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.

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.

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.

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

• 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.

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.

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.

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.

In this episode, we explore the 2026 outlook for alternative investments and why millennials are driving demand for private markets. Kyle shares insights from a recent Goldman Sachs survey showing 54% of millennials are interested in alternatives versus 14% of baby boomers.

Submit your questions to yourquestion@icapital.com to be answered anonymously on a future episode.

The Private Market Pulse covers enterprise software's critical inflection point, challenges, and key catalysts for recovery. Then, David Breach, President and COO of Vista Equity Partners addresses the firm's focus on enterprise software, its resilience, and impact on global economy.

Lastly, Molly Weiss, Group President, Wealth Platforms at Envestnet joins to talk about technology transforming the user experience for investors and advisors, with help from the iCapital partnership.

Do you or your clients have questions about alternative investments? Email yourquestion@icapitalnetwork.com to be answered anonymously on the show.

Questions about alternative investments? Email yourquestion@icapitalnetwork.com to be answered, anonymously, on a future episode. 

Do you or your clients have questions about infrastructure investing? Email yourquestion@icapitalnetwork.com for it to be answered on a future episode. All questions are answered anonymously.

The episode also features insights on the growth of private markets, with a focus on how alternatives have grown significantly and now hold $14 trillion across all private capital strategies globally. The discussion highlights the increasing interest from private capital investors in diversified asset classes, such as real estate and infrastructure, and the favorable conditions created by synchronized central bank easing.

Anastasia Amoroso, iCapital Chief Investment Strategist, leads this Private Market Pulse to provide insights from iCapital's Q3 2024 private markets data, highlighting increased investor interest and allocations to private equity, driven by factors such as economic resilience, improving deal activity and exits, and more favorable financing conditions. 

Then, she sits down with Joan Solotar, Global Head of Private Wealth Solutions at Blackstone, to discuss the early-stage adoption of alternative investments, including private equity, private credit, real estate, and infrastructure. In this insightful conversation, Solotar emphasizes the crucial role of education, technology, and reducing friction to accelerate the adoption of these alternatives. 

Then, iCapital's Managing Director of Structured Products, Steve Czick, answers a viewer question of the month: Is there another way to manage structured products without so much time and effort involved? Czick offers an efficient solution—utilizing separately managed accounts (SMAs) for structured products. This approach not only frees up valuable time for advisors to focus on tactical investments and other portfolio management activities but also offers a seamless transition for existing structured note holdings to an SMA platform. 

Submit your alternative investments questions to yourquestion@icapitalnetwork.com to be answered on an upcoming episode.