Podcasts about cetera

Pavlos Panagopoulos of Cetera Wealth Services LLC Stock Market Report for August 18th, 2026 on News Radio KKOBSee omnystudio.com/listener for privacy information.

Donna Jean Kendrick talks with Michael Flores, a counselor, family therapist, and founder of Brighter Possibilities Family Counseling, about helping families navigate widowhood, divorce, co-parenting, and court-ordered counseling. Michael shares how his own childhood experiences shaped his mission and why he centers therapy on what children need, not just what adults want.This conversation is especially useful for single parents, widows, widowers, step-parents, grandparents, and therapists supporting blended or high-conflict families. The big idea is simple: when parents align on the goal, kids have a much better chance to heal.   Timestamps 00:00 - Donna Jean introduces Michael Flores and the families he helps 00:56 - Michael's background, training, and why counseling became his calling 02:49 - A quick name joke and the start of Michael's personal story 03:42 - Childhood loss, blended family dynamics, and growing up around family change 05:06 - Discovering psychology and realizing counseling was the right path 07:00 - Building Brighter Possibilities Family Counseling across Texas 07:52 - Job, career, and mission - what makes work meaningful 09:59 - How Michael approaches families facing divorce, widowhood, and co-parenting 10:24 - Why he centers therapy on the child's needs first 11:21 - Parental alignment versus co-parenting 12:01 - How therapy is structured with parents, kids, and family sessions 13:30 - Court-ordered reunification work and starting with the parents 14:29 - Gathering family history and deciding who joins sessions next 15:34 - Stepparents and grandparents as overlooked caregivers 17:03 - How Michael's father leaned on grandparents after loss 18:25 - Guilty parenting, helicopter parenting, and lawnmower parenting 20:26 - Donna Jean's own widowhood parenting experience and losing structure 22:08 - Creating a new normal after major family change 22:37 - Two questions that help people stay out of counseling: self-audit and stop avoiding 25:03 - Solution focused therapy and how it shifts attention to hopes and outcomes 26:31 - Working with resistant clients and why resistance may be on the therapist side 27:29 - A case example of role reversal with a daughter and her father 28:54 - The 4R exercise and how it quickly builds empathy 30:23 - Michael's book One Question Away and his upcoming professional book 31:19 - Silent sessions and helping clinicians work with high-conflict families 32:44 - The podcast Beyond Divorce, Embracing Change and why the team created it 34:45 - Where to find the podcast and how episodes connect across topics 36:00 - Michael's mission to help families, interrupt harmful patterns, and support healing 37:54 - Donna Jean reflects on the spiritual side of the work and generational impact   Connect with Michael: Michael's Social Media and Website: Website Instagram YouTube Facebook   Michael's Podcast: Apple Podcasts Spotify Amazon Music _______________________________    CONNECT WITH DONNA

Pavlos Panagopoulos of Cetera Wealth Services LLC Stock Market Report for August 11th, 2026 on News Radio KKOBSee omnystudio.com/listener for privacy information.

Pavlos Panagopoulos of Cetera Wealth Services LLC Stock Market Report for August 4th, 2026 on News Radio KKOBSee omnystudio.com/listener for privacy information.

