In episode 4, Emil dives deep into the Q2 13F filings to provide some insights on which sectors investors have been placing bets on throughout the pandemic.
Transcript
Speaking Logicly is brought to you by ETFLogic, the leading provider of analytics and portfolio analysis tools for financial advisors, no information with them should be considered trading or investment advice.
Scott McKenna:
Welcome everyone to episode five of Speaking Logicly. I’m Scott McKenna.
Emil Tarazi:
And I’m Emil Tarazi.
Scott McKenna:
And today we are joined by Ryan Krystopowicz and Brad Shepard of WisdomTree. We’re super excited to have these guys on. As you guys may know, we recently partnered with WisdomTree and now are offering their model portfolios on our Logicly Model Marketplace. How’s it going today, guys?
Brad Shepard:
It’s going great. Thanks so much for having us on today.
Ryan Krystopowicz:
Yeah, thank you.
Scott McKenna:
Yeah. So before we dive into it, we’d love to hear a little bit about… Brad, obviously your title is head of advisory innovation, very exciting title, but why don’t you tell us a little bit about what your day to day looks like?
Brad Shepard:
Sure. I call it the best title in asset management, because you can never really pin me down on anything, which is pretty good, but so my role at WisdomTree is, if you think about our, obviously our core business that are ETFs, and then we’ve got all these other things we do for advisors in our growth and advisor solution. So I sort of over in that section, helping build all that out and making sure we stay ahead and all the value added services that we build, bring to advisor.
Brad Shepard:
So on a day-to-day basis, it goes from figuring out what tools we’ll build next to help make the life of the advisor better in different ways, or presenting the research and speaking out to groups, to other advisors to help educate them on topics that we research, similar to the stuff we’ll talk about today.
Scott McKenna:
Awesome. And Ryan, obviously we’ve worked very closely to get your models listed on our Logicly Model Marketplace, but for our listeners, why don’t you tell them a little bit more about your role on the model portfolios team at WisdomTree.
Ryan Krystopowicz:
Absolutely. So my name is Ryan Krystopowicz, and I had joined WisdomTree about four years ago and then had the, really the honor and the privilege of working on our asset allocation team and specifically our efforts into model portfolios. So WisdomTree’s been doing or constructing ETFs rather since 2006, but in 2013, we started essentially creating asset allocation ETF model portfolios, and really been commercializing those efforts over the last three years.
Ryan Krystopowicz:
And so I would definitely say I wear a lot of different hats as far as researching the markets, being a part of our model portfolio investment committee. Asset allocation is in my title, but then I also get to work with advisors across the country, as well as different platforms, supporting those model portfolio efforts, everything from making sure that our strategies are up operationally, running smoothly, as well as communicating those strategies to advisors as well.
Scott McKenna:
Excellent. And so on a previous episode, we sat down and we were talking about why model portfolios are such an important tool for advisors, but what really caught my eye with this recent study that you guys put out was that you were really focusing more on the adoption and looking at it kind of from the view of the investor. Can you tell us a little bit more about how you guys first conducted that survey and maybe some of the results?
Brad Shepard:
Yeah, so first off we have no prop, we have no issue with, there’s a lack of models in our industry, right? And there’s a lot of models just like there are a lot of ETFs. So we stepped back similar to some of the stuff we’ve done in other areas like growth for advisors and said, “What is missing? And what I saw missing was, you know what? There’s a lot of talk about models are coming, models are coming, but the hardest part about any kind of new technology or any kind of anything is change management, right? So we really looked at from the investor to the FA, to the model provider that entire value chain to understand what hurdles existed.
Brad Shepard:
And to give you an example. So one, we use a multidisciplinary research methods, so we don’t just do quantitative survey work. We do qualitative work in the form of lots of different types of interview techniques and that sort of thing. We also incorporate in some of our research biometrics. So we actually do eye-tracking studies and that kind of thing as well. But for models specifically, we had over 2000 high net worth investors come through the process, which gives us a confidence level of right at 98%. And that’s, for those of you who are research minded, you’ll know that that’s a really high confidence level, small error rate, and we have hundreds of advisors, so about a 5% error rate. So I guess the summary on that is we were really exhaustive in the way we perform the research to make sure it’s valid versus a lot of times you see research and then I go to the footnotes because I’m a footnote kind of guy.
