Market volatility appears to be here to stay as the US Federal Reserve Bank works to balance inflation and slower growth, and the global banking system absorbs and reacts to a series of shocks. For financial advisors and planners, navigating the current uncertainty and risk, as well as clients’ changing needs, while building durable, profitable portfolios can often require creative solutions. In this edition of the Financial Advisor Summit, CNBC will talk with top advisors, investors, market experts, technologists, and economists about the risks ahead, potential buying opportunities, and tools advisors can use to generate consistent returns while minimizing downside.
This event has been approved for 4.5 CFP Continuing Education Credits.
To read more about CNBC’s list of top-rated financial advisory firms, visit us here.
Roger W. Ferguson, Jr., is the Steven A. Tananbaum Distinguished Fellow for International Economics at the Council on Foreign Relations. He is the Immediate Past President and CEO of TIAA. Prior to joining TIAA, Mr. Ferguson was head of financial services for Swiss Re and Chairman of Swiss Re America Holding Corporation. Mr. Ferguson is the former Vice Chairman of the Board of Governors of the U.S. Federal Reserve System. He began his career as an attorney at the New York City office of Davis Polk & Wardwell and was an Associate and Partner at McKinsey & Company. Mr. Ferguson is a member of the Smithsonian Institution’s Board of Regents. He is a fellow of the American Academy of Arts & Sciences. He serves on the boards of Alphabet, Inc.; Corning, Inc.; Blend, Inc.; and International Flavors & Fragrances, Inc. Mr. Ferguson is also active as an advisor and board member with various private fintech companies. He serves on the boards of The Conference Board, the Institute for Advanced Study, and Memorial Sloan Kettering Cancer Center and other non for profits. Mr. Ferguson holds a B.A., J.D., and a Ph.D. in economics, all from Harvard University.
Sonal Desai, Ph.D. is the executive vice president and chief investment officer for Franklin Templeton Fixed Income. Dr. Desai is responsible for overseeing Franklin's Municipal, Corporate Credit, Floating Rate, Multisector, Global (including Emerging Markets), and Money Market Fixed Income teams. She is also a portfolio manager for a number of strategies, including Core Plus, Strategic Income, Total Return, Low Duration, Global Absolute Return, and Global Aggregate Fixed Income.
She is a member of Franklin Resources' Executive Committee, a small group of the company's top leaders responsible for shaping the firm's overall strategy. In addition, she serves on the firm's Management and Investment Committees.
Prior to her current role, she served as a portfolio manager with Dr. Michael Hasenstab for the flagship Templeton Global Bond and Templeton Global Total Return strategies, as well as director of research for Templeton Global Macro, shaping the team's research agenda of in-depth global macroeconomic analysis covering thematic topics, regional and country analyses, and interest rate, currency and sovereign credit market outlooks. She started her career as an assistant professor of economics at the University of Pittsburgh, and then worked for over six years at the International Monetary Fund in Washington, DC. Following this, she joined the private financial sector and worked for about five years as director and senior economist for Dresdner Kleinwort Wasserstein in London. Dr. Desai joined Franklin Templeton in 2009 from Thames River Capital in London.
Dr. Desai holds a bachelor of arts in economics from Delhi University and a Ph.D. in economics from Northwestern University. She was part of the Templeton Global Bond Fund portfolio management team named Morningstar's Fixed Income Manager of the Year in Canada in 2013. In addition, she has been named to Barron's annual list of the 100 Most Influential Women in US Finance every year since it was introduced in 2020.
Thomas (Tom) Lee is a Managing Partner and the Head of Research at Fundstrat Global Advisors. He is an accomplished Wall Street strategist with over 25 years of experience in equity research, and has been top ranked by Institutional Investor every year since 1998. Prior to co-founding Fundstrat, he served most recently as J.P. Morgan’s Chief Equity Strategist from 2007 to 2014, and previously as Managing Director at Salomon Smith Barney. His areas of expertise include Market Strategy, Small/Mid-Cap Strategy and Telecom Services.
Mr. Lee received his BSE from the Wharton School at University of Pennsylvania with concentrations in Finance and Accounting. He is a CFA charterholder and is an active member of NYSSA and the NY Economic Club.
