--- title: "Transforming Wealth Management through Alternatives with Dick Pfister" description: "Traditional wealth management often focuses on stocks and bonds, potentially leaving investors vulnerable during market downturns." url: https://www.milemarker.co/podcast/transforming-wealth-management-through-alternatives-with-dick-pfister updated: 2024-10-29 --- [Now playing](https://www.milemarker.co/podcast) [Podcast**Next Mile**](https://www.milemarker.co/podcast) [Episodes](https://www.milemarker.co/podcast)[Guests](https://www.milemarker.co/podcast/guests) [YouTube](https://www.youtube.com/@milemarkerinc) [Apple](https://podcasts.apple.com/us/podcast/the-connected-advisor/id1691759257) [Spotify](https://open.spotify.com/show/0Lw8kHGnS1JJBMZLPYxc9S) Episode 66 · Oct 29, 2024 · 36 min # Transforming Wealth Management through Alternatives with Dick Pfister [**Dick Pfister***CEO & Founder, AlphaCore Wealth Advisory*](https://www.milemarker.co/podcast/guests/dick-pfister) [Apple Podcasts ↗](https://podcasts.apple.com/us/podcast/the-connected-advisor/id1691759257) [Spotify ↗](https://open.spotify.com/show/0Lw8kHGnS1JJBMZLPYxc9S) ## About this episode Traditional wealth management often focuses on stocks and bonds, potentially leaving investors vulnerable during market downturns. AlphaCore believes there's a better way. By marrying alternative investments and traditional asset classes, advisors can bridge the gap between traditional wealth planning and the world of alternatives. Breaking down barriers to alternative investments allows investors to diversify and build more resilient portfolios, enhance returns, and mitigate risks. In this episode, Kyle Van Pelt talks with Dick Pfister, CEO and Founder of AlphaCore Wealth Advisory. Dick has more than 25 years of experience in diversifying traditional portfolios with alternative strategies. Kyle and Dick talk about alternative investments and how AlphaCore democratizes access to these strategies. Dick also discusses the categories of alternative investments, the role of education in driving accessibility and adoption, upcoming trends in wealth management, and the importance of technology and artificial intelligence in the development of the industry. In this episode: - \[02:04\] - Dick's money moment - \[06:39\] - AlphaCore's mission - \[10:35\] - The categories of alternative investments - \[13:45\] - AlphaCore's organic growth strategies - \[16:37\] - Business development and team structure - \[20:43\] - Prioritizing culture fit during acquisitions - \[24:20\] - Technology's role in scaling businesses - \[26:59\] - Future trends in wealth management - \[29:29\] - Future trends for alternative investments - \[31:26\] - Dick’s Milemarker Minute **Key Takeaways** - AlphaCore aims to democratize access to alternative investments to enable retail investors to build diversified and more resilient portfolios. - Alternative investment adoption in retail wealth management is still in the early stages. Education for both advisors and clients is crucial for broader acceptance. - The future of wealth management will likely see alternative investment become mainstream, and artificial intelligence will play a crucial role in their adoption. **Quotes** \[09:34\] - "Coming from the world of alternative strategies, I thought you should have stocks and bonds. But you should have this other instrument called alternatives. Let's make that the third leg of the stool, and that will give you the diversification needed to make it not only in bull markets but in bear markets when you don't have those opportunities in equities." ~ [Dick Pfister](https://www.linkedin.com/in/dick-pfister-caia-8518b26/) \[14:33\] - "The number one value is, 'do what's right for the client.' And when you do what's right for the client, even if it's more expensive for you as a wealth advisor, more difficult, or operationally inefficient, you're going to get good organic growth because you're putting their interests first." ~ [Dick Pfister](https://www.linkedin.com/in/dick-pfister-caia-8518b26/) \[27:57\] - "You have to make sure you're embracing artificial intelligence in a way you can utilize to help scale and be more efficient. That's going to become more and more a part of what we do. Not to replace but to enhance what we do." ~ [Dick Pfister](https://www.linkedin.com/in/dick-pfister-caia-8518b26/) **Links** - [Dick Pfister on LinkedIn](https://www.linkedin.com/in/dick-pfister-caia-8518b26/) - [AlphaCore Wealth Advisory](https://alphacore.com/) - [CME Group](https://www.cmegroup.com/) - [Morgan Stanley](https://www.morganstanley.com/) - [Altegris](https://altegris.com/) - [iCapital](https://icapital.com/) - [CAIS](https://www.caisgroup.com/) - [Docusign](https://www.docusign.com/) - [CAIA Association](https://caia.org/) - [The Obstacle Is the Way](https://www.amazon.com/Obstacle-Way-Timeless-Turning-Triumph/dp/1591846358) **Connect with our hosts** - [Milemarker.co](https://www.milemarker.co/) - [Kyle on LinkedIn](https://www.linkedin.com/in/kylevanpelt/) - [Jud on