wealth unfiltered

Real estate tax strategy can have a significant impact on investor returns, sponsor operations, and the long-term success of an investment fund. But many commercial real estate sponsors wait until tax season to involve their CPA—when some of the most valuable tax planning opportunities have already passed. In this episode of Wealth Unfiltered, Samantha Parrinello sits down with Harisimran Khalsa of SponsorCloud, a tax and finance professional with experience at Ernst & Young (EY), venture-backed startups, publicly traded companies, and private equity, to break down the tax strategies, compliance considerations, and financial structures every real estate sponsor should understand. From cost segregation studies and bonus depreciation to 1031 exchanges, Opportunity Zones, and real estate syndication tax planning, this conversation explores how proactive tax planning can help sponsors make better decisions, avoid unexpected tax liabilities, and deliver a more informed investor experience. Whether you're a commercial real estate sponsor managing a growing portfolio, a fund manager preparing for K-1 season, or a passive real estate investor looking to better understand the tax implications of your investments, this episode offers practical insights you won't want to miss. IN THIS EPISODE, WE COVER: Real Estate Tax Planning: Why sponsors should involve their CPA before a deal closes—not just when tax returns are due. K-1s & Investor Distributions: Why receiving a cash distribution doesn't necessarily mean taxable income, and why investors can owe taxes without receiving cash. Cost Segregation Studies: How cost segregation works, why proper documentation matters, and how it can accelerate depreciation deductions. Bonus Depreciation: Understanding depreciation benefits and how they can impact real estate investors and fund structures. 1031 Exchanges: Important timelines, reverse 1031 exchanges, and how poor planning can trigger unexpected taxable events. Opportunity Zones (OZ 2.0): Emerging opportunities and what sponsors should understand as the next phase of Opportunity Zone investing approaches. Delaware Statutory Trusts (DSTs) & 721 Exchanges: Understanding alternative investment structures and potential tax-deferral strategies. Real Estate Professional Status: How qualifying for real estate professional status may affect the ability to use passive activity losses. Depreciation Recapture: What happens when investors sell a property and why sponsors should communicate potential tax consequences early. Fund Accounting & Tax Compliance: Why clean books, accurate investor records, capital accounts, and proper entity structures are essential. Preparing for K-1 Season: The records, investor information, and financial documents sponsors should have ready before year-end. WHY THIS CONVERSATION MATTERS One of the biggest misconceptions in real estate investing is that tax planning starts when the CPA prepares the return. In reality, some of the most important decisions happen much earlier—from how an entity is structured to how a property is acquired, depreciated, refinanced, and ultimately sold. For sponsors, getting these details right isn't just about tax compliance. It can influence available capital, investor satisfaction, repeat investment decisions, and the operational infrastructure needed to scale. ABOUT HARISIMRAN KHALSA Harisimran Khalsa brings a unique combination of public accounting, Big Four experience, corporate finance, and private equity expertise. After working with Ernst & Young (EY), managing international back-office operations, serving in finance leadership roles, and working as a CFO for a private equity company, she returned to public accounting after identifying a significant gap in the tax and financial support available to businesses and investment funds. Today, through SponsorCloud's professional services, she helps commercial real estate sponsors navigate fund tax compliance, tax planning, investor reporting, and the financial complexities of operating investment funds. CONNECT WITH SPONSORCLOUD If you're a commercial real estate sponsor looking for experienced support with fund tax compliance, K-1 preparation, and proactive tax planning, connect with the SponsorCloud team. Book a conversation: https://SponsorCloud.io/unfiltered Learn more: https://SponsorCloud.io Subscribe to Wealth Unfiltered for more conversations about commercial real estate investing, capital raising, fund operations, investor relations, and building successful investment businesses. Disclaimer: This episode is for educational and informational purposes only and does not constitute tax, legal, or investment advice. Tax treatment varies based on individual circumstances, investment structures, and applicable regulations. Consult your qualified tax and legal professionals before making decisions.

