Wealth Planning Unleashed: Blending Alternatives with Traditional Strategies

With more than 25 years of experience in wealth advisory and financial services, AlphaCore Wealth Advisory CEO and Founder Dick Pfister, CAIA®, stands out as a genuine trailblazer in the realm of alternative investments. Pfister recently sat down with Anastasia Amoroso, chief investment strategist at iCapital, for an episode of the Beyond 60/40 video series to offer an inside look at the story behind AlphaCore, its ability to enrich traditional portfolios with innovative approaches and how this firm became a leader in the wealth advisory and investment industry.

Key discussion points from the interview include:

  • Dick Pfister’s Professional Background and Career Journey: Beginning as a trader on the Chicago Mercantile Exchange, trading currencies and index futures, and exposure to hedge fund managers in the 1990s led to his passion for alternatives and co-founding AlphaCore.
  • Genesis of AlphaCore and Its Investment Strategy: How experiencing events like the 1998 LTCM debacle, the tech wreck of the early 2000s and the 2008 financial crisis led Pfister to believe that 60/40 stock-bond portfolios were too risky, inspiring him to incorporate alternatives as the “third leg of the stool” to achieve non-correlated returns.
  • How to Address Client Concerns About Alternatives:As clients often have preconceived notions about alternatives, Dick explains how AlphaCore utilizes an educational approach to dispel misconceptions, specifically regarding liquidity and fees associated with alternatives.
  • Tactical Opportunities in Alternatives: In the current market environment with rising interest rates and increased volatility, AlphaCore is overweighting strategies that can benefit from higher volatility. These include global macro investing, multi-strategy managers, trend-following, private credit and new vintages of private equity.
  • Future Trends in Alternatives:  Pfister predicts a changing landscape over the next decade where alternatives will play a more significant role in portfolios due to market demands for diversified return streams. He also explains why he anticipates a conversation shift from traditional versus alternatives to a focus on accessing private or public, correlated or non-correlated investments.
  • AlphaCore’s Growth and Support for Advisors: Dick discusses why AlphaCore has been searching for advisors across the country, especially those interested in or already incorporating alternatives into client portfolios.

Throughout the interview, Pfister’s insights underscore the value of alternatives in achieving portfolio diversification and risk mitigation, challenging conventional 60/40 approaches and advocating for a more nuanced and personalized investment strategy.

Click here to watch the entire episode.

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