The Wealth Consigliere

  See you in 2022. I need to tell my check book as well…. Happy Holidays ❤️

  I hired an experienced movie producer to help with my monthly podcast list.  Her list is: Man in the Arena   http://www.espn.com/espnradio/podcast/archive/_/id/32043896 Gone South   https://open.spotify.com/show/63UVgasuPewNrTW4Jn65KW My Unsung Hero   https://omny.fm/shows/hidden-brain/introducing-my-unsung-hero Enjoy

Many firms are adopting a hybrid strategy for returning to the office after the pandemic. The hybrid strategy requires a small time spent in the office and a greater time spent at home. Sounds like a good idea on paper, but it doesn’t address the problems of childcare and commuting to work.  Like most solutions it just takes the opinions of management who live close to the office and doesn’t ask the professionals who will implement the solution for their answer.  Seems like a one step forward and two steps back without asking your colleagues. This week we will examine why we don’t believe in the Hybrid Strategy.   Leader Who we listen to for guidance is important. We need to listen to numerous people with different opinions. This will help us arrive at a well rounded solution. As our kids remind us - you are not the boss of me. Put that megaphone down and listen. Coach Our management style needs to evolve from a drill sergeant focusing on financial metrics to a coach focused on persona

  After the holiday gatherings  and the pandemic we need to get back on track. Our established procedures can help. Let’s follow these procedures and get back to work. It initially it will feel uncomfortable, but eventually we will feel normal again. The first day will be difficult. This week we will share ideas that should help us get back on track.  Stepping Down The pandemic has reminded many of us to change jobs. Our resignation is a concern for senior management. Unfortunately, the change will not solve our problems. We are stepping down, but we will end up in the same building.  Pass the Baton   If we are going to win the race we need to pass the baton to our younger teammates. They are faster and can run the bell lap better. Unfortunately, many established professionals have a problem passing the baton. A succession plan can help. The plan will force us to pass the baton.  Skills Needed We need to define the skills needed to succeed professionally.  This will provide the foundat

  We continue to reach forks in the pandemic road. Our success will require us to make adjustments. The old adjustments might work too. This week we will discuss how we can deal with changes.  Maturity   Maturity is a key aspect for managers, advisors and clients. As we mature we realize that many of our assumptions are faulty. This questioning is important for interviews and prospecting. Our answers will evolve and change.  Benefits   We need to provide a comprehensive benefit package for our colleagues. We also need to use it ourselves and understand the benefits.  Holidays   The Holidays help us slow down and spend time with our family. Our family is why we work. The Holidays can remind us of this fact. Enjoy your family and communicate why you need them.  Change is stressful. We need to accept the changes and roll with them. 

  Podcasts are currently free due to the advertisements. Some firms are offering ad-free podcasts. I’ll stick with free. My two favorites are listed below. 😊  Third Squad -  https://www.iheart.com/podcast/1119-third-squad-87991909/ Backstage Pass -  https://www.pushkin.fm/show/backstage-pass-with-eric-vetro/ Let’s hope the free podcasts survive as long as the free parking spaces…

 I don’t know if it is my age or the pandemic, but my social media feed reads like an Obituary Section in the local newspaper.   This week I will examine how we can reduce our regrets. We have a distorted memory of friends after they pass away. What do we miss and why? Our memories are better, but we need to understand how we can use these memories with living friends. Life is fleeting and our understanding of this reality will help us and our living friends.    Our clients and the regulators are fixated on the fees we charge. Many firms hide the fees and make the fallacious claim that their services are free. The fact of the matter is that someone is paying our fees. This reality is something we need to understand.  Wealth has numerous definitions. Most jump to definitions based on the type of car the person drives and where they live. Snap judgments are often erroneous. We are impressed by money. It requires a self aware person to evaluate where their money came from.  It’s not the

