Modern Wealth Management

Welcome back to Modern Wealth Management! We're excited to kickoff Season Two of our show, where we'll explore the various sectors of wealth management, as well as community conversations and personal development topics. To launch our second season of the show, we're diving into the overall importance of establishing, and sticking to, an investment strategy. Join Darrick Hutchens, Co-Founder of Monon Wealth Management, as he shares some key insights into investment management and offers strategies for growing your money in 2024 and beyond!Sit back, relax and enjoy the launch of our all-new season of Modern Wealth Management!Chapters:0:00 - Welcome back to Season Two!1:12 - Designing an investment portfolio for 2024 and beyond2:27 - Why thorough discussions on your investment portfolio is so important6:31 - You can't bend with the ebbs and flows of the market8:27 - The three things you need to consider with regard to growing your money in 20249:44 - Develop and understand your long-term investment objectives12:33 - Time reduces risk16:38 - Building your asset allocation plan20:22 - The idea of a 60/40 portfolio and comparing stocks vs. bonds25:43 - Considering foreign markets for your investment plan29:30 - Picking the specific securities you're interested in32:27 - Staying invested over a long period of time34:20 - Investor behaviors in response to the technology sector in the 90's39:38 - Warren Buffet's approach 42:50 - The key takeaways from today's episode44:50 - How to get in touch with Darrick and his team46:02 - Closing remarksConnect with Darrick and Ray:WebsiteFacebookLinkedIn

Optimism is typically the best bet for most people because their lives tend to get better, for most people, most of the time. But pessimism seems to hold a special place within our hearts because it sounds smarter and it's more intellectually captivating. On the latest installment of Modern Wealth Management, Darrick sits down to discuss the differences between these two concepts and how they've crept not only into our personal lives, but our financial lives as well. Listen, as we explore the fickle friend that is pessimism and how it's playing a role in our financial decision making these days. This episode is packed with beneficial information and takeaways that you don't want to miss. Enjoy!Timecodes:0:06 - Introduction and overview on the topic of the day1:25 - "The Psychology of Money" by Morgan Housel 2:30 - How pessimism creeps into our lives 11:58 - Where pessimism comes into play within our financial well-being15:07 - How education and qualification can play a role within optimistic and pessimistic mindsets19:00 - Pessimism examines present trends without factoring in the future26:12 - Stephen Hawking's rationale on why we become so pessimistic 30:37 - How you can get in touch with Darrick and his team to take advantage of optimistic wealth planning32:09 - Closing remarksConnect with Darrick and Ray:WebsiteFacebookLinkedIn

Running a successful family business takes a tremendous amount of both working hard and working smart, as well as navigating family dynamics along the way! On the latest installment of Modern Wealth Management, Darrick explores some of the key mistakes that too many successful family businesses make and how to best avoid them.Given Darrick's extensive experience working with family businesses over the last two decades, he has plenty of stories to share! Sit back, relax, and enjoy another thought-provoking episode that's bound to leave you with some considerations for your own family business. Timecodes:0:06 - Introduction and overview on the topic of the day1:15 - The overall need for wealth planning within a family business6:18 - The risks that arise within family businesses7:31 - What family businesses should be looking for in their wealth manager11:56 - Pick out a wealth manager that isn't product-oriented15:37 - How Darrick's clients react to his wealth planning process17:05 - The mistake of hyper-focusing on mitigating taxes22:35 - Don't be secretive about your wealth29:40 - The importance of ongoing maintenance with your wealth plan32:20 - What a family should do if their wealth plan is out of date35:51 - You don't need to view the sale of the family business as a failure42:04 - How you can get in touch with Darrick and his team for further discussions44:02 - Closing remarksConnect with Darrick and Ray:WebsiteFacebookLinkedIn

