Podcasts about Charles Schwab

Consultorio bursátil de agosto de 2026 en el que Adrián Godás y Paco Lodeiro respondemos a las preguntas de los oyentes. Las preguntas generales de este mes son sobre el capital necesario para grandes subidas en bolsa, empresas familiares, el proceso de herencia con Interactive Brokers y Charles Schwab, la deuda en la valoración de empresas, cómo diversificar una cartera de fondos, libros de inversión para adolescentes, materias primas beneficiadas por la IA y sobre amortizar la hipoteca o invertir. Las dudas sobre empresas y sectores son sobre mineros, Volkswagen y sobre Abaxx Technologies. Podéis enviar las consultas a academiadeinversion.com/contacto o a paco@academiadeinversion.com

Bitcoin is down slightly at $79,603 Ethereum is up slightly at $2,505 BNB is down slightly at $706 UAE advisors acquire stake in WLTC Holdings Charles Schwab plans to add Solana, Avalanche and Chainlink HMRC said 240 people reported more than £1 million each in crypto gains. SEC has declared its Form S-4 registration effective Learn more about your ad choices. Visit megaphone.fm/adchoices

Crypto News: Charles Schwab adds altcoins Solana, Avalanche and Chainlink to nascent crypto platform. XRP treasury firm Evernorth said its SEC Form S-4 related to its business combination with Armada is now effective, allowing progress toward a Nasdaq listing. UK to formally order Bank of England to advance stablecoin and digital money innovation.

Bitcoin is back near $80K as markets brace for Kevin Warsh's Jackson Hole speech, with U.S. demand strengthening and ETF inflows continuing. Elsewhere, Ethena is overhauling ENA tokenomics with aggressive buybacks, Solana is moving toward lower inflation and higher burns, and Charles Schwab is expanding direct crypto trading to SOL, AVAX and LINK. Learn more about your ad choices. Visit megaphone.fm/adchoices

This episode of On Investing looks at a market environment increasingly shaped by persistent inflation, rising long-term Treasury yields, fiscal concerns, and renewed trade tensions. Liz Ann Sonders and Collin Martin begin by discussing the latest inflation data, which continues to show price pressures well above the Federal Reserve's 2% target. While wage growth is not driving inflation, they highlight several other forces keeping inflation elevated, including energy prices, tariffs, and the massive investment required to support the AI boom. The conversation then turns to Treasury Secretary Scott Bessent's efforts to influence long-term interest rates after yields surged. Collin argues that Bessent's actions are understandable given concerns about mortgage rates and borrowing costs, but he views them as a short-term response to a much deeper issue: the nation's growing debt burden and ongoing fiscal deficits. Both hosts suggest that attempts to manage yields address the symptoms rather than the underlying causes. They also explore the potential tension this creates with the Federal Reserve, which may prefer tighter financial conditions to combat inflation. The episode closes with a look ahead to the Fed's Jackson Hole conference, upcoming labor market reports, purchasing manager surveys, and other economic data that could shape expectations for both growth and Fed policy. You can read the report Liz Ann mentions here: "Great Moderation Era: Drift(ing) Away." On Investing is an original podcast from Charles Schwab. For more on the show, visit schwab.com/OnInvesting. If you enjoy the show, please leave a rating or review on Apple Podcasts. Important Disclosures This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The securities, investment products and investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Past performance is no guarantee of future results. Investing involves risk, including loss of principal. Diversification and asset allocation strategies do not ensure a profit and do not protect against losses in declining markets. Performance may be affected by risks associated with non-diversification, including investments in specific countries or sectors. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (REITs), fixed income, municipal securities including state specific municipal securities, small capitalization securities and commodities. Each individual investor should consider these risks carefully before investing in a particular security or strategy. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors. Investing in alternative investments is speculative, not suitable for all clients, and generally intended for experienced and sophisticated investors who are willing and able to bear the high economic risks of the investment. Investors should obtain and carefully read the related prospectus or offering memorandum, which will contain the information needed to help evaluate the potential investment and provide important disclosures regarding risks, fees and expenses. Commodity-related products carry a high level of risk and are not suitable for all investors. Commodity-related products may be extremely volatile, may be illiquid, and can be significantly affected by underlying commodity prices, world events, import controls, worldwide competition, government regulations, and economic conditions. All names and market data shown are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data. The policy analysis provided by Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please see Schwab.com/IndexDefinitions Negative correlation refers to investments that tend to move in opposite directions: when one rises, the other falls. (0826-1AXY) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Willy sat down with Liz Ann Sonders, Chief Investment Strategist at Charles Schwab and one of the most influential voices in finance, for a wide-ranging conversation on what's driving markets today and what investors should be watching next. Willy and Liz Ann explored a changing investment landscape shaped by inflation, interest rate volatility, federal deficits, and shifting labor and housing markets. They also discussed AI's growing impact, market rotations, and the increasingly blurred line between investing and gambling - including what it could mean for financial literacy. Learn more about your ad choices. Visit megaphone.fm/adchoices

Liz Ann Sonders, Chief Investment Strategist at Charles Schwab, joins us to explain why today's economy and stock market are increasingly defined by rotation, instability and a changing stock-bond relationship. We discuss AI capital spending and earnings concentration, Treasury yields and the deficit, immigration and labor supply, investor sentiment, market breadth, portfolio rebalancing, IPOs and the growing economic importance of the stock market wealth effect.Topics covered:Why the post-pandemic economy is moving through sector-level recessions and expansions instead of a traditional linear cycleThe return of a more temperamental market regime, inflation volatility and the changing correlation between stocks and bondsWhy volatility-based rebalancing may matter more than calendar-based rebalancing and why market leadership is broadeningImmigration, labor shortages and why slower population growth changes how investors should interpret payroll dataFederal deficits, entitlement spending, rising 30-year Treasury yields and why Treasury intervention cannot solve the underlying fundamentalsHow the AI spending boom, imports and hyperscaler capital expenditures are affecting GDP, bond issuance and capital marketsCorporate profits versus labor compensation and why Liz Ann does not see an obvious near-term catalyst for convergenceKevin Warsh, reduced Fed guidance and why less communication could create more market uncertaintyAttitudinal versus behavioral investor sentiment, the vibe session and why sentiment is becoming harder to use as a timing signalThe AI cascade beyond mega-cap tech, the Neural Nine, small caps and why rotation may be the new momentum tradeMargin debt, record household equity exposure and the risk that a future stock market decline feeds back into the economyS&P 500 earnings concentration, sell-side versus buy-side expectations, AI depreciation risk and the return of a major IPO cycleTimestamps:00:00 Liz Ann Sonders on the unusual 2026 market and economic cycle05:49 Portfolio construction, diversification and volatility-based rebalancing11:39 Immigration, labor supply and the new payroll breakeven rate17:38 Why long-term Treasury yields are rising and what the Treasury can and cannot fix22:07 Corporate profits versus labor compensation as a share of GDP27:37 Attitudinal versus behavioral sentiment and lessons from 202232:13 The vibe session, consumer confidence and conflicting investor expectations37:14 The Neural Nine, widening stock dispersion and rotation as the new momentum41:21 Margin debt, leveraged speculation and where the real risk may be45:52 S&P 500 earnings growth, concentration and the sell-side versus buy-side gap50:27 Hyperscaler AI capex, debt financing and signals from the corporate bond market55:05 IPOs, FOMO and why investors should be careful about chasing new issues60:05 Where to follow the real Liz Ann Sonders and avoid impersonator scamsLearn more about the Excess Returns podcast network:https://excessreturns.coNo information discussed in this podcast should be construed as investment advice. Securities discussed may be held by the hosts and guests, their firms or their clients.

In this episode of On Investing, Liz Ann Sonders and Collin Martin examine the recent surge in global bond yields and what it means for investors. Collin explains that long-term Treasury yields have risen due to a combination of the Federal Reserve's hawkish posture, elevated uncertainty premiums, fiscal concerns, and a global move higher in interest rates. He emphasizes that inflation expectations remain relatively well-behaved, suggesting the rise in yields is less about fears of runaway inflation and more about uncertainty, government borrowing needs, and a "higher for longer" interest rate environment.  Liz Ann discusses how higher yields affect stocks, noting that growth-oriented sectors, real estate, and utilities are particularly sensitive to rising rates. She also argues that investors may be operating in a more volatile "Temperamental Era," where inflation and bond yields play a larger role in driving equity market performance than they did during the decades-long "Great Moderation."  Then, Liz Ann interviews former St. Louis Fed President Jim Bullard, who argues that the Federal Reserve risks falling behind the curve by tolerating inflation near 3% rather than returning it to its 2% target. Bullard shares his views on monetary policy, AI's potential impact on productivity, geopolitical risks, financial markets, and the evolving economic landscape.  Finally, Liz Ann and Collin provide a preview of upcoming economic indicators and data releases, including the Fed's preferred inflation measure, housing data, and consumer sentiment surveys. You can read the report Liz Ann mentions here: “Great Moderation Era: Drift(ing) Away.” On Investing is an original podcast from Charles Schwab. For more on the show, visit schwab.com/OnInvesting.  If you enjoy the show, please leave a rating or review on Apple Podcasts. Important Disclosures The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The securities, investment products and investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Past performance is no guarantee of future results. Investing involves risk, including loss of principal. Performance may be affected by risks associated with non-diversification, including investments in specific countries or sectors. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (REITs), fixed income, municipal securities including state specific municipal securities, small capitalization securities and commodities. Each individual investor should consider these risks carefully before investing in a particular security or strategy. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors. Treasury Inflation Protected Securities (TIPS) are inflation-linked securities issued by the US Government whose principal value is adjusted periodically in accordance with the rise and fall in the inflation rate. Thus, the dividend amount payable is also impacted by variations in the inflation rate, as it is based upon the principal value of the bond. It may fluctuate up or down. Repayment at maturity is guaranteed by the US Government and may be adjusted for inflation to become the greater of the original face amount at issuance or that face amount plus an adjustment for inflation. Treasury Inflation-Protected Securities are guaranteed by the US Government, but inflation-protected bond funds do not provide such a guarantee. All names and market data shown are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data. The policy analysis provided by Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please see schwab.com/indexdefinitions. (0826-Z0K4) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Markets turn skittish as rising Treasury yields and oil prices challenge investors' willingness to chase stocks near record highs. Priya Misra of JPMorgan Asset Management breaks down the bond market selloff and what's driving the move. Liz Ann Sonders, Chief Investment Strategist at Charles Schwab, explains what higher yields mean for equities and whether the market can continue to climb. Technician Jonathan Krinsky of BTIG argues it may be time to pare back risk. He breaks down the technical picture and weighs opportunities in financials and energy as market leadership shifts. Plus, Toll Brothers earnings with John Lovallo of UBS. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Charles Schwab's Kevin Horner discusses the S&P 500's (SPX) pause after three weeks of gains and highlights key technical levels traders are watching. He also examines bullish chart setups in Lumentum (LITE), including a 20-day/50-day moving average crossover, and Cipher Digital (CIFR), where improving momentum indicators suggest potential upside.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Charles Schwab's Collin Martin says rising crude oil prices are "one part of the puzzle" behind the uptick in yields, though he believes other factors are at play. Despite elevated fixed income pricing, he sees the U.S. economy as resilient in the face of benign inflation data. However, Collin sees pressures from foreign investors, especially in Japan. When it comes to the Fed, Collin outlines his expectations for the Fed "sitting on their hands."======== Schwab Network ========Empowering every investor and trader, every market day.Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