Brad Shepard:
And I’m like this has no validity really because it had, the statistical sample size was too small and the methods they use were too singular. So with that, what we were wanting to do was understand adoption. And I’ll give you one, before we get deeper, give an example. So between the investors dollar and an actual model, we identified right at 45 specific hurdles or opportunities that exist that were leading to might not getting to those models. So now it’s our job to translate those hurdles or opportunities and how can we solve them internally with WisdomTree or with our partners like yourselves.
Emil Tarazi:
Did you say 45?
Brad Shepard:
45, yes. Clearly I could probably break those into a lot more, but those are sort of the big buckets if you will.
Emil Tarazi:
Yeah. So that seems like a high number, but I’m actually not too surprised. A you may know, at ETFLogic, we’ve been also looking at a lot of different ways to simplify model delivery for advisors, but let’s dive into that 45 number a little bit. How do you think about those hurdles? How do you group them or which ones are the top ones that you think are kind of low hanging fruit, let’s say in terms of getting models distributed in a wider way.
Brad Shepard:
Yeah. So let’s start with kind of the talk would be communication. I mean a huge bucket was communication issues and examples. As an example, when we would talk to the end investor about, “Do you understand what a model is?” Or some version of those words? Their confidence was very high that they knew what we were talking about, but when we actually tested the definition of asset allocation so forth, not shocking, not surprising here, but they really didn’t understand. Right.
Brad Shepard:
So one, the investor just doesn’t really understand many times what we’re talking about and that’s a problem. Right? Second thing that I just thought that I think is really interesting is, again, I’m going to paraphrase a little bit, but if you said, if you as an advisor said to an investor and you would may not say it this bluntly, but if you said some version of, “One of the things I do is I let somebody else manage your investment management. I outsource that.” Whatever words you choose, the acceptance level of that was less than 36% from the investor.
Brad Shepard:
But if you changed it to, and I think you guys’ll like this. If you changed it to, “As an advisor, I have access to technology that allows me to see the best of great thinking from hundreds of good minds in our industry,” the acceptance rate went to almost 90%. So we didn’t say anything different, right? We literally just changed the context of the communication to of using technology, to access a greater set of minds. And you know what I think is super important as an advisor, your job should be to know the investor intimately, know everything about them and then use models and asset allocation to find the right fit for them. Right? So I just think that’s interesting. So communication was a huge one.
Scott McKenna:
Yeah. It’s all about how you market it. Right? I think there’s a certain amount that that’s down to execution, but how you say things is almost more important than what you say sometimes. That’s really interesting. So in terms of that miscommunication, how do you think as an industry we can go about bridging the gap? Is that something that needs to be on the shoulders of the advisors, the model providers, or kind of the in-between marketplaces like what we do?
Brad Shepard:
Oh, I think it probably comes from the asset managers and the technology providers providing the resources to the advisor because listen, their job, they’ve got plenty of things to do, right? It’s our desire. And for the whole ecosystem of models to grow, because we think it’s good for every constituent, right? The invest with the FA [inaudible 00:09:38], but I think it’s our job to build out the tools to make that easy for them, that transition, if you will. So that’s what we’re working on at WisdomTree is, how do we help our partners make it easier to adopt models by filling in some of these gaps that we saw within the research that, and it’s out there?
Brad Shepard:
Another one is I think an analogy that works really nicely for this context is we looked at, we used an analogy of a physician and what we found was, applying a model to a investor’s portfolio is very similar to a position, leveraging all the available technology to make the right diagnosis. 63% of investors absolutely agreed with that strongly. So I think it’s, again, it’s just very contextual how we talk about what we do and the role of the FA and the role of the strategist, and the third party asset manager and so forth.
Ryan Krystopowicz:
Yeah. I’m curious about some of the trends in the model portfolio space. So obviously, models have been around for quite some time, maybe a couple of decades, depending on how you measure it, but what are some of the more recent sort of tailwinds, I suppose, that have made models more popular and brought more interest from financial advisors?
Brad Shepard:
And Ryan, I’ll let you tag on to this too. And I’ll tell you sort of from our standpoint and my standpoint from a research standpoint, it’s a couple of things. One, growing is never been harder, right, as an advisor. So I think anything that we can do to allow them to have greater time to spend communicating with their current clients and our new clients is helpful. I think models are a key part of that, quite frankly. I think it’s pretty obvious that the compliance, the regulatory environment for this is only getting tougher. So with Reg BI, I believe models can play a role in that. That’s helpful as well. I think we know that it’s, again, if your time is already stressed, having a thousand different conversations is very tough. So, how can we help the advisor have more similar conversations based on the model or asset allocation models they use?