In the latest installment of Modern Wealth Management, we welcome Dr. Rob Bell, Author and Mental Toughness Coach, to the show to discuss how mental toughness can play a vital role within wealth management overall. Listen, as Darrick and Dr. Rob share details on their personal and professional relationship, which led Darrick to understand the importance of having emotional strength in the face of adversity. This episode is packed with helpful information that's universally applicable to us all. You're not going to want to miss this one! So sit back, relax, and enjoy a thought-provoking episode!Timecodes:0:06 - Introduction and overview on today's guest0:56 - Darrick's personal relationship with Dr. Rob Bell5:51 - Dr. Rob stresses the importance of teachable moments in our lives9:42 - Where mental toughness has its place within the lives of non-athletes13:03 - "Process versus outcome"17:48 - We shouldn't be deviating from our processes22:40 - Know what game you're playing23:22 - People have been damaged by the pandemic28:37 - How you can refill your tank31:50 - Is it possible to come out of the pandemic stronger? 37:00 - Running from market volatility is counterintuitive39:24 - "We don't have to be smarter than the rest. We have to be more disciplined than the rest."43:00 - With Russia's invasion into the Ukraine, it's not the time to take action in your portfolio46:11 - What does "ice in your veins" mean and how do you develop that toughness?49:19 - How to find Dr. Rob Bell online and connect with him49:52 - Closing remarksConnect with Dr. Rob Bell:WebsiteConnect with Darrick and Ray:WebsiteFacebookLinkedIn

If you are like many business owners, you’re looking out for more than just the financial health of your company. You also want to take care of your family and loved ones by providing for them and setting them up for rewarding lives of their own. In the latest installment of Modern Wealth Management, Darrick and Ryan are exploring how proactive estate planning can help you pursue these goals and build an amazing life of significance. Too often estate plans can become outdated. Listen as we showcase the steps you can take to ensure your plan is current and capable of supporting you and your goals. Timecodes:0:07 - Introduction and overview on the topic of the day2:27 - The roll of estate planning in the life of an entrepreneur4:52 - Most people have a plan in place, but the plan is really outdated8:19 - The downfalls of having an outdated estate plan10:38 - An example of how an outdated plan can put an entrepreneur in jeopardy15:02 - The first steps into updating your estate plan overall17:48 - The initial conversation when reviewing someone's existing estate plan20:46 - What should someone be on the lookout for when updating their estate plan22:40 - How you can get in touch with the team at Monon Wealth Management for more information24:06 - Closing remarksConnect with Darrick and Ray:WebsiteFacebookLinkedIn

In the latest installment of Modern Wealth Management, Darrick and Ray welcome Greg Johnson, CEO of Rubicon Crypto, onto the show to highlight the ever-changing nature of crypto currency. Given the buzz surrounding crypto currency as we roll into 2022, Greg addresses a handful of frequently asked questions and why it can be a valuable tool within the wealth planning toolkit. This episode is jam packed with helpful information that you won't want to miss! So sit back, relax, and enjoy another thought-provoking conversation. Timecodes:0:06 - Overview on the topic and the guest featured on today's episode1:45 - Darrick and Ray launch into the discussions surrounding crypto with their clients5:05 - Greg Johnson joins the show and gives a high level overview on crypto currency14:40 - The uncertainty surrounding this topic22:13 - Technology's role in crypto currency and what to consider here28:10 - How Bitcoin is still in its infancy37:53 - How much should someone consider investing into crypto currency? 45:48 - Compliance and regulation's place within crypto currency52:50 - Recapping the most important points surrounding crypto currency for interested investors56:00 - Closing remarks Connect with Darrick and Ray:WebsiteFacebookLinkedIn

A new year brings a new batch of tax proposals that could leave you scratching your head. In the latest installment of Modern Wealth Management, we bring you a special edition of the show that features a unique guest from the tax planning realm. Darrick is joined by Lisa Curry, Partner at Katz, Sapper & Miller, to address a wide variety of year end tax strategies you can incorporate into your own portfolio. Additionally, Lisa showcases the current tax proposals in existence and how you should be preparing in case some are passed. There's plenty of beneficial information packed into this episode that you don't want to miss!Timecodes:0:06 - Overview on this special edition of the show0:59 - Setting the scene on the overall importance behind tax planning within your wealth plan3:00 - Introducing Lisa Curry of Katz, Sapper & Miller5:00 - Using a business to take care of the family means8:15 - "I've heard about this. What does that mean for me?"12:15 - Increasing tax rates on corporations will still likely impact you16:05 - The top individual income tax rate and the proposed changes22:35 - Capital gains and what to expect on this front29:40 - What is going to change?34:18 - The backdoor (or mega) ROTH and where it enters the picture38:54 - Selling your business and how that can impact your taxable income42:06 - What can wealthy business owners do right now to optimize their plan47:15 - The value associated with a stress test50:45 - Closing remarksConnect with Darrick and Ray:WebsiteFacebookLinkedIn

