Welcome back to the Alt Goes Mainstream podcast.

We were live from AGM’s RIA Field Trip at Franklin Templeton’s New York office in Madison Square Park with Franklin Templeton’s Head of Private Markets - Americas Wealth Management Dave Donahoo to discuss the nuances of serving the wealth channel.

Dave brings the perspective of someone who has seen the wealth channel handle multiple market cycles and an understanding of both traditional and alternative asset management, while always keeping the outcome for the end investor in mind.

Dave started his career in the depths of the 2008 financial crisis at T. Rowe Price, where he worked with individual investors. He rose up the ranks of T. Rowe Price and then joined Blackstone as a Principal in the firm’s Private Wealth Solutions business before moving to Franklin Templeton as Head of Private Markets - Americas Wealth Management.

Unpacking nuances in private markets, Dave discussed why he believes a “family of specialists” with a “narrow scope” is critical for a private markets investment platform and how a traditional asset manager can approach building brand in private markets. We had a fascinating discussion, covering:

How Dave’s background starting his career working with individual investors has informed how he approaches creating solutions for the wealth channel.
Why LPs want to do more with fewer partners and what this means for GPs.
Specialists vs. generalists.
Why RIAs have “cold call fatigue.”
What RIAs want from a product perspective and why differentiation, trust, and proactive client service are top of the list.
How asset managers can approach brand-building.
The product innovation roadmap and what the path to 401(k) and DC products might look like.

Thanks, Dave, for sharing a fascinating window into the wealth channel and for your passion, expertise, and dedication to providing private markets solutions to the wealth channel.

Show Notes

00:04 Live from Franklin Templeton RIA Field Trip

00:07 Meet Dave Donahoo

02:31 Lehman Day One Story

03:15 Thrown Into the Phone Queues

03:37 Teacher Call and Investor Fear

04:53 Start With the End Client

05:26 From T Rowe to Blackstone

05:53 Blackstone Wealth Playbook

07:18 Why Franklin Was the Fit

08:09 Traditional Manager Advantages

09:09 Platform Synergies in Wealth

10:16 Challenges of Going Private

10:36 Brand Transformation Story

11:44 Internal Alignment and Change

12:16 What the Brand Should Signal

12:50 Specialist Managers Philosophy

13:44 Building Perpetuals the Right Way

14:13 Defining the Right Structure

15:44 Evergreen Structure Depends

16:09 Secondaries Structure Choice

18:10 Infrastructure Partnership Model

20:02 Preserving Investment Cultures

21:50 Data and AI Cross Collaboration

24:17 Macro Insights Across Platforms

25:47 Product Innovation Roadmap

27:06 Private Markets in 401k Plans

27:53 What Model Portfolios Mean

29:06 What RIAs Want Most

30:21 Client Service and Honesty

A Word from Our Sponsor, Ultimus

This episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.

That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals.

Learn more at ultimusfundsolutions.com or email info@ultimusfundsolutions.com.

We thank Ultimus for their support of alts going mainstream.

Editing and post-production work for this episode was provided by The Podcast Consultant.

Franklin Templeton’s Dave Donahoo - “start with the end client” - live from AGM’s RIA Field Trip

Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets

Franklin Templeton’s Dave Donahoo - “start with the end client” - live from AGM’s RIA Field Trip