Tax-Efficient Investing: Real Estate Tax Strategies, Portfolio Allocation & Family Office Insights with Julia Toader What if the biggest opportunity to improve your investment returns isn't finding a better deal—but keeping more of what you earn? In this episode of Wealth Unfiltered, we sit down with Julia Toader, Founding Partner of Prime Cap, to explore how sophisticated investors approach tax-efficient investing, portfolio construction, and wealth preservation. Drawing on her experience at Goldman Sachs Asset Management and in the multifamily office world, Julia shares how institutional investment principles can help high-net-worth individuals, family offices, and real estate investors make smarter capital allocation decisions. From real estate tax advantages to evaluating private investment opportunities, this conversation challenges investors to look beyond projected returns and management fees to understand what truly drives long-term, after-tax wealth. In this episode, we cover: Tax-efficient investing: Why tax planning should be part of your investment strategy before a liquidity event—not an afterthought when the tax bill arrives. Real estate tax strategies: How 1031 exchanges, Opportunity Zones, municipal bonds, and private placement life insurance fit into broader portfolio and tax planning discussions. Portfolio allocation and diversification: How to balance wealth preservation, growth, risk tolerance, and concentrated investments without sacrificing long-term opportunity. After-tax investment returns: Why evaluating returns net of both fees and taxes provides a more meaningful picture of an investment's potential. Family office investing: How wealthy families approach direct investments, emerging managers, asset allocation, and generational wealth transfer differently from large institutions. Private investment due diligence: What experienced allocators look for in fund managers, including leadership, operational discipline, risk exposure, and investment fit. Investment red flags: Why a compelling tax benefit doesn't automatically make an investment worthwhile—and what investors should consider before committing capital. Wealth preservation vs. wealth creation: How investment decisions evolve after a major liquidity event and why risk, diversification, and tax efficiency become increasingly important. One key takeaway for investors A tax advantage alone does not make an investment a good investment. As Julia explains, even an investment with an attractive tax structure can disappoint if the underlying fundamentals aren't strong. The goal is to evaluate the full picture: investment quality, portfolio fit, risk, fees, liquidity, and ultimately, the return you keep after taxes. Whether you're a real estate investor, entrepreneur preparing for a liquidity event, accredited investor evaluating private deals, or family office professional overseeing a complex portfolio, this episode offers a fresh perspective on making your capital work harder. About Julia Toader Julia Toader is the Founding Partner of Prime Cap, where she advises institutions and high-net-worth individuals on asset allocation, manager selection, direct investments, and strategic portfolio decisions. After studying mechanical engineering at Princeton, she spent more than a decade at Goldman Sachs Asset Management before bringing her institutional investment experience to the multifamily office environment. Today, her work focuses on direct dealmaking and tax efficiency, helping investors think more holistically about portfolio construction and long-term wealth. Connect with Julia: Reach out to Julia Toader on LinkedIn to learn more about her work in direct investing and tax efficiency. Listen to more Wealth Unfiltered for candid conversations about real estate investing, capital raising, wealth strategy, and the decisions that shape long-term financial success. Disclaimer: This episode is for educational and informational purposes only and should not be considered individualized investment, legal, or tax advice. Consult qualified professionals regarding your specific circumstances.

What if your retirement account could invest in private real estate, real estate syndications, private equity, and other alternative investments—not just stocks, bonds, and mutual funds? In this episode of Wealth Unfiltered, we sit down with Matt Sorensen, CEO of Directed IRA and a leading expert on self-directed retirement accounts, to break down how investors can use retirement capital to access alternative investments and what they need to understand before getting started. Matt is the bestselling author of The Self-Directed IRA Handbook and has specialized in self-directed retirement accounts since 2006. He shares practical insights into the rules, investment structures, and tax considerations that can make these strategies possible. In this episode, you'll learn: How a self-directed IRA works and how it differs from a traditional IRA. How to use an existing IRA or eligible former-employer 401(k) to invest in private real estate. When an IRA can invest directly in a real estate fund versus using an IRA-owned LLC. The difference between traditional and Roth IRAs, including Roth conversions. What prohibited transactions mean and which transactions with disqualified people can create serious problems. How unrelated business income tax (UBIT) can affect retirement accounts investing in certain businesses or real estate development deals. Why private investment funds are becoming an increasingly important option for retirement investors. What investors, real estate sponsors, and financial advisors should understand about the future of retirement capital. Matt also explains why the right investment structure matters—and why understanding the rules before moving your money is essential. Whether you're a real estate investor, passive investor, syndication sponsor, financial advisor, or someone exploring new ways to build long-term wealth, this conversation will help you better understand the opportunities and complexities of self-directed retirement investing. 🎧 Listen to the full episode of Wealth Unfiltered for a practical conversation about retirement accounts, private real estate investing, tax considerations, and the options investors may be overlooking. Connect with Matt Sorensen: https://directedira.com Presented by SponsorCloud: Raising capital is only part of building a successful real estate investment business. SponsorCloud connects investor CRM, fundraising pipelines, and deal management in one platform so sponsors can spend less time managing processes and more time building investor relationships. Learn more: https://sponsorcloud.io/unfiltered Disclaimer: This episode is for educational and informational purposes only and is not tax, legal, or investment advice. Retirement account rules and tax consequences depend on individual circumstances. Consult qualified professionals before making investment or retirement account decisions.