 I remain afraid of snakes. They have survived many environmental changes. This week we will discuss other items that haven’t changed. There are numerous changes to our wealth advisory industry, but there are several items that remain the same. We need to embrace this reality and accept we can’t change everything. Many families are starting a new business. This creates a whole new set of challenges. Who will run the firm and is there an interview process for younger family members. The issues need to be addressed at the family level first before we start a business. No changes here. When we were dropped off at school we realize that we are on our own. The reality is shocking but it is the first step to our independence. There is no short cut. We need to figure out how to be our own boss.  We typically use celebrity endorsements to validate our business. Unfortunately celebrities are humans too and understand little about our business services in addition to our endorsement check. When

  We are evolving out of the pandemic. Finding a good teacher that isn’t selling us something is sacrosanct. It is a responsibility that we as independent advisors need to identify the best new approach.  This week we will cover numerous subjects that can help. I love my favorite teachers because they they didn’t have a conflicting agenda. They sincerely wanted to make me to learn and improve.  Numerous Approaches We need to do a third party examination of our business. The third party might see unique items we take for granted. This examination will help us improve.  Our blind spots are easier to see using a third party. Have a cocktail and ask a friend their opinion.   Seasonal Changes   The seasonal changes dictate our lives. We need to be aware of the seasonal impacts on both our business and life. Just because the seasons change we shouldn’t be required to change too.  Margins Over time we realize that our margin for error is slimmer than we believe. Our capital system is not a wi

  We need to jump in the podcast pool. It seemed scary but the water and the guidance can make it enjoyable. We just need to do it. My monthly Podcast summary will focus on 2 True Crime podcasts and an educational podcast. My three favorites are: Bad Women (True Crime) https://www.pushkin.fm/show/bad-women/ Over My Dead Body (True Crime) https://deadline.com/2021/09/over-my-dead-body-fox-lake-wondery-podcast-1234844521/ Backstage Pass (Educational) https://omny.fm/shows/i-am-refocused/celebrity-vocal-coach-eric-vetro-backstage-pass-po I have found that history is difficult to dispute. 

  It sounds like many businesses are having problems hiring. I am interested in working and I view this blog  as my free online job application. Sorry, Indeed, LinkedIn Premium and AI.  We all need to have an experienced copilot. The sophisticated instruments demand help. The second opinion helps too. A successful business requires several opinions even if the final decision is made by the pilot/founder. I could be a good copilot.  The old approaches die hard. I’m surprised there are still Psychic offices in many strip centers. We need to rationalize our business to insure our approach is new world. We also need to confirm our services are what our clients want today. It is a difficult transition for all involved. We need to embrace the new and improved solutions. I am technologically proficient.   We can use the success of a subscription box in our business. The box includes items we want but would never buy individually. The contents include items we know our clients need. Sending a

  We need to land our plane and get back to work. The training and technology helped us get from point A to point B and survive. Now we need to land using our skills and the help of the technology. The airport will tell us if we are too high or low as we approach the field. Our ability to land is a combination of our approach and the skills we have learned. The landing and the takeoff are when most of our problems occur. We need to organize all that we have learned and land the plane.  We  are gullible. Examination of the “solutions”will show that they aren’t credible. The solutions are lucky and don’t have longevity. Does our advisor implement these solutions personally. My experience is they don’t.  Ask for proof and don’t be gullible.  Our life is unpredictable. Once we realize that reality we search for a person that can “accurately” predict our future. The prediction is a guess that is wrong more that it is correct. We need time to accurately examine the predictions. We want to be

  Employee retention is an essential item for all businesses. We need a new approach. The 10 year watch doesn’t work anymore. Human interactions and problem solving is the our new watch.  The phone is an amazing invention. Over the years it played a big part in our life. Who pays for the phone and how do we use it today. Both have evolved and after the new smell fades we need to answer important questions. Who will pay for it and how can we use it to improve our life. Both items change making the phone’s utility different today than when Mr Bell invented the phone.  Many of the technology platforms make it easier to disagree. We hide behind the technology to express negative opinions. While it is an improvement  -we need to identify ourselves.  Working toward an agreement is essential. Stating our opinions on a technology app can be too easy.   We need to do the research and decide what we believe. The distribution solutions are conflicted and don’t work for us or our clients. They sou

  Our progress has allowed us to be our own DIY switchboard. Podcasts help me connect. My monthly summary are podcasts that have connected with me.  The Just Enough Family  9/12 The Prof G Show Still love podcast even though I don’t make many phone calls….

