Wealth Actually

Two years after its onset, the world's response to the COVID-19 Pandemic will be generational event studied for years. It is a reminder that tail risk events happen more frequently than we think. Pandemics have been a feature (not a bug?) throughout the American experience. POLLY PRICE's new book sheds light on the US government's response to epidemics throughout history- with larger conclusions about COVID-19 and reforms needed for the next plague. Polly J. Price is the Asa Griggs Candler Professor of Law and is also Professor of Global Health in the Rollins School of Public Health at Emory University. A public health law scholar as well as a legal historian and citizenship and immigration law expert, she has published, lectured, and taught widely about immigration and citizenship, public health law and regulatory policy, federalism, property rights, and the judiciary. (She also had the "joy" of having me in her Legal Methods class when I was at Emory Law!) Her new book: PLAGUES IN THE NATION https://www.amazon.com/Plagues-Nation-Epidemics-Shaped-America-ebook/dp/B09CD2WDFC/ A) Tell us about your background B) What prompted you to write the book? C) A quick rundown of America's Pandemic History 1 America’s First Plagues2 Yellow Fever and the Shotgun Quarantine3 Black Death on the West Coast4 The 1918 Great Influenza5  Confronting Tuberculosis6 The Fight Against Polio7 The AIDS Epidemic8 Ebola in Dallas9 A Coronavirus Pandemic D) How do you evaluate America's efforts with COVID? E) How did the speed of information affect efforts?  The Global nature of the spread? F) Federalism- What did we learn about the interaction between the Federal Government and State Government Responses? F) What should we do differently?  What are the lessons learned? G) How do we stay in touch? PROF. POLLY PRICE's BIO POLLY's TWITTER PLAGUESINTHENATION.COM https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

Today, I have a challenging discussion with Dr. CHRIS HEYE, PhD, founder of WHEALTHCARE SOLUTIONS. We talk about the issues of older age on decision-making and how that affects an individual’s retirement. We go through data on aging and explore diminished mental capacity in detail.  Advisers will learn what to look out for in clients who may be suffering from cognitive decline or even Alzheimers disease, and what those advisers can do about it. Finally, we hear about the formation of Whealthcare Solutions and the data behind the firm. Data on aging. (It's alarming)The expense and wealth redistribution taking place- with no signs of slowing down.The story of Whealthcare Solutions.Misperceptions of “diminished capacity.”The surprising peak age for financial decision-making.How does it affect advisers, and what can advisers do about it?Warning signs. The Wealth Management Industry is in a new and brave world as the tools and thinking around asset management and financial planning may be straining to catch up with the new demographics of country. https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

For advisers dealing with wealth management clients, cybersecurity is a necessary conversation. The wealthy are clamoring for digital protection. Advice on the defense against social media attacks, the selling of information on the Dark Web, online security breaches and asset theft are a part of the advice that most wealth management clients have come to expect from their advisors. How do you get your arms around this high stakes discussion? Today I spoke with TOM RAGSDALE to find out more. Tommy is an early team member at 360PRIVACY, a Nashville-based cybersecurity firm specializing in digital protection for high profile individuals, family offices and executives. He joined in February of 2021 after working in healthcare technology for four years. Prior to that, Tommy flew fighter jets in the United States Marine Corps. Tommy served as a Weapons and Tactics expert, a flight instructor, and led maintenance teams in combat. He is on the literal front lines of the digital security war that clients are fighting everyday- whether they know it or not! We talk about: THREAT ASSESSMENT Define Threat SurfaceIdentify VulnerabilitiesOverlay Threat Landscape DIGITAL HARDENING Privacy ProtectionsDevice HardeningDarkweb Solutions THREAT RESPONSE Breach AssistanceCyber EnhancementTailored Consulting TYPES OF CLIENT Family OfficesCorporate ExecutivesPublic Figures (and the balance between being "off the grid" and "out there")HNW and UHNW clients Find 360 Privacy here: 360Privacy.io TOM RAGSDALE LINKEDIN https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

