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33 minutes | 7 days ago
Ep.70 ESG INVESTING with JOHN ROSENBERG
For a few years, the wealth advisory and asset management worlds have been captivated by three letters . . . ESG: Environmental, Social, and Governance. ESG has been an exploding trend as investors want to align their personal values with their investments. The principle is that one's investments can do well by "doing good." Against that backdrop, asset managers are looking for new criteria to evaluate investment opportunities in the context of ever increasing difficulties in beating indexes over time. To some, ESG is a marketing gambit. To others, it is a framework to unlock greater returns and create positive social impact while doing it. To many, it is somewhere in between. To help make sense of this phenomenon, I spoke with John Rosenberg who has direct experience in asset management and the ESG world. John worked for the Federal Reserve Bank of San Francisco and has had a long career in banking and now works as an investment manager at a single family office and manages the LOUGHLIN WATER PARTNERS LP - an investment fund focused on technologies and assets that provide clean water and alternative energy. (Early on, John worked as a ski bum which he declares to be the most honest job on the resume!) Outline Could you give me some background on ESG Investing? We hear a lot of different terms bandied about such as Sustainable, Impact, ESG, or even SRI. Where did the term come from and how has it evolved? Are ESG stocks different from other stocks? Is there some particular differentiation? Are the letters all equal? A few weeks ago marked the 50th Anniversary of the Milton Friedman's essay on Shareholder Theory where he states that the corporation's social responsibility should be focused on profits. (The Social Responsibility of Business is to Increase its Profits). Do you agree with that? Milton Friedman thought corporations should be focused on profits, not other social responsibility initiatives. What is the driving theory behind ESG investing? Do you believe it actually promotes virtuous behavior? How do you parse the difference between a company that does many things well, but has a problem underpinning it's ESG score (i.e. tobacco bonds that fund good causes, but have dubious sources of revenue or a top notch company with an executive with a checkered record?) Are there data services to evaluate whether or not companies are engaging in responsible behavior? How does one deal with one data service vs another? How much of the analysis is qualitative? How do you get past the "check the box" or "greenwashing" phenomenon? You have been doing this, in one form, for a while now. What do you think of new entrants to the space? Jeff Uben, formerly of Value Act, made some comments critical of ESG investors awhile back. What do you think about that? https://www.barrons.com/articles/activist-investor-jeff-ubben-departs-valueact-to-focus-on-esg-51592936937 Do you think we are entering our could enter an ESG Bubble much like every other style of investing that catches on? Are the ESG criteria factorable and therefore quickly assimilated into indexes? ESG- Fad, Trend, or Is It Here to Stay? Fun Question. Additional reading on the pros and cons of ESG in investment performance and the role of corporations and the assimilation of ESG principles. Morningstar indicates that ESG Funds Outperform Their Indexes How Strong are the Links between ESG factors and Outperformance? Wharton: Why ESG Investors are Happy to Settle for Lower Returns https://frazerrice.com/blog/january-2014-book-review-lynn-stouts-the-shareholder-value-myth/ https://www.amazon.com/dp/B007PIZ8IO/ https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/
33 minutes | 14 days ago
EP.69 EMERGING MARKETS, DISORDER and INVESTING with PHILIP READE
It's important to speak to people who are having success exploiting other asymmetries. Many opportunities come when the world devolves into chaos. (Bill Ackman recently made gigantic money by buying insurance against corporate defaults related to COVID.) Sometimes there are opportunities when economies start to recover. Enter PHILIP READE. He is the Co-Manager of HELM INVESTMENT PARTNERS, an investment firm that focuses on emerging markets that collapsed and have developed a narrative for recovery. What made Philip's story interesting to me was not only his half Brazilian / half British geopolitical bent, but his application of recovery narratives into usable investment themes. Philip's Background Co-Manager the Partnership (Helm Investment Partners). Investor and board member of Cultura Inglesa Rio de Janeiro, one of Brazil’s leading English as a second language school networks, backed by 3G founder Jorge Paulo Lemann. For 7 years, until February 2016, Philip was a Partner, Co-Portfolio Manager and Co-Head of the Investment Team at Tarpon Investimentos, Brazil´s largest independent equities fund with over USD 3 billion (21.7% US$ net annual return, May/2002-April/2017). At Tarpon Philip served as: Chairman of the Board of Omega, Tarpon´s renewable energy platform / Chairman of the Board of Cremer, a publicly traded company and Brazil´s leader in the disposable health care sector / Chairman of the Board of Somos Educação, a publicly traded company and Brazil´s leader in the K12 educational market / Board Member of Tarpon Investimentos, the publicly traded GP / Board Member of Metalúrgica Gerdau, a publicly traded company and the largest long steel producer in the Americas and the second largest globally / Board member of Tempo Participações, a publicly traded company and Brazil´s leader in the Roadside and Home assistance businesses Prior to Tarpon, Philip was the Head of the Brazilian operations of a NY-based hedge fund, Marathon Asset Management, focused on private and public equities as well as structured credit. Prior to Marathon, Philip worked for Goldman Sachs in Sao Paulo, as part of the Investment Banking division, participating in over 20 M&A and capital market transactions in Financial Services, Real Estate, Telecom, Power Generation and Consumer. Before that, Philip founded and ran Brasilis Seafood, a company that financed seafood processing plants in Brazil and raised US$ 2 million in venture capital from one of Brazil’s larger institutional investors. Philip started his career at Brazilian Banco Garantia, founded by Brazilian entrepreneur and 3G founder Jorge Paulo Lemann and then at McKinsey & Co. He went to Sevenoaks School in England, holds an Economics Degree from the University of Sao Paulo (top ranked student in the history of the University, as of 1996 graduation, award for the best graduation thesis and class representative) and an MBA from Stanford. Helm Investment Partners Tell us about the firm and where did you see the opportunity? What does a typical EM manager do? How do you differ? You look for Crisis conditions . . . what does a crisis look like to you? How do you quantify "trouble"? When screening for good or bad governments, what do you look for? What are the countries you are focused on? Ex. Argentina, Greece, et al . . . The Concept of Going from "horrible" to "bad" Process Down 50% "Country-wide" What does this actually mean? How do you account for currency? If a currency devalues, how do you stay away from the trap that it will rarely recover? Looking for Narratives that Change Perception- what do those look like? Finding ways to invest in that narrative- what is the "bottoms-up approach" to finding companies? Why do you focus on Utilities, Telco, Retail, Consumers, and Banks? Trying to avoid being too early - how do you prevent tactical "short term downward swings" from battering your longer term p...
