Wealth Actually
CIVICS
As the United States acclimates to the "flood the zone" governing style, reasoned discourse around civics has crumbled. https://youtu.be/ngx0GxJjmDM There are many causes. Polarizing media, bombastic claims, and systematized gas-lighting on both sides have created one of the most toxic political environments since the Vietnam War. However, the absence of civics and good citizenship concepts have laid the groundwork for the hysterics of today. LINDSEY CORMACK has a way forward. She is the author of the book "How to Raise a Citizen " https://www.amazon.com/How-Raise-Citizen-Why-Its-ebook/dp/B0DBWYTXJ4/ Outline: Why are Civics Important? Recent stats on the absence of civics Understanding structures Understanding the "why" of structures and civics Knowing what the Constitution says Knowing that the Constitution evolves too Understanding federalism Government funding mechanisms Communication- how to broach inflamed subjects How to raise the next generation What makes a good citizen? Going beyond jury duty and voting Civics and Active participation Intersection with wealthy multi-generational families Joint decision-maling Believing in something greater than self Guardrails of ideals melded with open-mindedness and curiosity Right holder vs Duty bearer (Rights come with obligations) Justice vs compliance Control vs grace Right and wrong in civics Contacting Lindsey Links: www.howtoraiseacitizen.com IG: @howtoraiseacitizen Lindsay discussing civics on Errol Louis' YOU DECIDE Podcast The Intersection of Civics, Money and Presidents Rights and Obligations with David Haass (Civics) Background LINDSEY is an Associate Professor of Political Science at Stevens Institute of Technology. She is the former Director of the Diplomacy Lab. She is the secretary of community board 8 in Manhattan and the co-chair of the Street Life Committee. Lindsey is the creator of DCInbox, a comprehensive digital archive of Congress-to-constituent e-newsletters. Finally, she is also the author of Congress and U.S. Veterans: From the GI Bill to the VA Crisis. Frazer's interest in citizenship and civics: You may be wondering why a show about wealth management (and beyond) would be interested in citizenship and civics. In a nutshell, I get asked three times a day what can be done to raise responsible kids. Because families (and the answers to those questions) are different. The answers should come from within, I ask what they (the parents or grandparents what think it takes to be a "good citizen." The answer to that question can then lead into the discussions I need to have about stewardship and a variety of other concepts. Additionally, good civics is good business. Businesses ignore the politics around them at their own peril. Board dynamics are also the intersection of civics, joint decision-making and constituent accountability for businesses. Executives have to be good at this. The values that make people successful are also the ones that people want to pass down to their kids Personally, politics and civics are ingrained in me. I majored inhHistory and political science major in college. I worked in many NYS campaigns, the NYS Department of Economic Development, and ran the Republican Party in Bedford, NY for a year. More recently, I was on the board of my co-op for 7 years and president of the NYC Estate Planning Council. Civics and participation are a big part of my worldview. Transcript Frazer Rice (00:32.447) As we get acclimated to the new flood the zone component of politics, reason discourse has crumbled. And I think absence of civics in public life is the cause. Lindsay Cormack has a way forward and she's the author of How to Raise a Citizen. Welcome aboard, Lindsay. Lindsey Cormack (00:46.978) Thank you so much for having me. I'm excited to talk with you today.
CONGESTION PRICING
For those of us who live in New York, mass transit is the norm and traffic is a minor form of apocalypse. In response to this persistent issue, New York City implemented a new congestion pricing plan. https://youtu.be/TeObZEnjmv4?si=fQTxzRCe6b-sGH5F Besides the increased funds for badly-needed infrastructure improvements, the plan made other promises. These also include reduced commute times, better air-quality, and improved safety for all road users. https://www.amazon.com/Movement-Yorks-Long-Take-Streets-ebook/dp/B0CV9FNFWV/ Because the sample size is small, it is an open question of whether congestion pricing has delivered? Can it deliver? And how did we get from the horse and buggy, to the street car, to the train and automobile-based system we have now? Will it apply to other cities in the U.S.? Nicole Gelinas and I took some time to trace New York's transportation history in her new book and analyze the prospects for congestion pricing's effectiveness going forward. (*UPDATE: 20 minutes after we stopped recording on 2/19/25, President Trump announced that the U.S. Department of Transportation was pulling its approval of New York City's congestion pricing plan. Governor Holchul has met, apparently unsuccessfully, with President Trump on the topic. Litigation has already started. STAY TUNED.) NICOLE GELINAS, a Chartered Financial Analyst (CFA) charterholder, is a Manhattan Institute senior fellow and contributing editor to City Journal. She lives in New York City. She is the author of the recent book, Movement: New York's Long War to Take Back Its Streets From the Car. Outline How did you get interested in congestion pricing and the development of transportation in NYC? New York City's Transit History What are some of the "tragedies" (Cross Bronx Expressway / death of streetcar) and "near misses" (The Saving of Washington Square Park and Grand Central Terminal) that we don't know about? How much credit or blame should we give Robert Moses? Congestion pricing- what is it trying to do (and is it trying to do too much)? As a revenue raiser To reduce congestion Help environment Quality of Life What are the early returns on its effectiveness? (Anecdotally, to me it seems like it is having a positive congestion effect in Manhattan) Uber/Taxis? Notwithstanding these initiatives, what about these often empty cars? E-Bikes? Now that the city has addressed cars, what about the safety concerns of motorized bikes? How is the program affecting Westchester, Long Island, New Jersey and Connecticut? As a result of these changes, has the air quality shown any improvement? Meanwhile, is London a Success? Because of its heady reputation of being