Wicked Pissah Podcast

Paul Gaudio Host Michael Connaughton is joined by Paul Gaudio. Paul is a CFP® and Client Advisor at Crestwood Advisors with 8 years of experience helping individuals and families make smart choices with their money. Paul is passionate about guiding clients through life & financial complexities with clarity and care. He also serves as the President of NexGen for FPA New England, where he supports the growth and development of emerging professionals in the financial planning community, and works to expand the efforts of the Financial Planning Association through networking events and webinars.   They discuss:  Paul's background and career journey.  His experience as President of NexGen for FPA New England.  Partnerships he's formed and upcoming events. And much more. Contact Paul: Linkedin: https://www.linkedin.com/in/paul-gaudio-cfp%C2%AE-a5787aa6/  

Catching up with FPA Leadership - with Dan Galli & Dennis Moore On this episode Kathleen and Kevin are joined by FPA national president-elect Dan Galli as well as long-time member, supporter and now acting CEO of FPA National, Dennis Moore.   We chat about what brought Dan and Dennis to the FPA, why they both remain committed to the organization, what initiatives they are prioritizing at the national level over the next few years, and their ideas for improving communication between national and the chapters.  We also discuss some of the lesser-known benefits available to FPA members, how to go about transitioning from local board participation to national engagement, and of course, the upcoming annual conference in Las Vegas.    https://www.linkedin.com/in/djgalli/ https://www.linkedin.com/in/dennisjmoore/ https://ac.financialplanningassociation.org/

On this episode of the Wicked Pissah Podcast, we are joined by Stephen Pepe of Longbridge Financial, LLC, where he is a top producing Loan Officer, Reverse Mortgage Consultant and industry expert in reverse mortgages.   Steve shares with us his expertise in the different ways that reverse mortgages can be used for both current and long-term financial planning purposes, regardless of your income and net worth, sheds some of the myths regarding reverse mortgages, and outlines both the process for opening a reverse mortgage and the regulations in place to keep the consumer safe.  Steve even touches on his musical talents outside of the reverse mortgage world.  Get ready to learn and enjoy this episode of the Wicked Pissah Podcast. 

Reassuring Clients About Social Security – with Marcia Mantell On this episode, Kathleen and Kevin speak with Social Security and retirement planning expert Marcia Mantell to talk about how clients' anxiety about Social Security has changed over the last few months. Marcia reassures us that she is not worried about retirees not getting their checks but also explains why she's keeping an eye on her father-in-law's account to make sure he continues to receive his retirement benefit.  We discuss how the process of applying for benefits is changing, why it's so important to get your online Social Security account setup, when Marcia thinks Congress will finally take action to fix the program, and her suggestions and tips for keeping your sensitive financial information safe.  https://mantellretirementconsulting.com/ https://www.linkedin.com/in/marciamantell/  

If you've seen the news this year, you know why we wanted to talk about this topic.  Whether DOGE layoffs or early retirements or concerns about future job security, Federal employees may be looking to financial advisors for counsel.  To help you be better prepared we wanted to talk with a specialist.  In this episode, hosts Chris Boyd & Brad Wright are joined by Micah Shilanski, CFP® to talk about Federal Employee Retirement benefits.     You might know Micah from co-hosting The Perfect RIA podcast, but today he shares a bit about his practice, his passion of time management, and then we learn about the Federal retirement benefits.   Whether to learn about the Thrift Savings Plan, some special early Social Security benefits, or Pension and Health Benefits under FERS, you'll no doubt learn some helpful tips for working with clients who are Federal Employees.     Micah's Podcasts: https://planyourfederalretirement.libsyn.com/website https://theperfectria.com/podcasts/   LinkedIn Address:  https://www.linkedin.com/in/micahshilanski/ Website: https://plan-your-federal-retirement.com/  

Jordan Jackson, J.P. Morgan Global Market Strategist: Tariffs, Trade and Taxes… Oh My!  Hosts Kathleen Kenealy and Kevin Williams are joined by JP Morgan Global Market Strategist, Jordan Jackson. Jordan is an Executive Director and a Global Market Strategist on the J.P. Morgan Asset Management Global Market Insights Strategy Team where he is responsible for delivering timely market and economic commentary to clients across the country.  We talk about all the things that are top of mind for you and your clients right now: tariffs and trade; domestic versus international equities; the strength of the US dollar; interest rates; consumer confidence levels; the dreaded “R” word, and more! https://am.jpmorgan.com/us/en/asset-management/adv/bios/jordan-jackson/ https://am.jpmorgan.com/us/en/asset-management/adv/insights/market-insights/guide-to-the-markets/   On this episode, we speak with Executive Director and Global Market Strategist Jordan Jackson.  As part of the J.P. Morgan Asset Management Global Market Insights Strategy Team, Jordan is responsible for delivering timely market and economic commentary to clients across the country.  We talk about all the things that are top of mind for you and your clients right now: tariffs and trade; domestic versus international equities; the strength of the US dollar; interest rates; consumer confidence levels; the dreaded “R” word, and more!  What's it time for?  

Jeff Johnson Hosts Michael Connaughton and Brad Wright are joined by Jeff Johnson, Senior Vice President of Appleton Partners. Jeff is a member of Appleton's Fixed Income Investment Committee and is responsible for business development and managing strategic institutional client relationships across multiple intermediary and wealth management channels. Prior to joining Appleton in 2009, Jeff was a Senior Vice President of Fidelity Investments where he headed up Relationship Management for the Institutional Wealth Services (IWS) division. Prior to joining IWS, he was National Sales Manager for Fidelity Capital Markets Institutional Fixed Income Group. Jeff has served on the Regional Advisory Committee for the Security Industry and Financial Markets Association, and has been actively involved in the municipal securities business in both capital markets and asset management capacities.   They discuss: ·      Jeff and Appleton's views on the state of the fixed income markets. ·      Macroeconomic factors. ·      Strategic opportunities across fixed income.   And much more.   Contact Jeff: Emai:  jjohnson@appletonpartners.com Website: https://www.appletonpartners.com/

John Finney Host Michael Connaughton is joined by John Finney Co-Founder Overvue. John Finney is the co-founder of Overvue, a software company that helps financial advisors streamline their client onboarding. Before starting Overvue, John spent over five years in wealth management at two national RIAs. During that time, he played a key role in the overhaul and sale of an advisory team managing $750 million in assets.  As a CERTIFIED FINANCIAL PLANNER™, John's worked in both client-facing advisory roles and behind-the-scenes focused on improving operations. Now, he brings that experience to Overvue, building solutions from the other side of the table. They discuss: -John's background in wealth management and how it shaped his business. -Overvue's mission to create a better client onboarding experience. -The functionality of Overvue and how it creates client and advisor efficiency. And much more. More on Overvue Website: ihttps://www.overvueproposals.com/ LinkedIn: https://www.linkedin.com/company/overvueproposals/ Contact John: Emai: jfinney@overvueproposals.com Linkedin: https://www.linkedin.com/in/john-finney-cfp-21435914a/

Andy Ives, CFP®, AIF® – Navigating Net Unrealized Appreciation (NUA) Strategies Host Chris Boyd is joined by Andy Ives, CFP®, AIF®, an IRA Analyst at Ed Slott and Company, LLC, to delve into the intricacies of Net Unrealized Appreciation (NUA) and its potential benefits for individuals with employer stock in their retirement plans.​ With over 25 years in the financial services industry, Andy brings a wealth of knowledge on IRA distribution planning and advanced retirement strategies. They discuss: The fundamentals of NUA and how it can lead to tax savings​ Key "triggering events" that activate NUA rules​Ed Slott and Company, LLC+1Ed Slott and Company, LLC+1 Common pitfalls to avoid when handling employer stock​ Strategies to optimize long-term capital gains treatment​ For more insights from Andy and his team, visit Ed Slott and Company.​

Hosts Michael Connaughton and Kathleen Keneally are joined by Joy Slabaugh founder of The Financial Conflict Resolution Institute. Joy is a CFP® professional with 20 years financial of planning experience that includes providing advice to multi-billion dollar clients.  She is also a licensed therapist trained in Internal Family Systems with experience working with individuals and couples. Her unique combination of experience positions her to help advisors easily transform their client's wealth mindsets and resolve marital financial conflicts so they can make more money, be more efficient, and deliver life-changing client value. They discuss: -Joy's background as an advisor and a licensed therapist and how it shaped her business. - Joy's engagement process with both advisors and advisor's clients. -Behavioral finance ad client approach And much more. More on Joy and The Financial Conflict Resolution Institute. https://www.financialconflictresolutioninstitute.com/ Contact Joy Email: slabaugh.joy@gmail.com Linkedin:  https://www.linkedin.com/in/joyslabaugh/

