iCapital: Beyond 60/40

In this episode of Beyond 60/40, Sonali Basak sits down with Mike Durbin, CEO of Cetera Financial Group, to discuss why scale, not size, is driving the next phase of industry growth. Mike explains how firms are balancing organic growth with M&A, why partnerships matter more than ever, and how technology is reshaping advisor workflows.  The conversation also explores AI’s growing role in productivity, how private markets are being integrated more deliberately into client portfolios, and why the human side of advice becomes even more important as technology advances.  

The wealth management industry is undergoing rapid change—from advisor‑led M&A and rising investor interest to the growing role of technology and AI. In this episode of Beyond 60/40, Sonali Basak, iCapital’s Chief Investment Strategist, sits down with Shirl Penney, CEO and Founder of Dynasty Financial Partners, to discuss why it remains a bull market for advice, even amid market volatility. Shirl shares how Dynasty‑supported firms approach M&A differently, why valuations continue to rise, and what buyers are prioritizing as they become more selective.  The conversation also explores how AI and automation are reshaping wealth management, why human advisors remain essential, and how generational shifts in communication are influencing client engagement. Shirl explains why independence continues to accelerate across the industry—and why large, complex advisory teams increasingly see the independent model as the future.

Agentic AI is ushering in the next major evolution of software—and private markets are moving quickly to adapt. In this episode of Beyond 60/40, Sonali Basak, iCapital’s Chief Investment Strategist, is joined by Monti Saroya, Co-CEO of VistaOne and Senior Managing Director at Vista Private Equity. Monti shares why agentic AI represents a step-change in software economics, how it removes traditional SaaS growth constraints, and why private companies may be best positioned to lead this transformation. The conversation explores how usage-based AI models are reshaping competitive advantage, why enterprise AI must be highly accurate and human-supervised in regulated industries, and how Vista is helping portfolio companies transition to AI native businesses. Monti also discusses take-private opportunities in software, infrastructure challenges around compute and data centers, and why he believes AI will ultimately boost productivity, GDP, and outcomes for society.

Admiral James Stavridis, Vice Chair of Global Affairs at Carlyle and former NATO Supreme Allied Commander, is back on Beyond 60/40 to discuss geopolitics. He unpacks today's most pressing global risks—from escalating conflict in the Middle East and Ukraine to the rise of drone warfare, nuclear proliferation, and more—with iCapital's Chief Investment Strategist, Sonali Basak. The conversation explores what investors should watch now, where defense and technology are heading, and why geopolitics remains a critical input to long-term portfolio construction.

In Episode 51 of Beyond 60/40, iCapital Chief Investment Strategist Sonali Basak sits down with Sam Williams, Managing Director and Portfolio Manager at iCapital, to unpack what’s really happening in private credit. They explore why credit quality remains resilient despite heightened scrutiny, how defaults differ across market segments, and why losses—not headlines—are the metric that matters. The conversation also breaks down the role of PIK (Payment-in-Kind) loans, when they signal flexibility versus stress, and how managers are navigating elevated redemption activity without sacrificing portfolio stability. With redemptions expected to remain elevated through 2026, learn why liquidity management, portfolio construction, and manager selection matter more than ever.

In Episode 50 of Beyond 60/40, host Sonali Basak, iCapital’s Chief Investment Strategist, sits down with Anshul Sharma, Chief Investment Officer at Savvy Wealth, to explore how advisors are navigating today’s market environment. They discuss the breakdown of the traditional 60/40 portfolio, the accelerating shift toward alternatives, and how private markets, structured investments, and defined outcome solutions are reshaping portfolio construction. Anshul also breaks down common misconceptions around liquidity, how semi-liquid structures fit into a modern allocation, and why technology is becoming essential for advisor efficiency—saving teams 15–20 hours per week by streamlining compliance, trading, and monitoring. Finally, they examine the growing role of AI in powering insights and elevating the client experience. Watch on YouTube: https://bit.ly/4rJEMGV

What turns 2025’s headwinds into 2026 tailwinds—and what still argues for caution? Host Sonali Basak sits down with Torsten Slok, Chief Economist and Partner at Apollo Global Management, to unpack sticky ~3% inflation and a “higher for longer” policy backdrop, the fragile labor market amid falling immigration, fiscal forces pushing up long rates, and how AI’s uneven trajectory could reshape portfolios. Slok also explores the growing role of stablecoins in the Treasury market and why diversification beyond AI-exposed assets remains essential. Highlights: Why 2026 could see growth tailwinds (policy changes, AI/data center buildout, lower oil, weaker dollar, World Cup effects). Sticky inflation near ~3% and a cautious Fed keeping front-end yields elevated. Labor supply as the swing factor: immigration’s drop and a lower break-even job growth rate. AI’s uncertain macro impact—risks if it disappoints, disruption if it scales. Fiscal dynamics and issuance mix driving higher long rates; stablecoins as new T-bill buyers.

In Episode 48 of Beyond 60/40, iCapital’s Chief Investment Strategist, Sonali Basak, sits down with Peter Mintzberg, CEO of Grayscale, to break down the evolving crypto landscape — from Bitcoin’s role as a portfolio diversifier to how regulatory clarity and wealth platforms are shaping the next phase of adoption. Topics discussed include: ·      Bitcoin’s value as a decentralized asset in a world facing geopolitical and inflation challenges ·      Why small allocations (1–3%) can meaningfully improve risk-adjusted returns ·      Where institutional, government, and wealth platform adoption is heading in 2026 and beyond ·      How ETFs and specialist managers are simplifying access for advisors ·      Grayscale’s selective approach to token research and diversification ·      The regulatory milestones that could drive the next wave of growth Watch now to hear Peter’s insights on how digital assets are maturing — and what it means for investors moving forward.

Emerging markets aren’t a one-size-fits-all opportunity. In this episode of Beyond 60/40, Sonali Basak, iCapital’s Chief Investment Strategist, sits down with Robert Koenigsberger, Founder and CIO of Gramercy Funds Management, to explore why a selective, high-conviction approach is critical for success. Robert shares insights on avoiding broad index pitfalls, leveraging private credit opportunities, and integrating macro and bottom-up analysis to build resilient portfolios. Topics include: • Why emerging markets risk is misunderstood • The role of private credit in EM • Navigating volatility and regionalization trends • How macro informs portfolio construction Watch now to learn how informed strategies can unlock value in complex markets.

Recent headlines have raised tough questions about private credit—defaults, liquidity concerns, and valuation practices. In Episode 46 of Beyond 60/40, Sonali Basak, iCapital’s Chief Investment Strategist, sits down with Craig Packer, Co-President and Head of Credit at Blue Owl, to unpack the facts behind the noise. Craig shares insights on credit quality, the role of private equity sponsorship, liquidity expectations for BDCs, and why portfolio construction matters more than ever.  Topics Covered:  Why recent defaults are isolated, not systemic  The paused Blue Owl BDC merger and what it really means  Liquidity expectations for non-traded BDCs  How valuations are determined and why transparency matters  What investors should expect as interest rates shift  Watch now to understand the fundamentals driving private credit’s resilience and what investors should know before allocating capital.