one of the most forward cities on congestion control, urban planners trot out London as an example for others. Is this warranted? (However, having been there in November, I thought the traffic was insane! ) Did they do other things to screw up a good initiative? Congestion Pricing's Future (*Before Trump's Involvement) I never met an automatic tax that a politician didn't see to expand and the tax is automatically going up by law, Regarding government's growing addiction to revenue, Will the program expand? Will the borders go north? Brooklyn? Queens? Or can it go backward under Trump? Regardless, does the MTA have the will to cut costs? Notwithstanding the controversy, is there any political will to enhance safety? Wish list: What would be your favorite next NYC transportation initiative? If we want to learn more, what's the best way to get the book and keep track of your work? Further Details on NeW York's Congestion Pricing Plan https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/
Podcast Trailer
https://youtu.be/xNeFuqsU7A4 Podcast Trailer Welcome to the "Wealth Actually" podcast trailer. I'm FRAZER RICE. After 170 episodes, I thought I'd check in to make sure that everyone understood what to expect from the show going forward, especially if you're new to it. For those newcomers, it was time for a quick podcast trailer. Ultimately, I'll be talking to a lot of different experts in their various fields. By day, I'm a chief operating officer / wealth strategist for large complicated families. This involves wealth management, tax, trustee issues, family dynamics, and the odd business succession story. I'm also a lawyer which means I'm interested in legal issues that surround these concepts. Finally, I enjoy politics and public policy. I grew up in it, and so I like to think about it and its interaction with my day job. Ultimately, this show is paired with a book called Wealth Actually, and the best way to reach me is via www.wealthactually.com. I hope this podcast trailer was helpful. I'm always looking to get it better. If you have guest ideas, topics to explore or or other ways to increase its reach, I'm happy to listen. Finally, if you have other shows that I think are worth experiencing, send them along. (For those repeat listeners, you will notice I changed the theme music too. It's a little more thunder, a lot less synthesizer. Let me know what you think of it.) Enjoy the show and be sure to like, subscribe, and share with your friends. More Episodes Find more episodes in the podcast section HERE Book To buy a copy of the book "Wealth, Actually", see the link below. (There is a great audiobook version that I just produced and is accessible on Amazon too) https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ Social Media Linkedin Twitter IG BlueSky (NEW!) Podcast Trailer
THE IRS
The Internal Revenue Service is a massive "Three Letter Agency." It's a bureau of the Department of the Treasury and (believe it or not) one of the world's most efficient tax administrators. In fiscal year 2020, the IRS collected almost $3.5 trillion in revenue and processed more than 240 million tax returns. It has over 90,000 employees. It is also about as popular as Communism and Dog Catchers with most people! This makes running this most public of organizations a challenge for garnering resources and maintaining safety, stability and confidence in the revenue collection that makes this country go. https://youtu.be/mXxwh0IR3Ig Charles “Chuck” Rettig is a Shareholder at Chamberlain Hrdlicka in the Firm's Tax Controversy & Litigation practice and served as Commissioner of the Internal Revenue Service (IRS) from 2018 through 2022. He shares his experience with us and some pointers in dealing with the Service. How the IRS operates and its priorities: The volume of work and responsibility of the Internal Revenue Service The structure of the agency Data Science is the Future What it does that people may not be aware of Other parts of the Treasury opine on tax policy, but the agency provides guidance on workability Chuck as the Commissioner appeared before Congressional Committees 37 times in 4 years. Personality matters both internally and externally The Commissioner has an 11 person security detail and receives 3 credible death threats / week. What to expect in the next years: Legislative Uncertainty Administrative Challenges The Service has almost 400 Million "clients" with huge disparities in sophistication Resources are always a struggle- getting bang for the buck Personnel departures from the Service Prediction: Increased aggressiveness at the state level What best practices in front of the IRS look like. Setting up your affairs with a ling term strategy in mind Interacting with an Examiner Speed and Humanity The 3 headed approach to family office planning High end advisory work with the T&E group The overall context in working with the structure and culture of the IRS - having a backdoor channel Litigation support for those situations that need it. Links With Kelley Miller: The IRS Audits You- What's Next?" Transcript of the Show https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ Frazer Rice (00:01)The IRS and taxation in general is in all sorts of tumult with the new administration. How to deal with the IRS, how to file your taxes, how to plan for things going forward. It's something to think about. We have Chuck Redig on and he is a terrific resource for all of our listeners. He's a shareholder at Chamberlain Herdlica. It is in the firm's tax controversy and litigation department. Frazer Rice (00:26)Most importantly, he served as commissioner of the IRS from 2018 through 2022. So we have a little inside baseball here on how the commission works and things to think about in your own practice. So Chuck, welcome aboard. Chuck Rettig (00:32) Thank you for having me. It's a privilege to be out. Frazer Rice (00:42)Well, it's a treat for us to have you and a real great opportunity. First and foremost, look, the three letters IRS are scary to just about anybody who comes in contact with them on a personal basis. Maybe break down a little bit how the IRS operates and what its priorities are. Background Chuck Rettig (01:01)Yeah, you know, when I went on board, somebody high up in Treasury, and I'm basically a kid from Los Angeles and Irish headquarters in Washington, D.C., and somebody from Treasury said to me, you know, congratulations, it's a Senate-confirmed position, and you are one of the five most powerful people in the United States, but you are absolutely the most hated. And I remember shaking his hand going, okay, thank you, you know,