44 minutes | 22 days ago
Ep.68 ESTATE and CHARITABLE PLANNING for 2021 with New York Attorney, JORY BARD ZIMMERMAN
The election is finally past us and for wealth advisors the work and the uncertainty is probably just beginning. JORY BARD ZIMMERMAN joins us to discuss some of the tools to help wealthy clients take advantage of the tools available in 2020, incorporate philanthropy in in one's planning and get a rolling head start into an interesting looking 2021. Jory is an attorney with expertise in trusts, estates and wealth planning. She has deep experience in advising high net-worth clients on their personal, tax savings and philanthropic goals. Here is the outline of our discussion: —> Year-end gift planning: eg. using exemptions now, if possible, before they change: Applicable Federal estate and gift tax exemption for persons dying or gifts made in 2020 is $11.58 Million per individual, or @$23MM per couple (no claw-back). For transfers made after December 31, 2025, Federal exemption will revert to $5M, adjusted for inflation (@ $6MM in 2026), or maybe back to $3.5MM Current thinking: exemptions may be reduced as early as next year to provide funds needed for stimulus and due to COVID. Interest Rates plus lower Asset Valuations: Pandemic volatility in the financial markets plus low interest rates may be an opportunity to consider transferring depressed-value investments to family members through a GRAT, where little or no exemption may be required to effect the gift; remainder at end of GRAT term may go to family or a continuing trust. Will unused exemptions be lost? It's not exactly 2012 again: Most clients made gifts outright back in 2012; Now more clients are using a trust to receive gifts (control + access) Don't forget about the Annual Exclusion! $15K or $30K per couple per beneficiary (that can add up quickly) - using the Educational / Medical exemptions are also a powerful tool. For New York: $5.85MM estate tax exemption with an ESTATE TAX CLIFF, tax over @$6.2MM in assets (no gift tax but 3 year add-back until 12/2025). See more about how that works HERE: —> Charitable planning and COVID: In these uncertain times, charitable organizations need assistance more than ever plus clients may be seeking an income tax advantage (deduction). This is the time when charities need you the most. For 2020 (CARES Act), $300 per individual above the line deduction ($600 married couple, no itemizers, no AGI % limitation, must be to public charity, not a Donor Advised Fund. Also, 100% of cash contributions, no AGI % limitation (consider contributions of Long Term Capital Gain property subject to 30% of AGI), must be to public charity, not Donor Advised Fund. For 2020 (SECURE Act), no more “stretch IRA’s” (limited to 10 years + certain eligible beneficiaries), may name CRUT as an IRA beneficiary to mimic the “stretch”. This is the time to review and revise IRA beneficiary designations. Biden is talking about eliminating capital gains and taxing them as ordinary income (proposed rate of 39%), may be better to donate appreciated assets to charity (proposals from the Obama Green Book, e.g.., carryover basis, cap gains at death, like a sale, roll-back exclusion, GST’s limited to 50 years so no dynasty trusts). Time will tell what this looks like with a divided government. For New Yorkers, consider giving a dollar amount of the estate over “cliff” to charity, so that you don't fall off the cliff and create an additional NYS estate tax burden. —> Diversifying trusts by situs + Directed Trusts: Trust friendly jurisdictions with no income tax, e.g.. Delaware (basically) and Tennessee appeal to greater NY-area grantors, South Dakota and Nevada are used more by California clients. For example, creating SLAT’s (Spousal Lifetime Access Trusts), each spouse create a trust for the other. There is a need to diversify by different states to enhance creditor protection and to use different terms, jurisdictions assets and trustees to avoid the IRS's reciprocal trust doctrine.
35 minutes | a month ago
Ep.67 – WOMEN and VIDEO GAME CULTURE with REBECCA DIXON
https://thegamehers.com/ Video games were a formative part of my upbringing, but I have gotten away from them since my Atari 2600 and Nintendo/Sega habits. I was surprised to learn that the video game industry earned approximately $160B in 2019. It has out-earned the movie and music industries COMBINED for the last 10 years. It is estimated that there are over 2B gamers worldwide. Most telling, and maybe the most surprising to the uninitiated, women represent almost 50% of the gaming community. (The industry is made up of Publishers, Distributors, Retailers, Hardware Manufacturers, the Gamers themselves, and many other constituencies. Here is the Entertainment Software Association's deeper dive into the emerging demographics of the Video Game Industry Data. And Newzoo's is Here.) And if you weren't sure if the female gaming community was ready to "cross-over", Congresswomen, Alexandria Ocasio-Cortez and Ilhan Omar, played the video game "Among Us" on Twitch. With 12 hours notice, the event drew 440,000 concurrent viewers and represents one of the high-water marks in female gaming so far. Superstars like Pokimane (24yrs old) have gigantic followings (Twitter 2.5mm, IG 5.3mm, YouTube 5.8mm, Twitch 6.6mm). The major talent agencies like CAA, WME and UTA have divisions to represent these people. I wanted to find out more about this phenomenon, so I spoke with REBECCA DIXON one of the Co-Founders and Chief Marketing Officer at TheGAMEHERS. They can also be found on other social media platforms at @thegamehers (facebook, twitter, linkedin, twitch, youtube). Her company, TheGAMEHERs, is "a women-led community dedicated to amplifying and centering the voices of women, femme-identifying gamers and non-binary gamers who are comfortable in spaces that center women. This is a sexist-free space for the casual players, the hardcore gamers, the techies, the streamers, the designers, the cosplayers, the developers, and programmers. Their mission is to advance the role, voice, image, and power of all the*gameHERs in the gaming world." Enjoy the discussion- I'm sure it will open your eyes! Rebecca and TheGameHers are a group to watch in the female gaming space. Introduction Rebecca, tell us a bit about your background . . . How did you get into the gaming world? What Does the Gaming World Look Like Now? How do you break down the various gaming communities / size of the market? Women habitually underrepresented in the space- describe what the demographics in the space look like and what they look like for women? Intersection with Social Media- what are the relevant platforms? How are the platforms used? And how does GameHers intersect with them? What is GameHers Intersection with the Gaming Companies? Whom do you get involved with in video game development? What are they looking for? Talent Agencies? UTA, CAA, WME Who is big in female video-game field? @Pokimane @annhandLA @br The @Pokimane example ESports Twitch, Twitter, and the "Power Users" of Discord With open source coding and other tools, what are the avenues for women to get involved? What Are Some of GameHers' Initiatives? Community, and Awards, Podcasts, Advocacy: combatting exclusion, bullying, and hypersexualization Advertising as their start to revenue and talent development. What is your path to revenue/profit? What is the next step for GameHers? And how do we keep track of your Progress? @thegamehers (facebook, twitter, linkedin, twitch, youtube) Fun Question: What was your favorite video game growing up? The GAMEHER's Co-Founders Laura Deutsch, Rebecca Dixon, Verta Maloney, and Heather Ouida https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/
39 minutes | 2 months ago
EP.66 BITCOIN, ESTATE PLANNING and TRUSTEE RESPONSIBILITY with MATTHEW McCLINTOCK
