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
Friday, November 15, 2024 • Duration
"How to Retire" (by Christine Benz) deals with a concept full of fear, emotion, math and uncertainty: retirement.
Even the wealthiest, who have a margin of safety, run into issues of purpose, time management and legacy.
Layer onto that the risks of longevity, dementia, divorce, managing cash and investments in inflationary times, and navigating the byzantine health and elder care systems.
No wonder "retirement" is a scary topic.
Christine Benz' new book "How to Retire" is here to help get our arms around this topic.
With 20 interviews with experts in the field, Christine has written a terrific reference for retirees to get their arms around this stage in life.
Her book covers the numbers, the emotion and the structure for people entering the golden years.
CHRISTINE BENZ is director of personal finance and retirement planning for Morningstar and senior columnist for Morningstar.com. In that role, she focuses on retirement and portfolio planning for individual investors. She also co-hosts a podcast for Morningstar, "The Long View", which features in-depth interviews with thought leaders in investing and personal finance.
https://www.amazon.com/How-Retire-lessons-successful-retirement-ebook/dp/B0CP5X3TYK/
How to Retire
How to Retire with Christine Benz
The Numbers (Funding Retirement and Resilient Investing)
The Transition to Retirement (AKA "The Countdown")
With a plan in mind, what is the role a Dry Run with Retirement?
The Buy-In: Getting consensus from spouses and family on what life will look like
The First 2 years: The Importance of a Detailed Calendar
How Are You Going to Use the Time?
Having entered the role of caregiving, retirement may be more of a "job" than you think
"End of Life": When Should you Give up the Keys and Long Term Care with CAROLYN MCCLANAHAN
Estate Planning (with past "Wealth Actually" guest JENNY ROZELLE)
With all of this frre time, how do spouses adjust to spending so much time together?
https://www.youtube.com/watch?v=IN5C7Ko6XBY
https://open.spotify.com/episode/50ZO3JLl4bAdf95b64UQIZ?si=XJEYU2h4ToG8rL_Qkou6eA
https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/
Frazer Rice's "Wealth Actually"
SPORTS PODCASTS
Thursday, October 24, 2024 • Duration
Sports media is decentralizing. However, "Sports Podcasts" are exploding in audience growth. Stephen A. Smith, Pat McAffe and Barstool Sports are household names. Legacy names, like ESPN, are figuring out how to hold on to their audiences and find new ways to expand them. Out of this high profile world, there are many lessons to learn in managing one's own career and how to harness the possibilities of media for your own businesses.
BRAM WEINSTEIN (the "Voice of the Washington Commanders") is the founder of Ampire Media and can be heard weekdays from 3-6 PM EST on "The Bram Weinstein Show" on ESPN 630 DC. As part of his 24 year (and counting) on air career, he spent 7 years at ESPN mainly as an anchor of "Sportscenter" and has appeared on a variety of programs including "Like it or Not" on Fox 5 in Washington DC, "The Bram Weinstein Show" on The Team 980, as well as analyst roles on NBC Sports Washington.
When not performing, Bram produces for and consults with various content providers in traditional and new media for his firm AMPIRE MEDIA.
We also get to nerd out a little on the Washington Commanders and their improbable fast start this year!
https://open.spotify.com/episode/2rW0FF84wRQZ8O8qZEyptt?si=bc2c29518f96414e
Bram Weinstein "Voice of the Commanders" on Sports Podcasts
Bram Weinstein's Background -
How did you get into broadcasting?
Take us through the route with the career to get back to DC.
What does a life in sports media look like?
The arc of a broadcaster's career and the need to develop equity.
https://youtu.be/OxKRSXB2lFI?si=OwyNPG2ZyrC0O3D_
Bram Weinstein on Wealth Actually
Sports Podcasts (and Beyond)
AMPIRE MEDIA- Going from talent, to production, to ownership.
Aggregating other voices.Where did the idea for the media company come from?
