Wealth Actually

All of us have become more reliant on technology and software to solve problems and improve our lives.  However, many of us understand less and less about the programming that goes into these solutions.  Further, we forget or ignore the human element of this problem solving.   In this episode, I speak with ANDY HUNT who has devoted his life to these issues. Andy Hunt is a programmer turned consultant, author and publisher. He’s authored a dozen books including the best-selling “THE PRAGMATIC PROGRAMMER,” was one of the 17 authors of the AGILE MANIFESTO and founders of the Agile Alliance, and co-founded the PRAGMATIC BOOKSHELF, publishing award-winning and critically acclaimed books for software developers. He’s currently writing science fiction (see conglommora.com) and experimenting with The GROWS Method®. We talk about his early days of programming and the power of community and process in the world of software design as we go into his experience with broader consulting at the enterprise level. Further on, Andy dives into what he considers to be important in the future of programming and advice for young programmers. Finally, as a consummate Renaissance Man, Andy discusses how his hobbies in writing science fiction, music production and woodworking excite his brain and inform his problem solving ability. Andy started in the do-it-yourself days of CP/M and the S100 bus, of Heathkits and Radio Electronics. Andy wrote his first real program, a combination text editor and database manager, for an Ohio Scientific Challenger 4P. It was a great era for tinkering. Andy started hacking in 6502 assembler, modifying operating systems, and wrote his first commercial program (a Manufacturing Resources Planning system) in 1981. He taught himself Unix and C, and began to design and architect larger, more connected systems. Working at large companies, Andy kept an ear on Usenet, and started his early email habit via a direct bang-path to ihnp4. Next he settled into electronic pre-press and computer graphics, and worked on that wondrous eye-candy that was Silicon Graphics machines. By now a firm command of several flavors of Unix, from BSD to System V, led Andy to try consulting in the early 1990’s. His knack for stirring things up really began to come in handy, and it soon became obvious that many of his clients each suffered similar problems—problems that Andy had already seen and fixed before. Andy joined up with Dave Thomas and they wrote the seminal software development book, The Pragmatic Programmer, followed a year later by the original Programming Ruby: The Pragmatic Programmer’s Guide, which introduced the Western world to this new language from Japan. Together they founded The Pragmatic Programmers and are well known as founders of the agile movement and authors of the Agile Manifesto, as well as proponents of Ruby and more flexible programming paradigms. They founded the Pragmatic Bookshelf publishing business in 2003, helping keep developers at the top of their game. Andy is a founder of the Pragmatic Programmers, founder of the Agile Alliance and one of the 17 authors of the Agile Manifesto, and author of a dozen or so books on programming, agile methods and learning, as well as science fiction and adventure. He is an active musician and woodworker, and continues looking for new areas where he can stir things up. Comments from Andy on his early career- -Where did your initial interest in programming develop? (The Do-It-Yourself days) -What were the types of problems that attracted your attention? -What languages did you gravitate toward?  Working for larger, more complex situations -What were the big lessons you pick up in those work environments? -Programming considered by laymen as a solitary pursuit- was there an adjustment in delegating work or collobroating?  When does management of strategy get in the way of execution? -The role of community in the world of programming and larger system development -Where does the role of compromise and creativity manifest in the problem-solving process? -How did this inform your contribution to the Agile Manifesto? Pragmatic Programmer -How did you meet Dave Thomas? -How did that turn into the book?  What was that writing process like? -Describe the leap from programmer to author to publisher at Pragmatic Bookshelf -In building the publisher “by programmers, for programmers”, how do you identify the next generation of authors? Agile Mainfesto -How did this come about?  https://agilemanifesto.org/history.html -General principles:  https://agilemanifesto.org/principles.html -Individuals and interactions over processes and tools-Working software over comprehensive documentation-Customer collaboration over contract negotiation-Responding to change over following a plan -Resolving frictions; not letting perfect get in the way of the good . . . Future of the Programming -What are the themes that are interesting to you right now? -As you think about the landscape of languages out there -Advice to younger programmers- what languages form a good early curriculum? Broad exposure vs specialization? What is the best way to stay current / state of the art. -Hiring and WFH- is something lost in not having an in-person culture? Andy the “Renaissance Man” -Music -Fiction -Woodworking How do we stay in touch? ANDY’S LINKS: THE TOOL SHED PRAGMATIC BOOKSHELF MUSIC AND WRITING https://twitter.com/PragmaticAndy https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