LinkedIn](https://www.linkedin.com/in/judmackrill/) **Subscribe and stay in touch** - [Apple Podcasts](https://podcasts.apple.com/us/podcast/connected/id1691759257) - [Spotify](https://open.spotify.com/show/0Lw8kHGnS1JJBMZLPYxc9S) - [YouTube](https://www.youtube.com/@milemarkerinc) ## **Produce game-changing content with Turncast** Turncast helps your company grow by producing top-quality content and fostering transformative conversations. We specialize in content generation, podcasting, digital strategy, and audience growth for fintech and financial services companies. Learn more at [Turncast.com](https://www.turncast.com/). ## The write-up [Listen to this week’s episode.](https://open.spotify.com/episode/28VTkmtaEqS6XnejMwXCXB?si=cd2deeb97e594528) ## Episode 066 On this week’s episode of Next Mile, I talk with [Dick Pfister](https://www.linkedin.com/in/dick-pfister-caia-8518b26/), CEO and Founder of [AlphaCore Wealth Advisory](https://alphacore.com/). Traditional wealth management often focuses on stocks and bonds, potentially leaving investors vulnerable during market downturns. AlphaCore believes there’s a better way. By marrying alternative investments and traditional asset classes, advisors can bridge the gap between traditional wealth planning and the world of alternatives. Breaking down barriers to alternative investments allows investors to diversify and build more resilient portfolios, enhance returns, and mitigate risks. In this episode, we discuss alternative investments and how AlphaCore democratizes access to these strategies. Dick also covers the categories of alternative investments, the role of education in driving accessibility and adoption, upcoming trends in wealth management, and the importance of technology and artificial intelligence in the development of the industry. #### **Key Takeaways** AlphaCore aims to democratize access to alternative investments to enable retail investors to build diversified and more resilient portfolios. Alternative investment adoption in retail wealth management is still in the early stages. Education for both advisors and clients is crucial for broader acceptance. The future of wealth management will likely see alternative investment become mainstream, and artificial intelligence will play a crucial role in their adoption. #### **Quotes** \[09:34\] - “Coming from the world of alternative strategies, I thought you should have stocks and bonds. But you should have this other instrument called alternatives. Let’s make that the third leg of the stool, and that will give you the diversification needed to make it not only in bull markets but in bear markets when you don’t have those opportunities in equities.” ~ [Dick Pfister](https://www.linkedin.com/in/dick-pfister-caia-8518b26/) \[14:33\] - “The number one value is, ‘do what’s right for the client.’ And when you do what’s right for the client, even if it’s more expensive for you as a wealth advisor, more difficult, or operationally inefficient, you’re going to get good organic growth because you’re putting their interests first.” ~ [Dick Pfister](https://www.linkedin.com/in/dick-pfister-caia-8518b26/) \[27:57\] - “You have to make sure you’re embracing artificial intelligence in a way you can utilize to help scale and be more efficient. That’s going to become more and more a part of what we do. Not to replace but to enhance what we do.” ~ [Dick Pfister](https://www.linkedin.com/in/dick-pfister-caia-8518b26/) #### **Links** [Dick Pfister on LinkedIn](https://www.linkedin.com/in/dick-pfister-caia-8518b26/) [AlphaCore Wealth Advisory](https://alphacore.com/) [CME Group](https://www.cmegroup.com/) [Morgan Stanley](https://www.morganstanley.com/) [Altegris](https://altegris.com/) [iCapital](https://icapital.com/) [CAIS](https://www.caisgroup.com/) [Docusign](https://www.docusign.com/) [CAIA Association](https://caia.org/) [The Obstacle Is the Way](https://www.amazon.com/Obstacle-Way-Timeless-Turning-Triumph/dp/1591846358) #### **Connect with our hosts** [Milemarker.co](https://www.milemarker.co/) [Kyle on LinkedIn](https://www.linkedin.com/in/kylevanpelt/) [Jud on LinkedIn](https://www.linkedin.com/in/judmackrill/) #### **Subscribe and stay in touch** [Apple Podcasts](https://podcasts.apple.com/us/podcast/connected/id1691759257) [Spotify](https://open.spotify.com/show/0Lw8kHGnS1JJBMZLPYxc9S) [YouTube](https://youtu.be/0dWDDrT-Tf8) **While there, please don’t forget to Download, Like, and Subscribe.** If you’d like to schedule a time to talk with me about anything we cover on our podcast or [Milemarker](https://www.milemarker.co/), [click here for 15 minutes](https://meetings.hubspot.com/kyle-van-pelt). Kyle Van Pelt [**Dick Pfister***CEO & Founder, AlphaCore Wealth Advisory*](https://www.milemarker.co/podcast/guests/dick-pfister) Next Mile Conversations with the people building the next era of wealth management, hosted by Kyle Van Pelt. New episodes every Tuesday. [Get the newsletter →](https://www.milemarker.co/resources/newsletter) [Talk to Milemarker →](https://www.milemarker.co/contact)