Brad Shepard:
So, I think there’s a lot of reasons why, but, if I back up from sort of those, I think the bottom line for me anyway, is that the old adage, two heads are better than one. Listen, nobody’s ever going to say that the advisors shouldn’t have a critical role in the investment side of their customers, but an advisor, depending on the size of their team and the firm they’re with and so forth, they just, they can’t, they don’t have the time to put it a hundred percent just on the research. Right? That’s not their only job. In fact, they have a lot of jobs, right? So partnering with groups that have people that are dedicated to that 24-7 if you do it the right way. I mean that’s the win for everybody, quite frankly.
Emil Tarazi:
Yeah. And on that point, saw in your latest survey that actually clients prefer advisors that use models. I’m curious why that is.
Brad Shepard:
Yeah. So when the key on part is when its communicated properly, right. That’s the big caveat here. Right? But yeah, so what we saw was that if, when a and if a prospect was looking at two advisors who they might hire, they were 20% more likely to select the advisor that when the advisor properly communicated the partnership and use of third-party models and the reason, so dot, dot, dot, that seems very self-serving. I get it, the big elephant sitting in the room staring at me. Right? But it’s not, if you think about it, because if you communicate it properly, that I have access to hundreds of good minds thinking about this 24-7, my job is to know you and pitch you to the perfect strategies makes total sense, right? I mean, it’s just, it’s leverage it to me. This is leveraged expertise, leveraged technology, nothing more. It’s leveraging technology like we do in most, every other part of our life.
Emil Tarazi:
Right. Go ahead.
Brad Shepard:
One other thing will happen. It’s interesting. I mean, when one of the things we looked at everybody’s, I think probably a lot of people are familiar with sort of hierarchy of needs, Maslow’s hierarchy of needs, life-changing emotional and functional. And I can tell you, we sort of overlaid some of that thinking with our work and listen, the actual investment management piece is considered a functional kind of thing, right? It’s a functional something that you, as an advisor offered the investor, but those life-changing and emotional things, things like helping me reach my goals, keeping me motivated, my financial health, reducing stress and anxiety. Those are all upper level needs. Only the advisor can deliver those a hundred percent. The advisor has to deliver those. The functional stuff, to me, this is functional. It’s like a lot of things you. You realize that my job shouldn’t be [inaudible 00:14:40] part in the functional, it should be in the life-changing and emotional. So I just think that’s a good fit for an advisor.
Ryan Krystopowicz:
Yeah. Yeah, no, I had a, I guess a few kind of comments to that, largely agreeing with everything, obviously that Brad had mentioned, I would say it kind of comes down to offense defense. On the defensive side, we think about the markets and you think about the trend towards advisors charging a certain percent say 1%, one and a half percent on AUM and we’d been in a bull market. It’s certainly been a creative for that. But we’ve obviously seen with what happened with COVID and I know markets are back now, but with the compression entering into the market space and advisors thinking about how they can kind of lower their cost structure, going into lower cost ETF model portfolios, this is certainly been a trend. And then it comes down to what Brad had been talking about as far as, “Well, what can what do I want to do in house and then what do I want to outsource?”
Ryan Krystopowicz:
And Brad can certainly speak more about this, but when they realize that it’s not like they’re just outsourcing a hundred percent of it, but they can still retain control and things of that nature, it kind of changes the advisor’s perception of really how to incorporate model portfolios into their business and Brad’s done some post volatility that we’ve seen in March and April to kind of highlight that and how the advisor or the advisors end clients really value their advice, but the advice on the emotional aspect and of the advisor, the investment side still.
Emil Tarazi:
Let’s talk about that volatility this year. I mean, obviously unprecedented market gyrations and in February, March, April, how did model portfolios performance?
Ryan Krystopowicz:
I mean, the key is to have an institutional process and stick with that, and then communicate to the advisor who is using these models so that they can do what’s best interest for their clients that they serve. Right? We work with the financial advisor and then they ultimately know their clients best. And so you can certainly believe that as the volatility was hitting, I mean, each model portfolio that are model portfolio investment committee and global research team manage has a benchmark and has a very once again institutional process where we have objectives that we’re managing these models too.
Ryan Krystopowicz:
And we’re making sure that we’re doing that because that’s what the advisor expects from WisdomTree, and then we’re communicating with them. So they might have one-off questions about how can I tax loss harvest, or what should I be doing within these models that we we’ve had an extreme spike in conversations around what’s going on?
