Podcasts about Diversification

Investors face a Fed meeting, chip giant Micron's results, and a long awaited Nvidia conference. Stocks are down three straight weeks, and oil hit $98 Friday, dominating news. Important Disclosures This material is intended for general informational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. Past performance is no guarantee of future results. 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. 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. Investing involves risk, including loss of principal, and for some products and strategies, loss of more than your initial investment. 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. 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. (0131-0326) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

This week we're diving into a round of listener Q&A, and the topics cover a lot of ground across modern farming. One listener writes in with a thought that farmers should diversify crops more instead of relying on the same commodities. Logan and Bobby Lee break down why that idea sounds good on paper, but in reality farmers can only grow what there's a market to actually sell. If there's no buyer, diversification isn't always the solution people think it is. We also get into a listener question about grain marketing and go down the rabbit hole of contracts, timing the market, and why marketing grain can feel like trying to predict the future. There are a lot of options out there, but navigating them can get complicated fast. The conversation eventually turns to something every farmer deals with at some point: meeting with lenders. And of course, the guys debate whether watching Scarface beforehand might actually be the right mindset for walking into a negotiation. It's another wide-ranging episode covering the real economics of farming, crop markets, grain marketing strategies, and the everyday decisions producers have to make to stay afloat. If you enjoy honest conversations about corn and soybean farming, agriculture markets, and the realities of modern agriculture, this one's for you. Go check out Agzaga! It is the ultimate online farm store. American owned and operated. Go check out their site and get what you need. Be sure to use the code TalkDirt20 to get $20 off your order of $50 or more! Visit them at: https://agzaga.com 

In this conversation, Patrick Grimes shares his journey from a corporate engineering background to becoming a successful entrepreneur and passive investor. He discusses the importance of time freedom, the transition to passive investing, and the significance of diversification in building a resilient investment portfolio. Patrick also delves into the role of AI in enhancing business processes and the importance of non-correlated investments, particularly in healthcare. The discussion highlights the challenges and lessons learned in scaling a business and the value of partnerships in achieving financial security.TakeawaysTime freedom and location freedom are essential for a fulfilling life.The transition from engineering to entrepreneurship can be daunting but rewarding.Passive investing mastery emerged from a need for focus and education.Non-correlated investments are crucial for building a resilient portfolio.Healthcare investments are a promising niche due to their consistent demand.AI can significantly streamline business processes and reduce costs.Diversification is key to financial security and stability.Active investors should learn to partner and avoid the DIY trap.Scaling a business requires effective team dynamics and leveraging virtual assistants.Continuous learning and adaptation are vital in the ever-changing investment landscape.Chapters00:00 Introduction and Exciting Updates01:24 Life in Hawaii and Its Impact on Investing03:37 Transitioning from Engineering to Passive Investing06:11 The Importance of Focus in Business08:29 Exploring New Investment Niches11:01 Navigating AI Disruption in Investments13:32 The Value of Diversification15:48 Building Passive Income Strategies18:16 Scaling a Business and Overcoming Challenges20:17 Leveraging Virtual Assistance for Growth22:44 Using AI in Business Operations24:58 Final Thoughts and Rapid Fire Questions32:27 6-sec-outro.mp4KeywordsPassive Investing, Entrepreneurship, Non-Correlated Investments, AI in Investing, Financial Security, Diversification, Healthcare Investments, Virtual Assistants, Scaling Business, Time ManagementWork With RealDealCrewIf you're already closing deals but your intake, follow-up, or visibility feels inconsistent, here are two ways to go deeper:Take the Deal Intake AssessmentSee how resilient your current operation actually is.→ https://assessment.realdealcrew.comBook a Fit CallIf you want to explore what a fully system-driven deal flow looks like, let's talk.→ https://realdealcrew.com/bookLIKE • SHARE • JOIN • REVIEWWebsiteApple PodcastsYouTubeYouTube MusicSpotifyAmazon MusicFacebookTwitterInstagramMentioned in this episode:intro to RealDealCrew

Blistering rallies in crude and yields sent the S&P 500 to its lowest close since November on Thursday. PCE and job openings data, along with sentiment, all are due today. Important Disclosures This material is intended for general informational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. Past performance is no guarantee of future results. 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. 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. Investing involves risk, including loss of principal, and for some products and strategies, loss of more than your initial investment. 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. 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. (0131-0326) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

If you own an IRA, a few simple mistakes can quietly create bigger problems later, including unnecessary taxes, penalties, and outdated beneficiary choices. In this episode, Ken Moraif and Jeremy Thornton walk through seven common IRA mistakes they see over and over and explain how to avoid them with better habits and better planning.They cover the mistakes retirees and pre-retirees make most often, including missing contribution limit increases, forgetting spousal IRA contributions, taking early withdrawals without understanding your options, leaving beneficiary designations outdated, mishandling trusts as IRA beneficiaries, missing required minimum distributions (RMDs), and not planning for how an IRA may affect heirs.If you are over 50, retired, or retiring soon, this is a practical checklist episode to help you stay organized and avoid costly errors. Like and subscribe for more retirement planning episodes.0:00 Intro: Why avoiding mistakes matters0:55 The “tennis” mindset: win by making fewer errors2:10 Mistake 1: Not tracking IRA contribution limit increases4:05 Mistake 2: Forgetting spousal IRA contributions6:00 Mistake 3: Early withdrawals and avoidable penalties8:05 Mistake 4: Outdated IRA beneficiary designations11:10 Mistake 5: Naming a trust incorrectly as IRA beneficiary14:30 Mistake 6: Missing RMDs and penalty risk18:00 Mistake 7: Not planning for heirs and inherited IRA strategy22:10 Wrap-up: Simple habits to prevent costly IRA mistakesRPOA Advisors, Inc. (d/b/a Retirement Planners of America) (“RPOA”) is an SEC-registered investment adviser. Registration as an investment adviser is not an endorsement by securities regulators and does not imply that RPOA has attained a certain level of skill or training.This podcast has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, personalized investment, financial, tax, or legal advice. RPOA does not provide tax or legal advice. You should consult your own tax and legal advisors before engaging in any transaction or strategy.Opinions expressed are those of RPOA as of the date of publication and are subject to change. Investing involves risks, including possible loss of principal. Diversification and asset allocation do not guarantee a profit, nor do they eliminate the risk of loss. Past performance is no guarantee of future results.

With PCE inflation data due Friday but little data today, focus could fixate on oil prices and the war. Adobe reports later, shifting attention to the sagging software sector. Important Disclosures This material is intended for general informational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. Past performance is no guarantee of future results. 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. 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. Investing involves risk, including loss of principal, and for some products and strategies, loss of more than your initial investment. 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. 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. 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. 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. (0131-0326) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Two listener questions spark a conversation about the emotional and practical sides of retirement planning. David talks about strategies for easing back into the market after sitting on the sidelines and how retirees can think about taxes when withdrawing from IRAs, brokerage accounts, and Roth accounts. These are the kinds of questions many investors face as they transition into retirement, and without the right guidance, the wrong answers may negatively affect your plan. Here's some of what we discuss in this episode:

In this episode of Gimme Some Truth, we dive deep into the rapidly evolving situation in Iran and its immediate effects on global markets and the economy. Geopolitical events move fast, and while the instinct may be to react, history tells a much more nuanced story about market resilience.We break down the central role of oil prices, the strategic importance of the Strait of Hormuz, and why the U.S. economy's shift toward being an energy exporter changes the math on GDP drag compared to decades past.In this video, we discuss:- Historical Precedents: How markets recovered after the Gulf War, 9/11, and the Russia-Ukraine conflict.- Safe Haven Assets: Why gold, U.S. Treasuries, and the Dollar behave the way they do during uncertainty.- Sector Winners/Losers: A look at defense-related stocks, value stocks, and the potential for an AI value rotation.- The Power of Diversification: Why avoiding recency bias and sticking to a long-term plan is your best defense against volatility.Protect your portfolio from emotional decision-making. Watch until the end to hear our outlook on the "Soft Landing" and why leaning on professional advice is critical during times of war.

Investors wait for the February CPI this morning and mull stronger-than-expected earnings from Oracle, with eyes on crude oil as war news continues to drive trading. Important Disclosures This material is intended for general informational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. Past performance is no guarantee of future results. 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. 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. Investing involves risk, including loss of principal, and for some products and strategies, loss of more than your initial investment. 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. 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. (0131-0326) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our Chief Cross-Asset Strategist Serena Tang discusses how rising oil prices and geopolitical tensions could make stocks and bonds move in the same direction, challenging one of the key principles of portfolio diversification.Read more insights from Morgan Stanley.----- Transcript -----Welcome to Thoughts on the Market. I'm Serena Tang, Morgan Stanley's Chief Cross-Asset Strategist. Today: what happens if your main diversification strategy suddenly stops working because of oil price moves? It's Tuesday, March 10th, at 10am in New York. For decades, investors have relied on the idea that stocks and bonds return tend to move in opposite directions. When equities fall, bonds often rise, helping cushion portfolio losses. But that relationship isn't guaranteed. Between 2021 and 2023, coming out of the pandemic, stocks and bonds sold off together, and the traditional 60/40 equity-bond portfolio suffered its worst annual performance in nearly a century. Now, recent geopolitical tensions and rising oil prices are raising a familiar concern for investors: Could that uncertainty dynamic return? At first glance, oil prices may seem like a narrow commodity story. But in reality, they can shape the entire macroeconomic environment. The classic negative correlation between stocks and bonds depends on a fairly simple economic pattern: growth and inflation moving in the same direction. When economic growth accelerates, inflation often rises as well. In that environment, equities may perform well while bonds weaken. But when growth and inflation move in opposite directions, the relationship between stocks and bonds can flip. That's what happened coming out of the pandemic. Bond investors worried about rising inflation, while equity investors were worried about slowing growth. In that scenario, both asset classes' returns declined at the same time.A sustained oil price shock could potentially recreate those conditions. Higher oil prices can push up inflation while also weighing on economic activity – a combination that economists often refer to as stagflation. If markets begin to price in that kind of environment again, the relationship between stocks and bonds could shift back toward that less favorable regime. Despite recent volatility tied to tensions in the Middle East, the relationship between stocks and bonds today still largely reflects the traditional pattern. Overall, stock-bond returns correlation remains negative, meaning bonds can still help diversify equity risk. In fact, correlations between U.S. stocks and 2-year Treasury returns have been trending negative since 2024, and on a longer-term basis they are now extremely negative relative to the past three years. But the key point here is that not all bonds behave the same way. Many investors think of government bonds as a single asset class. But the maturity of the bond – how long it takes to repay – matters a lot for diversification. Shorter-dated bonds, such as 2-year U.S. Treasuries, have maintained stronger negative correlations with equities. Longer-dated bonds, however – particularly the 30-year Treasury – have behaved a bit differently. Their correlation with stocks has been stickier and less negative, partly because markets increasingly view longer-dated bonds as risky. As a result, the difference between how 2-year and 30-year Treasuries move relative to stocks has remained unusually wide for several years. In recent days oil prices have been rising -- linked in part to concerns around the Strait of Hormuz. That's pushing up yields at the front end of the Treasury curve, creating what's known as a bear-flattening. In other words, short-term interest rates are rising faster than long-term ones, reflecting markets placing more emphasis on inflation risks. And that brings us to the key questions for investors: Which risks will dominate from here – is it going to be higher inflation or slower growth? The answer could determine which assets provide better diversifications in the months ahead. So the takeaway is this: Higher oil prices and geopolitical risks could increase the chances that stocks and bonds move together again. But diversification isn't disappearing. It's just becoming more nuanced. For investors, the real question isn't whether bonds diversify portfolios. It's which bonds do. Thanks for listening. If you enjoy the show, please leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.

Though Wall Street embarked on a massive rebound yesterday, choppiness could remain a feature with crude oil elevated. Oracle reports later today and key CPI data comes tomorrow. Important Disclosures This material is intended for general informational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. Past performance is no guarantee of future results. 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. 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. Investing involves risk, including loss of principal, and for some products and strategies, loss of more than your initial investment. 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. 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. (0131-0326) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this episode of Money & Meaning, Jeff Bernier reflects on a recent client conversation sparked by a Wall Street Journal article about an AI “tsunami.” Jeff examines the tension between AI as transformative breakthrough and potential disruption, and what that means for investors. Using recent market performance data, he explains how expectations, valuations, and diversification shape disciplined decision-making during periods of technological change and uncertainty.    Topics covered:  A client conversation about AI and uncertainty Media narratives: AI as breakthrough vs. disruption Market expectations versus emotional headlines Recent performance: IGV vs. VOO and market rotation How valuations influence future expected returns The risks of concentration in high-growth sectors Diversification and systematic rebalancing Building resilience instead of predicting the future Maintaining discipline during technological change   Useful Links:  Jeff Bernier on LinkedIn: https://www.linkedin.com/posts/jeffberniercfp_the-money-and-meaning-show-activity-7202103509700227072-h0Qn/  TandemGrowth Financial Advisors: https://www.tandemgrowth.com/  Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com) 

Market swings grab headlines, but retirement income doesn’t have to ride every twist and turn. Kevin Madden breaks down why growth and income serve different roles and how diversification goes beyond stocks and bonds. Using real-world examples, the conversation explores combining market-based growth with income sources designed for consistency, plus why timing matters less than structure when you’re nearing or in retirement. It’s a practical look at cash flow, comfort, and building a plan that fits how you actually live. Get Your Complimentary Retirement Roadmap Your roadmap will include: A retirement income strategy A test to see how long your money will last A tax-planning strategy See omnystudio.com/listener for privacy information.