In this slight detour for the show, I spoke with New York-based political commentator, DEROY MURDOCK.. We have an invigorating chat about INFLATION and GUN CONTROL, two topics that are galvanizing investors today.  We later focus on the implications of these issues for the 2022 and 2024 elections. Deroy has been a Fox News Contributor since 2012, a Contributing Editor with National Review Online and a Senior Fellow with the Atlas Network, which supports and connects some 500 free-market policy groups in the USA and 95 other countries.  Throughout his career, Deroy has appeared on CNBC, CNN, C-Span, MSNBC, among many media outlets. A first generation American (his parents were born in Costa Rica), Murdock received his bachelor’s degree in Government from Georgetown University in 1986 and his MBA in Marketing and International Business from New York University in 1989. His MBA program included a semester as an exchange student at the Chinese University of Hong Kong. Background First Generation American California upbringing International Experiences Inflation How did the country lose control of the inflation narrative? What can be done about it? Gun Control New York City’s fulcrum point on gun control Eric Adams, NYC’s new mayor The Role of Police New York Politics Recent NewYork Post Op-ed on his lawsuit challenging the New York’s new foreign citizen voting bill: https://nypost.com/2022/02/13/im-suing-to-block-nycs-racist-foreign-citizen-voting-bill/ The National Elections in 2022 and 2024 Who is going to be important? What should we be worried about geopolitically? How Do We Stay In Touch? NY POST FOX NEWS NATIONAL REVIEW https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

Anyone who knows me knows that golf is one my main hobbies. It is a huge treat to be able to speak with ROB LABRITZ as he embarks on his first season on the PGA Champions Tour. In addition to playing on the Senior Tour this year, Rob is the Director of Golf at the GLENARBOR Golf Club in Bedford Hills, NY. He is one of the top PGA playing professionals in the U.S. He won the 2022 PGA TOUR Champions Q School to reach the Senior Tour. https://youtu.be/XPhGTpNpf5E Rob’s finished as the low PGA Professional at both the 2010 and 2019 PGA Championships and his hole-out in the 2013 Professional National Championship was the #1 Top Play on SportsCenter. https://www.youtube.com/watch?v=6xjK0IwU7xw In this episode, Rob tells us about the role of sacrifice and what it takes to perform well under maximum pressure. Rob talks about his mindset during his Q-School win and exactly what he was thinking and feeling on the final hole as he was about to achieve his lifelong dream. We get unique insight into his golf process and a behind the scenes look at the scheduling and logistics that go into being a Tour Pro. Finally, we dive into some golf-nerddom, as we talk about the state of game, some favorite courses and the role of power (from Daly to Tiger to Bryson) in the sport’s future. For hard core player or golf fan or anyone interested in what happens between the ears at the highest levels of performance, this is a terrific listen. What was the process for qualifying? -How did you get to “Q School” ADAM SCHUPAK’S article on Rob Labrtiz’s win to get his PGA Tour Champion’s Card https://golfweek.usatoday.com/2021/12/12/schupak-rob-labritz-golf-feel-good-story/ -The Decision to Go For It -The Journey and the Sacrifice The Mental and Emotional Part of Golf How do you get your game so sharp and steady that it holds up under maximum pressure? How did you hold it together in the final round?  What was your mindset? What were the emotions you were feeling standing on the tee of the final hole? What did you feel when the final putt drop? The Logistics of Being a Tour Pro Ok, you’ve made it- how do you schedule the next year? How do you cover the costs of touring?  Travel / Caddy / Sponsors You’ve played with the best in the world before via the Canadian Tour and PGA Championships- How is this different in the Senior setting? Whom are you looking forward to playing with? Any particular courses that you are excited to get on? As a teacher, what do you think of the role of power in the game and the BRYSON Phenomenon? What is one of your best shots? The Hole Out During the 2013 PGA Professional Championship https://www.youtube.com/watch?v=RgXoEgqnspc How Do We Keep in Touch? ROBLABRITZ.COM PGA TOUR CHAMPIONS SITE SPECIAL BONUS While our golf games are quite a bit different, we both share one thing in common: our dentist. DR. STAN HEIFETZ is a golf fanatic and a good friend . . . you can find him HERE. https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