The bad financial decisions you avoid can be just as important as the good financial moves you make. And while no one is perfect, highly successful people and families tend to avoid major slip ups. In the latest installment of Modern Wealth Management, Darrick and Ryan explore some wealth-destroying mistakes that high successful people do a good job of sidestepping.This episode is packed with great tips and is sure to leave you taking a page from the playbook of the super rich!Timecodes:0:03 - Overview on the topic of the episode1:52 - Does the average individual take measures to avoid costly mistakes? 3:15 - There are opportunities to learn lessons from the wealth planning strategies of the super rich5:02 - The grass isn't always greener on the other side8:12 - Clearly define your goals and stay on the proper track to achieve them11:34 - Hire the best professionals to support your goals 16:00 - The characteristics of consummate professionals and those that will propel you forward19:14 - Utilizing second opinions and stress tests to ensure you're plan is on track23:00 - The difference between a second opinion and a stress test25:02 - How someone can get in touch with Darrick's team to discuss this topic further27:04 - Why we study the super rich28:10 - Closing remarksConnect with Darrick and Ray:WebsiteFacebookLinkedIn

In the latest installment of Modern Wealth Management, Darrick explores the complex nature of trusts and why it's beneficial to have a trust protector in place. When you have a trust, it's overseen by a trustee. But, who is keeping an eye on the trustee to ensure he or she is not exploiting you? If the answer is "no one" or "I don't know," it may be time to consider adding a trust protector to your team of advisors. Listen as Darrick shares his first-hand experience with trusts and why trust protectors can be an extremely beneficial addition to your fiduciary team of experts. Timecodes:0:04 - Overview on the topic of the day2:08 - The various parties involved in a trust8:27 - Grantors typically don't realize they need to be on guard during this process10:30 - How a trust protector can help with the fees typically associated with the trustee13:08 - The overall role of the trust protector17:06 - What happens when a trust protector recognizes that the trustee isn't operating effectively19:38 - How someone would go about hiring a trust protector20:46 - Summarizing the need for a trust protector23:50 - Closing remarksConnect with Darrick and Ray:WebsiteFacebookLinkedIn

Research shows that entrepreneurship can be one of the most effective ways to become wealthy. But, it takes a lot more than simply being a business owner to generate significant wealth. In the latest installment of Modern Wealth Management, Darrick and Ray highlight the four key drivers of business and financial success, as well as personal commitments required to become wealthy. Not only do Darrick and Ray work with an array of entrepreneurs in their wealth management business, but they themselves are entrepreneurs who built their company together. So sit back, relax, and enjoy another enlightening conversation that is bound to leave you with some things to consider for your own wealth creation process. Timecodes: 0:04 - Overview on the topic of the day1:45 - Entrepreneurship is the main generator for significant wealth today3:25 - The best practices of wealth entrepreneurs5:35 - You need to have a commitment to achieve success overall8:02 - It takes more than simply a commitment to achieve success9:37 - How the overall quality of your business model will drive wealth creation13:01 - Establishing industry connections and powerful relationships plays a major role as well15:06 - The process of building a "dream team" of employees and maintain a high-quality team18:28 - The willingness to engage with the right professionals24:24 - Working with a wealth manager, who is familiar with entrepreneurship, is also a best practice27:26 - Closing remarksConnect with Darrick and Ray:WebsiteFacebookLinkedIn

Affluent individuals, families, and business owners want to make the best decisions regarding their wealth and the first decision usually deals with selecting a particular wealth manager. They want to make sure they are working with the best of the best, but how can you tell if a wealth manager truly is elite? In the latest installment of Modern Wealth Management, Darrick and Ray explore an array of skills and characteristics of an elite wealth manager. Not only do they possess the highest level of financial acumen, but they understand the importance behind connecting with their clients on a human level. So sit back, relax, and enjoy another enlightening conversation that will leave you wondering if your current wealth manager is at the elite level! Timecodes:0:05 - Episode overview and the topic of the day1:50 - How are people supposed to know if a wealth manager truly lives up to their world-class reputation4:30 - How an elite wealth manager handles investment management 10:00 - Where the wealth planning component comes into play as well12:10 - What Darrick and Ray mean when it comes to "advanced planning"17:46 - What should people be looking for in a wealth manager that claims to be elite20:12 - Not all wealth managers incorporate the human element22:50 - An example of Darrick and Ray forging a successful relationship with a given client26:41 - The bottom-line on how Darrick and Ray approach their clients at Monon Wealth Management 30:10 - Closing remarksConnect with Darrick and Ray:WebsiteFacebookLinkedIn

