#65 Allison Bonds Mazza, Head of US Wealth at State Street, and James Seyffart, Senior Research Analyst at Bloomberg Intelligence (recorded 03/17/26)

This special live episode of The Bull of Wall Street was recorded at the VettaFi Exchange 26 conference in Las Vegas NV, bringing together industry leaders for a real-time discussion on ETFs, market structure, and the evolving role of advisors.

Jim Worden, CFA, CMT, CAIA, Jimmy Lee, and Talley Leger are joined by Allison Bonds Mazza, CIMA®, CPWA, Head of US Wealth at State Street, and James Seyffart, CFA, CAIA, Senior Research Analyst at Bloomberg Intelligence. The conversation explores the growth of the ETF industry, including its origins following the 1987 market crash and its expansion to thousands of products and trillions in assets today. 

The group discusses ETF flows, the shift from mutual funds to ETF structures, and the increasing role of active ETFs across the market. Additional topics include sector positioning, gold and alternatives, crypto as a portfolio component, and the growing importance of model portfolios.

The discussion also addresses broader industry themes such as advisor fee compression, generational shifts in investors, artificial intelligence, and the importance of human relationships in wealth management.

What You’ll Learn

How the ETF industry evolved from early innovations to a multi-trillion dollar ecosystemWhy flows continue shifting from mutual funds into ETF structuresHow active ETFs are gaining share and influencing industry fee trendsWhat current ETF flow patterns may indicate about investor positioningHow advisors are using model portfolios and customization at scaleThe role of crypto and alternatives within diversified portfoliosHow artificial intelligence may impact investment workflows and productivityWhy advisor-client relationships remain central despite technological advancementsHow generational changes may influence future wealth management practices

Chapters

01:15 History and evolution of ETFs

03:20 ETF flows and sector positioning trends

06:08 Gold, alternatives, and portfolio durability themes

08:24 Mutual funds versus ETFs and active ETF growth

11:12 Product innovation and ETF launches

13:37 Crypto ETFs and portfolio considerations

15:53 Women in finance and industry evolution

21:17 Active ETFs and fee dynamics

24:27 Advisor margin compression and pricing discussions

31:17 Product structure and democratization of access

34:11 Model portfolios and customization trends

39:04 Passive flows and market structure implications

42:11 AI in investing and advisor workflows

46:47 Direct indexing and future competition

49:26 Sector positioning and industrial trends

52:28 Product innovation and global expansion

53:19 Advisor perspective and client engagement

54:15 Next generation investors and digital expectations

Guests

Allison Bonds-Mesa, CIMA®, CPWA, Head of US Wealth at State Street

James Seyffart, CFA, CAIA, Senior Research Analyst at Bloomberg Intelligence

Speakers

Jim Worden, CFA, CMT, CAIA, Chief Investment Officer, The Wealth Consulting Group

Jimmy Lee, Chief Executive Officer, The Wealth Consulting Group

Talley Leger, Chief Market Strategist, The Wealth Consulting Group

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