In this episode of the Wealth Actually Podcast, I speak with my good friend, Paul Sullivan. Paul wrote the wildly popular Wealth Matters column in the New York Times and currently writes the Money Game column for Golf Magazine.  We certainly talk about those experiences, but the focus of our discussion is on his exciting new project, THE COMPANY OF DADS. This company is the first platform dedicated to creating a community for LEAD DADS. Its mission is to help Lead Dads feel less isolated and more confident In having made the choice to take on the bulk of the parenting and family duties This exciting new venture is ready to launch in February. OUTLINE “The Company of Dads” Paul is the founder of The Company of Dads, the first platform dedicated to creating a community for Lead Dads. Its mission is to help Lead Dads feel less isolated and more confident that they have made the correct choice to take on the bulk of the parenting and family duties – or at the very least not embrace stereotypes around who does what at home. As a Lead Dad himself, Paul understands intimately the joys, frustrations, isolation and reticence around talking about being a Lead Dad. It’s a role that is growing in numbers but is far from normalized. Paul’s Background Before starting The Company of Dads in 2021, Paul wrote the Wealth Matters column in The New York Times for 13 years. He also created the Money Game column in GOLF Magazine. As a journalist for 25 years, his articles also appeared in Fortune, Money, Conde Nast Portfolio, The International Herald Tribune, Barron’s, The Boston Globe, and Food & Wine. From 2000 to 2006, he was a reporter, editor and columnist at the Financial Times. He got his start as a reporter at Bloomberg and Institutional Investor. He is the author of two books Clutch: Why Some People Excel Under Pressure and Others Don’t and The Thin Green Line: The Money Secrets of The Super Wealthy. Paul has been interviewed on podcasts, radio and television programs across America, including NPR, Marketplace, CNN, and Fox News. He has also given key-note talks to audiences from 50 to 500 people in the United States, Mexico and Chile. Paul lives in Fairfield County, Connecticut, with his family – his wife and their three daughters, three dogs, three cats, and three fish (at last count). He received degrees in history from Trinity College and the University of Chicago. When not running The Company of Dads or being a Lead Dad, he is an obsessive golfer. The Entrepreneurial Journey with the Company Of Dads Lessons from your tenure with Wealth Matters Column Lessons from your golf writing – Money Game in Golf Magazine Advice to aspiring writers and entrepreneuers How do we stay in touch? COMPANY OF DADS https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

MAXIMIZING EXECUTIVE AND FAMILY OFFICE TALENT In this 101st episode, we’re going to explore the disconnects in Human Capital Development. This is a crucial issue for family enterprises looking to transition to the next generation, closely held businesses making crucial hires and startups looking to take their business to the next level. To no one’s surprise, Covid, Remote Learning and WFH have had massive impacts on the development of students, business plans, workers and executives.  To help us think through these issues I spoke with DEIDRE KOPPELMAN of PEAR CORE SOLUTIONS Since founding PEAR™ in 2003, Deidre has worked closely with Business owners, Senior-level nce founding PEAR™ in 2003, Deidre has worked closely with business owners, senior-level executives, and organizational teams providing strategic business management consulting across a variety of industries. Deidre puts her focus into strategic planning, organizational development, leadership development, and workplace behavioral issues for her clients. Deidre is one of 5 individuals in the State of New York that is a Kolbe® Certified Consultant. We talk about a variety of issues facing higher education, ways to improve the HR industrial complex and the new employer / employee dynamic. We get into Human Capital Coaching and Performance and talk bout how many typical approaches ignore how people approach certain tasks and how many this approach is different from typical personality and aptitude tests. Deidre also lays out the terms of understanding how people perform (well) We go into detail on the war for talent and performance and the negative effects that can occur with bad decisions around key role hires or the poor management of current teams. Finally, we discuss the need to update the study of people’s hardwiring at the educational and workplace levels. Outline Deidre Koppelman’s Background What are the suite of tools out there? The three modes of analysis that you think are important- Conative (Kolbe) “Doing” – Modes of Operation (not about how smart you are or social style it’s your “hardwiring”) Affective- “Feeling” Cognitive – “Thinking” When should this type of testing occur? Workplace? College? High School? How is this self-awareness not incorporated at the high school/college level when people are making huge decisions?  Does this explain “not fitting in” at school/firm/career? How has HR seemed to miss this in the interview process? Expense, Culture? For companies that want to develop their workforce/drive culture, where can this help? How do enlightened managers incorporate these tools with their high performers? How do you use them drive organizational performance/change? Team building?  Is it better to flood the one of have complimentary pieces? Are there differences in functional Parts of organizations? Executives Legal Finance HR Sales Tech/Product development Workforce dynamics- Where does COVID fit in? WFH – remote work – how do people stay motivated? If the job can be done at home, it can be done in Montana . . . or Bangladesh- is that a problem? Safety vs Entitlement at the workplace? Any other future thoughts? How do we stay in touch with you? DEIDRE KOPPELMAN https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