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With Josh Tomolak, Vice President of Independent Advisor Services, Diamond Consultants Louis Diamond and Josh Tomolak unpack today's IBD vs. RIA landscape, explaining what has changed, where each model excels, and how to determine which path best supports the business you want to build. In Summary The independent wealth management landscape has changed dramatically, making the decision between an independent broker dealer (IBD) and an RIA more nuanced than ever before. Louis Diamond welcomes Diamond Consultants' Vice President of Independent Advisor Services, Josh Tomolak, for a practical discussion of how the independent space has evolved, what truly differentiates the IBD and RIA models today, and how advisors can evaluate which path best aligns with the business they want to build. The Storyline Not long ago, the decision to become independent was relatively straightforward. Advisors either remained with a traditional firm or pursued independence through one of a limited number of models. Today, the conversation is far more complex. Independent broker dealers have significantly expanded their capabilities, offering stronger technology, larger transition packages, greater flexibility, and even pathways to RIA ownership. At the same time, the RIA ecosystem has matured into a sophisticated marketplace supported by multiple custodians, outsourced service providers, institutional capital, and enterprise platforms that rival many of the industry's largest firms. As these developments have unfolded, the traditional distinctions between an IBD and an RIA have become less obvious. Advisors evaluating their options are no longer simply asking whether they should become independent—they're asking which model best supports the clients they serve, the business they envision, and the lifestyle they want to create. In this Industry Update, Louis and Josh unpack the realities behind the IBD vs. RIA decision. They discuss where the two models overlap, where meaningful differences still exist, and why factors like service, technology, economics, operational responsibility, enterprise value, and long-term optionality often matter more than labels alone. Whether you're considering changing independent firms, launching your own RIA, or simply want a better understanding of how the independent landscape has evolved, this conversation provides an objective framework for evaluating today's choices—and preparing for tomorrow's opportunities. Topics Covered Independent Broker Dealer (IBD) vs. RIA models The evolution of supportive independence Technology investments across the independent space Transition support and advisor mobility Capital solutions and recruiting economics Business formation and enterprise value Launching an independent RIA Multi-custodial platforms and open architecture Minority investments and succession planning Future trends shaping advisor independence > Download a transcript of this episode… Listen and Learn Highlights for Advisors Why are already-independent advisors reconsidering their current model? (5:27) Josh explains why service, technology, economics, and growing optionality are causing advisors to reevaluate their existing affiliations. How have independent broker dealers and RIAs become more alike? (19:28) Louis and Josh discuss the growing convergence between the two models and why the distinction is becoming less obvious than many advisors assume. What really separates an IBD from an RIA? (25:04) A practical discussion of autonomy, compliance, flexibility, custody, economics, and advisor experience. What misconceptions keep advisors from launching an RIA? (36:29) Josh outlines the “Four Pillars” of launching an RIA and explains where advisors tend to either overestimate or underestimate the operational realities. Which advisors thrive most in each model? (33:12) The conversation explores why there isn't a universally “better” model—only one that's better aligned with an advisor's goals. What trends are quietly reshaping independence? (42:13) Minority investments, enterprise value, business formation, and changing revenue models may have an even greater impact than advisors realize today. Key Takeaways Independence has evolved from a destination into an ongoing strategic decision. Independent broker dealers have significantly improved technology, transition support, economics, and flexibility. The RIA ecosystem has matured into a highly sophisticated marketplace with broad outsourcing and support options. Choosing between an IBD and an RIA should begin with long-term business objectives—not industry perceptions. Building a valuable business depends more on business structure and scalability than simply growing assets. Advisors considering independence should evaluate models with an open mind rather than relying on outdated assumptions. The next decade will likely bring continued convergence between independent business models. https://youtu.be/jHDVso2TsmQ Quotable Moments “The question is no longer, ‘Do I want to go independent?' The question is, ‘What kind of independence makes the most sense for my clients, business, and goals?'” “Business formation is far more important than assets under management.” “The way you build your business will ultimately determine how valuable that business becomes.” “Everything in an RIA is going to cost you either your time or your money.” FAQs Is there still a meaningful difference between an IBD and an RIA? Yes. While the two models increasingly overlap, they differ in areas such as flexibility, compliance structure, operational responsibility, economics, and control. Why are more independent advisors changing firms today? Improved technology, stronger transition support, evolving economics, and better service models are prompting many advisors to reassess whether their current platform still fits their business. Is launching an RIA easier than it used to be? Yes. Supportive independence, outsourced service providers, and improved custodial resources have significantly reduced many of the historical barriers. Does every entrepreneurial advisor belong in the RIA model? No. The best fit depends on an advisor's appetite for ownership, customization, operational responsibility, and long-term vision. What matters more: assets under management or how the business is built? Josh argues that scalable business formation often has a greater impact on enterprise value than AUM alone. What's the biggest mistake advisors make when evaluating independence? Starting with assumptions instead of objectives. The most effective due diligence begins by defining the business you're trying to build, then identifying the model best suited to support it. Yes. While the two models increasingly overlap, they differ in areas such as flexibility, compliance structure, operational responsibility, economics, and control. Improved technology, stronger transition support, evolving economics, and better service models are prompting many advisors to reassess whether their current platform still fits their business. Yes. Supportive independence, outsourced service providers, and improved custodial resources have significantly reduced many of the historical barriers. No. The best fit depends on an advisor's appetite for ownership, customization, operational responsibility, and long-term vision. Josh argues that scalable business formation often has a greater impact on enterprise value than AUM alone. Starting with assumptions instead of objectives. The most effective due diligence begins by defining the business you're trying to build, then identifying the model best suited to support it. Related Resources IBD vs. RIA Comparison Guide IBD vs. RIA Revisited: Two Independent Pathways for Advisors to Consider NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. View the transcript of this episode… IBD vs. RIA: A Special Industry Update on Independence A conversation with Louis Diamond and Josh Tomolak, Vice President of Independent Advisor Services at Diamond Consultants.      Louis Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is IBD vs. RIA: A Special Industry Update on Independence. It’s a conversation with Josh Tomolak, our Vice President of Independent Advisor Services. I’m Louis Diamond, and this is the Diamond Podcast for Financial Advisors. Mindy Diamond: At Diamond Consultants, we help elite advisors identify the right environment for their businesses to thrive, whether that’s at a wirehouse, boutique, or independent firm. With nearly three decades of experience, we’ve guided thousands of advisors and represented more than a quarter of a trillion dollars in assets transitioned. And each year, one in four advisors managing a billion dollars or more who change firms are our clients. Our process is education driven and based on building relationships, starting as your strategic partner well before you’re even thinking of a move. To schedule a confidential conversation, call us at (908) 879-1002. Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions and more inspired us to create our annual advisor transition report. It’s the award-winning data-driven resource designed for advisors that connects the dots between the motivations around movement and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions. Download your copy at diamond-consultants.com/transitionreport. Louis Diamond: For a long time, going independent would suggest the destination. Today, it’s often the beginning of a different conversation. As the independent space has matured, advisors have more choices than ever before. Broker-dealers have expanded their capabilities. The RIA ecosystem has become increasingly sophisticated. Capital is more readily available and support models now exist that would’ve been difficult to imagine a decade ago. The result is that many advisors who are already independent are taking a fresh look at whether their current affiliation still aligns with what they’re trying to build. My guest is Josh Tomolak, Vice President of Independent Advisor Services here at Diamond Consultants and our resident expert on independence. Josh spends his days helping advisors evaluate independence in all its forms from independent broker dealers, the fully independent RIAs and everything in between. And his knowledge is critical because the distinction between these models is often blurred. Many broker dealers now offer pathways to greater autonomy while supported independence has made RIA ownership more accessible than ever before. So the question is no longer simply, “Do I want to go independent?” The question is, “What kind of independence makes the most sense for client, business, and goals?” Josh shares what he’s seeing across the landscape, the misconceptions that continue to shape advisor thinking and the factors that matter most when evaluating the next chapter of an independent business. There’s a lot to discuss, so let’s get to it. Josh, thanks for joining me today. Joshua Tomolak: Thanks for having me, Louis. It’s a real privilege to have come. This is a full circle moment for me going from being a student of your podcast, to working alongside you, to being a guest. So I appreciate you having me. Louis Diamond: Amazing. I’m excited for this one too, because you have a fresh and in the weeds perspective that a lot of our guests simply don’t have. So why don’t you start off, you spend your time helping advisors evaluate independence every day. So working with advisors who are already independent, for the most part. And to me, it feels like the independent space has really evolved dramatically over the last decade. I mean, this podcast is really the epicenter of that to prove that out, but give us a little background on your past roles in the space and then we can get into what you’re seeing right now. Joshua Tomolak: Yeah, I’d be happy to. So I took a very non-traditional path into wealth management. I spent a decade as a deep sea Navy diver, and upon completing my service there, I ended up working for TD Ameritrade. And in my role there, I spent about six years doing nothing but helping financial advisors explore the RIA space, whether that was to join or partner with an RIA, sell to an RIA, or in most cases, launch their own RIA. And one of the things that I ultimately came to terms with is it’s just not the right model for everybody. While I’m a huge advocate for it, we would often lose business to the major broker-dealers of the world. And at the time, I really didn’t understand why. In the last six years at Diamond Consultants has been a very interesting purview into what a lot of the broker-dealers have done and are doing to make themselves more RIA-ish and be very compelling to the right advisor. Louis Diamond: Perfect framing. Your background is incredibly germane to the folks you work with. So let’s start off with the softball here. What are you seeing right now? Joshua Tomolak: It’s not so different than the rest of the industry, the wirehouses, the regional firms, things of that nature, that if you took 10 firms, they’re all likely to go different directions, even if they were identical practices. That could be… A third would go from an independent broker-dealer to another independent broker-dealer. Certainly the supported RIA space is growing every day and has created a lot of very fun and unique solutions for advisors, very customized and curated. And then I think there’s still a lot of really great sophisticated teams and individual contributors that are making the decision to go hyper entrepreneurial and launch their own individual RIA. So the movement’s really all over the board from my perspective. Louis Diamond: It does feel like it’s no longer independence is an alternative option or it’s on the fringes. It’s very front and center whether for breakaways, which is a big topic on our podcast, but in general, the infrastructure has become much, much more sophisticated today than ever before. Advisors have way more tools in their toolbox to serve clients, whether in the private markets or through technology. And it’s no longer that if an advisor’s independent, they’re in the minor leagues where they don’t have the same ability to serve clients like they did if they’re at a big bank or a private bank or a wirehouse. Do you agree? Joshua Tomolak: I absolutely agree. And I’m reminded of a question I got one time from a great team that I worked with in New York. They asked me, “Are there really more options than ever before? Because all we see is one firm selling to another.” And I think that’s a really great point. There’s far less broker dealers on the street than there were even five years ago. But for every Commonwealth, for example, that sells to an LPL, up pops three or four really cool private equity-backed, sophisticated RIA platform firms that are built to service their own unique advisor base. Louis Diamond: I think that’s right. Sitting on the sidelines, sitting on top of everything going on in the industry, I feel like capital is always an interesting topic forever. If an advisor wanted to move within the independent world or break away from a big firm to go independent, the only way to get capital was to go to an independent broker dealer. So we still see that, but I feel like today between all these minority acquisition opportunities, we’re seeing firms acquire practices at time of transition, which is somewhat new. There’s debt solutions, recruiting deals are way up for firms that are paying forgivable loans. RIAs now would, in some cases, will pay a forgivable note. What are you seeing there as far as the availability of capital and just deals in general? Joshua Tomolak: It’s a great question and I didn’t want to take the low-hanging fruit, but capital’s been a huge innovation, I guess, in the last five years I’d say. Just to give you rough quotes, please don’t hold me to it, but traditional transition broker-dealer deals were five years ago, 40 to 60% of Trailing Twelve revenue today are somewhere between 90 and 120%, sometimes north of that for the right team. That’s really meaningful money for the team that is thinking about foregoing a wirehouse deal, for example. I’d also say a lot of these firms are getting hyper-creative in how they solve for capital. The minority investment piece that you mentioned is very interesting. We’re seeing a lot of privatized forgivable notes in the RIA space where third-party or private lenders are basically lending the money and the RIA is making the payments on that forgivable note as long as the advisor is affiliated with them. So there’s been a recognition among the RIA space to get away from the, “Oh, they just took a check” type of mantra, and to say, “Look, I understand there are capital needs. These people are taking a risk. We need to solve for that.” So we’ve seen a lot of that in the marketplace. Louis Diamond: Very interesting. I think another thing financially, and then we’ll keep the train moving, that I know I’ve seen, and maybe you can weigh in if you’ve seen the same, is the cost to an advisor or a business owner to join an independent BD or to join an RIA has come way down, probably in part because of Schwab going to zero on trading. That’s been a catalyst. But it feels like we used to say independent BDs were expensive relative to the RIA world. And in some cases, they certainly could be. And if you’re at scale, maybe you can pick up a point or two being in the RIA world versus a BD. But when you have some of these BDs that have a basis point admin fee or no admin fee at a certain size and the payouts I feel like are similar, maybe have gone up a little bit, but it’s more so like the administrator fees, the platform fees, the program fees. Anyone who’s not in that world, it’s like, “What are you talking about?” But basically the way that these broker-dealers make money, it seems like there’s been a pretty big differential in the exchange of value where advisors now get more services, better technology, get more money to join them and get it at a lower cost. Do you agree? Joshua Tomolak: I absolutely agree. I think that maybe that’s one of the larger changes that we’ve seen, and it’s probably one of the benefits from a lot of the industry consolidation on that independent broker-dealer side. The economies of scale of these folks have allowed them to increase their tech spend, increase their service capacities all while offering it to the advisors at a cheaper price. And when I was at TD Ameritrade, one of the biggest pitches was the idea of a 100% payout and you control the fixed expenses, your technology compliance, et cetera. But what’s changed is that broker-dealers are pretty darn comparable on the expenses. All of those admin fees and things you mentioned will still exist, but they’re on a much smaller scale. And I think the question a lot of advisors are asking is, “Am I getting congruent value from my broker-dealer for what I pay for?” And while that answer might’ve been no a couple years ago, today the answer is more often yes. Louis Diamond: Yeah, I would agree. A lot of times we work with advisors who are starting an RIA or affiliating with an RIA or going to a BD and they see how big the deals are in the independent BD world and the payouts are really high and the fees are relatively low. And honestly, it is a hard decision or calculus to make, like, “How does it make sense for me to turn down this extremely lucrative deal when my ongoing economics are going to be somewhat similar in the BD world versus in the RIA space?” I think it’s just an interesting dynamic and we’ll get more into that distinction. One of the stars of the show right here is we’ve seen a ton of advisor movement across the industry. Our annual advisor transition report said that in 2025, over 11,000 experienced advisors changed firms, which is a large number. A lot of those numbers are within the independent world. So advisors who are 1099 through a BD or through an RIA transitioning to another platform or organization or starting an RIA. So why do you think we’re seeing so many advisors reconsider their current firm or their platform or their broker-dealer today than in years past? Joshua Tomolak: It’s a jarring number. 11,000 is definitely a significant amount of advisor movements. To me, it comes down to a few things, but I will say that it’s almost always a conglomeration of pushes and pulls. Pushes being inherent frustrations with your status quo, pulls being the new sexy, shiny things that you see in the marketplace that could be really impactful for your business. To me, it typically comes down to one of three things, at least on the push front, that drives advisors to movement. Service being number one, technology being number two, and economics being number three. And if we were just going to unpack those, I think service being, “Can you call somebody that knows your business, that knows your name? Are you getting the correct answers? Are you being pushed through a phone tree? And even if you’re not doing it, is it taking up a meaningful amount of time of your staff’s free time?” On the technology front, there’s very significant tech spends happening in the industry right now. I think Raymond James and LPL reported, for example, they spent 500 million in 2025 on a tech spend. So advisors are going to the places that are making their life easier. People are looking for a mechanism to really scale their business without having to add staff and a lot of expenses to the bottom line. And technology is just the fastest, most efficient way to do that most times. And then economics, certainly a lot of advisors and teams have built phenomenal businesses and they’ve made a great living without really stressing out about the economics. And they eventually get to a point in their business where what they were giving up as a million dollar producer is far different than what they’re giving up as a $4 million producer. And back to the congruent value, it perhaps stops to make as much sense. Louis Diamond: Well said. I always say when the cost-to-value ratio is out of whack, that’s when advisors sit up and take notice. And not to name names of firms, but there definitely are firms that are more expensive. And even if you look at how much a wirehouse or a Ed Jones advisor paid their firm, it’s like, “What got me here is not necessarily what’s going to get me there.” And while the name on the business card, the resources were incredibly impactful, and I’m so grateful for what my firm, my broker-dealer did for me when I was just starting or when I was smaller. Now the business is bigger, I rely upon different resources or I don’t need the firm as much. So I’d rather plow the cost savings either into income for myself or invest it in areas that are most germane to my business. And it’s usually when that kind of light bulb moment goes off, that’s one of the major pushes that cause advisors to evaluate other options. So I agree with you, those are the major push factors, but then what are the pull factors? What are the major advancements or changes across the independent space that’s causing advisors to say, “Hey, okay, I might have some frustrations, but at the same time, I also need to find something that’s more than marginally better than the firm I’m at. Otherwise, why am I going to go through the hassle, take the risk, et cetera? So what are some of the pull factors that advisors are latching onto today? Joshua Tomolak: Sure. And I might say with one final push factor, there’s a straw that breaks the proverbial camel’s back when you’ve been told for however many years that this change or that change is coming down the pipeline and it never happens. And it translates well into the pull factors is do they do what they say they’re going to do? The talking points really for the pull factors are exactly the same. So the counterpoint to service is perhaps having a direct relationship with the chief compliance officer at a firm or having a dedicated service representative that knows their stuff inside and out and can get you the answer even if they don’t know it off the top of their head. Having the technology to rebalance a household in two clicks instead of two hours. In economics, I think it’s really a transparency of economics. We’ve both worked with some really significant firms that have looked at their P&Ls and said, “where the heck is the money going?” And we’ve looked at the same P&Ls and said, “I have no idea,” because it’s so convoluted. People are happy to pay for good service, good technology, good products, but they just want to know where the money’s coming from. So I think it’s a yin and yang. The same things that they’re the push are often the pull. Louis Diamond: Definitely. I’ll give you a couple other from my perspective. I’ll say first specific to the independent BD world, and then we’ll dive into the RIA, I think it’s a little bit different. But I think some other will say innovations or changes that are causing advisors to really perk up and listen and really make the case to themselves that life will be better at this new organization than the status quo or staying put. We’ve seen major advancements in transition support, whether it’s being able to do a transition without a shred of paper, being able to… I mean, we’ve seen some independent advisors move their entire book within two weeks, which never would’ve happened before. So the firms that I’d say are playing offense, the larger firms that are winning, they have insane headcount around transitions and are always investing in technology, whether now on the AI front or in general. And we’ve seen transitions, they’re never easy. So that’s not a comment to say it’s easy, but a lot of the friction, a lot of the manual work has been taken away, which is massive. You definitely mentioned the significant technology spend. I mean, just the innovations going on across the industry. There’s definitely some firms that are laggards on technology and others that are light years ahead, whether because their tech is more integrated or they’ve built out their platform to be more, we’ll say modular, to plug in different third-party softwares where an advisor can really customize and create their own tech stack. I think there’s been some changes on compliance. It used to be if you’re at an independent BD, you had to be the OSJ by yourself or you had to roll up under an OSJ. But now most BDs offer home office supervision, so a big friction or pain point is taken away. And then I’ll give you a bridge to talk about what we’re seeing on the RIA side. But we’ve also seen, I would say, a real blurring of the lines between what you would traditionally think of as an independent broker dealer versus what was an RIA. So whether it’s an internal pathway where it’s like, “Start off on our independent BD platform, get the big deal, get the support, but then you can ditch that and just use this as a custodian or you can sell the business to us when you want to retire and convert to W2.” So in that vein, transitioning internally to an RIA, give me the same points like, “What are the major advancements or changes you’re seeing on the RIA side today?” Joshua Tomolak: I love that you said that because it’s been one of the most interesting changes to watch. Independent broker dealers becoming more like RIAs, and to your point, being more flexible, having more optionality, a more curated experience in some cases. And in many cases becoming closer to independent broker dealers with some of these massive shops that we’ve seen be created over the last five years that now have hundreds, if not thousands of advisors. To your question on the internal RIA slide as we sometimes call it, this really didn’t exist many places a few years ago. And I think it’s been created as both originally a retention tool in many places for the advisors that were with a major independent broker dealer and they ultimately wanted to have their own ADV and their own RIA. And the firm didn’t want to lose all the assets to an independent custodian so they gave them the green light to… And it’s ultimately became a sales tool in many cases. Just to use a couple of examples across the industry, I mean, Raymond James has Raymond James Custody Services, which has attracted a lot of really sophisticated teams. I know Wells Fargo Finance done something similar and even the counterparts over at Cetera and Osaic are trying to do the same thing. So it’s a recognition in my view that we want to keep the best talent possible. And if these folks are ultimately going to go RIA anyway, it’s less about the money and more about the flexibility and control that it offers them. So what can we do to keep those folks on board? And rightfully so, a lot of senior management of these firms have said, “Let’s not lose these teams. It’s going to be a lower margin business for us, but at the rate that they’re growing, it’s going to pay off in the long run.” Louis Diamond: Well said. RIAs are now more mainstream. And some of these RIAs, they’re either resembling independent BDs or I would even go so far to say the valuations that are even publicly available on some RIAs is definitely having people take notice. I mean, Cerity Partners recently raised capital at an over $8 billion reported valuation. Crescent was well over a billion. Firms like Mariner, Creative Planning, Mercer, Wealth Enhancement Group, and there’s many that I’m missing, are all worth a couple billion dollars or more and growing. Do you think that’s had an impact on the legitimacy or the staying power of the RIA model? Joshua Tomolak: Oh, absolutely. There’s no doubt about it. I mean, those groups that you mentioned and many more are winning some of the biggest teams on the street. I mean, if you pull up a run-of-the-mill advisor hub article, for example, you’ll see as many of those RIAs win significant businesses as you will their broker-dealer counterparts, partially in my opinion, due to the massive valuations these firms are fetching. And it’s much more of a partnership in the sense that joining a Crescent or a Wealth Enhancement Group, as you mentioned, you’re a part of a boutique group of maybe a couple of hundred very sophisticated high-producing advisors all playing under the same banner, all rowing in the same direction, and that creates substantial growth. Louis Diamond: Exactly right. I think two other things to me that’s driving the legitimacy or the growth of the RIA segment, there’s so many different outsourcing solutions that have popped up, whether it’s more of a… We’ll say a bundled or a package outsourcing solution through firms like Dynasty and Sanctuary. LPL has done a ton with having a