The Wealth Management Industry is in the midst of massive demographic change. Business models are evolving, old entrants are retiring or merging, technology is leveling the playing field. As a result, clients are demanding more value and the industry is coping with a rapidly shifting landscape. As "Wealth Management" clamors for direction, new expertise to manage this change is emerging. With us today is MATTHIAS KUHLMEY, Chief Development Officer at Hightower Advisors and the developer of the "Disruption in Wealth Management" Module for Columbia University's Wealth Management program. Matthias Kuhlmey began his professional journey as a trained musician, landing somewhat fortuitously in the field of global finance where he has been active as an advisor, capital market expert, and corporate executive for the past 20+ years. Whereas the origins of his two worlds cannot be more different. Matthias has been passionately exploring parallels, especially in observing how technology has been disrupting both industries. Lowering the barrier of entry, preparing the path for a creative (r)evolution. Matthias is a thought-leading critic of socioeconomic affairs, C-Suite executive of one of the leading firms in the independent space for financial advice, and lecturer at Columbia School of Professional Studies in New York City. Background Overview 1. “Disruptive Trends in WM” 2. Big opportunity to define disruption in the context of WM (Music Industry as an example) 3. Ttrust and lack of trust in the system; emerging stores of value 4. The firm of the future; what to consider, trends to build on, etc. Independent Movement Around the Registered Investment Advisor Space             -“Wire House” to Independence             -Regulatory and definition Clarity             -Transparency             -Client -centric Digitization             -Movement away from vertical integration             -Firms now have access to best in breed technology through 3rd party sources             -Vendor selection and maintenance             -Tech as differentiator is now tech as equalizer Product to Service Shift in Industry             -Move away from commoditized offerings             -Relationship oriented advice             -Shifting consumption models- the move to digital             -the importance of Shared mission The Impact of Political Risk              -Mitigating Store of Value Risk             -The Erosion of Trust of “free markets”             -The emergence if digital assets Growth – Organic             -No one solution- but it must be process driven             -Value proposition must be overwhelmingly obvious             -Relationships must be monetizable             -Accountability driven Growth – Inorganic             -Deal Activity has exploded             -Risks- integration             -Emphasis on culture and operations vs transaction             -Organizations must be prepared via network and hierarchy models Future of Wealth             -Access to clients based on value proposition – necessitates specialization             -Talent pool incomplete- not diverse enough, not digital enough, not empathetic enough             -Women- a huge driver of change both as clients and industry leaders             -Meaning of money broader- aspirational sustainable, impact             -Corporate leadership needs new skills to lead the new type of worker and service client             -Economic incentive of workplace culture important but psychological safety is key How Do We Stay In Touch? https://www.linkedin.com/in/matthiaskuhlmey/ https://sps.columbia.edu/faculty/matthias-paul-kuhlmey Recent publications: o Succession: A Relevance Crisiso The Money (R)evolutiono The Values Dimension Resources Columbia SPS:Master of Professional Studies In Wealth Management https://www.amazon.

SHELTON WILDER will be the first to tell you that the Los Angeles Residential Real Estate Market is no joke.  Building a successful practice in the space is hyper-competitive. The glitz and glamour portrayed on Bravo don't tell the story of struggle and heartbreak that exists in this world. We’re going to cover the complexities of LA market and Shelton's marketing acumen- including the increased speed and professionalism required for modern high end real estate., However, the real story is Shelton’s persistence and ability to overcome adversity. We’ll talk about her coming back from her difficult experience on Shark Tank. That experience and struggles with other businesses inform her success today.  Finally, we are going to detail her ability to use persistence, family and the power of sobriety to enhance decision-making. The Los Angeles Residential Real Estate Market https://www.sothebysrealty.com/eng/los-angeles-real-estate/magazines/market How you do you break it down? What has been COVID's effect? What is hot? What is not? Background Shelton's Journey from financial problems to success Sobriety's role in your success Finding your niche Media- Shark Tank “Failure to Success” https://www.youtube.com/watch?v=AuQZvVSBpOg Development of the Real Estate business Use of media to promote your services . . . IG is vital and much faster than typical glossies HOW DO WE STAY IN TOUCH? SHELTON WILDER'S WEBSITE SHELTON WILDER"S INSTAGRAM SHELTON WILDER'S YOUTUBE https://twitter.com/SheltonWilder https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