Welcome Back to the Wealth Actually Podcast- This episode marks a big milestone.  We have hit the 100th EPISODE. I was pleasantly surprised to see that we have been downloaded in all 50 states and 114 countries. A big thank you to everyone who listens. As always, it’s great for the show’s momentum if you subscribe, leave reviews and share. For this 100th episode, I’m thrilled to have my friend, BRIAN PORTNOY, on the podcast. We talk about the next phase of behavioral psychology in the wealth management industry, the formation of his new company, SHAPING WEALTH, and his entrepreneurial journey. Brian is one of the world’s leading experts on the psychology of money.   He has written multiple bestselling books, including The Geometry of Wealth, https://www.amazon.com/Geometry-Wealth-shape-money-meaning-ebook/dp/B07CXS9NLG/ Brian is a CFA Charterholder and earned a PhD at the University of Chicago. Last but certainly not least, he is the founder of the wealth education firm, Shaping Wealth which we’re going to talk about here. SHAPING WEALTH -Describe what “Shaping Wealth” does? How is it grounded in your book’s teachings? -What is the problem that the Wealth Advice industry has that SA is addressing? -How does reframing the psychology of “enough” advance financial advice for people? -How do advisors evolve to think more “psychologically” and with longer term legacy time horizons? – How does Shaping Wealth integrate with the tools that advisors use to advise their clients? -The entrepreneurial path- what is it like going down this road? -What is the experience of building a company off of your vision/IP? -What has been fun? What has been challenging? OUTRO – How do we stay in touch? How do advisors reach out to you? SHAPINGWEALTH.COM @BRIANPORTNOY on twitter https://twitter.com/brianportnoy https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

Welcome back to the 99th episode of the “Wealth Actually” Podcast . . . (We’re recording right before Christmas and I’d like give a special thanks to Matthew Passy who helps me sound good and make the trains run on time.) With the end of the year fast approaching, philanthropy is on the minds of many people. For charitable organizations, the mad rush to meet their goals underscores many challenges they face.  Understaffed, under-resourced, and using old tools, non-profits face an uphill climb every year. By using marketing technology, Artificial Intelligence and data science tools, a new company is trying to help with this problem.  ARJUNA SOLUTIONS applies the same marketing concepts and data science found at the top consumer companies in the world to the non-profit space. To take us through the idea of how technology and the non-profit space can intersect, I’m going to speak to COLIN STEWART. Colin leads Arjuna’s groundbreaking philanthropic practice, which enables nonprofits to adopt new technologies and increase revenue more easily via philanthropic funding.  We focus on how non-profit organizations can increase their revenue through more data-driven and targeted asks. Finally, we talk about how HNW donors and charities can deepen their relationships and multiply the impact of major gifts in measurable ways through technology. OUTLINE: Technology and the Importance of Philanthropy ARJUNA SOLUTIONS background- What does Arjuna solve?  How do you optimize the right amount to ask for so that you get the most out of a donor (without scaring them off)? Arjuna’s ExactAsk process- Where does the Artificial Intelligence fit in?  What data are you using? How do you manage the data to get the right ask amount? Where does it integrate with the recipient organizations systems? For which organizations is this right? (Large Donor Bases where there is plenty of data to analyze and marketing systems to optimize). How can the AI process help the donor amplify a large gift to an organization?-  When multiplying the impact, Is this really a case of a $1 gift generating $3? What does the gift process look look like? Besides potentially more donations, how does it it help the charitable organization? How do you measure success? How does the client measure success? What’s next? How do we stay in touch? COLIN STEWART https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