Is money the most emotionally charged topic in your life? According to behavioral finance expert Brian Portnoy, the data says yes — more so than politics, mortality, or religion. In this episode, Brian Portnoy, founder and CEO of Shaping Wealth and author of The Geometry of Wealth, joins us to unpack the psychology of money management and why emotional intelligence (EQ) — not IQ — is the real key to financial success. After 25+ years in investment and wealth management, Brian shares why he pivoted from picking stocks to studying human behavior, revealing that investing is "more of a psychology problem than a math problem." We dive deep into: The critical difference between being rich (the endless pursuit of more) vs. being wealthy ("funded contentment" — the ability to underwrite a meaningful life) Why emotional intelligence — self-awareness, self-regulation, empathy, and social skills — is the foundation every financial advisor needs, and why EQ (unlike IQ) can actually be trained The powerful happiness equation (Happiness = Reality − Expectations) and how to apply it to your portfolio, your marriage, and everyday life Why chasing "the next hot stock" or trying to time the market is a losing game — and what actually drives long-term investing success How to think about private investments, alternatives, and illiquidity premiums Why market crash predictions and 6-month forecasts are essentially guesswork — and what to focus on instead An inside look at Lydia AI, Shaping Wealth's AI behavioral coach built for financial advisors worldwide Whether you're a financial advisor looking to better connect with clients, an investor trying to make sense of your own money psychology, or simply curious why "more" never seems to be enough, this conversation with Brian Portnoy offers a grounded, research-backed perspective on money, meaning, and mindset. Guest: Brian Portnoy, Founder & CEO of Shaping Wealth, author of The Geometry of Wealth (translated into 15+ languages) Learn more: Shaping Wealth | Try Lydia AI for free

What does modern wealth management actually look like beyond the traditional 60/40 portfolio? In this episode of Wealth Unfiltered: Advising the Modern Allocator, Samantha Parrinello sits down with Anna N'Jie-Konte, CFP®, Founder & CEO of Poder Wealth Advisors, to explore how today's leading Registered Investment Advisors (RIAs) are rethinking portfolio construction, alternative investments, and holistic financial planning for the next generation of high-net-worth clients. With experience spanning Bernstein, RBC Wealth Management, and now her own nationally recognized RIA, Anna shares why she left the traditional wealth management model to build a practice focused on entrepreneurs, business owners, executives with equity compensation, and women navigating significant financial transitions. The conversation explores why portfolio construction begins with understanding a client's values, legacy goals, and life vision—not simply selecting investments. Anna discusses how alternatives fit into sophisticated client portfolios, when private real estate becomes appropriate, the role of tax-efficient planning, and why advisors should move beyond standardized asset allocation toward personalized strategies aligned with each client's objectives. The episode also examines: Why many high-income professionals are underserved before major liquidity events Building wealth around business exits, stock options, and concentrated equity positions When alternative investments belong in a portfolio Values-based investing and impact-focused portfolio construction Private real estate and affordable housing allocations Tax planning strategies for affluent investors How RIAs can deliver a more personalized client experience Why women are reshaping the future of wealth management Long-term financial planning beyond traditional investment advice Whether you're an RIA, financial advisor, family office professional, institutional allocator, or accredited investor, this episode provides practical insights into building resilient portfolios and serving clients through increasingly complex financial lives. About Anna N'Jie-Konte Anna N'Jie-Konte is the Founder & CEO of Poder Wealth Advisors, a Baltimore-based Registered Investment Advisor serving high-net-worth individuals navigating business exits, inheritance, divorce, and other significant wealth transitions. She is a CFP® professional, three-time Investopedia Top 100 Financial Advisor, Financial Advisor Magazine "Young Advisor to Watch," and CFP Board Brand Ambassador.

