In this episode of Beyond 60/40, Sonali Basak sits down with Mike Durbin, CEO of Cetera Financial Group, to discuss why scale, not size, is driving the next phase of industry growth. Mike explains how firms are balancing organic growth with M&A, why partnerships matter more than ever, and how technology is reshaping advisor workflows.

The conversation also explores AI’s growing role in productivity, how private markets are being integrated more deliberately into client portfolios, and why the human side of advice becomes even more important as technology advances.

The wealth management industry is undergoing rapid change—from advisor‑led M&A and rising investor interest to the growing role of technology and AI.

In this episode of Beyond 60/40, Sonali Basak, iCapital’s Chief Investment Strategist, sits down with Shirl Penney, CEO and Founder of Dynasty Financial Partners, to discuss why it remains a bull market for advice, even amid market volatility. Shirl shares how Dynasty‑supported firms approach M&A differently, why valuations continue to rise, and what buyers are prioritizing as they become more selective.

The conversation also explores how AI and automation are reshaping wealth management, why human advisors remain essential, and how generational shifts in communication are influencing client engagement. Shirl explains why independence continues to accelerate across the industry—and why large, complex advisory teams increasingly see the independent model as the future.

Agentic AI is ushering in the next major evolution of software—and private markets are moving quickly to adapt. In this episode of Beyond 60/40, Sonali Basak, iCapital’s Chief Investment Strategist, is joined by Monti Saroya, Co-CEO of VistaOne and Senior Managing Director at Vista Private Equity. Monti shares why agentic AI represents a step-change in software economics, how it removes traditional SaaS growth constraints, and why private companies may be best positioned to lead this transformation. The conversation explores how usage-based AI models are reshaping competitive advantage, why enterprise AI must be highly accurate and human-supervised in regulated industries, and how Vista is helping portfolio companies transition to AI native businesses. Monti also discusses take-private opportunities in software, infrastructure challenges around compute and data centers, and why he believes AI will ultimately boost productivity, GDP, and outcomes for society.