The Millionaire Next Door

Technology is moving fast, and it’s raising big questions about how decisions get made. Can tools replace human judgment, or do they simply change how we think, plan, and act? In this episode, Robert Curtiss welcomes back Michael Cy, advisor consultant, about how artificial intelligence is shaping financial services and what it means for clients. They explore how AI improves efficiency, speeds up research, and enhances communication, while emphasizing the lasting importance of personal advice. The conversation also covers market uncertainty, client anxiety, and how a structured process helps people stay grounded and focused on what they can control. Key takeaways: How AI speeds up research, tax analysis, and document review, saving hours of advisor timeWhy client relationships and personal context still matter more than data aloneHow advisors help filter noise from media, headlines, and misleading informationThe role of structured processes in keeping clients calm during market uncertaintyWhy AI works best as a support tool, not a replacement for thoughtful decision makingAnd more! Resources: Educational videos (bottom of the page) Connect with Michael Cy: LinkedIn: Mike “Cy” Cajthaml Jr.LinkedIn: Pareto SystemsPareto Systems Connect with Robert Curtiss: rcurtiss@seia.com(626) 795-2944About Robert Curtiss LinkedIn: Robert CurtissFacebook: Robert CurtissSEIALinkedIn: SEIA About Our Guest: Michael Cy works closely with financial advisors across the country, helping them refine their processes and strengthen how they serve clients. With years of experience supporting advisory firms, he focuses on improving efficiency, enhancing client communication, and integrating practical tools that elevate day-to-day operations. His perspective blends technology with a strong emphasis on relationships, helping advisors balance innovation with the human side of financial planning.

Markets can feel calm on the surface while powerful shifts happen underneath. Are recent pullbacks a warning sign, or simply part of a broader rotation? In this episode, Robert Curtiss welcomes back Miles Clark of Nasdaq Dorsey Wright to break down sector rotation, weakening tech leadership, and renewed strength in international equities. They explore how momentum strategies respond to shifting trends, why AI spending faces rising scrutiny, and what participation indicators reveal beneath flat index performance. The conversation also covers sentiment signals, precious metals, crypto volatility, and the importance of selecting the right benchmark. Miles shares key insights: Why six sectors now outperform the S&P 500 after years of narrow tech leadershipHow momentum strategies adapt when former winners begin to weakenWhat sentiment data suggests when bears begin to outnumber bullsThe impact of massive AI infrastructure spending on tech valuationsWhy benchmark selection matters more than chasing index headlinesAnd more! Resources: Educational videos (bottom of the page) Connect with Miles Clark : LinkedIn: Miles Clark Nasdaq Dorsey Wright Connect with Robert Curtiss: rcurtiss@seia.com(626) 795-2944About Robert Curtiss LinkedIn: Robert CurtissFacebook: Robert CurtissSEIALinkedIn: SEIA About Our Guest: Miles currently works as a Research Analyst for Nasdaq Dorsey Wright (DWA), a boutique investment advisory and asset management division of Nasdaq focused on providing quantitative strategies to Wall Street and professional money managers globally. Since 1987, DWA has been a recognized expert in relative strength and momentum through the application of Point & Figure (XO) charting, as well as a thought leader in tactical portfolio construction. Miles joined the DWA team as an intern in 2021 and now creates technical-based analysis and client-facing research in the firm’s Daily Market Analysis segment, with more focused coverage in the communication services, industrials and cryptocurrency spaces. Other areas of involvement to note include supplementing broad-based technical indicator and research projects and the creation of weekly media distributed to prospective clients.

