The Wealth Consigliere

This time of year we can slow down and examine the many things that we are grateful for in our life. I’m very grateful for the acceptance and support regarding my MS diagnosis. No need to revisit that, but if you need to learn more read my blog on the subject.  This week I’ll share who and what I’m grateful for since it is easier for me to write to this group than talk to them in person. I need to work on that, but after 57 years I’m not optimistic about changing anytime soon. Sorry Friends   I have great friends from my school and my job. Even though we might not talk daily, we can pick up easily where we left off. My friends’ spouses are great too. They love my wife and in many cases have led the generous efforts supporting my family. Boys will be boys so I’m very grateful for their love and support too. If any of us are doubting the power of diversity then my experience should blow that out of the water! I’m grateful. Family I always complained about a...

The impeachment hearings have dominated our news feeds. How will you feel if the decision doesn’t go your way?  Our blog this week will examine how we feel after we make a big decision like resigning our job or hiring a new wealth manager. Our experience and observations can help but unfortunately they leave us wanting more. Ephemeral Making a change feels good until it doesn’t. Unfortunately our new job has many of the same problems that existed at our old job. I tell my colleagues when they resign that “the grass is brown everywhere”. The same buyers remorse is true for clients when they choose a new wealth advisory firm. Once the new firm smell has disappated. The way we can address this issue is to remind the person why they made the change.  Don’t assume everything is fine. Check-in and assure the person why they made the change and that you and your firm are happy they joined. Experience has shown that if we don’t support their decision their joy will be eph...

Our in-boxes and social media feeds have been filled with the new streaming offerings from Disney and Apple et al.  If we haven’t already, we might be compelled to cut our cable. Our monthly podcast recommendations will hopefully cause you to also turn off your radio and stream one of our recommended podcasts. Morning I started my career on Wall Street. Our edge was research discussed on our morning call. I still need morning information and I turn to Robinhood Snacks . Informative and funny. Education  I scratch my desire to learn by listening to   Pivot . The hosts are a tech journalist and a NYU professor. Real Life I know we are adults, but I always learn something from Mr. Rogers.   Finding Fred will remind you why we need to love more. The car companies are on board too. Linking your phone via Bluetooth is a required option.

Don’t worry this will not be another blog on The Schwab/TD “merger”.  I will link to several of my favorite posts on the deal, but my focus will be on the impact the deal will have on clients and independent wealth management firms. Hopefully this time will be different but looking at old playbooks can help. I’ll look at the most popular plays and close with how we can write a new playbook chapter. Cost Cutting  Corporate legacies are made through consolidation and the ensuing cost cuts that are identified in the ivory tower board rooms. The redundant costs seem too easy to reduce. I can still remember Chainsaw Al and the press’ love affair with his “genius’. The benefits were short-lived because the beneficiaries were narrow. There was definitely fat that needed to be cut. Time has shown the fat was the benefits of corporate executives. Since they were in charge of the cost cutting they didn’t cut their friends until it was too late. Sounds like income inequalit...

The public impeachment hearings have made me think. How will me make a final decision?  My blog this week will examine how we make big decisions. It isn’t easy but the old school titles confuse more than they help. This blog focuses on Wealth Advisory decisions we all need to make. Thankfully we are not making the impeachment decision but we can learn something from the process.   We will start our journey on the numerous business models and end with an opinion I learned from my children. Business Models Each business model requires different titles to work at their firm. A CPA or a CFP can be table stakes for wealth advisory firms. A degree from an elite university gets you in the door on Wall Street and firms like Facebook or Google. The degrees can open the door and agitate friends who don’t want to hear again that you went to HBS. Few successful firms make decisions exclusively on your title. They will require a face to face interview. Bad news for Singer and prep...

The California Fires have been brutal.  This month's Podcast review will look at what we can do with the helpful information we receive from Podcasts.  Will we listen and implement the ideas in our business or will we disregard the advice and keep doing business as usual?  My recommendations are broken into two categories.  Hopefully we will take the podcast host's advice and evacuate our old business models. Free My favorite new free podcast is Creative Processing with the actor Joseph Gordon-Levitt.  His questions could be applied to either Acting or Wealth Management.  I learn something new from the guests and the host that help me every week. Payment If I seem to be talking out of both sides of my mouth - I am!  Recently I decided to pay for the   Luminary  podcast portal so I could listen to Making a Killing with Bethany McLean .  I LOVE the way Bethany thinks which makes me willing to pay to listen to h...

I was diagnosed with MS one and a half years ago.  The shocking news took a while to sink in, but the M Scott Peck quote has continued to reverberate in my head – “Life is Difficult”.  Our blog this week hopefully educates you on MS and the support that the million plus patents in the US need.  This is NOT a pity party, but it will share many items that I think we can use in our Wealth Management business as well. Snowflake Disease When my Dr. told me I had MS my initial reaction surprised her.  I shared that I regretted never contributing to The Jerry Lewis Labor Day Telethon .  She smiled and said that telethon is for Multiple Dystrophy not Multiple Sclerosis. I needed to do some research on MS.  I was frustrated and scared by what I found on the internet.  It seemed like everyone who had MS experienced different symptoms.  Some were in a wheelchair, but some appeared to be fine. ...