Capital Club

Today we welcome back Nike Anani to the podcast. She is a Speaker, Author, and Legacy Planning Consultant for family firms. She is a co-founder of African Family Firms, a non-profit community of family businesses. In this episode, Nike talks about the current political state of Africa and how this affects African families and businesses.If you haven't already heard her first episode with us, go back and give episode #66 a listen![00:01 - 14:16] Opening SegmentThe obstacles along the way when writing Lifetime to LegacyThe difference between how American families think about legacy versus an African familyThe external factors in terms of political dynamism and challenges [14:17 - 25:45] Next Gens and Gender IdentityNike talks about the difference between next gens in AfricaThe massive diaspora within Europe and AmericaThe common characteristics of generational transition Overcoming the aversion to speaking about death The state of gender identity amongst African families[25:46 - 37:54] African Family OfficesThe things that keep Nike’s clients up at nightTransitioning to non-family member operators for the first timeHorses for courses in familiesThe biggest misunderstanding that people have about African family companies The Nelson Mandela University[37:55 - 39:41] Closing SegmentConnect with Nike by visiting www.NikeAnani.com.Listen to episode #66 here.Connect with me:https://www.linkedin.com/in/brian-c-adams/ (LinkedIn)LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON! Hosted on Acast. See acast.com/privacy for more information.

This episode features an inspiring conversation with Celine Fitzgerald, a next-generation leader from a long line of successful bankers. Celine shares her story of being in a leadership role at the age of 21, and how she learned to appreciate and understand the scope and breadth of her family's wealth. Celine also discusses learning to navigate the process of setting up a prenuptial agreement, her sister's involvement in the NextGen cohort, and the importance of having meaningful money conversations with her partner or family. Additionally, she talks about interning with the Loyola Family Business Center to gain knowledge on various topics related to wealth management and connecting with peers in similar situations. This episode is essential for anyone wanting to learn more about succession planning, financial literacy, trust, lawyers involved in managing assets, and more. Celine is the next-gen leader. She is G3 and from a long line of successful bankers. While finance is not her forte she is forging her path in the philanthropic space. [00:01 - 06:42] Opening SegmentCeline Fitzgerald is a NextGen leader and G3 in a long line of successful bankersAt the time, her father and his four siblings all went their own way, without setting up a multi-family officeCeline plans to have a different conversation with her children about money than her father had with her[07:17 - 13:47] Navigating the Family Office World: Lessons Learned by a MillennialUnderstood the value of a dollar and responsible tools to handle wealthHow Celine learned about trust, lawyers, and navigating assetsHow Celine learned about succession planning, governance, next-gen education, financial literacyConnecting with peers is key to success in the family office world[13:48 - 32:03] Navigating Pre-Nuptial Agreements and Financial Discussions with a Millennial: A Journey of Learning and GrowthStart education earlier and use the right words when discussing family assetsChoke points have been understanding roles and building reportingPhilanthropy is a pillar of the single-family office, which dad is letting daughter manageWorking on migrating to a multi-family office to pass the "hit by the bus test"Women are sometimes assumed to be less intelligent in meetingsConversations about philanthropy [32:03 - 33:15] Closing SegmentConnect with Celine through the links belowConnect with Celine:LinkedIn: https://www.linkedin.com/in/celine-fitzgerald-3603a18/Connect with me:https://www.linkedin.com/in/brian-c-adams/ (LinkedIn)LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON! Hosted on Acast. See acast.com/privacy for more information.