Trustee Issues with Crypto-Currency (with Matthew McClintock) Family offices, trust companies and opportunistic individuals are dealing with a new and exciting asset class: cryptocurrencies. New Bitcoin multi-millionaires are "minted" by the day as interest in the space has captured the public's imagination. It has created a host of challenges for the owners of that wealth as they use the usual wealth management tools for intergenerational planning, asset protection, and tax structuring. Bitcoin's Meteoric Rise from 2010 (From ~$0 to ~$10,500 as of 10/2/20) (Here is a quick primer on Bitcoin - A HISTORY OF BITCOIN, INCLUDING PRICING. Today's podcast isn't a discussion of the merits of cryptocurrencies as investments or where they fit in a portfolio). Bitcoin and the other cryptocurrencies are controversial. Cryptocurrencies are grounded in a logical technology workflow (blockchain), but they have a shadowy origin and crypto's intrinsic value is rooted in public confidence around that blockchain workflow, not the usual confidence in the strength of the country that supports fiat currency. However, crypto's popularity has exploded and its value (and volatility) has rocketed along with it. What is unquestionable is that significant wealth has been created with the rapid increase in value of many crypto-currencies. The financial services industrial complex has not kept up and it puts many crypto-wealthholders at risk. There are 13,290 BTC addresses with more than $1mm according to this GlassNode REPORT and this does not include other coins like Ethereum, Ripple and the rest. Much of that wealth has been created in the last five years. Those owners are asking lawyers, accountants, and crypto-exchanges how to protect it, use it, borrow against it, diversify it and transfer it to the next generation or their selected interests. The owners of that crypto-currency wealth are getting older and looking for structures to protect this wealth for future generations. These structures include trusts and involve individual and corporate fiduciaries who have major responsibilities around the safeguarding and reporting of assets (including tricky ones like crypto-currency), the prudent investment of assets, and distribution of assets according to the terms of a trust and, where silent, in accordance with their best discretion. Besides the investment bona fides, what are the issues that these fiduciaries should be worried about? How do institutions, trustees, and others who have responsibility for others' wealth deal with this complex asset. To find out more, I spoke with MATTHEW McCLINTOCK- Partner at the law firm of EVERGREEN LEGACY PLANNING. Based in Evergreen, CO and Newport Beach, CA. The firm focuses on generational wealth planning for affluent clients. Importantly, Matthew has on-the-ground experience planning for cryptocurrency wealth, including clients with crypto-wealth in nine figures. We talk a little bit about the asset class, but focus on spotting the issues for the advisors that have to help client's navigate the high stakes world of crypto-wealth. The outline for our conversation: Matthew, tell us a little about your background- How did you get interested / experienced in cryptocurrency? What makes cryptocurrency so unique as an asset? What are the properties that make it like a Currency? Property? Commodity? Very quickly, how does one buy, hold and sell crypto currency? How big are crypto-fortunes right now? With intergenerational wealth, often times trusts are used for tax, asset protection and other forms of planning. Trusts are “located” in a jurisdiction, contain assets, have a grantor, a trustee and beneficiaries. The Trustee must safeguard/custody, invest and distribute the assets per the trust. Are people funding trusts with Cryptocurrencies? Being responsible for crypto-wealth Dabbling in this space can be dangerous and mistak...
57 minutes | 2 months ago
Ep.65 The PAST, PRESENT and FUTURE of a FAMILY BUSINESS with JIM O’SHAUGHNESSY
When you have the chance to spend an hour with Jim O'Shaughnessy, you grab it with both hands. Most of us feel like we know him personally based on his thoughtful opinions and Twitter acumen (@JPOSHAUGHNESSY). But Jim is obviously more than just memes and GIFS. Jim is the Principal, Chairman and Co-Chief Investment Officer, Portfolio Manager of O’Shaughnessy Asset Management ("OSAM"). He is a four-time author including the seminal investing book “What Works on Wall Street” and hosts the INFINITE LOOPS PODCAST with Jamie Catherwood. https://www.amazon.com/dp/B005NASI8S/ref=dp-kindle-redirect?_encoding=UTF8&btkr=1 I knew about a decent amount about his career and what his company does. However, Jim is a Renaissance Man and a perpetual student who's mind can't get enough. I wanted to get behind his thinking as he made the move from a once mighty investment bank to starting (and building) his own firm. How does someone with ferocious curiosity make joint decisions with family, with colleagues. How did he use his own attributes and processes that helped him build a successful business to help him build a successful family with his wife and kids? Finally, how does someone like Jim think about the inclusion of the family in his business? Who is going to run the business as he has gets older? Finally, how did he get to the ultimate decision of handing the reigns of the firm to his son, Patrick? I hope you enjoy this episode. This is the story family businesses should hear. While the road is littered with family businesses left in tatters due to dysfunction, Jim talks about some of things that worked for him and his family. I include our outline below, but beware. We veer away from the script early and often. Amazingly, by the time we are done we cover many of the questions I had. Ownership and Operational Succession What does OSAM do?Background on your expertise- Take us throughDevelopment of the CompanyWhat is the company focusing on now?CANVASPositive SumInvest Like The Best / Infinite LoopsCapital Camp Managing Transition You’re 60 now! What has been your thought process about where the company is? And where it’s going to be?It seems like you embrace younger people – What does this do for you? Energy, new ideas?How have youAt what point did you start to think about the company with you not at the helm?How have you dealt with your other kids on the participation of the business?Did they self-select in or out? Skills?How do you reconcile what you think vs what they want to do?How is your wife’s input on your decision-making?When did Patrick start looking ready to take on the roles that he’s taking?How have you handled it when someone disappoints another?How do big decisions get made at the company?What does a conflict look like? Who holds the tie-breaker vote?Do you have a board? Formal or informal? One of your most endearing traits is your open-mindedness. How do you get to say no?Managing portfolios vs Managing the BusinessWhat are you good at?What are you bad at?Twinges of mortality- what do you want your legacy to be when you look back on life?What are the values that you want your kids and grandkids to have?What have been the challenges there? How do you get your kids to communicate about the issues related to the business and their roles in it?How have you involved spouses in family decisions?Whom do you go to help you think through the role of the business in the family?Friends, colleagues, professional advisors?How do you think about the ownership of the company going forward?What do you see as the biggest challenge in managing the transition of the company and your role in it going forward? Fun Questions: What haven’t you achieved yet that you would like to?What does an average Tuesday look like for you?Three people (excluding family) alive or dead that you would invite to dinner. I also went ahead and got a loose transcription for those who want to read the proce...