Life insurance isn't the most exciting financial topic, when compared to investment planning overall. However, it's actually one of the most flexible and versatile tools that you have within your wealth planning toolkit! In the third installment of Modern Wealth Management, Darrick and Ryan explore the reasoning behind why you should incorporate life insurance into your overall wealth management strategy. When executed properly, life insurance can provide liquidity, leverage, and certainty to your financial well-being. So sit back, relax, and enjoy another enlightening conversation where Darrick shares his insights, and even his own personal reasoning behind including life insurance into his wealth plan. Timecodes: 00:05 - Overview on today's episode 02:05 - Why Darrick believes life insurance should play a role in someone's wealth plan03:22 - Wealth planning overall is vitally important 04:30 - In wealth planning, the focus should be on the person and not the product08:51 - The key roles life insurance plays within wealth planning overall12:48 - The goals life insurance can help an individual or family achieve17:54 - How life insurance can be used to help provide cash for a future need19:42 - Life insurance policies that are influential and beneficial for business owners21:30 - Life insurance shouldn't be viewed with a negative outlook23:49 - Closing remarksConnect with Darrick and Ray:WebsiteFacebookLinkedIn

In the second installment of Modern Wealth Management, Darrick and Ray explore the complex nature surrounding inheritances. The big question surrounding this topic is: Are your heirs ready to deal with the wealth you may be planning to pass on to them someday? It's an unfortunate fact that inheritors often struggle with their windfalls in a way that can be hazardous to the overall wealth. It takes proper planning and clear communication to alleviate any potential problems that could occur with the inheritance itself, as well as the beneficiaries' spending habits afterwards. We all understand the general process behind inheritances, but this episode unveils the intangible elements that come into play, especially when a significant level of wealth is being transferred. So sit back, relax, and enjoy another enlightening conversation that sheds light on a topic we all thought we knew. Timecodes:00:05 - Show overview and recap of prior episode on stress testing process02:00 - Are your heirs ready to deal with an inheritance?04:40 - The internal and external conflicts that inheritors experience07:35 - How Darrick and Ray begin with helping an heir address this process11:27 - Examples of what successful individuals are doing when it comes to passing on their wealth14:26 - Where families should begin to foster a sense of financial intelligence in their beneficiaries23:40 - Things family matriarchs and patriarchs should be considering30:10 - Who families should turn to for guidance on handling inheritances32:40 - How the inheritance conversation plays a role in stress testing overall 34:45 - Closing remarksConnect with Darrick and Ray:WebsiteFacebookLinkedIn

In the inaugural episode, we introduce you to our show host, Ryan Ruff, as well as Managing Partners of Monon Wealth, Darrick Hutchens and Ray Kramer. With one of the most financially tumultuous years now behind us, there is a great deal of uncertainty surrounding finances. Whether it was the COVID-19 pandemic, the controversial Presidential Election of 2020, or other factors, many people are wondering how to responsibly position their finances for success in 2021. Allow Darrick and Ray to help put your mind at ease and explain the benefits of stress testing. Through a robust and in-depth analysis, Darrick and Ray tap into their four decades of combined experience in the financial sector and review your personal or business finances to help calculate the right financial maneuvers given your future goals. So sit back, relax, and enjoy a thought-provoking conversation surrounding a process you should be considering today for your own financial portfolio. Timecodes: 00:05 - Show overview and introducing Darrick Hutchens and Ray Kramer03:08 - What individuals and families should be doing right now05:30 - Why this process is so valuable08:00 - The three main ways that stress tests can be utilized10:15 - An example of what prompted someone to discuss stress testing with them18:13 - An example of how a stress test helped a client from making a mistake23:36 - How Darrick and Ray tap into the human element during stress tests28:56 - How their team gets deep into the heart of their clients' goals 32:23 - A lesson that can be learned from the super rich34:40 - What the discovery process and initial questions look like 36:25 - What kind of analysis clients leave with after completing a stress testing process40:43 - Closing remarksConnect with Darrick and Ray:WebsiteFacebookLinkedIn