Ryan Krystopowicz:
But ultimately it just comes down to once again, managing the models as they were designed to do. And we’ve certainly, from a performance perspective, our global tilts and our tilt towards value versus growth can do well against the benchmark that’s apples to apples. And when an advisor’s looking at you Tesla and Zoom, it’s completely different, but that’s just the benefit of once again, taking a holistic approach and having deep communication with advisors so that they know what the golden objectives of the models are, and then they can tailor that to their end clients as needed.
Emil Tarazi:
Yeah. That’s interesting that you mentioned Tesla and Zoom. We think a lot about given that we have these portfolio analysis tools and portfolio construction tools on our platform. I’m often thinking about, “Okay, how do we take models, which reflect a large body of work around asset allocation and how do you customize those products?” So I guess do you work with advisors one-on-one when they want to diverge from the model?
Brad Shepard:
Yeah. I can tell you [inaudible 00:18:48] that Ryan, a couple of things tied to the research too. So one of the things that we looked at was how well the models connect over to the risk profile or behavior of the investor in the WisdomTree world, we’ve done an enormous amount of work in behavioral finance with the partnership we’ve got. And so we’re working on how to correct the behavioral traits of an investor over to a model. Right? And that was seen by the investors, or sorry, the advisors as a pretty big need area. Right? Because many times you’ve got those antiquated risk profile sitting in one place and the model center or model sitting somewhere else. Right?
Brad Shepard:
So one, how do we connect those two that makes the job easier of the FA, that makes the hopefully outcome better for the investor. I think that’s really important for that. And then one of the other things that probably some of the things you have is we also have a portfolio of development tools that are built for the FA to help them use our open architecture policy, make changes as needed, based on their discretion of what would fit the investor and look at what the outcomes might be and that sort of thing. And Ryan, if you have anything else. I don’t know.
Scott McKenna:
Yeah.
Ryan Krystopowicz:
I was just going to just very quickly, Scott. I was just going to highlight that. Yeah. That’s exactly how we work with advisors to your point, Brad. A lot of them will customize the models and when they have a client that says, “I don’t want any small cap access to small capitalization stocks,” that’s usually something they’ll do on their own that we’ll have no idea about. But when it comes to specific model objectives that we might not have off the shelf, we absolutely work in a customized fashion.
Scott McKenna:
I mean, for me, I’ve done a couple hundred adviser demos since we launched our Logicly platform in January. And it seems like maybe 30% are using models and the rest either constructing their own or there’s been a lot of people advisors that I talked to that are actually, they’re very interested in the model marketplace because what they say they like to do is, is kind of take a model and then try to customize it further. So I was definitely curious about how you guys interacted and worked with advisors that maybe wanted to take your model, but tweak it in some way.
Scott McKenna:
And I think that’s really a lot of what we do and when we’re talking to advisors where we’re developing our portfolio, coach concept is taking that and how do I improve certain aspects? How do I lower the costs? I think it’s very important for advisors to keep into account their portfolio costs at the fund level because they’re getting fee compressions and investors are becoming more fee conscious.
Brad Shepard:
Yeah. I mean there’s been a lot of good work recently. Morningstar’s put some stuff out around sort of the cost of an ETF model comparative to a lot of other things. It’s pretty astounding how much could be saved pretty quickly. Something else that we looked at in the research, which I thought was interesting is 53% of the advisors were using a model that they built over 10 years ago with the customers. So I guess the point is, there’s probably a lot of opportunity because especially now after this year we’ve had for advisors to assess and look for other ways to potentially work on their core business. And even more, I think also interesting was that if we ask you, if you could, if this larger set of third-party models was available when you started, would you have tried it or done it? I mean, the answer was 82% said, “Yes.”
Brad Shepard:
So I, you asked some of the tailwinds, I just think we found, like we’ve got a little bit of a reset right now in the markets based on what’s gone on this last year, there’s a lot of opportunity for harvesting and so forth, so hopefully that will be good tailwinds for model growth across the industry and the whole value chain.
Scott McKenna:
Yeah. And on the idea of harvesting, that’s something that we’ve been really focused on with our portfolio analysis tools. How do you guys interact with financial advisors and help them out with that process of potentially making some tax loss trades?