Life insurance is one of the core tools in wealth management. It replaces income for families, funds the payment of estate taxes, and, given its tax advantages, can serve as an investment vehicle. However, the culture of life insurance, its sales process and its regulatory framework live apart from the world of stocks and bonds. To that end, there is a new framework in New York that is changing the way life insurance is presented to clients: Rule 187. This rule and the law that surrounds it is in contrast to the way in which life insurance has been traditionally presented. It imposes a new “best interest” standard and recognizes the importance of an accurate demonstration of the COSTS of insurance to clients. And for the wealth advisers and fiduciaries out there, Rule 187’s reach goes far beyond the borders of New York. Enter STEVEN ZEIGER https://frazerrice.com/wp-content/uploads/2022/06/TRIMMED-Rice-Zeiger-4-29-22-r-187-video-1920×1080-1.mp4 Steven serves as a Managing Director of Wealth Management at KB FINANCIAL and is a recognized expert in applying prudent investor guidelines to life insurance product selection. He works with large clients and advises individual and corporate trustees on their responsibilities around life insurance. Steve will help us understand the practical application of Rule 187 and some of the potential future impacts on the business of life insurance nationwide. After this podcast, you should have a new appreciation for the way life insurance should be bought . . . and sold. (As a reminder, this podcast is for education purposes and not investment advice. Securities Offered Through M Holdings Securities, Inc. A Registered Broker/Dealer, Member FINRA/SIPC. KB Financial is independently owned and operated.) Outline: Fiduciary Responsibilities Around Life Insurance in NY- Steven’s Background- How is life insurance used?  Income Replacement, Estate Tax Funding, Business Succession, Investment Vehicle How do most people think the word “fiduciary” works with life insurance? How is it regulated nationwide? By state with guidance from NAIC Why is NY different?  RULE 187 and the New “Best interest” standard What court cases should high end advisors keep in mind? Which advisers are affected? Trustees? NY Why are the costs important? And to whom? What is the important information in an insurance projection? What information is usually missing and why is that important for NY compliance purposes? The problem of co-mingling cost and performance metrics From a 30K ft. level, how does that impact the allocation of premium dollars for clients?*Either save premium on current DB, or by more DB/current premium- At what levels should this cost-based interaction be engaged? What does look like for the NY advisers? The advisor community in general? RIA’s? The Life Insurance Industry? How do we stay in touch?(Contact info etc . . . ) STEVEN ZEIGER Useful articles around Life Insurance and RULE 187 Trust & Estates -A Shot Across the Bow – Veralytic Inc.  – (Using independent research) DownloadDocumentFile.ashx (uniformlaws.org) – (Investigating Insurance Costs) FINRA: 2210. Communications with the Public | FINRA.org – (Don’t compare illustrations side by side, disclose costs) NYSDFS Regulations – Insurance: Final Adoption of First Amendment to Insurance Regulation RULE 187 (11 NYCRR 224): Suitability and Best Interests in Life Insurance and Annuity Transactions (Care skill prudence diligence cost performance risk) CFP: standards-of-professional-conduct.pdf (cfp.net) (care skill prudence diligence cost performance risk) (Disclosure: Securities Offered Through M Holdings Securities, Inc. A Registered Broker/Dealer, Member FINRA/SIPC. KB Financial is independently owned and operated.) https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

This latest podcast is special because it harkens back to 2000 when I wrote a paper in law school about the use of securitizations to disrupt the music industry.   I mused about the disruption of the music industry and the demise of the traditional way of doing business.  I wasn’t far off! The music industry has undergone enormous changes with the advent of streaming. The demand for content has never been higher with new ways to monetize content. Add to that the fascination of NFT’s and the new attention into the divisibility of artists rights.  Finally, with rock-bottom interest rates and an insatiable hunger for non-correlated returns, music rights have become a popular asset class for investors. To help think about this, I went to the source, DAVID PULLMAN. David is a pioneer in music industry finance. His firm THE PULLMAN GROUP covers many aspects of the music industry including publishing and mechanical rights, royalty management, loans, advances and securitizations. We get into: Pullman’s background in finance and investment banking What went into the Bowie transaction and why it was contemplated in the first place The challenges of working with complication What the later transactions with artists like James Brown and Holland Dozier Holland were like How streaming services like Napster and then iTunes, Pandora and Spotify changed the dynamics How the Bowie Bond has come out the other side and is relevant to new players in the industry. (For some context into the Bowie Bond and the concept of Intellectual Property Securitization, here is Quick Synopsis from INVESTOPEDIA and a Summary from WIKIPEDIA) We also talk a lot about what it was like to work with someone like David Bowie. Bowie himself was not only the driver of musical trends, he was a savvy businessman, futurist and technologist as well. His vision for the scope and power of the internet and its impact on the accessibility of music and the music business itself was extraordinary. Listen here: https://www.youtube.com/watch?v=JPpiYG9_058&t=1s Finally, and some of the issues with future music financings and his thoughts on the impact of NFT’s. Without further ado . . . DAVID PULLMAN. As an extra bonus . . . . Here is a 5 minute outtake of the podcast with David Pullman- in this morsel, we talk about his experience with David Bowie and how the song “Fame” represented a major pivot in Bowie’s career AND Pullman’s! https://frazerrice.com/blog/preview-david-pullman/ The bonus 5 minute outtake on working with Bowie and the gift of “Fame” Finally, here is a list of the 2022 GRAMMY NOMINEES: https://nypost.com/2021/11/23/grammy-nominations-2022-full-list-of-nominees-new-categories/ https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

