Rich Habits Podcast

161: Goldman Sachs on How To Build a Modern Portfolio

9 snips
Mar 16, 2026
Alexandra Wilson-Elizondo, Co-CIO of Multi-Asset Solutions at Goldman Sachs, oversees portfolio construction for institutions and advisors. She discusses the rise of model portfolios and why advisors outsource construction. Conversations cover total portfolio solutions, the macro backdrop and data to watch, the role of fixed income and physical assets, and how AI and dispersion reshape equity opportunities.
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ADVICE

Outsource Portfolio Construction To Scale Advice

  • Advisors should outsource model portfolios to institutional managers to scale advice and focus on client relationships.
  • Alexandra describes model portfolios as customizable institutional frameworks that provide risk profiles, tax-aware sleeves, and thematic access for advisor practices.
INSIGHT

Model Portfolios Reduce Concentration Risk

  • Model portfolios centralize risk management so one small position doesn't drive total performance and they can include outcome-oriented vehicles.
  • Alexandra cites Goldman's Innovator ETF acquisition and warns against 5% of a portfolio determining 95% of results.
INSIGHT

Reflationary Backdrop With Emerging Credit And Labor Risks

  • Goldman viewed the backdrop as reflationary with global fiscal support and growth before recent geopolitical shocks.
  • Alexandra highlights risks in labor normalization and private credit underwriting, noting up to 40% private credit exposure in software names.
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