Ryan Krystopowicz:
Yeah. So WisdomTree has a distribution team where we cover institutions, RAs, wirehouses, independent broker dealers across the country. And so there’ll be handling the relationships and then those relationships were one solid unit where they will interact with the asset allocation team that I’m a part of. And then it’s really just kind of like a hands-on approach. Now we don’t give tax advice per se, but what we do is, we’re very knowledgeable in different indexes and the ETFs that track those indexes and understand kind of the like-minded securities and opportunities that based off asset classes in our views of which might be a creative to swap into.
Brad Shepard:
I was just reading a paper. It was about, called An Empirical Evaluation of Tax Loss Harvesting Alpha. It basically found that on an annual basis, you could potentially find 82 basis points of excess returns by doing that properly. I mean, that’s pretty powerful right, in the world that we’re all living in right now from a turning cost perspective. It’s huge. So I think, as Ryan said, the better we can get it, making that easy and the better that you can get from a technology provider making that easy, that’s a win for everybody.
Emil Tarazi:
No, absolutely. I think that the, especially with, again, the market moves tax credit and generation has been on everyone’s mind. And even now, I mean, the market’s rallied quite a bit from its lows earlier this year, but we’re not at where we were at in January of 2020. There is no wide divergence in a lot of different sectors and factor exposures. So there’s still opportunities out there for tax-type trades.
Emil Tarazi:
So I’d like to focus a little more on the technology side of things. So what are some of the obviously as the market, as the model portfolio market continues to, to expand and advisor adoption, which is, I think still fairly low, but hopefully that continues to grow. What are some of the sort of technology hurdles or technology gaps that you think can be filled? Yeah.
Brad Shepard:
100%. So let’s start, we’ve mentioned a couple of these already, but let’s start with the overall workflow. And to me, that is how do we tie risk assessments or behavioral finance concepts over the models, right? Because there’s a gap there and I think that’s really important as an industry we think through and figure out. And then also you mentioned it earlier, just that the ability to customize. Listen advisors, aren’t going to use the models if they can’t customize. That’s why at least at WisdomTree, we focused a lot on our tools to allow customization of our models and made them open architecture.
Brad Shepard:
And then sort of finally, and I think this is super important. And some things that people will hear more from us on here pretty soon is, is communications to meaning communication from if an advisor is using some, one of our models or some of our models of how do we help them communicate more effectively with their customer based on what’s going on, both in the marketplace and within our models? So I think all of those things are sort of tech related, right? They’re all very tech centric and the more of those that we can answer and help the advisor make their job easier, the more likely they are to use us.
Emil Tarazi:
Are there challenges in the delivery process? Getting or communicating re-balances to the end users?
Brad Shepard:
I’ll start. And then I’ll let Ryan tag on to this because he spent a lot of time with our partners. What I would say is it can be maddening from my perspective of an advisor on how do I even get to a model, right. Because there’s, depending on where you custodian, what channel you’re in, there’s so many different ways and I think it is improving, but it’s not easy sometimes. Right? And Ryan on our team works with all of our partners, so he sees every flavor of this, of how can you get to a WisdomTree model if you choose to. So Ryan, I’ll let you tag onto that.
Ryan Krystopowicz:
Yeah. I mean, that’s been the goal of WisdomTree as we’ve commercialized our efforts since really 2016 as far as making it as easy as possible for advisors to access our models, and one thing that we’ve… And so what we’ve done and there’s been press releases by WisdomTree, as of recent is just landing on more and more model market centers. And to once again, make it as easy as possible for advisors to access. As Brad will say, assessability doesn’t always lead to adoption. And that’s definitely something that the industry is finding out.
Ryan Krystopowicz:
But I would just say that it’s not hard from my perspective, as far as communicating to model market centers and communicating the rebalanced and the changes that we make, but the advisor, they can ignore those trade instructions. They could do it at their own time. There’s a lot of wiggle room in there that’s certainly interesting and varies on different platforms.
Emil Tarazi:
That’s interesting. Yeah. I mean, I’m curious to understand how advisors reconcile performance. So if you have particular models that you’re showcasing performance, but the implementation is completely different advisors choose to skip a rebalance or customize or tax loss trade, and maybe switch into other ETFs that are highly correlated. But I wonder what that does to performance and matching the performance that you may publicize on your models and what actually happens.
Brad Shepard:
I think what you’re hitting on is really, really important because what you just said, there are obviously parties that are attempting to grade models they do everything else, right? But for a model to be successful, it’s going to be open architecture and customizable and what we found was, in the research was that really, I look at our models are more of a starting point for an advisor’s asset allocation, not the end point in most cases, if we’re being reality. So what you just said is absolutely accurate is we can be great or report what we want, but the reality is advisors are going to customize our models and what they do at that point is not within our control many times. Does that make sense?
