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Wealth Actually

Wealth Actually

Frazer Rice

Covering the issues that affect business, entrepreneurship, wealth, trusteeship and culture.
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Top 10 Wealth Actually Episodes

Goodpods has curated a list of the 10 best Wealth Actually episodes, ranked by the number of listens and likes each episode have garnered from our listeners. If you are listening to Wealth Actually for the first time, there's no better place to start than with one of these standout episodes. If you are a fan of the show, vote for your favorite Wealth Actually episode by adding your comments to the episode page.

Wealth Actually - FLORIDA AND CALIFORNIA PROPERTY INSURANCE
Episode 148: Aon's Latanya Simmons Aon's LaTanya Simmons on Florida and California Property Insurance The challenging Florida and California property insurance environment is a huge topic of conversation. Anyone looking to insure a property knows that this has become tricky business in the last five years. Floods, hurricanes, wildfires and mold have are major problems for successful families' homes. These and other conditions have driven up premiums if you can find insurance at all. Add into the mix the complexity around the liability and the long term viability of the insurers. It becomes obvious that you need an expert to help navigate these risks. LATANYA SIMMONS is an Atlanta native and 2nd generation risk management professional. As the National Sports Practice Director and Private Risk Advisor with AON Private Risk Management, LaTanya provides expert personal property and casualty insurance advice and advocacy for successful individuals. executives, entrepreneurs, athletes, entertainers and family offices nationwide count among the people that she serves. We discuss the Florida and California phenomenon and what she sees as the future of the property and casualty insurance market in the high net worth space. The Florida and California Property Insurance Challenge Tell us what is going on in the Florida and California property insurance markets? What is the impact on customers? Are Florida and California (and New York) just the beginning for the risk markets? What strategies should those and others contemplating moves or purchases in other states consider beforehand? How has the insurance market changed over the last 5 years (and specifically in the last 2)? Where do you see it going? Will states like Texas, Colorado and Georgia feel this? Where do you identify the biggest insurance risks for highly successful individuals? How often should insurance policies and programs be reviewed, including the health of their insurer? Many clients are high profile due to their or their family’s success and involvement in the community. This puts them in the spotlight often – in the news, on social media, front page of their company website. What risks do higher profile people need to be thinking about? What other guidance you can share for successful individuals and families when it comes to managing the risk around their homes, autos, collections, and other property? Contact LaTanya LaTanya Simmons LINKEDIN AON Other "Wealth Actually" insurance discussions: https://frazerrice.com/ep-106-ahmet-bidav/ For More . . . https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ The new audio version is out now!
Episode 148: Aon's Latanya Simmons Aon's LaTanya Simmons on Florida and California Property Insurance The challenging Florida and California property insurance environment is a huge topic of conversation. Anyone looking to insure a property knows that this has become tricky business in the last five years. Floods, hurricanes, wildfires and mold have are major problems for successful families' homes. These and other conditions have driven up premiums if you can find insurance at all. Add into the mix the complexity around the liability and the long term viability of the insurers. It becomes obvious that you need an expert to help navigate these risks. LATANYA SIMMONS is an Atlanta native and 2nd generation risk management professional. As the National Sports Practice Director and Private Risk Advisor with AON Private Risk Management, LaTanya provides expert personal property and casualty insurance advice and advocacy for successful individuals. executives, entrepreneurs, athletes, entertainers and family offices nationwide count among the people that she serves. We discuss the Florida and California phenomenon and what she sees as the future of the property and casualty insurance market in the high net worth space. The Florida and California Property Insurance Challenge Tell us what is going on in the Florida and California property insurance markets? What is the impact on customers? Are Florida and California (and New York) just the beginning for the risk markets? What strategies should those and others contemplating moves or purchases in other states consider beforehand? How has the insurance market changed over the last 5 years (and specifically in the last 2)? Where do you see it going? Will states like Texas, Colorado and Georgia feel this? Where do you identify the biggest insurance risks for highly successful individuals? How often should insurance policies and programs be reviewed, including the health of their insurer? Many clients are high profile due to their or their family’s success and involvement in the community. This puts them in the spotlight often – in the news, on social media, front page of their company website. What risks do higher profile people need to be thinking about? What other guidance you can share for successful individuals and families when it comes to managing the risk around their homes, autos, collections, and other property? Contact LaTanya LaTanya Simmons LINKEDIN AON Other "Wealth Actually" insurance discussions: https://frazerrice.com/ep-106-ahmet-bidav/ For More . . . https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ The new audio version is out now!
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02/20/24 • 20 min

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Wealth Actually - 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/
"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/
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07/31/24 • 34 min

