Welcome back to the Alt Goes Mainstream podcast.
We were live from AGM’s RIA Field Trip at
Franklin Templeton’s New York office in Madison Square Park with Franklin Templeton’s Head of Private Markets - Americas Wealth Management
Dave Donahoo to discuss the nuances of serving the wealth channel.
Dave brings the perspective of someone who has seen the wealth channel handle multiple market cycles and an understanding of both traditional and alternative asset management, while always keeping the outcome for the end investor in mind.
Dave started his career in the depths of the 2008 financial crisis at T. Rowe Price, where he worked with individual investors. He rose up the ranks of T. Rowe Price and then joined Blackstone as a Principal in the firm’s Private Wealth Solutions business before moving to Franklin Templeton as Head of Private Markets - Americas Wealth Management.
Unpacking nuances in private markets, Dave discussed why he believes a “family of specialists” with a “narrow scope” is critical for a private markets investment platform and how a traditional asset manager can approach building brand in private markets. We had a fascinating discussion, covering:
- How Dave’s background starting his career working with individual investors has informed how he approaches creating solutions for the wealth channel.
- Why LPs want to do more with fewer partners and what this means for GPs.
- Specialists vs. generalists.
- Why RIAs have “cold call fatigue.”
- What RIAs want from a product perspective and why differentiation, trust, and proactive client service are top of the list.
- How asset managers can approach brand-building.
- The product innovation roadmap and what the path to 401(k) and DC products might look like.
Thanks, Dave, for sharing a fascinating window into the wealth channel and for your passion, expertise, and dedication to providing private markets solutions to the wealth channel.
Show Notes00:04 Live from Franklin Templeton RIA Field Trip
02:31 Lehman Day One Story
03:15 Thrown Into the Phone Queues
03:37 Teacher Call and Investor Fear
04:53 Start With the End Client
05:26 From T Rowe to Blackstone
05:53 Blackstone Wealth Playbook
07:18 Why Franklin Was the Fit
08:09 Traditional Manager Advantages
09:09 Platform Synergies in Wealth
10:16 Challenges of Going Private
10:36 Brand Transformation Story
11:44 Internal Alignment and Change
12:16 What the Brand Should Signal
12:50 Specialist Managers Philosophy
13:44 Building Perpetuals the Right Way
14:13 Defining the Right Structure
15:44 Evergreen Structure Depends
16:09 Secondaries Structure Choice
18:10 Infrastructure Partnership Model
20:02 Preserving Investment Cultures
21:50 Data and AI Cross Collaboration
24:17 Macro Insights Across Platforms
25:47 Product Innovation Roadmap
27:06 Private Markets in 401k Plans
27:53 What Model Portfolios Mean
29:06 What RIAs Want Most
30:21 Client Service and Honesty
A Word from Our Sponsor, UltimusThis episode of Alt Goes Mainstream is brought to you by
Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.
That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.
We thank Ultimus for their support of alts going mainstream.
Editing and post-production work for this episode was provided by The Podcast Consultant.What is Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets?
Alt Goes Mainstream podcast is the place to turn to for interviews with some of the brightest and most experienced minds in the world at the intersection private markets and wealth management. AGM dives into investment strategies like private equity (PE), private credit, venture capital (VC), secondaries, GP stakes, infrastructure, real estate, wealth management, and comprehensively covers tools and frameworks for approaching private markets, such as asset allocation, evergreen funds, model portfolios, and more. For anyone looking to invest into private markets (from experienced wealth managers to family offices to the individual investor looking for a more diversified investment portfolio), you’ll hear inside stories from executives and founders at some of the world’s largest financial institutions, alternative asset managers firms, and wealth management firms. More than a personal finance podcast, Alt Goes Mainstream dives deep into trends, investment strategies, firm building lessons, and innovative technologies that are enabling investors to access private markets.