Rockwell City native James Hepp aspired to farm, but with no direct ties to land, that dream seemed out of reach. So how did he get to be farming thousands of acres and a Soil and Water Conservation District Commissioner? About Our Guest: James Hepp aspired to farm, but with no direct ties to land, that dream seemed out of reach. Hepp attended Northwest Missouri State University, where he earned a degree in agricultural business and started his career as a crop insurance adjuster after graduation. In 2019, the opportunity to work with a high school friend's father, who was nearing retirement, led to a crop-share arrangement and opened the door for Hepp to farm full time. At the same time, Hepp started up his own crop insurance agency. Hepp now manages about 1,400 acres of corn, soybeans, and small grains as a first-generation farmer. Hepp also runs an ag retail business selling lots of regenerative products he uses on his acres. With support from his landlord, Hepp incorporates a wide range of conservation and soil-health building practices on his acres, including cover crops, buffer strips, no-till, strip-till, split-applied nitrogen, variable rate seeding, and much more. Hepp is passionate about showing others how to implement conservation practices that protect soil and water quality through field days held annually on his farm. He is also involved in the local fire department and is a past president of the Calhoun County Farm Bureau. In 2024, James earned the Iowa Farm Bureau Young Farmer Environmental Leadership Award. Navigating Farm Transitions, Conservation, and Innovation with James Hepp In this episode, James Hepp shares his inspiring journey from a non-traditional farming background to becoming a full-time, innovative no-till farmer. He discusses transitioning practices, cover crops, soil health, and water quality—offering practical advice for farmers looking to adapt and improve sustainably. Timestamps 00:29 - Introduction to James Hepp's farming story and background 05:44 - Growth of farm acreage and shift to no-till and regenerative practices 06:35 - Balancing family life and farming full-time with young children 07:05 - Diversification: cover crops, regenerative products, and livestock 08:14 - The challenge of farm succession and transition for older farmers 11:55 - Foundations of risk management: having legal agreements in writing 12:24 - Financial and land management strategies with landowners 13:07 - The benefits of innovative lease agreements and crop share options 16:22 - The mindset of free-thinking farmers and stepping outside of traditional practices 17:25 - Risk mitigation: equipment setup, safety, and exit strategies 22:31 - The advantages of simulated rent and crop sharing models 30:02 - Fertilizer timing, fertilizer reduction, and nutrient placement strategies 34:15 - Cover crop choices: triticale, rye, camelina, and their benefits 36:11 - The economics of strip tillage and equipment investment 38:48 - Practical tips for planting soybeans no-till in different row widths 43:18 - Managing cover crop seeding with drone technology and timing considerations 44:36 - Growing seed oats and low-input, high-return cover crops 54:20 - Water quality challenges, policy, and personal responsibility in Iowa 55:48 - The need for a systems approach, collaboration, and conservation policies 65:21 - Final thoughts: encouragement for farmers to innovate and lead Resources & Links Rockwell City, Iowa (local context) Des Moines Water Works Soil health research by Richard Mulvaney Crop insurance programs Cover crop seed providers No-till conference insights Crop and soil testing services Regenerative ag products: Spray Tech Iowa Farm Bureau Roots Program Water quality policy initiatives in Iowa Connect with James Hepp LinkedIn Twitter Rockwell City farm website

"What does it actually take to get a family office to back you? In this episode, Prashant sits down with Slava Darkhaev, a family office investor based in Cyprus who deploys into emerging VC managers and direct deals across the US market.Slava breaks down how he evaluates first-time fund managers, what a real competitive edge looks like versus a rehearsed pitch, and why network quality matters far more than network size. They also get into portfolio construction, co-investment strategy, the emerging markets opportunity, and the biggest mistakes fund managers make when fundraising.⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.comTopics covered:— What "right to exist" really means for a fund manager— How to evaluate GPs before they have a track record— Why the VC power law makes network everything— LP book vs. direct co-investments — how to run both— Diversification as upside management, not downside protection— India, Southeast Asia & Latin America — the emerging market thesis— The #1 fundraising mistake GPs make repeatedly"If you're a GP raising your first or second fund — or an LP trying to build a smarter allocation strategy — this one is for you.TIMESTAMPS(00:00) - Episode Highlights(00:51) - Introduction to Slava Darkhaev & the Episode(02:19) - The 'Right to Exist' for VCs vs. Founders(05:02) - How to Identify and Back Top-Tier GPs(07:11) - Benchmarking Emerging Managers: The Insider Approach(08:42) - The #1 Trait Separating Top GPs from the Rest(11:05) - Strategy for Direct Investments vs. LP Investments(12:43) - Securing Co-Investment and Pro-Rata Rights(13:51) - A Different Take on Diversification in Venture Capital(16:07) - Investing Thesis on Emerging Trends and Macro Cycles(17:27) - Due Diligence for a Manager's Subsequent Fund(19:22) - Family Office Asset Allocation to Venture Capital(20:02) - Investing in 'Unproven' First-Time Managers(21:29) - Approach to Investing in Global Emerging Markets(24:58) - Key Advice for Fund Managers: The Power of Storytelling(25:46) - Common Mistakes Fund Managers Make When Fundraising(26:46) - Rapid Fire Round(27:51) - Conclusion & How to Connect with SlavaLINKSSlava Darkhaev - https://www.linkedin.com/in/slava-darkhaev/Prashant Choubey - ⁠https://www.linkedin.com/in/choubeysahab⁠Subscribe to VC10X newsletter - ⁠https://vc10x.beehiiv.com⁠Subscribe on YouTube - ⁠https://youtube.com/@VC10X ⁠Subscribe on Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/vc10x-investing-venture-capital-asset-management-private/id1632806986⁠Subscribe on Spotify - ⁠https://open.spotify.com/show/7F7KEhXNhTx1bKTBFgzv3k?si=WgQ4ozMiQJ-6nowj6wBgqQ⁠VC10X website - ⁠https://vc10x.com⁠For sponsorship queries, reach out to prashantchoubey3@gmail.comSubscribe for more conversations at the intersection of family office investing, private markets, and emerging trends in wealth management.