Few investors become so well known that they earn a nickname. BILL GROSS was known as the "Bond King.". A natural polymath, Bill ascended to the throne with his novel total-return approach to managing bonds and his outsized personality.  He built the PIMCO empire through hard work, ingenuity and cult of personality.  Some say he lost the throne through a mixture of hubris, distraction and bad calls. A new book by former Bloomberg reporter, MARY CHILDS, describes it all. Now the reporter and host of NPR’s PLANET MONEY, Mary has written the book: “The Bond King: How One Man Made a Market, Built an Empire, and Lost it All.”  It's out now via Flatiron Books. https://www.amazon.com/Bond-King-Market-Built-Empire/dp/1250120845 Mary’s Background Where did the impetus to write the book come from? Access to Bill Gross What is he like? "Making" the Bond Market- Take us through his background Duke, Navy, Card Counter, Stamp collector, Golfer, Provoker of neighbors What was the sandbox he played in? Not just using bonds, but options, futures and derivatives Buy and Hold vs Total Return What was going on around him?  (Milken- HY Bonds; Icahn and corporate raiders) How did he use technology to amplify his edge? Building the Empire How did he hit scale? How did his Macro bets work? The 2008 bet Pet theory was that his interest rate calls were inside information- Once he had scale- how did he help bend the markets to his whim. Losing it all What happened? 2014 interaction with Mohamed El-Erian 80s bro culture catching up with him? East Coast / West Coast? Distractions?  Bad Habits? In your final analysis , what do you think of him- How do we keep track of Mary? NPR PLANET MONEY LINKEDIN https://twitter.com/mdc https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

"JUST KEEP BUYING" by Nick Maggiulli https://youtu.be/wjPxxUk8D_Y?si=lqJTkK2LrvnRoLsW https://youtu.be/pFmWTHlPTUY?si=GcQqujewbCPqTxSK Generationally low interest rates, inflation, unthinkable geopolitical risks, the speed of information and the prevalence of noise challenge our long-held conventional wisdoms. Many investors are at a loss as to how to save and invest to meet their goals. https://www.amazon.com/Just-Keep-Buying-Proven-Wealth/dp/0857199250/ Against that fearsome backdrop, Nick Maggiulli, joins us to talk about his book “Just Keep Buying” due out in April on Harriman House Publishing. Nick is the creator of the successful OF DOLLARS AND DATA blog and is the Chief Operating Officer at RITHOLTZ WEALTH MANAGEMENT.   His book challenges many widely-held investment beliefs, and recasts them with a data driven analysis for a modern investor. Background- The sequence that: Got Nick to Stanford Led to the development of the blog / Nick's role at RWM What problem did Nick want to solve with book? Good slot to talk about your powerful introduction Comfort with data to analyze “rules of thumb” and other bromides The Decision to Analyze Saving vs Investing The problems with saving advice What did the data uncover? How does this relate to spending? The problems with investing advice What is one of the typical sayings that the data doesn’t support “Just keep buying” How should investors reach “escape velocity” past their liabilities? The importance of time horizons and liquidity cushions Cash Flow vs Asset Growth (strong personal balance sheet) How do you think about investing to maximize one’s income vs the growth of the balance sheet? How do you get people’s brains/emotions out of the way of data driven choices? How do you think about guardrails or insurance around 1% events either in the market or personally?  Function of cash?  Allocation vs barbell approach? We’re in the midst of a big market test right now . . . what Nick's advice for: Current Investors New Investors / When should parents get their kids involved? https://www.youtube.com/watch?v=wjPxxUk8D_Y&t=4s How do we buy the book?  How do we stay in touch? BLOG: OF DOLLARS AND DATA HARRIMAN HOUSE PUBLISHING https://twitter.com/dollarsanddata https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

