# The Lie on Both Sides of Investment Management

Page: https://stenobird.com/podcast/talking-wealth-7500068/the-lie-on-both-sides-of-investment-management
Text version: https://stenobird.com/podcast/talking-wealth-7500068/the-lie-on-both-sides-of-investment-management.md
Podcast: [Talking Wealth](https://stenobird.com/podcast/talking-wealth-7500068)
Published: 2026-01-14T15:45:00+00:00
Episode link: https://pdst.fm/e/traffic.megaphone.fm/TCP4162547163.mp3?updated=1768400588
Audio file: https://pdst.fm/e/traffic.megaphone.fm/TCP4162547163.mp3?updated=1768400588
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JSON: https://stenobird.com/v1/public/podcasts/talking-wealth-7500068/episodes/the-lie-on-both-sides-of-investment-management
Duration seconds: 1943

## Resource

Investment management has become strangely polarizing in the advisory industry. On one end, many “planning-led” firms treat portfolios as a commodity—something clients can DIY or outsource entirely because “markets are efficient anyway.” On the other, some firms still rely on outdated investment storytelling: credentials, access, and vague promises of outperformance. On this episode of Talking Wealth, Michael Batnick sits down with Zach Conway to argue for a rational middle ground. We talk about why investment management still matters, where advisors actually add value, and why even the best firms struggle to deliver that value at scale. We dig into the real problems—lack of a client-to-portfolio framework, clunky implementation, and manual trading—and how modern platforms are changing the way advisors personalize portfolios, manage taxes, and reclaim time to spend with clients. If you think investment management is either “dead” or all smoke and mirrors, this conversation will change how you see it. This episode is sponsored by Betterment Advisor Solutions. Learn more at ⁠http://Betterment.com/advisors ⁠ For more from Talking Wealth sign up at: ⁠⁠⁠⁠⁠⁠https://talkingwealthpod.com/⁠⁠⁠⁠⁠⁠ Participants include employees of Ritholtz Wealth Management. All opinions expressed by them are solely their own opinions and do not reflect the opinion of Ritholtz Wealth Management. This program is for informational purposes only and is not intended to provide specific advice or recommendations for any individual or on any specific security or product. Any opinions expressed herein do not constitute or imply endorsement, sponsorship, or recommendation by Ritholtz Wealth Management or its employees. Ritholtz Wealth Management and its affiliates may invest in the technology company dis…

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## Transcript

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