shared services outsourcing model. So you have those. But you also have, I mean, probably 10 different firms I could think of that can be an outsourced chief compliance officer. You have tons of marketing agencies that specialize in helping RIAs. You have all these FinTechs popping up to support the RIA space. Really, it’s like anything and everything can be outsourced now. And even the big Wall Street banks like UBS, Merrill, et cetera, they’re attempting to sell and distribute product into the RIA space. Venture funds, private equity funds, anyone you talk to is trying to get a piece of the RIA space, which means there’s more product and platform availability than ever before. And I think it’s massive because one, it’s a catalyst for teams who say, “I love everything about the RIA world. I just don’t want to do it on my own,” or, “I don’t know where to start.” But also it means that they can look their clients in the eye and say, “Hey, not only do I have the same stuff that I had for you at XYZ firm, I can actually do more for you.” And even if you look at what the custodians are doing on the lending side now, Schwab owning a bank is massive and being able to facilitate mortgages, securities-backed loans, things that didn’t really exist in the past. I think it’s a very exciting time for advisors either that are independent or are considering the independent space because you have all these choices and it’s really like, “Choose your own adventure. Give me your top five things you want.” I’m sure it exists and we can find it and make it happen. And I don’t think we’d have the same confidence in that statement 5, 7, 10 years ago. Joshua Tomolak: I couldn’t agree more. That’s such a huge development is the marketplace of third party vendors in any kind of capitalism environment. There’s problems that people encounter and there’s really smart people that are trying to make a lot of money that go to market to solve them. And we’ve seen a ton of that over the last few years. Louis Diamond: Exactly right. Yeah, it’s like also… If an advisor looks around and says, “Hey, this is what I want,” and it doesn’t exist, oftentimes that’s a light bulb moment to be like, “Okay, I’ll go build it. I’ll do it on my own.” Whether it was Stewart Partners when they launched a number of years ago or Hightower, Dynasty, et cetera. They were all started by people that said, “Hey, I see a big gap in the ecosystem. Let’s create a business and raise capital to go solve it and then deliver this service to other like-minded advisors or business owners.” Honestly, it’s a treat to be able to watch all this happen in real time. We probably should have laid the groundwork with this next question, but I think it’s an important one. What’s the difference between a independent broker-dealer and an RIA? Really basic foundational. It sounds like the lines are blurred. There’s probably a lot of similarities. Advisors are successful in both. It’s not like one’s better than the other. How would you explain the differences, if a client of ours asked, “What’s the difference between an independent broker-dealer and IBD versus an RIA”? Joshua Tomolak: Get into the core of it. Again, the lines are blurred, and I’ll stay very high level on the strategic differences, but I like to use this example. I drive a Toyota Tundra. Really like the truck, gets me from A to B. Now, if I were getting to a point where I wanted a new vehicle, if I were to go get another Toyota Tundra because I really like a lot of aspects of it, but I want the one with the bigger screen and the bigger tires and the power seats, and I have rolled down windows because I have a fear of drowning. But if I want a lot of the bells and whistles, but I want to keep the foundation, that’s what I align to a independent broker-dealer to independent broker-dealer. You like the foundation of everything all under one roof. You like a lot of the resources, but you have some meaningful frustrations and you want to see if another provider in the market can solve for those or you can upgrade. If I instead, Louis, decided that I wanted a sports car or a Jeep Wrangler or something, I would be looking at a different category altogether. That’s how I articulate the platform space. They provide the same services and support in many cases that an independent broker-dealer does, think of marketing and a tech stack and regulatory oversight and a fellowship in a community, but they’re built on an RIA TC registered chassis. They’re typically far more customized so you can shop the street to get a lot more of the things that you like, though you are walking away from maybe some of the things that you’ve liked in the independent broker-dealer model. So I guess that’s the highest level I might explain it, just a little bit more minutia in any broker-dealer is going to be a FINRA registered, FINRA member broker-dealer. So they’re subject to the FINRA rules, which basically means it’s the compliance interpretation of those rules that they have to follow. So LPL’s rules may be slightly different than Cetera’s than Ameriprise’s because it’s based on their interpretations of the rules. In the RIA space, everybody really operates on the fiduciary standard. So it’s just a different lens that from a compliance standpoint, business is looked at. And a lot of people would make the argument that it’s just easier to get things done when you’re looking at something from that lens. I might’ve gone too compliance nerd on you there, but I’d be curious what you think some of the major differences are. Louis Diamond: Yeah, I think that’s right. I mean, it sounds like if you’re in the RIA world in some capacity that you as the advisor or business owner are going to have a little bit more control and autonomy and flexibility. One, do you think that’s true? And what are the reasons why that is? Is it platform? Is it strictly just compliance is easier? What are the different ways that an RIA would have more or less flexibility than someone who’s with an independent BD? Joshua Tomolak: Yeah, I think it’s overwhelmingly true, but it certainly depends on your business. Within most RIA platforms, you’re going to be one of a couple dozen, maybe a couple hundred, where you’re going to have people within that firm that really know your business. So the experience in getting things done is much less about, “Can I do this,” or, “Can I not do this?” And it’s, “Louis, I understand you asked for this. We’re going to run into these issues, but let’s figure out how to get to yes.” So it’s far more curated by people that are not operating on black and white rules and can actually figure out how to get to yes for your business. The other thing I would say is that most significant RIA platforms have multiple custodial options. So many times you’ll see as few as two or as many as five. So if an advisor or a team is trying to bring on a new piece of business or do something creative, that might be something they can use a different custodial relationship to accomplish. It might be something that Goldman Sachs does really well but is in its infancy at Fidelity, or it might be international business that’s approved on Pershing’s platform but not Schwab’s platform. So the RIA partner that you’re with can really look at those custodians agnostically and say, “What’s the best home for this business? What’s the best way to get this done for Louis?” There’s a couple examples of where I see the flexibility in practice. Louis Diamond: Yeah, I think one more too would be the concept of being able to shop the street. I’ve heard it described as becoming a buy-side advocate for your clients versus being a professional seller. So meaning, if I’m affiliated with an RIA or I’m operating my own RIA, there’s no selling away like there is at a wirehouse or at certain BDs. So if I have a client who’s trying to get a $10 million loan for a new building that they’re breaking ground on, if I’m at UBS, Merrill, Morgan Stanley, captive to a BD, I can go to my firm and say, “Hey, this $10 million loan, here it is. What are the terms? What are the rates? Will you take on this business?” And the firm will say, “Yes. No. Yes, here are the terms. Here’s the caveats, et cetera.” But it’s a very closed market process and an advisor has to live and die by what their firm says. Versus in the RIA world, it’s, “Okay, I have relationships with nine different banks and I can go to these different banks and private credit funds and whoever and really create either an option process for my client or really just help them in a fully agnostic open way.” And we see the same thing when it comes to alternative investments. No one at a wirehouse, let’s say, is complaining that they don’t have enough alts that they can offer clients. Those firms have done an amazing job with really boiling the ocean and having tons and tons of options for private investments, hedge funds, et cetera. But if you’re in the RIA world, you can take it to the next level and say, “Hey, this $3 million startup company that my friend is starting, I’m going to help them raise capital,” or, “My client wants to get a syndicate of investors together to have a direct investment into a qualified opportunity zone fund that they’re starting. Let’s do it when we can advise on it.” So it really expands what an advisor is able to do on behalf of clients. Like to me, that’s the most interesting or exciting part of the RIA model. You can get some of that within the BD world, but to me, when an advisor’s business becomes more sophisticated as far as what their end client’s needs are, it tends to translate better to the RIA world than the BD world. Not to say there aren’t ultra-high net worth focused advisors at BDs, but because of that additional flexibility, autonomy, customization, et cetera, that speaks more RIA. So again, absolutely not down at all on the independent BDs because I think there’s a massive home for them. Josh, let me turn it back to you. I’m rambling now. Give me the pitch for an independent BD. What are the things that are misperceptions that people have? What are the advantages that an independent broker dealer like an LPL or a RayJ or a Cetera have over RIAs or over other models in general? Joshua Tomolak: Absolutely. And I’d say I’ve learned more over the last six years from some of your ramblings than most people learn in an MBA course, so keep doing what you’re doing. But it’s funny being in this position now, having spent so much time sort of selling against the IBD model within TD Ameritrade, but what I’ve learned is it’s a good home for everybody. And a lot of times the advisors that they’re entrepreneurial enough where they like having their name on the door, but they’re not so entrepreneurial where they want to build everything out themselves, that’s where the independent broker dealers absolutely kill it. Their economics have gotten to a point where they’re really competitive. They offer transition capital that isn’t even going to be comparable in the RIA space unless you’re selling a minority share of your business. And you mentioned LPL, or we could really list all of the major ones, there’s not a department that they don’t have. It could be as nuance as finding 403(b) payroll slots or it could be as mainstream as fixed income or setting up events. There are all kinds of really neat departments that these all under one roof independent broker dealers have invested in. And a lot of times they make an effort to make you very much aware of all of the support because most people don’t use it. So I would say for the advisors that are looking to get their improved Toyota Tundra, then you can get probably 70 or 80% of what you want within the independent broker-dealer world. And you can also keep 20 or 30% of the stuff, maybe more that you really liked at your previous firm. So I think that’s where it really shines. I sometimes call it an incremental change rather than a transformational change. But for many advisors, incremental is really good enough if you get to keep the familiarity of how you’ve been doing business for the last 20-some years, but you’re able to get net improvement on the things that were really bothering you. Louis Diamond: Well said. Something that I’ve seen that’s been… I guess this could be either pro or con depending upon the advisor, but with some broker dealers, letting an advisor co-brand with them or really having a real consumer-facing brand, whether it’s, “I’m a franchise owner with Ameriprise,” or, “I’m independent through Raymond James,” or, “Running my own practice through Wells Fargo FiNet,” or, “I’m independent with Northwestern Mutual.” There’s definitely some brand cache or brand familiarity with some of those firms that may or may not be the same if you’re in the RIA world. So I would agree there’s a lot to like about the independent BD world and there’s a fit for people that is absolutely better with independent BDs than on the RIA side. Even if some people would say RIA is better, we’re cleaner, I wouldn’t say that. To me, it’s all about what an advisor’s goals are and then matching that up with what these firms do. And there’s never a perfect option. I jokingly say, “If there was a perfect firm, we wouldn’t be in business.” Every firm has their advantages or disadvantages. And depending upon where an advisor’s coming from, their style of business, their pain points, that’ll match up really well with on firm or one type of firm or one model than the other. Let’s pivot a little bit to the RIA world. A lot of your comments have been more about advisors affiliating or joining RIAs, this whole supportive version of independence concept. But what about advisors who want to go and start their own RIA? Either they’re leaving a captive firm and taking the entrepreneurial route and starting their own firm, or they’re leaving an independent BD to go start their own RIA. What do you see as some of the biggest misconceptions that advisors have about that move? Joshua Tomolak: That’s probably my favorite topic because there are the most misconceptions I think in this space. Louis Diamond: I’d agree. Joshua Tomolak: And I would say there’s 9 out of 10 conversations that I have with advisors and teams, they start off with the launching an RIA in mind or at least RIA curious and they want to understand what’s out there. And probably less than half the time do these folks end up actually launching their own RIA, which is okay because the ones that do are massively successful and they know they’re dang sure that’s exactly what they want to do. I think it gets a little bit romanticized sometimes that they’ll say, “Oh, I’ll just give Schwab a call,” or, “I’ll just give the custodian a call,” as if they were shopping independent broker dealers. That’s fine. You can do that and they will help you, but there’s quite a bit more to think about. And it’s not, in my opinion, the same as evaluating independent broker dealers. If it’s all right, I was taught the four pillars of the RIA model. I can go through that with you really quickly. So the way to think about the RIA space is in four pieces. And shout out to a friend, Eli Suarez, that taught me this years ago. The first pillar… Thinking of four pillars on a bar stool, if you will. The first one being administration. And this is your compliance, this is setting up your ADV, your LLC, all of your business formation documents. The second piece being technology, what do you actually want to use? Because the benefits of the broker-dealer world and the supported independent world is they’ve already built it for you. They’ve already paid for it and scraped their knees building it. In this case, you have to. And for some people, that’s really exciting to source financial planning software and portfolio management software and your CRM and tax software, et cetera. For some people, it just sounds like a huge headache. The third pillar being custodians. I have them third because you want to make sure that the right custodian can integrate properly with the technology that you’ve sourced that you’re passionate about. And then ultimately transition. What does a transition really look like? What are my legal and regulatory requirements? How does this work? What are the timelines? Things of that nature. So I guess I would say in closing that if those four things are things that you really want to own, then you’re in a really good position to consider an RIA launch. What do you think, Louis? Louis Diamond: I think that’s a great framework to break it down. Not just be like, “Okay, I can tolerate that,” or, “My team can do it,” but I think you have to be pretty excited about rolling up your sleeves and customizing and doing it yourself because in our experience, there’s a nominal differential between the economics of running your own RIA versus affiliating with an RIA or going to an independent BD. All the extra work and responsibility, you’re not really going to make it up, at least on the front end, on a higher net payout. So it has to be more about what the model means to you and having a vision that you don’t think anyone else can accomplish other than yourself. And looking at that crazy ever-expanding Michael Kitces’ FinTech map and there’s 500 different logos on it and being like, “Yes, that’s what I want. I want to go through this. I want to pick the seven pieces of my tech stack that work for me,” rather than getting, “Here’s the tech stack, take a demo, you like it, you don’t like it, take it or leave it.” To me, the two biggest misconceptions people have about the RIA world is one, “I’m going to have to be a full-time chief compliance officer,” and just that compliance is this boogeyman, this terrible, scary thing. In some ways it is. But the reality is most, especially startup RIAs will fully outsource compliance to a firm or they’ll hire a compliance consultant or firms that are big enough even will hire a CCO or repurpose someone on their team to be CCO. But compliance is much more streamlined and simpler than BD compliance. And ultimately, it’s compliance that’s being built for your business rather than compliance that’s being built for a publicly traded multinational company that supports 20,000 financial advisors. So I think compliance is always a big misconception. It’s definitely what a lot of firms will pry upon when they’re saying like, “Oh, you’re going to own all the legal and regulatory requirements. You could, but it’s definitely not a requirement.” And then I think another one is folks sometimes underestimate and overestimate the operational burden and how much work it is to start an RIA. Sometimes people just… They’re perfect for the RIA world, that’s their goal, but they get stopped in their tracks. They don’t really know what to do. But what we’ve seen, we said it earlier with so many different outsourcing solutions and different service providers that have popped up, if you have the fire in your belly to go build something, it doesn’t mean you’re doing it by yourself. I mean, that’s what firms like ours do. The custodians are very helpful. On the flip side though, I have seen advisors chasing payouts say, “Hey, I’m just going to go start an RIA because I want to make another 1 to 3%,” or whatever it comes to and they drastically underestimate what it really takes to build a successful firm. Joshua Tomolak: Exactly right. I think that’s my favorite one, Louis, overestimating and estimating the operational burden there is you could have the same conversation with two teams and it can go the completely different direction. Louis Diamond: Josh, let’s wrap here. I got one more question for you that I think is an exciting one, but give me three key trends or storylines that most people don’t know about or aren’t talking about that you’re passionate about or that you’re sharing with advisors or counseling today. Joshua Tomolak: Sure. This is the free advice portion. And I’ll tell you what, Louis, if it’s all right with you, I’ll give you two and I would love to hear one from you as well. The first one I’ve seen in both the independent broker-dealer and RIA space is the minority investor concept. A lot of folks will talk about the idea of taking chips off a table and starting to partially monetize your business. I think that’s all important, but what I’ve found is that a lot of advisors really want their partner, whether it’s an RIA broker dealer to help them grow. And that could be with M&A opportunities, that could be with traditional recruitment of advisors, that could be building a business plan. But the minority investment part really helps accelerate that for a lot of businesses because all of a sudden, not only are you cashing out a small part of your business, but you’ve just created an ally with the parent entity, it is now much more likely to help you grow in that capacity because they’re insulated from it and they profit when you profit. So I think it’s easy to be shortsighted and say, “Well, my equity’s going to keep growing. Why would I sell you a piece of this?” But I counsel folks often to really think about what that long-term strategic partnership is and making somebody a real equity partner rather than just a vendor that provides you with technology and regulatory coverage. The other one I’d say is that… And this one’s really important to me, that business formation is far more important than your assets under management. Said a different way, the way you build your business is going to make your business far more valuable than the number of dollars underneath your name. And what I mean by that is, just to use an example, a sophisticated, well-built, centralized, scalable and repeatable business, whether it’s an RIA with a broker-dealer that is going to fetch a far higher M&A multiple than a OSJ that’s five times the size that just has a bunch of 1099 independent advisors underneath the umbrella. What we’ve seen in the M&A space is that if you’re going to shell out 50, 60, $80 million for somebody’s business, you want to know that you have this business for the long term. So I would certainly counsel people that have been around maybe far longer than me to take a look at how you’re building this and put together a business plan on what those next 10 years should look like and not necessarily fall into the trap where your only revenue source is the override that you receive from a firm and then you in turn pay to the advisors on your team. Louis Diamond: Well said. I really like that line. We’d probably do a whole episode on what are the tips and tricks for building a business with the end in mind? Like the Covey quote, “Begin with the end in mind.” Transitions are like… They’re a bear. I mean, there’s no way to sugarcoat it. Advisors, when they hear transition, if you ask them, “Don’t think about it, give me your reaction.” “Terrible, risky, a lot of work. I’ll never do it again. My friend did it and it was terrible. What if my clients don’t come?” It’s all these negative emotions. And in many cases, I don’t blame an advisor because it is a big act. But to me, if someone is weighing making a transition, whether a wholesale business model change going from being an employee to being independent, going from being an advisor at an independent BD to starting an RIA, or even going independent BD to independent BD, it’s an opportunity if you rise to the occasion to build with this next act with intentionality. So whether it’s restructuring compensation for your team, converting people from 1099 to W2, putting in place new workflows, changing how investments, instead of it being each individual advisor doing investments to more of a centralized model, cleaning up workflows, really investing in data, investing in AI. It’s something that I think, again, we can have a whole episode on it, but I think it’s a great one. Build the business the right way. And obviously, businesses that are larger, theoretically, sell for more, but we’ve certainly seen businesses that are half the size of a larger one sell for a similar amount or more because they did all the right things and the larger one did the things that really turn off a buyer or detract from a valuation. Let me give you one more and tell me if you agree, but I think we’re in this moment when Altruist, the upstart, a new kid on the block custodian, they launched a basically tokenization of cash in a way to automatically agentically source or sort cash to the highest yielding money market. And you’re like, “This is fricking wonky. Louis, why are you telling us this?” I think this is an important one just to keep a watchful eye on. I have no idea how this is going to shake out, but really the biggest way that independent BDs or even custodians like Schwab and Fidelity really make money, it’s not on their overrides from practices or the admin fee or the custody fee. It’s really on net interest margin. So how much the broker-dealer or the firm is making on client cash and brokerage accounts relative to what they’re paying out the client. It’s essentially like free margin to these firms. And this concept, I think, has massive potential for disruption for the business model. Again, I don’t know what it’s going to look like, whether it means platform fees that are instituted at all these firms, whether it means certain models would be more beneficial than others, whether it means nothing’s going to change, which is probably the right answer given this industry. But it’s something to keep a watchful eye on just if your firm institutes a new platform fee or there’s a fundamental way in which your firm can no longer make money. How are they going to make it up? Are they now going to be uncompetitive? They’re not going to have as much scale or profits to invest in the platform. Is it going to cause even more consolidation in the industry? So to me, that’s the one pretty under the radar, pretty wonky storyline that I don’t think enough people are talking about, but has the biggest possibility for disruption across their space than anything I’ve seen in a while. Joshua Tomolak: Sure. That’s the whole iceberg. Not a lot of people are talking about it. It’s not poking out of the ocean, but it’s going to be continuously brought up. I think it’s a question that a lot of advisors are going to have to ask these firms. And at the end of the day, the firms aren’t the bad guys. They have to make money too to provide a quality product. So where the money comes from matters. Louis Diamond: Exactly. Josh, this has been awesome. I learned a lot talking with you and just having your objective consulting hat on what I think are really the differences between IBD and RIA and some of the key trends and storylines to watch has been instrumental. I’ll also give a plug that on our website and we’ll link to it in the show notes, we have a really helpful one-page reference guide going through the differences between independent BDs or IBDs and RIAs. So feel free to click on it. We’ll make sure it gets in your inbox. Josh, thanks again for joining us today. Joshua Tomolak: Yeah, thanks for having me, Louis. It was a pleasure. Mindy Diamond: As a financial advisor, you hold yourself to the highest standards of integrity, honesty, and credibility. You are successful because you take your professional responsibilities seriously and are dedicated to your clients. But are you living your best business life? Are your goals aligned with your firms or could a better option exist? Should I stay or Should I Go? is a book written with you in mind. It’s a self-guided journey that walks you through the key steps that we take with our advisor clients. This strategic thought process and roadmap to professional self-discovery is designed to help you ask the right questions and think critically and objectively whether you’re considering change or not. Learn how to get your copy at diamond-consultants.com/thebook. IBD vs. RIA: A Special Industry Update on Independence A conversation with Louis Diamond and Josh Tomolak, Vice President of Independent Advisor Services at Diamond Consultants.      Louis Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is IBD vs. RIA: A Special Industry Update on Independence. It’s a conversation with Josh Tomolak, our Vice President of Independent Advisor Services. I’m Louis Diamond, and this is the Diamond Podcast for Financial Advisors. Mindy Diamond: At Diamond Consultants, we help elite advisors identify the right environment for their businesses to thrive, whether that’s at a wirehouse, boutique, or independent firm. With nearly three decades of experience, we’ve guided thousands of advisors and represented more than a quarter of a trillion dollars in assets transitioned. And each year, one in four advisors managing a billion dollars or more who change firms are our clients. Our process is education driven and based on building relationships, starting as your strategic partner well before you’re even thinking of a move. To schedule a confidential conversation, call us at (908) 879-1002. Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions and more inspired us to create our annual advisor transition report. It’s the award-winning data-driven resource designed for advisors that connects the dots between the motivations around movement and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions. Download your copy at diamond-consultants.com/transitionreport. Louis Diamond: For a long time, going independent would suggest the destination. Today, it’s often the beginning of a different conversation. As the independent space has matured, advisors have more choices than ever before. Broker-dealers have expanded their capabilities. The RIA ecosystem has become increasingly sophisticated. Capital is more readily available and support models now exist that would’ve been difficult to imagine a decade ago. The result is that many advisors who are already independent are taking a fresh look at whether their current affiliation still aligns with what they’re trying to build. My guest is Josh Tomolak, Vice President of Independent Advisor Services here at Diamond Consultants and our resident expert on independence. Josh spends his days helping advisors evaluate independence in all its forms from independent broker dealers, the fully independent RIAs and everything in between. And his knowledge is critical because the distinction between these models is often blurred. Many broker dealers now offer pathways to greater autonomy while supported independence has made RIA ownership more accessible than ever before. So the question is no longer simply, “Do I want to go independent?” The question is, “What kind of independence makes the most sense for client, business, and go