Fiona Ma is California’s 34th State Treasurer. She was first elected on November 6, 2018, with more votes (7,825,587) than any other candidate for treasurer in the state's history and reelected on November 8, 2022. She is the first woman of color and the first woman Certified Public Accountant (CPA) elected to the position. The State Treasurer’s Office was created in the California Constitution in 1849. It provides financing for schools, roads, housing, recycling and waste management, hospitals, public facilities, and other crucial infrastructure projects that better the lives of residents. California is poised to become the world’s fourth-largest economy and Treasurer Ma is the state’s primary banker. Presently, her office processes more than $3 trillion in banking transactions. She provides transparency and oversight for the government’s investment portfolio and accounts, as well as for the state’s surplus funds. Treasurer Ma oversees an investment portfolio that currently averages over $200 billion—a significant portion of which is beneficially owned by more than 2,200 local governments in California. She serves as agent of sale for all State bonds and is trustee of billions of dollars of state indebtedness.
*Agenda subject to change
10am
Fresh off the June 14 FOMC meeting, we’ll speak to a top Fed watcher who will share his view on what the latest decision means for markets.
Roger Ferguson, TIAA Former President & CEO, CNBC Contributor
Interviewer: Kelly Evans, CNBC “The Exchange” Anchor & “Power Lunch” Co-Anchor
Rising interest rates, inflation and tight monetary policy continue to be major factors when it comes to global growth in 2023. In this session, we’ll talk to global-macro experts about current headwinds facing Europe and the US—be it fears of more trouble in the sector, ongoing armed conflicts, or labor shortages—as well as potential opportunities including the Asian rebound led by China.
Gina Sanchez, Chantico Global LLC CEO, CNBC Contributor
Nathan Sheets, Citi Research Global Chief Economist
With questions surrounding future Fed moves and the possibility of a soft landing for the economy still up in the air, it’s tough to know how much to allocate to fixed income in your portfolio. While 2022 claims about the death of the 60/40 portfolio appear now to have been somewhat exaggerated, finding the right mix of stocks and bonds still has no easy answer. In this session, a top investment officer in fixed income shares how she sees the market moving and where she’s putting money to work right now.
Sonal Desai, Franklin Templeton Fixed Income Chief Investment Officer
Interviewer: Bob Pisani, CNBC Senior Markets Correspondent
Sponsored and programmed by Build America Mutual
Municipal bond yields are at or near their highest levels in a decade, providing a rare opportunity for individual investors to realize strong long-term yields, often with no state or Federal income-tax liability. But the sector can carry unexpected risks. A look at the channels investors can choose from when taking on municipal bond exposure, and the questions to ask to limit long-term credit concerns.
Suzanne Finnegan, Build America Mutual Chief Credit Officer
Tom McLoughlin, UBS Chief Investment Office Head of Fixed Income, Americas
Moderator: Jen Rogers, Financial Journalist
Making sound financial decisions is not always a straightforward process, as major life events—the death of a loved one, loss of a job, contentious inter-family relationships—can often carry a psychological element that complicates financial decision-making. We’ll examine common emotional responses to financial stress and the best ways to navigate them.
Preston Cherry, Concurrent Financial Planning Founder & President
Brad L. Klontz, YMW Advisors Managing Principal
Moderator: Sharon Epperson, CNBC Senior Personal Finance Correspondent
Artificial intelligence may prove to be the most disruptive and significant change in technology in a generation. As more companies are moving to incorporate AI into their core businesses, the space appears to be ripe for investment, but carries no shortage of risk. Find out how one top tech investor is assessing what a winning strategy looks like in this emerging space.
Dan Niles, Satori Fund Founder & Portfolio Manager
Interviewer: Steve Kovach, CNBC Technology Correspondent
The FIRE (Financial Independence, Retire Early) phenomenon continues to gain steam as a growing number of increasingly younger, extremely online investors commit themselves to an ethos of frugality and around-the-clock work to be able to live financially stable, work-free lives as soon as possible. Hear from a FIRE adherent currently living his dream and how he achieved his financial goals.
Grant Sabatier,Author of “Financial Freedom”
Alex Trias, Retired Attorney, FIRE movement advocate
Moderator: Kristina Partsinevelos, CNBC General Assignment Reporter
SPONSORED AND PROGRAMMED BY ALLSPRING
Disagreement over monetary policy and misunderstanding of the impact on the equity markets might seem like a problem for investors. In fact, both create opportunity. A discussion about the state of both emerging and U.S. equity markets and ways to capitalize on what’s influencing them now and through the rest of 2023.
Alison Shimada, Allspring Global Investments Senior Portfolio Manager, Global Emerging Markets
Bryant VanCronkhite CFA, CPA, Allspring Global Investments Senior Portfolio Manager, Special Global Equity
Moderator: JJ Ramberg, Financial Journalist
SPONSORED AND PROGRAMMED BY STATE STREET GLOBAL ADVISORS
How do investors strike the right balance between optimism and pessimism given the economic uncertainty they’re facing with threats of recession and evolving monetary policy? A discussion about investment opportunities and challenges, as well as strategies to help position portfolios
Matthew Bartolini, CFA, CAIA, State Street Global Advisors Head of SPDR Americas Research
Interviewer: Caroline Woods, Financial Journalist
*Additional breakout session to be announced
Get insight into the second half of 2023 and weigh the chances of a bear market or a bullish case for equities when Tom Lee of Fundstrat Global Advisors shares
his investment strategy now and what he’s keeping his eye on down the road.
Tom Lee, Fundstrat Global Advisors Managing Partner
Interviewer: Melissa Lee, CNBC “Fast Money” & “Options Action” Host
Building durable portfolios to withstand market volatility, and the occasional unforeseen Black Swan event, can be tricky. The standard 60/40 model can provide some semblance of stability, but it cannot always help investors seize gains when conditions are ripe, or prevent losses when things go sideways. We’ll look at how investors can make the most of the good times and the bad, by building portfolios that can capitalize on opportunity while minimizing risk.
Candice Tse, Goldman Sachs Managing Director, Global Head of Strategic Advisory Solutions
Impact investing is important to many people, and helping clients support their social and philanthropic passions can be more involved than just simplifying taxes. It pays to have a deeper understanding of motivations, what drives investment decisions, and the legacy clients hope to leave behind. In this session, we’ll look at how FAs can better understand how and why clients support causes, and the best ways to help them achieve success in a financially prudent way – including teaching the next generation of investors how to do it.
Rebecca Patterson, Council for Economic Education Board Chair
Interviewer: Sharon Epperson, CNBC Senior Personal Finance Correspondent
Recent bank failures and climbing interest rates have posed considerable risks to California’s already fragile economy – the fifth largest in the world. Meanwhile, soaring state tax revenues and billions in federal Covid relief have fueled record budget surpluses over the past two years. We speak to the Golden State’s top banker, who’s been responsible for managing its assets and investments every step of the way.
Fiona Ma, CPA, California State Treasurer
Interviewer: Contessa Brewer, CNBC Correspondent
Live from the New York Stock Exchange, CNBC Senior Markets Correspondent Bob Pisani takes your questions and delivers the low-down on what investors are thinking about for the rest of 2023 – and into 2024.
Moderator: Bob Pisani, CNBC Senior Markets Correspondent
*Additional exchange session to be announced
2pm
Premier financial advisors discuss the risks ahead, potential buying opportunities, and tools advisors can use to generate consistent returns while minimizing downside
Top advisors, investors, market experts, technologists, and economists
Hear from financial experts and network with the nation’s top advisors
Amplify ETFs deliver expanded investment opportunities for investors seeking growth, income, and risk-managed strategies across a range of actively managed and index-based ETFs. Amplify ETFs, sponsored by Amplify Investments, has over $4.2 billion in assets across its suite of ETFs (as of 3/31/2023). Explore at amplifyetfs.com.
Build America Mutual is the only bond insurer that solely guarantees timely payment of interest and principal on U.S. municipal bonds, and has insured more than $115 billion of financing for essential public projects in more than 5,000 communities nationwide. BAM is rated AA/Stable by S&P Global Ratings, and the BAM GreenStar assessment provides an independent, third- party verification of a transaction’s green bond status. Learn more at www.buildamerica.com.
Interactive Brokers Group affiliates provide automated trade execution and custody of securities, commodities, and foreign exchange around the clock on over 150 markets in 33 countries and 25 currencies, from a single unified platform to clients worldwide.
We service financial advisors, individual investors, hedge funds, proprietary trading groups, and introducing brokers. Our four decades of focus on technology and automation has enabled us to equip our clients with a uniquely sophisticated platform to manage their investment portfolios.
We strive to provide our clients with advantageous execution prices and trading, risk and portfolio management tools, research facilities and investment products, all at low or no cost, positioning them to achieve superior returns on investments. For the fifth consecutive year, BARRON’S ranked Interactive Brokers #1 with 5 out of 5 stars in its March 25, 2022, Best Online Brokers Review.
Visit us at https://www.interactivebrokers.com/mkt/?src=cnbc615a&url=%2Fen%2Faccounts%2Fadvisor.php
Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $1.3 trillion in assets under management as of 31 Dec 2021 and operations in 27 countries. Its investment specialists offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit www.nuveen.com.
State Street Global Advisors serves governments, institutions and financial advisors with a rigorous approach, breadth of capabilities and belief that good stewardship is good investing for the long term. Pioneers in index, ETF, and ESG investing and the world’s fourth-largest asset manager*, we are always inventing new ways to invest.
*Pensions & Investments Research Center, as of 12/31/21
For more information visit https://www.ssga.com/us/en/intermediary/etfs.
J. Kyle Bass is the Founder and Chief Investment Officer of Hayman Capital Management, an investment manager of private funds focused on global event-driven opportunities. He is also the Co-Founder and Chief Executive Officer of Conservation Equity Management, an environmental sustainability private equity firm founded in 2021.
Mr. Bass is a founding member of the Committee on the Present Danger: China. Mr. Bass was the recipient of the 2019 Foreign Policy Association Medal for his responsible internationalism and is a current member of the Council on Foreign Relations. Mr. Bass has testified as an expert witness before the U.S. House of Representatives, U.S. Senate, and the Financial Crisis Inquiry Commission.
In 2015, Bass was recognized as one of the Top 25 Most Influential People in the Global Patent Market as named by Intellectual Asset Management magazine. Mr. Bass has lectured on global economics at various universities, including Columbia, Harvard, Stanford, UC Berkeley, University of Chicago, University of Texas, and the University of Virginia. Mr. Bass is the former Chair of the Risk Committee of the Board of Directors of the University of Texas Investment Management Company (UTIMCO), which manages approximately $50 billion.
Before forming Hayman, Mr. Bass was a Managing Director at Legg Mason and a Senior Managing Director at Bear Stearns. He graduated from Texas Christian University with a degree in finance. Mr. Bass serves on the board of the Texas Department of Public Safety Foundation and Melinda’s Foods.
Carla Harris is vice chairman of Wealth Management and senior client advisor at Morgan Stanley. She was chair of the Morgan Stanley Foundation from 2005 to 2014 and sits on the boards of several community organizations. In August 2013 Carla was appointed by President Barack Obama to chair the National Women’s Business Council. She is a gospel recording artist and a popular public speaker who gives impactful career guidance to corporate audiences based on her book, “Expect to Win.” Carla joined Morgan Stanley in 1987 after completing an AB in economics from Harvard University and an MBA from Harvard Business School.
Mr. Gundlach is CEO of DoubleLine. In 2011, he appeared on the cover of Barron's as "The New Bond King." In 2013, Institutional Investor named him "Money Manager of the Year." In 2012, 2015 and 2016, he was named one of "The Fifty Most Influential" in Bloomberg Markets. In 2017, he was inducted into the FIASI Fixed Income Hall of Fame. Mr. Gundlach is a summa cum laude graduate of Dartmouth College, with degrees in Mathematics and Philosophy.
U.S. Senator Heidi Heitkamp served as the first female senator elected from North Dakota from 2013-2019.
Senator Heitkamp grew up in a large family in the small town of Mantador, North Dakota. Alongside her six brothers and sisters, she learned the value of hard work and responsibility, leading her to choose a life of public service.
During her six years in the U.S. Senate, Senator Heitkamp quickly became a proven senator who worked across the aisle to fight for North Dakotans. Senator Heitkamp personally showed that if senators work together, it can lead to real solutions. She also came to work every day fighting for rural America and made sure others in the Senate understood the needs of rural communities.
Former Republican Senator Bob Corker called Senator Heitkamp “stronger than battery acid.” Democratic Senator Jon Tester said “she has been incredibly effective” in the Senate.
Senator Heitkamp courageously voted against Justice Brett Kavanaugh to serve on the Supreme Court after hearing testimony from Dr. Christine Blasey Ford and Kavanuagh’s response testimony. Following the vote, Senator Kirsten Gillibrand said Senator Heitkamp had, “become a bit of a feminist icon.”
Throughout her time in public service, Senator Heitkamp has stood up for tribal communities and worked to improve outcomes for Native American children, women, and families. The first bill she introduced in the Senate, which became law in 2016, created a Commission on Native Children. Her bill with former Senator John McCain became law to create Amber Alerts in Indian Country. She introduced Savanna’s Act to help address the crisis of missing and murdered indigenous women. And she worked to help address the detrimental impact exposure to trauma can have on children and families – particularly those in Native communities.
Senator Heitkamp also worked to combat human trafficking in North Dakota, across the country, and around the world. She helped write legislation, which was signed into law, to crack down on human trafficking online, which led to the closure of Backpage.com.
A strong advocate for working families, Senator Heitkamp has fought to support North Dakotans throughout their lives. She helped introduce legislation to create a federal paid family and medical leave policy. She led the effort to get the Export-Import Bank up and running to boost American manufacturing and support American workers and businesses. She strongly backed legislation to prevent discrimination in the workplace against LGBTQ individuals. And she fought for retirement security for families and seniors by working to solve the pension crisis facing many retirees.
Senator Heitkamp has pushed to make health care more affordable and accessible. She fought back against efforts to repeal the health reform law and tried to make the law work better for families and businesses. She halted attempts to slash Medicaid and Medicare or privatize Social Security. She voted against the Republican tax bill and has called for a fairer tax system that doesn’t drastically increase the nation’s debt and deficit.
As a former director of the one-of-a-kind Dakota Gasification synfuels plant,Senator Heitkamp has a long record with energy development in North Dakota. She continued those efforts in the Senate, working to responsibly harness North Dakota’s energy resources, and successfully pushed to lift the 40-year old ban on exporting U.S. crude oil while expanding support for renewable energies, like wind and solar energy development.
Senator Heitkamp sat on the Senate Committee on Agriculture, Nutrition, and Forestry, where she fought for North Dakota’s farmers, ranchers, and rural communities to make sure they got the resources and support they need to continue to feed North Dakota, the country, and the world. She helped write, negotiate, and pass two long-term, comprehensive Farm Bills which Congress passed.
Through her leadership on the Senate Committee on Banking, Housing, and Urban Affairs, Senator Heitkamp pushed to reform the nation’s housing finance system, make housing more affordable, and provide relief to small financial institutions.
On the Senate Committee on Homeland Security and Governmental Affairs, Senator Heitkamp pushed to provide training and resources for first responders to keep North Dakota’s communities strong and safe, improve mail delivery and service in rural communities, help recruit and retain a strong federal workforce, and cut red tape to make the federal government more efficient and effective for North Dakota families and small businesses.
Senator Heitkamp previously served as North Dakota’s Attorney General, and prior to that as the state’s Tax Commissioner. She serves on numerous boards including the McCain Institute and the Howard Buffett Foundation. She is the founder and Chair of the One Country Project, an organization focused on addressing the needs and concerns of rural America.
Senator Heitkamp received a B.A. from the University of North Dakota and a law degree from Lewis and Clark Law School.She lives in Mandan, North Dakota with her husband, Dr. Darwin Lange, a family practitioner. They have two children, Ali and Nathan.