PRESERVING LEGACIES
https://youtu.be/h1yo6l7V0Yw Preserving legacies is about more than cataloging "stuff" and keeping a spreadsheet. Done well, it can provide the grounding for intergenerational communication, engagement with outside constituencies and, in certain cases, monetization. This involves a organized process: Preserving Legacies and Cataloging With the horrible recent storm damage in North Carolina and Florida and the horrible Los Angeles wildfires, the cataloging process is on the forefront of many families' minds. Storytelling Development The artifacts of a family can be the keystone of family narrative building and next-generation education. Fan/Constituency Engagement The building of physical digital museums can be the centerpiece of engagement for internal and external constituencies. From extended families, to customers and extended fan-bases, advanced legacy preservation is more than just "stuff." Monetization In certain situations, these efforts can lead to new forms of business and monetization. For artists, authors and musicians, these museum efforts can add value to IP revenue streams and transactions. Preserving Legacies We talk about case studies with stars like Def Leppard, Chris Paul and Jon Bon Jovi. However, we also go through the importance of preserving legacies with families that aren't filling 50,000 person stadiums. We distinguish "Preserving Legacies" from Estate Settlement (where many families first begin this process). That said, this show pairs well with the Estate Settlement episode with Joel Schoenmeyer. Background BRAD MINDICH is the Founder/CEO of Inveniem which is the leading archiving/fan engagement company that works directly with artists, estates, athletes, brands, and individual celebrities on finding, organizing, preserving, and monetizing their artifacts and history. INVENIUM, and its fan-facing brand Definitive Authentic’s, overarching message to its clients is Your Past Is Your Future® and this philosophy sets the tone for how the company holistically and strategically partners with its clients to both preserve and extend legacies and connect clients deeper with their fans. The company’s client list is confidential, but it includes some of the world’s most iconic creators. https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ https://bsky.app/profile/frazerrice.bsky.social/post/3lgul3z7nrs2a https://open.spotify.com/episode/0C9Bost6uihR1Pj8MnsppE?si=cbf4a554b9f04cfa
ESTATE SETTLEMENT
Estate Settlement is one of the most feared parts of wealth transition. It is where trust and estate planning meet their first real test- usually when a will is put in front of the probate court system. JOEL SCHOENMEYER, Head of the Family Wealth Group at a Major Regional Bank joins us to discuss the ins and outs. https://youtu.be/OwepMwX0uao?si=YKevHbmDrtrRv12b What is Joel's background? I spent the first 15+ years of my career as a trusts and estates attorney. First at a few different law firms, including Sidley Austin – back when they had a T&E group. Then as a solo practitioner for more than a decade. In 2012 I made the transition to working for financial institutions, where I have held a number of roles: Legal department, in the trust counsel group Senior Trust Advisor on an ultra-high net worth team National Head of Estate Settlement Senior Wealth Strategist in a multi-family office group I’m now in charge of the Family Wealth group at Fifth Third, which is an offering for ultra-high net worth clients and families. Just broadly, can you explain what happens from a legal perspective when someone dies? Sure. First, a little terminology: “Estate settlement” is the overall process of wrapping up a deceased person’s affairs, a job that’s usually handled by an “executor”. That settlement process can include lots of different things, but it can be broken down into a few broad topics: Inventorying and collecting all assets; Identifying and then paying debts and expenses, including taxes (both final income taxes and, if the estate is large enough, estate taxes); and Distributing what remains according to the decedent’s estate plan (or if they didn’t have one, according to state law). “Probate” can be a part of estate settlement, and involves court supervision of the above process, to make sure that it is handled correctly. I spent some of my time as an attorney drafting Wills and Trusts. However, I spent even more time in court, dealing with probate issues (including litigation). We are going to be talking about messy estate settlement issues and how to avoid them. Why is this important? I will say that, throughout my career, I have met clients (or potential clients) who say, “I don’t care what happens when I die – that’s someone else’s problem.” However, most people do NOT want to cause problems for their loved ones. The death of a parent or spouse or sibling is difficult enough without having to figure out where their stuff is, or what they wanted to do with it.There’s also the positive aspect. You have family and friends – and possibly charities – that you hope will thrive after your passing. Why wouldn’t you want to set things up so that they actually get your hard- earned money? Do you want to have that money go to the IRS or some probate litigators? How should people start to think about their estate? I break the issues to consider down into four interconnected categories: Assets Debts and expenses (including taxes) Personal Relationships Estate Plan (Will, Trust, etc.) One thing you will notice is that your estate plan is only one category here. A lot of people think that having a Will and/or Trust in place means that they are “done” with planning for their death. That’s just not true. So let’s start with assets in the estate settlement process. What is the big mistake people make with their assets in the context of planning for death? The main mistake is not paying attention to how your assets are titled. This is especially the case where people have an estate plan but then also have assets with a listed beneficiary, or assets owned jointly. For instance, I once handled an estate where the decedent’s Will gave away her interest in a home – but the decedent already owned the home in joint tenancy with her sister! As a result, the gift under her Will was ineffective (but the situation created a lot of litigation as well as conflict)...
