The Expanding Retail Access to Alternatives: Insights from Leading Wirehouses and Independent Broker-Dealers & Advisory Platforms
As retail investors seek access to investment strategies designed to help shield them from low interest rates and an equities market at record high levels, alternative investments may provide a stream of income, generate returns that generally have a low correlation to traditional markets and play an important role in diversifying investors’ portfolios by potentially reducing volatility.
Hear from three veteran industry leaders from LPL Financial, Morgan Stanley and Fidelity Institutional who will share their perspectives on the three primary distribution channels for alternative investments including IBD, wirehouse and RIAs with a focus on the shifting demand from financial advisors seeking to build portfolios to fortify against market volatility and position assets for growth over the long term.
We will explore insights on what has worked from an investment and structure standpoint, recent and emerging trends, and what anticipated changes are on the horizon as the industry emerges from the current environment.
Bill DuffyVice President, Alternative Investments, Fidelity Institutional
Bill Duffy joined Fidelity in 2020 as Vice President of Alternative Investments. In this role he is responsible for expanding Fidelity’s alternative investment platform solutions, enabling clearing and custody clients access to alternative investments. Additionally, Bill educates Fidelity clients and prospects about alternative investment solutions available through Fidelity.
Prior to Fidelity, Bill worked in the Asset Management Solutions division of Charles Schwab & Co., Inc. At Schwab, he was Managing Director of Relationship Management, leading the team responsible for relationships with over 700 third-party asset managers. Prior to that, he was a Sr. Manager of Marketing and Strategy on Schwab’s alternative investment platform team. In that role, he was responsible for developing the strategy to grow Schwab’s alternative investment solutions available to RIAs, including identifying third-party asset managers for participation on Schwab’s platform. Additionally, he collaborated with industry thought leaders to develop and deliver alternative investment education to thousands of RIAs who custody assets on the Schwab platform.
Earlier in his career, Bill was an Executive Director at a boutique alternative investment marketing and advisory firm, where he was responsible for marketing alternative investments to RIAs, family offices, and institutional investors. He also held various roles through a 10+ year career at T. Rowe Price Group.
Jeremy BealManaging Director, Head of Alternative Investments Morgan Stanley Wealth Management
Jeremy Beal is a Managing Director and Head of Alternative Investments for Morgan Stanley Wealth Management. Jeremy joined the Firm in 2002 as an Associate in the Managed Futures Department and subsequently, held a variety of product development, management and strategy roles within the firm’s Managed Futures and Alternative Investments businesses. In 2009, he became the Chief Operating Officer for Alternative Investments, then went on to become the Head of Product Development and Strategy in 2013. Since 2017, Jeremy has been the Head of Alternative Investments.
Jeremy earned his Bachelor in Science in Business Administration from Pacific University. He then went on to attain his Master of Business Administration, with honors, from Willamette University, as well as his Juris Doctor from Willamette’s College of Law. Jeremy also earned a Certificate in Dispute Resolution from the law school. He is a member of Beta Gamma Sigma, the national honor society for collegiate schools of business, and Pi Alpha Alpha, the national honor society for public affairs and administration. Jeremy is also a member of the New York State Bar Association and an active member of the Managed Money Institute (MMI).
He currently lives in New Jersey with his wife Elaine and three children, Jaxon, Everett and Evelyn. He enjoys the outdoors, playing golf and traveling with his wife and kids.
Timothy R. Rolfs, CIMA® Managing Director, Alternative Investment Product Management, Charles Schwab & Co., Inc.Timothy R. Rolfs, CIMA®Managing Director, Alternative Investment Product Management, Charles Schwab & Co., Inc.
Trisha MillerExecutive Managing Director, Capital Markets Redbrick LMD
Trisha A. Miller is Executive Managing Director of Capital Markets for Redbrick LMD, a Washington DC-based developer of commercial real estate and the largest private owner of property located in Opportunity Zones in the District of Columbia. Ms. Miller has over thirty years of experience in the distribution of alternative investments and mutual funds through financial intermediaries. Previously Ms. Miller was Executive Managing Director of Robert A. Stanger where she served as a consultant to institutional and other alternative asset managers to assist with the development and implementation of their retail fundraising capability. She was previously the CEO of Starwood Capital, LLC, the broker/dealer affiliate of Starwood Capital Group, a $60 billion private equity firm with a primary focus on global real estate. In addition, Ms. Miller was CEO, Head of Distribution and National Sales Manager at Carey Financial, LLC, W. P. Carey’s broker-dealer, where she led the capital raising function for real estate and credit funds for nine years. Previously Ms. Miller was a sales manager with Rydex Funds (now owned by Guggenheim Partners), one of the earliest to launch alternative investment strategies in a mutual fund format. She was also with Columbia Funds and Putnam funds earlier in her career.
Ms. Miller is currently the Chair Emeritus of the Institute for Portfolio Alternatives (IPA) which provides national leadership for the Portfolio Diversifying Investment industry through advocacy and education. Ms. Miller earned her B.A. from Chatham College in Pittsburgh, Pennsylvania and her MBA in Finance and Marketing from the Katz Graduate School of Business at the University of Pittsburgh. She is a Certified Financial Planner® and holds several securities licenses, including the Series 7 and 24 licenses.