The Wealth Consigliere

Mr. Pickens, Boone to his friends, passed away on September 11, 2019.  This blog will summarize the numerous lessons that Boone lived and shared with us during his amazing life.  We hope you will reference and adopt them in your personal and professional lives.  Boone shared most of these beliefs with his co-workers, friends, investors and the traditional media.  Many of his beliefs are common to successful people, however, his generous heart is unique. Great at Making Money Boone was great at and enjoyed making money.  It was a challenge that he mastered first as a Wildcatter in the oil business. He understood that every deal wouldn’t work out as planed and he was able to evaluate where he could improve his results on subsequent deals.  He was self-aware.  Boone took his experience to his next ordeal in the public markets with Mesa and as a corporate raider.  Same risk reward profile but the res...

The financial press has been filled with articles about RIA transactions .  I’m happy for the industry but I think we need evaluate how we got here.  My blog this week will examine why RIAs are growing and selling at an unprecedented pace,  One of my RIA friends observed that we got here by positioning ourselves versus the ills of Wall Street.  I’m not as PC as my friend so I will take a hard look at how RIAs need to pick on somebody there own size.  RIAs have a stellar reputation of always doing the right thing for there clients.  We don’t need to be a bully to grow and ultimately sell our practice.  Here are some ways we are picking on our competition. Wall Street Clients and their advisors know that Wall Street has many conflicts of interest.  Selling against that fact seems to have run its course.  The breakaway advisors I follow after they realize that a fiduciary standard does NOT pay well start to adopt Wall Street con...