Emil Tarazi:
Yeah, absolutely. I like the word you use, open architecture and that does make sense and characterize it as a starting point. So I think that’s, at least for me, when you talk about communication, that seems to me to be an important point that people need to understand when they use models is that this is not the end decision. This is probably a very good guide on how to allocate assets and potentially match that models risk profile with your client’s risk profile.
Brad Shepard:
Really, that can be very channel specific, right? There are clearly channels in our industry, where there are no modifications, right? For a lot of different reasons from the home offices. And there you are getting a pure play if you will, but in many cases, you’re not depending on the channel.
Emil Tarazi:
Scott, did you want to add anything?
Scott McKenna:
Yeah, actually there was one step from the survey that really stood out to me and it was about millennials and gen X or so. 90% of millennials and 87% of gen X were extremely accepting of their advisors if they used a preset investment model portfolio with their funds. I thought that was pretty interesting and it makes sense. I feel like the younger generations definitely are more open to the idea of digital advice, but for older advisors that stat might almost seem threatening, right? Because it’s almost taking a little bit of their job away and maybe that’s going to compress fees even further on their end.
Brad Shepard:
I would say again, you have to read, evaluate what you think your value prop is because it’s really not investment management. It’s knowing your customer better than anybody else. And having the ability to use technology to access lots of other thinking and in this case models to come up with the best solution. I mean, if you’re competent in what you’re doing, you’re confident in your relationship with your customers, then they should see this as you’re being a very modern advisor is you’re using technology to go out and diagnose me and find all the right solutions to give me the best outcome. Right?
Brad Shepard:
And I do think it sometimes it can be a little bit of an older school mindset to think I have to go make every decision, do all the research and et cetera. There’s just not enough hours in the day and there’s stuff and really what the customer needs from you is really frequent communication and making sure that you’re always aligned with where they’re trying to go and then finding the right solution to get there.
Scott McKenna:
Technology obviously helps to reduce that time spent on investment management as well. That’s kind of our value prop to advisors is streamlining those processes and workflows. But what are your thoughts on where the financial advisor value proposition is going to be in the next 20 years?
Brad Shepard:
Listen, investment management is already in my mind, I’ll be controversial, I guess, but it’s already been commoditized, right? I mean, you can go get a lot of investment management for free or near free. So what are those higher level values as an FA that you can bring to the investor, right? Because you know what? When March hit and the markets went crazy down, if you were on your own, did we see you selling, selling, selling, right? Versus having a human that’s the only thing that’s going to stop you is a good advisor, who knows you and has been in it long enough to keep you from making bad decisions. I think it’s all that stuff that’s critically important. It’s all the value added services. It’s whether it’s lending and other things, right. And by the way, you don’t want to be a single threaded advisor, right? Because you can be replaced if you’re single threaded versus if you’ve got your tentacles in lots of ways that you help your client.
Brad Shepard:
And I think that’s really, really important. I think that’s really important. So I do think that is sort of the future of the modern advisor is somebody that leverages all of these different things to end up with the best outcome for the investor. For sure. Because if you’re, if you believe that your only value, your number one value is making investment decisions, I just think that that’s really shortsighted and there’s going to be a lot of advisors who understand that it’s not, and they’re going to use all these other tools to have a better offer to the customer at the end of the day.
Emil Tarazi:
Cool. Well, we touched on a lot of topics.
Brad Shepard:
I really just appreciate you guys having us on today. You’ll see more of our research come out in press releases and so forth and some things that WisdomTree will be working out in the future. We’re excited to bring some of our thought leadership, but also tools to market and collaboration with partners like yourself. I think we’ll have a really strong value prop with the adoption as well as our models, obviously.
Emil Tarazi:
Yeah. Where can advisors go on the WisdomTree website to get more information on models? I’m sure it’s linked at the top.
Ryan Krystopowicz:
Absolutely. So financial professionals can sign into WisdomTree’s website and at the very top, we have a tab, model portfolios and you can see our current lineup right there. Very easy.
Emil Tarazi:
Yeah. I just visited the site and I can attest to that ease of use.
Scott McKenna:
And for advisors who are on our Logicly platform as well, they can look at the WisdomTree models via the Logicly Model Marketplace.
Emil Tarazi:
Very cool. All right, guys.[/vc_column_text][/vc_column][/vc_row]