Can retirement accounts invest in multifamily real estate, private equity, and other alternative investments? In this episode of Wealth Unfiltered, Samantha Parrinello sits down with Ramez Fakhoury, Vice President of IRA Club, to explore how self-directed retirement accounts are reshaping access to alternative investments for financial advisors, accredited investors, and capital raisers. While many investors assume retirement savings are limited to stocks, bonds, and mutual funds, self-directed IRAs and solo 401(k)s can provide access to a much broader investment universe—including multifamily real estate, private equity, private credit, and other alternative assets. Ramez explains why education remains one of the industry's biggest challenges and how advisors can better serve clients by understanding the opportunities available within retirement accounts. The conversation also examines how RIAs can strengthen client relationships by expanding access to alternative investments, the common misconceptions surrounding self-directed retirement accounts, and why diversification has become increasingly important in today's market environment. Ramez shares how IRA Club supports advisors, sponsors, and investors throughout the investment process while highlighting the role retirement capital can play in long-term wealth building. In This Episode What a self-directed IRA is—and how it works Using retirement accounts to invest in multifamily real estate Alternative investments inside IRAs and solo 401(k)s Common misconceptions financial advisors encounter How RIAs can better serve clients seeking private market exposure The role of retirement capital in real estate investing AI-driven portfolio protection strategies and managing market volatility Resources available to investors, sponsors, and financial advisors through IRA Club Whether you're a financial advisor, accredited investor, real estate sponsor, or simply exploring ways to diversify beyond traditional markets, this episode offers practical insights into using retirement capital as part of a long-term investment strategy. Subscribe to Wealth Unfiltered for conversations with industry leaders on multifamily real estate, alternative investments, portfolio construction, wealth management, self-directed IRAs, retirement investing, and the future of private markets.  

How do you separate an institutional-quality real estate sponsor from one that simply has good marketing? In this episode of Wealth Unfiltered, host Samantha Parrinello sits down with Jake Heidkamp, Co-CEO of FactRight, one of the industry's leading independent due diligence firms, to uncover the framework professional allocators, RIAs, and broker-dealers use to evaluate private real estate sponsors. With a unique background spanning structured finance, law, and alternative investment due diligence, Jake has reviewed thousands of private placements, Delaware Statutory Trusts (DSTs), non-traded REITs, private equity offerings, and multifamily real estate investments. He shares the diligence standards that distinguish institutional-grade operators from those that may present hidden risks. Whether you're a financial advisor, accredited investor, or real estate sponsor, this conversation provides a practical due diligence checklist for evaluating sponsors, underwriting assumptions, alignment of interests, and investment risk before committing capital. In This Episode: What institutional due diligence really looks like behind the scenes The biggest red flags investors and advisors often overlook How to verify a real estate sponsor's track record Common underwriting assumptions that deserve closer scrutiny What "alignment of interests" actually means in private real estate How RIAs evaluate multifamily investment opportunities Questions every investor should ask before investing with a sponsor What separates institutional-quality sponsors from the rest As alternative investments continue to become a larger part of modern portfolio construction, understanding sponsor due diligence has never been more important. This episode offers valuable insights for anyone seeking to make more informed private market investment decisions. Subscribe to Wealth Unfiltered for conversations with industry leaders covering multifamily real estate, alternative investments, portfolio construction, due diligence, wealth management, and the future of private markets.

Is the future of portfolio construction really about adding more alternatives—or about understanding what you're actually paying for? In this episode of Wealth Unfiltered, host Samantha Parrinello sits down with Andrew Beer, founder of Dynamic Beta Investments and a pioneer in the managed futures space, for a candid conversation about alternative investments, portfolio construction, and the realities of building resilient portfolios in an era of inflation, volatility, and economic uncertainty. Drawing on more than three decades of experience in hedge funds, asset management, and institutional investing, Andrew breaks down the evolution of managed futures, the growing role of alternative investments, and why advisors should carefully evaluate fees, liquidity, and complexity before allocating capital to private markets. He shares his perspective on private equity, private credit, evergreen funds, and the opportunities—and risks—that come with today's expanding alternatives landscape. Whether you're a financial advisor, RIA, institutional allocator, or individual investor, this episode offers valuable insights into how sophisticated investors are thinking about diversification, risk management, and long-term wealth creation. In This Episode: Why the traditional 60/40 portfolio is facing new challenges How managed futures can complement stocks and bonds The role of alternative investments in modern portfolios Private equity, private credit, and evergreen funds explained Liquidity risk and what investors often overlook The difference between true diversification and expensive beta Portfolio construction strategies for RIAs and wealth managers How advisors can evaluate alternatives more effectively As investors search for income, diversification, and downside protection, understanding the strengths and limitations of alternative investments has never been more important. Listen now and discover how today's leading investors are rethinking portfolio construction in a changing market environment.