Keith Garte Hosts Michael Connaughton and Kathleen Keneally are joined by Keith Garte, Personal Risk Management Advisor with Assured Partners. Keith Garte is a Personal Risk Management Advisor with Assured Partners working out of their Natick office. Keith helps successful individuals and families by protecting them from unforeseen events that will have a negative impact on their finances. Keith has over 25 years of advisory experience in both insurance and financial services.  They discuss: -Keith's process, how he collaborates with financial advisors, and questions for advisors to ask. -Risk mitigation strategies, carrier selection and much more. Contact Keith Email: keith.garte@assuredpartners.com Phone: 781 641 7222

Advisor Tech with Jump Advisor AI CEO Parker Ence Hosts Brad Wright and Kevin Williams are joined by Parker Ence, CEO and cofounder of Jump Advisor AI. Parker is an entrepreneur and operator with 12 years CEO/cofounder experience across advisor tech, data, AI, and SaaS. As CEO, he's operated companies in spinoff, turnaround/distressed, and startup scenarios. Parker also has experience in PE/VC, consulting, and economic development. He has his MBA from Stanford. They discuss: - How Jump AI turns conversations into tasks, notes, and compliance records with secure AI -Ways it can help with meeting prep -The amount of time it can save advisors and what advisors are doing with that extra time For more on Jump Advisor AI: https://jumpapp.com/  

Have you thought about making your business fully remote?  Or perhaps it is and you've wanted to relocate?  That's the story of today's guest, Erica Feldblum, and LPL advisor, on this week's episode of the WPP.  Listen in has Erica shares her story.  Over 30 years she has developed specific niches working with women, retirement plans, and those passionate about ESG.  She sounds more passionate than ever, as she shares her story of moving from an in-person practice to fully remote which afforded her the opportunity to relocate to Nashville, TN.  Hear practical tips and valuable lessons from her experiences.  Perhaps you, too, will bring increased freedom and enthusiasm to your delivery of financial planning and financial services!    Join co-hosts Chris Boyd (https://www.linkedin.com/in/j-christopher-boyd-b932169/) and Brad Wright (https://www.linkedin.com/in/bradleyonair/), both past presidents of the chapter.   Erica Feldblum can be found at: email: Erica.Feldblum@LPL.com Web: https://www.ef-financial.com/team/erica-feldblum LinkedIn: https://www.linkedin.com/in/erica-feldblum-06b444/  

Hosts Brad Wright and Chris Boyd are joined by Michael Bell, CEO of Meketa Capital Michael has more than 25 years of experience in the investment management and wealth management industries. He is the Chief Executive Officer of Meketa Capital as well as the Founder and Chief Executive Officer of Primark Capital. Prior to Primark, Michael built and was the CEO for a $12 billion RIA, managing more than 30 investment strategies and a $10 billion liquid alternative mutual fund complex that launched more than 50 alternative funds. Most recently, he purchased, grew, and sold a family office-backed $6 billion RIA. Also, he specialized as a corporate finance attorney for Latham & Watkins and was a CPA for KPMG. Michael holds a Bachelor of Science in Commerce from the University of Virginia and a Juris Doctorate from West Virginia University. They discuss: - Investing in private equities and credit -Historic hurdles and challenges with accessing these investments and how that's changing - What a co-investment is and how it can affect fees For more on Meketa Capital: www.meketacapital.com

Hosts Brad Wright and Kevin Williams are joined by Scott Gottlieb of U.S. Compliance Consultants. Scott is President of U.S. Compliance Consultants, a full-service compliance consulting company that focuses exclusively on state and SEC-registered investment advisers. Scott founded U.S. Compliance Consultants in 2004. U.S. Compliance Consultants has been a preferred service provider for both Schwab and Raymond James almost since its founding and Scott has conducted multiple compliance seminars on a variety of topics for both firms. Prior to founding US Compliance Consultants, Scott was a corporate and securities attorney at Kelly, Drye and Warren, an international law firm based in New York City. He started out as a corporate attorney for Robinson & Cole, a regional law firm with offices in Boston, Hartford and Stamford, CT. They discuss: - The job of an outside compliance consultant -State versus SEC compliance -Launching a new firm -What regulators are focusing on in 2025, including artificial intelligence For more on U.S. Compliance Consultants: https://uscomplianceconsultants.com/  To contact Scott: seg@uscomplianceconsultants.com 

Direct Indexing Strategies with Greg Kanarian, JD, CFA   Hosts Kathleen Kenealy and Chris Boyd speak with Greg Kanarian, an Investment Strategist at Natixis Investment Managers representing the firm's Direct Indexing strategies. Greg joins the show to talk all things direct indexing - what it is, common benefits and tax advantages, which clients it may or may not be appropriate for, what personalization and customization options are available, and more. If you've been curious about direct indexing but haven't taken time to learn much about it, this episode is for you! To learn more: https://www.linkedin.com/in/greg-kanarian/ https://www.im.natixis.com/en-us/about/biographies/gregory-v-kanarian  

Nick Gudz Hosts Michael Connaughton and Brad Wright are joined by Nick Gudz, Co- Founder of Fin.Link. Nick has been in the industry for 20 plus years holding multiple positions. He co-founded Succession Link in 2012, a platform he developed connecting buyers and sellers of wealth management practices. He sold Succession Link in 2018 and reacquired the business in 2022 and has since revamped the platform and rebranded to Fin.Link. They discuss: -Nick's career path leading to the founding of Succession Link and now Fin.Link. -The evolution from M&A at Succession Link to Fin.Link's focus around all aspects of wealth management. - Fin.Link's resources, tools, and social networking capabilities. More on Nick and Fin.Link: https://fin.link/ Linkedin: https://www.linkedin.com/in/nickgudz/

MileMarker's Jud Mackrill Host Brad Wright is joined by Jud Mackrill, CMO and co-founder of MileMarker, a data aggregation firm. As co-founder of Milemarker, Jud is driving change in financial advice and alternative investments. By blending thoughtful design with seamless software, Jud helps companies unlock their full potential. Jud's career is built on results. He's shaped the marketing strategy for industry leaders like Orion and Carson, and co-founded Mineral, which he successfully sold to Carson in 2018. At home in Charleston with his wife Kim and their four kids, Jud enjoys spending time with his family, indulging in spicy food, and keeping up with Nebraska Football. They discuss: -Syncing your data from multiple sources to one platform and automating reports -Typical insights that are revealed (hint – you may be paying too much to vendors) - Centralized trading and reporting For more on MileMarker: https://milemarker.co/  

Join special guest Kurt Czarnowski (Czarnowski Consulting) for a deep dive on the impact of the Social Security Fairness Act.  Some 2,000,000 current Social Security recipients are impacted by this legislation, not to mention those who previously thought they were ineligible under Government Pension Offset (GPO).  This legislation does away with GPO and Windfall Elimination Provision (WEP).  Advisors will want to learn more about these changes and which of their clients may be impacted.  Always entertaining and a wealth of information, join Kurt and host Chris Boyd for timely episode of the Wicked Pissah Podcast.    Kurt.Czarnowski@gmail.com www.czarnowskiconsulting.com Cell: 774-571-3256   LinkedIn: https://www.linkedin.com/in/kurt-czarnowski-20598729/ https://www.linkedin.com/in/j-christopher-boyd-b932169/   https://www.fpanewengland.org/ https://www.linkedin.com/company/financial-planning-association-of-massachusetts/posts/?feedView=all   https://www.financialplanningassociation.org/  

Hosts Brad Wright and Mike Connaughton are joined by James Costabile and Ryan Van Geons of iCapital. James Costabile is Managing Director and Head of US Alternative Investment Distribution and Ryan Van Geons is a Senior Vice President, who covers our New England area for iCapital. Their team delivers alternative investment education, research viewpoints, and investment capabilities across hedge funds, private equity, private credit, and real estate strategies. iCapital is an Alternatives platform for financial advisors. iCapital was founded in 2013 with the goal of making high-quality alternative investments accessible to wealth advisors and their high- net-worth investors and enabling fund managers to reach new sources of capital. They discuss: - How advisors can access the iCapital platform and gain access to over 200 private equity and private credit opportunities -Advisor education in the alternative space -How the platform and alternatives, in general, fit into the investment ecosystem For more on iCapital: https://icapital.com/

