Wealth Actually – Détails, épisodes et analyse

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" (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"

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

Trustee Issues with Crypto-Currency (with Matthew McClintock) Family offices, trust companies and opportunistic individuals are dealing with a new and exciting asset class: cryptocurrencies. New Bitcoin multi-millionaires are "minted" by the day as interest in the space has captured the public's imagination. It has created a host of challenges for the owners of that wealth as they use the usual wealth management tools for intergenerational planning, asset protection, and tax structuring. Bitcoin's Meteoric Rise from 2010 (From ~$0 to ~$10,500 as of 10/2/20) (Here is a quick primer on Bitcoin - A HISTORY OF BITCOIN, INCLUDING PRICING. Today's podcast isn't a discussion of the merits of cryptocurrencies as investments or where they fit in a portfolio). Bitcoin and the other cryptocurrencies are controversial. Cryptocurrencies are grounded in a logical technology workflow (blockchain), but they have a shadowy origin and crypto's intrinsic value is rooted in public confidence around that blockchain workflow, not the usual confidence in the strength of the country that supports fiat currency. However, crypto's popularity has exploded and its value (and volatility) has rocketed along with it. What is unquestionable is that significant wealth has been created with the rapid increase in value of many crypto-currencies. The financial services industrial complex has not kept up and it puts many crypto-wealthholders at risk. There are 13,290 BTC addresses with more than $1mm according to this GlassNode REPORT and this does not include other coins like Ethereum, Ripple and the rest. Much of that wealth has been created in the last five years. Those owners are asking lawyers, accountants, and crypto-exchanges how to protect it, use it, borrow against it, diversify it and transfer it to the next generation or their selected interests. The owners of that crypto-currency wealth are getting older and looking for structures to protect this wealth for future generations. These structures include trusts and involve individual and corporate fiduciaries who have major responsibilities around the safeguarding and reporting of assets (including tricky ones like crypto-currency), the prudent investment of assets, and distribution of assets according to the terms of a trust and, where silent, in accordance with their best discretion. Besides the investment bona fides, what are the issues that these fiduciaries should be worried about? How do institutions, trustees, and others who have responsibility for others' wealth deal with this complex asset. To find out more, I spoke with MATTHEW McCLINTOCK- Partner at the law firm of EVERGREEN LEGACY PLANNING. Based in Evergreen, CO and Newport Beach, CA. The firm focuses on generational wealth planning for affluent clients. Importantly, Matthew has on-the-ground experience planning for cryptocurrency wealth, including clients with crypto-wealth in nine figures. We talk a little bit about the asset class, but focus on spotting the issues for the advisors that have to help client's navigate the high stakes world of crypto-wealth. The outline for our conversation: Matthew, tell us a little about your background- How did you get interested / experienced in cryptocurrency? What makes cryptocurrency so unique as an asset?  What are the properties that make it like a Currency? Property? Commodity? Very quickly, how does one buy, hold and sell crypto currency? How big are crypto-fortunes right now? With intergenerational wealth, often times trusts are used for tax, asset protection and other forms of planning. Trusts are “located” in a jurisdiction, contain assets, have a grantor, a trustee and beneficiaries. The Trustee must safeguard/custody, invest and distribute the assets per the trust. Are people funding trusts with Cryptocurrencies? Being responsible for crypto-wealth