Beyond 60/40: Why Real Assets Anchor the Modern Portfolio | Phil Shankweiler, Partners Group Is the traditional 60/40 portfolio evolving—or breaking down altogether? In this premiere episode of Advising the Modern Allocator, Samantha Parrinello sits down with Phil Shankweiler, CFA, CAIA, Managing Director and Head of RIA Client Solutions at Partners Group, one of the world's largest private markets firms managing over $185 billion in assets. Phil has spent his career at the intersection of traditional wealth management and institutional investing, with leadership roles at Hartford Funds, Starwood Capital Group, and now Partners Group. Together, they explore one of the most important questions facing advisors today: What belongs in the modern portfolio when public markets alone may no longer provide the diversification investors expect? The conversation examines the evolution of portfolio construction, the growing role of private markets, and why institutional investors have long relied on real assets—including private infrastructure—to build resilient, long-term portfolios. Topics discussed include: • Why advisors are moving beyond traditional 60/40 allocations • The rise of alternatives in wealth management and portfolio construction • How private infrastructure differs from stocks, bonds, and public real estate • Why institutional investors continue increasing allocations to real assets • The growth of evergreen funds and how they're expanding access to private markets • Balancing liquidity needs with long-term investment objectives • Common misconceptions about private market investing • The future of alternatives in advisor-managed portfolios • How RIAs can modernize portfolio construction for the next decade Whether you're an RIA, financial advisor, wealth manager, allocator, or sophisticated investor, this episode provides a practical framework for understanding how private infrastructure and real assets may fit into a diversified portfolio. Key Themes: Private Markets, Infrastructure Investing, Alternatives, Evergreen Funds, Portfolio Construction, Wealth Management, Institutional Investing, Diversification, Real Assets, Modern Portfolio Theory, RIA Strategies, Long-Term Investing. About Phil Shankweiler Phil Shankweiler serves as Managing Director and Head of RIA Client Solutions at Partners Group, where he works with independent advisors and wealth management firms seeking institutional-quality private market solutions. His experience spans traditional asset management, private real estate, and private infrastructure, giving him a unique perspective on the evolution of alternative investments within advisor portfolios. Subscribe to Wealth Unfiltered for conversations with leading allocators, investment managers, economists, and industry experts shaping the future of wealth management.

In this episode of Wealth Unfiltered, Jeff Adler, Vice President of Yardi Matrix, breaks down the real-time data shaping today's multifamily housing market—and what it signals for investors navigating the next phase of the cycle. We explore the key forces driving performance across markets, including elevated new supply in Sun Belt and Mountain West regions, shifting migration patterns, demographic tailwinds, and the widening rent-versus-buy gap that continues to support long-term rental demand. Jeff also unpacks why the market is becoming increasingly fragmented, with smaller Southern and Midwest metros outperforming while high-supply markets like Orlando, Phoenix, and Denver continue to face pressure. He explains how real-time data is essential for understanding absorption trends, underwriting accurately, and identifying where opportunity is emerging beneath the surface. Looking ahead, we discuss why rent growth is expected to remain muted in the near term, with stabilization beginning around 2026 and broader recovery taking shape into 2027—as supply normalizes and demand fundamentals reassert themselves. This episode delivers a clear, data-driven framework for understanding where we are in the multifamily cycle—and how investors should position for what comes next. Key Takeaways Multifamily supply remains elevated, particularly in Sun Belt and Mountain West markets, continuing to pressure rents and increase concessions. Strong structural demand persists, driven by household formation, aging demographics, downsizing boomers, and millennials renting longer due to affordability constraints. Rent growth is expected to remain subdued short term, with stabilization beginning in 2026 and broader recovery likely by 2027. Market performance is increasingly fragmented—smaller Southern and Midwest metros are outperforming while high-supply markets like Orlando, Phoenix, and Denver face continued pressure. Real-time data is critical for navigating today's cycle, improving underwriting precision, and identifying mispriced or oversupplied opportunities. Investors who focus on fundamentals—renewal strength, realistic rent assumptions, and local market dynamics—are best positioned for the next phase of the cycle.