Specific experience or advice that informed the project?
Where do you see the path to profit coming from?
Bridging Traditional Media and the Sports Podcast Business-
How do you manage the time?What are your ultimate ambitions for Ampire?What have been the challenges so far?Lawyer in me asks how you stay in the good graces of everyone, contract and IP-wise?
Has the attitude of the Sports Media Companies changed about "talents' other activities??
Lessons from Sports Podcasts for other businesses in their marketing strategies.
Joe Gibbs and the Washington Redskins
The Washington Commanders (and their fast start!)
Finally, I'm duty bound to ask some #Commanders questions.
Having been a fan back in the glory days, what is your favorite memory or favorite player?
There is so much new with the Commanders in the last two years: Owner, GM, Coach, QB, a lot of the roster!
What does this season looks like with this "crazy good" start . . . and Jayden Daniels?
Outro- Sports Podcasts
How do listeners find and support you.https://www.ampiremedia.com/
AMPIRE on Youtube:
https://youtu.be/8jmCnWViN0Y?si=mKy4NPASYiRKfLZ5
MEDIA DISRUPTION and VENTURE CAPITAL
https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/
RIA MARKETING
Saturday, October 12, 2024 • Duration 29:37
The pace, scale and sophistication of RIA marketing has accelerated into hyperspace in the last 10 years.
There are new business models in wealth management and, thus, new voices and sources of trust.
The speed of content creation and publishing is increasing- especially with newer artificial intelligence tools.
Social media has made the scope and reach of marketing efforts enormous -- and required firms to be data scientists as much as financial advisers.
Finally, where once the firm drove the branding in the RIA space, there appears to be a move back to the star system - where recognizable names create the light that attracts clients.
Enter RICHARD HEFT, President of EXT MARKETING - His firm focuses on marketing for RIA's, asset managers, and other financial institutions.
The development and execution of marketing strategies are accelerating well past the leadership of the typical RIA. They have to prove to the market that their inorganic growth efforts are real and sustainable in a crowded (and often bland and undifferentiated) space. Richard tells us what he is seeing in the RIA Marketing space.
Background- What does EXT do?
Richard Heft
EXT Marketing
What was the opportunity you saw?
What is "Marketing" vs Marketing for Financial Institutions? vs. RIA Marketing?
Differences
Regulation
Other cultural issues
Where does RIA Marketing stop and PR start as part of larger strategy?
How do you combat the "sea of sameness" and "Lowest common denominator" factors in RIA Marketing?
Boats, Piers, Forests
Couples at the Beach
New demographics, new ideas
Measurement -
What does marketing success look like from the agency perspective?
Is there a difference in the clients' perspective?
How do you bridge that gap and make sure there is agreement on metrics?
Digital -
After putting strategy, into action, what is the importance of data integrity and maintenance?
Having established a visibility strategy, how does one convert eyeballs to dollars?
How do we get around the "consulting class" fluff?
Success stories
The new sophistication of the referrer and the consumer / client.
https://open.spotify.com/episode/79qDVNuUC0ixgHJIIhVAyD?si=33170e765cc44bdd
The art of segmentation?
B2B vs B2COI
B2B vs B2C?
How much can (or what should) be outsourced to an agency vs hiring someone internally?
The necessity of 3rd party credibility and how to get it (and get credit for it)
"RIA Marketing" Trends going forward?
Artificial Intelligence and other tools
Social Media (How an UHNW adviser uses podcasts)
Will there be a move away from referrals to "legitimate" digital lead generation?
