Unlocking the Power of 351 Conversion: ETFs, Tax Efficiency & the Future of Investing

In this episode:The tax advantages of ETFs and how they compare to other investment vehicles.How Section 351 conversions enable tax-efficient transitions from SMAs to ETFs.Potential regulatory risks and what they mean for the future of ETF tax benefits.Additional resources:Read a summary of this episode: https://www.morningstar.com/business/insights/blog/podcasts/big-picture-in-practice/351-conversion-sma-to-etf-white-label-etfCatch up on previous episodes: https://www.morningstar.com/views/podcasts/big-picture-in-practiceSubscribe to our newsletter: https://www.morningstar.com/business/insights/research/big-picture-in-practice-newsletter Questions or ideas? Email us at [email protected].

Deborah is the chief investment officer of global liquidity markets at Federated Hermes. She joined the Big Picture in Practice hosts to discuss this humble, yet sizable corner of the asset management industry.  Listen now for:  A one-minute history of money market funds.The role of money market funds in cash management and capital preservation.Emerging innovations in money market funds.Additional resources:Read a summary of this episode: https://www.morningstar.com/business/insights/blog/big-picture-in-practice/money-market-funds-cashCatch up on previous episodes: https://www.morningstar.com/views/podcasts/big-picture-in-practiceSubscribe to our newsletter: https://www.morningstar.com/business/insights/research/big-picture-in-practice-newsletter Questions or ideas? Email us at [email protected].

Additional resources:Read a summary of this episode: https://www.morningstar.com/business/insights/blog/podcasts/big-picture-in-practice/asset-management-new-tech-stackCatch up on previous episodes: https://www.morningstar.com/views/podcasts/big-picture-in-practice Subscribe to our newsletter: https://www.morningstar.com/business/insights/research/big-picture-in-practice-newsletter Questions or ideas? Email us at [email protected]

In this episode, Brent Beardsley, head of advisor solutions at Vanguard, explains how modern advisory firms can add value for clients and coexist with new technology.Listen now for:How financial advice has evolved over the last 25 years.What advisors can outsource to free up time for client engagement?What advisor activities truly add value for investors. You can listen to this and other episodes of Big Picture in Practice wherever you stream podcasts. Additional resources:Read a summary of this episode: https://www.morningstar.com/business/insights/blog/podcasts/big-picture-in-practice/financial-advisor-value-propositionCatch up on previous episodes: https://www.morningstar.com/views/podcasts/big-picture-in-practiceSubscribe to our newsletter: https://www.morningstar.com/business/insights/research/big-picture-in-practice-newsletter Questions or ideas? Email us at [email protected].

AllianceBernstein’s Global Head of ETFs, Noel Archard, joins Big Picture in Practice to discuss the evolution of ETFs, their adaptability to changing markets, and the rising demand for tailored investment solutions. From the emergence of active ETFs to the integration of alternative wrappers like interval funds and SMAs, Noel sheds light on how these tools empower financial advisors to better serve their clients.In this episode:The evolution of ETFs and their role in modern investingActive ETFs and their alignment with transparency and cost-efficiencyThe importance of liquidity and tax efficiency in portfolio managementHow interval funds and private credit solutions complement traditional portfoliosYou can listen to this and other episodes of Big Picture in Practice wherever you stream podcasts.Additional resources:Read a summary of this episode: https://www.morningstar.com/business/insights/blog/podcast/big-picture-in-practice/etf-interval-fund-trendsCatch up on previous episodes: https://www.morningstar.com/views/podcasts/big-picture-in-practiceSubscribe to our newsletter: https://www.morningstar.com/business/insights/research/big-picture-in-practice-newsletterQuestions or ideas? Email us at [email protected].

In this episode: Understand the importance of aligning growth strategies with client needs and preferences.Learn practical techniques to enhance client engagement while pursuing new business opportunities.Explore how prioritizing client satisfaction can lead to sustainable growth in the wealth management sector.Additional resources:Catch up on previous episodes: https://www.morningstar.com/views/podcasts/big-picture-in-practiceSubscribe to our newsletter: https://www.morningstar.com/business/insights/research/big-picture-in-practice-newsletter Questions or ideas? Email us at [[email protected]](mailto:[email protected]).