Before starting The Company of Dads in 2021, Paul Sullivan was a journalist for 25 years, the last 13 at The New York Times where he wrote the Wealth Matters column and oversaw several special sections. 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.In this episode, Paul Sullivan, journalist, and author talks about his 600 columns over 25 years writing for the New York Times, his most recent book The Thin Green Line: The Money Secrets of the Super Wealthy, and how Covid-19 has changed his career path. Through his columns, Paul was able to gain insight into the world of wealthy people which led him to write The Thin Green Line. He discusses the differences between being wealthy and being merely rich, whether or not another washout period is coming and how fathers who are the go-to parent in their families can lack a sense of community and support. This conversation also explores Paul's experience of reconnecting with old friends due to the Covid-19 lockdown, creating an intentional community for friendship, especially in the later stages of life and his evening ritual for winding down from the day. He encourages listeners to check out The Company of Dads to learn more about fatherhood questions and connect with other fathers globally. Tune into this episode to hear from Paul Sullivan on all things money secrets of the super-wealthy![00:01 - 11:12] Paul Sullivan: From New York Times Columnist to Author of "The Thin Green Line"Paul’s book "The Thin Green Line" is about the money secrets of the super wealthyPaul's work was more anthropological than personal financeThe framework of the book is based on the four things you can do with moneyHow Covid led to the creation of the Company of Dads[11:13 - 23:36] Navigating the Challenges of Fatherhood in the Covid EraThe Company of Dads is a multi-pronged approach to normalize the lead dad experienceIt includes media content, a podcast, a newsletter, a private community, etc.Loneliness is a real problem for 45-55-year-old menThe long-term vision for the organization is to be the go-to site for all fatherhood questionsCompany of Dads has an overarching community with a franchise model for different communities and towns[23:36 - 32:48] Exploring the Changing Role of Fatherhood40 to 45 million men in America are either full-time at-home dads or have wives who outearn themMen are carving out a space for themselves to explore and be open and vulnerable with their feelingsMen look for entry points into conversations, like golf, to connect with others[32:49 - 35:26] Closing SegmentQuotes:"Most personal finance books are like diets. They tell you what not to do and you can sustain it through January and February and then by March you're back you know binge eating chocolate rice Krispies at midnight." - Paul Sullivan“It is really hard to get the capital. Once you've succeeded and that business is humming along, any bank will lend you.“ - Paul SullivanConnect with Paul by visiting www.TheCompanyOfDads.com, or email him at paul@thecompanyofdads.com. Connect with me:https://www.linkedin.com/in/brian-c-adams/ (LinkedIn)LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON! Hosted on Acast. See acast.com/privacy for more information.

Don Trone is the CEO and one of the Co-founders of 3ethos. In 2015 he was named by Investment Advisor magazine as the “Father of Fiduciary” and one of the 35 most influential people in the financial services industry. He is also the author or co-author of ten books on the subject of fiduciary responsibility, portfolio management, and leadership.[00:01 - 07:40] Fiduciary Responsibility and Coast Guard Veteran5 million people have a legal responsibility for managing someone else's moneyFiduciaries have a duty to inspire and engage others, protect assets, and demonstrate a pleading process The lack of procedure process checklists in the financial services business [07:40 - 17:55] Fiduciary Regulations: Complexity, Disclosure, and Private Equity Impacting InvestorsRegulators are doing more harm than good by making disclosure too complex for the average investor to understand.There are 8 other factors that can negatively impact investment performance besides fees and compensation, which are not covered in current regulationsThere is a lack of understanding of the concept of fiduciary from front to back in Washington DC.[17:56 - 23:02] Uncovering Best Practices in Financial Services: Exploring Behavioral Governance and Behavioral FinanceThe SEC could take 1% of their enforcement budget to market for trainingLooking for an authentic leader and steward with a command presenceComplexity is an inhibitor to trust, so avoid industry jargon and legalese when talking to clientsBehavioral governance is a new framework that uses plain English and is universalBehavioral finance evolved from behavioral governance research[23:03 - 35:15] Investigating the Leadership Behaviors Behind the SuccessThe Coast Guard was the only government agency to respond effectively to Hurricane KatrinaCongress held hearings to investigate why the Coast Guard got it right and everyone else failedDon Trone started 3ethos, which integrates leadership, stewardship, and governanceThe three areas to focus on: creating a master's degree with a concentration in fiduciary studies, developing protocols or training programs for lay fiduciaries, and board certifying fiduciaries by specialty[35:16 - 38:25] Closing SegmentQuotes:“When we can improve pension plan outcomes, when we can improve the management of foundation and endowment assets, we're actually in a position to improve the lives of others.” - Don Trone“If you're interviewing somebody as a potential advisor or consultant, view them as a leader and steward in your life.” - Don TroneConnect with me:https://www.linkedin.com/in/brian-c-adams/ (LinkedIn)LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON! Hosted on Acast. See acast.com/privacy for more information.