Where does traditional media fit in?
https://www.youtube.com/watch?v=XuhdR2xJ0bw
"RIA Marketing" with Richard Heft
Outro:
https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/
"RIA Marketing" on Wealth Actually
ALL THE PRESIDENTS’ MONEY
Thursday, October 3, 2024 • Duration 32:54
How have our Presidents' money stories affected their lives and trajectories before, during, and after their terms? Have the Presidents' finances affected policy? What stories do they teach the rest of us?
https://www.amazon.com/All-Presidents-Money-Governed-America-ebook/dp/B0D3T7TGMZ/
Megan Gorman's Presidents' Relationship with Money
As we head into election season, MEGAN GORMAN has released a terrific book on US Presidents and their personal finances. She is a tax attorney and wealth manager – takes readers on a rollicking ride, full of history and personal finance lessons, to understand the intimate money stories of our most famous presidents in her highly anticipated new book, ALL THE PRESIDENTS’ MONEY: How the Men who Governed America Governed Their Money
Megan Gorman's "All The Presidents' Money"
Megan has spent her career advising some of the wealthy. She parlayed her interest in history and politics with her career expertise to analyze our Presidents relationship with money. The stories of our Presidents' personal finances not only give insight into their leadership style, but they teach lessons for the rest of us as well.
What inspired you to write about the US presidents' relationship with money?
Since I was six, I’ve always been obsessed with learning about the presidents. There’s an archetype that I was drawn to: a man from an ordinary background that through hard work and luck makes his way to the top. We have many presidential examples in our history: Lincoln, Eisenhower, Grant, Johnson, Truman, Ford, Reagan, and on. Could this same story happen now? Maybe, but it’s not as easy as it was before.
How did you approach researching the book, since financial details are often private?
I usually started by reading a book on the president and looking for little items – education, jobs, homes – and then ferreting out primary source documents. But the most useful items are the letters. Letters were where a lot of financial discussions occurred, from Jefferson and his financial challenges to Harry Truman lamenting to his future wife about whether he will ever find financial success. The presidential libraries and museums’ archives were also unbelievable.
https://www.youtube.com/watch?v=rvMoUuruCzU
Did you notice any common themes or patterns in the presidents' financial behaviors and decision-making?
A lot of bad financial decision making occurs when emotion controls the situation. For example, President George Washington asked James Monroe to go to France. Monroe agreed even though he had a substantial plantation at home that needed significant management. Monroe got to France and realized that to succeed, he needs gravitas. In 1790s France, that means having the right home to entertain in. So he went out and bought a house for the US with his own money – doesn’t ask permission and doesn’t think about the obligations back home. His salary doesn’t cover half of what he is spending. When Monroe’s appointment is over, he sells the house at a loss. Money is emotion – and managing it is very hard for all of us.
You write in All The Presidents' Money that "wealth happens at the intersection of opportunity and discipline." What do you mean?
We talk a lot about financial literacy and having strong financial skills. But the truth is you could be the greatest budgeter in the world, but if you have no money coming in, it’s a moot point. Budgeting, risk tolerance, connecting with your future self – all of those things are the framework of finance – but you need your shot at wealth building, to put it in Hamilton parlance. You need to have the ability to make a living. If you have that, and you use financial literacy, you can build financial resilience. Sounds easy, but in the current stage we are in the US, it’s gotten a lot harder.
Several presidents had a strong aversion to debt. Do you think this is a valuable mindset for financial success?
LOPER BRIGHT CASE
Thursday, September 12, 2024 • Duration 33:36
With the Supreme Court's recent ruling in the Loper Bright Case, courts no longer have to defer to agency interpretations of ambiguous laws. This is a massive change in the way administrative law is practiced at the federal level. The Loper Bright Case touches almost every area regulated by the Untied States government.
AI and HUMAN RESOURCES
Monday, August 19, 2024 • Duration 27:32
Artificial intelligence is a charged term- one that has been around, but has taken on new meaning in the last couple of years. As the first crossovers of AI and HUMAN RESOURCES emerge, many issues are coming out. People are both excited and afraid of its implications.
Employees and their managers are afraid of cultural and measurement shifts (and career arcs in general).
Executives are worried about missing out on ways to increase the top and bottom line.