29 minutes | 2 months ago
EP.64 BRINGING INSTITUTIONAL THINKING TO INDIVIDUAL INVESTING with GEORGE HUBBARD
In this episode of "Wealth Actually", I speak with George Hubbard. George is the Managing Partner and Chief Investment Officer of Algonquin Advisors, a Registered Investment Adviser that focusses on large families, foundations, endowments and other pools of money. He and his firm bring a unique approach to family investment management that uses tried and true institutional principles. Pay special attention to our discussion around alternative assets and the role of the asset class for family investments. George also talks about bringing "trustee" principles to investment implementation. And in honor of the U.S. Open at Winged Foot, we talk about what his dream foursome would be and where it would be played. Introduction Algonquin Advisors T21 Trustees What are the differences between institutional investment thinking and HNW thinking? Taxation Issues Time horizons Liquidity needs (Yale model) Return expectations Access/Deal Flow Position sizing "Real" Due Diligence (how much time/resources should one expect to expend in researching a manager/deal?) The power of concentration to build wealth Where alternatives fit in asset allocation Function of Alternatives Diversification Other types of risk the traditional investor is missing? The ultimate importance of having the private equity portion of a portfolio fund future vintages out of current private equity distributions. (While this is obvious in the institutional world, this kind of thinking is largely absent from most advice to investors who are "sold" private equity!). What can be borrowed from institutional processes to help Individuals make fewer rookie mistakes? Starting at the Beginning: The Investment Policy Statement and The Asset Allocation The Importance of a "Forensic Review" What comprises a "Forensic Review"? The Importance of "Intentional" Investment Decisions How should a trustee think about these things in a true "fiduciary" capacity? Importance of cash management, lock-ups, multiple time horizons, multiple beneficiaries, multiple interests What are the Alternative Asset Classes that investors are focussing on now? -Private Equity (LBO, Venture) -Private Credit -Hedge Funds / derivatives -Managed Futures -Commodities -Real Estate -Infrastructure -Collectibles -Insurance T21 and the Importance of Getting the Right People into Fiduciary Roles for Families George's Golf Dream Foursome How do we keep track of George and the firms? ALGONQUIN ADVISORS GHUBBARD@ALGADV.COM T21 TRUSTEES GHUBBARD@T21TRUSTEES.COM https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/
37 minutes | 3 months ago
EP.63 BUILDING A NEW TRUST COMPANY: A Discussion with BETSY BROWN
Part of the fun of the Wealth Actually podcast is to delve into topics around wealth management and better ways to help families understand the intersection between wealth and the fulfillment of goals and ideals. I also get to speak to people as they describe their entrepreneurial journeys- which in itself provides many lessons on the path to success. Occasionally, you get both in one conversation. Enter Betsy Brown. In this episode, we talk about: Betsy's background at larger institutions and the entrepreneur "bug" The changing Wealth Management Industry The desperate need for independence and customization for clients The appeal of Tennessee as a legal jurisdiction, a growing business haven, and a nexus for diversified businesses How this led her to the formation of Pendleton Square Trust Company. The development of her support system and the importance of having a community of entrepreneurs to lean on and share ideas (and opportunities!). The importance of story-telling in communicating, not just to the families she speaks with, but the market at large The influencers in her life that provide her "north star". This is a particularly fun I get to see this up close as I work with Pendleton Square Trust Company to bring the message of benefits of Tennessee law to the advisors for family offices, foundations and fiduciaries in the Northeast and beyond. More information about the firm and Betsy can be found on the links below: LINKEDIN: BETSY BROWN Transcript Tell us about the origin of the firm and what makes it special: We chartered Pendleton Square Trust Company in October of 2015- so we are about to celebrate our 5 year anniversary! Happy Birthday, Pendleton Square! We are a chartered trust company regulated by the TN Department of Financial Institutions. The opportunity came about from listening to families frustrated with the traditional corporate trustee options. We also studied and implemented accounting and administration technology platforms to build our dream independent trust company. I always use the term “we” because it took a team. My partner Derek Church is a genius- he is an attorney and oversees regulatory, compliance and operation side of the business- our board and investors believed in us and supported our plans to build a best in class independent trust company. Our trust officers and team members are serving our families and building efficient processes. I want to stress that we are an independent trust company- our definition of independent is that we are not affiliated with other banks or financial institutions- we focus on trust administration and we do not manage the liquid assets. As a fiduciary we are held by law to the highest standard of responsibility. Our model is designed to avoid conflicts of interest and provide a natural system of checks and balances, we are not managing assets or drafting estate planning documents. In addition- our fee structure is simple and transparent. I also want to share how the concept of INTERdependence is extremely important for our model. We are interdependent on the network of advisors surrounding the family- the financial advisors, estate planning attorneys, family CPAs, insurance specialists. There is constant communication and collaboration with our partners as we serve the family. In many cases, the financial advisor is the quarterback of the relationship- we are there to assist and provide the backbone of trust and estate services. How did you get into the trust business? I cannot believe that I am approaching 25 years in the financial services industry. I grew up in the traditional big bank environment- and I am so thankful for my strong credit and analysis background. I spent 10 years in Debt Capital Markets- a true transaction business- but my mentor always told me I should be in the long-term relationship business. I transitioned to private wealth and trust business for the next 10.
30 minutes | 4 months ago
Ep.62, The CURRENT ESTATE PLANNING ENVIRONMENT with BILL SWEET
As summer is starting to wane (before it ever really got going!), I took the time to try to look around the corners of wealth management for clients with BILL SWEET. We discussed today's estate planning environment and the many challenges and opportunities that currently exist and why it's important to get going on that process now. Bill is the CFO of RITHOLTZ WEALTH MANAGEMENT. Founded by Josh Brown and Barry Ritholtz, RWM has burst onto the wealth scene with a media savvy and marketing push that is different than most in the wealth management space. Bill manages the finances of RWM and is the resident expert on taxes for the firm's clients. Bill was also a Captain in the U.S. Army where he presided over $12mm pieces of rolling thunder as a Tank Commander! Military Experience Bill's Experience as a Tank CommanderThe benefits of hiring Veterans and people with military experience:DisciplineExperience with StructureResponsibilityHonor / PrinciplesPhD in Getting Things DoneReady pool of experienced employees Links to Veterans Groups at the bottom for those with further interest. Our veterans are an amazing resource of talent in this country. The Estate Planning Environment Bill and I went into a wide-ranging discussion of the benefits of getting one's estate planning done now and what might change in the near future. Interest Rates are at generational lows which provides extra leverage and flexibility in moving assets out of an estate.This applies to many estate planning and intrafamily loan techniques that have incredible estate and wealth planning powerThe current AFR rates are here: AFR RATES and IRSValuations for assets are low due to the recent market volatility, which means a well-thought out plan can get more intrinsic value out of an estate.Federal Estate Tax Exemptions are at all-time highs: $11.58 million per individual, or $23.16 million per coupleFederal and State finances are going to require more revenue implying an INCREASE IN TAXES. (and probably at all levels)The elections in November could have a massive impact on the generosity and flexibility of the current estate tax climate at the Federal AND State level.States hard hit by the COVID-19 epidemic may face particular economic and social concerns that require extra funding. (New York is a good example)There will be increased State scrutiny for those using low tax jurisdictions for INCOME AND CAPITAL GAINS TAX PLANNING.Very brief discussion of domicile and residence and the art and science of personal state tax planningIt is more than just 180+ days and changing your car registration.Here is a recent Supreme Court Case on the potential for double taxation at the state level: Edelmans’ New York Connecticut Residency Tax CaseThere is going to be a mad rush for a lot of families to accomplish their estate planning before the end of the year (and thus a mad rush around the advisors to implement this planning)Beware of the 9/15 and 10/15 tax deadlines . . . accountants are just now catching their breath from PPP planning and the extended 7/15 deadlineLawyers and financial institutions have not seen a potential crush like this since 2012. We anticipate EXTREME stress on entity formation, trust drafting and reviews, KYC processes and account opening. Waiting until November could be a big mistake.NYS Estate Tax CliffIf you have a net worth of $5mm or higher in NYS, you need to revisit your plans to ensure that your STATE estate tax liability is as low as it can be and if there are any steps you can take to reduce it. My quick primer is HERE.Having health directives etc . . . in place because of COVID illnessesI covered this in detail here: HEALTH DIRECTIVESGetting deposits in on nursing homes to make sure you have a spot locked in etc . . . Final thoughts on getting started even if you aren't in the "1%" Veteran's Groups For veteran's employment programs especially in finance, Bill suggested that I highlight the work of Won...