Josh Baron is a co-founder and Partner at BanyanGlobal. For the last decade, he has worked closely with families who own assets together, such as operating companies, family foundations, and family offices. Josh is a Visiting Lecturer in Executive Education at Harvard Business School and Co-Author of Harvard Business Review's Family Business Handbook.[00:01 - 12:12] "Building a Family Business That Lasts: Exploring Nature vs. Nurture Family businesses are either really good or bad, and there are both extremes in the world1/3 of the S&P 500 are publicly traded but privately controlledOwnership is the most important and least discussed the idea in businessFamily businesses have seen an increase in interest and have become their asset class [12:13 - 30:13] Exploring the Dynamics of Family Businesses and Family OfficesThere are similarities between family businesses and family offices, but there are also differences that need to be addressedIntentionality is key when creating a family office Family offices should have a multi-generational time horizon[30:14 - 37:29] Navigating Conflict and Market Volatility: How Family Businesses Can Thrive During Difficult TimesThe notion that wealth dissipates quickly over generations is unsupported by evidenceMost businesses do not last for 100 years, regardless of family involvementConflict can be both destructive and constructive; it is important to find a balance between the twoFamily businesses tend to have more conservative balance sheets[37:30 - 38:56] Closing SegmentQuotes:"Family businesses are never neutral. They're either really good or really bad." - Josh Baron“Success is the result of doing the right thing year in, year out, not from cutting any corners.” - Josh BaronConnect with Josh:https://www.linkedin.com/in/joshbaron/https://banyan.global/Connect with me:https://www.linkedin.com/in/brian-c-adams/ (LinkedIn)LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON! Hosted on Acast. See acast.com/privacy for more information.

In this episode, Brian examines the phenomenon of deindustrialization and discusses its implications on global economies. Brian provides an overview of the concept and its impacts, including increased energy prices, disrupted global supply chains, and the need for European producers to adapt their cost structures quickly. He then dives into how these factors have impacted Germany, one of the largest economies in the world. We also discuss the potential for reshoring manufacturing jobs to the United States, with a focus on the Midwest region. [00:01 - 00:59] Opening Segment[01:00 - 07:15] Examining the Impact of De-Industrialization and Reshoring Manufacturing in the Global EconomyDe-industrialization is a long-term decline in the output of manufactured goods De-industrialization is a natural outcome of the maturation of industry, technology, and productivityOver the past 25 years, employment in manufacturing has fallen dramatically in advanced economiesGermany made a risky bet on cheap energy from Russia and consumer demand from ChinaThe location of manufacturing will shift due to deindustrialization, de-globalization, depopulation, and decouplingReal estate, industrial infrastructure, and transportation infrastructure in place to nearshore/restore a large portion of manufacturing back to the US[07:16 - 07:55] Closing SegmentQuotes:"Deindustrialization is neither good nor bad. It's just this concept that we have to understand a little bit better." - Brian AdamsConnect with me:https://www.linkedin.com/in/brian-c-adams/ (LinkedIn)LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON! Hosted on Acast. See acast.com/privacy for more information.