Hosts Michael Connaughton and Chris Boyd are joined by Steve Tenney, Founder of Grandview and Company. Steve Tenney is the Founder of Grandview & Company.  After 26 years as a Senior Portfolio Manager and Senior Vice President at UBS, Steve and his team launched Great Diamond Partners, a $700M independent wealth management firm in Portland, Maine. As CEO and Founding Partner, Steve strategically led the firm, focused on business development activities and directed the investment strategy. Always curious, Steve engages with other industries and companies, in addition to wealth management firms, learning from their experiences. This curiosity and an abundance mindset fuels his entrepreneurial spirit, always thinking about how he can help others reach their self-described definition of success, pushing limits and creating original solutions. In June 2024, after considerable reflection, Steve decided he could have a greater impact on the industry, including all of the clients it serves, and also gain greater personal satisfaction as a coach. Like the rest of his career, he views Grandview & Co. as a journey, one that will continually evolve. They discuss:  Steve's journey from advisor at a wirehouse, to founding a RIA to now coach and consultant  Grandview's engagement process and client profile  Grandview's RIA asssement and much more. More on Steve and Grandview: https://www.grandviewandco.com/ Contact Steve Phone: 207 329 1806 Email: Steve@GrandviewandCo.com Linkedin: https://www.linkedin.com/in/steventenney/

FPA-NE 2025 Chapter Leaders: Sam Gough & Abe Ringer Hosts Brad Wright and Kathleen Kenealy are joined by Sam Gough and Abe Ringer. Sam is the 2025 incoming FPA-NE Chapter President and Abe will be President-Elect (2026 President). When not volunteering to run our chapter, Sam is a Senior Client Advisor with Ballentine Partners, where he focuses on Estate Planning and Investment Strategies. Prior to his 20-year tenure at Ballentine, he worked as an analyst at Goldman Sachs. Sam graduated from Tufts University and is a school board member in Plymouth, NH. Abe is principal and founder of Breakwater Financial, where he partners with his clients on every aspect of their financial life. Abe also had a previous career at Goldman Sachs as well as at Smith Barney. Abe graduated from Siena College and up until our recent chapter election was Director of Partnerships for the FPA-NE. They discuss:  Successes of 2024  Agenda for 2025 and beyond  Pro-Bono and Financial Literacy  How you can get involved with our chapter, on the committee level More on Sam, Abe, and FPA-NE https://www.fpanewengland.org/  

Reflecting on Money and Meaning – with Dr. Daniel Crosby   On this episode we speak with psychologist, behavioral finance expert and New York Times best-selling author, Dr. Daniel Crosby. Dr. Crosby is the Chief Behavioral Officer at Orion Advisor Solutions, host of the Standard Deviations podcast, and author of numerous books on the psychology of money, investing and wealth including The Behavioral Investor and The Soul of Wealth: 50 Reflections on Money and Meaning. We talk about what prompted Dr. Crosby to pivot from clinical psychology to behavioral finance, how ChatGPT helped him write The Soul of Wealth, which chapters in the book are most meaningful to him, and what his two life goals are.    For more information: Find Dr. Daniel Crosby on LinkedIn The Soul of Wealth

Helping Financial Advisors Save on Taxes – with Catherine Tindall, CFA More and more I keep hearing from other financial planners that they are struggling to find good CPAs that they can send their clients to for tax preparation. Too many CPAs are either retiring or not taking on new business and too few are entering the profession. Finding a CPA for your clients is one thing; but what if you are an advisor looking to outsource your own tax preparation? On this episode we speak with Catherine Tindall, founder of Dominion Enterprise Services. Catherine is a CPA that focuses her practice on working with financial advisors to help them optimize their income taxes through proactive planning. We talk about what it's like to work with financial planners as clients, why she focuses heavily on tax planning as opposed to tax preparation, the questions she discusses with new clients, and a few of the tax planning opportunities you might want to consider before the end of the year.  For more Information: https://www.dominiones.com/ https://www.linkedin.com/in/ctindallcpa/  

Join us as we speak with FPA chapter past president, John McAvoy! John shares insights about working in the Retirement Plan space both with employers and participants.  Thinking of doing more with 401Ks or IRAs, then you'll want to listen this episode. We start off the show learning about John's sustained commitment to the financial planning profession and giving back to our community.   John F. McAvoy, CFP®, AIF® http://linkedin.com/in/johnfmcavoy   J. Christopher Boyd, CFP®, CASL® http://linkedin.com/in/j-christopher-boyd-b932169 Kathleen Kenealy, CFP®, CPWA®  http://linkedin.com/in/kathleenkenealy

Jenn Mayo: Direct of Gift Planning and Advisor Relations, Essex County Community Foundation Hosts Michael Connaughton and Brad Wright are joined by Jenn Mayo of the Essex County Community Foundation Essex County Community Foundation inspires philanthropy that strengthens the communities of Essex County. ECCF helps donors of all sizes elevate their giving by managing charitable assets, sharing their local expertise and providing philanthropic guidance and education. Additionally, ECCF strengthens and supports Essex County's 4000+ nonprofit organizations with education, resources and funding and engages in systems based community leadership work to solve the region's most complex social issues. As ECCF's Director of Gift Planning and Advisor Relations, Jenn focuses on building strong relationships with area professional advisors, who play a key role in expanding support for the region's nonprofit organizations and collaborative efforts to tackle systemic social challenges. She also provides charitable gift planning and support to Essex County donors as they make decisions about their philanthropic giving and consider a donor advised fund with ECCF. Jenn joined ECCF in 2021 after a long career in finance at Goldman Sachs in New York and London. They discuss: -Jenn's personal experience with philanthropy through her family's efforts launching the Ice Bucket Challenge and the Pete Frates Foundation and how it led her to ECCF. -ECCF's mission and how they collaborate with professional advisors, non-profits and charitable organizations -Giving strategies and more. More on Jenn Mayo and ECCF https://www.eccf.org/ Contact Jenn Phone: (978) 777-8876 Email: j.mayo@eccf.org

Families with children may have more financial challenges in the accummulation phase, but couples without kids have different challenges more often later in life.  After each other, who is to become a healthcare proxy, or trustee?  In this conversation our panelists include Bill & Paula Harris and co-host, Kathleen Kenealy. We discuss a variety of the challenges and possible solutions.    Bill Harris, CFP®, RMA® http://linkedin.com/in/billmharris Paula Harris http://linkedin.com/in/paulaharris   Kathleen Kenealy  http://linkedin.com/in/kathleenkenealy Chris Boyd, CFP®, CASL® http://linkedin.com/in/j-christopher-boyd-b932169

The Case for International Investing with Nick Paul, MFS – Nicholas J. Paul, CFA who serves as the Equity Portfolio Manager for MFS joins Chris Boyd and Jeff Perry for an in-depth discussion about using mutual funds for international investing. Related topics covered include the potential impacts from the recent election, the growing national debt, tariffs, deglobalization, emerging markets, and currency risk. During the episode Chris and Nick also discuss the benefits of active management for international investing.

