The Tao of Chao Podcast

Is the comfortable path actually the riskiest choice we can make?   In Episode 37 of the Tao of Chao Podcast, Philip Chao welcomes entrepreneur Lily Vittayarukskul for a conversation about risk, resilience, and the courage to step outside expected paths.   Lily’s journey began unusually early — starting college at 14 and interning at NASA as a teenager. After a family health crisis reshaped her perspective, she redirected her ambitions toward building technology solutions that address systemic challenges in healthcare.   Key insights include: • Why comfort can disguise long-term risk • How unconventional paths create unexpected opportunities • The role of personal experiences in shaping entrepreneurial missions • Why founders must embrace uncertainty rather than avoid it • How individuals can rethink risk in careers and life   This episode explores how purpose, risk, and growth often emerge when we move beyond what feels comfortable. 👓 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 does power look like in an age defined by artificial intelligence, geopolitical rivalry, and rapid technological acceleration? In Episode 35 of the Tao of Chao Podcast, Philip Chao welcomes Brian Wong for a compelling discussion on how AI is reshaping global order, the responsibilities of those who wield influence, and the moral frameworks needed to make sound decisions in complex systems. Key insights include:  • How AI alters power structures between nations, institutions, and individuals  • Why moral clarity matters more than ever in high-stakes environments  • The benefits and risks of adopting AI at scale  • How leaders can balance innovation with responsibility and restraint  • Why humility, reflection, and well-defined frameworks improve decision-making  • Where geopolitical competition is headed — and what it means for markets This episode offers a grounded, human-centered exploration of the forces shaping our future and the ethical considerations that must guide our path forward. 👓 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 does it really mean to live longer — and how do we prepare for a future defined by extended lifespans? In this episode of the Tao of Chao Podcast, Philip Chao welcomes Surya Kolluri, Head of the TIAA Institute, for an in-depth discussion on longevity, retirement planning, cognitive health, and the evolving realities of aging societies.   Key insights include: • The rise of longevity literacy and why so few people understand their true lifespan • How to build longevity fitness across financial, physical, cognitive, and social dimensions • The deep connection between health and wealth — and why disparities are widening • Why planning should focus on income stability, not just accumulated savings • The growing threat of elder fraud and cognitive decline • How social connection dramatically reduces mortality risk • The emergence of age-friendly cities, intergenerational learning, and the longevity economy   Tune in for a grounded, human-centered conversation on how longer lives will reshape families, institutions, and society — and how each of us can prepare with clarity and intention. 👓 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 does it take to retire well in a world where people are living longer, working differently, and facing new financial realities?   In Episode 33 of the Tao of Chao Podcast, Philip Chao welcomes Catherine Collinson, CEO and President of the Nonprofit Transamerica Institute and Transamerica Center for Retirement Studies, to explore how individuals, employers, and policymakers can collaborate to improve retirement readiness and financial wellness.   Key insights include: How longevity is transforming retirement expectations Why financial wellness is more than savings — it’s confidence and control The evolving role of employers in helping workers plan for the future Generational perspectives on saving, investing, and aging What we can all do to create a more secure and purposeful retirement   Tune in for data-driven insights and practical wisdom from one of the nation’s leading voices on the future of retirement. 👓 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 does it take to lead responsibly in today’s complex world? In Episode 32 of the Tao of Chao Podcast, Philip Chao sits down with Don Trone, founder of the Behavioral Governance Institute, to discuss the principles of fiduciary leadership and the importance of behavioral governance. Key insights include: Why fiduciary duty is best understood as a standard of character, not just compliance How behavioral governance helps leaders align decisions with values The importance of ethics, accountability, and trust in financial services Lessons from Don’s career advancing fiduciary responsibility and governance frameworks Why stewardship and leadership are inseparable in finance, business, and beyond This wide-ranging conversation is essential listening for investors, advisors, and anyone who wants to understand the deeper meaning of responsible leadership. 👓 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.

Are tariffs, immigration shifts, and AI adoption quietly reshaping the U.S. economy? In this episode of the Tao of Chao podcast, Philip Chao welcomes Dr. Onsel Gulbiten, global macro strategist, for a deep discussion on the forces driving growth and inflation. They explore: How tariffs and immigration policies are reshaping U.S. growth potential Why the economy may be settling into a new stasis of slower expansion The accelerating role of AI in productivity and labor substitution The Federal Reserve’s evolving framework  Whether we are headed toward stagflation, or something close to it Tune in for an expert perspective on the “new normal” of slower growth, higher costs, and shifting global dynamics. 👓 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 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. 👓 Learn more about our GUEST  Katrina Berishaj Chair of ERISA & Employee Benefits Stradley Ronon 👓 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 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 👓 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.

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 Follow Jessica on LinkedIn 👓 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.