There is a storm coming with the challenges of navigating the TRUSTEE CRISIS. It is one of the biggest blind spots in the “GREAT WEALTH TRANSFER” and will be the source of mountains of litigation for the unwary, https://youtu.be/hwQev88A03M Summary In this conversation, Frazer Rice and Jennifer Zelvin McCloskey discuss the current crisis in trusteeship, highlighting the shortage of qualified trustees amidst a significant wealth transfer. They explore the importance of modern trust planning, the challenges faced by individual trustees, and the need for better education and training in the field. The discussion also covers the emotional and interpersonal aspects of trusteeship, the functions and responsibilities of trustees, and the necessity of managing risk effectively. They emphasize the importance of building a pipeline for future trustees and improving the perception of the profession, while also identifying opportunities within the trust industry. https://open.spotify.com/episode/4qpkrVdaUa2AfDxgl7j3yN?si=XVgG3jE_Qpqq2JTqi8XLXQ Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠) Takeaways The coming crisis in trusteeship is already here. There is a significant shortage of qualified trustees. Trusteeship requires strong interpersonal skills and emotional intelligence. Managing risk is a fundamental aspect of trusteeship. Trustees critically need education and training. The role of a trustee is evolving with increasing complexity. Beneficiaries need to understand their rights and the trustee’s role. Custodial responsibilities are essential for asset protection. There are many opportunities for growth in the trust industry. Trust law and investment management are distinct fields. This Episode is for . . . Anyone that has an estate plan with a trust in it and doesn't know what a trustee does Any advisor who works w/ multi-generational situations (that’s everybody in wealth management) Any RIA looking to sell Financial types worried about compliance world Fiduciary litigators Chapters of “THE TRUSTEE CRISIS: Navigating the Challenges” 00:00 The Coming Crisis in Trusteeship 02:06 Importance of Modern Trust Planning 04:11 Challenges with Individual Trustees 08:03 The Dwindling Pool of Qualified Trustees 10:06 Functions and Responsibilities of a Trustee 12:20 The Emotional and Interpersonal Aspects of Trusteeship 16:05 Managing Risk in Trusteeship 19:07 Building a Pipeline for Future Trustees 22:10 The Role of Education in Trusteeship 25:07 Improving the Perception of Trusteeship 28:19 The Need for Better Trust Education 30:39 Bifurcation of Trustee Functions 33:26 Distribution Functions and Beneficiary Relations 36:52 Custodial Responsibilities in Trusteeship 40:19 Consequences of Poor Asset Management 46:41 Curriculum for Trustee Education 52:13 Opportunities in the Trust Industry Transcript of “THE TRUSTEE CRISIS: Navigating the Challenges” Frazer Rice (00:01.068)Welcome aboard, Jennifer. Jennifer Zelvin McCloskey (00:02.723)Thanks Frazer, how are you today? Frazer Rice (00:04.782)I am doing great. We’re going to dive into a topic that is near and dear to both of our hearts. And that is what I’m describing as the coming crisis in trusteeship, but I think it’s already here. Which is the concept of qualified trustees being in short supply, right in the face of a gigantic wealth transfer. And first of all, before we get into that, just describe what you do on a day to day basis first. Jennifer Zelvin McCloskey (00:33.445)Sure, I actually wear a bunch of hats. Day to day, right now, I’m a full-time practicing trust and estate attorney. I’m also an individual trustee for a variety of trusts that need either somebody here physically located in Delaware for a short period of time or even a successor trustee. But I’ve also spent many, many years building programs in trust management and trust administration. Because there is this crisis of human capital that just does not exist. I built multiple programs. They’re housed out of the University of Delaware. So I act as a trust and estate attorney, do planning, administration, I teach in the area, I build programs in the area, and I serve as a trustee. PEAK TRUST MANAGEMENT CERTIFICATE Frazer Rice (01:23.182)A full plate to be sure. To me, I came out of Wilmington Trust and another trust company served an individual trustee too. I’ve seen all these different flavors of trusteeship. My general sort of bon mot around that is that the individual trustees. I’d say 95 % or higher don’t really have an appreciation of the risk and responsibility that they’re taking on. And then the corporates have their own issues, which we’ll get into in a little bit. If we pull back even further, modern trust planning in wealth management, why is this so important? Jennifer Zelvin McCloskey (02:06.275)That’s massively important. It’s not just for the mass affluent or the ultra high net worth. It’s for everybody. We have all of these assets that we have this hyperfocus on building and increasing our wealth. Making sure that we have the ability to sustain ourselves throughout our entire lives. But if we don’t do this type of planning, if we don’t have structures and implementation for when we die, then our assets that we’ve planned so diligently for will fall off of a cliff. We lose the ability to control ultimately what happens to those assets. Layered on top of that, of course, is the tax component for ultra high net worth folks who are trying to really focus and direct their assets to make and create generational wealth transfers. Without this type of functionality and wealth planning and estate planning long-term, people lose control of what they’ve spent so much time building. Frazer Rice (03:13.338)One of the things I tell people as far as trusts are concerned is that, you know, we’re putting these structures together. They’re durable enough to withstand taxation or creditors or other asset protection features, create some guidelines around distributing the assets to the next generation or other constituencies. But also have some flexibility to be able to deal with the things we can’t look into the crystal ball and figure out over time. And that those three things just putting a document together that tries to do all that is hard enough, but then to put it in the hands of somebody or something to administer and to exercise discretion around it. That’s where the real art and science kind of stitched together and create this issue. You know, as we think about that too, the idea, the history of these types of scenarios kind of goes back to, you know, you’d put a structure in place and then you’d go hire a bank and they’d take care of everything. How do you look at that and say, all right, we’ve gone well past banks to individuals and then to dedicated institutions. What is the problem there? Jennifer Zelvin McCloskey (04:22.956)Now the problem, there’s two problems. In my opinion, what I see is that, you know, your individual trustee by and large is Uncle Joe, right? He’s the guy that everybody goes to in the family. The responsible one. He’s the smart one. The wealthy one who, great, doesn’t know what the fiduciary duties are. He doesn’t know that he has a duty of impartiality. He doesn’t know that… Frazer Rice (04:32.419)Right. Jennifer Zelvin McCloskey (04:48.475)He can’t self deal unless the instrument says so. Doesn’t understand how the instrument works. He doesn’t understand the nuance and the legalese written into the instrument. But he’s flying by the seat of his pants and everybody looks to him as the respected one in the family. No one knows that they have the ability to challenge him. So with your individual run of the mill trustee named in the instrument, they just don’t have the expertise, they don’t have the technical knowledge. Don’t know what they don’t know. They can get into trouble in that way. The other problem that you have with professional individual trustees oftentimes is that they are not formally trained. They may be an attorney who is working in that area, who’s doing plans for people who may or may not know what the full scope of being a trustee is. They may not realize, I have to get a special insurance policy because my malpractice insurance policy doesn’t actually cover this type of fiduciary engagement. There’s a lot of landmines that individuals can run into when they’re doing this type of work. On the corporate side, the problems that we run into is that there’s just a complete and utter lack. Frazer Rice (05:50.061)Hmm. Jennifer Zelvin McCloskey (06:12.059)Of available educational programs to teach people the proper way to be able to understand trusteeship. It has always been, and it just has developed over time through, you know, oh, we’ll give it to the bank, the bank will do it. This apprenticeship model, and that just does not scale well because if you learn improperly at the edge of a desk from somebody that learned improperly at the edge of the desk. Then the person that you’re teaching now at the edge of the desk is learning what you learned improperly. So anecdotally, I did karate for a long, long time. And the man who taught me karate, I’m almost a secondary black belt to like, was serious in karate. And the man who taught me karate said, you practice, it makes permanent. Don’t practice wrong. Because when you’re practicing wrong, you’re making permanent wrong things. And that’s what the apprenticeship model has the risk of lending itself to. It’s not that every trustee that learns at the edge of the desk learns wrong, but the risk is too high because the fiduciary responsibilities and the duties are too high to run that risk. The other problem is that we have a dwindling pool of really qualified senior trust officers because of just the nature of the job. You’re a human being, you’re an individual, you age, you retire. And it’s not something that people go to school and say, when I grow up, I want to be a trustee. They fall into it sideways. And unless there are academic programs that are out there that people are aware of and that they can get some formal training, some formal education to enter into the field. Frazer Rice (07:49.742)Yeah Jennifer Zelvin McCloskey (08:03.82)Separate and distinct from, I’m in the field and now I want to get a CTFA. I want to earn my certification to really show that I have the chops in this area. We have this shrinking pool of expertise. We have a lack of knowledge, a lack of formal education, and an apprenticeship model that doesn’t scale. On top of, with the individual side and the corporate side, this massive wealth transfer and an explosion of trust complexity that’s all taking place at the same time. Frazer Rice (08:31.918)One of the issues at the corporate level too is that as you say that the impregnance model is not necessarily the best way to do it. They’re cutting back on training programs. The business model around being a trustee or even a specific trustee does not make the big money. And so the ability for those types of institutions to develop the people.who ultimately are now in a very sort of pro-employee environment where there’s such a demand for trustees that they can kind of switch around and get a 10 or 20 % bump each time they go because people are desperate to have them. There’s a real cavern there to try to create the permanence that you’re looking for in a structure that really rewards consistency over time, especially as it relates to discretion and process of decision-making. Jennifer Zelvin McCloskey (09:23.15)Yeah, that’s exactly right. And that leads to this revolving door in the industry, because people are just trying to make more money and they’re going and bouncing to different trust companies. And there isn’t that backfill. Just because it’s a trust company and there’s policies and procedures, trusteeship is about relationships that you make with your beneficiaries, the relationships that you develop with multiple generations in a family. And when you have somebody that’s acting and serving in that and they move, they leave, they’re no longer acting and serving in that capacity, a new personality comes into the mix and it can really be disruptive. So having that consistency and minimizing the attrition is so valuable. Frazer Rice (10:06.766)The other thing I try to bring up, especially to individual trustees, is that the thing that you’re signing up for is probably going to look a lot different in five or 10 or 15 years when people are aged on, they remarry, they have kids, etc. That the conditions are a lot different than what they were before. And it’s going to be difficult to take on a structure that has eight people when before there were two. Jennifer Zelvin McCloskey (10:37.517)Yes, and that’s that complexity, that increased sophistication and complexity of trust structures that are available now to people. With the increase in the exemption, these trust structures, they’re not necessarily changed. For example, qualified personal residence trust, if people really need that anymore, but there’s a ton of them sitting around there. Are trustees properly administering it? Did you actually transfer the real estate into the trust at the time? So there’s all kinds of sophisticated structures that the trustees may or may not have the right skills. But they’re saddled with having to do it. Frazer Rice (11:19.47)Let’s take a step back and just talk about the functions of a trustee for a second. I break them down basically into three. Which is the first one. You have to administer the trust, meaning you have to dot the I’s, cross the T’s, make sure things get executed, tax returns are filed, statements get sent out to the extent that that happens, and that the administration of a structure like that occurs. Then I talk about the concept that the investments have to be made monitored moved around decided and that they’re appropriate for all classes of beneficiary that are in there and then the distribution function which is The assets have to be distributed according to the law. First the trust then maybe the intent or the law if everything is silent and that those three things are very different components and that it’s tough to find somebody who’s great at all three housed within one brain. Jennifer Zelvin McCloskey (12:20.217)Yeah, I agree with that 100%. It is a three legged stool. It’s the investments, the administration and the distributions. And in that administration umbrella in and of itself, there’s a tremendous amount of work that sort of goes unsung. know, it’s not the sexy stuff where you’re investing and making a bunch of money for your income beneficiaries and managing to preserve the corpus for your principal or your remainder beneficiaries. And it’s certainly not the personal interaction that you’re doing with your beneficiary day to day. Making distributions, helping them, seeing the product of that help. It’s the making sure you file ax returns are properly. Understanding how to read that tax return. Even if you’re not preparing it, making a proper selection on the accountant that you’re using to prepare those tax returns if you’re not preparing it. Make sure to set up statements properly, make sure that in this world of silent trust documents that you’re not sending a statement to somebody who’s not supposed to have it. Communicating with beneficiaries on an even keel. Making sure that you’re not inadvertently violating your duty of impartiality because it’s more than just a substantive duty, there’s a procedural duty as well. That’s really, really challenging to find within one human being, let alone add on top of it somebody who’s financially savvy enough to understand investments and all of the different complex investment tools that are out there, as well as having the personality and the interpersonal skills to keep beneficiaries engaged and happy. Frazer Rice (13:56.426)Just on top of that, the EQ, the bedside manner, and the ability to simplify the complex, et cetera. At the same time, that dedicated note taker that is able to document everything that happens within a decision. Whether distribution or investment or otherwise, that it’s just two different people most times. I find that something falls apart as time goes on. Ultimately if things aren’t laid out correctly, that’s when conflict starts to simmer. Then you know if there is something that’s wrong. That’s allowed to compound that’s where you get into a huge problem later on. Jennifer Zelvin McCloskey (14:36.922)It’s all that feeling. People are behaving in ways that they may or may not be able to articulate their emotional proximity to. When you’re talking with beneficiaries. There’s something simmering under the surface that you inherited because you’re a trustee. You may not even be aware of it because the beneficiaries may not even be able to articulate it. You have to have a certain sense. A gut check of feelings of rntuitively being able to read what’s going on under the surface. To pull it out of people in a very balanced and even keel way. It’s not an easy job by any stretch of the imagination. On top of financial literacy and personal liability and executive functioning skills, being detail oriented, making sure your documentation is not overly explicit. isn’t, you know, scarce. You’re now wondering how and why did you make those decisions? People don’t think about the decisions that they make on a day to day basis. We don’t think in a way to articulate why I made this decision. Why I exercised this type of judgment. And that’s what we’re being asked to do as trustees is to document what is my decision making process? Why am I making the decision? What are my factors involved in making that decision in a way that’s defensible. If we ever need to defend it. Frazer Rice (16:05.292)Well, in favoring one class of people over another is usually where the rubber hits the road on this. People who are used to seeing the income from a trust and don’t want that touched come hell or high water. Then future beneficiaries who’d like to see the trust go from X to 2X to 5X. So that they have something larger to enjoy. You have a natural tension that you have to manage. It’s just not easy. If you don’t document the hows and whys of what you’re doing, you set yourself up for a problem. From one class or another looking at you saying, you you should have done it differently. To go back to that liability component. You’re the only one who sits in the chair of having made that decision. You’re the one with the bullseye on your back when it’s called to account. Jennifer Zelvin McCloskey (16:53.093)That’s right, that is exactly right. And now add on top of it, you’re just named because you’re Uncle Joe and everybody goes to Uncle Joe. You have no technical background and you just don’t know the landmines that are there. You don’t know what you don’t know. Wouldn’t it be wonderful if we were able to create a pipeline of really sophisticated entry level employees or folks that are, you know sophisticated in financial literacy that now want to take the job to become trustees, that we were able to give them this technical roadmap for what the job actually is and then have them get the ability to apprentice on all of those policies and procedures. What does this corporation do? How do we document things? When you’re trying to learn it all at one time, it’s like drinking from a fire hose. Let’s give people the ability to really have a chance at doing it successfully. Frazer Rice (17:53.048)So let’s dive into that pipeline issue for a second. We already diagnosed that the, let’s call it the trust companies or the banks are, they’re just not resourced enough. They can’t run people through an internal school to do it quote unquote correctly. The apprentice model really kicks in. Which means you’re at the sort of mercy of what people are good at, not good at, et cetera. People turn over quickly so that apprenticeship doesn’t even work anymore. The RIAs I think are the worst place to learn about this type of thing. They have a completely different modus operandi as far as keeping clients happy. The word fiduciary means something so different to them than it does to an actual trustee. I wouldn’t feel good about the training on that front to sort of create trustees And then so law schools. They’re they’re just trying to create people the trust in the states vertical as a general matter. Let alone trying to delineate into a trustee situation. You’re putting the pipeline together and you put these programs together. How do you stitch together the needs and what does that manifest itself into? Jennifer Zelvin McCloskey (19:07.642)So that’s a really, really good question. I think that the very first place that we start with answering that question is advising on a trust as an attorney. It’s different from the administration of a trust and the skills that you need for that. So when you create a program like this where you’re trying to teach about trust management. You have to start with the technical skill. The legal side of what is it that we’re even doing? What is a trust? What are the fiduciary duties? Where do they come from? Then we have to, after we teach or create a structure or foundation on what the legality is. Now we go into how does this translate into administration? So when I created the programs, I looked at what’s the law they need to know? What is the level of sophistication of the student? And what do I need to, from a foundational perspective, teach first? What are the building blocks? And then how do I translate that into administration? The one thing that I have found is trust law does not equal investment management. So if people are coming along… Frazer Rice (20:26.254)No question. I’m nodding audibly at that comment. I like that. Jennifer Zelvin McCloskey (20:31.226)Your fiduciary duties as a trustee are fundamentally different than those of an RIA, where some RIAs are not even fiduciaries by law. They’re not. So being able to delineate and explain where that line is, what makes you a fiduciary, what are those duties, after you know the legal basics. And taught to you at a level that you can understand. I don’t expect everybody to be a lawyer. And people have asked me time and time again, do I need to be a lawyer to know this? No, you don’t need to be a lawyer because you’re not advising on the law. You’re advising on the administration of a legal structure and how that administration affects the fiduciary duties that are inherent in the relationship. Then how those fiduciary duties are translated out to the beneficiary. That’s the way that I’ve always built these programs. Where do I start? Start with the law. Where do I go from there? Start with how the administration translates the law. And then how does that administration get heard by the beneficiary? Where does the RIA come into the mix? The RIA should not be dabbling in advising on trusts. They should know that they need to bring in somebody who has this particular skill. And if they’re not doing that, they’re doing the client a disservice by trying to give one-stop shop advice. Frazer Rice (22:06.85)Yep, no question about it. One of the things that…we delve into the world of trusts and their function, et cetera, is that you’re dealing with an ecosystem from client to outside advisor, whether RIA or even accountant, et cetera, that they’re looking for certainty and airtight. quality to these structures that you put them in place and then everything runs like a clock going forward. When in actuality, I think there is a bandwidth of risk around everything. And so it’s the poor trust officer or individual trustee who sometimes has to be the bearer of bad news to say, yeah, you know, I think this is going to work 98 % of the time, but there’s a 2 % problem here or we’ve got this to fix or something like that and everybody else sort of sighs with disappointment and gets mad at the administrative function when in actuality they’re really doing their job and trying to, you know, keep a lot of things that are spinning out of control kind of within view. How do you get a trust officer or that administrative function or even the full trustee function to be comfortable with that risk and everything that’s involved with that? Jennifer Zelvin McCloskey (23:20.504)You have to start with explaining that there is risk and we’re not our job is not as a trustee to eliminate risk. Our job is to manage and identify risk. It is inherent in the job. There is going to be risk. No matter what you do, you cannot divorce risk from trusteeship. It’s a matter of identifying perceived risk and actual risk. And if you can teach that, if you can teach These are the things that are going to trigger a likely outcome. They’re gonna trigger a likely risk. Then you can essentially, you can’t foresee everything. I mean, there are things that are just gonna happen. But in a trust instrument, you’ve got contingency plan upon contingency plan upon contingency plan. That’s what the flexibility of those structures are building. We need to, as trustees, be able to recognize What is the risk with contingency plan A? The risk with B? What is the risk with C? How can we minimize the risk? And how can we make sure that we’re managing perception of risk versus actual risk? Frazer Rice (24:29.31)as someone who’s been in trust companies, advised trust companies, advised trustees, and advised clients, the lack of appreciation for the management of that risk and that that as the intersection of the business model of trusteeship and risk management and use of discretion and making hard decisions and even kind of an insurance quality around these structures, how do you fix that, where people place a level of respect on the job that I think is completely lacking in the wealth management ecosystem? Jennifer Zelvin McCloskey (25:09.089)Absolutely. It’s a tough one to answer. How do you fix it? First and foremost, I think that it’s a top-down fix, especially at a corporate trust company, a bank, and even an independent trust company that’s not affiliated with a bank. The management has to… really understand the function of the trust company. For so long, it’s been just an extra service that we provide and and we’ll do this, the back office trust company. It’s really, really important that the management recognizes what the functionality of the trust company is and stops treating it as sort of a back office stepchild. From the corporate level, I think that’s the very first place we start. Frazer Rice (25:38.478)Mm-hmm. Jennifer Zelvin McCloskey (25:57.818)The second place we start is investing in our trust officers, investing in the team, giving them the education that they need, continuing to give them education, providing training programs, whether they be in-house, external, bring in trainers. None of this is set it and forget it. At the individual level, I think it’s really, really important to have functions like the Individual Trustee Alliance, groups like that, where you have an ability to talk to other professionals that are doing what you’re doing. That’s another way to impress upon people that we have to manage the risk and we can’t do it all alone. Nobody knows everything. You really have to, you have to talk to other people. You have to engage. have to, what is it called when we were practicing law and we’re a little bit outside of our comfort zone, we have to consult with other people who know more than we do. It’s our obligation as lawyers. It’s the same thing with a trust company, with a trustee, whether you’re an individual or you’re not. Widen that circle. Frazer Rice (27:08.474)I think this is my idea for the day that there’s got to be a bit of a public relations campaign sort of describing what’s going on here because I think especially when we go into the family members that sort of occupy these roles, they have no earthly idea what they’re doing. They’re usually doing it for free. Everything’s hunky dory up until a point and everyone hopes that everyone is not going to sue each other if something goes wrong. But the level of wealth that’s being transferred now is now so significant that everyone sort of talks about, AI is going to get rid of lawyers. Nope, not in fiduciary litigation. I think that’s a medium term growth industry, especially around insurance, around ILITs, around revocable trusts, around elder care. But this is my advertisement for people who are in law school looking for a productive way to go. I think that one is going to be, I think that one’s recession proof, at least for a while until I retire anyway. So my thought is that awareness over