Nicholas A. Papakyrikos, CPA, P.C Host Michael Connaughton is joined by Nick Papakyrikos, CPA, P.C. Nick is the founder of Nicholas Papakyrikos CPA. He began his professional career with the international accounting and consulting firm currently known as PriceWaterhouseCoopers, where his clients included financial services, manufacturers and communication companies. He has been in private practice continuously since 1987, working with small businesses owners and high net worth individuals. For more than 36 years he has proactively worked with small business owners to help them identify, clarify and strategize to reach their financial goals. Nick develops and sustains long lasting relationships with clients because they know he truly cares about them. Nick has been invited to speak to various personal and professional organizations, and to instruct other tax, legal and financial professionals. He is a past president and current director of the Brighton Board of Trade, and was inducted into its Hall of Fame. His past associations have included the Kiwanis Club, whose purpose is to improve the lives of children. He is also a member of the American Institute of Certified Public Accountants and the Massachusetts Society of Certified Public Accountants. They discuss: -Tax Policy Impacts and the Upcoming Election -Tax Strategies -Secure Act 2.0 More on Nick Papakyrikos, CPA, P.C. https://www.papakyrikoscpa.com/ Contact Nick Phone: 617 415 5016 Email: nick@papakyrikoscpa.com Nick's podcast: GPS to your Business Success https://gps-to-your-business.captivate.fm Spotify (audio only) https://open.spotify.com/episode/6r4qigujMcx0dQiBMXcWQb?si=6be471e0f48e4772   Apple (audio only) GPS to your Business Success Podcast Series - Apple Podcasts   You Tube (video) GPS to your Business Success Podcast - YouTube

Nicole Wallace and Christopher Jensen – Franklin Templeton Investments Host Michael Connaughton is joined by Nicole Wallace and Christopher Jensen of Franklin Templeton Investments. Nicole is Vice President and Private Wealth Director covering the New England States for Franklin Templeton Investments. Christopher Jensen is the Director of Digital Asset Research for Franklin Templeton. With over 15 years of technology investing experience spanning venture capital, private equity, and private credit, Christopher's focus is on developing and leading the fundamental research efforts for Franklin's Listed Token strategies. Prior to joining Franklin Templeton in 2015, Christopher was a principal with SLR Capital Partners, an alternative asset manager in NYC focused on cash flow and asset-based lending as well as specialty finance. He holds a Bachelor of Arts in philosophy from Princeton University, an MBA from the Yale School of Management, and a Certificate in Data Science from Stanford University. They discuss: -Franklin Templeton's resources -The Cryptocurrency landscape -Digital asset product offerings -How advisors can incorporate Alternatives into their strategy More on Franklin Templeton https://www.franklintempleton.com/ Contact Nicole: https://www.linkedin.com/in/nicole-wallace-mba-80147aab/Nicole.Wallace@franklintempleton.com  

Jack Heintzelman – FPA National Board of Directors Hosts Brad Wright and Kathleen Kenealy are joined by Jack Heintzelman. Jack is a financial planner with Boston Wealth Strategies, where he has been since 2018. Jack has been serving on the FPA NexGen National Leadership Committee, for the past two years, and has just been elected to the FPA National Board of Directors for a three-year term, beginning in 2025. Jack has his B.A. in Finance from Saint Anselm College, where he was also captain of the varsity soccer team. They discuss: - Things a NexGen advisor should value when looking to join a firm -What the FPA NexGen National Leadership Committee is, and what they do -The agenda for the FPA National Board of Directors More on Jack: https://www.linkedin.com/in/jackheintzelman/  

Crystal Lee Butler- Crystal Marketing Solutions. Host Michael Connaughton is joined by Crystal Lee Butler of Crystal Marketing Solutions. Crystal is founder of Crystal Marketing Solutions, LLC also known as CMS. CMS specializes in offering comprehensive marketing strategy and services for independent financial advisors. Crystal and CMS have been featured in Kitces.com, Investor's Business Daily, and The Financial Planning Association to name a few for their work and thought leadership on advisor marketing. Crystal has over two decades of entrepreneurial and marketing experience. She founded CMS in 2011 and ever since has been seamlessly integrating digital and traditional marketing methods, empowering advisors to strengthen client and referral relationships while feeing up valuable time for strategic growth initiatives. They discuss: -Traditional and Digital Marketing Strategies -SEO -Client Events -Social Media and Branding Ideas More on CMS: https://crystalmarketingsolutions.com/ Contact Crystal: https://www.linkedin.com/in/crystallbutler/ crystal@crystalmarketingsolutions.com

Julie Casey - Definiti Hosts Brad Wright and Mike Connaughton are joined by Julie Casey of Definiti. Julie is Regional Sales Director - New England Territory, for Definiti, which is a national retirement services firm that helps workplace organizations with retirement plan expertise, actuarial consulting, pension outsourcing and recordkeeping. Definiti partners with financial advisors to provide third-party administration services on clients retirement plans. Julie has 25 years of experience helping financial advisors create new retirement plans, win existing retirement plans, and clean up messy situations. They discuss:  What a Third-Party Administrator (TPA) is and when they're needed  How advisors can begin working with retirement plans  The process for correcting plan errors  SECURE 2.0 More on Definiti: https://definiti.com/ Contact Julie: https://www.linkedin.com/in/julie-casey-mba/ julie.casey@definiti.com

  In this episode our guest is Donna McKeown of Movement Mortgage. The discussion starts by considering the recent change in the Fed Funds Rate and what impact it has had on the current interest rate environment.  We discuss what moves Mortgage rates. Donna shared the benefit is the Pre-Approval process along with some personal anecdotes.  She also shared some best practices for advisors to consider, and how she works with financial planners.  Finally, Donna shared some thoughts around things to consider with the new National Association of Realtors compensation changes.    Movement Mortgage Donna B. McKeown Senior Loan Officer | NMLS 20377 781-775-7172 donna.mckeown@movement.com mortgagesbydonna.com   http://linkedin.com/in/donna-b-mckeown-b0248233   http://linkedin.com/in/michael-p-connaughton-cfp®-clu®-chfc®-5601535   http://linkedin.com/in/j-christopher-boyd-b932169

Chuck Failla: Sovereign Advisor Solutions + goRIA Hosts Brad Wright and Mike Connaughton are joined by Chuck Failla. Chuck is Founder + CEO of Sovereign Financial Group in Stamford, CT. as well as Director of Sovereign Advisor Solutions. Chuck moved from the independent broker-dealer side of the business to the independent side and has since taken many other advisors with him, causing Investment News to label him Broker-Dealers' Public Enemy #1! In addition to working with other financial advisors and clients, he's also a regular speaker and commentator on financial topics and has been featured in Forbes, The New York Daily News, Reuters, CBS Market Watch and hosts his own goRIA podcast. They discuss: How and why advisors choose to go independent Why tucking in under a smaller RIA might be a better fit than joining a large aggregator How to begin the process and how long it takes What makes Chuck Broker-dealers' Public Enemy #1 Learn more at: https://www.sovereignadvisorsolutions.com/ Reach out to Chuck: https://www.linkedin.com/in/charlesfailla/ goRIA Podcast: https://www.investmentnews.com/goria/podcasts Investment News Article: https://www.investmentnews.com/goria/practice-management/revealed-broker-dealers-public-enemy-1/256613      

Navigating the College Selection Process with Todd Weaver   On this episode of the Wicked Pissah Podcast Kathleen speaks with Todd Weaver, President of Strategies for College, to talk about the work Todd does helping students and their families navigate the important yet often confusing college selection process. Todd describes the process he uses to determine what schools might be the best fit for students, why families should always start with figuring out a budget, as well as the factors schools take into consideration when choosing among their applicants.  https://www.linkedin.com/in/toddcweaver/ www.strategiesforcollege.com

Stephanie Aliaga – J.P. Morgan Hosts Brad Wright and Kathleen Kenealy are joined by Stephanie Aliaga, Global Market Strategist on the JP Morgan Asset Management Market Insights Team, based out of New York. Stephanie helps formulate and communicate economic views, deliver timely commentary and maintain forecasting models for weekly submissions to Bloomberg and the Wall Street Journal. She's also responsible for publications such as the Guide to the Markets, On the Minds of Investors blog, and serves on the committee that produces the Long-Term Capital Market Assumptions underpinning J.P. Morgan's strategic asset allocation process. They discuss: The current state of the U.S. economy Probable outcomes for the 2024 Presidential election and what that means for taxes, immigration, energy and investments Why investors should be looking at bonds and international equities for diversification purposes What a new President could do to negatively affect our economy and markets Learn more at: https://am.jpmorgan.com/us/en/asset-management/adv/ ·       Market Insights resources from J.P. Morgan: o   Guide to the Markets distribution. o   Election Hub Contact your J.P. Morgan Institutional Advisor Northeast Coverage Team: Libby Hamel – Client Advisor elizabeth.a.hamel@jpmorgan.com Maura Herbertson – Internal Client Advisor maura.herbertson@jpmorgan.com Matt Mortimer – Regional Client Advisor matthew.e.mortimer@jpmorgan.com

Richard LeFauve – Client Edge Host Brad Wright along with Guest Co-Host Mike Connaughton are joined by performance coach Richard “Rick” LeFauve. Rick founded Client Edge for performance coaching after compiling extensive experience in management, recruiting, training, business development, and coaching at Morgan Stanley and American Express Financial Advisors (Ameriprise). He began his career as a high school teacher and coach. Rick is also a bestselling author and has written five books addressing the roles of financial advisors, accountants and CPA's, and leaders of financial advisors and their teams. They discuss: - Being “Brilliant with the Basics” - Launching successful client advisory boards - Creating team meetings that are worth attending More on Rick: Richard LeFauve, CWS®️ Certified Wealth Strategist Coaching and Consulting To Sales and Leadership Professionals M 845-499-1665 rlefauve63@gmail.com clientedgecorp@gmail.com https://www.linkedin.com/in/clientedgecorp www.amazon.com/author/richardlefauve      

