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

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 solutiosn 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.

A word from AGM podcast sponsor, Ultimus Fund Solutions

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We thank Ultimus for their support of alts going mainstream.

Show Notes

00:00 Live From Franklin Templeton RIA Field Trip

00:07 Meet Dave Donahoo

02:29 Lehman Day One

03:15 Phone Lines Meltdown

03:38 Teacher Call Story

04:54 Start With End Client

05:37 Lessons From Blackstone

05:56 Wealth Playbook Takeaways

07:22 Why Franklin Made Sense

08:18 Traditional Manager Edge

08:40 Wealth Architecture Headstart

09:17 One Partner Full Platform

10:27 Challenges And Tradeoffs

10:55 Brand Transformation Work

11:58 Internal Alignment And Comms

12:30 Desired Brand Feeling

13:04 Specialist Manager Model

13:59 Perpetual Products Done Right

14:28 Defining The Right Structure

15:52 Vehicle Alpha Debate

16:26 Secondaries Structure Choice

18:28 Infrastructure Partnership Build

20:21 Preserving Investment Cultures

22:09 Data Synergies Across Teams

24:39 Macro Insights Advantage

26:11 Product Innovation Roadmap

27:36 401(k) And DC Opportunities

28:23 Private Markets Model Portfolios

29:39 What RIAs Really Want

30:55 Service And Honest Selling

31:53 Wrap Up And Thanks

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