CrowdStrike (CRWD) have consistently pushed higher throughout the last three months, with Charles Schwab's Kevin Horner highlighting key areas where resistance became new support. "Bulls are very enthused" with what they see though moment appears to wane, says Kevin. He turns to the one-year chart to show how bulls are struggling to maintain current levels. ======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Dan Ives of Yorkville Ives & Co. breaks down the renewed tech rally and what could keep it going. John San Marco of Neuberger Berman previews retail earnings. Marta Norton, Chief Investment Strategist at Empower, assesses the broader rally and what investors should watch as stocks continue setting records. AeroVironment Chairman and CEO Wahid Nawabi discusses new drone tariffs and what they could mean for the defense industry and domestic manufacturing. Former White House Chief of Staff Mick Mulvaney examines mounting pressure on prediction markets and the regulatory risks facing the industry. Joe Mazzola of Charles Schwab breaks down retail investor behavior and reveals where individual investors are putting money to work and which major tech names they are selling. Plus, our Robert Frank reports live from Pebble Beach on a dramatic generational shift in classic cars as younger collectors abandon traditional “boomer cars” for supercars from the 1990s and 2000s, raising new questions about a potential bubble. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Liz Ann Sonders and Collin Martin begin this episode by analyzing the powerful role earnings are playing in driving the U.S. stock market higher and what that means for investors. Liz Ann highlights that S&P 500 earnings growth is tracking around 51% for the second quarter, an unusually strong pace outside of a post-recession recovery. Collin explains why Schwab expects a "higher-for-longer" rate environment, with short- and longer-term Treasury yields likely remaining elevated as the economy stays resilient and inflation remains above the Fed's target. Then Collin sits down with former Federal Reserve Vice Chair Dr. Richard Clarida. They discuss how the Fed thinks about inflation, labor markets, supply shocks, productivity, and AI. Clarida argues that policymakers are trying to determine whether today's inflation pressures are temporary or indicative of a higher underlying trend. He also discusses the transition to new Fed Chair Kevin Warsh, potential changes to Fed communications, and why AI could be inflationary in the near term but ultimately disinflationary through improved productivity over the next several years. On Investing is an original podcast from Charles Schwab. For more on the show, visit schwab.com/OnInvesting.  If you enjoy the show, please leave a rating or review on Apple Podcasts. Important Disclosures The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The securities, investment products and investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Past performance is no guarantee of future results. Investing involves risk, including loss of principal.  Performance may be affected by risks associated with non-diversification, including investments in specific countries or sectors. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (REITs), fixed income, municipal securities including state specific municipal securities, small capitalization securities and commodities. Each individual investor should consider these risks carefully before investing in a particular security or strategy. Currencies are speculative, very volatile and not suitable for all investors. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors.  Diversification, rebalancing, and asset allocation strategies do not ensure a profit and do not protect against losses in declining markets. All names and market data shown are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data. The policy analysis provided by Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please see schwab.com/indexdefinitions  ISM refers to the Institute for Supply Management. (0826-VELR) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Charles Schwab's Kevin Horner breaks down the S&P 500's (SPX) record close and highlights the key technical levels traders should watch for signs of either a pullback or continued upside. He also examines the bullish chart setups in Oscar Health (OSCR) and Chevron (CVX), outlining breakout patterns and potential upside targets for both stocks.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Charles Schwab's Joe Mazzola addresses the slight downturn in July retail sales and what the weakness means for the economy. With hedging at significant lows, Joe says investors are confident in the current market environment but warns of tailwinds "dissipating pretty quickly." Cooper Howard adds more color to the Big Picture by talking about the "hall of mirrors" facing fixed income investors as the Fed balances inflation and jobs data. ======== Schwab Network ========Empowering every investor and trader, every market day.Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