The College Admission season is in full swing and it brings it usual stresses. However in the world of intergenerational planning, it’s a unique opportunity for families to discuss their core values and the development of their kid’s personal narratives.  It is chance for families to collaborate on a life changing decision around the kids future- a process in which the engaged kids have a vested interest! Finally, it’s often the first instance where kids experience the judgment of their personal narratives by the outside world. To help us dive deeper into this concept, I’m going to speak with LINDSAY TANNE Lindsay is the Founder and CEO of LOGICPREP. As a leading College Admissions Advisor, Lindsay helps students around the world develop and tell their stories and identify their best-fit schools. Over the past decade, she and her team have helped thousands of families successfully navigate the college application and higher education landscape. There’s been so much news coverage around college admissions and how last cycle was the most competitive one ever. Is it really as crazy out there as it seems?  Yes and no… More applications for the same number of spots – which means lower acceptance rates are a reality Imagine you were applying to Columbia 2 years ago – you were one of 40,000. Well, last admissions cycle, you’re up against 60,000 other students.  At MIT, for example, applications were up 66% Simply put, at highly selective schools in particular, the pond expanded It’s not that you’re a smaller fish It’s just that the pond got bigger But there’s one thing in particular I want to point: only 2.4% more students applied BUT applications were up 11% Basically, this means that the increase came from students applying to more schools rather than more students applying overall  Less data available  Transcripts were less reliable in this last admissions cycle as education moved online Additionally, during the pandemic, almost every school had to go test optional – meaning they wouldn’t require the SAT/ACT – as a temporary accommodation since the tests kept getting cancelled  As a result, students did not feel constrained by test score ranges and more students were open to the possibility of applying to highly selective schools than ever before In a sense, it’s like the lock on the front gate appeared to be loosened at the most competitive universities – since test scores no longer stood as a barrier to entry -more students felt emboldened to apply Ultimately, not as full of surprises as people might think (90% acceptance rate for LP to 1 of top 3 schools) Why?  The criteria for evaluation hasn’t fundamentally changed, but the weight assigned to each category has  More subjective, less quantifiable Test scores were optional Transcripts were less reliable – online school, pass/fail  Plus, with limitations on extracurriculars, there were even fewer avenues to demonstrate leadership and passion What actually counts in the college application process? How do you help your child stand out?  Basically, the college admissions process is founded upon three pillars:  Academic Record – transcript and its rigor, what classes you take and your grades  Standardized Test Scores – SAT/ACT  Personal Narrative – your activities, how you spend your summers, teacher recommendations, what it is what makes you who you are 2020, of course, was an unusual year – but things are changing slightly…. These pillars still stand (though some might be shakier than others)  However, the weight or emphasis, of each of these pillars has been challenged  So what is the impact on the test-optional trend on college admissions?  First, let’s define: what is test optional?  SAT/ACT not required; considered if submitted What is test blind?  SAT/ACT not evaluated at all; very few schools fit into this category, though it does include the UC system The 2021 admissions cycle has really been an extension of 2020 – more schools offering test optional admissions a temporary adjustment to their policies We have to acknowledge that the past cycle and coming one are functioning as an experiment – what does it mean to not require test scores?  We don’t know yet, but I do think the option will remain at many schools, especially those who had been contemplating this shift prior to the onset of COVID Despite these changes, I want to talk about why scores still matter At the end of the day, they’re one more component for admissions officers to evaluate – and a concrete one Scores contextualize grades – transcripts are variable, not all schools are known to AOs Especially important for international students where the schools/grading systems are less universally understood  Also important for students from selective high schools where the local competition is especially intense Anecdotally, our most successful students applying to the most selective schools did have strong testing Most importantly: narrative is more important than ever now Deemphasizing testing means that other subjective factors such as your essay, teacher recommendations, and leadership matter more.  