Boards are concerned about threats to corporate strategy and new and unseen risks that could put the company (and them) on the front page of the Wall Street Journal
However, the news isn't all scary and the world is not becoming Skynet yet!
SUSAN YOUNGBLOOD is an expert on the intersection of AI and Human Resources.
Equipped with broad executive experience and board expertise, she is the ideal person to help us get our arms around the AI/HR intersection at the employee, manager, executive and board level. I spoke with her on the conundrum that decision-makers face as technology and people collide.
SUSAN is a technology CHRO who has launched, acquired, and transformed companies at Fortune 50 and FTSE 100 companies such as IBM, BNY Mellon (BK), and London Stock Exchange Group (LSEG.L) as well as a tech startup,
As a leader in the HR field, Susan enabled high growth and faster time to market by navigating teams through the human capital agenda at critical inflection points:
New company launches,
Rapid scaling,
M&A,
Global expansion,
Digital transformation, and
Large-scale cost reduction.
Having dealt with company strategic issues, Susan has also managed global crises and assisted companies in mitigating extensive risks.
https://open.spotify.com/episode/092y3urUEfDav5JTaraAbI?si=2a6c0eb7905747c2
Wealth Actually on Spotify
Susan's Background
AI and Human Resources
How are companies are leveraging AI today?
When implementing AI, what are some of the risks companies take?
What are some big mistakes companies have made with AI ?
Proper governance: what should it look like within businesses?
How are boards responding to the AI and Human Resources implications?
Are the scary things about AI for workers?
What are the implications for various types of workers:
The General Workforce
Managers
Middle Managers
Executives
With all of this worry, are there opportunities for the workforce?
How do you prepare your workforce to embrace AI?
https://youtu.be/HmdN8jL7iOY?si=ALUnFs0lbo0cV38x
How do we find Susan?
SUSAN YOUNGBLOOD LINKEDIN
Additional Background on Susan
Susan serves on the Board of Directors for Cornell University’s ILR school, is onthe Advisory Council for SUNY College of Optometry, and she is an angel investor. Sheholds a bachelor’s degree in psychology from Vassar College and a Master ofIndustrial and Labor Relations (MILR) degree from Cornell University, where shewas also the assistant coach of the women’s tennis team.
https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ref=tmm_kin_swatch_0?_encoding=UTF8&qid=&sr=
EMPOWERED ENTITLEMENT
Friday, August 9, 2024 • Duration 29:47
"Empowered Entitlement" with Christian Broyhill
FAMILY OFFICE RECRUITING
Wednesday, July 31, 2024 • Duration 34:50
"Family Office" recruiting is one of the most difficult subsets of wealth management.
Loaded with mystery and allure, many wealthy families want to "have" a family office. It's a different story when the family has to determine the ROI of the project, lay out the costs and, ultimately, staff one. This is actual work.
Family offices are expensive and require deep strategic thought and long term purpose and budgeting by the family.
As we will learn here, family offices call for the identification, acquisition, and support of talent that is not readily available. This new talent can also be risky.
A new structure with new people subjects large amounts of personal wealth to the domain of outsiders and public risk. Failure is often embarrassing (and expensive).
https://open.spotify.com/episode/5IBc5iTzMNHHSoQqp8Ufhe?si=PUFi51DIR361WrnlEoJyRQ
I went to a source with a unique viewpoint.
BRIAN C. ADAMS is a Principal at Mack International, a leading executivesearch, and human capital consulting firm that serves the familyoffice/wealth management markets.
Along with his background in family office, Brian has co-founded two real estate private equity firms, Excelsior Capital and Priam Properties, and has assembled a portfolio of over $600 million in real estate assets.