Wayfair (W) is pulling back after nearly tapping 52-week highs just a few session prior. Kevin Horner of Charles Schwab still sees room for bulls to make a run in the stock. He explains why traders need to keep an eye on the $120 level as the stock battles to regain bullish momentum. ======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Patrick Larkin, Partner & Practice Leader, Cerity Partners Three years after launching his independent RIA, Patrick Larkin merged with Cerity Partners—but not because that was the original plan. He explains how ownership changed the way he viewed enterprise value, optionality, and the future of his business. In Summary Going independent is often viewed as the destination. Patrick Larkin discovered it was just the beginning. Louis sits down with Patrick, Partner and Practice Leader at Cerity Partners and former founder of Oak Hill Wealth Advisors, to discuss an unconventional journey: leaving Wells Fargo to build an independent RIA, then choosing to merge that business just three years later. Rather than following a predetermined exit strategy, Patrick shares how ownership fundamentally changed the way he thought about enterprise value. A conversation with a prospective acquirer revealed that buyers weren't interested in purchasing a book of business—they were looking for a business. That realization reshaped how he invested, hired, delegated, and ultimately positioned his firm for the future. The conversation from our Build Grow & Transact series also offers a candid look at life after a merger, from evaluating cultural fit and partnership to balancing autonomy with the resources of a larger organization. More broadly, it illustrates how ownership creates optionality—and why the most valuable decision an advisor makes may not be the one they originally envisioned. The Storyline After spending nearly 15 years building a successful practice at AG Edwards, Wachovia, and Wells Fargo, Patrick Larkin launched Oak Hill Wealth Advisors in 2022 with a simple objective: build a business on his own terms. Like many advisors, he expected independence to be the final destination for a long time. But then there was the realization that ownership changes more than economics; it changes perspective. And it became the beginning of an entirely different way of thinking. As acquisition inquiries arrived sooner than expected, Patrick realized something that fundamentally changed his strategy. Sophisticated buyers weren't evaluating his client relationships as a book of business; they were evaluating Oak Hill as an enterprise. That insight shifted his priorities from maximizing short-term profitability to building a business that could thrive beyond its founder. Just three years after launching, Patrick chose to merge with Cerity Partners—not because he was looking for an exit, but because he believed it strengthened the future for his clients, his team, and his family. Louis and Patrick explore what led to that decision, how ownership increased the value of his business almost immediately, why he compares independence to an IPO, and what advisors should consider if they hope to create options for the future—even if they don't yet know what that future looks like. Topics Covered Building enterprise value versus maximizing annual income Creating optionality through ownership Leaving Wells Fargo to launch an independent RIA Why buyers value businesses more than books of business Evaluating strategic partners and acquisition opportunities The economics of independence and business valuation Life after merging with Cerity Partners Balancing autonomy with enterprise-scale resources Leadership, succession, and building beyond the founder Long-term ownership and partnership models > Download a transcript of this episode… Listen and Learn Highlights for Advisors Why did Patrick decide to leave Wells Fargo? (11:07) Patrick explains why growing frustrations around control, firm priorities, and the ability to build his business eventually outweighed the comfort of staying put. How did going independent immediately change the value of his business? (21:42) Patrick introduces one of the episode's biggest ideas: why launching Oak Hill felt like taking a company public and how ownership increased the firm's value almost overnight. Why did Patrick sell only three years after becoming independent? (20:03) An unexpected conversation with a prospective acquirer completely changed how he viewed enterprise value and accelerated his long-term thinking. What separates a business from a book of business? (21:42) Patrick discusses why recruiting advisors, delegating client relationships, and investing beyond himself made Oak Hill more attractive to strategic buyers. Why Cerity Partners? (26:48) Rather than focusing on valuation, Cerity emphasized culture, partnership, and long-term alignment—qualities Patrick says ultimately mattered most. What is life actually like after a merger? (37:57) Patrick offers an unusually candid perspective on autonomy, leadership, and why he says he hasn't second-guessed the decision once. Key Takeaways Ownership creates opportunities that often aren't visible until after independence. Enterprise value is built by creating a business that can thrive beyond its founder. The first acquisition conversation can be valuable even if no transaction occurs. Cultural alignment may ultimately matter more than valuation when selecting a long-term partner. Independence doesn't eliminate future options—it expands them. Strategic transactions can strengthen outcomes for clients, employees, and owners simultaneously. The goal isn't simply to own a business; it's to create choices for what comes next. https://youtu.be/f7FGLGjBbyo Quotable Moments “The day Oak Hill launched felt like the business had gone public.” “Potential acquirers weren't interested in buying a book. They were interested in buying a business.” “Ownership isn't simply about control. It's about creating optionality.” “The fear of leaving is almost always worse than the actual experience of leaving.” FAQs Why did Patrick Larkin merge with Cerity Partners only three years after launching his RIA? Patrick explains that independence changed how he viewed enterprise value. After learning what sophisticated buyers were actually looking for, he intentionally built Oak Hill as a business rather than simply managing for annual profitability. Why does Patrick compare independence to an IPO? Because ownership immediately transformed the economic value of his practice. Rather than participating in an internal succession model, he owned an independent enterprise that carried substantially greater market value. What changed after Patrick became independent? Beyond gaining control, he began making decisions through the lens of enterprise value—investing in advisors, systems, and infrastructure that would make the business less dependent on him personally. What made Cerity Partners stand out? Patrick cites the firm's culture, partnership model, meritocracy, long-term vision, and ability to combine local autonomy with enterprise-level capabilities. Is this episode only relevant for advisors considering selling? No. The broader lesson is that ownership creates flexibility. Whether an advisor ultimately remains independent or joins another organization, understanding how enterprise value is created can influence decisions from day one. What is the biggest lesson Patrick hopes advisors take away? That independence isn't simply about leaving a firm. It's about creating the ability to choose what comes next on your own terms. Patrick explains that independence changed how he viewed enterprise value. After learning what sophisticated buyers were actually looking for, he intentionally built Oak Hill as a business rather than simply managing for annual profitability. Because ownership immediately transformed the economic value of his practice. Rather than participating in an internal succession model, he owned an independent enterprise that carried substantially greater market value. Beyond gaining control, he began making decisions through the lens of enterprise value—investing in advisors, systems, and infrastructure that would make the business less dependent on him personally. Patrick cites the firm's culture, partnership model, meritocracy, long-term vision, and ability to combine local autonomy with enterprise-level capabilities. No. The broader lesson is that ownership creates flexibility. Whether an advisor ultimately remains independent or joins another organization, understanding how enterprise value is created can influence decisions from day one. That independence isn't simply about leaving a firm. It's about creating the ability to choose what comes next on your own terms. Related Resources From Start-Up to $31B Behemoth RIA: The Catalysts Behind the Growth of Mega-Firm Cerity Partners Ownership Matters: What Advisors Need to Know When Evaluating Firms Top Tips for Setting Your Business Up for Success Years Before a Move Patrick LarkinPartner and Practice Leader Patrick is a Partner and Practice Leader in the Lansdowne, VA office. He is a member of the Lansdowne Practice, where he works closely with families, foundations, and non-profits to help them define and achieve their financial goals with clarity and confidence. With a deep specialization in retirement income distribution planning and complex risk and wealth management strategies, Patrick is known for helping clients simplify complicated financial decisions, reduce uncertainty, and build sustainable, long-term plans. His approach emphasizes fiduciary responsibility, transparency, and personalized guidance — ensuring clients always feel informed and empowered. Prior to joining Cerity Partners, Patrick was the founding member of Oak Hill Wealth Advisors, where he built a highly respected independent advisory practice that earned the trust of families, professionals, and mission-driven organizations across the region. His leadership was instrumental in shaping a client-first culture that continues today. Patrick's work is rooted in a passion for long-term relationships — guiding clients not just through markets, but through life's milestones such as retirement, business transitions, philanthropic planning, and wealth transfer across generations. He takes pride in being both a strategic advisor and a steady partner to the people he serves. Patrick lives in Bluemont, VA, with his wife Angela, their two children, Paige and Sean, and their Golden Retrievers, Huckleberry and Genoa. Outside of the office, Patrick and his family enjoy an active lifestyle — whether it's hiking and backpacking on the Appalachian Trail, biking the Great Allegheny Passage, or sailing on the Chesapeake Bay. These experiences reflect his belief in balance, resilience, and enjoying the journey — values he also brings to his work with clients. 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… Build, Grow & Transact: From Breakaway to Transaction in 3 Years A conversation with Louis Diamond and Patrick Larkin, Partner & Practice Leader at Cerity Partners.      Louis Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is Build, Grow & Transact: From Breakaway to Transaction in 3 Years. It’s a conversation with Patrick Larkin, Partner and Practice Leader at Cerity Partners. 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: Ownership as a way of creating opportunities you can’t always predict. That’s exactly why we created our Build, Grow, and Transact series. Independence isn’t the end of the story. It’s often the beginning of thinking differently about enterprise value, optionality, and what comes next. Today’s guest is Patrick Larkin, Partner and Practice Leader at Cerity Partners, and formerly the founder of Oak Hill Wealth Advisors. Patrick spent nearly 15 years building a successful practice at A.G. Edwards, Wachovia, and eventually Wells Fargo before launching his own independent firm in 2022. Just three years later, he merged that firm into Cerity. At first glance, that timeline might seem surprisingly short, but as you’ll hear, the merger wasn’t a change in direction. It was the result of seeing his business differently once he owned it. Yet, it’s this perspective that really brings that thought home. Patrick said the day Oak Hill launched felt like the business had gone public because overnight, what had been viewed as a book of business became an enterprise with substantially greater value, some four to five times the value of what it was worth at Wells. And that realization changed the way he invested, the way he hired, and ultimately the way he thought about the future. Pat and I also talk about something advisors don’t often discuss candidly, what life actually looks like after a merger. How much control do you give up? What changes day to day? How do you know whether you’re joining a partner or simply selling a business? Whether your long-term plan is to remain independent forever or eventually join a larger organization, Patrick’s experience is a reminder that ownership isn’t simply about control. It’s about creating optionality and putting yourself in a position where the next decision is yours to make. So let’s get to it. Patrick, thanks for coming on our show today. Patrick Larkin: Oh, my pleasure. Nice to meet you, Louis. Louis Diamond: You too. So let’s start off basically how we start every interview. Tell us about yourself, your background, and how you found your way into our industry in the first place. Patrick Larkin: Yeah, thank you for asking. I knew I always wanted to be a financial advisor. That part really wasn’t in question, but upon graduating college and being a 22-year-old, I knew that it was probably not practical to walk in and start advising people my parents’ age with their life savings. Probably wasn’t going to be a recipe for success. So I took a quick tour through the pharmaceutical industry first, which ended up being unexpectedly valuable. My employers there pushed me to think like an entrepreneur and within our territories. And honestly, that mindset never left me. It shaped how I built everything that came after. Eventually, an opportunity presented itself in Loudoun County, Virginia in Northern Virginia, and I became an FA trainee with A.G. Edwards, absolutely fantastic firm to start my career. Now, what drew me to this career was pretty simple. I felt like it was one of the professions that we had an opportunity to do so much good for others while simultaneously also doing well for yourself, and those two things aren’t in conflict. I also really loved the idea that in this profession there was no hiding. You don’t get paid to show up. You get paid for what you actually do. And perhaps for me, what was most important, I loved the weight of responsibility. I loved earning people’s trust. I loved the idea of deserving, being deserving of their trust, and being a steward of what they’ve worked a lifetime to build. I never took that lightly, and I still don’t. Louis Diamond: That’s amazing. Yeah, I mean, the number of people I’ve heard, you talked so fondly about A.G. Edwards and there’s a bunch of other firms that have since been absorbed or emerged that are like the regional firms of old. So not surprised to hear you loved it. A.G. Edwards, obviously, became Wells Fargo Advisors or was acquired or merged with Wells Fargo. So I know you’re at Wells and A.G. Edwards until 2022. So give us a quick version. How’d you build your practice from the pharma world into being in FA? Patrick Larkin: Yeah, so as I started with A.G. Edwards, I came in at really just the perfect time. It was towards the end of the financial crisis. And I built the business the old-fashioned way with a lot of cold calling and eventually did some dinner seminars, which I can tell you is a very expensive way to learn how to speak in front of a room. But I made some progress, and I was also in a great office, small enough that some of the advisors there would hand off some of the smaller accounts that they weren’t interested in working with, and got an opportunity to get a lot of reps in working with real life clients and individuals. I knew early on I didn’t have enough talent to win on talent alone, so I made up for it and compensated for that with really hard work. The real turning point came for me when A.G. Edwards was first acquired by Wachovia Securities, and that was about five years into my career. And at that point, my branch manager, who was eyeing retirement, asked me to step in as her partner, and that changed everything. We eventually moved over to a Wachovia Securities office, another really great local office in Loudoun County, Virginia. And from that office, I worked on and became a CIMA, a CFP, worked with the clients, built a business through referrals. And I found at that point in my career when I would go to a meeting with Wachovia, eventually Wells Fargo, as a young 30-year-old, I would look around the room often and realize that I was the youngest person in the room. The funny thing was 10 years later, I would go into that same room and I’d look around and I still was the youngest guy in that room. And those demographics in our industry, and when I came into our industry, ultimately led that office that I worked in with Wells Fargo Advisors, I eventually was the recipient and party to five different succession plans- Louis Diamond: Wow. Patrick Larkin: … at Wells Fargo Advisors. I hoped that I had built a reputation as somebody that these other advisors would entrust with their clients. And over that time period, really, I would say professionally, one of my accomplishments I’m most proud of is all five of those retired advisors that I used to work with, who had an opportunity to see me work with clients, all became clients of mine, I still continue to work with. And it’s professionally just one of the greatest honors that I’ve ever had. Louis Diamond: I mean, that’s a large number of advisors you helped sunset, but I would agree it’s the ultimate proof of concept that they not only trusted you with their clients and their life’s work, but now also with their family’s wealth. So I like that, kind of the full life cycle there. So I’m curious, though, you stayed at Wells through a really turbulent time through the fake bank scandal. There’s a lot of attrition. I mean, obviously, they’re still a powerhouse to this day, but what kept you at Wells for as long as it did before you left in 2022? Patrick Larkin: You described it as a turbulent time. Pretty turbulent might be an understatement. Even before Wells, the transition to Wells, Wachovia Bank had been the first company that we transitioned to from A.G. Edwards. And we, of course, went through the financial crisis during that time period and handholding our clients and helping them get through that time period and dealing with concerns that we shouldn’t really have to be prepared with. “Is my money safe? It’s not what’s happening to the market, but is my money safe in your institution?” But once things stabilized, I found real purpose in partnering with some of the retiring advisors and opportunities that came up. It was a really wonderful climate and atmosphere in our local office. It was really a family-like atmosphere, and I still had a lot to learn. And all those advisors that I partnered with, I’ve joked I’ve never had an original idea in my entire life. I stole all my good ideas from them. And some of them were really ahead of their time, and I learned, adopted, and built my own philosophies by working closely with them. Ultimately, by the time I left Wells Fargo, I was finishing up the fifth sunset program and had only made my way halfway through the sunset before the opportunity presented itself to create my own practice. Louis Diamond: So I’m curious, when did you first seriously start thinking about leaving and what really tipped the scales for you? What was the proverbial straw that broke the camel’s back? Patrick Larkin: Yeah, it really was a number of small items and ultimately one big one. But for a long time, I’d been content, but as