First, students are applying to more schools – since it seems the gates have been loosened – so demonstrating interest matters  Really about creating a thoughtful and intentional list and defining the “why” in a way that hasn’t mattered as much in the past At the end of the day, with more applicants, colleges are even more invested in managing their yield – they want to know who is going to say yes to their offer This is where the idea of impact comes in – how have you demonstrated depth of commitment and made a difference? So much of the selective process is tied to the idea of narrative now We encourage our students to deeply pursue their interests in creative ways, take classes online – the whole world has become more accessible – and brainstorm projects that reflect their passions and strengths What is the value of a college education? How do I know what the right fit is for my child – from a financial perspective, a career one, etc.? Genuinely believe that where a student feels engaged and happy – they will thrive  It’s about the people you meet, the relationships you develop as much as what happens in the classroom – so, what environments will be most conducive to that?  Think about whether grad school is part of the plan (what is the matriculation? grades matter more)  When it comes to the job search, what firms recruit?  It’s all about fit! Well, then, how does my child educate him/herself about fit?  Virtual tours Visit college campuses – sit in on a class, read the school newspaper Reach out to your network – talk to current students and recent alums Partner with a team who can help students not only evaluate the schools themselves but get to know themselves more deeply  Should be able to answer the questions of what motivates them, what kind of environments they thrive in, what they hope to gain out of their education so that they can develop an appropriate list If a student thinks they want to go into business, is an undergraduate business degree the only path? The best one?  No! Many of the most selective colleges – say Harvard or Brown or Pomona – don’t even offer undergraduate business  The idea at a liberal arts curriculum – which these schools offer – is the following:  Hands on  Flexible  Teaches you to ask questions and differentiate opinion from fact  How to connect with different kinds of people – diversity of thinking  – learn how to make decisions based on different points of view Better problem solving These are all things employers value  Skills can be learned on the job, but not how to think So if an MBA is likely to be part of the ultimate plan, worth taking a real pause before diving into an undergraduate business program  For example:  Reed Hastings CEO of Netflix Bowdoin College, Math Major Susan Wojcicki CEO of YouTube Harvard, History & Literature  Howard Schultz CEO of Starbucks Communications, Northern Michigan University Bob Igyer CEO of The Walt Disney Company  Communications, Ithaca College The college process is so fraught with anxiety and stress – what can families do to mitigate that?  Start early Remember your education is happening now  Rely on experts  Beyond guiding the process, i alleviates the burden on parents to push teh student along – and therefore removes some of the stress from the family Plus, teenagers are much more likely to listen to people who aren’t their parents (even if we’re all saying the same thing!) Beyond that, rather than succumbing to the stress, Is there a way to turn the application process into a way to actually instill values?  Social impact projects – give examples of students utilizing their families’ resources to make a difference Tell all students who are interested in studying business to get a job (and it doesn’t have to be a fancy internship either)  Ideally, the college process should be an exploratory one – and a right of passage Helping students identify all of their accomplishments & goals should build confidence and help them establish his identify/wants/dreams/etc It’s also an opportunity for them to really make decisions and own them – including the consequences – when it comes to weighing risk around strategy (early decision, etc.)  What does personal branding look like in the college application process?  For me, it’s about narrative building  Not just about finding a “brand” but about following your curiosity and connecting the dots  We encourage our students to think about what sparks their genuine interest – and then to seek opportunities that cultivate it (in the form of internships, after school activities, personal projects, etc.)  Online image matters too – have helped students create websites to demonstrate their impact, encourage them to think now about what happens when people Google their names Also a potential danger zone – know that admissions officers can and will check social media so operate accordingly! Not going to be an immediate “go to” (they’re reading through so so much paper) but if there’s a reason to check they will HOW DO WE STAY IN TOUCH WITH YOU? LINDSAY TANNE https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/