these things, and it’s probably going to take a very difficult case or a class action suit, something like that, where somebody really gets hurt in order for that awareness to come up. Jennifer Zelvin McCloskey (28:24.922)Yeah, I would agree. think that some of the solutions would include better trust education, you know, whether it be for RIAs, lawyers. Trust in the states is a throwaway class in law school. And there are so many law schools that are essentially rolling it back because bar exams aren’t testing it anymore in a variety of states. And ACTEC is definitely working with the law schools to try and increase trust in the states being taught and certainly being tested. So education for lawyers coming out of law school, education for RIAs that are advising on trusts, education for trust officers, for trust administrators, trust professionals in general, clear role delineation. What is the role of the RIA? The role of the trust officer? What is the role of the trustee if they’re an individual trustee? And then creating a culture of collaboration on what we’re doing as a team for the beneficiary, not substitution, but collaboration with the advisors and the trustees. Frazer Rice (29:32.59)Let’s go into the role delineation for a second. About 20 or 30 years ago, the concept of bifurcating or sort of cordoning off the different functions I described before the investment, the administration and the distribution has come into vogue. I think that came out of frustration with bank trust companies where you got one set of advice for every trust that they had as far as investments and distributions and administration and a lot of modern larger families wanted something a little bit more specific to their needs. And that’s really turned, it’s exploded as an industry for increasing sophistication and size of wealth. Along those different functions, where maybe the administration goes to a professional trust company or a trust officer in the state that you want, Then there’s some intersection maybe in the distribution committee. And then the investment side of it is a bit of a free for all, think, depending on what you’re, dealing with. How do you educate the, that continued the delineation, but the coordination within those types of structures. Jennifer Zelvin McCloskey (30:41.275)Yeah, I think it’s really important. And I’m a Delaware lawyer. I’m licensed in multiple states, but Delaware is my home. It’s where I learned how to be a lawyer. It’s where I grew up as a lawyer. So this directed trust model that you’re describing, where you’re bifurcating, truly bifurcating these particular functionalities of a trustee, it originated in Delaware. sort of, we didn’t, I mean, we invented it, right? We codified it. It was being done, but we codified it. The idea of making sure that everybody understands what their function is and knowing that there’s a limit of liability that’s built into the instrument and communicating what that means to the RIA that is named in the document. I can’t tell you how many times I have heard companies, heard trust companies say, we’re advisor friendly. And I’m like, not unless you’re directed, you’re not. Frazer Rice (31:37.528) “THE TRUSTEE CRISIS: Navigating the Challenges”Yeah. Jennifer Zelvin McCloskey (31:40.439)If you are directed, you are 100 % advisor friendly because there’s no chance that that trustee is going to try and take the investment management. They’re not a portfolio manager. Not a clerical administrator. They’re not a passive rule follower. We need to identify what does that trustee actually do when they are an administrative or directed trustee. Clarify that role so that people who are engaged in this bifurcation, this structure where we’ve got a distribution committee, maybe it’s individuals who are close to the family, close to the beneficiaries, where you don’t have somebody who’s objectively uninvolved with the family members making decisions as to whether or not there’s a distribution that should be made. But also advising those rolls those advisors that your administrative trustee is not just a pencil put a paper pusher. Not just checking boxes. They really do add value to the role that they provide and making sure that everybody understands what each other are doing, having regular meetings amongst the team instead of operating in a vacuum or operating in a silo. And taking the approach of it’s not my job, misunderstanding trustee powers and the advisor’s authority. So when that’s delineated, when that’s really understood, not just by the advisors, but also by the beneficiaries, there are so many beneficiaries out there, Frazer, that have absolutely no idea that they actually hold all the cards. They don’t know. Frazer Rice (33:25.87)Along that line, so in the administrative, we just walked through pretty nicely. The distribution function is one that, let’s talk a little bit for a second about what it means to ask a trustee for a distribution and maybe the difference between income and principal and why having a steady hand at the wheel within that function, whether it’s a corporate trust company of qualified individual or family input in that function, why real good thought needs to go into how that’s staffed. Jennifer Zelvin McCloskey (34:04.73)Yeah, absolutely. 100%. In a corporate trustee ship or a corporate trust company structure, there’s always going to be distribution committees, right? So if you are the trustee, you’re going to have to go through a committee that’s looking at what your reasoning is for making that distribution. They’re asking questions about what have been the prior distributions? Have they come from principal? Have they come from income? What is the spend rate on that trust? How is this going to affect long-term spend rate? Is this an aberration? Is this something that’s gonna become a habit? Really understanding what the distribution, the guidelines are in the trust. What is the distribution standard? Making that decision? What are our factors? And how many people are at the table? Who’s communicating that to the beneficiary? Does the beneficiary know that the trust officer alone does not have the ability to say yes or no? That when they’re in this ecosystem of a corporate trust company, they have their checks and balances to make sure that that risk is being managed. So when you’re looking at corporate trust companies, are a lot of layers behind understanding what the distribution standard is, whether it’s hems or if it’s purely discretionary. The other thing that you need to look at when it’s not a corporate trustee and it’s an individual trustee is, how is that individual trustee making that decision? Are they doing it in a vacuum? Alone? Are they favoring one beneficiary over another because they like them more, you need to have some communication to the beneficiaries so that they understand what they are, what their interest is, what they are entitled to, if anything, and why the trustee stands in that position as the gatekeeper. And I really think in my heart of hearts, we need to make a shift from a gatekeeper trustee Jennifer Zelvin McCloskey (36:16.708)to a beneficiary enhancement trustee, where the beneficiary is really taking on the understanding that the trustee is there to facilitate enhancing the beneficiary’s life. That even though the trust may have started at the outset as a tax strategy or something that the grantor decided they needed to do with the advice of counsel. At the end of the day, you wouldn’t have been named as the beneficiary if there wasn’t some sense of love or obligation even, that it’s for your benefit. It’s in the name. Beneficiary. Trustees need to understand that and beneficiaries need to be taught. Frazer Rice (36:54.958)Right. Frazer Rice (37:00.646)And it goes to the circle back to the notion of making sure that you write down the whys of the decision because ultimately if the concepts of favoritism or you didn’t communicate this or anything, the idea of having the beneficiary submit a budget but having them understand why they are submitting a budget and then if there is some discretion that’s happening around that decision that the data points that are informing that discretion, that’s gonna keep everybody safe a lot later on. Jennifer Zelvin McCloskey (37:32.666)Absolutely. I break it down into a couple of different factors. It’s fiduciary decision making. How is that fiduciary making the decisions they’re making? Why are they making those decisions? And who is being affected by the decisions? Document interpretation. Do you understand the document that you’re administering? If you don’t understand the document you’re administering, hopefully best case scenario, you know what you don’t know and you ask. But if you don’t understand the document and you don’t even have the wherewithal to say, hey, I need help to understand the document, it’s really problematic. The third part, balancing beneficiary interests. Really taking on board this idea of the principal income problem that all the assets in the trust are not the same. That some of it doesn’t at all in any way affect a certain class of beneficiaries. And at the same time, it’s inextricably intertwined in the way that it affects another class of beneficiaries. And then risk management and governance. How is this being governed? How are we managing perceived and actual risk as a trustee? Frazer Rice (38:40.13)The investment function, which I alluded to before, I see storm clouds on that horizon, not really at the RIA level, because I think there’s sort of a default mode that investment policy statements are in place. Diversification is a true commodity at this point. And I never really worry about an RIA sort of understanding how to invest to get to a certain expected return and deal with the risks and drawdown and all that stuff. The storm cloud I see is when individuals sit in that role and they are being tasked with, let’s call it quote unquote, overseeing concentration, meaning that trust is holding a building, farmland, a nuclear reactor, crypto, all of these different things that sometimes can be, A, they have their own different maintenance responsibilities that are not just looking at a fidelity statement, but that they also have their own volatility And, you know, in the case of a building, you got to make sure it’s managed correctly. are they going to get sued or the windows kept up, all of that stuff, and that there’s a whole different component there. And I’m waiting for the shoe to drop on some fact pattern there where somebody is sitting in the role of an investment advisor. It doesn’t say trustee in the document, so they don’t really think that they have trustee liability. But. they sit in that role and all of a sudden somebody finds 10 55 gallon drums of green fluid in the basement of a building and all of a sudden the trust has a big set of red brackets that say minus $100 million that you owe to the federal government and the EPA. How do you think about that? Jennifer Zelvin McCloskey (40:21.454)Hmm. Jennifer Zelvin McCloskey (40:25.242)That’s a heavy question. so the Delaware stock answer, obviously, direct it, right? It’s just to get the trust, cut off the liability. At the first, at the inception of your hypothetical is bad drafting, right? So if there’s no statement as to whether or not your investment advisor is acting as a fiduciary or not, Frazer Rice (40:35.042)Right. Jennifer Zelvin McCloskey (40:52.836)What does your statute say? Does your statute impose that they are as a default a fiduciary or not? So that’s the very first step. That’s bad drafting. We need to know. But if it’s silent, let’s say it’s just a lousy document, there’s, God knows. Anybody who’s seen trust documents knows that, you’ve seen them all, right? And everything in between. Some are good, some are bad. If this is a bad one. Frazer Rice (41:13.08)Seen good and you’ve seen bad. Jennifer Zelvin McCloskey (41:20.079)Then we need to document the statute. If we can correct it, modify the document, let’s modify it. But if all of that can’t happen, then I would say the best way to handle it, make sure you have adequate insurance. mean, over-insure that, over-insure it. Make sure that there’s regular checks on the actual… Assets that are in the trust, if you have a concentration and that concentration is real estate, get the advice of counsel, put that bad boy into an LLC, get yourself some distance from the actual asset itself being held in the trust, hold an interest, hold a financial interest, push it down to the corporate level. But if you can’t do all of that and you’ve got those 500 gallon drums of green fluid and now you’re… Frazer Rice (42:14.286)You Jennifer Zelvin McCloskey (42:15.371)You you’ve got a super fun site. What do you do? You don’t shy away from it. Have to address it head on. You got to take the accountability. You got to communicate and document, communicate and document some more. Talk to your beneficiaries. Make sure that they’re aware of where it went wrong, why it went wrong. Because I have found in my exposure in the industry over time and in reading case law, it’s when you’re trying to cover stuff up. Frazer Rice (42:43.913)Jennifer Zelvin McCloskey (42:44.027)You’re just making more problems. Bad news doesn’t age well. It doesn’t get better over time. You have to approach it head on and make sure that there’s communication and documentation. Meet with your beneficiaries. If there’s a trusteeship where you are appointed as a trustee individually and you’re not having at least quarterly meetings with your beneficiaries, If you’re not going out and seeing the asset, if you’re not going out and making sure that the asset is properly custodyed, you’re not, you’re violating your fiduciary duty. You are not doing what you’re supposed to do. Frazer Rice (43:21.804)You brought up an interesting word there, custody, which is the administrative function, whether held corporately or individually, one of the major things you have to do is to safeguard the assets. And that’s a big two syllable word that carries a lot of weight with it. That custodial function, how do you teach the trust officers or the individual trustees where that starts and stops? Jennifer Zelvin McCloskey (43:48.579)Yeah, mean, custody is super, it’s a really touchy, touchy subject, especially with the dynamic way that trusts have developed in the current climate from tangibles. You know, I’ve got artwork and my beneficiary wants to hang the artwork in their house. Well, do you have custody? Has it been assigned to the trustee and how do you maintain that asset? Make sure nothing’s happening to it. Do make an appointment, go over to the, visit your artwork? What if it’s prize horses, you know? What if it’s, you know, a stud that, you know, we’re gonna need to breed and it’s gonna be the next Triple Crown winner? How do you make sure that the barn is properly safeguarded? It’s a really touchy subject, especially with things like tangibles and things like assets held away when you technically custody the asset, but you don’t have control over the asset. I think in the education part for custodying, what I do in my programs and when I teach this is I make sure that we talk about different types of asset classes. And what the risks, again, what are the risks that you run with these asset classes? How can we manage the actual and the perceived risk of holding that asset? Even if you have custody and name only, but you don’t have physical custody, how do you maintain your control over that asset? Because it’s really the C’s, right? The custody and control. Just because you don’t have custody doesn’t mean you don’t have control. So we have to make sure that there’s an education that’s provided about the different asset classes, whether it’s tangibles, intangibles, assets held away, if it’s a concentration of stock, if it’s crypto, and most trust companies are not taking crypto. I think that there’s like a circuitous way that they’re getting in right now, but it all boils down to education, isolating what the issue is and educating people on it. Frazer Rice (45:59.586)I’ll give you a third C, it’s consequences, which is what happens when you don’t understand these functions. on the crypto side of things, Jennifer Zelvin McCloskey (46:01.786)Uhhh Frazer Rice (46:11.544)Holds the key to get to the crypto. What happens if that trust officer quits and walks away with the key and they’re like, well, multi-sigil figure this out. I’m like, okay, that’s not that. That doesn’t make me feel great at the moment. And now there have been some advances, which is good, but traps for the unwary to be sure. the good news too for crypto is for people who want exposure, the spot ETFs take away 90 % of the problems with that. But as we start to think about winding down here, because I have a feeling we could probably talk for four or five hours on this subject, when putting your programs together, what does a curriculum look like? And we don’t have to go through it bit by bit, but how does that work when someone comes to your program? How much time does it take? What’s the commitment? Jennifer Zelvin McCloskey (46:47.172)Yeah, I think so. Frazer Rice (46:54.851)Mm-hmm. Jennifer Zelvin McCloskey (47:06.33)So the program that I created that’s really available anywhere across the country is called the Peak Trust Management Certificate Program. Peak Trust Company, may be familiar with it. They have name rights because they gave the donation to the University of Delaware for me to build the program. So it’s housed at the Lerner College at the University of Delaware, but bears the name of Peak Trust Company. I look at five different things. The first thing is trust law and administration. So like I said previously when we were talking, you lay that foundation of what is the legal component of this? What is the baseline that people have to know? And then what is the administration? The second component is, and it’s inextricably intertwined as taxation. What is the income tax? What are the deductions? And now let’s take all of that income tax knowledge, individual income tax knowledge, and build on it with fiduciary income tax. What is DNI? What is FAI? How does it go out to the beneficiary? What’s the character of the distribution? How do we manage that? What are we deducting in the trust? So teaching taxation and not because trustees necessarily are tax preparers, but because the trustees obligation is to be able to understand and read that tax return, they need to know how to spot problems. So from my perspective, teaching fiduciary income tax is a critical component. It also helps. Yeah. Frazer Rice (48:38.828)No, no, I was gonna say no question about that. And there are elections to make, just because it doesn’t just go on autopilot, there are choices to be made so that if you’re the trustee, you may not have to prepare the tax return, but you may have to make a choice on the tax return and you’ve got to be informed because that can be an issue. Jennifer Zelvin McCloskey (48:58.651)65 day elections, perfect example, right? You just, you need to understand what your role is and how it overlaps with that of the CPA. The third part, of course, investments. Investments are inextricably intertwined, whether you’re doing it yourself as the trustee or you’re directed or even delegated, which is like the hairy scaries of every trusteeship known to man, because you’re not actually in control, but you’re responsible. So it’s the gray. When I build a program, because of the, you know, the directed trusteeship being so popular in today’s day and age, we have to talk about not just investments of, you know, marketable securities, not just the custody of tangibles, but also subscription documents, because so many alternatives are held in trust right now. unique assets, need to know how the trustee is actually carrying out their fiduciary duty when it comes to engaging in an investment that is an alternative investment. The fourth component is of course compliance. We cannot ever get away from compliance and I think we could do a whole nother podcast on compliance in trusteeship but. You know, it’s a regulated entity. And even if you’re an individual trustee and you’re not using what those compliance frameworks are, what the guidelines are by OCC, Reg 9, FDIC, if you’re not looking at that and using that as a guideline, don’t do the job. understanding KYC, BSA, AML, all of those compliance components that have tentacles. That’s the fourth part. And then for the fifth part of this program, because it’s specifically geared toward trustee education in trust companies, although it can be applicable, very applicable to individuals, is operations. I was very fortunate that I was able to partner with SCI on building the operations component. So we license their platform called Plato. It’s essentially their training platform. Jennifer Zelvin McCloskey (51:12.888)so that trustees can see how fees are set up, fees, that’s a whole other podcast, fees, statements, distributions, how are we doing this? How are we documenting everything? What are the logistics of the day-to-day operations? So that’s how I built the program and it’s available anywhere in the country. It’s 10 weeks, how long does it take? I would say from three to five hours a week of an investment that you’re making at a bare minimum. Obviously there’s a whole lot more of depth that you can go into. The resources are built in. But I would say 10 weeks, about 50 hours of time where you’re actually engaging with the material. And then I bring in guest lecturers on each different area of expertise for lack of a better description. And they get a certificate at the end, they get a digital badge, and now they really have something where they can add value day one in a trust company or as a trustee. Frazer Rice (52:17.902)With Delaware being, you one of the real gold standards as far as trust jurisdiction, I assume that everything that comes out of this program is pretty transportable to the other useful jurisdictions, let’s call it, within the country. know, the Tennessee’s, the South Dakota’s, the Nevada’s, the Alaska’s, Wyoming’s, New Hampshire’s, et cetera. Obviously, there are hairs to split with different foibles in their law, but everything that you’re describing sounds like works everywhere else. Jennifer Zelvin McCloskey (52:47.928)And I’ve always taken the approach, you’re 100 % correct, I’ve always taken the approach of UTC. I base everything off of UTC and if there’s something different or unique based upon the jurisdiction that you’re in, I always encourage people you have to look at your statute, you have to look at the jurisdiction that you’re actually practicing this in and administering in. I use Delaware, South Dakota, Alaska as examples quite often when we’re talking about the directed stuff, but By and large, it’s UTC. Frazer Rice (53:20.966)It just a weird subset. So special needs trusts and islets, which are two types of trusts, very specific. One holds life insurance. The other is designed to really take care of people who can’t take care of themselves. And they are types of trusts that a lot of trust companies don’t like to take on because the liability is harder or the profit margin is less. For those individuals who get the opportunity to participate in those and I put that in air quotes. How would you advise people to get ready for those types of situations? Jennifer Zelvin McCloskey (53:58.308)People who are in need of those types of trusts. Frazer Rice (54:02.122)Well, maybe both. The people who need those trusts, you know, they’re going to, they, you know, it’s almost like they get set up and then the staffing gets kind of figured out later, barely. And then, you know, the, for the people who end up taking on that role, they really have no idea of what they’re in for in a sense. Is there sort of like a mini, I’m not going to say a full course like you’re describing, but a crash course in, in what’s going on here and what can I do to keep myself safe? Jennifer Zelvin McCloskey (54:30.271)Unfortunately, no, I don’t know of one. and there isn’t much built in. there’s, we talk about a little bit in the program that I built, but, those are specialized and eyelets we talk about a little bit more there, you eyelets had their day and sort of they has done ish. but special needs trust. It’s a whole other ball game because It really incorporates state law and social security and Medicaid, all of those government benefits that I think you would need something more specialized than my program that I developed. And I don’t have a great answer for that, I’m sorry. Frazer Rice (55:12.482)No, there’s not a great answer for it because it’s tough. it’s a, all of which is to say for someone who’s involved with those things and feels confused by what’s going on, that’s one where it’s worth it to spend the money to lean on a dedicated Medicaid elder care, special needs type of lawyer on that front because there are traps for the unwary. Okay, now we’re starting to butt up against an hour here of. Jennifer Zelvin McCloskey (55:29.764)Yes . . . Frazer Rice (55:38.827)Four hours. No, I’m kidding listeners. We’re not going to talk for four hours, but How do people find your program and and then I’ll ask a bonus question at the end Jennifer Zelvin McCloskey (55:49.339)So the program is on the University of Delaware’s website. You just type in peak trust management certificate and it’ll pop up. My name will be there. I think my picture might be there. It’s all over my LinkedIn. So if you look me up, you’re going to see the peak trust management certificate program. You can always email me, jennifer at zeldenlaw.com. Happy to push people into it. start, I’m in the new cohort right now. We’re two weeks into a 10 week program. But we have a new cohort starting in May. I think it’s May 4th. So may the fourth be with you. Frazer Rice (56:24.622)Terrific. So the final question here is really more of a crystal ball question. In this trust industry, trustee industry, what are the real, I’m going to say opportunities out there, and we’ve sort of painted a picture of doom and gloom and its low profit margin and things like that. Where can someone who is thinking from a business perspective about this find something? Once they’re properly educated about it and being able to participate in it. Jennifer Zelvin McCloskey (56:57.582)There are so many opportunities. There is an absolute need for good trustees everywhere. Trust companies from coast to coast, individual trustee alliance. People really, really need trustees. There’s tremendous opportunity with Heritage Institute, not the Heritage Foundation, but the Heritage Institute. There’s opportunities with…various family offices and various trust companies for education, for beneficiary education. So many opportunities out there. Trust companies are just clamoring for people. So if people are interested in becoming a trustee, getting that education, you will not have a hard time finding a job. Like you said, it’s basically recession proof. This wealth is going to transfer. We need sophisticated, knowledgeable trustees. on the receiving end of that transfer so that it happens correctly. Frazer Rice (57:56.578)I’d go so far as to say financial advisors. I just gotta say, a CFP is useful, CFA is on your investment side, but something like this, you know so much more about how intergenerational wealth works than what’s happening in those particular situations that I think it helps people stand out when I see something like that on a resume. Jennifer Zelvin McCloskey (58:00.302) “THE TRUSTEE CRISIS: Navigating the Challenges”That’s all the podcast. I hear you. I hear you. Frazer Rice (58:24.386) “THE TRUSTEE CRISIS: Navigating the Challenges”All right, with that, Jennifer, it’s great to catch up and I will have all of your information on the show notes and I will either see you at the ITA conference in Dallas or what I’m down in Delaware next. More Around “THE TRUSTEE CRISIS: Navigating the Challenges” BUILDING A TRUST COMPANY TENNESSEE AS A JURISDICTION DIRECTED TRUSTEES DELAWARE WELL BEING TRUST THE TRUSTEE CRISIS: Navigating the Challenges https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/ Keywords for THE TRUSTEE CRISIS: Navigating the Challenges trusteeship, wealth transfer, trust management, fiduciary duties, trust education, estate planning, risk management, trust administration, individual trustees, trust companies, the trustee crisis, navigating the challenges, the great wealth transfer,