I tried to grow the business beyond what I could do individually, I felt like I kept running into walls. There were it felt like limitations on how I could build out my team and structure the practice the way I envisioned it. Additionally, there were some new policies that also started to bother me. One of them was the platform advisory fee, which in my eyes was less about client transparency and more about replacing a declining revenue source on the firm’s balance sheet. And after dealing with clients and helping them through the bank scandal at the firm, I was concerned that this would come back and hurt me and the relationships that I had with my clients. Incidentally, I just recently onboarded a new client that transferred to us. And for them, looking at their statement, identifying this platform advisory fee- Louis Diamond: Oh boy. Patrick Larkin: … was the last straw for them before they moved about 15 million of assets to us. Also, I thought I would be I would be a better allocator of resources than Wells Fargo. Wells Fargo retained about half of the revenue that I earned for the business. They seemed to think that the best allocation of that money was additional middle management. Whereas, I thought investment in technology, investment in additional personnel, and an investment in marketing were best places to continue to build out my vision. The final straw, and really a thing that crystallized everything for me was when I read a book in 2021 called The Infinite Game, a book written by Simon Sinek. Chapter eight, the title is Ethical Fading. And it uses the Wells Fargo bank scandal as a case study in what happens when a firm loses its moral compass. I read the chapter and thought, “There it is, I have to do something.” That was really the final push I needed. I mentioned earlier I was very fortunate to start my career with a company called A.G. Edwards, a regional brokerage firm. And while I was at A.G. Edwards, there was a research report that came out on A.G. Edwards as a company. And I’m going to paraphrase a little bit on what was said in that report, but ultimately there was a line in there, and it was a criticism, but I took it as a huge positive as being an employee there. The line said, “While management does not necessarily say it, we believe the client is put ahead of the shareholder.” And that was something I was very proud of. And I just, upon reflecting on it, felt confident those were words that I never was going to see go to print about Wells Fargo. Louis Diamond: So you left Wells in 2022 and founded Oak Hill Wealth Partners in Lansdowne, Virginia. Walk us through that decision. Why go independent rather than going to another firm? Patrick Larkin: I really thought moving to another firm, the things that I had grown frustrated with at Wells Fargo Advisors, I would also find at another wirehouse firm. I was ready, and honestly, the simple answer is I thought I could do better. And I wanted control after having what I felt like was very little control. I had grown frustrated with others making important decisions, and I wanted an opportunity to grab the reins and make decisions on my own. I believe at that time, the future of wealth management was going to be built around fiduciary advice, and I didn’t want to watch that from the sidelines anymore. I was watching what was happening in the industry. And as we were trying to hire new advisors, reaching out to college graduates who were studying CFP programs, identified that they were more inclined to want to start employment with an RIA than a wirehouse. What made the timing work really well was Wells Fargo had actually introduced a program to help advisors in the private client group spin off and establish their own RIAs. Now, whenever I tell this to another advisor, particularly ones that are wirehouses, they can’t understand it. And quite frankly, I don’t understand why they helped us do it, but we were about the 30th practice that they helped us through this process and they provided real support. They hired consultants, made vendor recommendations, even referrals to financing so I could pay off my last succession plan before I left. The only really upside for Wells Fargo was that the ask was that we continue to use First Clearing as the custodian. And one of the downsides for me was I was going to leave all of my deferred comp behind with Wells Fargo. Now, all clients had to do to join me was sign a positive consent. And on May 9th, 2020, we turned on our computers in our new office and our clients were already there. That same day, we launched and started a relationship with Charles Schwab. And it was so exciting to be able to start shopping for what I thought was the best FinTech, really feeling like I was stuck with proprietary tools that Wells Fargo advisors had offered. I felt like I was a kid in a candy store. And if there was a cool tool that I identified that would help us serve our clients better, I was all in and I was buying it. I really feel that some of the technology that Oak Hill eventually bought into and some of the tools we’re using now are going to take years and years before they eventually trickle down to where the wirehouses are, if ever. Louis Diamond: Interesting. So it was really it was for the most part an internal move from one- Patrick Larkin: It was- Louis Diamond: … channel to the other. Patrick Larkin: … it was an internal move, but there was no requirement to stay at First Clearing. As a fiduciary, they couldn’t make those demands. And again, they helped us with the financing, which is really unusual that they helped us secure a loan so I could pay off the last retiring advisor. It’s really unusual that a bank will loan money where there is no business at the time, but because of previous experience that financial institution had working with Wells, they helped us facilitate the transaction. And the program is still in place at Wells Fargo, which is absolutely amazing to me after the experience that I’ve just had myself. Louis Diamond: Yeah, it’s interesting. I mean, does it cannibalize a more profitable revenue source? Sure. But if the alternative was all the assets go to Schwab or Fidelity, to me, honestly, it’s smart. I think they played the long game by not being adversarial on it. Patrick Larkin: I think they played a long game and they took the philosophy, and I think they use it as a recruiting tool that if you love them, set them free. And that’s exactly what they did. Louis Diamond: So for the rest of the episode, I want to talk about your eventual, and not that long period of time, transaction or decision to merge Oak Hill with Cerity Partners. This is our Build, Grow, Transact subseries. And I was really struck by your story because you were three years or so into running Oak Hill, and then your merger with Cerity Partners, an amazing RIA closed. That’s a fairly short runway. Usually when I see folks go independent for the first time, it’s 10, 15, 20 years, maybe never, that they decide to merge or sell. I’m curious to understand your thinking about the transaction. Were you looking to do something? Or was it just like right place, right time and the opportunity presented itself? Patrick Larkin: I had started Oak Hill with the intent of eventually down the road, much closer to retirement, looking for a partner. The opportunity and what I learned early on helped change that idea and philosophy, and I adapted and made modifications to take advantage of it. Louis Diamond: Interesting. So you weren’t necessarily planning on selling or merging the business, it just kind of circumstances happened the way they did? Patrick Larkin: Yeah. When we started Oak Hill Wealth Advisors, it was a really pretty short period of time before we started getting calls from larger national RIAs about potential acquisition, much sooner than I expected. Early on, I just brushed them off, but about a year in, I took one of those calls and it really just opened my eyes up. I realized for the first time this small firm, this little practice actually had some real value, way more than I’d given it credit for. That first call, that first exploration didn’t go anywhere. It wasn’t a good fit. But what it gave me was a much clearer picture of what the serious acquirers were actually looking for. And that changed decisions I made at Oak Hill going forward. I really at that point stopped trying to optimize for near-term profit and really thought of my business as a business and started building towards enterprise value, sometimes at the cost of short-term income. And that turned out to be exactly the right call. Louis Diamond: That’s such an interesting perspective. Let’s double-click into that concept. So it sounds almost counterintuitive that if you kind of had this light bulb moment that like, “Okay, maybe I want to transact my business sooner than I initially thought.” I think most people would say, “Let’s become lean and mean. Let’s become as profitable as possible so my EBITDA’s higher.” But you took the different approach. What were the decisions you did to invest more in enterprise value rather than current cash flow? Patrick Larkin: A true business is one that doesn’t need me to be here every day to operate. And when we left Wells Fargo Advisors, it was myself and one other advisor that created Oak Hill Wealth Advisors. I was responsible for about 95% of the assets and revenue. And one of the more significant investments we made is in additional advisors. I recruited three new advisors, all CFPs, to join Oak Hill Wealth Advisors. Whereas, before I had been largely managing all the relationships myself. For someone that kind of grew up in the regional wirehouse space, it’s pretty counterintuitive to start moving relationships away from you onto other advisors. You’re trained and built to create a moat around your relationships, and realized that the potential acquirers are not interested, at least the ones I was interested in, weren’t interested in buying a book. They were interested in buying a business. And that just meant every decision we made going forward was not profit-driven, but how can I increase the value of the business? So after that first call, I knew I probably would be looking to move forward with a transaction sooner as opposed to the end of retirement. That information that I got on that first call helped me realize that when Oak Hill Wealth Advisors opened its doors on May 9th, 2022, we effectively had an IPO. I had great familiarity with how the succession plans at Wells Fargo Advisors worked. And on that day that we opened our practice, the value of my business jumped to be four to five times the value of it in a succession plan at Wells Fargo Advisors. Now, I knew going forward that I was going to be able to increase revenue. I was going to be able to increase EBITDA. I was going to potentially have some benefits from a market tailwind. I knew the multiples of EBITDA that the firms use may fluctuate, but the biggest change by far occurred leaving the wirehouse and having the value of my business grow four to fivefold in that same day. So what I really focused on was making sure that I was going to, when I was ready to start looking again after I had worked on improving the practice, really was going to look for a firm that was going to be a good cultural fit for both my clients, my team, and myself. Louis Diamond: That’s such a cool perspective. I’ve never heard anyone say that the day we launched your independent business was like an IPO. But honestly, it’s so true. You’re planting a flag in the ground that like, “Here is real value. This is value that we’ve created that we own rather than it being a book of business and a W-2 paycheck.” And it’s a fascinating perspective. Patrick Larkin: Yep. It really is amazing that the value changed that much on one day and the future value changes. Looking at the equity that I owned in Oak Hill Wealth Advisors, it made sense to consider is there a better way to take some risk off the table for myself and my family and diversify some of the equity that I had in Oak Hill Wealth Advisors with a larger enterprise? Louis Diamond: It makes complete sense. Obviously, everyone would sign up for 4 to 5X increase in value. Patrick Larkin: Sure. Louis Diamond: That’s not the reason most people go independent, but it’s important to know. And also, what I really liked about what you shared is I think a really valuable learning for anyone is those calls come in, whether it’s from annoying people like me or from an acquirer, from a firm, they’re not all noise. You took it as an opportunity to learn. Even though that first person who called wasn’t the right fit, it crystallized something in your mind and it let you make proactive decisions that ultimately paid off in spades when it came time to sign the dotted line for your transaction with Cerity. So I think it’s brilliant. And it’s very big picture, big-business-owner-type stuff that I think a lot of people will just filter out because it’s annoying and I’m young, I’m not looking to sell, but that was the journey. Patrick Larkin: Yeah, that first call changed my opinion about timing of when to move forward with a partnership. Originally, I thought this would be something at the end of retirement. The timing of doing so sooner seemed a lot more appealing after having that conversation and realizing what we had actually built. Louis Diamond: Amazing. So ultimately you decided to merge with Cerity Partners. We’ve had Kurt Miscinski from Cerity Partners on the show. They’re a real heavyweight within the RIA world. Most recently, they were valued at $8 billion in a recap, and it’s a very impressive firm. What specifically drew you to Cerity versus other potential buyers? Like you said, you got a lot of calls. Patrick Larkin: After that first call, I just got to work and focused on continuing to take care of our clients, building a team, adding new advisors, being a mentor to those advisors. But at the same time, we were being approached fairly regularly by that point. And I had a pretty good system for quickly deciding whether something was worth a second look, and most weren’t. But about a year ago, one of the national RIAs caught my attention and I started having conversations with them. And once I had progressed with them, I though, “You know what? If I’m giving this consideration, I really need to cast a wider net.” So I reached out to other RIAs that I had looked at and admired and been keeping an eye on. And ultimately, my longtime business coach, Barbara Kay, suggested I talk with Cerity Partners, a company that one of her other clients had just recently joined. And from the very first call, I could tell something was different. And I talked to many different companies. Cerity Partners, and an individual I spoke with, Geoff Newman, they weren’t leading with valuation formulas or deal structure. They were asking questions about my clients, my team, and how I actually ran the practice. They had a very defined process for identifying partners who were genuinely compatible, not just advisors with books that were transferable. And that distinction mattered greatly to me. They also offered really, in my opinion, the right balance of support and still having some autonomy. And their aspiration to deliver consistent standard of care to clients, whether they be in California or Virginia, so that those individuals get the same quality of experience, resonated with how I was already running things within my practice. That combination of support and autonomy, I really liked the idea of continuing to have oversight over my local practice, over our practice, which included the budget, salaries, and bonuses. It more than anybody else felt like a partnership and not a buyout. And I really appreciate it during that first call, Cerity was the only company that talked about a hundred-year plan. It was amazing to me to hear what their thoughts were. Most of the other firms I spoke with talked about valuations. And very quickly in the process, I found myself on a Zoom call with a Patagonia fleece vest-wearing private equity rep walking me through a valuation. And it was efficient, but it was not a cultural fit for me. And the infrastructure behind us and the combination of autonomy is really harder to find than most people think. As I progressed with Cerity, I remember early on in the process thinking to myself, “My God, I hope they want me, I hope they want me,” because I could tell I’m a very process-driven person They had a process with the way they brought me on board. And ultimately, we had a due diligence trip set up to go to one of their larger offices where I met with one of their leaders, Claire O’Keefe, part of their practice development, and had an opportunity to meet with different leaders within the firm and really get my arms wrapped around the potential that they had. Just the quality of the people I encountered through the whole process just kept reinforcing the decision. And by the time we got to the finish line, it didn’t feel like a transaction. It felt like I was joining something that I was excited to be part of. So just a little bit more about what attracted me to Cerity, their culture is just phenomenal. Cerity Partners uses the word “meritocracy” and they actually mean it. Ownership and influence here track your contribution, not your tenure or how well you play the politics. I just attended my first partner meeting in April, and without exaggeration, it was the most extraordinary professional meeting I’ve attended in my 25-year career. During the meeting, there was open debate about the direction of the firm, and every voice in the room carried weight. You could feel the culture. And that type of culture is built over years. You can’t fake it. Everyone in the room it felt like was rowing in the same direction. And by the time the meeting was over, I was so excited to get back to my team and tell them about what I had just witnessed, I wasn’t looking for the exit. I was looking for the brick wall to run through. I was so excited. And every once in a while I wonder having spent so much time in the wirehouse spaces, the bar just set really low for me when I talked to some of my other colleagues that have been independent for a long time. But it was just an absolutely amazing experience. And I do want to just add, one of the last really important things to me about Cerity Partners is I’ve been very fortunate with my career and in this profession. And part of my goal over the rest of my career is to have a legacy. And my legacy currently exists with the families I’ve advised and the team that I’ve built and have served and led. But Cerity Partners is helping me achieve even a greater legacy in our industry with our shared long-term goals. During my first meeting, they talked about their hundred-year vision of being a worldwide employee-owned professional services firm. And currently, and this is very exciting, the employees are the largest shareholder of the firm. No one else I talked to talked about their long-term goals like this, and it’s a vision I believe in. I want to contribute to help to see it accomplished. And one day when I do retire, I want to look back and see how I contribute it to a company that I believe is going to change the direction of professional wealth management. Louis Diamond: Wow. Patrick Larkin: My partnership with Cerity Partners is going to make that a reality. It’s just an amazing place. Yeah, very happy. Louis Diamond: Honestly, you can’t fake that type of enthusiasm. It sounds like- Patrick Larkin: It’s not- Louis Diamond: … you entered into a transaction, which is it’s like jumping into the deep end. How do you sort through what’s the sales process versus what’s real? How much of this is actually going to translate to my life? But hearing you not that long after the transaction, you still feel that and it’s very cool. In the press release I read, you cited estate planning, private markets access, and cross-border planning as key reasons for the merger. Can you talk about what it was about those? Maybe- Patrick