This week we're talking about Difficult Conversations.  Whether telling clients they don't have enough and need to get back to work, talking clients through market down turns, or speaking with clients at times of loss, some conversation are more challenging than others.  We discuss challenging financial planning conversations with clients, employees/employers, or other professionals. Perhaps you can relate, or will gain insights from our panel's experiences.   Listen as we compare notes and share insights for how to deal with these Difficult Conversations on this episode of the Wicked Pissah Podcast.   https://www.linkedin.com/in/j-christopher-boyd-b932169/ https://www.linkedin.com/in/kathleenkenealy/ https://www.linkedin.com/in/bradleyonair/ https://www.linkedin.com/in/elizabethmgarvey/

Vanguard Hosts Brad Wright and Chris Boyd are joined by Ted Dinucci, an investment strategist with Vanguard's Investment Advisory Research Center, the team tasked with creating thought leadership for their intermediary advisory partners across a range of investment, wealth management, and financial planning topics. They discuss: -Individual bonds vs bond funds - How to utilize each for income during retirement -Which is better during a falling interest rate environment Learn more at: https://advisors.vanguard.com/advisors-home Join Vanguard at the following New England locations: -Vanguard RIA Social:  Envio on the Rooftop – Portsmouth, NH:  Wed Aug 21 st   4:30pm –7:30pm   PLEASE RSVP -Vanguard RIA Social:  Granary Tavern – Boston (Financial), MA:  Thurs Aug 22 nd 4:30pm-7:30pm   PLEASE RSVP -Vanguard RIA Meet & Connect Luncheon – Riverbend (Marriott) Newton, MA:  Thurs Aug 22 nd  12pm-2pm PLEASE RSVP - Vanguard Symposium - Marriott Long Wharf – Boston, MA:  Thurs, Oct 24 th  9:30am–3pm:   RESERVE A SPOT NOW and you'll receive an email invite. Additional details to follow. Or at the FPA-NE NexGen event: - FPA NE NexGen Presents Build Your Client Service Team (formally Cross Industry Networking): Lily's Boston (Financial) Thus, Aug 8 th  5pm – 7pm - one of FPA's most popular events of the season! https://lp.constantcontactpages.com/ev/reg/t3jvpz5 [lp.constantcontactpages.com]   Investment Advisory Research Center OCTOBER 2022 Individual bonds versus bond funds: Our thoughts on the advisory practice and client outcomes Key takeaways • Forecasting markets accurately is difficult. A much more reliable prediction to make: What questions clients will ask during periods of rising interest rates. Inevitably, rising rates environments prompt a flood of inquiries about whether advisors and their clients are better off purchasing individual bonds or pooled products, such as mutual funds and exchange-traded funds (ETFs). These questions stem directly from the “principal at maturity” myth, which argues that bond funds will sell bonds at a loss when rates rise, while portfolios of individual bonds can be held to maturity and avoid losses. • Ultimately, bond funds operate the same way as portfolios of individual bonds when cash flows are being reinvested. However, the former generally offer greater return opportunities, lower transaction costs, and higher liquidity—as well as time savings for your practice—than comparable portfolios of individual bonds. Thus, advisors pursuing portfolios of individual bonds should expect to pay greater direct and indirect costs for maintaining complete control of client bond portfolios. The price tag for this control is higher for buyers of municipal and corporate bonds than for buyers of U.S. Treasuries. • Given the higher risks and costs associated with portfolios of individual bonds, and the time they take to manage, most advisors are better served by low-cost mutual funds and ETFs. Particularly in the case of municipal and corporate bonds, it is likely that only clients with enough resources to build a portfolio of comparable scale to a mutual fund (or ETF) can afford to pay the costs for these control advantages. • Consider this report as a resource to inform your client discussions—either for proactive conversations about fixed income portfolio decisions, or to satisfy questions and concerns clients bring to you. For clients who may be partial to holding individual bonds for emotional reasons, the following analysis provides you with empirical data points that could guide them to a more beneficial approach. We also believe the strategies outlined herein can ultimately empower you with more time for higher-value activities, such as deepening client relationships. Authors: Ted Dinucci, CFA | Chris Tidmore, CFA, CPA | Chris Pettit, CFA Acknowledgments: The authors extend our thanks to Elizabeth Muirhead, CFA, and Edward Saracino for their contributions to this report, and to Donald G. Bennyhoff, CFA, and Scott J. Donaldson, CFA, for their prior research, which greatly informed this paper. 2 Introduction The market and economic backdrop today appear highly uncertain, with the highest inflation in 40 years, a series of large rate hikes from the Federal Reserve, and Russia's war in Ukraine, to name a few factors. Understandably, the confluence of these events has led to significant market volatility. It's also led some investors to question the merits of pooled bond vehicles and to ask whether they may be better served by directly owning a portfolio of individual bonds. In some cases, there can be benefits to owning individual bonds, for instance, a nominal immunization strategy where the goal is matching portfolio cash flows to liabilities. However, for the vast majority of advisors and the investors they serve, the likely appeal of individual bonds is largely based on the principal at maturity myth, and embracing it is likely to diminish returns, diversification, and return on your time. This paper offers our perspective on the primary advantages bond funds have over portfolios of individual bonds in the three key regards of returns, diversification, and return on your time (in exchange for less control over individual securities).1 More important, for the vast majority, accessing fixed income via low- cost active or passive funds is likely to provide better outcomes than the direct ownership of individual bonds—even with the hurdle of ongoing management fees. However, we'll first address the flaws in the principal at maturity myth, since this misconception is what generates so much interest in the topic. FIGURE 1. Benefits of choosing either a bond fund or individual bond BOND FUNDS INDIVIDUAL BONDS INCREASED CONTROL ✓ INCREASED DIVERSIFICATION ✓ INCREASED RETURN OPPORTUNITIES ✓ LOWER TRANSACTION COSTS ✓ 1 Vanguard 2017. 3 FIGURE 1. Benefits of choosing either a bond fund or individual bond BOND FUNDS INDIVIDUAL BONDS INCREASED CONTROL ✓ INCREASED DIVERSIFICATION ✓ INCREASED RETURN OPPORTUNITIES ✓ LOWER TRANSACTION COSTS ✓ The principal at maturity myth Holding an individual bond to maturity offers little to no financial benefit to you or your clients versus a pooled product when cash flows are reinvested, as often occurs in laddered individual bond strategies.2 Both portfolios operate in a similar way, but the laddered portfolio is likely to incur greater trading costs and have less diversification. The way that advisors account for laddered bonds in their client statements—by not marking the bonds to their current value, in order to avoid recognizing a paper loss—helps to reinforce the behavioral bias and may mitigate business risk for the advisor. Ultimately, bond prices are inversely related to changes in interest rates: When interest rates rise, the bond's price falls, and vice versa. This is because a bond's coupon payments are typically fixed at issuance, leaving price as the only variable that can be adjusted to make the bond's yield competitive with that of newly issued bonds of similar risk and maturity. This is illustrated in Figure 2. If 10-year bonds are currently yielding 4%, the price of a 2% coupon bond—to be competitive—must decline to a level that results in a 4% yield-to-maturity. In this example, that price is 83.65% of the face value (or $836.50 per $1,000 face value). The 2% bond would provide the same return as the 4% coupon bond trading at par, but some of the return would come from the bond's appreciation from $836.50 to its $1,000 value at maturity, as opposed to the coupon payments. This price adjustment punctures the common myth that holding an individual bond to maturity will provide a financial benefit to your clients. Absent transaction costs, when interest rates change, prices adjust so that total returns will be equal from that point forward, regardless of whether the bond is held to maturity or sold at the prevailing market price with the proceeds reinvested. FIGURE 2. How bond prices adjust to keep yields-to-maturity the same A comparison of hypothetical bonds with 10 years to maturity Coupon (annual interest payment) 6% 4% 2% Market price as a percentage of face value 116.35% 100% 83.65% Yield to maturity 4% 4% 4% Source: Vanguard. This hypothetical illustration does not represent any particular investment and the rate is not guaranteed. FIGURE 3. Total returns closely match starting yields, regardless of whether prices are above (or below) par 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 Forward annualized return versus starting yield Starting yield Forward annualized return when starting price is above par Forward annualized return when starting price is below par Figure 3 demonstrates this point by comparing the forward annualized return for the Bloomberg U.S. Aggregate Bond Index, adjusted for duration, with its starting yield. Here, it is readily apparent that future returns closely track starting yields. Moreover, the narrative doesn't change whether the index is trading above or below par. Therefore, when evaluating bonds with the same characteristics but with different coupon payments, it is always best to compare their yields to maturity.3 Notes: Returns represent the annualized return on the Bloomberg U.S. Aggregate Bond Index using monthly data for the period that aligns with the index's starting modified adjusted duration, rounded to the nearest month. For instance, if on December 31, 2005, the duration on the index was 5 years, the forward annualized return would be from January 1, 2006, to December 31, 2010. Yields represent the index's yield to worst (YTW) at the start of each calculation period. YTW is a measure for the lowest possible yield that may be earned on a bond absent the issuer defaulting. The last observation in the figure is September 30, 2015, because after that date the index's starting duration is longer than the time series. Past performance is no guarantee of future returns. The performance of an index is not an exact representation of any particular investment, as you cannot invest directly in an index. Sources: Vanguard analysis of Bloomberg data, as of March 2022. 2 Laddering refers to building a portfolio of bonds with a range of maturities. 3 Yield-to-maturity is the percentage rate of return on a bond, assuming that the bond is held to maturity. For bonds that may be called prior to their stated maturity, yield-to-worst is a preferable measure, as it accounts for the bond's call feature and represents the lowest possible yield that may be earned assuming no default. 4 As mentioned, this principal at maturity myth typically surfaces only when interest rates rise or are expected to rise. If rising rates mean there is a financial benefit to holding bonds to maturity, then falling rates should mean there is a benefit to selling them and reinvesting the proceeds in new bonds. Thus, an active trading strategy would be preferred over a simple buy-and-hold, laddered bond portfolio to take advantage of the market inefficiency. Ironically, this environment has been the norm for the past 20-plus years, yet the trading concept has not been endorsed by the investment community. One doesn't hear that when interest rates are falling, an open-end mutual fund or ETF with no set maturity date is the preferred structure. Thus, the appeal of holding a bond to maturity is likely emotional, as by not selling a bond at a discount to par, your clients are able to avoid the mental roadblock of “recognizing” a loss. Rather than let this behavioral bias win, advisors can seize this as an opportunity to flex their coaching muscles and leverage the trust they've built with clients to help produce better outcomes. Consider this analogy: Just because you chose not to sell your house when prices dipped does not mean it's worth more than the home of your neighbors, who did sell. The same logic applies to fixed income—whether the bonds are held individually, in a bond fund, or in a separately managed account (SMA).4 Diversification can mean higher returns for similar levels of risk In fixed income investing, diversification among issuers, credit qualities, and term structures is a primary consideration for municipal and corporate bonds. For laddered bond portfolios, issuance calendars do not offer consistent access to all types of bonds. On the contrary, with bond funds, greater diversification is possible because of the larger pool of investable assets and the continuous investment in new offerings. This, coupled with the professional staff needed to conduct risk, trade, and credit analysis allows funds to seek return opportunities farther out on the credit quality spectrum than is possible for an advisor. In the case of the latter, their clients may be seriously affected if even one issuer in their (much smaller) portfolio encounters problems. In the case of corporate bonds (and munis), the dynamic nature of credit risk makes it essential to diversify issuer- specific risk. The price volatility that results from a change in an issuer's credit rating is typically asymmetrical: When a credit downgrade occurs, a bond