Crude oil prices could continue calling the shots this week as war remains front and center. Last Friday's disappointing jobs report raises new economic questions as CPI looms. Important Disclosures This material is intended for general informational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. Past performance is no guarantee of future results. 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. 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. Investing involves risk, including loss of principal, and for some products and strategies, loss of more than your initial investment. 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. 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. (0131-0326) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

This week's episode of Dollars & Sense dives into the headlines shaking up the financial world—from the U.S. and Israel's military action in Iran and rising oil prices to the launch of new “Trump accounts” for minors and the dreaded IRMAA Medicare adjustments. Joel Garris and Rob Field break down the immediate market reactions, share personal stories (including a real-life gas price dilemma), and offer practical, calm action steps for investors facing uncertainty. Learn how historical market shocks recover, why diversification beats prediction every time, and what you need to know about setting up Trump accounts for your kids—including how to snag up to $1,000 free from the government. Plus, get expert insight on IRMAA: how your income can unexpectedly bump up Medicare premiums and shrink your Social Security check—along with proactive tips to avoid getting caught off guard. Whether you're worried about your portfolio, planning for your child's financial future, or wondering how to navigate Medicare surcharges, this episode is packed with timely advice and actionable strategies. Tune in for relatable stories, clear explanations, and a holistic approach to making sense of your dollars in uncertain times. Don't miss out—your financial peace of mind might be just one listen away. 

In this episode of Money Matters, Scott and Pat unpack why tax diversification is one of the most overlooked strategies in retirement planning. From a 70-year-old investor with $3.6 million mostly in traditional IRAs to a 55-year-old looking to retire early and start Roth conversions, they explore how tax diversification can help reduce lifetime taxes and create flexibility in retirement income. You'll hear discussions about: -When Roth conversions make sense — and which tax bracket to target -How much cash and bond exposure you really need before retiring -The realities of the 4% rule -401(k) vs. brokerage — and where bonds and equities should actually live -How diversification protects your lifestyle, not just your portfolio Join Money Matters:  Get your most pressing financial questions answered by Allworth's co-founders Scott Hanson and Pat McClain. Call 833-99-WORTH. Or ask a question by clicking here.  You can also be on the air by emailing Scott and Pat at questions@moneymatters.com. Download and rate our podcast here.      