When you have the chance to spend an hour with Jim O'Shaughnessy, you grab it with both hands. Most of us feel like we know him personally based on his thoughtful opinions and Twitter acumen (@JPOSHAUGHNESSY). But Jim is obviously more than just memes and GIFS. Jim is the Principal, Chairman and Co-Chief Investment Officer, Portfolio Manager of O’Shaughnessy Asset Management ("OSAM"). He is a four-time author including the seminal investing book “What Works on Wall Street” and hosts the INFINITE LOOPS PODCAST with Jamie Catherwood. https://www.amazon.com/dp/B005NASI8S/ref=dp-kindle-redirect?_encoding=UTF8&btkr=1 I knew about a decent amount about his career and what his company does. However, Jim is a Renaissance Man and a perpetual student who's mind can't get enough. I wanted to get behind his thinking as he made the move from a once mighty investment bank to starting (and building) his own firm. How does someone with ferocious curiosity make joint decisions with family, with colleagues. How did he use his own attributes and processes that helped him build a successful business to help him build a successful family with his wife and kids? Finally, how does someone like Jim think about the inclusion of the family in his business? Who is going to run the business as he has gets older? Finally, how did he get to the ultimate decision of handing the reigns of the firm to his son, Patrick? I hope you enjoy this episode. This is the story family businesses should hear. While the road is littered with family businesses left in tatters due to dysfunction, Jim talks about some of things that worked for him and his family. I include our outline below, but beware. We veer away from the script early and often. Amazingly, by the time we are done we cover many of the questions I had. Ownership and Operational Succession What does OSAM do?Background on your expertise- Take us throughDevelopment of the CompanyWhat is the company focusing on now?CANVASPositive SumInvest Like The Best / Infinite LoopsCapital Camp Managing Transition You’re 60 now!  What has been your thought process about where the company is?  And where it’s going to be?It seems like you embrace younger people – What does this do for you? Energy, new ideas?How have youAt what point did you start to think about the company with you not at the helm?How have you dealt with your other kids on the participation of the business?Did they self-select in or out? Skills?How do you reconcile what you think vs what they want to do?How is your wife’s input on your decision-making?When did Patrick start looking ready to take on the roles that he’s taking?How have you handled it when someone disappoints another?How do big decisions get made at the company?What does a conflict look like?  Who holds the tie-breaker vote?Do you have a board?  Formal or informal? One of your most endearing traits is your open-mindedness.  How do you get to say no?Managing portfolios vs Managing the BusinessWhat are you good at?What are you bad at?Twinges of mortality- what do you want your legacy to be when you look back on life?What are the values that you want your kids and grandkids to have?What have been the challenges there?  How do you get your kids to communicate about the issues related to the business and their roles in it?How have you involved spouses in family decisions?Whom do you go to help you think through the role of the business in the family?Friends, colleagues, professional advisors?How do you think about the ownership of the company going forward?What do you see as the biggest challenge in managing the transition of the company and your role in it going forward? Fun Questions: What haven’t you achieved yet that you would like to?What does an average Tuesday look like for you?Three people (excluding family) alive or dead that you would invite to dinner. I also went ahead and got a loose transcription for those who want...

In this episode of "Wealth Actually", I speak with George Hubbard. George is the Managing Partner and Chief Investment Officer of Algonquin Advisors, a Registered Investment Adviser that focusses on large families, foundations, endowments and other pools of money. He and his firm bring a unique approach to family investment management that uses tried and true institutional principles. Pay special attention to our discussion around alternative assets and the role of the asset class for family investments. George also talks about bringing "trustee" principles to investment implementation. And in honor of the U.S. Open at Winged Foot, we talk about what his dream foursome would be and where it would be played. Introduction Algonquin Advisors T21 Trustees What are the differences between institutional investment thinking and HNW thinking? Taxation Issues Time horizons Liquidity needs (Yale model) Return expectations Access/Deal Flow Position sizing "Real" Due Diligence (how much time/resources should one expect to expend in researching a manager/deal?) The power of concentration to build wealth Where alternatives fit in asset allocation Function of Alternatives Diversification Other types of risk the traditional investor is missing? The ultimate importance of having the private equity portion of a portfolio fund future vintages out of current private equity distributions. (While this is obvious in the institutional world, this kind of thinking is largely absent from most advice to investors who are "sold" private equity!). What can be borrowed from institutional processes to help Individuals make fewer rookie mistakes? Starting at the Beginning: The Investment Policy Statement and The Asset Allocation The Importance of a "Forensic Review" What comprises a "Forensic Review"? The Importance of "Intentional" Investment Decisions How should a trustee think about these things in a true "fiduciary" capacity? Importance of cash management, lock-ups, multiple time horizons, multiple beneficiaries, multiple interests What are the Alternative Asset Classes that investors are focussing on now? -Private Equity (LBO, Venture) -Private Credit -Hedge Funds / derivatives -Managed Futures  -Commodities -Real Estate -Infrastructure -Collectibles -Insurance T21 and the Importance of Getting the Right People into Fiduciary Roles for Families George's Golf Dream Foursome How do we keep track of George and the firms? ALGONQUIN ADVISORS GHUBBARD@ALGADV.COM T21 TRUSTEES GHUBBARD@T21TRUSTEES.COM https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

