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Episode Info: Our guest on this week's episode of the Long View is none other than Josh Brown, CEO of Ritholtz Wealth Management. Brown's story is unique and inspiring. He began his career as a broker but grew disillusioned with the industry's skewed incentives and practices, eventually pursuing a career as an independent Registered Investment Advisor. Along the way, Brown managed to author an acclaimed book, Backstage Wall Street, and build an enormous following around his blog, "The Reformed Broker," as well as his twitter handle, @reformedbroker. Now he oversees Ritholtz's day-to-day operations in addition to his other duties, which include serving as a regular contributor on CNBC, as a member of fintech firm BrightScope's advisory board, and most recently as a technical advisor on the Showtime hedge fund drama Billions. Introduction and Background  Ritholtz Wealth Management   Josh Brown bio   The Reformed Broker   Josh Brown @reformedbroker  Backstage Wall Street: An Insider’s Guide to Knowing Who to Trust, Who to Run From, and How to Maximize Your Investments by Josh Brown  BrightScope Brown's appearance on Showtime's Billions  Origin Story "A personal crisis." Josh describes the epiphany he had in leaving the brokerage industry for the advice business after 10 years (1:20-3:41). "It worked immediately." How the Reformed Broker blog was born and led to a chance meeting with Barry Ritholtz, which gave rise to an RIA (3:42-5:21).  Barry Ritholtz bio Bailout Nation: How Greed and Easy Money Corrupted Wall Street and Shook the World Economy by Barry Ritholtz  "How I Met Barry" by Josh Brown, The Reformed Broker blog  The Advice Business "If they haven’t figured it out by now, they probably don’t want to." Observations on how the advice business has changed (5:22-7:29). "Understanding Mutual Fund Classes" by Finra   SEC Regulation Best Interest   Definition of a nontraded REIT  "Brokerages in name only." Why wirehouse clients aren't necessarily being ill-served by the system (7:30-8:09).  Morgan Stanley First Quarter 2019 Earnings Results  James P. Gorman, chairman and CEO of Morgan Stanley  Lending: The key difference between a fee-based account at a Wall Street wirehouse and a fee-based account at a traditional RIA (8:10-10:34). "The Rise of Rich Man's Subprime" by Josh Brown, Fortune magazine  Securities-based lending, explained  How to Provide Financial Advice Telling the client "no." The difference between pushing product and offering advice (10:35-12:16). "When Fund Companies Pay to Play, So Do You" by Leslie Norton, Barron's  "It's recreation; it's not a necessity." Helping clients to scratch an itch without putting their financial plans at risk (12:17-14:53). "Financial planning is the highest calling within our profession." Ensuring clients get past the firm's public persona and truly buy into its plan and approach (14:54-16:46). An ensemble approach to delive...
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