When oil prices spike nearly 30% in a matter of days and a weak jobs report hits on the same Friday, the word on every investor’s mind is stagflation. On this episode of The Financial Hour of the Tom Dupree Show, host Tom Dupree, James Dupree, and Mike Johnson break down how the Middle East conflict is rippling through oil markets, what it means for interest rates and inflation, and why personalized investment management matters more than ever when volatility takes center stage. Whether you’re thinking about retirement or already drawing income from your portfolio, the current environment is a powerful reminder that how your money is managed — and who manages it — can make the difference between weathering the storm and watching your principal erode. How the Middle East Conflict Is Driving Oil Prices and Market Turbulence The most immediate market impact from the conflict between Israel, the U.S., and Iran has been felt in energy prices. West Texas Intermediate (WTI) crude surged from roughly $72 per barrel to touch $92, according to data tracked by the U.S. Energy Information Administration — a move of nearly 30% in just days. Mike Johnson explained the supply dynamics at play: “Kuwait — they’re cutting oil production. And this is because the Strait of Hormuz is cut off for all practical purposes. These big producers are running out of storage for the oil. They’re essentially closing up the wells.” The Strait of Hormuz handles approximately one-fifth of all global oil shipments daily. With roughly 90 million barrels of crude produced worldwide each day, shutting down that corridor has massive supply implications. Tom Dupree noted the physical challenge: “What keeps an oil well going is the oil flowing through all the little capillaries. When that gets turned off, it starts to sludge up.” Restarting shut-in wells can take days to weeks, and operators risk losing pressure and production permanently. For those tracking market commentary on gasoline prices, Mike pointed out a critical consumer threshold: “When you get to about $3.50 a gallon, that’s when you start seeing an impact on spending in a more meaningful way. And then $4 is when things start getting much worse in terms of consumer spending.” Stagflation Fears: Why One Jobs Report Has Investors on Edge The Friday jobs report from the Bureau of Labor Statistics came in weaker than expected, and the combination of rising commodity prices with a slowing labor market triggered immediate stagflation concerns across Wall Street. As Mike explained: “The market’s immediate knee-jerk reaction was that terrible S-word — stagflation. If we have a slowing economy with higher commodity prices, you have inflation and a slowing economy.” Tom was quick to add perspective: “One jobs number does not stagflation make. It’s a trend. But the fact that oil’s going up is gonna be considered inflationary, and then you get that jobs report on top of it.” Despite the volatility — with the market opening down 1.5% on Monday before recovering, followed by a sharp Tuesday sell-off — the broader indices showed resilience for the week. Mike observed: “We’ve essentially declared war. You’ve got oil prices up 30%. The market’s only off a little bit for the week. It’s been resilient as a whole.” This kind of choppy, bifurcated market is exactly why a disciplined investment philosophy matters. When risk-on and risk-off signals get scrambled day to day, reactive investors often make the wrong moves at the worst times. AI and the Job Market: Disruption Is Real, But It’s Not All Bad The conversation turned to how artificial intelligence is reshaping the employment landscape and what it means for market sentiment. James Dupree offered a nuanced take on the weak jobs data: “The AI stocks — they don’t really tie that to the economy because AI is going to replace jobs. So it might actually be good if there’s a bad jobs report for those AI stocks.” Mike broke down where the disruption is hitting hardest: “Some of your more tenured and senior workers — they’re benefiting from AI. What it’s impacting are the entry-level jobs. The number crunchers, entry-level analysts — those are the type of things that are able to be AI-ed away.” Tom drew a historical parallel: “AI is obviously the big thing right now. It’s the same way that the dot-com stuff was 20-something years ago. There will be winners and there will be losers, but I happen to believe that AI may actually create jobs because there will be more things that people can do.” For investors, the takeaway is that AI-related stocks occupy a unique space in the current market. James pointed to NVIDIA’s forward P/E ratio of 22 — below the S&P 500’s five-year average of roughly 23 — as evidence that some of the market’s fastest-growing companies are actually reasonably valued despite the broader market looking stretched. Sequence of Returns Risk: The Retirement Danger Most People Don’t See Coming Perhaps the most critical segment of the episode focused on a concept that every person in retirement or thinking about retirement needs to understand: sequence of returns risk. This is the idea that when your returns happen matters just as much as what they average over time — especially when you’re withdrawing money from your portfolio. Mike walked through a clear example: “Let’s say you have a million dollars and you’re drawing 4%, which is $40,000 a year. In the first year, the market goes down by 10% — your million dollars is now $900,000 plus you took out $40,000. So now you’re at $860,000. The next year, another 10% drop — down another $86,000 plus the $40,000 you withdrew. You have to get massive rises in the stock market to get back to even.” He continued: “There comes a point of no return where you’re forced to lower your withdrawal. If a million dollars is now $700,000 and you’re taking out $40,000, that’s now a 5.5% withdrawal rate. It’s negative compounding.” This is one of the core reasons the team at Dupree Financial Group structures retirement portfolios around dividend-paying investments. Tom explained the logic: “Sequence of returns is one reason why we invest for dividends — so that if the sequence of the return is negative, we may not have to be in a position to sell stocks in a down market. We can draw from the dividends.” For anyone approaching retirement or already drawing income, understanding this risk is essential. Resources from FINRA’s investor education center offer additional background on managing withdrawal strategies and retirement income planning. Berkshire Hathaway Under Greg Abel: Culture, Buybacks, and Alignment The episode also covered Berkshire Hathaway’s transition to new leadership under Greg Abel, who took over from Warren Buffett. Abel’s first annual letter to shareholders ran 18 pages — longer than Buffett’s typical letters — and signaled a leadership style rooted in operational detail and cultural preservation. Mike highlighted two significant announcements. First, Berkshire is resuming share buybacks for the first time since May 2024. Second, Abel is investing 100% of his post-tax salary — roughly $15 million per year — into Berkshire stock personally. “It’s all about alignment with shareholders,” Mike said. “It fits the Berkshire culture to a T.” The team also discussed Abel’s emphasis on corporate culture as a lasting competitive advantage. As Abel wrote in his shareholder letter, “Culture is our most treasured asset.” Tom connected that philosophy to Dupree Financial Group’s own approach: “We’ve worked to earn the trust of our clients and we have to keep working to keep that.” Historical Market Returns After Geopolitical Events Mike shared data that puts the current conflict in long-term perspective. Looking at one-year returns following major geopolitical events, the numbers are striking: 11.2% after the Korean War, 27% after the Cuban Missile Crisis, 13% after the Six-Day War, 10% after the Gulf War, nearly 27% after the invasion of Iraq, 19% after the Brexit vote, and 43% in the year following COVID-19. However, Tom added an important caveat for retirees: “What about the 30% drop that came before that? Individuals have to look at sequence of return, not just the long-term averages.” This distinction between how a static portfolio and a retirement portfolio respond to volatility is central to Dupree Financial Group’s investment philosophy — building portfolios of quality, dividend-paying companies in separately managed accounts where each client owns their individual stocks rather than being pooled into a mutual fund. Key Takeaways from This Episode Oil prices have surged nearly 30% due to Strait of Hormuz disruptions, with WTI crude jumping from $72 to $92 per barrel, creating ripple effects across the global economy. Stagflation fears are rising as weak jobs data combines with inflationary energy prices, though one report alone doesn’t confirm a trend. The $3.50 gas price threshold is where consumer spending starts to contract meaningfully — and $4 per gallon is where it gets significantly worse. Sequence of returns risk is more important than average returns for anyone in retirement or approaching it — early losses combined with withdrawals create negative compounding that can be devastating. Dividend investing provides a buffer during market downturns by allowing retirees to draw income without being forced to sell stocks at depressed prices. AI is reshaping the job market, benefiting senior workers while displacing entry-level roles, and creating a unique dynamic for tech stock valuations. Berkshire Hathaway’s Greg Abel is resuming share buybacks and investing his entire post-tax salary in Berkshire stock, signaling strong alignment with shareholders. Diversification across sectors — including energy exposure — helps portfolios weather geopolitical shocks through negative correlation benefits. Frequently Asked Questions How do rising oil prices affect my retirement portfolio? Rising oil prices can trigger inflation, which erodes purchasing power and can hurt broad market returns. However, portfolios with energy sector exposure may benefit from higher commodity prices. The key is having a diversified, actively managed portfolio that can adapt to changing market conditions rather than being locked into a one-size-fits-all approach. What is sequence of returns risk and why does it matter? Sequence of returns risk refers to the danger that poor market returns early in retirement — combined with portfolio withdrawals — can permanently damage your nest egg, even if long-term average returns are positive. A $1 million portfolio losing 10% while withdrawing $40,000 drops to $860,000 in year one, making recovery increasingly difficult. This is why income-focused strategies using dividends can help reduce the need to sell during downturns. Should I be worried about stagflation? One weak jobs report alongside rising oil prices raises the question, but stagflation requires a sustained trend of economic stagnation paired with persistent inflation. The current market has shown resilience despite the volatility. That said, having a portfolio strategy that accounts for inflation protection — through dividend growth stocks and diversified sector exposure — is prudent regardless of the economic outlook. How is AI affecting investment opportunities right now? AI-related stocks are trading somewhat independently from broader economic indicators. Companies like NVIDIA are showing strong earnings growth with forward valuations actually below the S&P 500 average. AI is displacing some entry-level jobs while creating opportunities for more experienced workers, making it a complex but potentially rewarding area for long-term investors. What did Berkshire Hathaway’s new leader announce? Greg Abel, who succeeded Warren Buffett, announced that Berkshire would resume share buybacks and that he would personally invest 100% of his post-tax salary — approximately $15 million annually — into Berkshire stock. His 18-page shareholder letter emphasized operational detail and cultural preservation as his top priorities. Don’t Let Market Noise Derail Your Retirement When oil prices surge, jobs data disappoints, and geopolitical uncertainty dominates the headlines, it’s easy to feel like the ground is shifting beneath your feet. But reactive investing — selling in a panic or chasing the latest trend — is one of the biggest threats to a retirement portfolio. At Dupree Financial Group, every client gets a separately managed account with direct access to their portfolio managers — not an assigned counselor at a call center. Your portfolio is built around your retirement timeline, your income needs, and your risk tolerance, with quality dividend-paying companies that provide income even when markets get choppy. If you don’t know what you own in your portfolio, you need to. Call (859) 233-0400 or schedule your complimentary portfolio review online to find out how a personalized approach could help protect — and grow — your retirement income. Listen to the full episode and explore more market insights on The Financial Hour podcast archive. Hear from clients who’ve made the switch to personalized investment management. Dupree Financial Group is a registered investment advisor (RIA) registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. The information provided in this blog post and podcast is for educational purposes only and should not be considered personalized investment advice. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal. Please consult with a qualified financial professional before making any investment decisions. For more information, please review our firm disclosures on SEC.gov. The post Oil Prices Surge 30%: What Rising Market Volatility Means for Your Retirement Portfolio appeared first on Dupree Financial.

Most investors believe diversification protects them from risk. It does not. Richard Rosso breaks down what diversification actually does, what it does not do, and why confusing it with risk management can quietly damage your portfolio over time. We also tackle one of the most overlooked questions in retirement planning: do you actually need long-term care insurance? Hosted by RIA Advisors Director of Financial Planning, Richard Rosso, CFP Produced by Brent Clanton, Executive Producer 0:00 - INTRO 1:38 - Market Gyrations & Diversifications 3:22 - Diversification of Assets AND Accounts 7:28 - The Past as a Pacifier 9:35 - What's Free on Wall Street? 13:01 - Diversification is NOT Risk Management 16:34 - Why is "Diversification" Sold as it is? 18:10 - Redefining Diversification 24:31 - The Lunchroom Effect in Mutual Funds 33:16 - Long Term Care - Some People Don't Need It 36:39 - Richard's Search in Cemeteries 37:41 - Long Term Care Planning Around Alzheimer's 40:08 - Who Needs LTC Insurance? 44:35 - Who Doesn't Need LTC Insurance? 48:00 - But If You Really Want LTC Insurance ------- Do you enjoy our content? Rate us on Google: https://bit.ly/4b9JtEo ------- Watch Today's Full Video on our YouTube Channel: https://youtube.com/live/9m5uCWh7hWw ------- Watch our previous show, "Passive Aggressive Market: Bogle's Warning Came True," here: https://youtube.com/live/jbpipFjnakQ -------- The latest installment of our new feature, Before the Bell, "Markets Reclaim 100-DMA," is here: https://youtu.be/MntZ-KayzxA ------- Download Lance's Latest e-book, "Laws of Money & Wealth:"https://realinvestmentadvice.com/ria-e-guide-library/ -------- SUBSCRIBE to The Real Investment Show here: http://www.youtube.com/c/TheRealInvestmentShow -------- Visit our Site: https://www.realinvestmentadvice.com Contact Us: 1-855-RIA-PLAN -------- Subscribe to SimpleVisor: https://www.simplevisor.com/register-new -------- Connect with us on social: https://twitter.com/RealInvAdvice https://twitter.com/LanceRoberts https://www.facebook.com/RealInvestmentAdvice/ https://www.linkedin.com/in/realinvestmentadvice/ #PersonalFinance #RetirementPlanning #InvestingStrategy #LongTermCareInsurance #PortfolioManagement

This episode marks Kathy Jones' farewell as co-host of On Investing. Collin Martin, Schwab's head of fixed income research, takes over as co-host starting on March 20. As Kathy prepares for retirement after a decades-long career in finance, she reflects back on some of the most important lessons she learned throughout her career. She recounts how she started out as a runner at the Chicago Board of Trade before moving into research. Some of her core investing lessons from 50 years in markets include: The trend is your friend, don't marry your investments, and understand risk management.  Then, in light of recent military action in Iran, Kathy and Liz Ann also discuss the state of geopolitical risk and its market implications. 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 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. All names and market data shown above 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. Diversification and rebalancing 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. 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  (0326-L457) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Alex has 20 years of experience at the intersection of finance and data. He has been a global macro investor at firms like Bridgewater Associates and a proprietary volatility trader at Lehman Brothers. Prior to his career as a data-driven speculator, Alex received an MBA from Stanford Business School, an MPhil in Economics (Game Theory) from the University of Oxford, and a BA (Hons) in Economics from McGill University. In this podcast, we discuss: Fantasy Baseball to Prop Trading Diversification as the "Free Lunch" Gold vs. The Chinese Credit Bubble Silver as the "Money that Generates Electricity" The "Long API, Short Slides" Thesis China's Sceptical Data Copper vs. Iron Divergence The Future of Systematic Investing 

Most investors believe diversification protects them from risk. It does not. Richard Rosso breaks down what diversification actually does, what it does not do, and why confusing it with risk management can quietly damage your portfolio over time. We also tackle one of the most overlooked questions in retirement planning: do you actually need long-term care insurance? Hosted by RIA Advisors Director of Financial Planning, Richard Rosso, CFP Produced by Brent Clanton, Executive Producer 0:00 - INTRO 1:38 - Market Gyrations & Diversifications 3:22 - Diversification of Assets AND Accounts 7:28 - The Past as a Pacifier 9:35 - What's Free on Wall Street? 13:01 - Diversification is NOT Risk Management 16:34 - Why is "Diversification" Sold as it is? 18:10 - Redefining Diversification 24:31 - The Lunchroom Effect in Mutual Funds 33:16 - Long Term Care - Some People Don't Need It 36:39 - Richard's Search in Cemeteries 37:41 - Long Term Care Planning Around Alzheimer's 40:08 - Who Needs LTC Insurance? 44:35 - Who Doesn't Need LTC Insurance? 48:00 - But If You Really Want LTC Insurance ------- Do you enjoy our content? Rate us on Google: https://bit.ly/4b9JtEo ------- Watch Today's Full Video on our YouTube Channel: https://youtube.com/live/9m5uCWh7hWw ------- Watch our previous show, "Passive Aggressive Market: Bogle's Warning Came True," here: https://youtube.com/live/jbpipFjnakQ -------- The latest installment of our new feature, Before the Bell, "Markets Reclaim 100-DMA," is here: https://youtu.be/MntZ-KayzxA ------- Download Lance's Latest e-book, "Laws of Money & Wealth:"https://realinvestmentadvice.com/ria-e-guide-library/ -------- SUBSCRIBE to The Real Investment Show here: http://www.youtube.com/c/TheRealInvestmentShow -------- Visit our Site: https://www.realinvestmentadvice.com Contact Us: 1-855-RIA-PLAN -------- Subscribe to SimpleVisor: https://www.simplevisor.com/register-new -------- Connect with us on social: https://twitter.com/RealInvAdvice https://twitter.com/LanceRoberts https://www.facebook.com/RealInvestmentAdvice/ https://www.linkedin.com/in/realinvestmentadvice/ #PersonalFinance #RetirementPlanning #InvestingStrategy #LongTermCareInsurance #PortfolioManagement

Today's February nonfarm payrolls report might shift attention from war news, at least for the moment. Analysts expect a gain of 60,000 jobs, down from 130,000 in January. Important Disclosures This material is intended for general informational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. Past performance is no guarantee of future results. 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. 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. Investing involves risk, including loss of principal, and for some products and strategies, loss of more than your initial investment. 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. 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. (0131-0326) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

If you are considering retiring early or you need income before age 59½, the IRS 72(t) rule (also called SEPP, Substantially Equal Periodic Payments) may allow you to take distributions from a traditional IRA without the 10% early withdrawal penalty.In this episode, Ken and Jeremy break down what an IRA is, who 72(t) can help, the three calculation methods, and the most common pitfalls that can trigger penalties if you change or break the plan. You will also hear an example using a $1,000,000 IRA and a planning strategy that may help you match the income you need.00:00 Intro: the 10% early withdrawal penalty problem01:10 What an IRA is (traditional vs Roth)03:05 What is 72(t) SEPP and who it is for05:00 The big rule: duration and no changes allowed07:10 Method 1: RMD method (flexible, recalculates)10:20 Methods 2 and 3: amortization vs annuitization13:40 Example, interest rate limits, and top mistakes to avoidAt Retirement Planners of America, we help people retire when they want to and stay retired.Visit us at rpoa.com to learn more.Like, subscribe, and share for more retirement and investing insights from Ken Moraif and the RPOA team.RPOA Advisors, Inc. (d/b/a Retirement Planners of America) (“RPOA”) is an SEC-registered investment adviser. Registration as an investment adviser is not an endorsement by securities regulators and does not imply that RPOA has attained a certain level of skill or training.This podcast has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, personalized investment, financial, tax, or legal advice. RPOA does not provide tax or legal advice. You should consult your own tax and legal advisors before engaging in any transaction or strategy.Opinions expressed are those of RPOA as of the date of publication and are subject to change. Investing involves risks, including possible loss of principal. Diversification and asset allocation do not guarantee a profit, nor do they eliminate the risk of loss. Past performance is no guarantee of future results.