19 minutes | 4 months ago
Ep.61 HEALTH DIRECTIVES with TIFFANY MCKENZIE
In the age of COVID-19, there has been a renewed focus on Health Care Directives. The communicability and finality of the disease have opened up all sorts of fears and uncertainty for many people- especially among the elderly. To that end, I am excited to present the conversation I had with TIFFANY MCKENZIE. She is a partner in the Private Client Group at Bryan Cave in Atlanta. We talked about planning in the COVID-19 environment with extra attention on the often-overlooked health care directives. Description of the Current COVID Environment for Planning The speed and communicability of the diseaseThe higher death rates Many times people enter hospital unaccompanied A Quick Reminder for Listeners: What are the Usual Documents that Need Updating: WillTrustsPowers of AttorneyAnd Health Care Directives Health Care Directives How are this different from a Power of Attorney?Designating Health Care PreferencesDesignating a Health Care Proxy Preferences- What criteria for decision-making should we include?What are Proxy Who should be in this Role?When does this person make decisions?What should be considered in a COVID environment? Communication issues Being comfortable with remote methodsDeveloping a relationship with doctors and institutions and their decision-makingPreferences for choosing drugs, services Intubations - What is the process for ventilators?Triage v. Best Efforts What else are should be thinking about in emergency situations? Where can we reach you and keep track of your writings? TIFFANY MCKENZIE BIO TIFFANY ON "HEALTH DIRECTIVES" CHAMBERS COMMENTS
42 minutes | 5 months ago
Ep.60 FIDUCIARY LIABILITY with JUDY PEARSON
Judy Pearson is the Founder and CEO of Nomadx. Nomadx helps fiduciaries, officers, directors, trust companies and law firms identify the risks in their practices and insure them against liability. She has over 37 years of experience with Chubb, AIG and was a pioneer in the development of directors and officers liability coverage for AON. We're going to be focussing on the liability issues facing fiduciaries, including individuals, law firms, corporate trustees and private trust companies. Trustee Roles and Responsibilities The words Trust and Trustee- are big "all encompassing" words that mean different things to different people. Let's try to break it down a bit: A trust in general has three main roles: Grantor (Person forming the trust) Trustee (Person or entity in charge of running the trust) Beneficiaries (Those people who will benefit from the trust) Insurance Perspective From an insurance perspective, what do you see as the responsibility of the trustees? What are the duties (i.e. who is the client reporting to?) and risks? Duty of Loyalty (to the trust) Duty of Care (to the trust and the different beneficiaries) Safeguarding the Assets Reporting on the Assets Prudently Investing the Assets Distributing the Assets When dealing with the risks, what do modern trustees do to protect themselves from liability? Good policies, procedures, record keeping around decision making and action (operating with the risks) Setting up good structures to shield liability and get adequate support from experienced trustee providers to help with the job (transferring the risk) Identifying reasonable risks and getting reasonable insurance (insuring against the risk) How does trustee liability insurance look? Are there parallels to E&O and D&O insurance)? And what are the common misconceptions of the trustee insurance market? You don't need insurance Your umbrella policy covers you Your traditional E&O, D&O policies will cover you Trust Protector / Power of Attorney might not be in traditional insurance Belief of Indemnification - Is there an agreement? Can we indemnify beyond the law? Gross Negligence? Good Insurance advances defense costs to get out of Gross Negligence Reasonable risks: What are modern trustees worried about? TOLI’s and Life Insurance Distribution questions Interfamily loans Investing and reporting Reg BI Conflict between SEC and state standards 5 states of adopted their own rules and 12 additional states expected to adopt their own rules is 2020 Investment performance will be reviewed in 2020 hindsight Reporting to beneficiaries (look at SEC guidance) Cases to watch Divorce case testing South Dakota Privacy Laws and Asset Protection Breach of Fiduciary Duty Prudent investing internal funds vs. external funds Conflict of interest, mutual fund selection Direction Structures Deep understanding of roles and responsibilities Execution vs. structure of document Beneficiaries - making sure they are educated Future Trends Hybrid solutions with corporate trusteesSpecial Purpose Entities Insurance pooling? Conclusion We've presented a lot of scary scenarios! For current trustees and future trustees what is a good first step they should take in analyzing their situation? How do we keep track of you and Nomadx? WEBSITE: NOMADX LINKEDIN: JUDITH PEARSON https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT
64 minutes | 5 months ago
Ep.59 – COMIC BOOK PUBLISHING with GEVIAN DARGAN
In this episode of "Wealth, Actually", we get to dive into the comic-book industry with Gevian Dargan. Gevian is about to launch his comic imprint, Animated Concepts, which is focusing on getting some of the great comic stories from people of color that are out there, but not getting the attention they deserve. The industry itself is going through significant upheaval as the economics of developing IP come under considerable question and distribution systems face significant challenges with digital competitors and a new view of what makes a cool (and monetizable) story. Gevian and I tackle this subject as well as the magic of growing up with the excitement of going to your "local", discovering characters and forming tastes. It's this formative development that we wonder aloud that might be missing and may make it difficult to develop the next Marvel, DC, Harry Potter or other franchise. Here's Gevian on the "Thinking Critical" podcast talking about