Long-term investing can feel more difficult when headlines are loud and markets seem unpredictable. What happens when investors stop reacting to daily noise and start thinking like institutions that plan decades ahead? In this episode, Robert Curtiss welcomes Chris Schelling, CAIA, Managing Director at Aksia, to explore how private markets have shaped institutional portfolios and why some individual investors may now gain access to approaches like those used by institutions, depending on account type, regulatory eligibility, and minimum investment requirements. They break down private equity, private credit, liquidity planning, diversification across vintages, and the importance of manager selection. The conversation also touches on volatility, long-term return expectations, and what advisors and investors should look for when evaluating alternative investments. Key takeaways: How institutional investors approach private markets — and what does that mean for access and implementation for individual investors with long-term horizons and diversified portfoliosWhy private equity and private credit returns differ from public markets over multi-year periodsThe role of liquidity planning and why private investments are not truly locked up for a decadeWhy manager selection matters more in private markets than in public equitiesHow simplified structures have made private investments easier for individual investors to accessAnd more! Resources: Educational videos (bottom of the page) Connect with Chris Schelling: LinkedIn: Christopher SchellingWebsite: Aksia Connect with Robert Curtiss: rcurtiss@seia.com(626) 795-2944About Robert Curtiss LinkedIn: Robert CurtissFacebook: Robert CurtissSEIALinkedIn: SEIA About Our Guest: Chris Schelling is an investor, advisor, and published author. With degrees in psychology, business, and finance, Chris is an expert at incorporating insights from behavioral finance into investment decision-making. During his 20+ year tenure in the investment industry, building portfolios, mostly focused on alternatives, Chris has met with over 4,000 managers and allocated roughly $7 billion, generating top quartile to top decile returns across hedge funds, real assets, private credit, and private equity.

For investors facing concentrated wealth or future liquidity events, understanding tax-aware planning options matters long before decisions are required. Opportunity Zones are one of the most talked-about and least understood tools in that conversation. In this episode of The Millionaire Next Door Podcast, Robert Curtiss sits down with Michael O’Shea, CFA, Head of Private Wealth at Origin Investments, to unpack one of the most misunderstood and potentially powerful tax planning tools available today: Qualified Opportunity Zones. Together, they walk through how Opportunity Zones work, why the original structure created a temporary pause in interest, and why upcoming changes beginning in 2027 may reopen the door for investors facing large capital gains. The conversation focuses on real-world planning scenarios, including concentrated stock positions, private business exits, and highly appreciated real estate. Michael explains how Opportunity Zones differ from 1031 exchanges, what the long-term benefits may look like when paired with professionally managed real estate development, and why advanced coordination with tax and legal advisors matters. This episode is designed as an evergreen educational resource for investors who want to understand their options well before a liquidity event occurs. Key takeaways: How Qualified Opportunity Zones work and why they were createdWhat’s changing in Opportunity Zone legislation starting in 2027How Opportunity Zones may help address large capital gains from stocks, businesses, or real estateWhy long-term real estate development and coordinated planning are key to using this strategy effectivelyAnd more! Resources: Educational videos (bottom of the page) Connect with Michael O’Shea: Origin Investments LinkedIn: Michael O’Shea Connect with Robert Curtiss: rcurtiss@seia.com(626) 795-2944About Robert Curtiss LinkedIn: Robert CurtissFacebook: Robert CurtissSEIALinkedIn: SEIA About Our Guest: Michael brings more than 18 years of real estate and capital markets expertise to Origin as Director and Head of Private Wealth Solutions. In this role, he leads the firm’s capital raising initiatives, oversees the sales strategy, and develops strategic partnerships with Registered Investment Advisors (RIAs) to expand Origin’s investment platform. Previously, Michael served as the head of Origin Exchange, the firm’s 1031 Exchange Platform. During his career in the alternative investment sector, Michael has played key roles with various real estate sponsors, facilitating the syndication of more than $10 billion in commercial real estate investments, including over $500 million in 1031 tax-deferred exchanges. Michael holds an MBA with dual concentrations in Finance and Real Estate Investment from DePaul University, where he graduated summa cum laude. He earned his bachelor’s degree from Purdue University and is a CFA® charterholder. A resident of Elmhurst, Michael lives with his wife Lauren and their three children Declan, Alice, and Tristan. Outside of work, he enjoys golf, Chicago sports, and spending time with his family.

