How well do employers really know their plan participants — and are they using that data in participants' best interests?

In this episode of the Tao of Chao podcast, Philip Chao welcomes Katrina Berishaj, Chair of ERISA and Employee Benefits at Stradley Ronon, for a deep discussion on the evolving responsibilities of fiduciaries, especially in the defined contribution plan space.

They explore how employers and advisors can meet their fiduciary obligations more effectively — not just by offering plans, but by understanding their participants' needs, behaviors, and goals.

Katrina shares actionable insights into:
- Why participant engagement remains a persistent barrier to retirement readiness
- The increasing value of employer-held data — and the ethical obligation to use it-
How managed accounts and personalized investment solutions are evolving
- The risks of failing to adapt: from liability to participant detriment
- Where financial institutions are making strides (and where they’re still falling short)

This thought-provoking episode is a must-listen for plan sponsors, advisors, and anyone navigating the future of retirement plans.

🔗 Listen now for a grounded, expert take on fiduciary strategy and the human side of retirement planning.

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Katrina Berishaj
Chair of ERISA & Employee Benefits
Stradley Ronon

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Philip Chao
Website: https://philipchao.us
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DISCLOSURE: Views expressed in the Tao of Chao podcasts are individual opinions and they do not represent the employers of each guest or the firm with which each guest is associated. Our podcasts are for educational and informational purposes only and should not be deemed or viewed as investment advice or recommendations. Please consult your personal financial advisor, investment expert, or investment fiduciary before taking any actions about your plan and investments.

How stable is today's world order — really?
In this episode of the Tao of Chao podcast, Philip Chao sits down with Dr. Brian Wong, Assistant Professor at the University of Hong Kong and geopolitical strategist, to unpack the evolving dynamics between the United States and China. Together, they explore the fragile nature of the so-called unipolar world, the emerging complexities of multipolarity, and why both America and China may be their own greatest obstacles.

Brian shares deep insights into:

• Why the U.S. still commands unparalleled global influence — despite internal fractures
• How China's internal challenges and external pressures shape its strategic patience
• The critical need for safety nets, private sector revitalization, and structural reform within China
• The misconceptions about capitalism, populism, and elite influence in shaping today's global tensions
• Why no grand strategy may be steering the escalating U.S.-China tariff war

This thought-provoking conversation bridges philosophy, geopolitics, and economics to offer listeners a broader perspective on where the world might be heading — and what it means for investors, policymakers, and everyday citizens alike.

🔗 Listen now to discover the deeper forces reshaping the global landscape.

👓 Learn more about our GUEST

Dr. Brian Wong
Assistant Professor
University of Hong Kong

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Philip Chao
Website: https://philipchao.us
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DISCLOSURE: Views expressed in the Tao of Chao podcasts are individual opinions and they do not represent the employers of each guest or the firm with which each guest is associated. Our podcasts are for educational and informational purposes only and should not be deemed or viewed as investment advice or recommendations. Please consult your personal financial advisor, investment expert, or investment fiduciary before taking any actions about your plan and investments.

Retirement income planning requires balancing competing priorities and understanding crucial trade-offs. In this episode, Jessica Sclafani, Global Retirement Strategist at T. Rowe Price, introduces their innovative five-dimensional framework for evaluating retirement income solutions.

Traditional retirement planning often focuses solely on accumulation, but converting savings into sustainable income presents unique challenges. Jessica explains how plan sponsors and financial advisors can use this holistic framework to evaluate retirement income options based on five critical dimensions: longevity risk hedge, level of payments, volatility of payments, unexpected balance depletion, and liquidity of balance.

Key Topics:

• How to balance guaranteed income with flexibility needs
• Why one-size-fits-all retirement solutions rarely work
• Using visualization tools to understand product trade-offs
• Considerations for fiduciaries when selecting retirement solutions
• Strategies for participants with existing defined benefit plans

This conversation provides plan fiduciaries, advisors, and individual investors with a powerful framework to make more informed retirement income decisions.

👓 Learn more about our GUEST

Jessica Sclafani, CAIA
Global Retirement Strategist
T. Rowe Price
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Philip Chao
Website: https://philipchao.us
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DISCLOSURE: Views expressed in the Tao of Chao podcasts are individual opinions and they do not represent the employers of each guest or the firm with which each guest is associated. Our podcasts are for educational and informational purposes only and should not be deemed or viewed as investment advice or recommendations. Please consult your personal financial advisor, investment expert, or investment fiduciary before taking any actions about your plan and investments.

Why is saving money so hard? Why is retirement planning so complicated? Gen Z and Millennials are anxious about their future, including their financial planning.

Behavioral finance expert Anne Lester, author of "Your Best Financial Life: Safe, Smart Steps to the Future You Want" and former head of retirement solutions at JP Morgan Asset Management, reveals powerful insights about why we struggle with saving and investing - and shares practical solutions to overcome these challenges. Learn why your brain resists long-term financial planning and discover proven strategies to build wealth effortlessly.

Key Topics:

• Why Gen Z and Millennials struggle with saving
• How to save more without feeling deprived
• The psychology behind financial decision-making
• Expert tips for maximizing retirement savings
• Critical insights about Social Security's future
• Simple "hacks" for better money management

👓 Learn more about our GUEST

Anne Lester
Author of "Your Best Financial Life: Safe, Smart Steps to the Future You Want"
Former Head of Retirement Solutions JP Morgan
Website: https://annelester.com/

👓 Learn more about our HOST

Philip Chao
Website: https://philipchao.us
Follow Philip on LinkedIn

DISCLOSURE: Views expressed in the Tao of Chao podcasts are individual opinions and they do not represent the employers of each guest or the firm with which each guest is associated. Our podcasts are for educational and informational purposes only and should not be deemed or viewed as investment advice or recommendations. Please consult your personal financial advisor, investment expert, or investment fiduciary before taking any actions about your plan and investments.

