Today's Animal Spirits is brought to you by Helios to learn more about their

in-sourced, slash outsourced, chief investment officer capabilities visit HeliosDriven.com.

Welcome to Animal Spirits, a show about markets, life, and investing. Join Michael Batnik and

Ben Carlson as they talk about what they're reading, writing, and watching.

Michael Batnik and Ben Carlson work for RIT Holt's Wealth Management. All opinions

expressed by Michael and Ben or any podcast guests are solely their own opinions and do not

reflect the opinion of RIT Holt's Wealth Management. This podcast is for informational purposes

only and should not be relied upon for investment decisions. Clients of RIT Holt's Wealth

Management may maintain positions in the securities discussed in this podcast.

Welcome to Animal Spirits with Michael and Ben. Michael, I think people who base their

financial knowledge off TV in the movies assume that you play your financial advisor and they

pick stocks for you. Back in the old days, that's how people thought it works. Some people might

still think that's the way it is these days. Most financial advisors, especially if they're in a

smaller practice, are financial planners. They're building financial plans, they're doing insurance

and tax prep and state planning and all these other things and the portfolio is part of that.

But for most advisors, they're not investment people. They're not portfolio managers or not

CFAs. Warren Buffett is not your financial advisor. No, advisors do a lot of different things. So

there are now programs and models and strategies where an advisor can say, I just want to do

the financial planning stuff and I want someone else to do the investment stuff for me.

And that's what Helios does. They have an interesting model. We talked to Chris Shuba there

CEO before. I've never heard this in-sourced CIO. So I worked in the institutional world.

There was an outsourced CIO model where we have an endowment or a foundation or pension.

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