Brian sits down with Niall Gannon, a frequent top financial advisor in America and author of the book Investing Strategies for High Net Worth Investors. Join us as we explore the concept of efficient markets and dive into Wall Street Alternatives, a 2005 presentation by Niall that challenged the industry to reconsider asset allocation. We look at two periods in time, 1982 and 2000 when markets were especially cheap and offered plenty of growth opportunities. Tune in now for an engaging discussion on navigating today's market!Niall Gannon is frequently listed as one of America's top financial advisors. He has literally written the book on investing for high net-worth families, challenging the industry with research on reaching better investor outcomes net of everything.[00:01 - 08:17] Opening SegmentNiall Gannon discussed his research into the effective tax rate of high-net-worth investorsInvestors in high tax brackets do not get paid the same returns as their institutional peersfamilies should be skeptical before investing and make sure they are comfortable with their investments[08:18 - 20:55] Exploring the Benefits of Fixed Income AllocationsSeptember 2022 saw 5 trillion of capital infused into the economyThe S&P was trading at a 6% earnings yield, minimum expected return going forwardHigh-grade municipal bonds were trading at 6% in 2000There is no way to dampen short-term volatility with long-term bonds[20:56 - 23:59] "The Dangers of Relying on Headlines: How to Avoid the Mistakes of 2000"Bonds provide a fixed rate of return and fixed price at maturityInvestors need to brace for a possible recessionEquity returns are a function of accumulated profits over 20 yearsInvesting slowly and diligently is key in times of uncertaintyVolatility does not equate to capital loss if held to the durationHeadlines often predict market tops and bottoms from a contrarian standpoint[23:59 - 38:40] How to Allocate Assets for Maximum ProtectionInvestors should look at the burden in hand (bonds) versus a two in the bush (riskier investments)Active management is key to ensuring all components of a portfolio are accounted forPlanning for families should not be based on rosy assumptions and should err on the side of caution[38:41 - 40:26] Closing SegmentQuotes:“For long-term bonds or any equity or risk-based asset, there is no way to dampen short-term volatility. ” - Niall Gannon“You have to look at the companies that you buy and recognize. You have duration risk with them too. ” - Niall Gannon“It's not 2000, right? We're not 30x earnings. It's not 1929 with the taxi drivers leveraged in their brokerage accounts.” - Niall GannonConnect with Niall through LinkedIn, or visit www.NiallGannon.com.Niall's book: https://www.amazon.com/Investing-Strategies-High-Net-Worth-Investor/dp/0071628207Connect with me:https://www.linkedin.com/in/brian-c-adams/ (LinkedIn)LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON! Hosted on Acast. See acast.com/privacy for more information.

Jeff Strese is an Organizational Development Consultant and Executive Coach focusing on multi-generational family enterprises, corporations, and mission-driven nonprofit organizations. He has more than 25 years of experience working across industries in the areas of leadership development, organizational effectiveness, and family dynamics.  [00:01 - 10:19] Navigating Generational Wealth TransferThe generational wealth transfer between baby boomers and either Gen Z or millennials is happening in real-time right nowThere is a skill gap in the mid to more senior-level professionals that need qualitative skills Advisors need to have the skills to know when and how to refer to communication and family dynamics [10:20 - 25:04] Assessing Wealth and Wellness in Family EnterprisesFamily Office Exchange developed a family advisor training programOrganizations need to develop people holistically or risk losing talentBeneficiary prep is a holistic journey, not just about trust and estate or entity taxationLook for credible sources such as authors, presenters, or certification programs [25:05 - 33:58] Examining the Positive Trends in Family Enterprises and Leadership DevelopmentBringing in a third-party vendor to audit the family system can provide valuable insightMental health issues are becoming destigmatized, leading to more focus on wellbeing Leadership development, talent training, and advisor development are key areas of focusOptimism is the set point when it comes to the direction of families and enterprises  [33:59 - 35:25] Closing Segment Quotes: “ It's also not difficult to find out what is credible out there. There's a lot of stuff out there in any discipline that you can imagine.” - Jeff Strese “Sometimes we need to go through hard things to come through the other side more empathic, more enlightened, and more inclusive.” - Jeff Strese Connect with JeffLinkedIn: https://www.linkedin.com/in/jeff-strese-8622b36/Website: https://jeffstrese.com/ Connect with me on LinkedIn! LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON! Hosted on Acast. See acast.com/privacy for more information.