Markets are entering a year shaped by crosscurrents, shifting signals, and unresolved questions. Economic strength, policy decisions, and investment concentration all point to a period that demands close attention and thoughtful positioning. In this episode, Robert Curtiss speaks with Peter Repetto, Vice President and Investment Strategist at iCapital, about their 2026 economic and market outlook. They explore slowing labor trends alongside strong GDP growth, the role of AI investment, and how fiscal and monetary policy may influence markets. The conversation also covers inflation risks, tariffs, and why selectivity across asset classes matters heading into a midterm election year. Key takeaways: How slowing job growth contrasts with strong GDP readings and what that tension could mean for 2026Why AI capital spending remains a key growth driver, but requires careful company selectionThe impact of tariffs, fiscal policy, and court decisions on rates and equity marketsWhy earnings growth, not valuation expansion, may define equity returns next yearHow private markets and alternative strategies may help address concentration and volatilityAnd more! Resources: Educational videos (bottom of the page) Connect with Peter Repetto: LinkedIn: Peter RepettoiCapital Connect with Robert Curtiss: rcurtiss@seia.com(626) 795-2944About Robert Curtiss LinkedIn: Robert CurtissFacebook: Robert CurtissSEIALinkedIn: SEIA About Our Guest: Peter is a Vice President and Investment Strategist at iCapital, focusing on developing and delivering research, investment ideas, and thought leadership content for external and internal audiences on behalf of iCapital’s Investment Strategy team. Prior to joining the firm, Peter spent over eight years at Franklin Templeton Investments, where he contributed to their asset allocation strategy and macroeconomic research. Peter holds a BA in Economics from Fairfield University.

Reliable income is harder to find when markets shift, and traditional tools feel less predictable. Many investors are looking for new ways to generate cash flow without stepping away from equity exposure altogether. This week, Robert Curtiss welcomes Matt Kaufman, Head of ETFs at Calamos Investments, to explain how auto-callable strategies work and why they are gaining attention. They break down how equity-linked income differs from bonds, how coupons are generated, and where these tools may fit inside a portfolio. The conversation also covers risk considerations, tax treatment, and how ETFs are changing access to structured strategies. Key points: How equity markets can be used to generate consistent monthly income instead of relying on bondsWhy auto callable strategies trade upside participation for predictable cash flowHow downside barriers work and when coupons may pause or resumeTax treatment differences compared to traditional fixed incomeWhere auto-callable ETFs may fit alongside equities, munis, or covered call strategiesAnd more! Resources: Educational videos (bottom of the page) Connect with Matt Kaufman: LinkedIn: Matt Kaufman Website: Calamos Investments Connect with Robert Curtiss: rcurtiss@seia.com(626) 795-2944About Robert Curtiss LinkedIn: Robert CurtissFacebook: Robert CurtissSEIALinkedIn: SEIA About Our Guest: Matt Kaufman serves as SVP, Head of ETFs at Calamos Investments, where he leads the firm’s ETF business. Matt joined Calamos Investments in 2023 as an accomplished financial services executive with more than 20 years of experience serving the asset management and insurance industries across North America, Europe, and Asia. Matt has designed, led, and helped build hundreds of exchange-traded funds (ETFs), unit investment trusts (UITs), indexes, variable insurance trust funds, registered index-linked annuities, fixed annuities, and closed-end funds. He is also a sought-after source by leading financial publications and is a frequent speaker at industry conferences and events. Prior to Calamos, Matt spent more than a decade at Milliman, Inc., where he served as President of the firm’s broker/dealer (Milliman Investment Management Services LLC) and as a principal of the firm’s $170b RIA (Milliman Financial Risk Management LLC). Matt also draws from his prior experience at PowerShares ETFs, where he helped the firm grow during the formative years of the ETF ecosystem. Matt earned a B.A. in Public Administration and Economics from Cedarville University and maintains Certified ETF Advisor (CETF®) and Professional Certified Marketer® designations through The ETF Institute and American Marketing Association, respectively. He also holds FINRA Series 7, 63, and 24 and CFTC Series 3 licenses.