Part of the fun of the Wealth Actually podcast is to delve into topics around wealth management and better ways to help families understand the intersection between wealth and the fulfillment of goals and ideals. I also get to speak to people as they describe their entrepreneurial journeys- which in itself provides many lessons on the path to success. Occasionally, you get both in one conversation. Enter Betsy Brown. In this episode, we talk about: Betsy's background at larger institutions and the entrepreneur "bug" The changing Wealth Management Industry The desperate need for independence and customization for clients The appeal of Tennessee as a legal jurisdiction, a growing business haven, and a nexus for diversified businesses How this led her to the formation of Pendleton Square Trust Company. The development of her support system and the importance of having a community of entrepreneurs to lean on and share ideas (and opportunities!). The importance of story-telling in communicating, not just to the families she speaks with, but the market at large The influencers in her life that provide her "north star". This is a particularly fun I get to see this up close as I work with Pendleton Square Trust Company to bring the message of benefits of Tennessee law to the advisors for family offices, foundations and fiduciaries in the Northeast and beyond. More information about the firm and Betsy can be found on the links below: LINKEDIN: BETSY BROWN Transcript Tell us about the origin of the firm and what makes it special: We chartered Pendleton Square Trust Company in October of 2015- so we are about to celebrate our 5 year anniversary! Happy Birthday, Pendleton Square! We are a chartered trust company regulated by the TN Department of Financial Institutions. The opportunity came about from listening to families frustrated with the traditional corporate trustee options.  We also studied and implemented accounting and administration technology platforms to build our dream independent trust company. I always use the term “we” because it took a team. My partner Derek Church is a genius- he is an attorney and oversees regulatory, compliance and operation side of the business- our board and investors believed in us and supported our plans to build a best in class independent trust company. Our trust officers and team members are serving our families and building efficient processes. I want to stress that we are an independent trust company- our definition of independent is that we are not affiliated with other banks or financial institutions- we focus on trust administration and we do not manage the liquid assets. As a fiduciary we are held by law to the highest standard of responsibility. Our model is designed to avoid conflicts of interest and provide a natural system of checks and balances, we are not managing assets or drafting estate planning documents. In addition- our fee structure is simple and transparent. I also want to share how the concept of INTERdependence is extremely important for our model. We are interdependent on the network of advisors surrounding the family- the financial advisors, estate planning attorneys, family CPAs, insurance specialists. There is constant communication and collaboration with our partners as we serve the family. In many cases, the financial advisor is the quarterback of the relationship- we are there to assist and provide the backbone of trust and estate services. How did you get into the trust business? I cannot believe that I am approaching 25 years in the financial services industry.  I grew up in the traditional big bank environment- and I am so thankful for my strong credit and analysis background. I spent 10 years in Debt Capital Markets- a true transaction business- but my mentor always told me I should be in the long-term relationship business. I transitioned to private wealth and trust business for the next 1...

As summer is starting to wane (before it ever really got going!), I took the time to try to look around the corners of wealth management for clients with BILL SWEET. We discussed today's estate planning environment and the many challenges and opportunities that currently exist and why it's important to get going on that process now. Bill is the CFO of RITHOLTZ WEALTH MANAGEMENT. Founded by Josh Brown and Barry Ritholtz, RWM has burst onto the wealth scene with a media savvy and marketing push that is different than most in the wealth management space. Bill manages the finances of RWM and is the resident expert on taxes for the firm's clients. Bill was also a Captain in the U.S. Army where he presided over $12mm pieces of rolling thunder as a Tank Commander! Military Experience Bill's Experience as a Tank CommanderThe benefits of hiring Veterans and people with military experience:DisciplineExperience with StructureResponsibilityHonor / PrinciplesPhD in Getting Things DoneReady pool of experienced employees Links to Veterans Groups at the bottom for those with further interest. Our veterans are an amazing resource of talent in this country. The Estate Planning Environment Bill and I went into a wide-ranging discussion of the benefits of getting one's estate planning done now and what might change in the near future. Interest Rates are at generational lows which provides extra leverage and flexibility in moving assets out of an estate.This applies to many estate planning and intrafamily loan techniques that have incredible estate and wealth planning powerThe current AFR rates are here: AFR RATES and IRSValuations for assets are low due to the recent market volatility, which means a well-thought out plan can get more intrinsic value out of an estate.Federal Estate Tax Exemptions are at all-time highs: $11.58 million per individual, or $23.16 million per coupleFederal and State finances are going to require more revenue implying an INCREASE IN TAXES. (and probably at all levels)The elections in November could have a massive impact on the generosity and flexibility of the current estate tax climate at the Federal AND State level.States hard hit by the COVID-19 epidemic may face particular economic and social concerns that require extra funding. (New York is a good example)There will be increased State scrutiny for those using low tax jurisdictions for INCOME AND CAPITAL GAINS TAX PLANNING.Very brief discussion of domicile and residence and the art and science of personal state tax planningIt is more than just 180+ days and changing your car registration.Here is a recent Supreme Court Case on the potential for double taxation at the state level: Edelmans’ New York Connecticut Residency Tax CaseThere is going to be a mad rush for a lot of families to accomplish their estate planning before the end of the year (and thus a mad rush around the advisors to implement this planning)Beware of the 9/15 and 10/15 tax deadlines . . . accountants are just now catching their breath from PPP planning and the extended 7/15 deadlineLawyers and financial institutions have not seen a potential crush like this since 2012. We anticipate EXTREME stress on entity formation, trust drafting and reviews, KYC processes and account opening. Waiting until November could be a big mistake.NYS Estate Tax CliffIf you have a net worth of $5mm or higher in NYS, you need to revisit your plans to ensure that your STATE estate tax liability is as low as it can be and if there are any steps you can take to reduce it. My quick primer is HERE.Having health directives etc . . . in place because of COVID illnessesI covered this in detail here: HEALTH DIRECTIVESGetting deposits in on nursing homes to make sure you have a spot locked in etc . . . Final thoughts on getting started even if you aren't in the "1%" Veteran's Groups For veteran's employment programs especially in finance,