PERTH TOLLE: An Emerging Market Portfolio Manager with a unique methodology- INTRODUCTION Perth Tolle is the founder of the Life and Liberty Indexes and portfolio manager for the emerging market ETF with the ticker: FRDM Perth was born in Beijing and moved to the United States at age 9. After college, she lived in Hong Kong for a year and significant experience in China PERTH'S FREEDOM FACTOR PROCESS As opposed to the blunt market cap approach to getting emerging market exposure, Perth built an index that sought leading indicators in countries that valued freedom and non-autocratic features. Perth scores every country in the Emerging Market space across 79 categories. Of the 26 emerging-market countries, 11 make it onto Tolle’s index, including Taiwan, South Korea and Poland.  Her exclusion of China and Russia in the portfolio have been huge calls. We talk about her process and how she thinks about countries like Taiwan that score well but have invasion risk from less friendly neighbors. Finally, we talk about the business of setting up a fund and competing against “the big boys.” Disclaimer:  This is not investment advice – this is an interview with a  portfolio manager with a new way of thinking. OUTLINE -Emerging Markets- what is the scope of that world?-How does your fund differ from the others?-What are some of the freedom criteria?-Not having China and Russia must have been a boon recently-What happens if you are "right" about Taiwan, but its bigger neighbor does something that craters values?  Was Ukraine an example?The business of a fund . . . where are you now and what have been the highs and lows? ESG IMPLICATIONS HOW DO WE STAY IN TOUCH? https://www.lifeandlibertyindexes.com/ https://freedometfs.com/ https://twitter.com/Perth_Tolle https://www.linkedin.com/in/perth-tolle-7757b745/ https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

Conservation Easements with MICHAEL ENGELHART With Joe Biden's recent initiative to conserve nearly a third of US land by 2030, conservations easements have come back into the headlines. According to the NCED Database, a conservation easement is a voluntary, legal agreement that permanently limits uses of the land in order to protect its conservation values. Also known as a conservation restriction or conservation agreement, a conservation easement is one option to protect a property for future generations. The government has supported the logic that donating productive land for environmental purposes is a worthy cause.  As a result, many taxable benefits can accrue to the donor. However, the conservation easement is also rooted in controversy (and deep IRS scrutiny). Unscrupulous promoters have focused on the conservation easement and used unrealistic and unsupported valuations to sell these transactions tax breaks to high earners who are usually unrelated to the actual land.  But has this IRS scrutiny killed the conservation easement? Is there room for a transaction with such a beneficial purpose? To help us understand the current state of conservation easements, I spoke with MICHAEL ENGELHART.  Based in Stamford, CT, Michael’s practice, works with high net worth clients and family office in the areas of in the areas of tax mitigation and insurance planning. His practice has been involved in many client land situations and he is an expert in the space.   Outline Definition of Conservation Easement Why are they useful? Where is it pointed in the law? What makes it controversial? Why is it a listed transaction? Role of valuations Role of formalities What's the difference between a syndicated vs a direct easement? Solar vs Mineral vs Golf Course/Real Estate Development /others? Who is the ideal "client"? How do they reach you to find out more? Resources MICHAEL ENGELHART LINKEDIN HUMAN CAPITAL RISK MANAGEMENT ADVISORS JOE BIDEN'S PUSH TO CONSERVE NEARLY 1/3 OF US LAND BY 2030 NATIONAL CONSERVATION EASEMENT DATABASE https://www.conservationeasement.us/about/ https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

International and Cross-Border Planning have been a major issues for high net worth clients for as long as there have been borders.  It's an enormous topic. Jobs, new family situations and geopolitics often send people to different countries for different opportunities.  All of this can have tax implications around an estate plan . . . Add in the complications of new asset classes and confusion around citizenship, residence and tax obligations. There is a lot to consider- especially for U.S. citizens with connectivity abroad. Here to help us think about that is BRENT NELSON . . . Brent is a Partner at the RIMON LAW FIRM in Tuscon, AZ and represents a variety of cross-border clients.  He hosts the popular Wealth and Law Podcast, and co-edits the Arizona Estate Planning and Probate Handbook (Thomson Reuters), He has been elected to or served as: Fellow, The American College of Trust and Estate CounselChair of the Probate and Trust Section of the State Bar of Arizona OUTLINE -What constitutes cross-border planning? -Common inbound issues? -Common outbound issues? -Use of trusts or other entities? -Opportunities for advisers- helping advisors develop an ecosystem around complicated topics. How Do We Stay in Touch With Brent? BRENT NELSON WEALTH AND LAW PODCAST BRENT NELSON TWITTER Here's a link to my appearance on Brent's podcast: https://wealthandlaw.com/2022/02/16/preserving-generational-wealth/ https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/