If you own investment property in California, you may have wondered how to handle the built-up gain without losing a significant portion to taxes. Robert sits down with Damian Gallagher, Senior Vice President at Blue Rock, for a grounded, practical walkthrough of 1031 exchanges and DSTs. The conversation opens with the history of 1031 rules, then moves into what actually happens when you sell, how timelines work, and why so many investors struggle with the 45-day identification window. Damian also explains DSTs in plain language, including when they might help reduce hands-on management and how they fit into long-term estate planning. What to expect: How like-kind rules truly workThe 45-day and 180-day deadlines are explained in real termsWhen DSTs may help simplify life for aging investorsThe lesser-known 1033 disaster exchange optionAnd more! Resources: Educational videos (bottom of the page) Connect with Damian Gallagher: LinkedIn: Damian GallagherBluerock Capital Markets, LLC. Connect with Robert Curtiss: rcurtiss@seia.com(626) 795-2944About Robert Curtiss LinkedIn: Robert CurtissFacebook: Robert CurtissSEIALinkedIn: SEIA About Our Guest: This information is educational in nature and does not constitute a financial promotion, investment advice or an inducement or incitement to participate in any product, offering or investment. Bluerock is not adopting, making a recommendation for or endorsing any investment strategy or particular security or promoting the individuals or businesses referenced. All opinions are subject to change without notice, and you should always obtain current information and perform due diligence before participating in any investment. All investing is subject to risk, including the possible loss of principal. Bluerock cannot guarantee that the information herein is accurate, complete or timely. Past Performance does not guarantee future results. There are a number of significant risks that should be considered and reviewed when considering an investment in real estate or real estate securities. This is neither an offer to sell nor a solicitation of an offer to buy the securities. An offering is made only by the applicable offering documents and only in those jurisdictions where permitted by law. Our website must be read in conjunction with the applicable offering documents in order to understand fully all of the implications and risks of the offering of securities to which it relates and a copy of the offering documents must be available to you in connection with any offering. Securities offered through Bluerock Capital Markets, LLC | Member FINRA’s BROKERCHECK® Affiliated with Bluerock Real Estate, LLC

It is not often that an economic moment feels this confusing for everyday people, and Robert Curtiss knows it. That is why he brings economist Bryce Gill, economist and national speaker with First Trust Advisors, into a conversation that puts words to the shifts everyone is sensing but few can explain clearly. Robert approaches the discussion the same way he approaches client conversations. He slows things down, asks the questions people are wrestling with, and pulls out insights that make a complicated world easier to understand. Together, Robert and Bryce explore how global supply chains are being rebuilt, why inflation feels so different from what the data suggests, and how AI and automation are reshaping opportunities for younger workers. What to expect from this release: How global reshoring and demographic changes are reshaping inflation and economic growthWhy younger workers are struggling to find traction and how AI is influencing hiringWhat rising regional shifts inside the United States reveal about long-term economic powerHow market concentration within a handful of companies may affect future returns and consumer behaviorAnd more! Resources: Educational videos (bottom of the page) Connect with Bryce Gill: First TrustLinkedIn: Bryce Gill Connect with Robert Curtiss: rcurtiss@seia.com(626) 795-2944About Robert Curtiss LinkedIn: Robert CurtissFacebook: Robert CurtissSEIALinkedIn: SEIA About Our Guest: A resident of Austin, Texas, Bryce graduated from Miami University of Ohio with a bachelors degree in economics and received an MBA from the University of Texas. An economist and designated national speaker with First Trust he works directly with his colleague Brian Wesbury in the creation of the firm’s widely read weekly “Monday Morning Outlook.” In 2022, First Trust’s work was recognized by its receiving the highly coveted Consensus Economics Award for most accurate economic forecasting. With a highly energetic speaking style and a scholar’s understanding of current economic matters, Bryce is a frequent guest on financial related podcasts and other media platforms, as well as a speaker at numerous public forums with his listeners remarking upon his ability to make the often difficult to understand both understandable and interesting. In his presentation on “The Dawn of the Era of Volatility” Bryce will be focusing in his talk on describing the coming changes in the global and US economy and how investment advisors can best prepare their investor’s portfolios for those changes in the years to come.