THE SOUL OF WEALTH
This week, "Wealth Actually" meets "THE SOUL OF WEALTH" as I speak with DR. DANIEL CROSBY, Ph.D. about his new book. https://www.amazon.com/Soul-Wealth-reflections-money-meaning-ebook/dp/B0CP625K99 https://youtu.be/Y6dUcW_eQW4 Outline (Soul of Wealth) -Behavioral Finance-Issues with the "research"-Building consensus around money decisions-How our brains trick us into faulty wealth processes-Teaching people to stretch the time horizon of their planning Biography Educated at Brigham Young and Emory Universities, Dr. Daniel Crosby is a psychologist and behavioral finance expert who helps organizations understand the intersection of mind and markets. As a leading voice on the impact of behavioral finance, "The Soul of Wealth" isn't Daniel's only writing. Dr. Crosby's first book, Personal Benchmark: Integrating Behavioral Finance and Investment Management, was a New York Times bestseller. His second book, The Laws of Wealth, was named the best investment book of 2017 by the Axiom Business Book Awards and has been translated into Japanese, Chinese, Vietnamese and German. His latest work, The Behavioral Investor, is an in-depth look at how sociology, psychology and neurology all impact investment decision-making. Finally, Daniel publishes the highly respected Standard Deviations podcast- where you can find his personal thoughts on financial psychology and interviews with experts in the wealth management and psychology fields. Money - The Soul of Wealth Daniel's book presents 50 short essays which explore what wealth really is and provides practical suggestions for how to change your thinking and your actions in small, powerful ways, for a wealthier life. Soul of Wealth Topics: How you spend your money reveals your values. That money can buy happiness if spent well. What makes a good financial plan. Why willpower is overrated. How to master delayed gratification for the ultimate wealth hack. Why anything worth doing carries some risk. Contacts: @DANIELCROSBY TWITTER STANDARD DEVIATIONS PODCAST Behavioral Scientist, Brian Portnoy on the 100th Episode of "Wealth Actually" https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/
NIGHT MOVES
Author and investment expert, JARED DILLIAN, joins the podcast for the second time to discuss his new collection of short stories, NIGHT MOVES. We talk about his talent for moving across formats and between fiction and non fiction. We go into the need for story-telling and the importance of holding an audience. Finally, we look for crossovers in his writing from his personal history, his move to South Carolina and his experiences in the Coast Guard and Lehman Brothers. https://www.amazon.com/Night-Moves-stories-Jared-Dillian-ebook/dp/B0DDLB49X1/ "Night Moves" by Jared Dillian From his military experience and investment experience to his DJ'ing prowess and obvious for multi-faceted talent for writing, Jared is a creator and a Renaissance Man- and a terrific, no nonsense person to speak with about the ins and outs of publishing. https://www.youtube.com/watch?v=c7pratxa3EY Writing across formats and how that led to NIGHT MOVES? Non fiction Novel Short story - is the format a challenge or an opportunity? Newsletter - The daily grind of the Daily Dirtnap How to move between the daily pressure of writing a newsletter to the longer form content in non-fiction? Then, how do you move to the character development and world-building involved with fiction? Themes in NIGHT MOVES Sex, desperation, wistfullness Writing in a women's voice (how do you get into that headspace?) What does research consist of for short stories? Genre Favorites? Where you end the story determines whether it’s a comedy or tragedy Do you start knowing where you want to end up? What does the format of a writing day look like? Ie do the newsletters get in the way or help with other projects? Do you get stuck? (Is there where it’s convenient to have the newsletters) Music and Writing- The Crossover into NIGHT MOVES DJ’ing composing - what are the similarities in that process? Any crossover to investing? Where do we find the book and how else can people keep track of JARED? JARED'S SUBSTACK DAILY DIRTNAP Jared on "Wealth Actually" talking about his previous book, "NO WORRIES" https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ "Wealth Actually" by Frazer Rice
HOW TO RETIRE
"How to Retire" (by Christine Benz) deals with a concept full of fear, emotion, math and uncertainty: retirement. Even the wealthiest, who have a margin of safety, run into issues of purpose, time management and legacy. Layer onto that the risks of longevity, dementia, divorce, managing cash and investments in inflationary times, and navigating the byzantine health and elder care systems. No wonder "retirement" is a scary topic. Christine Benz' new book "How to Retire" is here to help get our arms around this topic. With 20 interviews with experts in the field, Christine has written a terrific reference for retirees to get their arms around this stage in life. Her book covers the numbers, the emotion and the structure for people entering the golden years. CHRISTINE BENZ is director of personal finance and retirement planning for Morningstar and senior columnist for Morningstar.com. In that role, she focuses on retirement and portfolio planning for individual investors. She also co-hosts a podcast for Morningstar, "The Long View", which features in-depth interviews with thought leaders in investing and personal finance. https://www.amazon.com/How-Retire-lessons-successful-retirement-ebook/dp/B0CP5X3TYK/ How to Retire How to Retire with Christine Benz The Numbers (Funding Retirement and Resilient Investing) The Transition to Retirement (AKA "The Countdown") With a plan in mind, what is the role a Dry Run with Retirement? The Buy-In: Getting consensus from spouses and family on what life will look like The First 2 years: The Importance of a Detailed Calendar How Are You Going to Use the Time? Having entered the role of caregiving, retirement may be more of a "job" than you think "End of Life": When Should you Give up the Keys and Long Term Care with CAROLYN MCCLANAHAN Estate Planning (with past "Wealth Actually" guest JENNY ROZELLE) With all of this frre time, how do spouses adjust to spending so much time together? https://www.youtube.com/watch?v=IN5C7Ko6XBY https://open.spotify.com/episode/50ZO3JLl4bAdf95b64UQIZ?si=XJEYU2h4ToG8rL_Qkou6eA https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ Frazer Rice's "Wealth Actually"