Pavlos Panagopoulos of Cetera Wealth Services LLC Stock Market Report for July 30th, 2026 on News Radio KKOBSee omnystudio.com/listener for privacy information.

Christopher Nolan's The Odyssey has finally arrived—and the Classical Et Cetera team went to see it together! In this episode, we discuss our reactions to Nolan's adaptation of Homer's epic poem and ask the big questions: Can a modern film capture the spirit of an ancient hero? Was it a faithful adaptation, or a great film that tells a very different story? What do we gain and lose when a classical work is reimagined for a modern audience?   Purchase our _Odyssey_ Complete Set right here! https://www.memoriapress.com/curriculum/classical-studies/odyssey-set/231   *What We're Reading* from This Episode:  "The Great Divorce" C.S. Lewis (Paul) "The End of the Affair" Graham Greene (Paul) "The Abolition of Man" C.S. Lewis (Tanya) "A Natural History of Dragons" Marie Brennan (Tanya) "Absent in the Spring" Mary Westmacott (Tanya) "The Hadacol Boogie" James Lee Burke (Tanya) "Will Robie Series" David Baldacci (Martin) "Land" Maggie O'Farrell (Jessica)

Pavlos Panagopoulos of Cetera Wealth Services LLC Stock Market Report for July 28th, 2026 on News Radio KKOBSee omnystudio.com/listener for privacy information.