In this episode: Alternative investments offer unique diversification opportunities.Interval funds provide liquidity and access to private assets.Tokenization could reshape access to alternative markets.Additional resources:Read a summary of the episode: https://www.morningstar.com/business/insights/blog/podcast/big-picture-in-practice/future-of-investing-alternative-assetsCatch up on previous episodes: https://www.morningstar.com/views/podcasts/big-picture-in-practiceSubscribe to our newsletter: https://www.morningstar.com/business/insights/research/big-picture-in-practice-newsletter Questions or ideas? Email us at [[email protected]](mailto:[email protected]).

In this episode:How advisors can focus on services over products to meet client needs.Why holistic guidance and treating the practice like a small business can help drive success.How staying informed on global trends and embracing continuous learning fosters long-term success.You can listen to this and other episodes of Big Picture in Practice wherever you stream podcasts.Additional resources:Read a summary of this episode: https://www.morningstar.com/business/insights/blog/podcasts/financial-advisor-client-successCatch up on previous episodes: https://www.morningstar.com/views/podcasts/big-picture-in-practiceSubscribe to our newsletter: https://www.morningstar.com/business/insights/research/big-picture-in-practice-newsletter Questions or ideas? Email us at [email protected].

Dimensional Fund Advisors’ Katie Hendrix and Bryce Skaff dive into the firm’s new UMA platform.In this episode:Differences between unified managed accounts, separate accounts, and direct indexing.A look inside UMA platform technology.How UMAs address tax considerations.You can listen to this and other episodes of Big Picture in Practice wherever you stream podcasts. Additional resources:Read a summary of this episode: https://www.morningstar.com/business/insights/blog/podcasts/big-picture-in-practice/tax-managed-separate-accountsCatch up on previous episodes: https://www.morningstar.com/views/podcasts/big-picture-in-practiceSubscribe to our newsletter: https://www.morningstar.com/business/insights/research/big-picture-in-practice-newsletterQuestions or ideas? Email us at [email protected].

Schwab’s Jason Diefenthaler breaks down the inner workings of tax-exempt investment strategies.In this episode:The basics of tax-managed fixed income.Tax management tactics for separate accounts.Tips to measure client outcomes and manage expectations.You can listen to this and other episodes of Big Picture in Practice wherever you stream podcasts.Additional resources:Read a summary of this episode: https://www.morningstar.com/business/insights/blog/podcasts/big-picture-in-practice/tax-managed-separate-accountsCatch up on previous episodes: https://www.morningstar.com/views/podcasts/big-picture-in-practiceSubscribe to our newsletter: https://www.morningstar.com/business/insights/research/big-picture-in-practice-newsletterDisclosuresThere are risks associated with any investment approach, the Wasmer Schroeder Strategies have their own set of risks. The Wasmer Schroeder Strategies invests primarily in fixed income instruments and as such the strategies are subject to various risks including but not limited to interest rate risk, reinvestment risk, credit risk, default risk and event risk. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications and other factors.Past performance is no guarantee of future results. The material provided is for informational purposes only and contains no investment advice or recommendations to buy or sell any specific securities. The statements contained herein are based upon the opinions of Charles Schwab Investment Management, Inc., dba Schwab Asset Management™, and the data available at the time of the presentation which may be subject to change depending on current market conditions. This presentation does not purport to be a complete overview of the topic stated, nor is it intended to be a complete discussion or analysis of the topic or securities discussed. All opinions and views constitute our judgments as of the date of writing and are subject to change at any time without notice. Schwab Asset Management does not accept any liability for any loss or damage arising out of the use of all or any part of this presentation. This report should not be regarded by recipients as a substitute for the exercise of their own judgment and may contain numerous assumptions. Different assumptions could result in materially different outcomes. Please contact Schwab Asset Management for more complete information, including the implications and appropriateness of the strategy or securities discussed herein for any particular portfolio or client.Wasmer Schroeder Strategies are available through Schwab's Managed Account Connection® program ("Connection"). Please read Schwab's disclosure brochure for important information and disclosures relating to Connection and Schwab's Managed Account Services®.Portfolio Management for the Wasmer Schroeder Strategies is provided by Charles Schwab Investment Management, Inc., dba Schwab Asset Management, a registered investment adviser and an affiliate of Charles Schwab & Co., Inc. (“Schwab”). Both Schwab Asset Management and Schwab are separate entities and subsidiaries of The Charles Schwab Corporation.