In this special edition of What the Halo, host David Towson sits down with Kyle Markham, Head of Product at Halo Investing, for a deep dive into how financial advisors are using structured notes as strategic tools—not just tactical plays—in today’s market.
Together, they walk through the Halo platform’s latest features, portfolio management tools, and the upcoming launch of Aura, a new analytics engine designed to help advisors understand the true portfolio impact of structured products.
Whether you’re new to structured notes or a seasoned advisor, this episode is packed with actionable insights on how financial technology is reshaping portfolio construction in 2025.
What’s Ahead:
- How financial advisors are thinking about structured notes in a portfolio model
- How Halo’s pricing engine supports fiduciary-level decision making
- Using watchlists and portfolio lifecycle tools to manage risk and scale
- A sneak peek at Aura, Halo’s next-gen structured product analytics tool
Key Moments:
- 0:00 Introduction
- 1:56 Volatility’s back, now what?
- 6:33 Halo platform walkthrough
- 11:27 How to price Structured Notes on Halo
- 15:43 Getting comfortable with the watchlist
- 18:12 Managing a portfolio with Structured Notes
- 23:39 Introducing the analytics engine, Aura
Read the full episode transcript below:
David Townsend, CFA: Welcome back to the What the Halo podcast. I’m your host, David Townsend. I have a special guest in the studio here with me today, Kyle Markham. Thanks for joining the show.
Long time, yeah. Long-time listener. You do follow us on LinkedIn?
Kyle Markham: Of course.
David: You better be. And liking as well.
Kyle: Absolutely.
David: Good. So, Kyle leads our product here. I don’t want to steal your thunder. Why don’t you give us a little bit about yourself?
Kyle: You got it. Thanks a lot for having me, David. I’m Kyle Markham, Head of Product. I’ve been with Halo Investing for a little over five years. We’ve been building the platform we’re going to talk about today, servicing registered investment advisors and offering a host of protective investment products within the application. Today I’m hoping to do a bit of training for newer users, talk through some of the features we’re developing, and set the stage for future episodes where we’ll go deeper.
David: Yeah, this has been in the works for some time. Kyle’s office is right outside the studio, so he’s a regular. And for today, I broke out the halo—it’s a special edition.
Kyle: Thank you.
David: When we put the studio together, it was always Halo Investing’s What the Halo podcast. This is the first time we’ve actually used the halo, so I brought it out for you. It’s been a couple years in the making. We need to come up with a name for this segment. Maybe “What the Halo Power Hour” or something more creative.
Kyle: Yep.
David: Alright, let’s dive in. Markets have been interesting to start 2025. February has been volatile—new administration, trade wars, a lot going on. Without getting too macro, cut to the chase. You and your team are behind the platform. You sit in on client conversations. What are you hearing from advisors right now?
Kyle: You’re absolutely right. Last year was a rip-roaring bull market—lots of redemptions, very one-directional. This year, volatility is back. We’ve seen larger ranges in the S&P, big moves in the Nasdaq, and a lot of headline risk. Advisors are looking to capture that volatility—whether it’s in a single security or across an index.
One of the big shifts in 2025 is that we’ve been asking users how they think about structured products in a portfolio model. The feedback has been clear: advisors want a more consistent, repeatable behavior—structured notes as part of a portfolio strategy, not just tactical plays.
We’ve always had best-in-class tech to support tactical use cases, but now the focus is on portfolio context. Advisors are getting more defensive after last year’s run-up, so they’re asking for tools that let them think about structured products strategically.
David: It’s interesting—structured notes as strategic allocations, not just alt plays. That’s consistent with how other asset classes are used.
Kyle: Exactly. And we’re constantly interviewing users, getting feedback, and working to make the technology more intuitive and accessible. Our mission is to drive transparency and accessibility in this market. We want to grow the market and bring down the ambiguity and opaqueness that’s plagued structured products for years.
David: Let’s walk through how a new advisor actually gets started on the platform. One of the cofounders said it should be like using an iPhone—intuitive, no manual needed.
Kyle: That’s right. We have integrations across the street. Many users access the platform via SSO, but for today, let’s walk through a direct login. When you land on Halo Home, the goal is to make it clear what action to take next.
We’ve added onboarding widgets and education modules—almost like earning a Halo certificate—so users can complete education themselves or have team members do it. It saves time and supports better client conversations.
David: Let’s talk about the portfolio watchlists you mentioned. What do those look like?
Kyle: Based on advisor feedback, we’re developing templated watchlists that match portfolio models—conservative growth, aggressive income, or tactical strategies like volatility harvesting.
For example, you might have index-based growth notes in a conservative portfolio. In an aggressive income model, you’d see more autocalls. Or you can use the watchlist to monitor something like NVIDIA after earnings volatility.
We’re also building features where advisors can collaborate—share ideas with team members or sales partners. It’s about building reusable models that align with portfolio strategy.
David: The pricing engine is key. Used to take days or weeks to price a note. Walk us through how easy it is now.
Kyle: We’ve streamlined pricing so you can get indicative quotes across issuers in seconds. Let’s say you’re building a basic income note on the NDX, which is more volatile after yesterday’s move. You choose protection levels, payoffs, and get real-time quotes.
Our embedded education—powered by WalkMe—guides users through every step. You can see where rates are now vs. last week, or set alerts for levels that meet your criteria. That’s huge for fiduciary responsibility.
David: You’ve eliminated the email pricing loop. Game-changer.
Kyle: It’s still common in the industry to price via email, which is hard to believe. We’re leveraging fintech practices from other asset classes to bring structured products up to speed.
David: Let’s move to the portfolio tools. Historically, advisors tracked notes in Excel, which was clumsy. What’s different now?
Kyle: We’ve built lifecycle tracking and real-time portfolio views. You can see purchase data, coupons, current value, and key events—auto-calls, maturities, etc. It’s no longer spreadsheets and guesswork.
We also built logic that suggests reinvestment ideas based on upcoming events. And you can price alternatives in real time—compare yield, exposure, and timing. All in one place.
David: It’s about scale. You’ve made it possible to manage these at scale like other portfolio assets.
Kyle: Absolutely. Our users are creating allocation models and even scheduling recurring trades. Think quarterly allocations that smooth out volatility and cost basis over time.
David: Before we wrap, tease what’s next. You mentioned a new analytics engine called Aura. What can you share?
Kyle: Aura is our next-gen analytics tool. Advisors told us they need to model portfolios before and after adding structured notes. So we built that—plus the ability to adjust assumptions like market outlook or geopolitical risk.
You’ll be able to see portfolio-level changes in statistics when you layer in a structured note. Aura makes it easier to make data-driven decisions and integrate these products like any other asset.
David: That’s the evolution. Structured products are maturing, and this brings them closer to traditional portfolio construction.
Kyle: Couldn’t agree more. Aura brings structure and clarity to a complex space—and helps advisors better serve their clients.
David: Kyle, thanks for joining us. We’ll bring you back soon to do a full walkthrough of Aura. Hit like and subscribe so you don’t miss it.
Kyle: Thanks for having me, David.
Please see our Halo Disclosure Page for important disclosures.
An investment in Structured Notes may not be suitable for all investors. These investments involve substantial risks. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.
Content and any tools discussed are provided for educational and information purposes only. Halo Investing makes no investment recommendations and does not provide financial, tax, or legal advice. Any structured product or financial security discussed is for illustrative purposes only and are not intended to portray a recommendation to buy or sell a particular product or service.