Brian's Background and Unique Path into Family Office Recruiting
The Nuts and Bolts
SUCCESSION PLANNING AND NEXT GENERATION DEVELOPMENT
TALENT IDENTIFICATION AND ACQUISITION/ STRATEGIES FOR RETAINING KEY TALENT
COMPETITIVE COMPENSATION
PACKAGES AND HOLISTIC COMPENSATION APPROACHES
GLOBAL TRENDS THAT IMPACT THE FUTURE OF FAMILY ENTERPRISES
How "fully formed" is the vision for the office by the time they begin actually recruiting?
Is this coming from the lawyer?
The tax professional?
The banker?
Or from family office consultants?
What is the ROI on a family office?
Should it be a profit center?
A "break-even" cost of doing business?
A loss-leading accomodation?
Is the family driving the search or a consultant?
Do they often hire a CEO and they run the lower level searches?
How do you get a family to think about a family office's linkage with (or separation from) a family business?
Should it be funded out of liquidity or operating cash?
Complications with Family Office Recruiting
What happens if the job mandate doesn't feel right? How much are you dealing with the family and how much is it the consultant? Are the structures already built?
Eddie Marshall's 3 x 3 rule "problem" for Family Offices: 3 years / Over 3M and you still don't know what you have? LEARN MORE HERE
What are the real costs?
Do families understand the expense?
Who is developing the budget?
Threading a needle-
Identifying the talent and skills
Cultural Fit
Compensation terms - Salary vs Upside
The accounting spine VS "the guy to analyze deals" VS a large, full service situation
What happens if the fit is bad after 6 months?
Searches for new (de novo) family offices
Turnover due to retirement vs, turnover due to cultural problems
Searches for executives vs. technicians
Do searches for positions ever include family members to engender competition
Private or Public Company Board experience - is a lack of it a red flag?
Technology building and security experience
Any major best practices (or worst) for families exploring which functions to internalize and which to outsource?
Family offices and the trends toward outsourcing and MFO's
How does one deal with "scope creep"?
What if the family gets sick of the expense?
Do you look for other families to use services and share in the expense?
https://youtu.be/O3qFi0YhuFI?si=nu5iQJ_Hnuno0zjX
How To Find Brian Adams
BRIAN ADAMS LINKEDIN
BRIAN ADAMS MACK INTERNATIONAL
https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/
PROPUBLICA
Thursday, June 27, 2024 • Duration 35:28
PROPUBLICA has taken on the role abdicated by most mainstream news organizations. Its long form journalism, while controversial, takes on many special interests that escape public scrutiny.
While I often don't agree with the slant that they take, ProPublica represents a new frontier for the fourth column.
Traditional news outlets make less and less business sense. I wanted to find out more about how long form journalism is going to work going forward and how it will apply to financial regulation.
So I spoke to JUSTIN ELLIOTT, an Investigative Reporter at ProPublica.
Justin has won the Gerald Loeb Award for business journalism, the Selden Ring Award for a series on the American Red Cross and, with the “Trump, Inc.” podcast team, a duPont-Columbia Award.
He co-wrote the story revealing tech mogul Peter Thiel’s multibillion-dollar Roth IRA which we talk about here.
Justin's Path to Reporting
The Role of PROPUBLICA in Long Form Journalism
What are its origins?
What is its mandate?
How is it funded?
What is the Role of Journalism in (Re) Establishing Accountability in Society?
What is Congress' (and the other branches of government) role in fixing the issues that journalism uncovers?
Peter Thiel's $5 Billion Roth
What happened? (How did Thiel get assets into a Roth IRA with a $2K cap?)
How did this work? (Funding a Roth IRA with low value Founders' shares)
The "Law", the Intent of the "Law" and the Variability around the "Law"?
Is this a valuation issue as much as a legal issue?
Is it wrong?
How should we correct a distortion like this?
What's next for Justin and ProPublica and how do we find him?
2024 Election Coverage
Justin at ProPublica
Justin at Twitter
https://www.youtube.com/watch?v=f1YOe9GV0MY
https://youtu.be/Ao33oyZJuC8
https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT
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