Bill and Andy Bush open with the one regret they've never heard from a retiree: "I saved too much." Drawing on conversations with plan participants, they explore the regrets people do voice — wishing they'd started earlier, stayed invested, or captured more of the company match — and why those missed opportunities can't be recovered once a contribution year lapses. The brothers make the case for balance, weighing Bill Perkins' "Die with Zero" philosophy of enjoying the here-and-now against the risk of shortchanging your future self. Along the way they dig into maximizing the match, the underused 50-plus and 60-to-63 "super" catch-up contributions, the new Roth catch-up rule for high earners, and the triple-tax-advantaged power of the HSA. They close with a mid-year nudge to review your savings rate and a reminder that money should buy choices, not guilt. ⏱ Episode Timeline & Key Topics 00:03 – Welcome & The Regrets We Hear Bill and Andy open the show with the common regrets they hear from plan participants: "I wish I'd saved more," "I wish I'd stayed in the market," "I wish I'd started earlier," and "I wish I'd taken the match longer." 00:53 – The One Regret Nobody Voices Nobody ever says they saved too much. Andy reframes the goal as balance — saving for later without abandoning a reasonable lifestyle now, or vice versa. 01:34 – Why Retirement Feels Too Far Away Bill notes how "retirement feels far away" leads people to defer saving, even though early dollars have the most time to compound. Life gets expensive as competing priorities — marriage, kids, college, car and house payments — crowd out saving. 02:08 – "Die with Zero" and Valuing What Feels Endless Andy shares Bill Perkins' insight from "Die with Zero": when something feels abundant or endless, we don't fully value it — which is exactly the trap with retirement saving that still feels far off. 02:53 – Missed Opportunities, Not Saved Dollars People nearing retirement rarely regret the money they saved; the regret is around opportunities missed. Each year's contribution limit lapses and can't be refilled later. 03:34 – Deathbed Regrets and Living with Balance Andy recalls that the biggest end-of-life regrets are rarely about working harder — they're about relationships, taking risks, and speaking up. The takeaway: plan forward for a long life while keeping balance today. 04:41 – Know How Your Company Match Works Bill urges participants to understand and maximize the match — an instant return, whether dollar-for-dollar or 50 cents on the dollar — and to capture that opportunity every year. 05:06 – When "Just the Match" Isn't Enough Andy raises the flip side: maxing the match may still fall short. The key questions are whether a match exists, what it is, and whether hitting it will actually be enough for your situation. 05:50 – Catch-Up and Super Catch-Up Contributions Bill covers catch-up contributions starting at age 50 and the SECURE 2.0 "super" catch-up for ages 60 to 63. Despite peak earning years, usage is low — roughly 5% of eligible 50-plus savers per the Public Retirement Research Lab, and low teens in Vanguard's How America Saves. 06:49 – Freeing Up Dollars in Your 50s As kids leave home and certain expenses fall away, your 50s can be a window to put more toward retirement — after assessing where you stand on your savings track. 07:39 – The New Roth Catch-Up Rule for High Earners Bill explains the rule rolled out this year: high earners (making $150,000 or more with an employer the prior year) who are 50-plus must make catch-up contributions as Roth. Some savers are balking — even skipping catch-ups entirely — rather than going Roth. 08:19 – Roth vs. Taxable: Why the Rule May Be a Gift Andy points out that money saved outside the plan gets taxed on dividends and gains along the way, while Roth is taxed up front and then grows and distributes tax-free. Bill notes high earners often can't deduct a traditional IRA anyway. 09:16 – The Value of Tax-Advantaged Space and the HSA The brothers highlight the range of tax-advantaged vehicles — 401(k), IRA, and the HSA, the triple-tax-advantaged account tied to a high-deductible health plan that blends the best of Roth and pre-tax. 09:49 – HSAs, Healthcare Costs, and Reimbursing Yourself Later Andy explains why the HSA may be the best retirement vehicle: healthcare becomes a bigger expense with age, and saving receipts now lets you reimburse yourself tax-free years later for big-ticket costs. 11:09 – An HSA Catch-Up Strategy for Couples Bill shares a lesser-known tip: when both spouses are 55-plus, the family contribution plus two catch-ups is allowed — but the second catch-up must go in a separate HSA. IRAs and HSAs can be funded up to the April tax deadline. 11:59 – Planning for Taxes Down the Road Andy notes most people focus only on today's taxes and overlook RMDs and legacy planning. Structuring your accounts thoughtfully can improve your future tax picture without costing much now. 12:35 – Can You Actually Save Too Much? Back to the opening question: yes, it's possible — high earners who live well within their means, or those who live so frugally the balance tips too far toward later at the expense of enjoying now. 14:01 – Money Should Buy Choices, Not Guilt Bill frames it as the balance of financial security and financial sacrifice. Savings should give you more choices in retirement — not maximize an account balance for its own sake. 15:08 – Confidence Scores and the Science of a Plan Andy describes the individual financial planning process: taking inventory of assets, income sources, and expenses to produce a confidence score across retirement ages, factoring in Social Security timing, Roth conversions, RMDs, and guaranteed income. 17:04 – Mid-Year Savings-Rate Checkup At the midpoint of 2026, Bill encourages listeners to review what they've saved in the first six months and adjust for the second half, aiming for a household savings rate near the often-cited 15% (including any match). 18:10 – "My Spouse Handles That" Andy addresses participants who leave saving entirely to a spouse — trust is great, but both partners should know whether the plan will be enough down the road. 18:39 – Wrap-Up: Better to Have Extra Than Be Short Bill contrasts arriving at retirement with $200,000 extra versus $200,000 short. Savings rates matter and long-term thinking gets you there. The brothers close with contact info — brothers, but not twins. ✅ Key Takeaways Quick Reference •             Nobody regrets saving — they regret missed opportunities — each year's contribution limit lapses and can't be refilled later, so capture it while you can •             Aim for balance, not extremes — don't sacrifice today's life entirely for the future, or the future entirely for today •             Start early to let time do the work — early dollars have the most time to compound, even when retirement feels far away •             Understand and maximize your match — a dollar-for-dollar or even 50-cents-on-the-dollar match is an instant return you should capture every year •             Maxing the match may not be enough — check whether hitting the match actually funds the retirement you want •             Use catch-up and super catch-up contributions — available at 50, with an enhanced amount for ages 60 to 63, yet only about 5% of eligible savers use them •             The Roth catch-up rule can work in your favor — high earners ($150K+) doing catch-ups must go Roth, which grows and distributes tax-free rather than getting nibbled by taxes in a taxable account •             The HSA may be your best retirement vehicle — triple-tax-advantaged, and you can save receipts now to reimburse yourself tax-free later •             Plan for future taxes, not just today's — think about RMDs, Roth conversions, and legacy before they arrive •             Money should buy choices, not guilt — the goal is confidence and options in retirement, not the biggest possible balance •             Do a mid-year savings-rate check — review the first six months and adjust; a common benchmark is around 15%, including any match

Send us Fan MailSetlistFeid - Classy 101 (Maz, Vxsion Edit)Xinobi, Sinego - Si Vas Al mar (Extended Mix)Dj Fabio Deep - TombuaSoulroots & Soul Star | 3A - Sala Papa YeTHEMBA (SA) - Who is Themba? (Original Mix)Crisologo, ADDAM (BE) - Shake  (Original Mix)Franky Wah, Robin M - Intina (Original Mix)NUANS - Kaye (Extended)clubhouse, Imad, Dennis Louvra | 5A - Without You (feat. Clubhouse) (feat. Clubhouse)Send demos via Trackstack:https://tstack.app/nuans.fmInstagramwww.instagram.com/nuans.fmTikTokhttps://www.tiktok.com/@nuans.fmThreadshttps://www.threads.net/@nuans.fmlinks: https://nuans.komi.io/Guest Mix Submissionshttps://nuansfm.com/guestmix#ToProgress

Pavlos Panagopoulos of Cetera Wealth Services LLC Stock Market Report for July 21st, 2026 on News Radio KKOBSee omnystudio.com/listener for privacy information.

Send us Fan MailSetlistMayonie, Marco Pex - SolusCaiiro, Chalee - Zaya Tony Shades - RuniDJ Kent, Maleh - Falling (Liva K Remix)Massuma - Mermaid &lez, Robin M - NijaCaiiro - Mapoch WarSend demos via Trackstack:https://tstack.app/nuans.fmInstagramwww.instagram.com/nuans.fmTikTokhttps://www.tiktok.com/@nuans.fmThreadshttps://www.threads.net/@nuans.fmlinks: https://nuans.komi.io/Guest Mix Submissionshttps://nuansfm.com/guestmix#ToProgress

Pavlos Panagopoulos of Cetera Wealth Services LLC Stock Market Report for July 14th, 2026 on News Radio KKOBSee omnystudio.com/listener for privacy information.

Send us Fan MailSetlistFade (Ray Ro Remix) - Kanye West Jesús Fernández - Por Si Muero Mañana (Jesús Fernández x Javi Torres Remix)Drake - New Bestie (Damon DeGraff Remix)Life is Simple (Davee 'Ina' Edit) - Bun XapaShake It To The Max (ATCG Afro Retouch) - Ape Drums, JAMIIESOUND&PEPPER - Fire Fire (Sound&Pepper 'Dogs On Acid' Edit)Liva K - Didn't Miss You  (Original Mix)Liva K - Track With The Organ (Extended Mix)Laho II (Nick Degree Remix) - Burna Boy, ShallipopiVlog Link: https://www.youtube.com/watch?v=cKPBykpB7hU&t=75sSend demos via Trackstack:https://tstack.app/nuans.fmInstagramwww.instagram.com/nuans.fmTikTokhttps://www.tiktok.com/@nuans.fmThreadshttps://www.threads.net/@nuans.fmlinks: https://nuans.komi.io/Guest Mix Submissionshttps://nuansfm.com/guestmix#ToProgress

This week is another Classical Et Cetera Mailbag episode! We're answering your questions on cursive, how teachers and parents both bear responsibility for a child's education, how to build a love of reading in a large family, and whether it's wise to let a child specialize in one talent or sport. We also talk through what it looks like to raise children with classical, Christian values when your surrounding community doesn't share them. Send us more questions at podcast@memoriapress.com!   *What We're Reading* from This Episode:   "Farmer Giles of Ham" J.R.R. Tolkien (Paul) "The Calamity Club" Kathryn Stockett (Tanya) "Northanger Abbey" Jane Austen (Tanya) "The Christmas Companion" Skye McAlpine (Dee) "City of God" St. Augustine (Dee) "Things We Never Say" Elizabeth Strout (Jessica) "To Kill a Mockingbird" Harper Lee (Paul) "Notes from Underground" Fyodor Dostoevsky (Paul)

Pavlos Panagopoulos of Cetera Wealth Services LLC Stock Market Report for July 7th, 2026 on News Radio KKOBSee omnystudio.com/listener for privacy information.

