Wealth Actually
Frazer Rice
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FLORIDA AND CALIFORNIA PROPERTY INSURANCE
Wealth Actually
02/20/24 • 20 min
FAMILY OFFICE RECRUITING
Wealth Actually
07/31/24 • 34 min
ANALYZING THE CRAZY 2024 ELECTIONS
Wealth Actually
01/18/24 • 26 min
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 RetireHow 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 RetireHow 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”11/15/24 • -1 min
ARTIFICIAL INTELLIGENCE AND HEALTHCARE
Wealth Actually
05/08/24 • 25 min
RICHARD HAASS
Wealth Actually
03/19/24 • 41 min
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?
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=33170e765cc44bddThe 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 HeftOutro:
https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ “RIA Marketing” on Wealth ActuallyThe 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?
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=33170e765cc44bddThe 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 HeftOutro:
https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ “RIA Marketing” on Wealth Actually10/12/24 • 29 min
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=YKevHbmDrtrRv12bWhat 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=YKevHbmDrtrRv12bWhat 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...
01/03/25 • 35 min
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 PodcastsBram 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 ActuallySports 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 RedskinsThe 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.
AMPIRE on Youtube:
https://youtu.be/8jmCnWViN0Y?si=mKy4NPASYiRKfLZ5 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 PodcastsBram 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 ActuallySports 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 RedskinsThe 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.
AMPIRE on Youtube:
https://youtu.be/8jmCnWViN0Y?si=mKy4NPASYiRKfLZ5 https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/10/24/24 • -1 min
DIRECTED TRUSTEES
Wealth Actually
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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