The Wealth Consigliere

We recently celebrated the Fiftieth anniversary of our “Giant Leap” trip to the moon.  Watching the CBS coverage of the event was informative but the commentators, while they were impressed by the accomplishment, they were also asking what is next?  Mars was the logical answer.  Fifty years later we have not been back to The Moon and Mars is only referenced in movies and John Gray books . Our country also pays lip service to other important items like gender equality.   This week we will examine why these struggles continue and hopefully break the glass ceiling once and for all.  The solution seems obvious but we must be missing something.  The items we have identified will be discussed and hopefully they can solve this issue and we can move on!  It should be easier than going to Mars. Teachers I recently spent time with a family friend who has recently retired from teaching.  I asked her how we could improve our education system a...

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 Spo t.  Don't use these facts as a reason to NOT use social media.  Use it and comple...

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 real...

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 accompl...