reaching new black comic readers. (This is a terrific interview BTW) https://www.youtube.com/watch?v=rGQw9Z7qOO0 Here's the outline of our fun conversation (we recorded for over an hour, spoke for two and probably could have gone on all day): Quick introduction- what are you're doing now and dramatic foreshadowing of your Animated Concepts project-Where did the love of comics come from? Talk about the relationship with the Comic Book ShopWhere you used to buy comics and where you buy them now? Challengers Comics + Conversations: www.challengerscomics.com; First Aid Comics: www.firstaidcomics.com; Dark Tower Comics & Collectibles: www.darktowercomics.com;Alternate Reality Comics: www.myalternatereality.comFavorite Characters / and what drew you to them?RobinShazamFavorite Issues/ StoriesFavorite Artists Who are the artists and writers we should really be looking out for?History, Craft, and Business of Comics (Diamond, New Readers, Promotion, Writing, Drawing, etc.)-How the COMIC BOOK industry has become so tribal politically, whereas before it used to be Marvel vs. DC vs. Indies (just weird now)MCU vs. DCEU What does the future of the comic industry look like?Animated Concepts - Tell us the concept behind it and what are your plans for it?How do we keep in touch with you? INFO@ANIMATEDCONCEPTS.BIZ (Focus Groups are forming in July- reach out to Gevian for more information)FACEBOOK: GEVIAN DARGANTWITTER: @GEVIANDARGAN A quick aside: many of you know of my love of comic books and the myth-making engine of that industry. My pal, Jim Harberson, and I (written under a pseudonym) dipped our toe in the water of the industry with our book, Stay Alive. We wrote our first (the horror/comedy, Stay Alive) and published it through the UK-based, Markosia Enterprises. It was a great experience to work with the multitalented and super-nice Stephen Baskerville. His art is amazing. The industry itself is tough. It's opaque and the chances of publishing, let alone success, are slight. Here's our first foray . . . https://www.amazon.com/Stay-Alive-Jim-Harberson/dp/1913359166/ and here are some of Gevian's favorite covers:
57 minutes | 5 months ago
Ep.58 – ASSET PROTECTION 101 with IKE DEVJI
As businesses and business owners struggle COVID-19; impact on operations going forward, I thought it would be useful to revisit the issue of asset protection for wealthy families. Liability is around every corner and the best laid plans can be wrecked with a car accident, an employee suit, or the discovery of asbestos in an investment property. Joining me is IKE DEVJI to discuss some of the ways to address this issue. He is a prominent attorney in Scottsdale, Arizona who focusses on asset protection for executives, business owners, athletes, entertainers, and other high visibility people that can be the object of creditors. Ike has personally practiced from Phoenix and Scottsdale, Arizona for over 17 years as an Asset Protection-only lawyer and helps protect a national client base of thousands of clients representing nearly $6 Billion in personal assets. He can be found at PRO ASSET PROTECTION DAVIS MILES MCGUIRE & GARDENERTwitter: @IKE_DEVJILinkedin: IKE DEVJI A) What is there to worry about? Here are some real examples of the “impossible” that actually happened and resulted in large claims: Parents away for the weekend return to find that a teenager died at their home during a party their child had from the drugs he brought with him;Chiropractor adjusts a patient’s hip and the woman dies on table from cardiac arrest-he is sued for wrongful death;Long time, most trusted employee of medical practice molests a minor female patient during treatment;Employees of moving company get drunk and severely beat another employee and lock him in company truck in company yard over weekend;LLC for real estate development is pierced and a passive member is held jointly and severally liable for the actions of the other members;Dentist works on elderly patient who goes home and dies of unrelated heart attack hours later, dentist sued for wrongful death. B) What are Ike's three layers to good Asset Protection planning? Clean LivingIdentifying the risks that are part of your daily life (and business)Being a good citizen and acting responsibly where at all possible Avoiding behavior that would cause harm and get you suedPutting in processes and procedures around riskier behaviorInsure against the risks you can reasonably identify (and afford)Put structures around and compartmentalize your wealth C) What are the big tactical missteps people make that Ike sees? 1. FAILING TO ACT (Timing) (AKA - waiting for the tort to happen)The importance of the term: Fraudulent Conveyance 2. THINKING YOU’RE NOT RICH ENOUGH Many larger high net worth families can absorb a large hit to their net worth and not suffer a reduction in lifestyleFor those people with net worths in the 500K-5mm range, a $1mm settlement can have catastrophic consequences on lifestyle 3. RELYING ON YOUR TRADITIONAL ESTATE PLANNING 4. TOO MANY EGGS IN ONE BASKET What happens if an accident happens on one investment property but you own 8 others? 5. SQUARE PEG ROUND HOLE – USING THE WRONG TOOL 6. DRAGGING LIABILITY INTO YOUR PLAN Ike brings up a terrific example where having your business own your vehicles may be great tax planning in allowing you to deduct those expenses, but it can be terrible asset protection planning if they are used personally and cause a lawsuit. The assets of the business will have been exposed to the action. 7. RELYING ON GIFTING TO RELATIVES (SEE ALSO FAILING TO ACT) 8. USING UNPROVEN, POORLY STRUCTURED TOOLS OR SCAMS LIKE “FRIENDLY LIENS” 9. RELYING ON INSURANCE ALONE OR FAILING TO ADEQUATELY INSURE. WHY CAN’T WE SIMPLY INSURE OUR WAY TO SAFETY? Premiums are expensive The "Business of Insurance" to collect premiums and try to pay out claims as little as possible)If you look hard enough you can find liability everywhere - there isn't enough any to insure away EVERY risk.Having a good P&C Insurance expert is important to makes sure that you have enough insurance to cover high probabilit...