In the age of COVID-19, there has been a renewed focus on Health Care Directives. The communicability and finality of the disease have opened up all sorts of fears and uncertainty for many people- especially among the elderly. To that end, I am excited to present the conversation I had with TIFFANY MCKENZIE. She is a partner in the Private Client Group at Bryan Cave in Atlanta. We talked about planning in the COVID-19 environment with extra attention on the often-overlooked health care directives. Description of the Current COVID Environment for Planning The speed and communicability of the diseaseThe higher death rates Many times people enter hospital unaccompanied A Quick Reminder for Listeners: What are the Usual Documents that Need Updating: WillTrustsPowers of AttorneyAnd Health Care Directives Health Care Directives How are this different from a Power of Attorney?Designating Health Care PreferencesDesignating a Health Care Proxy Preferences- What criteria for decision-making should we include?What are  Proxy Who should be in this Role?When does this person make decisions?What should be considered in a COVID environment? Communication issues Being comfortable with remote methodsDeveloping a relationship with doctors and institutions and their decision-makingPreferences for choosing drugs, services Intubations -  What is the process for ventilators?Triage v. Best Efforts What else are should be thinking about in emergency situations? Where can we reach you and keep track of your writings? TIFFANY MCKENZIE BIO TIFFANY ON "HEALTH DIRECTIVES" CHAMBERS COMMENTS

Judy Pearson is the Founder and CEO of Nomadx. Nomadx helps fiduciaries, officers, directors, trust companies and law firms identify the risks in their practices and insure them against liability. She has over 37 years of experience with Chubb, AIG and was a pioneer in the development of directors and officers liability coverage for AON.   We're going to be focussing on the liability issues facing fiduciaries, including individuals, law firms, corporate trustees and private trust companies. Trustee Roles and Responsibilities   The words Trust and Trustee- are big "all encompassing" words that mean different things to different people. Let's try to break it down a bit:   A trust in general has three main roles: Grantor (Person forming the trust) Trustee (Person or entity in charge of running the trust) Beneficiaries (Those people who will benefit from the trust) Insurance Perspective From an insurance perspective, what do you see as the responsibility of the trustees?   What are the duties (i.e. who is the client reporting to?) and risks? Duty of Loyalty (to the trust) Duty of Care (to the trust and the different beneficiaries) Safeguarding the Assets Reporting on the Assets Prudently Investing the Assets Distributing the Assets When dealing with the risks, what do modern trustees do to protect themselves from liability? Good policies, procedures, record keeping around decision making and action (operating with the risks) Setting up good structures to shield liability and get adequate support from experienced trustee providers to help with the job (transferring the risk) Identifying reasonable risks and getting reasonable insurance (insuring against the risk) How does trustee liability insurance look? Are there parallels to E&O and D&O insurance)? And what are the common misconceptions of the trustee insurance market? You don't need insurance Your umbrella policy covers you Your traditional E&O, D&O policies will cover you Trust Protector / Power of Attorney might not be in traditional insurance Belief of Indemnification - Is there an agreement? Can we indemnify beyond the law?  Gross Negligence? Good Insurance advances defense costs to get out of Gross Negligence Reasonable risks:  What are modern trustees worried about? TOLI’s and Life Insurance Distribution questions Interfamily loans Investing and reporting Reg BI Conflict between SEC and state standards 5 states of adopted their own rules and 12 additional states expected to adopt their own rules is 2020 Investment performance will be reviewed in 2020 hindsight Reporting to beneficiaries (look at SEC guidance) Cases to watch Divorce case testing South Dakota Privacy Laws and Asset Protection Breach of Fiduciary Duty Prudent investing internal funds vs. external funds Conflict of interest, mutual fund selection Direction Structures Deep understanding of roles and responsibilities Execution vs. structure of document Beneficiaries - making sure they are educated Future Trends Hybrid solutions with corporate trusteesSpecial Purpose Entities Insurance pooling? Conclusion We've presented a lot of scary scenarios! For current trustees and future trustees what is a good first step they should take in analyzing their situation? How do we keep track of you and Nomadx? WEBSITE: NOMADX LINKEDIN: JUDITH PEARSON https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT