Ritholtz and Robasciotti Open New Future Proof Wealth Conference

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In sweltering heat at an outdoor conference billed as “the world’s premier wealth festival”, two industry influencers discussed how they were trying to chart a different path for the future of the industry.

Barry Ritholtz, president of New York-based Ritholtz Wealth Management and host of Bloomberg’s “Masters in Business Podcast,” and Rachel Robasciotti, CEO of San Francisco-based impact investment manager Adasina Social Capital, spoke first on the inaugural day of the Future Proof conference. The new event, a collaboration between Ritholtz’s firm and events company Advisor Circle, drew more than 2,200 attendees this week to a parking lot between a strip of luxury hotels on the Pacific Coast Highway and Huntington Beach at the Los Angeles exterior.

“If we’ve learned anything during the pandemic, it’s that the world is changing faster than ever,” Ritholtz said. “You not only have to keep up, you have to move forward. Otherwise, it feels like we’re falling behind. And we want to give you access to the latest cutting-edge ways to reach your customers, manage your business, communicate, create content and basically do what you do best.”

Sovaida Noronha, head of the circle of event production and partnerships advisors, speaking alongside Ritholtz in a brief opening statement, added “changing the face of wealth” to the list of goals.

She and Ritholtz advised everyone to wear hats and sunscreen and drink plenty of water in the 80-degree heat. With triple digit temperatures a few days earlier in LA due to hurricane Kaytime has provided a stunning backdrop to Robasciotti’s argument for financial advisers and other investment professionals to help clients stop focusing on immediate profits.

Robasciotti called on attendees to listen carefully to “widespread social justice movements” because they are “the first indicators of material risk in portfolios.” She cited her upbringing in the rural community of Oroville, California, where she said black families like hers worked disproportionately in high-risk, low-paying jobs, suffered the loss of loved ones killed by the police and had suffered the brunt of environmental disasters as a 2017 dam break.

“What most people don’t understand is that mining and mining systems work in the short term. What they aren’t is a long-term strategy,” Robasciotti said. . “My whole discussion is about investing in social justice, because I think that’s the primary way to future-proof a portfolio, as it shifts away from the economics of extraction and exploitation. that have left an imprint, not only in our communities across this country, but it’s also around the world and it’s often fueled by our financial markets.”

Robasciotti paused a few times during his speech to let groups of noisy motorcycles pass the fenced-off area that organizers have set up like a music festival with multiple stages, food trucks and vendor stands next to Huntington City. Beach. After a glitch of technical difficulties in setting up the registration desk, participants gradually made their way into the park. Sandals, shorts and sunglasses have replaced the industry’s usual clothing.

Financial advisers represented more than 1,000 of the attendees, according to Ritholtz. Guests included 220 speakers and nearly 100 sponsors such as Vanguard, State Street Global Advisors, Morningstar and dozens of fintech companies, investment managers and financial media. Financial planning is also part of this group.

Sovaida Noronha, Head of Event Production and Partnerships Advisor Circle, and Barry Ritholtz, President of Ritholtz Wealth Management, spoke during the keynote presentation at this week’s Future Proof conference.

Tobias Salinger

Ritholtz described the program for the four-day event as “more than just asset management”, with technology and culture also forming essential elements. He and Noronha also reviewed a code of conduct, an increasingly typical feature of industry conferences where many women spoke about victim of harassment or sexual assault.

“Make sure whatever you do, you’re responsible,” Ritholtz said. “It’s very easy when you’re in the heat and you’re sweating and losing hydration. You have a few drinks, it really hits you. So be aware, be careful, make good decisions and have fun . We want you to have fun, but be responsible.”

“And if you see it, you hear it, you witness it, please report it,” Noronha added. “We have staff walking around the pitch. Please take care of each other as well.”

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