Larkin: Yeah. Louis Diamond: … anything else that was missed? Patrick Larkin: Yeah. Louis Diamond: And were those not things that you felt like you could have delivered yourself as a standalone? Patrick Larkin: I thought that they were going to help me be able to be more effective in delivering those, but they weren’t the complete picture. The capabilities that we cited in the release were genuine gaps I wanted to fill and have available for clients and be able to prospect and go after new additional clients. But being fully honest, there were also deeper drivers. One was my team. Sometimes we get emotional about this. Being someone who’s trusted is really important to me, and that’s something I hold in high priority. There are people that followed me out of Wells Fargo to join me. One of my client associates had delayed her retirement so that she could join me and help us launch for the first three months. One of my other client associates has been with me close to 15 years. These are people that trusted me to do the right thing and to make sure that I wasn’t walking them off the plank. Being able to join Cerity Partners and give them a future that didn’t hinge entirely on my personal longevity was a huge relief. And Cerity Partners is an ownership culture. I’m so happy to say today that every single individual on my team in our practice in Lansdowne is now either an equity owner in Cerity Partners or very shortly will be an equity- Louis Diamond: So cool. Patrick Larkin: … equity owner. So they have a stake as well in what they’re building. It matters. My youngest client associate noticed how much it costs to send to FedEx. And he goes, “Now that I’m an owner, maybe we should rethink about sending regular mail.” Another driver was my family. And I’ve always had the philosophy of trying to prioritize and clients first, team and colleagues, and then my family. And I’ve always made decisions that if I put those others before myself, eventually I’ll be taken care of. And going through this transaction, it was so generous to my family and provided such security. There was a little bit of guilt that, “Am I doing this for all the right reasons?” But being able to secure my family’s future, converting equity in a three-year-old RIA into a stake of a $8 billion-plus valuation with institutional backing, that was a meaningful moment and I’d be less than honest if I glossed over that. I also really wanted to be part of something larger than myself. And the opportunity to help build a legacy in this business with Cerity Partners really gives me the platform to do that. Louis Diamond: Very cool. I can tell that you’re genuine, not just because of the way you sound, the way you’re speaking, but in the very beginning of the episode, you talked about the reason you got into this business was because you thought it gave you the dual purpose of being able to help people, but also being able to enrich yourself or your family. So this answer, it comes full circle. You’re able to accomplish all these goals, which made it the right decision. And I think, look, I say to advisors all the time, “You’re allowed to be greedy, you’re allowed to be selfish as long as the clients are still in the front of your mind as the most important thing.” There’s nothing wrong with doing better for clients, building a legacy in your case, but also reaping the rewards of all your hard work and labor and also all the risks that you’ve taken over your career. I got to ask you, though, from being an employee of Wells, where you were running your team, for the most part, you can run the business within their guardrails the way you want, to then running an RIA, which is really like you’re fully in control of everything, to now being a partner, but you’re not the one who has the name on the door anymore. Patrick Larkin: Right, right. Louis Diamond: Well, how do you think about the giving up control and full ownership of your practice versus owning a very small amount of a much larger entity? Patrick Larkin: There was such continuity. Oak Hill Wealth Advisors and Cerity Partners were so philosophically aligned that I genuinely never felt like I was giving up anything that I wasn’t glad to let go. My wife joined the business shortly before I left Wells Fargo Advisors. And still to this day, on my drive home from work, I call her up and say, “You’re not going to believe this.” And it’s all a positive, good thing. So Cerity has struck the perfect balance of that autonomy and support combination that I was looking for. So I still have control and a say over the way our practice is managed. Very shortly after the merger, my supervisor came down and met me for the first time, and we went out together after the day had ended. And early in the conversation I said to him, “What can I do to make your life easier?” And he said, “Pat, what can I do to make your life easier?” And that set the tone that still exists to this day. I almost cried when he said that because that was so different than what I had experienced up to that point. So the collaboration, the way we work together, it’s just absolutely amazing. And not once for a single moment have I second-guessed my decision. And it’s really weird because I’ve now been part of this organization for nearly nine months, and there just has not been one thing that’s occurred where I said, “That’s a disappointment.” It’s just been absolutely amazing every single day. Louis Diamond: Very cool. To me, there’s different arcs of when you want to ask people the question of, “Hey, any regrets?” And usually you don’t want to ask them too soon because they’re still going through the transition and integration and growing pains. And you don’t want to ask them too far in the future because you forget about what was life before. To be this short of a duration into this new partnership and to have these feelings, that’s absolutely pretty special. I got two more questions for you, Pat, if you don’t mind. Patrick Larkin: Sure. Louis Diamond: First one, economically, to me, one of the hardest things for really any advisor to really grapple with or to fully comprehend or make their own is, “I own 100% of the equity in my business. I get to decide when I want to sell in the future. My business is growing 10% per year. I wait to sell until 10 years from now, my business is going to be much bigger and I get to keep all the cash flow. I get to make all the decisions.” That compared to the path that you took, which was take cash off the table, which everyone understands, to, “Now, I own a much smaller piece of a much larger pie.” How would you talk to someone about the financial trade-off between a hundred percent ownership in their business, full control, full discretion over everything, versus becoming a minority equity partner in a larger entity? Patrick Larkin: You have to look at the valuation of my business, again, the day that we opened our doors as Oak Hill Wealth Advisors. There was such a massive jump in the value of the business. There was not going to be an opportunity for an appreciation at that level. So then, you have to compare what the growth rate is of Oak Hill Wealth Advisors versus a Cerity Partners. And I’m not embarrassed to say that Cerity Partners is and has been growing at a much faster rate of return. The value of the equity that I have retained in Cerity Partners, my ownership stake, I fully expect by the time I transact that business as I get closer to retirement, that’s going to be worth many times more than whatever opportunity I would have had at Wells Fargo with the valuation they would have provided me. Nevermind, very important, the tax consequences of a structure like this is all the retiring advisors that I worked with were taxed at their highest marginal rate. I owned a business and we were taxed at long-term capital gains rates. A significant difference in savings in what as the owner we actually realize. So yeah, I feel very comfortable with the ownership that I have and the control and continued opportunity with the meritocracy culture to increase my share of ownership in the company. Louis Diamond: Okay, and let’s do one more question here. I’ll pick it back up. So Pat, I think it’s a really cool perspective. It’s almost do your homework, and if you find the right horse and the right jockey that can run faster than you can on your own, that the equity value will compound and grow and appreciate in a faster, more efficient way than what you’re doing on your own, which makes complete sense. It’s the ultimate trade-off. And again, it’s like jumping into the deep end. On the one hand, Oak Hill was all you, right? You control the growth, for better or worse, for the good days, the bad days, the good years, the bad years, versus now your growth is diversified amongst hundreds of partners across M&A, across different lead flow channels, et cetera. It makes complete sense. But honestly, if I were an advisor, I don’t know how I would think about it. I think it’s all just fact-and-circumstance-based on where I am in my life and who the firm is and what I’m trying to accomplish. But it’s such a cool perspective because usually the playbook that we see, which is why we did this series, is go independent and there’s a long pause until there is a realization of all the value that’s been created. So seeing you do this in a much quicker timeframe, it seems like it was the absolutely right decision. To me, it just is another path, another way that an advisor or a firm is able to think about their future. Any final advice or parting words for someone who is sitting right where you were in 2021 or 2022 thinking about making the leap? And we’ll say a transition in general, or really anything you want to share to wrap our episode here. Patrick Larkin: Thank you for having me, and this is a great question. Happy to give a thoughtful answer to it. Before I’d left Wells Fargo Advisors through the program and started Oak Hill Wealth Advisors, I had an opportunity to go through a due diligence process and make sure that this was going to be a right move for me. There was no carrot out there that was obvious. I learned after that first conversation that I had built a practice that had some value to it. I was leaving behind the security of something I knew, leaving behind a significant amount in deferred compensation, and I wanted to make sure I was making the right decision. And through that due diligence process, talked to about five other firms that had recently left Wells Fargo to join this RIA program. I asked them a lot of different questions about what their experience was. And at every point during those conversations, they all said the same thing at different points. And it sounded like this. They said, “I’m working harder than I ever have before, but I wish I had done this sooner.” So my advice to those people, do it. I know that sounds simple, but I mean it. The fear of leaving is almost always worse than the actual experience of leaving. And I understand the inertia of not leaving and the real apprehension of what was on the other side. But what I found was a version of this profession I genuinely didn’t know was possible. One where I could do things the right way on my terms for the people I care most about serving. And not every path is going to look like mine. Some advisors should go fully independent and stay there, and that can be an incredible life. But when it comes time to look for a partner, quite frankly, if Cerity Partners is not on your shortlist, you’re making a significant mistake. And I say that not to sell anything, but because I’ve lived the comparison firsthand and there’s simply nothing else like it. Louis Diamond: So Pat, it’s been really fun, but I don’t think we’ve had anyone on the eight years or so we’ve been doing this show that’s gone through this type of arc or journey that you have. One of my big takeaways or sticking points that this episode brought for me is by going independent and taking control over your future, you created complete optionality for yourself to do exactly what you wanted to do with your business, even if that was different than what you initially planned. So in your case, it was selling within three years of going independent, but by taking action, being proactive, playing some offense, you made the opportunity happen on your terms and your timeline. So this has been fun in so many different ways. I loved your comment about how when you went independent, it’s basically like the day of your IPO, the four-to-five-times increase in value versus an internal succession deal, and even just the way to think about getting equity in a larger entity versus running your own plays only. So thank you so much for doing this. This has been fun. 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 responsibility seriously and are dedicated to your clients. But are you living your best business life? Are your goals aligned with your firm’s 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.   Build, Grow & Transact: From Breakaway to Transaction in 3 Years A conversation with Louis Diamond and Patrick Larkin, Partner & Practice Leader at Cerity Partners.      Louis Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is Build, Grow & Transact: From Breakaway to Transaction in 3 Years. It’s a conversation with Patrick Larkin, Partner and Practice Leader at Cerity Partners. 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: Ownership as a way of creating opportunities you can’t always predict. That’s exactly why we created our Build, Grow, and Transact series. Independence isn’t the end of the story. It’s often the beginning of thinking differently about enterprise value, optionality, and what comes next. Today’s guest is Patrick Larkin, Partner and Practice Leader at Cerity Partners, and formerly the founder of Oak Hill Wealth Advisors. Patrick spent nearly 15 years building a successful practice at A.G. Edwards, Wachovia, and eventually Wells Fargo before launching his own independent firm in 2022. Just three years later, he merged that firm into Cerity. At first glance, that timeline might seem surprisingly short, but as you’ll hear, the merger wasn’t a change in direction. It was the result of seeing his business differently once he owned it. Yet, it’s this perspective that really brings that thought home. Patrick said the day Oak Hill launched felt like the business had gone public because overnight, what had been viewed as a book of business became an enterprise with substantially greater value, some four to five times the value of what it was worth at Wells. And that realization changed the way he invested, the way he hired, and ultimately the way he thought about the future. Pat and I also talk about something advisors don’t often discuss candidly, what life actually looks like after a merger. How much control do you give up? What changes day to day? How do you know whether you’re joining a partner or simply selling a business? Whether your long-term plan is to remain independent forever or eventually join a larger organization, Patrick’s experience is a reminder that ownership isn’t simply about control. It’s about creating optionality and putting yourself in a position where the next decision is yours to make. So let’s get to it. Patrick, thanks for coming on our show today. Patrick Larkin: Oh, my pleasure. Nice to meet you, Louis. Louis Diamond: You too. So let’s start off basically how we start every interview. Tell us about yourself, your background, and how you found your way into our industry in the first place. Patrick Larkin: Yeah, thank you for asking. I knew I always wanted to be a financial advisor. That part really wasn’t in question, but upon graduating college and being a 22-year-old, I knew that it was probably not practical to walk in and start advising people my parents’ age with their life savings. Probably wasn’t going to be a recipe for success. So I took a quick tour through the pharmaceutical industry first, which ended up being unexpectedly valuable. My employers there pushed me to think like an entrepreneur and within our territories. And honestly, that mindset never left me. It shaped how I built everything that came after. Eventually, an opportunity presented itself in Loudoun County, Virginia in Northern Virginia, and I became an FA trainee with A.G. Edwards, absolutely fantastic firm to start my career. Now, what drew me to this career was pretty simple. I felt like it was one of the professions that we had an opportunity to do so much good for others while simultaneously also doing well for yourself, and those two things aren’t in conflict. I also really loved the idea that in this profession there was no hiding. You don’t get paid to show up. You get paid for what you actually do. And perhaps for me, what was most important, I loved the weight of responsibility. I loved earning people’s trust. I loved the idea of deserving, being deserving of their trust, and being a steward of what they’ve worked a lifetime to build. I never took that lightly, and I still don’t. Louis Diamond: That’s amazing. Yeah, I mean, the number of people I’ve heard, you talked so fondly about A.G. Edwards and there’s a bunch of other firms that have since been absorbed or emerged that are like the regional firms of old. So not surprised to hear you loved it. A.G. Edwards, obviously, became Wells Fargo Advisors or was acquired or merged with Wells Fargo. So I know you’re at Wells and A.G. Edwards until 2022. So give us a quick version. How’d you build your practice from the pharma world into being in FA? Patrick Larkin: Yeah, so as I started with A.G. Edwards, I came in at really just the perfect time. It was towards the end of the financial crisis. And I built the business the old-fashioned way with a lot of cold calling and eventually did some dinner seminars, which I can tell you is a very expensive way to learn how to speak in front of a room. But I made some progress, and I was also in a great office, small enough that some of the advisors there would hand off some of the smaller accounts that they weren’t interested in working with, and got an opportunity to get a lot of reps in working with real life clients and individuals. I knew early on I didn’t have enough talent to win on talent alone, so I made up for it and compensated for that with really hard work. The real turning point came for me when A.G. Edwards was first acquired by Wachovia Securities, and that was about five years into my career. And at that point, my branch manager, who was eyeing retirement, asked me to step in as her partner, and that changed everything. We eventually moved over to a Wachovia Securities office, another really great local office in Loudoun County, Virginia. And from that office, I worked on and became a CIMA, a CFP, worked with the clients, built a business through referrals. And I found at that point in my career when I would go to a meeting with Wachovia, eventually Wells Fargo, as a young 30-year-old, I would look around the room often and realize that I was the youngest person in the room. The funny thing was 10 years later, I would go into that same room and I’d look around and I still was the youngest guy in that room. And those demographics in our industry, and when I came into our industry, ultimately led that office that I worked in with Wells Fargo Advisors, I eventually was the recipient and party to five different succession plans- Louis Diamond: Wow. Patrick Larkin: … at Wells Fargo Advisors. I hoped that I had built a reputation as somebody that these other advisors would entrust with their clients. And over that time period, really, I would say professionally, one of my accomplishments I’m most proud of is all five of those retired advisors that I used to work with, who had an opportunity to see me work with clients, all became clients of mine, I still continue to work with. And it’s professionally just one of the greatest honors that I’ve ever had. Louis Diamond: I mean, that’s a large number of advisors you helped sunset, but I would agree it’s the ultimate p

