Posts

Person in the Mirror

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Michael Jackson's song Man in the Mirror still plays in my head eventhough it was released in 2007.  This week we will examine what we can learn from The King of Pop as we create our social media profile.  We won't be writing about how to write a hit song, but we will examine some tools that we have at our disposal.  There are a few warnings, but we also list some best practices.  We will start with the warnings and end with best practices.

Echo Chamber
WARNING!  Social Media can become an echo chamber that sends our ideas back to us creating a false sense of agreement.  Followers and Likes feel good but they can create an echo chamber of feedback and a false sence of importance.  Statistics show that most people who like your posts don't even read them!  Software that tracks time spent on your post is money well spent.  We use Hub Spot.  Don't use these facts as a reason to NOT use social media.  Use it and complement it with tools to evaluate its impact.  We ALL beli…

The New Podcasts are Coming

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When compiling my monthly list of podcasts I was surprised to read that there are 540,000 podcasts!  At last count there are only 114,131 mutual funds.  The large number of podcasts has caused us to adjust our ranking to look at Established Authors and First Person Accounts.  We and our clients have adopted podcasts for our commutes and our walks. Advisors  need to be aware of what they are listening to and not rely on Apple.

Authors
It's not surpriing that jornalists and authors have found their way to the podcast neighborhood.  Both professionals are expert at research and writing.  Two skills that many bloggers and podcasters lack.  Our favorite, this month is Bethany McLean best selling author and Forbes columnist.  Her podcast Making a Killing is worth a listen.
First Person
Nobody can tell an emotional story better than an interview with the person who experienced the event.  Podcasts are perfect for this reality.  Our favorite is Man in the Window.  Warning this podast will …

New Leader

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Most of the topics covered on this blog reference breakaway advisors.  That story is getting tired so this week we will examine breakaway leaders.  The two that stand out because of their success are the leaders at Dynasty and Rockefeller. We have written about the old guard leaders before.  This week we will examine that there is more than the person in charge it is what they provide clients and advisors.  We have more questions that we all need to consider before changing jobs.  
Legacy Business
Many leaders in the independent wealth advisory business made their mark on Wall Street in a dated business model.  I resemble that remark and welcome the questions on how I can transition my Wall Street “success” to an independent and un-conflicted business.  Advisors and clients should ask the question of how you will change.  We need to be careful to not take the political approach of changing everything the past administration accomplished.  We can’t be that clueless but every replacement …

Inorganic

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Our industry has always looked down on Wall Street’s recruiting checks.  Last week there were numerous announcements that independent firms were offering advisors money to purchase their practice.  The term for these transactions is inorganic growth.  This week we will look at why these transactions are the new rage and examine if they are better than the old Wall Street checks.


Wempy
Popeye and financial advisors fall for the “I’ll gladly pay pay you tomorrow for a Hamburger today” pitch.  Unfortunately Popeye and and most financial advisors provide their hamburger but seldomly get paid what the firms and Wimpy promise.  Why?  The advisors need the cash and Popeye is gullible.  On Wall Street the deals adjusted when the advisors changed firms looking for a new deal every five to eight years.  The recent Luminous departure shows that the advisory contracts need to be adjusted.  The new contracts are written by experienced firms and lawyers to prevent serial departures.  Wall Street has …

Information

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The president’s recent interview confirmed how important information can be for a successful political campaign, running a country and in our case running an independent wealth advisory firm.  Our monthly podcast recommendations help.  The important item that I add is a consideration of what is the podcast host's agenda? We won’t need a Mueller report to decide.  Here are our new favorites and their agendas.

Grant’s Current Yield
Jim Grant has remained an informative voice on the fixed income markets for years.  His thoughts are unique and helpful.  His agenda is for us to subscribe to his newsletter.  

The Meb Faber Show

Meb is a thought leader and a top portfolio manager.  We always learn something new when listening to his podcast.  His clear agenda is to attract more investors to his funds.

CBS Sunday Morning
If you are like me this program airs too early on Sunday TV.  If you miss it because you stayed out late Saturday night you can catch the summary on this podcast.  


My podcast l…

History

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The 75th anniversary of D-Day was moving and made me appreciate the power of history. This week we will examine the history of the wealth advisory business.  As is the case with any history, there are some good items we need to remember and several we don’t want to repeat. This is easier said than done but History can be our helpful guide.

D-Day
The statistics and photographs of D Day evoke many feelings.  The soldiers were BRAVE but the mission was satistically doomed.  What can we learn from their experience.  I vacillate between anger and awe.  My hope is that we leverage our young to help our country move forward.  Youth has energy and is full of new ideas.  We need to provide them experienced information and engage in honest conversations that allows each generation to avoid the statement of “they don’t get it”.  History can only help us if we share accurate information about our past.
Legacy Systems
Change is difficult.  A recent article in The Wall Street Journal summarizes the pro…

Self Reported

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The Luminous breakaway news has grabbed the headlines again.  Didn’t they already breakaway?  There are several items we need to consider regarding this break.  Our blog this week will discuss the items and the ramifications for clients and other advisors. The breakaway doesn’t concern me but the self reported figures do.  Here are the main items after I take a deep breath.


Dating Sites
The Gig economy loves DIY and is self confident and self aware.  These beliefs have manifested in numerous new companies that empower people to implement functions that larger firms and their parents controlled.  Two examples are dating sites and self reported financial data.  Dating sites are thriving and self reported financial advisors continue listing inflated asset levels on their websites and pitch books.  We can solve this problem, asking the online dates to meet in person and asking financial advisors for multiple references after meeting with their team in person.
Custodian and Financial Press Su…