usually will drop much further in price than it would rise on news of an upgrade. This means that for holders of individual corporate bonds, the penalty for choosing a bond that is downgraded is usually greater than the reward for choosing one that gets upgraded. Professional fund managers who are fully focused on credit analysis may be better suited to spot these trends sooner and avoid the negative effects of downgrades and defaults. FIGURE 4. Incremental pickups in yields available relative to AA rated corporates Average option-adjusted spread Average cumulative defaults 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4% 1.6% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% AA rated Broad investment-grade Credit quality 0.98% 0.55% As a result, many individual bond portfolios exhibit a higher-quality bias relative to bond funds because of the inability to fully benefit from diversification. As shown in Figure 4, higher return opportunities, in terms of incremental yield, are available beyond AA rated corporates to compensate for the low, but always possible, risk of default—even when staying within the corporate investment-grade universe. A more diversified approach that spans the spectrum of investment-grade corporates can translate into a meaningful increase in yield without sacrificing the primary role of high-quality fixed income in a portfolio—acting as a ballast to risk assets. It should be noted that diversification of credit quality can also be achieved through passive exposure. Notes: Average option-adjusted spreads (OAS) cover the period of January 1997 to April 2022. AA rated as represented by ICE BofA US Corporate Index Option-Adjusted Spread; and broad investment-grade as represented by ICE BofA US Corporate Index Option-Adjusted Spread. OAS is a measure of the difference in yield of a bond and the comparable risk-free rate, adjusted to account for any embedded option. Analysis begins with AA rated corporates, as there are only two AAA rated corporate issuers. Average cumulative defaults are calculated by FitchRatings and represent the 10-year average cumulative defaults for the period of January 1990 to December 2021. Default rates are calculated on an issuer or security basis as opposed to dollar amounts. Sources: Federal Reserve Bank of St. Louis, FitchRatings, and Vanguard analysis, as of April 2022. 4 Separately managed accounts are investment portfolios that are directly owned by an investor and managed by a professional investment firm. 5 FIGURE 5. Growth of hypothetical $1 million initial investment from January 1997 Ending wealth in (million USD) $3.2 $3.3 $3.4 $3.5 $3.6 $3.7 $3.8 $3.9 $4.0 AA corporates Broad I-G corporates $4.1 $4.2 Ending wealth with AA corporates Excess wealth with lower quality Figure 5 translates the lost return opportunities in Figure 3 into actual excess wealth created by expanding the investment opportunity set beyond AA rated bonds.5 For a long-term investor, being broadly invested in investment-grade corporates would have produced an additional $400,000 of nominal wealth, given a hypothetical, initial $1 million investment in 1997, relative to the same investment in AA rated corporates. Moreover, through broad diversification, as an advisor, you would be able to increase your client's long-term expected returns for their fixed income holdings, while significantly reducing single-issuer risk and still maintain high overall credit quality. Notes: Figure assumes a hypothetical initial $1 million investment on January 1, 1997, and held until April 30, 2022. AA corporates as represented by ICE BofA 5–10 Year AA US Corporate Index; and broad I-G corporates as represented by ICE BofA 5–10 Year US Corporate Index. Sources: Vanguard analysis of Morningstar data, as of April 2022. Past performance is no guarantee of future returns. The performance of an index is not an exact representation of any particular investment, as you cannot invest directly in an index. Transaction costs are real, but often go overlooked All bond portfolios incur costs. Though the management cost component often receives the lion's share of attention because it is readily apparent and known in advance, it also represents only one part of the equation. Less scrutinized, but similarly detrimental to long-term financial outcomes are transaction costs (e.g., bid-ask spreads). Ultimately, bid-ask spreads tend to vary by trade size and bond sector, and the size of the spread is typically larger for small transactions. Bond mutual funds and ETFs buy and sell large quantities of bonds, and these large transactions can command higher prices for sales and lower prices for buys. So long as the size of the spreads paid or received are inversely related to purchase lot size, bond funds have a transaction cost advantage over individual bond portfolios. The benefits of scale are most significant in the municipal bond market, but still relevant and tell a similar story to that of corporates. Figure 6 illustrates this point. It shows that in the municipal bond market, the spread for a retail trade (less than $100,000 per bond) on average has been consistently higher than that for an institutional trade. Specifically, between January 2019 and April 2021 the effective spread for transactions with a par value between $25,001 and $100,000 averaged 56.4 basis points (bps), while transactions with a par value of over $1 million averaged 20.2 bps. This differential translates to lower total return for clients who are not able to transact at scale.6 Additionally, large firms, such as Vanguard, are able to get the broadest access to bonds in the primary market, so it's not only about the size of the trade and lower costs, but also what bonds one gets to purchase. This is especially important as there tends to be a drop-off in liquidity as time passes from issuance. FIGURE 6. Spreads are significantly wider for retail trades relative to institutional trades (bps) $10,000 or less $10,001- $25,000 $25,001- $100,000 $100,001- $1 million $1 million+ 20.2 56.4 35.5 63.6 81.9 In the end, higher spreads translate into lower returns. Whether creating a taxable or tax-exempt bond portfolio for a client, the basic decision comes down to this: Does the fund expense ratio detract less from the portfolio's total return than (1) the return surrendered by a higher credit-quality bias, if one exists, (2) the default risk, if there is no quality bias, or (3) the additional transaction costs? It would be rare for the fund expense ratio (particularly in the case of a lower-cost bond fund) to be larger than the other costs. Notes: The above figure shows the average effective spread for municipal bond transactions of various sizes from January 2019 to April 2021. Effective spread is a measure of customer transaction costs and is computed daily for each bond as the difference between the volume-weighted average dealer-to-customer buy and sell price, and is then averaged across bonds using equal weighting. Sources: MSRB data and Vanguard analysis. 5 Though an advised client's fixed income portfolio is unlikely to be comprised of only intermediate-term (5- to 10-year maturity) U.S. corporate bonds. 6 As a simple example, if constructing an initial bond portfolio with an average duration of five years and transaction costs of 50 bps, it would translate to 10 bps per year. 6 Control of the portfolio One, or perhaps the only, advantage of self-directed individual bond portfolios and, to some extent, SMAs over pooled vehicles is the owner's ability to influence portfolio decisions. The motivation for maintaining control generally falls into three camps: strict portfolio guidelines that place firm restrictions on portfolio characteristics, such as credit-quality (e.g., all-AA portfolio) or limits on derivatives usage; matching portfolio cash-flows with specific liabilities (e.g., cash-flow matching); and tax concerns. Given the inflexibility of the first, and presumably, high-level of certainty of the second, we'll focus on the potential tax considerations, as certain common beliefs may be overstated and therefore warrant a discussion. Regarding taxes: Because clients directly own the bonds in an SMA or a laddered bond portfolio, as their advisor you can use any net losses from individual bond positions for tax purposes to partially offset your client's earned income or to offset realized capital gain liabilities from other investments. A mutual fund or ETF, on the other hand, cannot pass through realized losses to its shareholders. Instead, the fund uses realized losses against realized gains, and carries forward any excess losses to be used against future gains. Although this may defer the pass-through of losses, it provides long-term tax efficiency to the pooled structure. In addition, as the advisor, you have a further option: You can sell your clients' fund shares to realize a loss where applicable. Regarding individual bond portfolios or SMAs, another factor to consider is that to take advantage of losses in these accounts, you will incur transaction costs for your clients on both the sale of the current bond and the purchase of the new bond. Though all the above applies to both taxable and tax- exempt bonds, in terms of the latter, there is often the additional consideration of alternative minimum taxes (AMT). With an individual bond portfolio or SMA, the portfolio can be tailored to bonds that are exempt from AMT or specific to issues from your client's home state. While this is true, it is important to acknowledge that there are currently a number of state-specific vehicles available for your clients—particularly in states with high tax rates. Also, though it's sometimes forgotten, the key point that advisors should be concerned with is seeking to maximize client after-tax returns, rather than with minimizing taxes. Bonds issued outside a client's home state and bonds subject to AMT often carry higher yields to maturity. As a result, your clients may well get higher after- tax returns from a portfolio including such bonds. In addition, clients gain from increased diversification—an important benefit. With the preceding considerations in mind, it may be impractical to transition clients from their existing SMA solutions or portfolios of individual bonds into a primarily fund-aligned strategy. For advisors that already utilize an SMA or construct their own bond sleeves, a bond fund can serve as a strong complement—by providing some additional liquidity to the portfolio and a solution for reinvesting periodic cash flows from their individual bond holdings (or SMAs) to reduce potential cash drag. Conclusion For the reasons described in this paper, the vast majority of advisors who invest for their clients are best served through low-cost bond funds. Only those advised clients with the resources to achieve scale comparable to that of a mutual fund should consider putting certain control features ahead of the benefits that a pooled investment vehicle offers. Funds generally provide better diversification, greater return opportunities, lower transaction costs, and higher liquidity for your clients. For advisors, the time savings from outsourcing the day-to-day portfolio management can be reinvested in higher returning opportunities, such as deepening client relationships and growing your practice. Although bonds that are held directly can provide certain advantages over bond mutual funds—primarily related to control over security-specific decisions—such control comes at a cost. To construct an individual bond portfolio, an advisor must assign a very high value to the control benefits to justify the higher costs and additional risks involved. 6 7 References Bennyhoff, Donald, Scott Donaldson, Jamese Dunlap, and Daren Roberts, 2017. A topic of current interest: Bonds or bond funds? Valley Forge, Pa.: The Vanguard Group. Bennyhoff, Donald G., 2009. Municipal bond funds and individual bonds. Valley Forge, Pa.: The Vanguard Group. Donaldson, Scott J., 2009. Taxable bond investing: bond funds or individual bonds? Valley Forge, Pa.: The Vanguard Group. Li, David, Charlotte L. Needham, and Jake Han, 2022. 2021 Transition and Default Studies. FitchRatings. Wu, Simon Z., and Nicholas J. Ostroy, 2021. Transaction Costs During the COVID-19 Crisis: A Comparison between Municipal Securities and Corporate Bond Markets. Washington, D.C., Municipal Securities Rulemaking Board. Connect with Vanguard® advisors.vanguard.com • 800-997-2798 All investing is subject to risk, including the possible loss of the money you invest. Be aware that fluctuations in the financial markets and other factors may cause declines in the value of your account. There is no guarantee that any particular asset allocation or mix of funds will meet your investment objectives or provide you with a given level of income. Bond funds are subject to the risk that an issuer will fail to make payments on time and that bond prices will decline because of rising interest rates or negative perceptions of an issuer's ability to make payments. Investments in bonds are subject to interest rate, credit, and inflation risk. Although the income from municipal bonds held by a fund is exempt from federal tax, you may owe taxes on any capital gains realized through the fund's trading or through your own redemption of shares. For some investors, a portion of the fund's income may be subject to state and local taxes, as well as to the federal Alternative Minimum Tax. Diversification does not ensure a profit or protect against a loss. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. We recommend that you consult a tax or financial advisor about your individual situation. Vanguard is investor-owned, meaning the fund shareholders own the funds, which in turn own Vanguard. © 2022 The Vanguard Group, Inc. All rights reserved. U.S. Patent No. 6,879,964. FAIBVBF 112022