Charles Schwab's Ben Watson offers technical analysis of Akamai (AKAM) as the stock struggles to move back to all-time highs it hit in May. However, he points to growing support forming at current levels and zooms out to the one-year chart to show where he sees bulls finding their footing. ======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

PPI continued the trend CPI by signaling inflation is cooling. Charles Schwab's Kevin Gordon expects the Fed to hold interest rates in its next meeting with current data in mind. He adds that equities have opportunity to rally even in the face of a hawkish Fed, so long as other economic indicators stay strong. Jim Ferraioli doesn't expect many macro movers to impact Bitcoin and other cryptocurrencies for the time being. He does expect the midterm elections to serve as the next key catalyst for the space.======== Schwab Network ========Empowering every investor and trader, every market day.Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

Rising oil and stubbornly high yields sent stocks down Tuesday for the fourth session in five as investors await today's CPI data. Headline CPI is seen at 0.1%, with core at 0.2%. Important Disclosures This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The securities, investment products and investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for their own particular situation before making any investment or trading decisions. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. For illustrative purposes only. Individual situations will vary. Not intended to be reflective of results you can expect to achieve. Investing involves risk, including, for some products, more than your initial investment. Past performance is no guarantee of future results. Supporting documentation for any claims or statistical information is available upon request. Diversification and rebalancing strategies do not ensure a profit and do not protect against losses in declining markets. Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please see schwab.com/indexdefinitions. The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed-income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors. Digital currencies [such as bitcoin] are highly volatile and not backed by any central bank or government. Digital currencies lack many of the regulations and consumer protections that legal-tender currencies and regulated securities have. Due to the high level of risk, investors should view digital currencies as a purely speculative instrument. Cryptocurrency-related products carry a substantial level of risk and are not suitable for all investors. Investments in cryptocurrencies are relatively new, highly speculative, and may be subject to extreme price volatility, illiquidity, and increased risk of loss, including your entire investment in the fund. Spot markets on which cryptocurrencies trade are relatively new and largely unregulated, and therefore, may be more exposed to fraud and security breaches than established, regulated exchanges for other financial assets or instruments. Some cryptocurrency-related products use futures contracts to attempt to duplicate the performance of an investment in cryptocurrency, which may result in unpredictable pricing, higher transaction costs, and performance that fails to track the price of the reference cryptocurrency as intended. Please read more about risks of trading cryptocurrency futures here. Schwab does not recommend the use of technical analysis as a sole means of investment research. The Schwab Trading Activity Index (STAX) is a proprietary, behavior-based index created by Charles Schwab designed to indicate the sentiment of retail investors' portfolios. It measures what investors are actually doing, and how they are actually positioned in the markets. Historical data should not be used alone when making investment decisions. The STAX is not a tradable index. The STAX should not be used as an indicator or predictor of future client trading volume or financial performance for Schwab. © 2026 Charles Schwab & Co., Inc. All rights reserved. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.  Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB. (0131-0826) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

On Holding (ONON) shares stepped down to 52-week lows on Tuesday after its earnings underwhelmed the Street. Rachel Dashiell of Charles Schwab examines the key support and resistance levels to gauge where bulls can find their footing and make a sprint back toward yearly highs. ======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Charles Schwab's Nathan Peterson sees the U.S.-Iran war as the next key road bump after CPI cleared the bar and lowered inflation woes. He expects crude oil to hover between $75 and $90 so long as tensions between the countries don't escalate further. When it comes to the tech trade, Nate has his eye on the PHLX Semiconductor Index (SOX) as AI chips rebound from last month's lows. ======== Schwab Network ========Empowering every investor and trader, every market day.Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

Charles Schwab's Kevin Horner examines the S&P 500's sideways action and explains why it remains a bullish signal near all-time highs. He highlights key moving averages investors should watch and discusses the technical trends in AXT Inc. (AXTI). Horner also breaks down Tesla's (TSLA) bearish setup, pointing to weak momentum, low-volume gains and a potential bear flag pattern.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Charles Schwab's Adam Lynch returns to this week's Crypto Corner to address what the July CPI report means for cryptocurrencies. He dials back on his previous comment that the "Clarity Act is pretty much dead" as rumblings in Congress start to signal otherwise. Adam then turns to his latest technical analysis on Bitcoin and Ethereum. ======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Looking ahead to Wednesday's CPI, Liz Ann Sonders of Charles Schwab walks investors through her expectations of headline numbers and how they will "move the needle" on the Fed's interest rate outlook. When it comes to earnings, she warns of traders "sniffing out" weakness and punishing stocks that don't meet a bar constantly being raised. Michelle Gibley gives investors a global glimpse at Europe's quiet market rally that matches gains seen in the S&P 500 (SPX). She also poses the question: how long can South Korea's stunning earnings growth continue? ======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Airbnb (ABNB) shares woke up following the company's recent earnings by leaping to four-year highs. Kevin Horner with Charles Schwab believes the stock has potential to set strong short-term support at current levels. That said, he urges investors to watch the gap that formed from the earnings rally. ======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Jim Ferraioli, Head of Crypto Research at Charles Schwab, joined me to discuss the firm's expanding lineup of crypto products and the growing demand for digital assets.Topics: - Why Charles Schwab launched crypto products - TradFi embracing crypto and building with Blockchain - Tokenization of assets- Rotation from AI to Bitcoin mining- Will Altcoins decouple from Bitcoin overtime?

The Trade Desk (TTD) continues to make new 52-week lows after earnings and guidance failed to impress investors. Rachel Dashiell with Charles Schwab shows why bears continue to claw into shares by offering technical analysis of the chart. However, she sees better days ahead when looking at long-term price action. ======== Schwab Network ========Empowering every investor and trader, every market day.Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

Charles Schwab's Rachel Dashiell says the S&P 500 (SPX) may be due for a period of consolidation despite reaching fresh record highs. She highlights bullish technical setups in Exxon Mobil (XOM), Chevron (CVX), Occidental Petroleum (OXY), APA Corp. (APA), and ConocoPhillips (COP), while also pointing to improving momentum in silver miners including First Majestic Silver (AG).======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Charles Schwab clients "embraced volatility," says Joe Mazzola, who points out that they bought dips where most others sold from. He points to options activity as another point of interest, especially in AI memory names like Micron (MU) and SanDisk (SNDK). As Joe explains, some of the biggest sells include Apple (AAPL), AMD Inc. (AMD), and Broadcom (AVGO). SpaceX (SPCX) ended the month as one of the biggest buys among Charles Schwab clients. ======== Schwab Network ========Empowering every investor and trader, every market day.Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

"We think the Fed can stay in wait and see mode" and see how ecodata evolves, argues Charles Schwab's Collin Martin. Last week's decline in jobs through the July jobs report is something he sees "changing the calculus" of the Fed. Inflation prints will paint a different picture if they come in hot, says Collin, which will heighten interest rate hike expectations. He also offers his expectations for Fed Chair Kevin Warsh's speech later this month at Jackson Hole. ======== Schwab Network ========Empowering every investor and trader, every market day.Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