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Wealth Actually - ANALYZING THE CRAZY 2024 ELECTIONS
Episode 147 DAVID WASSERMAN of the COOK POLITICAL REPORT on Analyzing the Crazy 2024 Elections How should we be analyzing the crazy 2024 elections? Coming off of the Iowa Caucuses and with almost a week before the New Hampshire Primary, the United States is in full swing for one of the zaniest election cycles in memory. With histrionics coming from both sides, it's hard to separate the signal from the noise. The stakes for the 2024 election cycle couldn't be higher, but the confusion and distrust around the process is at its all-time highs. Enter David Wasserman. David is Senior Editor & Elections Analyst for The Cook Political Report with Amy Walter. Recognized as one of the nation's top election forecasters, David leads the development of key data visualizations and new product development. He manages CPR’s coverage of the US House of Representatives and redistricting developments. Founded in 1984, The Cook Political Report provides analyses of Presidential, U.S. Senate, House and gubernatorial races. The New York Times has called the Report "a newsletter both parties regard as authoritative." Polling- ANALYZING THE CRAZY 2024 ELECTIONS Polling is an intimate look at the mindset of the population (or at least a certain part of it). However, it is far from a perfect science. What is involved in polling and what are the common poll limitations? Are there significant changes with technology in the way polling has been conducted or are the questions different? The current state for the presidential candidates, congress and major state races What are the things we should look for during primary season? With that in mind, what are the battle ground states and counties? How much does Gerrymandering fit into the outcome this cycle (NY case- especially with Congress)? What are the Six States We Should Focus on? Arizona Georgia Nevada Michigan Pennsylvania Wisconsin Who are some of the Dark Horses? Against this backdrop, do you have any Crazy Predictions? To stay on top of this, where do we find David Wasserman? COOK REPORT WEBSITE TWITTER (@redistrict) https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ NEW Audiobook version out now!
Episode 147 DAVID WASSERMAN of the COOK POLITICAL REPORT on Analyzing the Crazy 2024 Elections How should we be analyzing the crazy 2024 elections? Coming off of the Iowa Caucuses and with almost a week before the New Hampshire Primary, the United States is in full swing for one of the zaniest election cycles in memory. With histrionics coming from both sides, it's hard to separate the signal from the noise. The stakes for the 2024 election cycle couldn't be higher, but the confusion and distrust around the process is at its all-time highs. Enter David Wasserman. David is Senior Editor & Elections Analyst for The Cook Political Report with Amy Walter. Recognized as one of the nation's top election forecasters, David leads the development of key data visualizations and new product development. He manages CPR’s coverage of the US House of Representatives and redistricting developments. Founded in 1984, The Cook Political Report provides analyses of Presidential, U.S. Senate, House and gubernatorial races. The New York Times has called the Report "a newsletter both parties regard as authoritative." Polling- ANALYZING THE CRAZY 2024 ELECTIONS Polling is an intimate look at the mindset of the population (or at least a certain part of it). However, it is far from a perfect science. What is involved in polling and what are the common poll limitations? Are there significant changes with technology in the way polling has been conducted or are the questions different? The current state for the presidential candidates, congress and major state races What are the things we should look for during primary season? With that in mind, what are the battle ground states and counties? How much does Gerrymandering fit into the outcome this cycle (NY case- especially with Congress)? What are the Six States We Should Focus on? Arizona Georgia Nevada Michigan Pennsylvania Wisconsin Who are some of the Dark Horses? Against this backdrop, do you have any Crazy Predictions? To stay on top of this, where do we find David Wasserman? COOK REPORT WEBSITE TWITTER (@redistrict) https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ NEW Audiobook version out now!
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01/18/24 • 26 min

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Wealth Actually - HOW TO RETIRE

HOW TO RETIRE

Wealth Actually

“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”

“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”
play

11/15/24 • -1 min

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Wealth Actually - 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
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
play

05/08/24 • 25 min

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Wealth Actually - RICHARD HAASS

RICHARD HAASS

Wealth Actually

Dr. RICHARD HAASS takes us on a tour of The World's Hot Spots. We also discuss the U.S. in 2024 and the concept of citizen ship.
Dr. RICHARD HAASS takes us on a tour of The World's Hot Spots. We also discuss the U.S. in 2024 and the concept of citizen ship.
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03/19/24 • 41 min

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Wealth Actually - RIA MARKETING

RIA MARKETING

Wealth Actually

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

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
play

10/12/24 • 29 min

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Wealth Actually - ESTATE SETTLEMENT

ESTATE SETTLEMENT

Wealth Actually

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). Too often people don’t have a handle on how assets will pass when they die, so they don’t have a holistic plan.

One other example: husband marries later in life, then dies with a $5 million life insurance policy. That policy was purchased before he got married, and the initial beneficiary was his mother. After the decedent got married, he should’ve updated the beneficiary to his spouse, but he never got around to it.

Another asset-related issue that I encounter: “dead” assets, which is my term for assets that really have little or no value but that are painful to get rid of. Timeshares are the quintessential dead asset, to my mind – estate settlement folks HATE them.

It sounds like there could be estate settlement issues with debt...

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). Too often people don’t have a handle on how assets will pass when they die, so they don’t have a holistic plan.

One other example: husband marries later in life, then dies with a $5 million life insurance policy. That policy was purchased before he got married, and the initial beneficiary was his mother. After the decedent got married, he should’ve updated the beneficiary to his spouse, but he never got around to it.

Another asset-related issue that I encounter: “dead” assets, which is my term for assets that really have little or no value but that are painful to get rid of. Timeshares are the quintessential dead asset, to my mind – estate settlement folks HATE them.

It sounds like there could be estate settlement issues with debt...

play

01/03/25 • 35 min

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Wealth Actually - SPORTS PODCASTS

SPORTS PODCASTS

Wealth Actually

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/

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/
play

10/24/24 • -1 min

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Wealth Actually - DIRECTED TRUSTEES

DIRECTED TRUSTEES

Wealth Actually

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
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
play

04/13/24 • 23 min

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FAQ

How many episodes does Wealth Actually have?

Wealth Actually currently has 169 episodes available.

What topics does Wealth Actually cover?

The podcast is about Entrepreneurship, Investing, Podcasts and Business.

What is the most popular episode on Wealth Actually?

The episode title 'TECHNOLOGY AND ESTATE PLANNING' is the most popular.

What is the average episode length on Wealth Actually?

The average episode length on Wealth Actually is 34 minutes.

How often are episodes of Wealth Actually released?

Episodes of Wealth Actually are typically released every 12 days, 4 hours.

When was the first episode of Wealth Actually?

The first episode of Wealth Actually was released on May 16, 2015.

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