SPORTS PODCASTS
Sports media is decentralizing. However, "Sports Podcasts" are exploding in audience growth. Stephen A. Smith, Pat McAffe and Barstool Sports are household names. Legacy names, like ESPN, are figuring out how to hold on to their audiences and find new ways to expand them. Out of this high profile world, there are many lessons to learn in managing one's own career and how to harness the possibilities of media for your own businesses. BRAM WEINSTEIN (the "Voice of the Washington Commanders") is the founder of Ampire Media and can be heard weekdays from 3-6 PM EST on "The Bram Weinstein Show" on ESPN 630 DC. As part of his 24 year (and counting) on air career, he spent 7 years at ESPN mainly as an anchor of "Sportscenter" and has appeared on a variety of programs including "Like it or Not" on Fox 5 in Washington DC, "The Bram Weinstein Show" on The Team 980, as well as analyst roles on NBC Sports Washington. When not performing, Bram produces for and consults with various content providers in traditional and new media for his firm AMPIRE MEDIA. We also get to nerd out a little on the Washington Commanders and their improbable fast start this year! https://open.spotify.com/episode/2rW0FF84wRQZ8O8qZEyptt?si=bc2c29518f96414e Bram Weinstein "Voice of the Commanders" on Sports Podcasts Bram Weinstein's Background - How did you get into broadcasting? Take us through the route with the career to get back to DC. What does a life in sports media look like? The arc of a broadcaster's career and the need to develop equity. https://youtu.be/OxKRSXB2lFI?si=OwyNPG2ZyrC0O3D_ Bram Weinstein on Wealth Actually Sports Podcasts (and Beyond) AMPIRE MEDIA- Going from talent, to production, to ownership. Aggregating other voices.Where did the idea for the media company come from? Specific experience or advice that informed the project? Where do you see the path to profit coming from? Bridging Traditional Media and the Sports Podcast Business- How do you manage the time?What are your ultimate ambitions for Ampire?What have been the challenges so far?Lawyer in me asks how you stay in the good graces of everyone, contract and IP-wise? Has the attitude of the Sports Media Companies changed about "talents' other activities?? Lessons from Sports Podcasts for other businesses in their marketing strategies. Joe Gibbs and the Washington Redskins The Washington Commanders (and their fast start!) Finally, I'm duty bound to ask some #Commanders questions. Having been a fan back in the glory days, what is your favorite memory or favorite player? There is so much new with the Commanders in the last two years: Owner, GM, Coach, QB, a lot of the roster! What does this season looks like with this "crazy good" start . . . and Jayden Daniels? Outro- Sports Podcasts How do listeners find and support you.https://www.ampiremedia.com/ AMPIRE on Youtube: https://youtu.be/8jmCnWViN0Y?si=mKy4NPASYiRKfLZ5 MEDIA DISRUPTION and VENTURE CAPITAL https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/
RIA MARKETING
The pace, scale and sophistication of RIA marketing has accelerated into hyperspace in the last 10 years. There are new business models in wealth management and, thus, new voices and sources of trust. The speed of content creation and publishing is increasing- especially with newer artificial intelligence tools. Social media has made the scope and reach of marketing efforts enormous -- and required firms to be data scientists as much as financial advisers. Finally, where once the firm drove the branding in the RIA space, there appears to be a move back to the star system - where recognizable names create the light that attracts clients. Enter RICHARD HEFT, President of EXT MARKETING - His firm focuses on marketing for RIA's, asset managers, and other financial institutions. The development and execution of marketing strategies are accelerating well past the leadership of the typical RIA. They have to prove to the market that their inorganic growth efforts are real and sustainable in a crowded (and often bland and undifferentiated) space. Richard tells us what he is seeing in the RIA Marketing space. Background- What does EXT do? Richard Heft EXT Marketing What was the opportunity you saw? What is "Marketing" vs Marketing for Financial Institutions? vs. RIA Marketing? Differences Regulation Other cultural issues Where does RIA Marketing stop and PR start as part of larger strategy? How do you combat the "sea of sameness" and "Lowest common denominator" factors in RIA Marketing? Boats, Piers, Forests Couples at the Beach New demographics, new ideas Measurement - What does marketing success look like from the agency perspective? Is there a difference in the clients' perspective? How do you bridge that gap and make sure there is agreement on metrics? Digital - After putting strategy, into action, what is the importance of data integrity and maintenance? Having established a visibility strategy, how does one convert eyeballs to dollars? How do we get around the "consulting class" fluff? Success stories The new sophistication of the referrer and the consumer / client. https://open.spotify.com/episode/79qDVNuUC0ixgHJIIhVAyD?si=33170e765cc44bdd The art of segmentation? B2B vs B2COI B2B vs B2C? How much can (or what should) be outsourced to an agency vs hiring someone internally? The necessity of 3rd party credibility and how to get it (and get credit for it) "RIA Marketing" Trends going forward? Artificial Intelligence and other tools Social Media (How an UHNW adviser uses podcasts) Will there be a move away from referrals to "legitimate" digital lead generation? Where does traditional media fit in? https://www.youtube.com/watch?v=XuhdR2xJ0bw "RIA Marketing" with Richard Heft Outro: https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ "RIA Marketing" on Wealth Actually
ALL THE PRESIDENTS’ MONEY