31 minutes | 6 months ago
Ep.57 – DIVORCE in the COVID-19 World with EVAN SCHEIN
With the tensions brought on by the confinement, new roles and financial pressures of the Coronavirus, I thought it would be good to take a new look at one of the greatest threats to wealth . . . Divorce. High-end family law attorney, EVAN SCHEIN, and I got to sit down and talk about what is happening in the world of divorce. Evan is an expert in the field as Partner and Head of the Litigation Department of New York-based divorce firm, BERKMAN BOTTGER NEWMAN and SCHEIN. He has seen it all in the space. Here is a quick outline of what we covered: Are confined spaces and the quarantine causing an increase in the interest in divorces- what are you seeing in your practice?How has the lockdown impacted the process of divorce?What is the process looking like in the new Zoom Conference world?Is there anything new in the legal landscape of divorce?Planning before the wedding generally- what are best practices? What is the best way to be a good client?Asset titling is this still a useful tool?The use of trusts- has this expanded in this day an age?What is the best way to integrate other advisors? Wealth Advisors, Lawyers, Accountants, Business Advisors, Agents?Pre and/or post nuptial agreements- how should one think about pre-nuptial agreements? How do you have that uncomfortable discussion?If you are feeling like divorce is becoming an option in your relationship, what should you do?How do you advise people in communicating with the children in this difficult circumstance?Any crazy stories that you can share?Personalities in the divorce practice? EXTRA POINTS: Finally, (since I'm running this!), Evan and I take a quick tour of our favorite sports teams and how they are dealing with the sports disruption. https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT
40 minutes | 6 months ago
EP.56 – Mehlman/Castagnetti POST-COVID PREDICTIONS
https://mehlmancastagnetti.com/wp-content/uploads/After-COVID-Mehlman-Q2-2020.pdf The political consulting firm, Mehlman Castagnetti, put together an interesting presentation on what a post-COVID world is going to look like. HAVEN and I synthesized some of the highlights and broke down what we saw as important. The link is above and it's useful to have in front of you as we deliver our comments. Here is a quick outline of what is covered: SECTION 1: WE WERE NOT PREPARED "Recreational government" is neglecting what the true government functions are. Our system is overly focussed on luxuries and there doesn't seem to be any political will until disaster is upon us. SECTION II- M/C's PREDICTIONS #1- New Psychology- what will the population's mindset look like going forward? #2- "Deglobalization"- Will there be a retrenchment? #3- Freedoms Trade-Off: Can you be worried about the virus, the economy and political freedoms at the same time? #4- "Techlash" - will the suspicion of tech companies persist? It may pause but will return in earnest when our situation stabilizes- #5- Asset Bubbles as search for yields and stability becomes paramount. #6- COVID Inequalities Widen Social Divisions #7- Initiatives will move away from the state SECTION III: REASONS FOR HOPE #1- Americans Stepping Up: Fauci, Front- Liners, Community #2- Innovators Stepping Up #3- Government Trying to Step Up- Even If Incompetently OUR BIG ASK- More Cooperation Between Public and Private Spheres as we look for solutions to the virus and revitalize the economy? A reminder that you can subscribe to the podcast on most major platforms. More from Haven on his PUNDIFICATOR blog below. . . https://pundificator.com/ And "Wealth, Actually" can be found here: https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT https://www.amazon.com/Stay-Alive-Jim-Harberson/dp/1913359166/
39 minutes | 7 months ago
EP.55 ESTATE PLANNING & TENNESSEE TRUST LAW with AARON FLINN of the WALLER LAW FIRM
The COVID-19 phenomenon has created worldwide economic upheaval and problems for many business owners. One area where the coronavirus has created opportunity is in the field of estate planning. I was able to speak with AARON FLINN about the opportunities that exist right now. We will go into some of the tools in his toolkit (including the use of preferred jurisdictions like Tennessee) to help successful, and often complicated, families take advantage of a difficult economic environment. Aaron is a partner of WALLER, a full-service business law firm based out of Nashville, Tennessee with offices across the Southeast and Texas. He specializes in trust and estate work, wealth preservation, business succession and family office structuring. Why is right now is an optimal time to review estate planning affairs and wealth structure? 1) The shutdown has been a rare quiet time to think about the how families want to set up future affairs and have internal discussions about the investment, use, direction and purpose of the wealth. 2) Lower valuations: With markets generally lower across the board, the valuations of most family assets has decreased as well. This provides added flexibility when using estate planning tools and government defined exemptions to shift wealth out of an estate into the ownership of the next generation. 3) Generationally low interest rates: As the government has lowered interest rates to stimulate the economy, many of the standard interest rates used in estate planning have fallen as well. Government defined "Applicable Federal Rates" (AFR's) are the lowest they have ever been. The amplify the effectiveness of even the simplest of planning techniques. As part of that planning, there are lots of instruments, jurisdictional choices and legal devices to effectuate a family's wishes. What makes Tennessee an interesting state for families to consider? The Friendly Trust Environment of Tennessee The theory behind Tennessee's trust law The interaction of the Bar, Trust Industry, and the Regulators Directed Trusts Specialized control of a trust's investments - why is that important? Involving Trusted Advisors on Distribution Decisions - why is this important? Why does the use of an Independent Trust Company for administrative purposes make sense? Avoiding State Income Tax on Accumulated Income and Capital Gains How does this work with clients from other states? What should we think about with source income Asset Protection Beneficiary Creditors Self Settled Trusts Distribution Flexibility Perpetual Trusts Flexibility for Family wishes Decanting Trustee Removal Silence Specialized Protection for Independent Advisors Special Purpose Entities (SPE) for investment direction advisors Special Purpose Entities (SPE) for Distribution Advisors Tennessee as an Excellent Environment for Private Trust Companies What is a Private Trust Company? In building these out what is the best way to ensure the multi-generational success of this flexible structure? Jurisdictional and Regulatory "Understanding of the Space" Well-suited legal and corporate fiduciary support located locally as required. COMMENTS or QUESTIONS Aaron can be contacted here: AARON FLINN Additionally, I can be contacted here (FRAZER RICE) or here (FRAZER RICE) for further comments and questions. https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT
35 minutes | 7 months ago
Ep.54 POLITICAL SCIENCE FICTION: WHAT IF THE ELECTION IS DELAYED?