"Wo in diesem Sommer in Wiesbaden überall gebaut wird", ein neuer Döner-Laden zieht in Wiesbadener Fußgängerzone und "Sommernacht mit „Opera et Cetera“ im Sonnenberger Burggarten". Das und mehr heute im Podcast. Alle Hintergründe zu den Nachrichten des Tages finden Sie hier: Wo in diesem Sommer in Wiesbaden überall gebuddelt wird https://www.wiesbadener-kurier.de/lokales/wiesbaden/stadt-wiesbaden/wo-in-diesem-sommer-in-wiesbaden-ueberall-gebuddelt-wird-5835348 Neuer Döner-Laden zieht in Wiesbadener Fußgängerzone https://www.wiesbadener-kurier.de/lokales/wiesbaden/stadt-wiesbaden/neuer-doener-laden-zieht-in-wiesbadener-fussgaengerzone-5841786 Sommernacht mit „Opera et Cetera“ im Sonnenberger Burggarten https://www.wiesbadener-kurier.de/lokales/wiesbaden/wiesbaden-sonnenberg/sommernacht-mit-opera-et-cetera-im-sonnenberger-burggarten-5840639 Starker Rauch bei Kellerbrand in Wiesbadener Betrieb https://www.wiesbadener-kurier.de/lokales/wiesbaden/stadt-wiesbaden/starker-rauch-bei-kellerbrand-in-industriebetrieb-5848506 Wiesbadener Ein-Euro-Eisladen hat eröffnet https://www.wiesbadener-kurier.de/lokales/wiesbaden/stadt-wiesbaden/wiesbadener-ein-euro-eisladen-hat-eroeffnet-5848180 BBQ, Bier und Countrymusik beim Deutsch-Amerikanischen Fest https://www.wiesbadener-kurier.de/lokales/wiesbaden/stadt-wiesbaden/bbq-bier-und-countrymusik-beim-deutsch-amerikanischen-fest-5838711 33-Jähriger greift seine Nachbarn mit einem Messer an https://www.wiesbadener-kurier.de/lokales/wiesbaden/stadt-wiesbaden/33-jaehriger-greift-seine-nachbarn-mit-einem-messer-an-5848131 Strom und Wasser fürs Weinfest sind gesichert https://www.wiesbadener-kurier.de/lokales/wiesbaden/stadt-wiesbaden/strom-und-wasser-fuers-weinfest-sind-gesichert-5836306 Ein Angebot der VRM.

Pavlos Panagopoulos of Cetera Wealth Services LLC Stock Market Report for June 30th, 2026 on News Radio KKOBSee omnystudio.com/listener for privacy information.

For episode #60 we discuss the finer points of advisor sunsetting including structure, timelines, book beneficiary selection, earn-out models, preserving relationships, protecting clients, creating opportunities for the next generation talent, preserving trust, and leveraging a good sunsetting plan for recruiting purposes.Our panel is made up of David Biliter from First Citizens, Keith LeBlanc from Hancock Whitney, and Dan Mayes from Cetera. And LeAnn Rummel from Cetera is our special guest moderator!60

Today, Ben welcomes Matthew Bearth for a thoughtful conversation on estate planning, legacy, and the deeper purpose behind wealth stewardship. Together, they explore how financial planning extends far beyond simply passing down money, instead centering on how families can communicate values, intentions, and faith across generations. The discussion emphasizes the importance of preparing not only legal and financial documents, but also ethical wills and letters of instruction that help heirs understand the meaning and responsibility attached to inherited wealth. Ben and Matthew also reflect on the temporary nature of material possessions, encouraging listeners to view money through the lens of eternity rather than control or accumulation. As the conversation develops, they unpack charitable giving strategies—particularly donor-advised funds—and how families can use them to create lasting impact, involve children in philanthropic decisions, and steward assets in a tax-efficient way. From business liquidity events and appreciated stock positions to retirement assets and inheritance planning, the episode highlights practical tools that can help families simplify complexity while remaining aligned with their values. Ultimately, Ben and Matthew invite listeners to approach estate planning not as a cold legal exercise, but as an act of love, clarity, and intentional discipleship that blesses both family and community long after they are gone.Key Takeaways:• Estate planning is about more than distributing assets. Financial planning should consider both temporal and eternal priorities.• Ethical wills can communicate values and intentions to heirs.• Nonprofits and ministries depend on ongoing donor support.• Donor-advised funds help families delay charitable decisions while securing deductions. Families can use charitable planning to create multigenerational impact.• Good financial advisors help clients align money with personal values. Financial guidance can include emotional, spiritual, and relational coaching.• Clear plans and communication create peace of mind for both families and beneficiaries.Key Timestamps:(02:00) – No-Plan Consequences(04:13) – Probate Costs and Trusts(08:37) – Defining Legacy Values(12:46) – Stewardship and Readiness(17:32) – Ethical Will and Letters(24:17) – Lifetime Giving Strategy(32:25) – Donor-Advised Funds Basics(40:56) – Wrap-Up and ContactKey Topics Discussed:Catholic Money Mastermind, Catholic financial planning, Catholic financial planners, Catholic financial advisors, Ben Martinek, faith and financesMentions:Website: https://www.boxfinancialadvisors.com/team/matthew-bearth  LinkedIn: https://www.linkedin.com/in/matthewbearth/  More of Catholic Money Mastermind:Catholic Money Mastermind Podcast is a personal podcast meant for educational and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.Are you looking to hire an advisor? Browse our members.https://catholicfinancialplanners.com/advisors/Are you a Financial Advisor who is serious about the Catholic Faith? Join our network and email info@catholicfinancialplanners.comBranch is located at 901 MARQUETTE AVE SUITE 2800 MINNEAPOLIS, MN 55402. Matthew Bearth is a Registered Representative offering securities through Cetera Wealth Services LLC, member FINRA/SIPC. Advisory Services offered through Cetera Investment Advisers LLC, a registered investment adviser. Cetera is under separate ownership from any other named entity.

Pavlos Panagopoulos of Cetera Wealth Services LLC Stock Market Report for June 23rd, 2026 on News Radio KKOBSee omnystudio.com/listener for privacy information.

Send us Fan MailSetlistCrisologo  - What They SayCraig Leo - To The Rhythm Herc Deeman - LoudYisus - Ran to AtlantaTravis Scott, Nico de Andrea - Butterfly Effect (Crisologo 'Ethnica' Edit)Marshall Jefferson, Maesic - Life Is Simple (Matteo Vitale, Umberto Balzanelli, Michelle Edit) Bring the Noise - Public Enemy Afro House EditLiva K - Track With The Organ Lazare - Talk Less- To ProgressSend demos via Trackstack:https://tstack.app/nuans.fmInstagramwww.instagram.com/nuans.fmTikTokhttps://www.tiktok.com/@nuans.fmThreadshttps://www.threads.net/@nuans.fmlinks: https://nuans.komi.io/Guest Mix Submissionshttps://nuansfm.com/guestmix#ToProgress

Selina Zamora of Cetera Wealth Services LLC Stock Market Report for June 17th, 2026 on News Radio KKOBSee omnystudio.com/listener for privacy information.

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Send us Fan MailSetlistSone., Riascode - AmiraBensy, Sparrow & Barbossa,Bantu, Dr Chaii & Neyl - Miracle (Damon DeGraff & Merchant Remix)LevyM - Zola MoyaRe.you, Merzzy, Diana Ela - Zou Zou Deco (BE) - New DayCloser NUANS - Closer NUANSHARMONIQUE - See The Ocean Naomi Sharon - Another Life (Marten Lou Remix)Click here for NUANS birthday set during Chino & Friends at Palm Tree Club Send demos via Trackstack:https://tstack.app/nuans.fmInstagramwww.instagram.com/nuans.fmTikTokhttps://www.tiktok.com/@nuans.fmThreadshttps://www.threads.net/@nuans.fmlinks: https://nuans.komi.io/Guest Mix Submissionshttps://nuansfm.com/guestmix#ToProgress

Pavlos Panagopoulos of Cetera Wealth Services LLC Stock Market Report for June 10th, 2026 on News Radio KKOBSee omnystudio.com/listener for privacy information.

Pavlos Panagopoulos of Cetera Wealth Services LLC Stock Market Report for June 9th, 2026 on News Radio KKOBSee omnystudio.com/listener for privacy information.

Send us Fan MailSetlistCS (AE) - What We HadLEWS, nobodyknowsjones - You Kitty Amor - Shine A LightLiva K - Didn't Miss You  Crisologo, ADDAM (BE) - Shake JUNO (DE), Samm (BE) - Heart Spin Sasson (FR), UVITA - Makalu Bonafique - Desperadio Khenya (IBZ) - Here Comes The SunSend demos via Trackstack:https://tstack.app/nuans.fmInstagramwww.instagram.com/nuans.fmTikTokhttps://www.tiktok.com/@nuans.fmThreadshttps://www.threads.net/@nuans.fmlinks: https://nuans.komi.io/Guest Mix Submissionshttps://nuansfm.com/guestmix#ToProgress

It's another Mailbag episode of Classical Et Cetera! This week the Core Four tackles your questions on several topics, including whether comprehension questions steal the joy of reading, how to school multiple children together as a family, and whether your kids even need to know why they're learning Latin. We also dig into the difference between the classical virtues and the fruits of the Spirit, and what to do with the Lord's name in vain when it shows up in literature. Send us your questions at podcast@memoriapress.com.   *What We're Reading* from This Episode:  "After Midnight" Daphne Du Maurier (Paul) "Brideshead Revisited" Evelyn Waugh (Tanya) "Ironwood" Michael Connelly (Martin) "The Marriage Portrait" Maggie O'Farrell (Jessica) "Cloud Cuckoo Land" Anthony Doerr (Jessica)

Pavlos Panagopoulos of Cetera Wealth Services LLC Stock Market Report for June 2nd, 2026 on News Radio KKOBSee omnystudio.com/listener for privacy information.

Send us Fan MailSetlistBakka (BR), Sued Nunes, Flip (BR) - Eixo Rona Ray, Antdot, Miguel Ante, Bakka (BR) - Inner Wars (feat. Rona Ray) Deco (BE)| 9A - New DaySamantha Loveridge - SassyThe Good Men, THEMBA (SA), Khenya (IBZ)  - Give It UpLiva K - Track With The Organ Franky Wah - Stories Liva K - Didn't Miss You Decorum's Substack: https://viadecorum.substack.com/?utm_campaign=profile_chipsSend demos via Trackstack:https://tstack.app/nuans.fmInstagramwww.instagram.com/nuans.fmTikTokhttps://www.tiktok.com/@nuans.fmThreadshttps://www.threads.net/@nuans.fmlinks: https://nuans.komi.io/Guest Mix Submissionshttps://nuansfm.com/guestmix#ToProgress