Everyone thinks they're diversified... Until the market proves otherwise. In this podcast episode, Nic Daniels breaks down what diversification really means and why so many investors get it wrong. After years of strong market performance, it's easy to feel confident owning growth-heavy portfolios, tech ETFs, or even multiple S&P 500 funds. But are you truly diversified, or just concentrated in disguise? Nic walks through real-world examples of "fake diversification," including overlapping mega-cap exposure, tech-heavy ETF combinations, U.S.-only portfolios, and the hidden risks inside high-yield income investments. He explains why bull markets mask concentration risk and how volatility quickly exposes it. Most importantly, he outlines practical, tax-aware ways to gradually rebalance and build a portfolio designed not just to grow wealth — but to protect it. Diversification isn't about today's gains, it's about making sure one market shift doesn't rewrite your retirement.   Take Our BetterBuckets™ Assessment https://www.therealmoneypros.com ————————————————————— Ataraxis PEO https://ataraxispeo.com Tree City Advisors of Apollon: https://www.treecityadvisors.com Apollon Wealth Management: https://apollonwealthmanagement.com/ —————————————————————

Though war news may continue to dominate, investors are also focused on Friday's February jobs report and yesterday's Broadcom results. Productivity and monthly layoff data loom. Important Disclosures This material is intended for general informational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. Past performance is no guarantee of future results. 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. 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. Investing involves risk, including loss of principal, and for some products and strategies, loss of more than your initial investment. 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. 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. (0131-0326) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Episode overview In this episode of Investments Unplugged, hosts Kevin Headland and Macan Nia mark International Women's Day by exploring longevity through the lens of women and financial preparedness. They're joined by Director, Multi-Asset Solutions Erica Camilleri, who shares thoughts and research on why longevity risk is higher for women, how today's macroeconomic backdrop (including higher cross-asset correlations and persistent inflation) can amplify retirement risks, and what investors can do—through better planning, appropriate risk-taking, and sound advice—to reduce the odds of outliving their savings.   Key topics & insights 1. Longevity risk and why it's higher for women Financial shortfall risk gap — Manulife research found that women in Canada face a higher risk of experiencing financial shortfalls in retirement than men do (34% vs. 29%). It's not just living longer — Longevity risk stems from a mix of longer (and rising) life expectancies, plus structural and social factors that can reduce lifetime savings and increase retirement vulnerability. 2. Health, wealth, and “longevity preparedness” Health and wealth are intertwined — The conversation emphasizes that longevity preparedness isn't only about financial issues; for example, poor health can worsen retirement outcomes and vice versa. New tools and frameworks — The “longevity preparedness index” is designed to measure readiness to thrive while aging in retirement and is expected to expand into Canada in coming years. 3. The role of incentives and behaviour change (and why it matters for outcomes) Incentives can drive better habits — The episode highlights research over decades indicating that specific goals outperform vague “do your best” goals and discusses how incentive-based programs can encourage healthier behaviour (and, by extension, better long-term outcomes). 4. Structural inflation is still a long-term retirement risk Inflation has moderated cyclically but remains structurally higher — Even if inflation trends toward central bank targets, the episode argues households are still living with a higher price level and that long-run inflation may settle in the mid-to-high 2% range rather than the pre-pandemic norm. Retirement math is sensitive to small inflation shifts — A modest upward shift in expected inflation (example discussed: +40 bps) can materially raise required savings/asset levels for retirement (example cited: a 30-year-old might need ~19% more assets). 5. Portfolio construction challenges: higher correlations and concentration risk Diversification is harder when correlations rise — The hosts discuss higher correlations within equities and between equities and fixed income, plus increased market concentration—factors that can make portfolios more vulnerable to shocks. Longevity risk is amplified by portfolio risk — In a “fluid” market backdrop, managing drawdowns and sequence-of-returns risk becomes more important for sustaining long retirements. 6. Mitigating longevity risk: saving earlier, compounding, and appropriate risk Start early; small changes matter — The conversation stresses the power of compounding and the outsized impact of starting earlier (even with small incremental improvements). Avoid being overly conservative — The episode argues many investors (especially in defined contribution plans) are too conservative, and that growth asset exposure is critical to reducing shortfall risk over multi-decade retirements. Rethinking retirement glidepaths — Erica explains their approach avoids a static asset allocation through retirement, allowing for more growth exposure early in retirement given retirements can last decades. 7. Advice, planning, and using the right tools (including RRSPs) Financial advice early helps — A repeated theme is that advice earlier in life helps investors understand opportunities, risks, and the need for money to last throughout retirement (and potentially leave a legacy). Tax-advantaged tools matter — The hosts reference prior discussions on RRSP benefits and how tax savings can compound and support retirement resilience. ·   Actionable takeaways for Canadian investors Plan for a longer retirement than you think: Build your plan around the possibility of a multi-decade retirement (the episode references retirements that could stretch to ~40 years). Don't ignore inflation in long-range assumptions: Stress-test your retirement plan for slightly higher long-term inflation; even small changes can require meaningfully higher savings. Prioritize time in the market (compounding): If you're early in your career, focus on starting now—small contribution increases made earlier can have an outsized impact later. Be deliberate about risk—not automatically conservative: Review whether your portfolio is too cautious for your horizon (including early retirement), since insufficient growth can increase shortfall risk. Diversify with today's correlation regime in mind: Recognize that diversification may be less reliable when equity/fixed income correlations rise; ensure your portfolio isn't overly concentrated in a few exposures. Use advice and tax tools to improve outcomes: Consider getting financial advice earlier and make full use of retirement vehicles (e.g., RRSPs) where appropriate to improve after-tax compounding.   Links & Resources Listen to the episode:Investments Unplugged Podcast Learn more about Manulife Investments:Manulife IM Canada Share & Subscribe If you enjoyed this episode, please share it with your network and subscribe for future insights on markets, investing, and portfolio strategy.   For informational purposes only. This episode does not constitute investment advice. Please consult a qualified advisor before making investment decisions.    

Markets are always watching the Federal Reserve—but how much does leadership at the central bank really influence market behavior? In this episode, we explore how markets historically respond to changes in Federal Reserve leadership. Plus we discuss a timeless investing principle: why “slow and steady” often beats trying to chase quick wins and how investors can approach the most common retirement concern: running out of money.  Check Out Our Investor Guide Series: https://www.premieriwm.com/investor-guides  Get started on your path to financial freedom: www.premieriwm.com  Securities and advisory services offered through LPL Financial, a registered investment advisor, member FINRA/SIPC. The opinions voiced in this show are for general information purposes only and are not intended to provide specific advice or recommendations for any individual. To determine which investments may be appropriate for you, consult with your attorney, accountant, and financial or tax advisor prior to investing. Premier Investments & Wealth Management and LPL Financial do not provide tax advice, please consult your tax professional. Economic forecasts set forth may not develop as predicted and there can be no guarantee that strategies promoted will be successful. There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk. All performance referenced is historical and is not a guarantee of future results. All indices are unmanaged and cannot be invested into directly. There is no assurance that the techniques and strategies discussed are suitable for all investors or will yield positive outcomes. The purchase of certain securities may be required to effect some of the strategies. Investing involves risks including possible loss of principal. Dollar cost averaging involves continuous investment in securities regardless of fluctuations in price levels. Investors should consider their ability to continue purchasing through periods of low price levels. Such a plan does not assure a profit and does not protect against loss in declining markets. Consult your tax professional about eligibility to Roth and Traditional IRA contributions. Contributions and earnings in a Roth IRA can be withdrawn without paying taxes and penalties if the account owner is at least 59 ½ and has held their Roth IRA for at least five years. Traditional IRA account owners have considerations to make before performing a Roth IRA conversion. These primarily include income tax consequences on the converted amount in the year of the conversion, withdrawal limitations from a Roth IRA, and income limitations for future contributions to a Roth IRA. In addition, if you are required to take a minimum distribution (RMD) in the year you convert, you must do so before converting to a Roth IRA. This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

Listen and subscribe to Money Making Conversations on iHeartRadio, Apple Podcasts, Spotify, www.moneymakingconversations.com/subscribe/ or wherever you listen to podcasts. New Money Making Conversations episodes drop daily. I want to alert you, so you don’t miss out on expert analysis and insider perspectives from my guests who provide tips that can help you uplift the community, improve your financial planning, motivation, or advice on how to be a successful entrepreneur. Keep winning! Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald interviewed Mowbray and Cherina Rowand Co-founders of The Rowand Group and One Stop Taxes, the largest Black-owned virtual tax preparation service in America. The interview highlights their business evolution, scaling strategies, community impact, and the creation of the Black Tax Festival.

Listen and subscribe to Money Making Conversations on iHeartRadio, Apple Podcasts, Spotify, www.moneymakingconversations.com/subscribe/ or wherever you listen to podcasts. New Money Making Conversations episodes drop daily. I want to alert you, so you don’t miss out on expert analysis and insider perspectives from my guests who provide tips that can help you uplift the community, improve your financial planning, motivation, or advice on how to be a successful entrepreneur. Keep winning! Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald interviewed Mowbray and Cherina Rowand Co-founders of The Rowand Group and One Stop Taxes, the largest Black-owned virtual tax preparation service in America. The interview highlights their business evolution, scaling strategies, community impact, and the creation of the Black Tax Festival.

Listen and subscribe to Money Making Conversations on iHeartRadio, Apple Podcasts, Spotify, www.moneymakingconversations.com/subscribe/ or wherever you listen to podcasts. New Money Making Conversations episodes drop daily. I want to alert you, so you don’t miss out on expert analysis and insider perspectives from my guests who provide tips that can help you uplift the community, improve your financial planning, motivation, or advice on how to be a successful entrepreneur. Keep winning! Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald interviewed Mowbray and Cherina Rowand Co-founders of The Rowand Group and One Stop Taxes, the largest Black-owned virtual tax preparation service in America. The interview highlights their business evolution, scaling strategies, community impact, and the creation of the Black Tax Festival.

On his 14th Ask Me Anything episode, Jesse tackles a set of listener questions that expose the messy, real-world edges of financial planning—where tax rules, behavioral tendencies, and long-term strategy collide. He begins by unpacking a nuanced withdrawal-order debate, explaining why the "optimal" sequence between taxable, tax-deferred, and Roth accounts depends less on rigid rules and more on tax brackets, future income expectations, and optionality over time. From there, he walks through a detailed case involving concentrated stock risk and diversification timing, illustrating how capital gains, risk tolerance, and psychological comfort all factor into decisions that can't be reduced to a single formula. Jesse also addresses the role of Roth conversions in managing lifetime tax liability, carefully outlining when accelerating taxes makes sense—and when it's simply complexity masquerading as strategy. Throughout the episode, he reinforces a consistent theme: financial planning is about managing tradeoffs under uncertainty, not chasing theoretical perfection. By blending technical tax insight with behavioral realism, Jesse shows listeners how to think clearly about multi-year tax strategy, investment risk, and withdrawal flexibility—so decisions today improve both mathematical outcomes and peace of mind tomorrow. Key Takeaways: • Roth conversions are powerful but situational. They're best used in a "Goldilocks" situation—when the time is just right! • Many financial decisions require balancing math and psychology. Risk tolerance is both emotional and financial. • Tax brackets create planning opportunities across time. Lifetime tax arbitrage is central to retirement planning. • Multi-year projections reveal better strategies than single-year snapshots. • Diversification is risk management, not just performance enhancement. • Market predictions should all end with "but, I don't know." Key Timestamps: (01:57) – How Do Dividends Work? (08:52) – Individual Bonds vs. Bond Funds? (18:39) – Is Tax Planning Just a Way for the Rich to Not Pay Their Fair Share? (23:09) – Is an "Opportunity Fund" a Bad Idea? (27:18) – Is Tax-Loss Harvesting a Real Strategy? (32:04) – Should Financial Planners Be Setting Goals and Priorities for Clients? (34:59) – Should You Even Hire a Financial Advisor? (36:19) – Are Roth Conversions Oversold? (41:55) – Why Would You Hire an AUM Advisor? (48:29) – Isn't Rebalancing Just Selling the Good and Buying the Bad? (50:50) – Why Would We Listen to Market Commentary? Key Topics Discussed: The Best Interest, Jesse Cramer, Wealth Management Rochester NY, Financial Planning for Families, Fiduciary Financial Advisor, Comprehensive Financial Planning, Retirement Planning Advice, Tax-Efficient Investing, Risk Management for Investors, Generational Wealth Transfer Planning, Financial Strategies for High Earners, Personal Finance for Entrepreneurs, Behavioral Finance Insights, Asset Allocation Strategies, Advanced Estate Planning Techniques Mentions: https://bestinterest.blog/bonds-vs-bond-funds/ Episode 81: https://open.spotify.com/episode/0JVTRYN8HBrgTI4EhVZglk?si=8183fd564b3b4b56 Episode 124: https://open.spotify.com/episode/5ymIVeacL6et7sBTznzBxw?si=ff4b505ac9dc4149 Episode 127: https://open.spotify.com/episode/2HKGOmdOjWoUPrEkDYz7L4?si=8596295fa38541f8  More of The Best Interest: Check out the Best Interest Blog at https://bestinterest.blog/ Contact me at jesse@bestinterest.blog Consider working with me at https://bestinterest.blog/work/ The Best Interest Podcast is a personal podcast meant for education and entertainment. It should not be taken as financial advice, and is not prescriptive of your financial situation.