When most investors think about private credit, they picture direct lending. But as Tod Trabocco, Head of Private Debt Advisory at StepStone Group, makes clear, it’s much more nuanced than that. With over two decades in the space, Tod walks us through the four silos of private credit, including corporate, asset-based, asset-backed, and risk-sharing strategies, … Read More Read More

Why do 90% of heirs walk away from their parents’ advisor? Robert Curtiss welcomes Natasha Kennedy, a former Wall Street professional turned mental health therapist, to explore why the Great Wealth Transfer is at risk of becoming the Great Disconnect. With $124 trillion poised to change hands in the next two decades, this episode tackles … Read More Read More

Is private equity still worth it, and can everyday investors finally get access without the complexity? Robert Curtiss, CFP,® welcomes back Phil Huber, Managing Director and Head of Portfolio Solutions at Cliffwater, to unpack the rise of evergreen private equity funds, an innovation reshaping the private investing landscape. Phil explains how Cliffwater’s newly launched Evergreen … Read More Read More

As markets surge on the backs of the Magnificent Seven, are investors missing what’s happening off the radar? Robert Curtiss, CFP®, is joined by Andrew Hull, CFA, Vice President and ETF Strategist at First Trust, to unpack overlooked investment opportunities that may hold stronger long-term value than today’s most-hyped tech names. Andrew explains how today’s … Read More Read More

When electricity demand in the U.S. hit a record-breaking high on July 28th, 2025, it wasn’t a blip; it was a signal. In this powerful follow-up to Episodes 69 and 78, Robert Curtiss welcomes back Michael Underhill, founder and CIO of Capital Innovations, to unpack the megatrends shaping the future of investing. From surging AI-driven … Read More Read More

What happens when public markets no longer provide the diversification they once promised? In this episode, Robert Curtiss, CFP®, is joined by Tony Davidow, Senior Alternatives Investment Strategist at the Franklin Templeton Institute, to explore the tectonic shifts transforming private markets. Tony shares insights from decades of experience working with institutional capital, family offices, and … Read More Read More

It’s the dog days of summer, but the market hasn’t gone to sleep. Robert Curtiss welcomes back frequent guest Miles Clark from Dorsey Wright for a timely conversation on where we are and where we might be headed. From all-time market highs to yellow-flag participation levels, this episode dives into the realities behind performance, volatility, … Read More Read More

Markets have been anything but predictable in 2025, yet resilience continues to surprise investors. In this midyear outlook episode, Robert Curtiss is joined by Peter Repetto, Vice President and Investment Strategist at iCapital, to unpack where the economy stands and where it may be heading next. With deep insights drawn from Peter’s team-wide strategy review, … Read More Read More

A power shift is underway. And it is not just political or technological. In this episode of The Millionaire Next Door, host Robert Curtiss sits down with Michael Underhill, Chief Investment Officer at Capital Innovations, to explore the seismic transformation in infrastructure and energy investing. With humor, historical context, and deep industry insight, Michael compares … Read More Read More

In today’s financial world, headlines shift by the hour, and uncertainty feels like the new norm. But what if this volatile environment is actually full of opportunity? In this insightful episode, Robert Curtiss speaks with Zachary Levenick, a seasoned hedge fund executive turned family office investor, about why today’s market isn’t just chaotic, it’s promising. … Read More Read More

With public markets still shaky despite recent rebounds, many investors are looking for more stability, without sacrificing returns. In this timely episode, Robert Curtiss sits down with Mark Gatto, co-founder and co-CEO of CION Investments, to unpack how private credit and infrastructure investing can offer stable, reliable alternatives for individual investors. They discuss the growing … Read More Read More

It’s not if you’ll face identity theft, it’s when. In this powerful episode, Robert Curtiss sits down with seasoned trial attorney Robert Brennan, an experienced professional in identity theft cases, to unpack the alarming realities of this modern-day crime. From fraud rings targeting disaster victims to the surprising statistic that nearly every American’s data is … Read More Read More