Bill and Andy Bush are fresh off the 2026 NAPA Summit in Tampa and dive into two headlines pulling retirement savers in opposite directions. On one side, Elon Musk says AI and robotics will make squirreling money away for retirement unnecessary within 10 to 20 years. On the other, a new Trump IRA executive order aims to close the coverage gap for the roughly 56 million workers without an employer-sponsored plan — including a 50% Savers Match on the first $2,000 contributed. The brothers weigh the assumptions behind the "abundance" thesis, revisit Social Security's 2033 trust-fund cliff, and remind listeners that access doesn't create retirement success — behavior does. They wrap with takeaways from NAPA, including Andy's technology panel, the rebrand of Retirement Plan University into "401(k)eso," and the industry's pivot from in-plan lifetime income to AI and longevity planning. ⏱ Episode Timeline & Key Topics 00:00 – Welcome & NAPA Recap Setup Bill and Andy open the show fresh off the NAPA Summit in Tampa — more than 1,500 advisors and 3,000 total attendees at the industry's largest retirement-focused gathering. 00:27 – Elon Musk's "Don't Save for Retirement" Quote Musk is quoted saying don't worry about squirreling money away for retirement in 10 or 20 years — it won't matter. The brothers unpack why that headline rattled the retirement industry. 01:22 – Saving as a Behavior, Not a Bet Andy frames saving as a behavior tied to a financial plan — your "North Star." You might drift, but the plan keeps you heading in the right direction regardless of headlines. 02:11 – The Abundance Thesis and Its Big Assumptions Bill walks through Musk's logic: robots replace labor, productivity surges, costs collapse, goods and services get cheap, and a government income arm fills the gap. 02:54 – Will Cheaper Tech Translate to Cheaper Living? Andy questions whether AI-driven cost reductions will actually reach essentials like food and healthcare — and whether any resulting abundance would be evenly distributed. 04:21 – Exponential Innovation and the 2025 Autonomous-Car Prediction A flashback to a 2015 conference forecast that most drivers would be hands-off by 2025 — a reminder that transformative-tech timelines are usually optimistic. 05:47 – Healthcare, Longevity, and Costs That Don't Disappear Even in a high-productivity future, aging, long-term care, and healthcare costs still require dedicated planning. Tech doesn't repeal longevity risk. 06:07 – Robotics in the Home and Long-Term Care Andy sees real promise in robotics for elder care — lifting fallen seniors, supporting daily tasks — but notes cost and functionality are still well short of household-ready. 07:23 – Don't Stop Saving Because of a Headline Even if Musk is directionally right, the timeline is uncertain. The takeaway: don't pivot your plan based on a soundbite. And don't stop believing. 07:50 – The Trump IRA Executive Order Bill introduces the newly announced Trump IRA, designed to close the coverage gap for the roughly 56 million workers without an employer-sponsored plan. 08:36 – The Savers Match and What It Means A 50% match on the first $2,000 contributed — effectively a reworked Saver's Credit — that meaningfully boosts savings for lower-income workers. Effective in 2027. 09:30 – Social Security's 2033 Trust Fund Cliff If nothing is done, the Social Security Trust Fund is projected to be depleted by 2033, triggering a potential 25% benefit reduction — a bigger hit for lower-income retirees who rely on it most. 10:34 – Access vs. Behavior: What Actually Drives Outcomes Improved access is helpful, but without auto-enrollment or behavioral nudges, retirement success still hinges on participant behavior. Behavior is the lever. 12:46 – NAPA Recap: Andy's Technology Panel Andy shares his experience on a four-advisor panel covering whether technology engages or distracts plan participants and sponsors, and what successful practices are doing differently. 13:54 – 401(k)eso: From Retirement Plan University to a Memorable Brand The story behind rebranding their plan-sponsor education program as "401(k)eso" — born at a Mexican restaurant in Baton Rouge and met with applause at NAPA. 15:25 – AI, Longevity, and Standout NAPA Sessions Bill highlights practical AI sessions for advisor practices and John Hancock's health-versus-wealth longevity discussion as the standouts of the conference. 16:17 – From Lifetime Income to AI: Where the Industry Is Focused Industry attention has shifted from in-plan lifetime income solutions to AI — but the underlying question of making money last a long life still drives every planning conversation. 17:08 – Wrap-Up & How to Reach the 401(k) Brothers Bill and Andy close with contact info — and a reminder that they're brothers, but not twins. ✅ Key Takeaways Quick Reference Don't change your plan based on a headline — anchor saving behavior to your financial plan, not the news cycle Saving is a behavior, not a forecast — you can't control productivity curves or policy reform, but you can control how consistently you save Abundance, if it comes, won't be evenly distributed — historical productivity gains haven't translated to evenly shared wealth Healthcare and longevity costs don't go away — long-term care, medical, and aging-related expenses still demand dedicated planning Social Security reform is the front-burner issue — trust fund projected depleted by 2033, with a potential 25% benefit cut if nothing changes The Trump IRA closes a real coverage gap — ~56 million workers without employer plans, paired with a 50% Savers Match on the first $2,000 (effective 2027) Access alone doesn't create retirement success — without auto-enrollment or strong behavioral nudges, participation still depends on the saver AI is the industry's new center of gravity — expect it to reshape advice delivery, plan administration, and participant engagement Make education memorable — "401(k)eso" works because branding and delivery matter; meet people where they are Plan as if you'll live to 90 or beyond — you don't know when the last grain of sand drops; fund a long life, not an average one

Pavlos Panagopoulos of Cetera Wealth Services LLC Stock Market Report for May 26th, 2026 on News Radio KKOBSee omnystudio.com/listener for privacy information.

Send us Fan MailSetlistLeyo, Thierry Ganz - Your Body Krome, Awakening - BlockSpeak to the Highers - Speak to the HighersCamelphat, Samm, Ajna & Guy Gerber, &ME  - What To Do (Dario Hessabi 'Home' ID by Rivoli Afro House Edit)Arema Arega, PAUZA - MONTE Sunnery James & Ryan Marciano, Ayah Tlhanyane, LevyM - NesiahMisha, Arodes, Amikam  - Solta Mulher Artur Bredo - MidnightFrancis Mercier & Magic System - Premier Gaou (Paso Doble Remix)Send demos via Trackstack:https://tstack.app/nuans.fmInstagramwww.instagram.com/nuans.fmTikTokhttps://www.tiktok.com/@nuans.fmThreadshttps://www.threads.net/@nuans.fmlinks: https://nuans.komi.io/Guest Mix Submissionshttps://nuansfm.com/guestmix#ToProgress

Send us Fan MailSetlistMiluhska, Miguelle & Tons - Te Quiere (Club Mix)Luke Dean, Omar+ - Make Believe (Calussa Remix) [Mastercheck]_01Franky Wah - Stories (Extended Mix)Lazare - Talk LessMoeaike - Falling In LoveMosoo - Day After Day (Extended Mix)Closer NUANS - Closer NUANSThe Bausa  - Magnetic (Samm Remix (Extended))Send demos via Trackstack:https://tstack.app/nuans.fmInstagramwww.instagram.com/nuans.fmTikTokhttps://www.tiktok.com/@nuans.fmThreadshttps://www.threads.net/@nuans.fmlinks: https://nuans.komi.io/Guest Mix Submissionshttps://nuansfm.com/guestmix#ToProgress

In this episode of "Widow Wisdom and Wealth," Dana Friedman shares insightful advice on managing real estate decisions during emotional life transitions, particularly after widowhood or divorce. Whether you're considering selling your family home, downsizing, or exploring 55+ communities, Dana's expertise offers practical guidance and emotional support. Main Topics Covered: How to use the long-term capital gain exclusion within the first two years of widowhood Strategies for accurately determining home value amidst fluctuating markets Important updates and improvements that can increase your home's basis and sale value The role of decluttering and emotional resources during urgent moves Key considerations in choosing 55+ communities, including HOA fees and amenities Building a trusted team of professionals for a smooth transition Tips for recent widows/widowers on making quick decisions and processing emotional hurdles Dana's concierge-style service connecting clients nationwide and internationally   Timestamps:  00:00 - Introduction to Dana Friedman and her work supporting families in transition 01:01 - Capital gains exclusion rules for surviving spouses within two years of loss 01:57 - Dana's background and her focus on empathetic real estate support 03:36 - Importance of honest communication in family situations involving divorce or widowhood 05:17 - How to prepare clients emotionally and practically for home selling 06:19 - Approaching home valuation and market analysis in divorce scenarios 07:15 - Guiding clients on affordability and market value considerations 08:14 - Factors influencing home value, including market demand and renovations 09:39 - Using comparative market analysis (CMA) to reevaluate house worth 12:08 - Impact of updates and improvements on home basis and sale price 14:48 - Resources and professional help for decluttering during emotional times 16:19 - Celebrating life and downsizing with memorial events and donation options 18:24 - Decision-making exercises for stay or go in widowhood 19:52 - Processing emotional readiness for moving and emotion-driven timing 20:37 - Dana's network of trusted professionals for every step of the transition 22:22 - Understanding 55+ communities, amenities, and costs 25:44 - Final advice   Connect with Dana: Cell: 215-901-4522 Email: Downtown2Devon@gmail.com Facebook: https://www.facebook.com/DanaFriedman1124 Instagram: @DBF136 Linkedin: https://www.linkedin.com/in/dana-friedman-aba59849/   _______________________________ CONNECT

Send us Fan MailSetlistDon Toliver - Samson x Tommy Kimpton - No idea remixHugel - Bam Bam (Jesús Fernández Remix)Baby Again x Nothin on Me (Keinemusik Mashup - Baby Again x Nothin on Me (Keinemusik Mashup) (EHDU Rework)Passo (NUANS RMX)Omah Lay, Malumz on Decks, Mpho.Wav - Soso (Ziadey 'Teka' ID by Rivoli Afro House Edit)Jeremih, Ape Drums, Zerb, Antdot - In Love Today (Antdot Extended Remix)Yasha - N Yaa Yere LaMoeaike - Falling In LoveJAYO, David Mackay, Odeal, VXSION - Fall In LoveSend demos via Trackstack:https://tstack.app/nuans.fmInstagramwww.instagram.com/nuans.fmTikTokhttps://www.tiktok.com/@nuans.fmThreadshttps://www.threads.net/@nuans.fmlinks: https://nuans.komi.io/Guest Mix Submissionshttps://nuansfm.com/guestmix#ToProgress

Send us Fan MailSetlistDeco (BE) - White LinesTom & Collins, AMEME - Ando HighMartinho Da Vila, Mozambo, Maz (BR) - No Embalo da Vila (Club Mix)Mosoo - Day After DayNUANS - KayeLazare - Talk LessLEWS, nobodyknowsjones - You Anorre - SamaritanXinobi, Sinego - Si Vas Al marClick Here for Upcoming ShowsSend demos via Trackstack:https://tstack.app/nuans.fmInstagramwww.instagram.com/nuans.fmTikTokhttps://www.tiktok.com/@nuans.fmThreadshttps://www.threads.net/@nuans.fmlinks: https://nuans.komi.io/Guest Mix Submissionshttps://nuansfm.com/guestmix#ToProgress

This week's Classical Et Cetera is a special one. We recorded this episode live at the 2026 Great Homeschool Convention in Cincinnati, Ohio! You'll find all the familiar elements—what we're reading and listener questions—along with something new: questions taken directly from the convention floor. From classical education to art, math, and more, this is a wide-ranging, unscripted conversation with listeners just like you.   *What We're Reading* from This Episode:  "Mary Poppins" Pamela Lyndon Travers (Paul) "The Sea Hawk" Rafael Sabatini (Tanya & Paul) "The Collected Bowdrie Dramatizations" Louis L'Amour (Martin) "Coal Camp Girl" Lois Lenski (Martin) "The Women" Kristin Hannah (Jessica)

Send us Fan MailSetlistGregorinho - Maz, Bakka (BR), Berimbouse - A Hora É Agora Feat. Rafa (unreleased)Philou Louzolo, LevyM, David Herrlich - Desejo (Extended Mix)Ape Drums - 222 (Extended Mix)Bantu, Dj Karaba - Into the Sea (Bantu Remix)AMEME, Franc Fala - Wait For You (Extended Mix)Omah Lay - SOSO (JOSEPH Remix)Move (GATZ 'OK!' Edit) Malumz on Decks, Mpho.Wav - Teka (Maz (BR) Remix)#ToProgressSend demos via Trackstack:https://tstack.app/nuans.fmInstagramwww.instagram.com/nuans.fmTikTokhttps://www.tiktok.com/@nuans.fmThreadshttps://www.threads.net/@nuans.fmlinks: https://nuans.komi.io/Guest Mix Submissionshttps://nuansfm.com/guestmix#ToProgress