What if the 2020 election was delayed or cancelled? Haven and I take on this scary, and not-out-of-the-question, possibility . . . The mechanics of a delay or a cancellation are complicated. Here are three good articles for context on the topic from: Anthony Fisher, from Business Insider ("We need a backup plan to ensure all Americans can vote in November's presidential election. Our democracy could depend on it.") and . . . https://www.businessinsider.com/coronavirus-we-need-backup-plan-voting-november-presidential-election-2020-4 Ian Millhiser from Vox ('Can Trump Cancel the Election?") https://www.vox.com/2020/3/21/21188152/trump-cancel-november-election-constitution-coronavirus Haven Pell on the Pundificator (World War Three at a Time) https://pundificator.com/world-war-three-at-a-time/ Here is an outline of the potential chaos. Fighting The Three Political Wars and where an Electoral Dysfunction may fit in . . . Novel Coronavirus / Covid-19~1.8/2.0 MM cases in the world 525k/550k in the US~110,000 deaths in the world 20,000 in the USLimited testingVaccines a long way offContinuing though perhaps diminishing fearGenerally good compliance with lockdown, social distancing etc.Dueling Daily Trump and Cuomo briefings. Discussion politicizedR’s lean toward reopeningD’s lean toward public safetyPeople’s lives vs. the stock marketReopening the Country16 MM filed for unemployment in three weeks. Highest by a multiple of 10Stock Market down 36% peak to trough (2/19-3/23)21% peak to today (2/19-4/9)Same today as June 2019, April 2018, November 2017Significant concerns about small businesses e.g. restaurantsSignificant and disruptive long-term changes possible to highly likely Remote workResiliency of supply chains over costAnti-globalist sentimentBusiness travelTourismWhen country reopens how fast will people/customers come backPolitics / ElectionsD primaries essentially fizzled out when Sanders withdrewBiden 49% Trump 43% RCP AverageDemocrats hate Trump more than almost any other President everRepublicans hammering Biden for gaffes, mental infirmitiesNo traditional campaigning during lockdown Conventions – will they happen? Do they need to?Ds Milwaukee 8/17-20Rs Charlotte 8/24-27Who wants to bring thousands of potentially infected travelers into a swing state? There are 535 House members and Senators plus the presidential and vice-presidential candidates. Only 1/3 of the Senate runs, but assume each seat is contested. Eleven governors are up for electionHouse = 435 x 2 = 870Senate = 33 x 2 = 66President Vice President = 2 x 2 = 4Governors 11 x 2 = 22Total candidates = 962Countless candidates for state legislative seatsSince political candidates tend to be older and since they might not be observing public health guidelines, what are the odds on at least one if not several dying during the campaign? https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT
27 minutes | 7 months ago
EP.53 USING L.E.D. CONVERSION TO DRIVE REAL ESTATE RETURNS w/ JUDD STENSRUD
In this episode we dive into the world of real estate development and the use of LED conversions to save money and drive returns. Joining us is Judd Stensrud. Judd is the founder and CEO of LUMEN GLOBAL. The firm uses energy efficiency to help drive real estate returns. Judd has an undergraduate degree from Duke University in economics and an MBA from the University of Chicago. However, it wasn’t until he got to Costa Rica in the early 2000's that he began to truly grasp the impact of costs within a vast portfolio of income producing real estate. Using these tools later in his career, Judd Helped renegotiate a half billion dollar loan with The Bank of China, Was the lead asset manager for The Plaza Hotel in New York, and Led a process where Bill Gates and the Four Seasons Hotels invested over $300 million into a project that was his brainchild. Recognizing the typical reasons that investors miss out on maximizing their profits led him to found Lumen Global. Background- Tell us a little about how your Costa Rica experience and how that impacted your view on managing real estate.How did this and your other experiences lead you to found Lumen Global?Process What does Lumen do to add value? While Lumen Global utilizes a number of energy efficiency measures to help increase your bottom line, we believe there is not a better available tool than converting to LED lighting technology. Why? What is Your Process? Energy Efficiency measures drop 100% to your bottom line. Most deals have an IRR of 50% to over 100%. Cash outlay, if any, is generally returned within one year. We are a turnkey process… no work for your team. How? We begin with a lighting analysis. We feel the best place to invest your money is through LED light technology. We count all lights on your property. We come back to you with an analysis. We estimate how much you are spending per year buying lights and installing them. We show your total spend on lighting per year and how much you will spend after converting to better looking LED technology. Our analysis will show the turnkey cost to convert to LED. Our professional bonded and insured electricians install the new material. We process all incentive paperwork and use this to decrease the total job cost. Examples Office Buildings Multi-Family Properties Shopping Centers Warehouse Industrials Restaurants Hotels Medical Facilities Parking Lots Interesting Stories McDonald's Warehouse Conversion Others OutroHow do we keep tabs on Lumen Global?For those who want to use you or get involved, how do they contact the firm? LUMEN GLOBAL WEBSITE firstname.lastname@example.org https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT
42 minutes | 7 months ago
Ep.52 LEANNA HAAKONS- Sound Money Strategies in the COVID-19 Lockdown Environment
Leanna Haakons is a financial marketing expert, entrepreneur and author of bestseller, Young, Fun & Financially Free. In addition, Leanna is the EIC of TheWellthyMindset.com, and says Millennials those in their (20’s-40’s) don’t need to panic now because they should be thinking about their long term financial goals with plenty of time for their investments to bounce back. Leanna hosts a regular segment on Yahoo Finance and is a seasoned TV guest appearing on CNBC, Bloomberg, ABC News and dozens of other publications. https://www.amazon.com/Young-Fun-Financially-Free-Kick-Ass/dp/0998854638 COVID-19 and Disruption How has this impacted your business? Cash flow (potential job loss / reduction of work) What are you telling your clients and listeners on how to gear up for what looks like a rough set of months coming up? Cash positions (reiterating the importance of having 6 months+ of expenses) Evaluate Expenses (now is a good time to sharpen the pencil on things that you need vs the things that you want) Leverage and borrowing- taking a hard look at the various interest rates that you have and strategizing around them. For those that can, is this a good time to refinance your mortgage? (I'd say yes if you can) Market drops and volatility Saving for retirement and other goals based investing- (I'd argue that this is a great time to continue to do this . . . or start) Is now a good time to invest? (I'd argue yes, if you have the cash flow and time horizon to be able to do so) Using the time well Going deeper into your field- extra study, zoom conferences, making new contacts within your field Developing skills just outside of your field that can make you even more dangerous in your job (Examples: media/PR skills, coding, taking courses in important subjects like contracts etc . . .?) Developing contacts outside of your field that might be helpful (industry associations etc . . . ) Developing expertise in your non-career interests (do you have a book in you, podcasts, painting etc. . . .?) Can those be linked together in the future? Spending time with family and friends (even virtually), so that your support community is in place during this time AND after. Rest/exercise where possible Coming out of the Abyss Trying to envision what the future looks like in six months If you have a business, what should you be doing to stabilize it? What are the various programs out there that might be of help? Outro Leanna- how do we keep tabs on you? Where should we find you on social media? Leanna Haakons - Media Reel www.blackhawkfinancial.ca / www.youngfunfree.com Instagram @leanna_hawk / Twitter @leannablackhawk
43 minutes | 7 months ago
Ep.51 THE AMERICAN CONSUMER’S NEW PREFERENCES
The country is in the midst of a debate between confinement and distancing in the name public health and the reopening of the country to re-establish the health and stability of the American economy. To that end, Haven Pell (PUNDIFICATOR) and I thought it would be interesting to discuss the ramifications of the choices American businesses are making right now. These are choices related to message, action and communication. Tracking off a study done by Glover Park Group in Washington, we look at some of the trends found in polling of what is important to Americans right now and what will be important in their decision-making around firms and commerce going forward. COVID- 19: An In-Depth Conversation with the American Voter https://assets.documentcloud.org/documents/6821088/GPG-COVID19-Caucus-Insights-0326202.pdf Here are some of the main points that we discuss: Business actions today will shape corporate reputation for years to come. Americans say they will remember who stepped up and made sacrifices for the greater good.Coronavirus has put debates on the social safety net and paid leave front and center. Americans want industries who receive aid to repay that goodwill in how they act and behave. Many worry about their health and the economy but prioritize the needs of those on the frontlines.Americans are grateful for services of essential employees and medical professionals and demand we do more to support them.Be deeply empathetic.It’s not business as usual, so don’t communicate as if it is.Identify what relevant capability or area of expertise you can deploy to play your part.Pass the loyalty test.Remember the lessons of 2008. https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT
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