How have our Presidents' money stories affected their lives and trajectories before, during, and after their terms? Have the Presidents' finances affected policy? What stories do they teach the rest of us? https://www.amazon.com/All-Presidents-Money-Governed-America-ebook/dp/B0D3T7TGMZ/ Megan Gorman's Presidents' Relationship with Money As we head into election season, MEGAN GORMAN has released a terrific book on US Presidents and their personal finances. She is a tax attorney and wealth manager – takes readers on a rollicking ride, full of history and personal finance lessons, to understand the intimate money stories of our most famous presidents in her highly anticipated new book, ALL THE PRESIDENTS’ MONEY: How the Men who Governed America Governed Their Money Megan Gorman's "All The Presidents' Money" Megan has spent her career advising some of the wealthy. She parlayed her interest in history and politics with her career expertise to analyze our Presidents relationship with money. The stories of our Presidents' personal finances not only give insight into their leadership style, but they teach lessons for the rest of us as well. What inspired you to write about the US presidents' relationship with money? Since I was six, I’ve always been obsessed with learning about the presidents. There’s an archetype that I was drawn to: a man from an ordinary background that through hard work and luck makes his way to the top. We have many presidential examples in our history: Lincoln, Eisenhower, Grant, Johnson, Truman, Ford, Reagan, and on. Could this same story happen now? Maybe, but it’s not as easy as it was before. How did you approach researching the book, since financial details are often private? I usually started by reading a book on the president and looking for little items – education, jobs, homes – and then ferreting out primary source documents. But the most useful items are the letters. Letters were where a lot of financial discussions occurred, from Jefferson and his financial challenges to Harry Truman lamenting to his future wife about whether he will ever find financial success. The presidential libraries and museums’ archives were also unbelievable. https://www.youtube.com/watch?v=rvMoUuruCzU Did you notice any common themes or patterns in the presidents' financial behaviors and decision-making? A lot of bad financial decision making occurs when emotion controls the situation. For example, President George Washington asked James Monroe to go to France. Monroe agreed even though he had a substantial plantation at home that needed significant management. Monroe got to France and realized that to succeed, he needs gravitas. In 1790s France, that means having the right home to entertain in. So he went out and bought a house for the US with his own money – doesn’t ask permission and doesn’t think about the obligations back home. His salary doesn’t cover half of what he is spending. When Monroe’s appointment is over, he sells the house at a loss. Money is emotion – and managing it is very hard for all of us. You write in All The Presidents' Money that "wealth happens at the intersection of opportunity and discipline." What do you mean? We talk a lot about financial literacy and having strong financial skills. But the truth is you could be the greatest budgeter in the world, but if you have no money coming in, it’s a moot point. Budgeting, risk tolerance, connecting with your future self – all of those things are the framework of finance – but you need your shot at wealth building, to put it in Hamilton parlance. You need to have the ability to make a living. If you have that, and you use financial literacy, you can build financial resilience. Sounds easy, but in the current stage we are in the US, it’s gotten a lot harder. Several presidents had a strong aversion to debt. Do you think this is a valuable mindset for financial success?
LOPER BRIGHT CASE
With the Supreme Court's recent ruling in the Loper Bright Case, courts no longer have to defer to agency interpretations of ambiguous laws. This is a massive change in the way administrative law is practiced at the federal level. The Loper Bright Case touches almost every area regulated by the Untied States government.
AI and HUMAN RESOURCES
Artificial intelligence is a charged term- one that has been around, but has taken on new meaning in the last couple of years. As the first crossovers of AI and HUMAN RESOURCES emerge, many issues are coming out. People are both excited and afraid of its implications. Employees and their managers are afraid of cultural and measurement shifts (and career arcs in general). Executives are worried about missing out on ways to increase the top and bottom line. Boards are concerned about threats to corporate strategy and new and unseen risks that could put the company (and them) on the front page of the Wall Street Journal However, the news isn't all scary and the world is not becoming Skynet yet! SUSAN YOUNGBLOOD is an expert on the intersection of AI and Human Resources. Equipped with broad executive experience and board expertise, she is the ideal person to help us get our arms around the AI/HR intersection at the employee, manager, executive and board level. I spoke with her on the conundrum that decision-makers face as technology and people collide. SUSAN is a technology CHRO who has launched, acquired, and transformed companies at Fortune 50 and FTSE 100 companies such as IBM, BNY Mellon (BK), and London Stock Exchange Group (LSEG.L) as well as a tech startup, As a leader in the HR field, Susan enabled high growth and faster time to market by navigating teams through the human capital agenda at critical inflection points: New company launches, Rapid scaling, M&A, Global expansion, Digital transformation, and Large-scale cost reduction. Having dealt with company strategic issues, Susan has also managed global crises and assisted companies in mitigating extensive risks. https://open.spotify.com/episode/092y3urUEfDav5JTaraAbI?si=2a6c0eb7905747c2 Wealth Actually on Spotify Susan's Background AI and Human Resources How are companies are leveraging AI today? When implementing AI, what are some of the risks companies take? What are some big mistakes companies have made with AI ? Proper governance: what should it look like within businesses? How are boards responding to the AI and Human Resources implications? Are the scary things about AI for workers? What are the implications for various types of workers: The General Workforce Managers Middle Managers Executives With all of this worry, are there opportunities for the workforce? How do you prepare your workforce to embrace AI? https://youtu.be/HmdN8jL7iOY?si=ALUnFs0lbo0cV38x How do we find Susan? SUSAN YOUNGBLOOD LINKEDIN Additional Background on Susan Susan serves on the Board of Directors for Cornell University’s ILR school, is onthe Advisory Council for SUNY College of Optometry, and she is an angel investor. Sheholds a bachelor’s degree in psychology from Vassar College and a Master ofIndustrial and Labor Relations (MILR) degree from Cornell University, where shewas also the assistant coach of the women’s tennis team. https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ref=tmm_kin_swatch_0?_encoding=UTF8&qid=&sr=
