The Wealth Consigliere

  We are experiencing numerous tug of wars as we return from the pandemic. In the wealth advisory business people have created “solutions” to replace or supplement our job functions.  If your role is being replaced you should speak up and pull the rope. This week we will cover items that shouldn’t be replaced. They all might not win the tug of war, but I wouldn’t bet against them.  Older professionals   The average age of a wealth advisor is 55 . Father time is not on our side. FinTech solutions are addressing this reality with the sales pitch of creating more time for the advisors to spend with their clients. Advisors don’t need to be told what to do by a technology guru. Old age has benefits. We aren’t able to run as fast as we could in our youth, but we learn how to pace ourselves. We also learn what is important and what is fatal. Books or FinTech can’t teach us as well as actual experience. Hopefully new companies can appreciate our experience. Age is a state of...

  The CDC has updated their  mask policy .  It confuses many.  The new policy has created confusion for our monthly podcast summary too.  This month we will only identify three informational podcasts. We hope you listen and learn.  Unlike the CDC we will be definitive and short.  Our three informational podcasts are: Deep Background   Science Vs Business Casual   Enjoy 😊 Don’t throw out your masks yet. The CDC might change their minds.  

Don’t get too excited. Our return to work might be a pyrrhic return. This week we will discuss the lessons we learned and the difficult decisions we need to make post pandemic. The four decisions are not all business related. They are a healthy mix between personal and business. We will start with the easier personal items and end with the essential business changes. The personal items start with where we will live. The business changes will sound like we are running for mayor of New York City or governor of California. That would be easier than what we need to change.  Big City   Over 500,000 people have died.  We are scared and need leadership.  Change requires someone to move first. Unfortunately we follow the herd. Following the herd will guarantee that our current experiences don’t change. To change we need to implement a new idea that is different from the herd. A good leader has the courage to be the first mover. The challenge is that the new idea will feel t...

I have experienced that most of the prescribed milestones in my life are ephemeral. They do feel good initially, but the positive feelings don’t last. The established milestones of academic or professional achievements can be listed on our resume or academic record which might help when we remember the milestones. The most difficult milestones are repeated for effect. I’m impressed by a person who went to Harvard or worked at Goldman. I remember my first day at First Boston (Before CS). The reception area confirmed my professional achievement. Unfortunately it was ephemeral.  This week I’ll cover where we are focusing our attention. I’ll also share what I tell everyone who resigned from my firm.   “ The grass is brown everywhere.” We need to be flexible regarding our goals. Facts change and we need to adjust our goals to embrace the new facts. This sounds easy, but it is very difficult. There are numerous people who won’t allow a change. It is our responsibility to explain why...

 Our independent wealth advisory business needs a Bill of Rights. This week we will examine the essential elements of our country’s Bill of Rights and use that template as our guide. It will be a difficult process, but nothing that lasts is easy. Our founding fathers didn’t all agree. Our wealth advisory leaders don’t see eye to eye either. We will examine similarities that worked and conflicts that are inevitable. The three themes we will examine are a good start, but they don’t solve all of our challenges. Our starting place is we both aren’t satisfied with the status quo. We also are both scholarly. The final item is our flexible structure. We won’t get it all right at first so we need to pass amendments. Let’s get to work.  Frustrated   Our founding fathers were frustrated with the king.  Most independent advisors are frustrated with their old boss.  Most investors are frustrated with their investment managers.  When our frustration reaches a tipping p...