In this week's episode of the Wicked Pissah Podcast, Kim Furnald, CLU returns to the program.  Using a holistic approach after a career in financial services, Kim for the past decade has been working with advisors on Estate and Business applications of insurance.  In this episode, Kim brings to life some helpful scenarios that help to illustrate different business insurance concepts – like buy-sell funding (whether cross purchase or entity plans), executive bonus, split-dollar funding, and discussion of disability cases as well as for life coverage for these needs.  Kim shares recent case law that impact these issues as well.  Listen in to a familiar topic, but learn more or get a refresher on how to approach business owners' needs surrounding insurance concerns and opportunities.  https://www.linkedin.com/in/kimberlyahrendtfurnald/ https://www.linkedin.com/in/bradleyonair/ https://www.linkedin.com/in/j-christopher-boyd-b932169/  

Valuing Your Life's Work with Aaron Wells of FP Transitions   Hosts Kathleen Kenealy and Chris Boyd are joined by Aaron Wells, Director of Financial Analysis at FP Transitions, to discuss how Aaron and the team at FP Transitions help advisors measure and assess the value of their life's work. Aaron explains why it's so important to “start with why,” what metrics help drive the value of a business, how different size practices should think about approaching valuation, the process FP Transitions uses to collect data to run a valuation on a firm, and the difference between value and price.  https://www.fptransitions.com/ https://www.fptransitions.com/our-team/member/aaron-wells?hsLang=en https://www.linkedin.com/in/aaronwells747/