David Mandel is an emerging tech Super-Angel Investor and managing partner of Emerging Ventures Capital. He has invested in over 500 startups. Before his current career in venture capital, Mr. Mandel built, operated, and exited 4 different successful businesses in the Insurance and Finance industries over 28 years. [00:01 - 11:08] Getting into Early-Stage Tech InvestingDavid built, operated, and exited four different successful businesses in the insurance and finance industries over 28 yearsExiting his day job to focus on tech investingThe number one mistake angel investors make is investing in businesses not meant to be venture-backed [15:10 - 29:32] The Anti-Silicon Valley Investor: How to Find Success in Early-Stage StartupsMany early-stage startups fail or become "zombies" after taking angel moneyThe investment thesis focuses on execution: building, selling, and finding people to pay for the productDavid’s advice to founders: build it yourself, find a co-founder, go to an accelerator programStartups outside of Silicon Valley were struggling to figure out how to raise funding and make the next Southern California has great support for life sciences, social space, e-commerce direct-to-consumer brands, and entertainment [29:32 - 40:04] VC Sentiment in Tech InvestingValuations for tech startups have been drastically rising in the past few yearsPrivate markets lag 6-9 months behind public markets in terms of valuation resettingGood startups are still raising money from existing portfolios, but at lower valuations than a year ago. [40:05 - 41:35] Closing Segment  Quote/s: “You can be anywhere and apply to anybody. If you’re good, you’ll get funded.” - David Mandel Connect with David:Email: dmandel@emerging.vc Website: https://emerging.vc/ LinkedIn: https://www.linkedin.com/in/david-mandel-/?trk=public_profile_browsemap  Connect with me on LinkedIn! LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON!  Hosted on Acast. See acast.com/privacy for more information.

We are joined by Jason Van Thiel, the director of research for Helios - investment management, wealth management, and FinTech platform. We discuss how technology has changed the landscape for financial advisory, wealth management, and asset management in terms of how advisors work with their clients and their need to do more for them. We talk about the baby boomer retirement trend and the consolidation that it is causing within the industry. Jason also gives insight into how advisors can be proactive in their communication with clients by leveraging technology and segmenting their books to deliver personalized communication. We then delve into Helios’ white-labeled back office solution that allows advisors to outsource asset management programs while continuing to own their asset management program. Jason shares his experience as a former employee of large household name firms and provides tips on how financial advisors can remain disciplined during this challenging market environment, such as using trend-following methods. Tune in now to gain valuable insight into how technology is revolutionizing financial advising! [00:07 - 13:42] The Wealth Management IndustryTechnology has enabled financial advisors to provide more services to their clientsHelios provides a white-labeled back office solution for advisors to focus on where they excelHelios uses the term "insourced CIO" which is different from an outsourced CIOAdvisors need to pay attention to data points and give clients simple, cogent information [13:43 - 22:34] Being Relevant in an Ever-Changing IndustryLoosened barriers to spinning out with service providers and partnersGenerational change and wealth transfer from baby boomers to millennials/Gen ZAcademic trends following research can guide risk positioningAlternatives to the market such as fixed income, direct real estate, private credit, etc. becoming more attractive [22:35 - 31:35] Leveraging Technology to Democratize Investment Management Democratization of investment management has made it easier for financial advisors to access different platformsFinancial advisors should increase communication and transparency with clients during times of uncertaintyClients should be segmented and given personalized communications based on their preferences [31:36 - 33:42] Closing Segment  Quote/s: "But I think with technology as an enablement, if you do that smartly and intelligently that will help the advisor and the shop that's done their homework lead to better outcomes." - Jason Van Theil  Connect with Jason:Email: jason.vanthiel@heliosdriven.com LinkedIn: https://www.linkedin.com/in/jasonvanthiel/  Connect with me on LinkedIn!LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON!  Hosted on Acast. See acast.com/privacy for more information.