Discover how mindfulness can transform your daily life, reduce stress, and help you find joy amidst chaos, especially for widows and widowers navigating grief, careers, and parenting. Harriet Stein shares practical insights, her personal story, and tools to incorporate mindfulness into busy routines.   Key topics: The true meaning of mindfulness: paying attention without judgment Practical ways to practice mindfulness in everyday activities like driving, washing hands, and walking How mindfulness can ease stress and grief, especially during challenging times The nine attitudes of mindfulness according to John Kabat-Zinn Harriet's journey from nursing to coaching, and writing her book, Perfect Attendance The importance of being present for life, not work, as highlighted in Harriet's story about her mother Easy resources for beginners: books, YouTube channels, and mindfulness practices The value of daily mindfulness practices like pause, gratitude, and sensory awareness   Timestamps: 00:00 - Introduction to mindfulness and its relevance for widows and widowers 00:29 - The definition of mindfulness: paying attention without judgment 00:59 - How to practice mindfulness in daily life: red lights, walking, and chores 02:01 - Harriet's personal journey from nurse to mindfulness coach 03:20 - Incorporating mindfulness in corporate settings: stress reduction and focus 04:05 - Simple exercises to develop mindfulness: noticing thoughts and sensations 06:20 - Lessons learned from Harriet's grief process and its duration 07:43 - Strategies for maintaining mindfulness with busy schedules and grief 08:05 - The nine attitudes of mindfulness, with an emphasis on non-striving 11:17 - Harriet's book: Perfect Attendance, Being Present for Life 13:01 - The story behind the book's title and the importance of presence over work 14:05 - Clarifying myths about mindfulness and its practical application 17:23 - Practical resources: books, online courses, and community practices 18:49 - Incorporating mindfulness into daily transitions and breaks 20:19 - The significance of sensory-grounding techniques, like hand-washing, for stress relief 21:56 - Recommended mindfulness resources: Jon Kabat-Zinn, YouTube channels, and retreats 23:38 - Harriet's website: harrietstein.com and how to connect 24:23 - Words of wisdom: you are enough, and authenticity matters 25:35 - Final encouragement to prioritize self-care through mindfulness     Connect with Harriet Stein: Website: harrietstein.com   More about Harriet Stein  HARRIET STEIN, RN, MS Harriet Stein understands the unique challenges that businesses face today. An inspirational teacher and professional speaker, Harriet is passionate about speaking to organizations of all sizes about how a culture of mindfulness can reduce stress, increase performance, lower healthcare costs, and boost employee engagement. A cookie-cutter app cannot effectively show you how to use mindfulness to combat work overload, answer your specific questions, or address your unique challenges. Harriet's mindfulness programs teach essential skills through hands-on instruction that provides practical tools for achieving a more fulfilling and productive life. Harriet is the author of Perfect Attendance: Being Present for Life and creator of Take a Pause, the award-winning international mindfulness training program that won first place in Impact on the Organization and second place in Innovation and Creativity at Sindusfarma's Boomerang Awards, which recognize the best-in-class training and development programs in the pharmaceutical industry in Brazil. She has extensive experience teaching mindfulness practices and strategies at Fortune 500 companies to improve corporate culture. During her tenure at Johnson & Johnson, she used her expertise and passion to directly instruct more than 5,000 worldwide employees on the practice of mindfulness through engaging programs and at leadership summits. Mixing research and science with levity and fun, Harriet's proven strategies teach tangible ways to live in the present and be accessible, both professionally and personally. Learn how to reduce stress, increase patience, and create space in your life to accomplish what you want to achieve – more creativity, more efficiency, or just a better night's sleep! Harriet's first teacher was Dr. Jon Kabat-Zinn, founder of Mindfulness-Based Stress Reduction. She completed extensive professional training at the Myrna Brind Center for Mindfulness at Thomas Jefferson University Hospital. This advanced training, interwoven with her background as a Registered Nurse and her Master of Science degree in Health Administration, is foundational to the compassion and purpose she brings to her mindfulness programs.   _______________________________ CONNECT with Donna Jean Kendrick Facebook: @donnajeankendrick  LinkedIn: linked.com/in/donna-kendrick  Instagram: @donnajeankendrick Website: https://sephtonfinancial.com/  Phone: (215) 948-3945 Complimentary Consultation/Contact Us: https://sephtonfinancial.com/contact/  Downloadables and Resources: https://sephtonfinancial.com/resources/  _______________________________ Donna Kendrick is a Certified Financial Planner and Certified Divorce Financial Analyst and owner of Sephton Financial located at 314 Washington Ln, Jenkintown, PA 19046. If you'd like to contact Sephton Financial you can do so online at SephtonFinanical.com or by calling 215 948 3945 Registered Representative offering securities through Cetera Financial Specialists LLC, member FINRA/SIPC. Advisory services are offered through Cetera Investment Advisers LLC. Cetera is under separate ownership from any other named entity. Sephton Financial, LLC and Cetera are not affiliated. The views depicted in this material are for information purposes only and are not necessarily those of Sephton Financial. They should not be considered specific advice or recommendations for any individual. Neither Sephton Financial nor any of its representatives may give legal or tax advice. The guests on the podcast are not affiliated or registered with Cetera Financial Specialist. Any information provided by the guests are in no way related to Cetera Financial Specialist or its registered representatives.  

Send us Fan MailVØGUE (DE) - Can You Hear Me Kasango, Khenya (IBZ), Mama Tjutju - Salt feat. Mama Tjutju Francis Mercier & Magic System - Premier Gaou (Paso Doble Remix)Artur Bredo - MidnightJazzy, Adriatique, KILIMANJARO, Samm (BE)  - No Bad Vibes (Adriatique & Samm (BE) Remix)HARMONIQUE - See The Ocean Sasson (FR), UVITA - Makalu HotLap, UVITA - El Dorado (Original Mix)David Mackay, dela sur, Leo Middea - Carnaval Breve (Ape Drums Remix)Send demos via Trackstack:https://tstack.app/nuans.fmInstagramwww.instagram.com/nuans.fmTikTokhttps://www.tiktok.com/@nuans.fmThreadshttps://www.threads.net/@nuans.fmlinks: https://nuans.komi.io/Guest Mix Submissionshttps://nuansfm.com/guestmix#ToProgress

Join us for this dynamic discussion where we cover 5the following topics:Targeted digital marketingFully automated campaignsAI marketing leverageMarketing segmentationOur guests are:John Harshman of First National BankRich Koll of Alma BankLeAnn Rummel of Cetera

Send us Fan MailSetlistPHIL (DE) - Mana Novak, Tom & Collins, Fonsa - El Baile Marten Lou - Your Body (Tim Engelhardt Remix)Moeaike - Everyone Else Merchant, Korie Minors, MANU (UK) - GYALMarcus Santoro, Renate, Presi On, Kuuda - The World (feat. Kuuda) (feat. Kuuda)Alicia Keys - In Common (Black Coffee Remix)Ilkay Sencan, Metty - Bilmirem#ToProgress Send demos via Trackstack:https://tstack.app/nuans.fmInstagramwww.instagram.com/nuans.fmTikTokhttps://www.tiktok.com/@nuans.fmThreadshttps://www.threads.net/@nuans.fmlinks: https://nuans.komi.io/Guest Mix Submissionshttps://nuansfm.com/guestmix#ToProgress

  In this heartfelt episode, Dale Power shares her inspiring journey through life's transitions—from entrepreneurship to profound personal loss—and how courage can be a guiding force during pivotal moments. Discover practical steps to reimagine your purpose and embrace change with confidence.   Key Topics: Dale's personal story of resilience and reinvention The Share Your Courage three-step methodology for navigating transitions The importance of starting where you are and leveraging strengths Reimagining career paths through conversations and informational interviews Practicing real-life courage and aligning with your values Overcoming myths and societal expectations about retirement and aging The role of support groups and community in transition Recognizing growth opportunities during challenging times   Timestamps: 00:00 - Introduction to Dale Power and her mission of sharing courage 01:01 - Dale's diverse background and defining life's turning points 02:55 - The first step: Starting from where you are and identifying strengths 03:47 - How to craft a new path through storytelling and reflection 04:44 - Reimagining career and exploring opportunities in transition 06:10 - The significance of courage in everyday actions and big decisions 07:39 - The impact of advocacy, advice, and mentorship in personal growth 10:00 - How to practice courage and align actions with values 13:29 - Breaking societal myths about retirement and purpose 15:33 - Real stories of widowhood and unexpected life changes 17:14 - Long-term planning and the 'pause' for reflection in decision-making 18:43 - The importance of support networks and informational interviews 19:10 - Embracing change as an adventure and cultivating curiosity 20:36 - Practicing courage in practical situations and conversations 23:15 - Defining personal courage and taking action in daily life 25:23 - Advice for widows and widowers planning their next chapter 26:23 - Resources for reimagining life and career transitions 28:20 - The importance of patience, time, and community in growth 28:55 - Final thoughts on transforming struggles into opportunities for growth   Resources & Links: Share Your Courage Website Connect with Dale Power: LinkedIn _______________________________ CONNECT

Send a textSetlistChelsea Como, Ajna (BE), Samm (BE) - Timeless  (Original Mix)Ewerseen - Chrome KissesBun Xapa - Paris NUANS - Lately (Unreleased)Ethembeni (feat. Deep Aztec) - Ethembeni (feat. Deep Aztec) [Instrumental]Caiiro - Mapoch WarKasango, Khenya (IBZ), Mama Tjutju - Salt feat. Mama Tjutju Send demos via Trackstack: https://tstack.app/nuans.fm Instagram www.instagram.com/nuans.fm TikTok https://www.tiktok.com/@nuans.fm Threads https://www.threads.net/@nuans.fm links: https://nuans.komi.io/Guest Mix Submissionshttps://nuansfm.com/guestmix#ToProgress

Send a textSetlistSamson x Tommy Kimpton - No idea remixRe.you, Merzzy, Diana Ela - Zou Zou (Extended)Merlin - LeleleSOMMERS (UK), Franc Fala - 5AM Jungle Jam CRAYA, RBØR - Can It Be Love? NUANS - Feeling ImmaculateLarry June, GORDO (US) - Lake Como Michael Jackson - Don't Matter To Me (Face the Sun Edit)Send demos via Trackstack: https://tstack.app/nuans.fm Instagram www.instagram.com/nuans.fm TikTok https://www.tiktok.com/@nuans.fm Threads https://www.threads.net/@nuans.fm links: https://nuans.komi.io/Guest Mix Submissionshttps://nuansfm.com/guestmix#ToProgress

In this Greatest Hits episode of Advisor Talk, Frank LaRosa sits down with Cetera CEO Mike Durbin for a wide-ranging, candid conversation about ownership structure, affiliation flexibility, M&A strategy, custody decisions, and what it really means to build a “forever home” for advisors. From private equity misconceptions to succession solutions, this episode explores how advisors can think strategically - not reactively - about their long-term growth. Mike shares insights from his 35-year career working directly with financial advisors, including leadership roles at Morgan Stanley and Fidelity, and explains why he returned to the independent space to help shape the next decade of advisor evolution   You'll hear discussion around: • Why multi-custody and multi-clearing can be a strategic advantage. • How private equity ownership can create stability instead of short-term pressure. • The importance of affiliation flexibility as careers evolve. • Why succession solutions should exist inside a firm - not outside it. • How large firms can still create community and localized support. • What “growth support” really looks like beyond recruiting deals. • Why diversification of revenue matters in a changing rate environment. Rather than focusing solely on headline recruiting deals or advisor headcount, this episode centers on a more important theme: Are you aligned with a partner that helps you play offense - not just react to change? As Mike states, it has never been a better time to be in the wealth management business - but it is changing quickly.   If you're a financial advisor evaluating independence, succession, M&A, or long-term firm alignment, this Greatest Hits conversation offers perspective on how to think about scale, ownership, and growth in a dynamic industry. Chapters: 01:03 – Episode Intro 04:10 – Mike's Background 09:16 – Private Equity & Ownership 14:35 – Affiliation Flexibility 26:24 – Multi-Custody Strategy 32:30 – M&A & Consolidation 37:31 – Scale vs Community 40:06 – Recruiting Economics 44:00 – Growth & Marketing Support 50:26 – Playing Offense Learn more about Elite and our resources: Elite Consulting Partners | Financial Advisor Transitions https://eliteconsultingpartners.com Elite Marketing Concepts | Marketing Services for Financial Advisors https://elitemarketingconcepts.com Elite Advisor Successions | Advisor Mergers & Acquisitions https://eliteadvisorsuccessions.com JEDI Database Solutions | Technology Solutions for Advisors https://jedidatabasesolutions.com Listen to more Advisor Talk episodes: https://eliteconsultingpartners.com/podcasts/

Send a textSetlistAlicia Keys | 5A - In Common (Black Coffee Remix)WITH U | 5A - Matuinï Bantu, Antdot  - Too LateJamila, Vanco - Breathe feat. JAMILA Moeaike - Everyone Else AMEME - Bangala YRO - Destiny Send demos via Trackstack: https://tstack.app/nuans.fm Instagram www.instagram.com/nuans.fm TikTok https://www.tiktok.com/@nuans.fm Threads https://www.threads.net/@nuans.fm links: https://nuans.komi.io/Guest Mix Submissionshttps://nuansfm.com/sohguestmix#ToProgress