

• Blockchain is Internet 3.0 - Just as Internet 1.0 connected people and 2.0 connected things, blockchain technology is creating the Internet of Money, enabling frictionless, fee-less transactions without intermediaries.

• Digital assets are a legitimate, established asset class - With 15 years of performance data, Bitcoin has proven itself as the first new asset class in 170 years. Modern Portfolio Theory research suggests a 5% allocation optimizes risk-adjusted returns.

• Compliance barriers are dissolving - With Bitcoin ETFs now available from major asset managers like BlackRock and Fidelity, compliance departments no longer have legitimate reasons to prohibit digital asset investments.

• Client demand is overwhelming - 40% of US adults own Bitcoin, and 65% of clients would leave their advisor to find one who could help them with digital assets. Most firms are unprepared to meet this demand.

• Tokenization will transform asset management - Beyond cryptocurrencies, blockchain enables the tokenization of real estate, art, music royalties, and other assets, potentially creating thousands of new investable asset classes.

• Regulatory environment is improving dramatically - The current administration is strongly pro-crypto, with supportive officials throughout government and favorable legislation expected within the next 18 months.

• Digital assets represent an M&A and organic growth opportunity - Firms that develop expertise in digital assets can differentiate themselves in a homogenous industry, attract new clients, deepen relationships with existing clients, and potentially increase their valuation.

Chapters

00:00 - Introduction and Philadelphia Connections

01:14 - The Edelman Fossil Park and Dinosaur Discoveries

02:43 - Evolution of the Personal Finance Industry

05:47 - Ric's Journey into Blockchain and Digital Assets

09:27 - Understanding Blockchain Technology as Internet 3.0

14:44 - Practical Asset Allocation Strategies for Digital Assets

18:06 - Bitcoin's Correlation with Traditional Markets

20:40 - Bitcoin as Digital Gold and Store of Value

23:14 - The Broader Digital Asset Ecosystem and Investment Options

25:45 - The Case for Adding Digital Assets to Client Portfolios

35:22 - ETFs and Product Proliferation in Digital Assets

38:23 - Tokenization: The Future Beyond ETFs

41:42 - Digital Assets in Retirement Accounts and Mainstream Adoption

44:00 - The Transforming Regulatory Landscape

47:25 - Impact on M&A Activity and Closing Advice

Summary

In this episode, Steven Clark interviews Gui Costin, Founder and CEO of Dakota, who shares his non-linear path to entrepreneurship and the principles that transformed his leadership approach. After cycling through 14 different jobs in 17 years, Gui founded Dakota to create a place where people could build long-term careers and "become the best version of themselves."

Gui discusses how a failed platform pivoted into a successful database business, the importance of treating people with kindness rather than just niceness, and why cold outreach remains the foundation of effective fundraising despite technological shifts. Gui also shares insights on the evolving RIA landscape, private credit markets, and Dakota's commitment to community impact through its giving initiatives.

Takeaways

• • Gui's career journey through 14 jobs in 17 years eventually led him to create Dakota to help others avoid constant "restarts"

• • The Dakota culture emphasizes kindness while maintaining high performance standards - not "nice" but genuinely kind

  • Cold outreach and being a "master messenger" remain fundamental to fundraising success despite technological changes

  • The RIA channel continues to grow as advisors seek independence, creating ongoing opportunities

  • Dakota Gives focuses on local, direct impact through carefully selected charities with an increasing focus on health, nutrition and youth sports

  Chapters

  01:00 Introduction and Early Career Path

  06:18 The Founding of Dakota

  13:25 Evolution of Company Culture

  17:28 Leading Younger Generations

  21:03 The Dakota Way of Sales

  23:24 Trends in the RIA Family Office Channel

  26:11 Private Credit and Investment Trends

  30:56 Dakota Gives and Community Impact

  33:46 Lightning Round and Closing

Summary

In this episode, Mark Carver, Managing Director and Global Head of Equity Factors at MSCI, shares how embracing discomfort and taking calculated risks shaped his path from an aspiring lawyer to a financial services leader. From his early days at Fidelity to pioneering factor ETFs at iShares, Carver offers candid insights about learning from setbacks and the importance of taking strategic risks in building a successful career. The conversation explores how embracing discomfort and challenging conventional wisdom can lead to transformative changes in financial services.

Takeaways

• Curiosity and humility are foundational to success; learning from clients and colleagues drives innovation

• Career growth often requires stepping into uncomfortable roles and learning from setbacks

• The willingness to challenge conventional wisdom can lead to industry-transforming innovations

• Financial services continues to evolve through technology, offering new opportunities for innovation

Chapters

00:00 Introduction to Mark Carver's Journey

03:18 Early Career and Transition to Financial Services

05:55 The Move to iShares and Embracing ETFs

10:17 Navigating Sales Management Challenges

13:27 Pivoting to Product Management and Factor Investing

17:33 Demystifying MSCI and Its Capabilities

21:01 The Role of Technology in Financial Services

23:30 Understanding Equity Solutions and Client Needs

30:18 Trends in Asset Management and Future Outlook

33:28 Reflections on the Investment Industry

35:16 Lightning Round and Closing Thoughts