What's ahead for the global economy and financial markets in 2025? Let's look back at past financial policy decisions and data for indicators.

Anthony Crescenzi, Executive Vice President and Market Strategist at PIMCO, shares his expert analysis of what's ahead in 2025. In this wide-ranging conversation recorded at the 2024 Spark Forum (on the eve of President Donald Trump's reelection), Crescenzi discusses the Federal Reserve's approach to price stability and interest rates, America's industrial renaissance, and the future of U.S. monetary policy.

Key topics covered:

- Federal Reserve's 2% inflation target and the true meaning of price stability
- Impact of government spending on interest rates
- U.S. dollar's role as global reserve currency
- Changing demographics and investment implications
- Future of fiscal policy and industrial initiatives

This podcast episode provides essential insights for institutional investors, retirement plan advisors, and investment professionals navigating an evolving economic landscape and political uncertainty.

👓 Learn more about our GUEST

Anthony Crescenzi
PIMCO
Executive Vice President and Market Strategist
Website: https://www.pimco.com/us/en/experts/tony-crescenzi

👓 Learn more about our HOST

Philip Chao
Website: https://philipchao.us
Follow Philip on LinkedIn

DISCLOSURE: Views expressed in the Tao of Chao podcasts are individual opinions and they do not represent the employers of each guest or the firm with which each guest is associated. Our podcasts are for educational and informational purposes only and should not be deemed or viewed as investment advice or recommendations. Please consult your personal financial advisor, investment expert, or investment fiduciary before taking any actions about your plan and investments.

How can advisors and plan sponsors tackle the complexities of lifetime income and retirement sufficiency? In this episode of the Tao of Chao, Philip sits down with Bonnie Treichel, Chief Solutions Officer at Endeavor Retirement, to explore the critical role of frameworks, behavioral finance, and procedural prudence in addressing retirement challenges.

They discuss the importance of asking the right questions, the evolving landscape of QDIA solutions, and how collaboration across the industry can drive better outcomes for plan participants. Whether you're an advisor, plan sponsor, or financial professional, this episode offers actionable insights to improve your approach to retirement planning.

Subscribe to the Tao of Chao YouTube channel for expert conversations on fiduciary leadership, financial strategies, and industry innovation.

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Philip Chao
Website: https://philipchao.us
Follow Philip on LinkedIn

DISCLOSURE: Views expressed in the Tao of Chao podcasts are individual opinions and they do not represent the employers of each guest or the firm with which each guest is associated. Our podcasts are for educational and informational purposes only and should not be deemed or viewed as investment advice or recommendations. Please consult your personal financial advisor, investment expert, or investment fiduciary before taking any actions about your plan and investments.

In life, we all operate in a varying degree of ignorance or blindness when deciding the future. Information is the critical ingredient - even though the final decision is based on one’s judgment and interpretation of the information. In theory, the more relevant and accurate information we have, the higher the probability of us making the “right” decision about the future.

Even though there is no perfect prediction about how others would react to the same set of information, there should be an information advantage for those with more timely information in hand. Philip’s discussion with Will Kinlaw at State Street Bank introduces what State Street is doing about collecting more real-time information so that asset allocations, asset owners, and asset managers can make better-informed decisions.

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Philip Chao
Website: https://philipchao.us
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DISCLOSURE: Views expressed in the Tao of Chao podcasts are individual opinions and they do not represent the employers of each guest or the firm with which each guest is associated. Our podcasts are for educational and informational purposes only and should not be deemed or viewed as investment advice or recommendations. Please consult your personal financial advisor, investment expert, or investment fiduciary before taking any actions about your plan and investments.

Daniel Close, Lead Portfolio Manager for High-Yield Municipal Strategies at Nuveen, joins host Philip Chao in this episode of Tao of Chao to explore the evolving landscape of high-yield municipals. They discuss the effects of the Fed's rate cuts, differences between municipal and treasury yield curves, and the future of fixed-income solutions. Daniel shares his expert insights on municipal market growth, supply-demand dynamics, and what makes today's high-yield municipal bonds different from the past. Don't miss this deep dive into the opportunities and risks of municipal investing!

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📊 Nuveen's Municipal Market Update

See Daniel's Slide Deck PDF here: https://philipchao.us/wp-content/uploads/0831-municipal-market-update-presentation.pdf

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Apple Podcasts: https://podcasts.apple.com/podcast/id1677123887

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Buzzsprout: https://www.buzzsprout.com/2100297

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👓 Learn more about our HOST

Philip Chao
Website: https://www.philipchao.us
Follow Philip on LinkedIn: https://www.linkedin.com/in/philipchao1/

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👓 Learn more about our GUEST

Daniel Close
Head of Municipals at Nuveen
Website: https://www.nuveen.com

👓 Learn more about our HOST

Philip Chao
Website: https://philipchao.us
Follow Philip on LinkedIn

DISCLOSURE: Views expressed in the Tao of Chao podcasts are individual opinions and they do not represent the employers of each guest or the firm with which each guest is associated. Our podcasts are for educational and informational purposes only and should not be deemed or viewed as investment advice or recommendations. Please consult your personal financial advisor, investment expert, or investment fiduciary before taking any actions about your plan and investments.