Amid stifling heat and motorcycles, Ritholtz and Robasciotti kick off new Future Proof 'festival'

Rachel Robasciotti, Adasina Social Capital
Adasina Social Capital CEO Rachel Robasciotti spoke at this week's Future Proof conference in Huntington Beach, California.

In sweltering heat at an outdoor conference billed as "the world's first wealth festival," two influential people in the field explained how they're trying to set a different course for the future of the industry.

Barry Ritholtz, the chairman of New York-based Ritholtz Wealth Management and the host of Bloomberg's "Masters in Business Podcast," and Rachel Robasciotti, the CEO of San Francisco-based impact investing manager Adasina Social Capital, spoke first on the inaugural day of the Future Proof Conference. The new event, a collaboration of Ritholtz's firm and events company Advisor Circle, drew more than 2,200 attendees this week to a parking lot between a strip of luxury hotels on the Pacific Coast Highway and Huntington Beach outside Los Angeles.

"If we learned anything during the pandemic, it's that the world is changing faster than ever," Ritholtz said. "You not only have to keep up, you have to move ahead. If not, it feels like we're falling behind. And we want to give you access to the most recent cutting-edge ways to reach your clients, manage your business, communicate, create content and, basically, do what you do best."

Advisor Circle Manager of Event Production and Partnerships Sovaida Noronha, speaking alongside Ritholtz in a brief opening statement, added "change the face of wealth" to the list of goals.  

She and Ritholtz advised everyone to wear hats and sunscreen and drink plenty of water in the 80-degree heat. With temperatures in the triple digit days earlier in L.A. due to Hurricane Kay, the weather offered a blistering backdrop to Robasciotti's argument for financial advisors and other investment professionals to help clients stop focusing on immediate profits.

Robasciotti called on attendees to listen closely to "widespread social justice movements," because they're "early indicators of material risk in portfolios." She cited her upbringing in the rural community of Oroville, California, where she said Black families like her own disproportionately worked in high-risk, low-paying jobs, suffered losses of loved ones killed by the police and bore the brunt of environmental disasters like a 2017 dam failure.

"What most people don't understand is that systems of exploitation and extraction do work in the short term. What they are not is a long-term strategy," Robasciotti said. "My whole talk is about social justice investing, because I believe it is the primary way to future proof a portfolio for the future, because it turns away from the economics of extraction and exploitation that have left an imprint, not only in our communities across this country, but it's also around the world and it's really fed often by our financial markets."

Robasciotti paused a couple of times during her speech to let groups of noisy motorcycles pass by the fenced-off area that organizers outfitted like a music festival with several stages, food trucks and vendor booths next to the Huntington City Beach. After a glitch of technical difficulties in setting up the registration desk, attendees gradually made their way into the grounds. Sandals, shorts and sunglasses replaced the usual industry garb.

Financial advisors comprised more than 1,000 of the attendees, according to Ritholtz. The guests included 220 speakers and nearly 100 sponsors such as Vanguard, State Street Global Advisors, Morningstar and tens of financial technology firms, investment managers and financial news outlets. Financial Planning is part of that group as well.

Sovaida Noronha and Barry Ritholtz at the Future Proof conference
Advisor Circle Manager of Event Production and Partnerships Sovaida Noronha and Ritholtz Wealth Management Chairman Barry Ritholtz spoke during the opening presentation of this week's Future Proof conference.

Ritholtz described the program for the four-day event as "more than just asset management," with tech and culture forming critical parts as well. He and Noronha also went over a code of conduct, an increasingly typical component of industry conferences where many women have spoken out about experiencing sexual harassment or assault.

"Make sure whatever you do, you are responsible," Ritholtz said. "It's very easy when you're in the heat and you're perspiring and you're losing hydration. You have a couple of drinks, it really hits you. So be aware, take care, make good decisions and have fun. We want you to have fun, but be responsible."

"And if you see it, you hear it, you witness it, please report it," Noronha added. "We've got staff walking around the ground. Please take care of each other as well."

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