With Liz Ann Sonders away, Collin Martin is joined by Schwab Head of Macro Research and Strategy Kevin Gordon for an in-depth conversation on the economy, Federal Reserve policy, bond yields, equities, and global markets. The episode opens with the idea that "good news can be bad news" for markets. Kevin explains that strong economic data, particularly in the labor market, can sometimes hurt stocks because it increases the likelihood of tighter monetary policy. The conversation then turns to interest rates and the surprising resilience of markets despite elevated bond yields. Collin and Kevin discuss the Fed's increasingly hawkish tone, the unusual presence of multiple dissents favoring rate hikes, and concerns about communication from Chair Kevin Warsh.  Looking ahead, Collin and Kevin identify inflation data, labor-market reports, Fed commentary, retail sales, and inflation-expectation surveys as the key indicators investors should monitor in the weeks ahead. On Investing is an original podcast from Charles Schwab. For more on the show, visit schwab.com/OnInvesting.  If you enjoy the show, please leave a rating or review on Apple Podcasts. Important Disclosures This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The securities, investment products and investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Past performance is no guarantee of future results. Investing involves risk, including loss of principal. Performance may be affected by risks associated with non-diversification, including investments in specific countries or sectors. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (REITs), fixed income, municipal securities including state specific municipal securities, small capitalization securities and commodities. Each individual investor should consider these risks carefully before investing in a particular security or strategy. Currencies are speculative, very volatile and not suitable for all investors. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors. Diversification, rebalancing, and asset allocation strategies do not ensure a profit and do not protect against losses in declining markets. All names and market data shown are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data. The policy analysis provided by Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please see schwab.com/indexdefinitions A hyperscaler is a large-scale cloud service provider that offers vast computing, storage, and networking resources through a distributed infrastructure of interconnected servers and software. (0826-TEWK) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Individual retirement accounts (IRAs) are one of the most widely used retirement savings vehicles, yet many investors are unsure how they work. Mark Riepe breaks down IRA basics, including traditional IRAs, Roth IRAs, contribution limits, tax advantages, withdrawal rules, and eligibility requirements. He also explains key differences between IRA types and offers a framework for evaluating which option may fit your retirement-planning goals. Whether you're opening your first IRA or comparing retirement account options, this episode provides a practical guide to understanding the fundamentals. After you listen: Read the article "What Is an IRA? Traditional, Roth, and Other Types of IRAs." Learn more about IRAs and what to consider for your retirement planning. Financial Decoder is an original podcast from Charles Schwab.  If you enjoy the show, please leave us a rating or review on Apple Podcasts. Reach out to Mark on X @MarkRiepe with your thoughts on the show. Follow Financial Decoder on Spotify to comment on episodes. Important Disclosures This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Roth IRA conversions require a 5-year holding period before earnings can be withdrawn tax free and subsequent conversions will require their own 5-year holding period. In addition, earnings distributions prior to age 59 1/2 are subject to an early withdrawal penalty. Withdrawals and distributions of taxable amounts are subject to ordinary income tax and, if made prior to age 59½, may be subject to an additional 10% federal income tax penalty, sometimes referred to as an additional income tax.  You generally have to start taking required minimum distributions (RMDs) no later than April 1st of the year following the calendar year you reach age 73 or retire, whichever is later. If you were born on or before June 30, 1949, the required minimum distribution age is 70½. If you were born after June 30, 1949 and before January 1, 1951, the required minimum distribution age is 72. If you own 5% or more of the business sponsoring the Plan, other provisions may apply. Refer to your Plan document for details. However, you are not required to take a minimum distribution from your Roth accounts during your lifetime. A rollover of retirement plan assets to an IRA is not your only option. Carefully consider all of your available options, which may include but not be limited to keeping your assets in your former employer's plan; rolling over assets to a new employer's plan; or taking a cash distribution (taxes and possible withdrawal penalties may apply). Prior to a decision, be sure to understand the benefits and limitations of your available options and consider factors such as differences in investment-related expenses, plan or account fees, available investment options, distribution options, legal and creditor protections, the availability of loan provisions, tax treatment, and other concerns specific to your individual circumstances. Investing involves risk, including loss of principal. ​Past performance is no guarantee of future results. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. 0826-RTYC Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Charles Schwab's Jim Ferraioli breaks down the latest crypto trends, key market flows to watch, and what recent Bitcoin price action is signaling. He explains why he views Bitcoin as a long-duration asset, argues that macro factors have limited influence on its year-to-date performance, and discusses its growing role as a correlation asset despite trading well below last year's levels. Ferraioli also shares his outlook on the Clarity Act and the evolving landscape of the U.S. cryptocurrency regulation.======== Schwab Network ========Empowering every investor and trader, every market day.Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Amazon and Apple are take center stage as the latest megacaps to report earnings. Mark Mahaney of Evercore analyzes the results and explains what Amazon's numbers mean for AI spending, cloud growth, advertising and the broader tech landscape. Kevin Gordon of Charles Schwab steps back to assess the market's reaction and where investors should position next. Guy LeBas of Janney Montgomery Scott grades Kevin Warsh's performance during his second press conference and what it means for rates, the economy and monetary policy. Amit Daryanani of Evercore reacts to Apple's quarter and discusses what it signals for iPhone demand, AI strategy and the company's outlook. John Kolovos of Macro Risk Advisors breaks down the market's technical picture and identifies the key levels investors should watch after a pivotal week of earnings. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The Friction Tax: Are You Trapping Customers? Signing up takes less than a minute. Canceling takes 45. The cancellation button is buried. Customer support is difficult to reach. Returning a product requires multiple steps. A "retention specialist" keeps a customer on the phone until surrender feels easier than leaving. That is more than poor customer service. It is the customer friction tax: the extra time, effort, confusion, and frustration customers must absorb because a company benefits from making it difficult to cancel, return, receive help, or leave. In this episode of the Customer Service Revolution Podcast, Denise Thompson and John DiJulius examine when ordinary operational friction becomes deliberate customer exploitation—and what that friction reveals about an organization's priorities. When Customer Friction Becomes Part of the Business Model New York City recently adopted a click-to-cancel rule for automatically renewing and continuous-service subscriptions. Beginning October 1, 2026, covered businesses must clearly disclose subscription terms and provide consumers with a straightforward way to cancel. The fact that cancellation procedures need government regulation raises a larger customer experience question: Can an organization call itself customer-centric when it intentionally makes leaving difficult? John explains that ease of doing business should apply throughout the entire relationship—not just when the customer is ready to buy. That includes reaching support, resolving a problem, returning a purchase, changing an agreement, and canceling a service. Bad Profits Create Long-Term Damage Some companies generate revenue through what John calls "bad profits": hidden charges, excessive fees, restrictive policies, complicated contracts, or deliberately difficult cancellation processes. These practices may protect short-term revenue, but they can also: Destroy customer trust Generate complaints and negative word of mouth Increase service and staffing costs Create opportunities for competitors Force employees to defend policies they believe are unfair Increase frontline frustration and turnover Produce retention numbers that disguise customer dissatisfaction Blockbuster once generated approximately 16% of its revenue from late fees. That revenue made abandoning late fees appear financially dangerous—but it also prevented the company from adapting to a subscription model that customers increasingly preferred. Retention Is Not the Same as Loyalty A customer who remains because canceling is difficult has not been retained through loyalty. That customer has been trapped through friction. Healthy customer relationships produce repeat business, referrals, trust, and advocacy. Customer captivity may temporarily improve retention metrics, but it does not create customers who create more customers. Leaders must look beyond cancellation rates and ask why customers stay. Are they staying because they value the relationship—or because switching, canceling, or finding an alternative feels like too much work? Customer Friction Also Damages the Employee Experience Frontline employees frequently bear the consequences of unreasonable policies they did not create and cannot change. When employees repeatedly have to say, "I don't make the rules," it signals a larger system problem. Employees become the messengers for decisions designed to protect revenue, absorbing customers' anger while lacking the authority to make things right. Removing unnecessary customer friction is therefore both a customer experience and employee experience strategy. How Leaders Can Find Their Biggest Friction Points John recommends that leaders experience their organization as customers do. Purchase something. Attempt to return it. Try to cancel. Contact support. Track how many screens, calls, transfers, explanations, and approvals the process requires. Do not merely ask whether the process works. Ask how hard the customer must work to make it work. Leaders should also: Listen to customer calls and analyze customer sentiment Identify recurring complaints and escalations Examine policies that produce fees or prevent cancellations Compare earned sales from repeat customers and referrals with sales purchased through advertising Track retention after contractual obligations end Give employees appropriate authority to resolve problems Remove incentives that reward short-term revenue at the customer's expense Making it easier for unhappy customers to leave may feel risky. But making every customer feel trapped is far more dangerous. Trust is more valuable than captivity. Key Takeaways Ease of doing business must apply to the entire customer relationship, including cancellation, returns, support, and service recovery. Retention does not prove loyalty when customers face barriers to leaving. "Bad profits" may increase short-term revenue while damaging trust, referrals, employee morale, and long-term growth. Frontline employees suffer when they must defend policies they know are frustrating or unfair. Customer complaints and service-recovery situations are opportunities to demonstrate empathy and rebuild loyalty. Leaders should personally test their organization's customer journey. Repeat business and referrals are stronger indicators of loyalty than cancellation rates alone. The critical question is not whether a process works, but how hard customers must work to make it work. Memorable Quotes "Not all profit is good profit." "A customer hasn't been retained through loyalty. They've been trapped through friction." "Every company's job is to create customers who create customers." "You wouldn't have to chase new customers if you were keeping the existing ones." "Leaders need to spend time on the front line so they can feel the pain." "Don't ask whether the process works. Ask how hard the customer must work to make it work." "Trust is far more valuable than captivity." Episode Chapters 00:46 — The hidden friction tax customers are paying 02:12 — What ease of doing business really means 04:15 — Poor experience or calculated business decision? 06:29 — How leaders can recognize deliberate friction 08:58 — Can a high-friction company be customer-centric? 10:52 — Service recovery and rebuilding customer trust 14:55 — When retention dashboards hide dissatisfaction 18:32 — How bad policies affect frontline employees 20:28 — Charles Schwab's campaign against bad profits 23:48 — The difference between loyalty and captivity 25:47 — Why retention and referrals matter 28:45 — How to uncover your biggest friction points 30:16 — The customer journey every leader should test ROX Dashboard:  https://thedijuliusgroup.com/rox-dashboard/ The DiJulius Group Methdology: https://thedijuliusgroup.com/x-commandment-methodology/ Company Service Aptitude Test:  https://thedijuliusgroup.com/c-sat-forms/individual-c-sat/ Schedule a Complimentary Call with one of our advisors:  tdg.click/claudia Ask John!  Submit your questions for John, to be aired on future episode:  tdg.click/ask Customer Experience Executive Academy: https://thedijuliusgroup.com/project/cx-executive-academy/ Experience Revolution Membership:  https://thedijuliusgroup.com/membership/ Books:  https://thedijuliusgroup.com/shop/ Contacts:  Lindsey@thedijuliusgroup.com , Claudia@thedijuliusgroup.com If you want to learn how world-class organizations build cultures customers cannot live without, explore The Experience Revolution Membership. Inside the membership you'll gain access to livestream workshops, practical frameworks, and proven strategies used by organizations around the world. Learn more at https://thedijuliusgroup.com/membership/

Charles Schwab's Adam Lynch examines the recent divergence between Bitcoin and Ethereum, with Ethereum benefiting from strong ETF inflows despite range-bound trading across major cryptocurrencies. He also discusses Strategy's (MSTR) pause in Bitcoin purchases, the fading prospects for the Clarity Act, and why digital assets have remained resilient amid geopolitical uncertainty.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Kevin Gordon of Charles Schwab says the lack of movement in cap-weighted indexes is masking major moves beneath the surface, with a breakdown in momentum and a rotation away from megacaps and semiconductors. Gordon says the fact that the market has held up is a positive sign, and also analyzes the bond market's reaction to this week's FOMC meeting.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Jason Brown walks through today's Big 3 stocks, Nvidia (NVDA), Home Depot (HD), and CSX (CSX) and offers example options trades for each setup. He discusses growing competition for Nvidia, the headwinds facing Home Depot, and why CSX stands out as a reasonably-priced stock in the S&P 500 (SPX). Charles Schwab's Kevin Horner analyzes the technical charts to highlight key levels and market trends.======== Schwab Network ========Empowering every investor and trader, every market day.Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DSubscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Joe Tigay walks us through his Big 3 picks tied to the AI buildout. He points to Alphabet (GOOGL) as a company monetizing AI in multiple ways, highlights Amazon (AMZN) expanding its robotics capabilities, and calls Vertiv (VRT) a vital AI infrastructure company. Charles Schwab's Kevin Horner takes us through the key technicals in the stock charts.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Charles Schwab's Mike Townsend talks about the "unusual situation" surrounding the Fed and whether it will hike or hold interest rates. He's in the camp that the FOMC will hold, though without forward guidance, he believes a hike is on the table and expects dissents from members. Nate Peterson elaborates more on rate volatility and how the U.S.-Iran war continues to serve as an overhang creating lasting uncertainty. ======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Congress goes on recess next Friday and the Clarity Act still has not been voted on by the Senate. Charles Schwab's Nathan Peterson puts passage of the bill before then at a coin flip's chance and offers his expectations on what changes it will bring to Bitcoin and the greater crypto space. Sticking to regulation headlines, Nate explains what a change to the crypto wash sale means for crypto owners. He then turns to technical analysis for Bitcoin and Ethereum as both show signs of "relative strength." ======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Charles Schwab's James Kostulias says investor concerns are across the board depending on which cohort you find yourself a part of, from AI to geopolitics and inflation. The number one concern for Gen Z: AI and whether the trade is really in a bubble. James adds that investors are likely seeing the market as overvalued, pointing to a heightening trend in outflows from single stocks and inflows into ETFs. ======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