Xtrackers Hosts Brad Wright and Chris Boyd are joined by John O'Connor and C. Allen Parker of JH Whitney Investment management who together with Xtrackers have created the “Geostrategic Risk Rating” system. John is CEO of JH Whitney and was previously Chairman of JP Morgan Alternative Asset Management. He's a Senior Fellow at USMA West Point, has served as a member of the US Department of Defense Business Board, a Civilian Aide to the Secretary of the Army for New York, and has received awards from the Secretary of Defense, the Air Force, and the Navy. Allen is President of JH Whitney and previously served as Interim CEO as well as General Counsel for Wells Fargo & Company. They discuss: -What a Global Geostrategic Risk Rating system means for companies -How this may affect our investments in these companies -How the US government is responding to these risks -Possible paths the US-China relationship could take Learn more about our current geopolitical landscape and the Xtrackers US Critical Technologies ETF (CRTC) that could potentially provide a solution for investors looking to mitigate these risks in their portfolios at www.Xtrackers.com For more information on JH Whitney, DWS the Geostrategic Risk Rating or CRTC  please contact Paul Berard, Xtrackers New England ETF Specialist @ paul.berard@dws.com , 203- 364-9426 or visit their website at Xtrackers US National Critical Technologies ETF| Xtrackers by DWS  

Kathleen speaks with FPA of New England chapter President Marybeth Breed and Massachusetts State Treasurer Deborah Goldberg about the various initiatives Treasurer Goldberg has worked on to promote financial education across the Commonwealth of Massachusetts. We learn about the task force she convened to determine the best approaches to developing financial education in our communities, the work of the Office of Economic Empowerment and the Baby Steps savings program, and why the Treasurer believes that financial education is a proactive medicine that can be used to address other problems. We also discuss why educating kids about finances as part of the school curriculum is such an important objective, the bi-partisan bill she put forth requiring financial education in our schools, and the challenges of getting new topics added to school curriculum.  Massachusetts State Treasurer Deborah Goldberg Office of Economic Empowerment Office of Economic Empowerment - YouTube Worth in Wealth Program Operation Money Wise  

7Michael Connaughton – Lead Advisor Hosts Brad Wright and Kathleen Kenealy are joined by Michael Connaughton. Mike is co- founder of Lead Advisor, a wealth management collective that specializes in building firms, practices and careers. They provide creative perspective, time leverage and industry insights for growth focused businesses and professionals. With a niche in talent acquisition and development, Lead Advisor partners with firms and practices to help solve for service, scalability and succession planning. They also empower professionals in the field through career strategy coaching, leadership development and study groups.  Michael is a CFP who went to Providence College, lives in the Boston area, and yet somehow finds himself a Milwaukee Bucks fan?! Find out why… They discuss: -What goes into a talent search and whether candidates are difficult to find - What candidates are searching for in a new firm -Coaching both firms and candidates -Lead Advisor's app for vetted candidates Learn more about Michael and Lead Advisors: https://www.lead-advisor.com/ Newsletter:  https://mailchi.mp/1f81a3c34ca4/lead-advisors-talent-market-insights-for-september-17380127 Web based app for several core employee roles for hiring firms:  https://app.careers.lead-advisor.com/login/start      

Setting Charitable Intentions with Erinn Andrews of The Give Team   Education, food insecurity, climate change, humanitarian and disaster relief… There are countless  causes and more than a million and a half charities in the US looking for support. We all have limited time and resources, so how do you possibly decide which organizations to donate to? On this episode we are joined by Erinn Andrews, founder and CEO of the Give Team, to talk about how she helps clients be more strategic and intentional in their charitable giving. We talk with Erinn about how and why advisors should bring up philanthropy in conversations with their clients, the process she uses with clients to develop a charitable mission statement, how she identifies and selects charities that are in line with her clients' giving missions, and why she prefers stay local when recommending charities to clients.    For more information or to contact Erinn: erinn@thegiveteam.com https://www.thegiveteam.com/ https://www.linkedin.com/in/erinn-andrews/

Incorporating Long Term Care Into Your Long-Term Planning   There are some grim statistics out there regarding long term care: 70% of adults who live until age 65 will develop a need for long term care services in their lifetime The average annual cost of a private room in a nursing home facility runs more than $100,000 a year.  How can you help your clients prepare for what can be catastrophic costs of care during their lifetimes? On this episode, we speak with Linda Thalheimer, an independent expert in long term care planning. Tune in to hear our conversation about who should consider buying long term care insurance, how certain policies can protect against Medicaid liens, new trends in the long term care industry, and how her parents have used over a million dollars in long term care benefits so far.    For more information: https://www.linkedin.com/in/longtermcareadvisor/ https://www.longlifeplanning.com/ https://www.genworth.com/aging-and-you/finances/cost-of-care  

In this episode, Chris Boyd CFP®, CASL, CEPS catches up with Bob Powell CFP®, RMA® to discuss the pressing issue of financial exploitation, focusing on scams and schemes. Bob Powell highlights the prevalence of financial scams, particularly those targeting elderly individuals, with statistics showing significant financial losses and many cases going unreported. -Common ScamsThe discussion covers various scams such as AI-generated deep fakes, phishing emails, romance scams, and "pig butchering" investment scams, illustrating the sophistication and creativity of modern scammers. -Risk FactorsIdentifying factors that increase vulnerability to scams, including cognitive decline, social isolation, low financial literacy, and lack of a financial advisor. -Protective Measures-Emphasis on education, awareness, and proactive planning. Recommendations for using tools like olderadultnestegg.com for regular assessments and creating a trusted contact to help safeguard clients. https://www.thestreet.com/retirement-daily/ https://www.linkedin.com/in/powellrobert/ https://www.linkedin.com/in/j-christopher-boyd-b932169/

    As an advisor, you may have a considerable part of your personal wealth connected to your business. How and when will you obtain that wealth by selling your business? Will you sell internally or to another firm? Will that firm be larger and backed by private equity? How soon do you want to exit or how long do you want to stay active and what restrictive covenants will impact you? Is it important to you to keep your brand … technology … control of portfolio management? These and many other considerations are discussed in this episode as co-hosts Chris Boyd & Brad Wright speak with today's guest, Jessica Polito (http://linkedin.com/in/jessica-polito-thm) of Turkey Hill Management (https://turkeyhillmanagement.com/). Jess is one of the several upcoming presenter at the Wicked Good Succession Summit on June 5, 2024. Register and join us!    FPA NE - Wicked Good Succession Summit | June 5th, 2024  Location: The Artisan at Tuscan Village, Salem, a Tribute Portfolio Hotel, 17 Via Toscana, Salem, NH 03079  Date and time: Wed, Jun 5, 2024 8:00 AM - 6:30 PM  Organizer: Kristin Beane, (508) 320-1685, admin@fpama.org  Price: $150 (member)/$200 (non-member)  https://www.fpanewengland.org/2024/05/june-5-wicked-good-succession-summit/    http://linkedin.com/in/j-christopher-boyd-b932169 http://linkedin.com/in/bradleyonair  

Mike Arone – State Street Global Advisors Hosts Brad Wright and Kathleen Kenealy are joined by Mike Arone. Mike is Managing Director and Chief Investment Strategist for State Street Global Advisors US Intermediary Business Group. Michael is a highly regarded speaker at industry conferences and is the author of several articles related to investment management practices. He is a member of the firm's Senior Leadership Team and has worked extensively with the firm's global institutional and intermediary clients to help them identify investment solutions that enable them to meet their long-term financial goals. Michael holds a BS in Finance from Bentley College. He has earned the Chartered Financial Analyst designation and is a member of the Boston Security Analysts Society and CFA Institute. They discuss: - The strength of the US economy and whether we're headed towards a recession - Why gold, silver and other commodities have been doing so well lately - The US deficit - A bit about politics… without getting political Learn more about State Street Global Advisors: www.ssga.com 1) SPDR Exchange Traded Funds (ETFs) | SSGA 2) Uncommon Sense (ssga.com) 3) Insights (ssga.com) – save as a favorite and check back often 4) Practice Management (ssga.com)

Jim Sinai - Vanilla Host Brad Wright is joined by Jim Sinai. Jim is Chief Marketing Officer at Vanilla, The Estate Advisory Platform, designed to transform how wealth advisors help their clients manage their estate and build their legacy. Jim is a seasoned cloud executive and experienced marketer, with a background in sales, business development, and a passion for new technology, telling the story and helping make complex software easy to understand. Jim is also a former college rugby player, at Brown. They discuss: -Adding estate planning software to an advisor's arsenal -How it integrates with performance and tax planning software, as well as insurance -To what degree it can help with prospecting -And why Vanilla is NOT boring Learn more about Vanilla:  www.justvanilla.com Follow them on LinkedIn: https://www.linkedin.com/company/justvanilla/