Depression 2.0


What will we tell our grandchildren about the 2020 economic slowdown?  Many of our living relatives have some spotty memories of The Great Depression.  Time plays tricks on our memory and it is normal to exaggerate.  Before our memory starts to wane, we hope you will write down your experiences.  Our blog this week hopefully will be a good reference for us and our grandchildren. 

Social Media

We use social media like we use cable news.  We read social media that agrees with our opinions.  That is limiting and we are trying to expand our social media perspectives to include opinions that are different.  We start with a YouTube channel from a black man, famous football player and a smart student from St. Mark’s Schoolof Texas.  We also are educated and had our perspective expanded by two people on twitter, Peter Henry and Masha Gessen.  We hope you learn something new and that makes you feel uncomfortable. 


Diversity

Our country has a serious diversity problem.  Our industry shares many of the same challenges.  My coauthors and I are NOT very diverse, but we are also not racist or gender biased.  While our opinions on both are pure we don’t feel expert to share our “opinions”.  I am a 58-year-old White Man.  When I work with people I do my best to be gender and race agnostic but we all should require voices who have walked in the a different race and gender’s shoes.  Their experiences will make us and our firm better. Diversity matters.



 Jobs

The pandemic has cost many jobs that the JOBS Act can’t replace.  The BLS compiles information using political and antiquated methods.  We can do better using current information from LinkedIn.  The LinkedIn Workforce Report is current and does not require a phone call from a BLS employee.  My old firm was called every month by a nice BLS professional asking us the same questions.  She was just doing her job, but we can do better. The standard “my firm doesn’t allow our employees to use LinkedIn” might make your compliance department feel comfortable but your professionals are looking for other jobs on LinkedIn from their home computer.  You should be uncomfortable.


All lives matter!  This belief will save our country and make us better people.   

Comments

Post a Comment

Popular posts from this blog

Inorganic

Image
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 firm...
Read more

Career Hacks

Image
We are in constant pursuit to be the best we can be in our profession.  Is there a hack to help us?  Some days it feels like others have found one.  The Baby Boomer hack was to be a Doctor, a Lawyer or work for Goldman Sachs.  Millennials believe in the power of social media hacks and that a job at Google is on the Yellow Brick Road.  This week I’ll look at other experts and share my opinion that there isn’t an easy solution to professional success. Academia Those who  can’t do teach and those who can’t teach, teach gym .  Many of the established ideas that guide people in the wealth advisory business where researched in academia.  While their research is credible most academics remain as advisors not a practitioners.   William Sharpe  might be an exception to this rule.  He lost at Long Term Capital but was a recent  winner with Financial Engines .  Resilient and richer. Conferences and Media We...
Read more

Heigh Ho

Image
 It appears we are headed back to work. Our monthly podcast summary will give us items to put in our backpacks.  So Heigh Ho ! Business Consulting  Adam Grant teaches how to  not make work suck. Work Life These two industry icons share their different opinions for independent wealth advisors. Kices and Carl Reid Hoffman is one of the most successful entrepreneurs who believes in giving back. Masters of Scale Educational  This podcast will entertain and educate. Pivot The host is a law professor who shares insight on controversial issues. Deep Background  While I don’t prefer Houston, this podcast makes me want to visit and attend class. Unlocking Us Hope you all listen to the podcasts and get vaccinated. 
Read more