FAMILY OFFICE RECRUITING
"Family Office" recruiting is one of the most difficult subsets of wealth management. Loaded with mystery and allure, many wealthy families want to "have" a family office. It's a different story when the family has to determine the ROI of the project, lay out the costs and, ultimately, staff one. This is actual work. Family offices are expensive and require deep strategic thought and long term purpose and budgeting by the family. As we will learn here, family offices call for the identification, acquisition, and support of talent that is not readily available. This new talent can also be risky. A new structure with new people subjects large amounts of personal wealth to the domain of outsiders and public risk. Failure is often embarrassing (and expensive). https://open.spotify.com/episode/5IBc5iTzMNHHSoQqp8Ufhe?si=PUFi51DIR361WrnlEoJyRQ I went to a source with a unique viewpoint. BRIAN C. ADAMS is a Principal at Mack International, a leading executivesearch, and human capital consulting firm that serves the familyoffice/wealth management markets. Along with his background in family office, Brian has co-founded two real estate private equity firms, Excelsior Capital and Priam Properties, and has assembled a portfolio of over $600 million in real estate assets. Brian's Background and Unique Path into Family Office Recruiting The Nuts and Bolts SUCCESSION PLANNING AND NEXT GENERATION DEVELOPMENT TALENT IDENTIFICATION AND ACQUISITION/ STRATEGIES FOR RETAINING KEY TALENT COMPETITIVE COMPENSATION PACKAGES AND HOLISTIC COMPENSATION APPROACHES GLOBAL TRENDS THAT IMPACT THE FUTURE OF FAMILY ENTERPRISES How "fully formed" is the vision for the office by the time they begin actually recruiting? Is this coming from the lawyer? The tax professional? The banker? Or from family office consultants? What is the ROI on a family office? Should it be a profit center? A "break-even" cost of doing business? A loss-leading accomodation? Is the family driving the search or a consultant? Do they often hire a CEO and they run the lower level searches? How do you get a family to think about a family office's linkage with (or separation from) a family business? Should it be funded out of liquidity or operating cash? Complications with Family Office Recruiting What happens if the job mandate doesn't feel right? How much are you dealing with the family and how much is it the consultant? Are the structures already built? Eddie Marshall's 3 x 3 rule "problem" for Family Offices: 3 years / Over 3M and you still don't know what you have? LEARN MORE HERE What are the real costs? Do families understand the expense? Who is developing the budget? Threading a needle- Identifying the talent and skills Cultural Fit Compensation terms - Salary vs Upside The accounting spine VS "the guy to analyze deals" VS a large, full service situation What happens if the fit is bad after 6 months? Searches for new (de novo) family offices Turnover due to retirement vs, turnover due to cultural problems Searches for executives vs. technicians Do searches for positions ever include family members to engender competition Private or Public Company Board experience - is a lack of it a red flag? Technology building and security experience Any major best practices (or worst) for families exploring which functions to internalize and which to outsource? Family offices and the trends toward outsourcing and MFO's How does one deal with "scope creep"? What if the family gets sick of the expense? Do you look for other families to use services and share in the expense? https://youtu.be/O3qFi0YhuFI?si=nu5iQJ_Hnuno0zjX How To Find Brian Adams BRIAN ADAMS LINKEDIN BRIAN ADAMS MACK INTERNATIONAL https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/
PROPUBLICA
PROPUBLICA has taken on the role abdicated by most mainstream news organizations. Its long form journalism, while controversial, takes on many special interests that escape public scrutiny. While I often don't agree with the slant that they take, ProPublica represents a new frontier for the fourth column. Traditional news outlets make less and less business sense. I wanted to find out more about how long form journalism is going to work going forward and how it will apply to financial regulation. So I spoke to JUSTIN ELLIOTT, an Investigative Reporter at ProPublica. Justin has won the Gerald Loeb Award for business journalism, the Selden Ring Award for a series on the American Red Cross and, with the “Trump, Inc.” podcast team, a duPont-Columbia Award. He co-wrote the story revealing tech mogul Peter Thiel’s multibillion-dollar Roth IRA which we talk about here. Justin's Path to Reporting The Role of PROPUBLICA in Long Form Journalism What are its origins? What is its mandate? How is it funded? What is the Role of Journalism in (Re) Establishing Accountability in Society? What is Congress' (and the other branches of government) role in fixing the issues that journalism uncovers? Peter Thiel's $5 Billion Roth What happened? (How did Thiel get assets into a Roth IRA with a $2K cap?) How did this work? (Funding a Roth IRA with low value Founders' shares) The "Law", the Intent of the "Law" and the Variability around the "Law"? Is this a valuation issue as much as a legal issue? Is it wrong? How should we correct a distortion like this? What's next for Justin and ProPublica and how do we find him? 2024 Election Coverage Justin at ProPublica Justin at Twitter https://www.youtube.com/watch?v=f1YOe9GV0MY https://youtu.be/Ao33oyZJuC8 https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT Buy "Wealth Actually" Paperback, Kindle and Audio
TECHNOLOGY AND ESTATE PLANNING