On this episode of CoinDesk's Public Keys from the New York Stock Exchange, Jennifer Sanasie is joined by Charles Schwab Head of Crypto Research Jim Ferraioli, who breaks down the odds of a Fed hike, why he believes the CLARITY Act is not yet priced into Bitcoin, and his finding that some 60% of Bitcoin's daily price move can't be tied to macro factors. Galaxy Head of Firmwide Research Alex Thorn unpacks the newly launched $15 million Bitcoin Security Consortium — backed by nine firms including BlackRock, Coinbase, Fidelity, Galaxy, and Strategy — and Galaxy's own $5 million Bitcoin Quantum Readiness Initiative, while making the case that CLARITY is in its "11th hour" ahead of the August recess. Finally, FalconX Head of Derivatives Griffin Sears kicks off CoinDesk's Perps Week, explaining how perpetual futures jumped from crypto into oil, single-name equities, and pre-IPO SpaceX exposure. Plus, a look at ETF flows and a Crypto Fear & Greed reading stuck at 30. - Learn more at https://www.bullish.com/. - Register now for CoinDesk's Policy and Regulation event on September 24, 2026: https://policy-regulation.coindesk.com/. - To get market moving news delivered daily, download CoinDesk's mobile app: https://linktr.ee/coindeskapp. - Timecodes: 00:00 Welcome to Public Keys 00:23 Charles Schwab's Jim Ferraioli Joins 00:40 Fed Hike Odds and What to Watch This Week 02:16 Why the CLARITY Act Isn't Priced Into Bitcoin 04:35 60% of Bitcoin's Price Move Is Unexplained 06:30 Ether ETFs Outperform Bitcoin 07:56 What's Really Driving Ethereum's Flows 09:33 Bitcoin's Year-End Outlook and $95K Fair Value 12:02 $15M Bitcoin Security Consortium Launches 12:29 Galaxy's Alex Thorn on Quantum Readiness 16:33 Is $15M Enough to Secure Bitcoin? 19:07 The CLARITY Act at the 11th Hour 21:15 Bitcoin and Ether ETF Flows Diverge 23:05 FalconX's Griffin Sears Kicks Off Perps Week 25:55 Perps Move Into TradFi and Pre-IPO Bets 28:46 What's Still Holding Perps Back 30:15 Crypto Fear & Greed Stuck at 30

Interview recorded - 23rd of July, 2026On this episode of the WTFinance podcast I had the pleasure of welcoming back Liz Ann Sonders. Liz Ann Sonders is the Chief Investment Strategist at Charles Schwab, one of the most widely followed voices in markets, known for cutting through noise with rigour and clarity rather than hype.During we the conversation we spoke about the economic overview, secular shifts in the markets, economic strength, global markets and more. 0:00 - Introduction2:56 - Overview of the economy and markets4:28 - Secular shift8:10 - Market is frothy10:31 - Underperforming segments13:03 - Economic strength15:31 - No rate hike19:58 - Warsh impact25:41 - Market concerns?29:17 - Global Markets31:44 - One message to takeaway?Liz Ann Sonders has a range of investment strategy responsibilities, from market and economic analysis to investor education, all focused on the individual investor.Liz Ann is the cohost of the On Investing podcast and a keynote speaker at numerous company and industry conferences. Liz Ann is regularly quoted in financial publications including The Wall Street Journal, The New York Times, Barron's, and the Financial Times, and she appears as a regular guest on CNBC, Bloomberg, Yahoo! Finance, Fox Business News, and the Schwab Network. Barron's has named her to its "100 Most Influential Women in Finance" every year since the list's inception, and Investment Advisor has included her on the "IA 25," its list of the 25 most important people in and around the financial advisory profession. Liz Ann has been named "Best Market Strategist" by Kiplinger's Personal Finance and one of SmartMoney magazine's "Power 30." Liz Ann has also been named to Forbes' 50 Over 50.In 1999, Liz Ann joined U.S. Trust—which was acquired by Schwab in 2000—as a managing director and member of its Investment Policy Committee. Previously, Liz Ann was a managing director and senior portfolio manager at Avatar Associates, an original division of the Zweig/Avatar Group. She holds an MBA in Finance from the Gabelli School of Business at Fordham University and a B.A. in Economics and Political Science from the University of Delaware.Liz Ann Sonders Website - https://www.schwab.com/learn/author/liz-ann-sondersTwitter - https://x.com/lizannsonders?s=21&t=vCJTBKSb-nIJ8eFKe0YAxgLinkedIn - https://www.linkedin.com/in/lizannsonders?utm_source=share&utm_campaign=share_via&utm_content=profile&utm_medium=ios_appWTFinance -Instagram - https://www.instagram.com/wtfinancee/Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfniTunes - https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4Twitter - https://twitter.com/AnthonyFatseas

The pace of modern IT operations is collapsing under the volume of alerts and the slow speed at which teams can contextualize data during active incidents.   In this episode, Luke Rotta, Director of Site Reliability Engineering at Charles Schwab, examines how fragmented tooling, slow triage, and human‑driven workflows create persistent drag on response speed in conversation with host Yolandi de Weerdt, and why AI‑driven pattern recognition and automation meaningfully change that equation.   He highlights how leaders can reduce operational noise, build trust in automation through simulation, and sequence high‑volume workflows to move teams from reactive firefighting toward more intelligent, reliable operations.   This episode is sponsored by BigPanda.   Emerj works with a select group of AI vendors to reach Fortune 500 decision makers through research, media, and direct access. If you want to be considered, download our media kit at emerj.com/AD1

This week, Liz Ann Sonders and Collin Martin discuss one of the market's biggest themes, AI, and why the enormous capex spending on AI reinforces the importance of portfolio rebalancing. Liz Ann explains how AI-related companies now make up a significant share of major stock indexes and explores the risks that come with growing concentration in a handful of large-cap names. Rather than trying to predict which AI winners will emerge next, she highlights rebalancing as a disciplined way to trim outperformers, add to lagging areas, and maintain diversification. The conversation also touches on opportunities beyond the largest technology stocks, including equal-weight index funds, small-cap stocks, and quality-focused investing. On the fixed income side, Collin discusses how investors can think about rebalancing bond portfolios by balancing interest-rate risk and credit risk. He explains why investors sitting in cash or very short-term investments may be able to capture higher yields further out on the yield curve and why selective exposure to higher-quality corporate bonds may still make sense despite relatively tight credit spreads. Finally, Liz Ann and Collin discuss how inflation, AI-related investment spending, and the strength of the consumer could shape both Fed policy and market performance in the months ahead. On Investing is an original podcast from Charles Schwab. For more on the show, visit schwab.com/OnInvesting.  If you enjoy the show, please leave a rating or review on Apple Podcasts. Important Disclosures This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The securities, investment products and investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Past performance is no guarantee of future results. Investing involves risk, including loss of principal.  Performance may be affected by risks associated with non-diversification, including investments in specific countries or sectors. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (REITs), fixed income, municipal securities including state specific municipal securities, small capitalization securities and commodities. Each individual investor should consider these risks carefully before investing in a particular security or strategy. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors.  Lower rated securities are subject to greater credit risk, default risk, and liquidity risk. Diversification, rebalancing, and asset allocation strategies do not ensure a profit and do not protect against losses in declining markets. Rebalancing may cause investors to incur transaction costs and, when a non-retirement account is rebalanced, taxable events may be created that may affect your tax liability. Futures and futures options trading involves substantial risk and is not suitable for all investors. Please read the Risk Disclosure Statement for Futures and Options: https://www.schwab.com/Futures_RiskDisclosure prior to trading futures products. All names and market data shown are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data. The policy analysis provided by Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please see schwab.com/indexdefinitions  (0726-KJ39) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Earnings season rolls on as Charles Schwab CEO Rick Wurster discusses the firm's latest results, investor activity, and the outlook for markets, while Hasbro CEO Chris Cocks breaks down the toymaker's earnings and the strength of its gaming and entertainment businesses. Plus, Social Security Administration Commissioner and IRS CEO Frank Bisignano responds to a Wall Street Journal report alleging he spied on colleagues while Co-COO at JPMorgan, more than a decade ago. Squawk on the Street Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Katy Milkman is an expert on changing yourself. She is the James G. Dinan Professor at The Wharton School of the University of Pennsylvania, host of Charles Schwab's popular behavioral economics podcast Choiceology, and the former president of the international Society for Judgment and Decision Making. Katy has worked with organizations such as Google, the White House, Walmart and the U.S. Department of Defense, where she's helped leaders affect meaningful change. She is also the bestselling author of How to Change. Katy's work has been featured in the Washington Post, The New York Times, CNN and The Economist. On this classic episode, Katy joined host Robert Glazer on the Elevate Podcast to discuss how to make changes in your own personal and professional life, and how leaders can make effective organizational changes. Thank you to the sponsors of The Elevate Podcast Shopify: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠shopify.com/elevate⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Masterclass: ⁠⁠masterclass.com/elevate⁠⁠ Framer: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠framer.com/elevate⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Indeed: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠indeed.com/elevate⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Northwest Registered Agent: ⁠⁠⁠⁠⁠⁠⁠⁠northwestregisteredagent.com/elevate⁠⁠⁠⁠⁠⁠⁠⁠ Whatnot: Search "Whatnot" in the app store to download Fanvue: ⁠⁠⁠⁠fanvue.com⁠⁠⁠ Wealthfront: ⁠wealthfront.com/elevate⁠ More about Wealthfront This experience may not be representative of other Wealthfront clients, and there is no guarantee of future performance or success. Experiences will vary. Elevate with Robert Glazer podcast (collectively "Media Partner") are not clients of Wealthfront. The Media Partner receives cash compensation from Wealthfront Brokerage for this paid endorsement placed in their podcast, creating a conflict of interest. More details available via the referral link. The Direct Deposit Plus Investing Program from Wealthfront Advisers LLC and Wealthfront Brokerage LLC provides eligible clients a 0.25% APY increase above the base APY on eligible Cash Account balances (up to an overall boosted rate of 4.30% for a limited time when including the three month 0.75% APY boost for new clients) when you direct deposit $1,000 a month, plus open, fund, and maintain an investing account. Wealthfront may change or end the program at any time and determine eligibility at its discretion. Terms apply. Full details at wealthfront.com/promo-terms. The Cash Account, which is not a deposit account, is offered by Wealthfront Brokerage LLC, member FINRA/SIPC. Wealthfront Brokerage is not a bank. The base APY is 3.30% on cash deposits as of January 30, 2026, is representative, subject to change, and requires no minimum. Funds in the Cash Account are swept to program banks, where it earns the variable APY. Same-day withdrawal or instant payment transfers may be limited by destination institutions, daily transaction caps, and by participating entities such as Wells Fargo, the RTP® Network, and FedNow® Service. New Cash Account deposits are subject to a 2-4 day holding period before becoming available for transfer. Investing involves risk, including the possible loss of principal. Securities investments are not bank deposits, bank-guaranteed or FDIC-insured, and may lose value. Investment advisory services are provided by Wealthfront Advisers LLC, an SEC-registered investment adviser. Learn more about your ad choices. Visit megaphone.fm/adchoices