  We are required to make numerous decisions in our personal and business life. Unfortunately, each decision is multi faceted and there is no definitive answer. How do we make and communicate our decisions? The reality that they are multi faceted needs to be understood. We also need to accept that all of our decisions could be incorrect and adjusted.  While I write this blog using my experience. Most of my opinions are erroneous. This week I’ll share some of my experiences and decisions.    Fees We don’t like to pay fees. This has caused many companies to hide the fees we pay. Eventually the hidden fee amount will become so large the companies that subsidize the hidden fee will reach a pain threshold. Recently, Apple reached this level. The ultimate arbiter is usually the judicial system. This changed wealth management and it could ultimately change phone apps. The problem is someone has to pay.  Lemmings We follow people indiscriminately, which can make us feel like lemmings. We need

  Traumatic events cause lasting memories and indelible reactions. We can remember where we were when traumatic events occurred in our life. In business, most of us will experience a corporate restructuring. This is a euphemism for getting fired. Many new independent firms are formed by professionals who were restructured. How we rebuild and what we remember is important. This week we will detail items we should remember.  New Ideas New ideas are the lifeblood of any successful firm. We need to be open to where the ideas comes from. It might surprise us. We need to keep an open mind and encourage all to contribute their ideas. Each idea will help us grow.  Endorsements Endorsements are prevalent in business. Is it just the fee or do the endorsers actually use our service? Unfortunately, most don’t use the services. Is our money better spent on different items. The Federal Reserve Presidents  Believe we need to minimize the appearance of conflicts. It is human nature to assume everyone

  We don’t choose our parents. We vote for our political leaders and we are recruited by our bosses. What power do they have to make decisions. If we don’t agree with the decisions what can we do?  We can talk to a professional counselor regarding our parents or quit our job or political party affiliation. We will discuss several ideas on how we can find the exit after the pandemic. The exit can feel great.  Priorities   Our priorities can be monitored by how we spend our money and time.  My pastor encouraged us to look at our checkbook for answers. I will add our Venmo account to the list. Unfortunately we are not aware of how we spend our time and money. Most put our kids and family at the top of our priorities list. Seems obvious but we don’t always walk the talk. Venmo knows the answer.  DIY We believe that the opinions on the internet are superior. We should trust and hire experts instead of spending time online. We might not agree with the expert’s opinions but we should listen.

  The surveys are showing a high percentage of people aren’t willing to go back to the office. I don’t believe the surveys so I listen to podcasts and eat fortune cookies. My monthly review of podcasts will survive another month. The podcasts I’m enjoying are primarily fiction. I need to escape.  2 podcasts I am binging.  https://wondery.com/shows/true-love/ https://podcasts.apple.com/us/podcast/dr-death-miracle-man/id1578760339 I realize that someday people will go back to the office so I’m listening to a podcast that can help us make the final decision .  https://alliancefordecisioneducation.org/podcast Talk to you next month…

  We all need a boost. The glow from our new business opportunity will inevitably wear off. How we reclaim the excitement will define our ongoing  success. A booster helps. Scare Tactics  We attempt to frighten people. The wealth advisors use the scare tactic of telling people they can run out of money if they don’t follow our plan. Consultants call this the broken arrow test. It assumes that our next crisis will resemble our last crisis. That crisis remains in our memories. Unfortunately the past does not repeat.  Business Script   Business Plans are good for senior leaders. Unfortunately, they are boring for all others. The business meeting should avoid going over the business plan. Unfortunately, we need the plan when things go wrong. The leaders need to keep this reality in mind when writing the plan. We will forget the plan until we need it to survive. Bring your Highlighters to the meeting.  User Manual We need a relevant user manual for our new hires and their clients. Our curre