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: https://www.linkedin.com/in/philipchao1/ 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. 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. 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! --- 📊 Nuveen's Municipal Market Update See Daniel's Slide Deck PDF here: https://philipchao.us/wp-content/uploads/0831-municipal-market-update-presentation.pdf --- 🎙️ SUBSCRIBE TO THE PODCAST Apple Podcasts: https://podcasts.apple.com/podcast/id1677123887 Spotify: https://open.spotify.com/show/1xPmkAids8ajhYJ9ektHKQ Buzzsprout: https://www.buzzsprout.com/2100297 --- 👓 Learn more about our HOST Philip Chao Website: https://www.philipchao.us Follow Philip on LinkedIn: https://www.linkedin.com/in/philipchao1/ --- 👓 Learn more about our GUEST Daniel Close Head of Municipals at Nuveen Website: https://www.nuveen.com 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 this episode of The Tao of Chao podcast, host Philip Chao switches roles and becomes the guest as he sits down with Bryan Moore for a deep dive into discretionary investment management and the importance of diversification. Philip shares insights into his work advising institutions, including the nuances of behavioral finance and portfolio management in today’s financial landscape. Together, they explore how tactical adjustments can protect clients from market volatility while also seizing new opportunities. Philip also reflects on the early influences that shaped his financial journey and the balance between emotion and strategy in managing wealth. Don’t miss this engaging conversation packed with practical advice for investors and financial advisors alike. 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.

Join us as we sit down with Dr. Andrew Selee, president of the Migration Policy Institute, to discuss the complexities of immigration and migration policies globally, with a special focus on the United States, Latin America, and the Caribbean. Dr. Selee shares insights from his extensive research, the current state of migration, and the impact of immigration on economies and societies. Tune in to understand the challenges and opportunities in managing migration and the future of immigration policies. 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 the 20th episode of the Tao of Chao podcast, host Philip Chao sits down with Todd Levy, a Managing Director with The Retirement Plan Company, one of the country’s leading independent providers of account recordkeeping, third-party administration, and actuarial services for qualified retirement plans. They analyze the intricate world of fiduciary responsibilities, the evolving landscape of retirement planning, and the importance of maintaining clear client communication.  The discussion covers the critical aspects of fiduciary duties, including the importance of transparency, maintaining client trust, and navigating the complexities of providing various services within the retirement planning space. Two current class action cases involving cross-selling investment services by a recordkeeping and the use of managed account as a default investment were helpful case studies to illustrate fiduciary landmines. The allegations of fiduciary violation if proven true will have significant influence over how services would be offered and considered in a world where service provider revenues are squeezed with increasing demand for more services. Philip and Todd also explore the implications of the new fiduciary rule, and the significance of the SECURE Act in shaping the future of retirement planning. Tune in to gain a deeper understanding of the fiduciary landscape and learn how industry professionals like Todd Levy navigate their multifaceted roles to serve the best interests of their clients. 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.

Michael Underhill, a trained economist, investment strategist, and investor in the infrastructure space, emphasizes the urgency of two crucial policy areas for the future — energy and immigration. Michael and Philip Chao stress the need for a comprehensive energy policy to prepare for increased energy dependence and a coherent immigration policy to support the human capital demand necessary for the American manufacturing revival. These policies are not just beneficial but essential for the future of our economy. With $2 trillion committed by the government through the Infrastructure, CHIP, and Inflation Reduction Acts, the revival of U.S. manufacturing and infrastructure is underway. Over the next 5-20 years, private industry might invest an additional tenfold. The goal is to bring back high-value manufacturing and critical industries to the U.S., creating thousands of blue and white-collar jobs locally. Significant investments will focus on chip fabrication, energy production, and transition. The next five years may be a renaissance for the American economy, driven by a new industrial policy emerging from great power competition and supply chain insecurities highlighted by the pandemic. However, challenges lie ahead, particularly in sourcing strategic minerals and accessing a labor force with the necessary skills. These limited resources are a concern for all major economies. Michael Underhill explores these themes and challenges, providing insights into why inflation and interest rates will likely remain high for much longer. 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.

If you are a student of the market and interested in gaining insights into the cyclical and secular landscape, topics that are highly relevant in today's economic climate, please tune in to this episode of Tao of Chao. The world is always uncertain, and Dr. Onsel Gulbiten offers her view on inflation, interest rate risks, and geopolitical challenges. Michael Salm provides his perspective on separating sovereign, private, corporate, and banking balance sheets to understand the marketplace and the general economic driver first and then, through relative value, make investment decisions. Philip Chao addresses several macroeconomic themes with Dr. Onsel Gulbiten and how this macro view impacts Michael Salm's view on the market. Both Michael and Onsel are on the Franklin Templeton fixed income team, where Michael is the Head of Multi-Sector Strategy and Onsel specializes in analyzing macroeconomic, political, financial, and other policy developments in global markets.  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.

“Personalization” in defined contribution retirement arrangements such as 401(k), 403(b), and 457 plans continues to gain momentum. This is not a fad or a marketing slogan. It is real and does improve outcomes. One way or another, personalization has seeped into our lives by suggesting entertainment, improving comfort in automobiles, saving time in kitchens, tailoring education, providing faster food service, and providing unique shopping experiences. However, personalization in retirement planning is not just a “feel good” comfort-driven sales experience. It uses data to build better solutions and make financial advice more accessible to employees. Shawn O’Brien at Cerulli has many years of research and “in the trenches” consulting experience, and he shares his contemporary insights on managed accounts, financial wellness, and the personalization ecosystem on the latest Tao of Chao podcast. This is an episode that HR executives, benefits professionals, plan fiduciaries, advisors, and consultants can all benefit from. We hope that you will enjoy listening to this episode. 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.