The intersection of Technology and Estate Planning is now a dominant talking point in the wealth management space. The pressure for advisors to deliver more client value is intense. As the wealth management industry wrestles with establishing relevance, value, and control with the next generation, the emergence of Technology and Estate Planning to assist the advisor is a central theme in the RIA space and "Fintech." Combining centuries old "analog" concepts with new "digital" tools is the new silver bullet for reaching and keeping clients. Therein lies one of the biggest challenges in delivering this value. The formulation and communication of estate plans and wealth structures for clients and the next generation is tricky business. It requires experienced practitioners and tools that streamline a labor intensive (and often unprofitable) process. Once the picture of one's plan develops, it now requires ongoing maintenance and detailed administration as life marches on and risks and opportunities emerge. I spoke with DAVID BARNARD to understand the state of the art in creating, presenting and managing personalized trust & estate strategies for complex clients with Luminary’s digital collaboration platform. Technology and Estate Planning Issues The challenges in visualizing complicated concepts, Storytelling and the importance of communication in a world of numbers and graphs Helping the advisor have equal footing with other professionals The importance of collaboration (and not competition) with the legal and accounting world in providing coordinated advice Staying on the safe side of unauthorized legal or accounting advice and broader staffing issues The future of administrating wealth. DAVID BARNARD is the CEO and Founder of Luminary- the winner of two awards at the 2024 Family Wealth Awards . He previously led private wealth management for AllianceBernstein, overseeing more than $100 billion in client assets, and has served multiple philanthropic organizations as a director or trustee. Luminary's website is here: https://www.withluminary.com https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT
ARTIFICIAL INTELLIGENCE AND HEALTHCARE
Artificial intelligence and healthcare have been intertwined for a long time. The public has finally noticed. With the emergence of OpenAI and other Large Language Model platforms, we are on the forefront of more huge changes in the business of health care. Healthcare and elder issues are the major concerns for most families planning for their futures. Artificial intelligence has permanently changed the method and pace of research, the role of privacy, the choice and delivery of treatment, and the way people interact with the healthcare community. To better understand these issues, I spoke with Chris Heye. who is working in the space. Background Dr CHRIS HEYE is the CEO and Founder of both Whealthcare Solutions, Inc. and Whealthcare Planning LLC. He is a proven entrepreneur with extensive experience starting and growing technology companies. After confronting dementia in his own family and witnessing elder financial abuse in friends, Chris decided that older adults needed more protection. Chris and I take a look at this intersection. The advances are exciting. Having surveying the landscape, we marvel at the leaps forward to come and worry about the issues that they create. https://www.youtube.com/watch?v=dsGlUlYQG84&t=7s Artificial Intelligence and Healthcare Against that backdrop, we take on these questions: How is the intersection of artificial intelligence and healthcare changing medical research? Is artificial intelligence shifting the methodology and processes of healthcare and is it for the better? After sharing our experiences with dementia and loved ones, Chris and I wonder about the future of dementia management. Will the intersection assist patients with their day-to-day lives? Is artificial intelligence widening the gap between retirement, late stage health and death? Knowing the pernicious effect of ageism, can the financial planning industry properly account for the length and expense of elder living? What can we expect in the near future and what should we look out for? https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT Further Wealth Actually updates HERE
DIRECTED TRUSTEES
The transition of wealth between generations has put the spotlight squarely on fiduciary roles. With the rapid changes in the financial services space, directed trustees and independent administrative trust companies have exploded in popularity. The Evolving World of Directed Trustees Most advisors, wealth management firms, and clients under-appreciate the responsibility and risks of proper trusteeship. They remember a culture and business model that existed decades ago. These days, individuals trustees usually can't handle the rigors of the job and law firms are leaving the space for liability reasons. Finally, in an environment where clients want more flexibility and control, the large bank-owned trust departments provide a cumbersome experience and high turnover, With this in mind, modern estate planning has unbundled traditional investment, administrative and distribution trustee roles. There is a huge appetite for jurisdictional planning and best-in-class providers. With all of this change, it is confusing for the advisor to know who is responsible for what and how much it should cost. The Problem for RIAs RIA's do not have the resources to advise or service clients with this complexity. The administration and oversight of these structures is a distraction. Building a trust company to solve this problem does not make business sense in a private equity-backed RIA aggregation environment. Moreover, using conflicted trust providers is out of the question for fear of putting client relationships at risk. An increasingly popular option for RIAs and wealthy families is the use of directed trustees and the independent administrative trust company. CHRISTOPHER HOLTBY is a co-founder of an independent trust company that works specifically with wealth advisors and directed trustees. Not only do we highlight the best practices for identifying and partnering with an administrative trustee, but we also discuss the typical workflow between an RIAs and directed trustees. Chris' Background with Directed Trustees How RIAs work with directed trustees and an independent trust company: 1/ What are the basic requirements of independent trust company? 2/ Accordingly, which "value adds" should RIA firms should look for? 3/ Are there key attributes to spot when deciding to work/partner with an independent trust company? 4/ Lastly, should you be aware of any "Gotchas" in the space? How Do We Stay in Touch with Chris? WEALTH ADVISORS TRUST COMPANY Video of the Podcast: https://www.youtube.com/watch?v=6YyqlULg1GA "Wealth Actually" is now on Video! https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT
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