Despite another late recovery attempt Tuesday, the market remains in largely negative straits as war keeps oil prices elevated. Broadcom reports later and ADP jobs data looms. Important Disclosures This material is intended for general informational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. Past performance is no guarantee of future results. 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. 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. Investing involves risk, including loss of principal, and for some products and strategies, loss of more than your initial investment. 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. 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. (0131-0326) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Could your relationship with money (not your income) be the real thing holding you back from building wealth? In this episode of Life Changing Money, Barbara sits down with financial advisor and wealth strategist Sierra Muecke, founder of Infinite Heights Financial, to talk about the real path to building wealth and why it's about far more than numbers and investments. They also discuss practical wealth strategies for business owners, the importance of diversification, and how having intentional money conversations can transform both your finances and your relationships. Tune in to hear: • Sierra's journey from growing up in a converted school bus to becoming a financial advisor • Why the traditional finance industry often overlooks everyday entrepreneurs • How money mindset can impact your ability to build long-term wealth • The powerful shift that happens when you define what wealth actually means to you • Why diversification matters when investing as a business owner • Sierra's thoughts on real estate, ETFs, individual stocks, and crypto investing • The importance of having regular “money dates” with your partner • How aligning your financial strategy with your life goals can change your relationship with money Connect with Sierra: IG: https://www.instagram.com/infiniteheightsfinancial/ Website: https://www.infiniteheights.com/   Grab your seat for the Tax Strategies to Build Wealth Masterclass happening March 25th: https://taxedacademy.com   How To Get Involved: Life-Changing Money is a podcast all about money. We share stories of how money has impacted and radically changed the lives of others—and how it can do the same for you. Your host, Barbara Schreihans (pronounced ShREE-hands) is the founder and CEO of Your Tax Coach, and the creator of the Write Off Your Life Course. She is a top tax strategist, business coach, and expert in helping business owners and high-net-worth individuals save millions in taxes while increasing profits. When she's not leading her team, coaching clients, or dreaming up new goals for her company, you can find her drinking coffee, hanging out with her family, and traveling the world. Grab a cup of coffee and become inspired as we hear from those who have overcome and are overcoming their self-limiting beliefs and money mindsets! Do you have a burning question that you'd love to hear answered on a future show? Please email it to: podcast@yourtaxcoach.biz Sign Up For Our Newsletter Life Changing Money Podcast Get Tax Help!

How could you diversify your income streams by pursuing your interests? Anyone who knows me knows I have a lot going on—I run Bossed Up, I have a corporate day job, I'm a parent…and that's not even half of it. But I firmly believe that expanding your career portfolio is a wise move, for your finances and your energy sustainability.  Especially in the current wildly unstable job market, why focus all your time, energy, and interest on a single job? By doing so, you run the risk of being left at loose ends if, heaven forbid, your job falls through. In this episode, I share my own exciting new business venture, along with some helpful tips for exploring your own side hustles and hobby monetization. If you've ever considered becoming a multi-hyphinate—or know someone who's on that path—you're going to love this one. Mitigate your income risk and diversify your time and energy: The two pie charts that sum up your career portfolio; How to find more time for your side hustle without exhausting yourself; Three ways you can start to explore doing more, safely and strategically. Related Links: Matt Schumer's essay “Something Big is Happening” - https://x.com/mattshumer_/status/2021256989876109403 Episode 536, Strategic Detachment: A Trend for Surviving and Thriving - https://www.bossedup.org/podcast/episode536 “The Lean Startup” by Eric Reis - https://bookshop.org/p/books/the-lean-startup-how-today-s-entrepreneurs-use-continuous-innovation-to-create-radically-successful-businesses-eric-ries/3cb6bdcf8f1bebc2 My NEW LinkedIn Learning Course: Get Unstuck: Make a Plan to Move Your Career Forward - https://www.linkedin.com/learning/get-unstuck-make-a-plan-to-move-your-career-forward-30720060 Bossed Up Courage Community - https://www.facebook.com/groups/927776673968737/ Bossed Up LinkedIn Group - https://www.linkedin.com/groups/7071888/ Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Stocks showed resilience Monday despite crude's rally after war erupted in the Middle East. Today brings earnings from consumer giants, as well as from software firm CrowdStrike. Important Disclosures This material is intended for general informational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. Past performance is no guarantee of future results. 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. 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. Investing involves risk, including loss of principal, and for some products and strategies, loss of more than your initial investment. 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. 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. (0131-0326) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

What will drive markets in 2026?In this February 2026 episode of Gimme Some Truth, hosts Nate Condon and Clint Walkner examine five major market catalysts investors should watch this year: elevated U.S. equity valuations, international market rotation, a potential new Federal Reserve Chair, inflation's evolving target, and AI-driven volatility.The discussion expands on their published article featured in Walkner Condon's 2026 Market Outlook, outlining why stretched U.S. stock valuations may require record earnings growth to justify further gains — and why earnings misses are being punished more severely. They explore the reemergence of developed, emerging, and frontier international markets, the impact of a weakening U.S. dollar, and whether dollar strength could return later in 2026.Read the 2026 Market Outlook - https://walknercondon.com/market-outlook-guide-2026/ They also analyze the implications of a potential new Fed Chair, the political dynamics surrounding Jerome Powell, and how changes in Federal Reserve leadership could influence interest rates and overall market stability.On inflation, they consider whether the effective target is closer to 2.5%–3% and discuss how artificial intelligence may introduce longer-term deflationary forces. Finally, they examine the transition from large language models (LLMs) to agentic AI implementation in 2026 — and what automation, SaaS repricing, AI IPO activity, and increased market volatility could mean for investors.If you're focused on diversification, global equity exposure, Federal Reserve policy, inflation trends, AI investing, or the 2026 stock market outlook, this episode provides timely perspective.⏱️ Timestamps00:00 2026 Market Outlook01:52 Stretched U.S. Valuations & Earnings Risk03:54 International Market Rotation & Dollar Trends05:41 New Fed Chair & Policy Uncertainty08:01 Inflation Target Debate: 2% vs 2.5–3%09:29 AI Implementation Era & Market Volatility15:42 IPO Risks, Diversification & What's NextSUBSCRIBE: @walknercondon For more on this topic and others check out the blog on our website: https://walknercondon.com/blog/Visit our website for more financial planning resources and educational information: https://www.walknercondon.com ————————————————ADD US ON:LinkedIn: https://linkedin.com/company/walkner-condon-financial-advisors-llc Facebook: https://facebook.com/walknercondon

War in the Middle East shifted focus to oil prices and could trigger volatility and a flight to perceived safety. Trading might be turbulent until ramifications grow clearer. Important Disclosures This material is intended for general informational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. Past performance is no guarantee of future results. 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. 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. Investing involves risk, including loss of principal, and for some products and strategies, loss of more than your initial investment. 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. 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. (0131-0326)   Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

On this episode of This Week in Pharmacy, we spotlight two major conversations shaping the future of pharmacy practice in 2026. First, we welcome Dr. Lisa Faast, PharmD, founder of DiversifyRx, to discuss the Pharmacy Profit Summit 2026 and how independent pharmacies can strengthen margins, diversify revenue streams, and build sustainable growth models in today's reimbursement environment. Then, we turn to Rare Disease Day 2026 with Richard Ferris, PharmD, Chief Commercial & Clinical Officer at PantherRx, to discuss specialty pharmacy leadership, pharmacist impact, and new patient feedback data revealing communication gaps in rare disease care. Segment 1: Pharmacy Profit Summit 2026 Guest: Dr. Lisa Faast, PharmD | Founder, DiversifyRx Dr. Faast joins us to break down the vision behind Pharmacy Profit Summit 2026 — an event designed to equip pharmacy owners with practical strategies to increase profitability while maintaining clinical excellence. Key Topics Covered: • Why independent pharmacies must move beyond traditional dispensing revenue  • Diversification strategies including niche services and high-value offerings  • Real-world financial benchmarks pharmacy owners should track  • How mindset, leadership, and data discipline drive sustainable profitability  • The importance of collaboration and shared intelligence among pharmacy entrepreneurs The Pharmacy Profit Summit is not just about revenue — it's about equipping pharmacy owners to compete intelligently in a rapidly consolidating healthcare market. Segment 2: Rare Disease Day 2026 Guest: Richard Ferris, PharmD | PantherRx Rare Pharmacy In recognition of Rare Disease Day 2026, we are honored to welcome Richard Ferris, PharmD, to discuss the critical role pharmacists play in specialty pharmacy and rare disease care. PantherRx recently released survey findings examining patient and caregiver experiences within rare disease treatment journeys. Key Study Highlights: • 90% of patients and caregivers report delays due to communication gaps  • 68% report waiting for updates from providers, pharmacies, or insurers  • 90% say they manage the care process themselves  • 72% desire a dedicated care coordinator  • 73% agree it is unclear who is responsible for coordinating rare disease care Despite advances in specialty therapeutics, patients are still asking for the fundamentals: clear communication, coordinated care, and personalized support. Richard discusses: • The growing importance of specialty pharmacists as care coordinators  • Why rare disease patients often feel burdened by system fragmentation  • How specialty pharmacy can close communication gaps  • The need for pharmacist-led continuity in complex therapy management Rare Disease Day reminds us that specialty pharmacy is not only about high-cost medications — it is about human connection, long-term coordination, and advocacy for patients navigating some of the most complex clinical journeys in healthcare.  From business sustainability to patient-centered specialty care, this episode reinforces two realities: Pharmacy must remain financially strong to survive. Pharmacists must remain clinically present to lead. As the profession evolves, profitability and patient advocacy are not opposing forces — they are interdependent pillars of pharmacy's future. Listen now and join the conversation shaping Pharmacy in 2026.

In this episode, Kathy Jones announces that she will be retiring soon and that Collin Martin, Schwab's Head of Fixed Income Research, will take over as co-host of On Investing. Liz Ann and Kathy also discuss the latest bout of volatility caused by future concerns around AI.  Then, Kathy is joined by Claudia Sahm, former economist for the Federal Reserve, former economist for the White House Council of Economic Advisors, and now chief economist for New Century Advisors. Kathy and Claudia discuss the path forward for the Federal Reserve, in terms of setting policy. They cover the state of the labor market, certain issues regarding the quality of the data produced, and the potential impact of AI on labor supply, among other issues. You can keep up with Claudia Sahm her on her Substack newsletter called “Stay-at-Home Macro.” 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 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.  The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab.  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. All names and market data shown above 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. Diversification strategies do not ensure a profit and do not protect against losses in declining markets. 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  (0226-GYWH) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

January PPI could be a road sign for the Fed, and the broader market is barely changed this week despite Thursday's Nvidia-led sell off in tech. Next week is packed with jobs data. Important Disclosures This material is intended for general informational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. Past performance is no guarantee of future results. 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. 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. Investing involves risk, including loss of principal, and for some products and strategies, loss of more than your initial investment. 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. 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. (0128-0226) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Are you accidentally sabotaging your investments?In this episode, Ken Moraif breaks down the 7 Deadly Sins of Investing and explains how common behaviors like emotion, greed, impatience, disorganization, and fear can hurt your long term financial outcomes.If you are retired, retiring soon, or planning for retirement, this is a must watch conversation about how to make smarter investment decisions and avoid costly mistakes.0:00 Intro: The 7 Deadly Sins of Investing0:34 Sin 1: Emotion1:20 Sin 2: Disorganization2:08 Sin 3: Myopia (missing the big picture)3:06 Sin 4: Impatience and FOMO4:02 Sin 5: Greed5:05 Sin 6: Arrogance6:12 Sin 7: Cowardice7:35 Why working with an advisor can help8:10 Closing thoughtsAt Retirement Planners of America, we help people retire when they want to and stay retired.Visit us at rpoa.com to learn more.Like, subscribe, and share for more retirement and investing insights from Ken Moraif and the RPOA team.RPOA Advisors, Inc. (d/b/a Retirement Planners of America) (“RPOA”) is an SEC-registered investment adviser. Registration as an investment adviser is not an endorsement by securities regulators and does not imply that RPOA has attained a certain level of skill or training.This podcast has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, personalized investment, financial, tax, or legal advice. RPOA does not provide tax or legal advice. You should consult your own tax and legal advisors before engaging in any transaction or strategy.Opinions expressed are those of RPOA as of the date of publication and are subject to change. Investing involves risks, including possible loss of principal. Diversification and asset allocation do not guarantee a profit, nor do they eliminate the risk of loss. Past performance is no guarantee of future results.

Peter and Charlie discuss the stock market, the bond market, the Fed, inflation, the economy and more on this special episode of Signal or Noise. 

After an AI doomsday report shook Wall Street, Doug and Greg Stokes break down how they see the future of work and AI playing out and why a diversified portfolio is the measured response to charlatan predictions. They also examine private credit trends and the real estate market as mortgage rates continue to fall, as well as the potential of corresponding headwinds to disinflation.  Key Takeaways [00:17] - Tariff ruling + an AI doomsday report [06:13] - Private credit sector concerns amidst market volatility [08:38] - Combating charlatan predictions with a diversified portfolio [15:22] - Mortgage rates are following interest rates [20:05] - Headwinds to disinflation are coming View Transcript Links Viral Doomsday Report Lays Bare Wall Street's Deep Anxiety About AI Future Robert Kiyosaki: The Boy Who Cried Crash Once America's Most Affordable Rental City, Austin Is About to Get More Expensive Connect with our hosts Doug Stokes Greg Stokes Stokes Family Office Subscribe and stay in touch Apple Podcasts Spotify lagniappe.stokesfamilyoffice.com Disclosure The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate, qualified professional prior to making a final decision. Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategies referenced in our blogs/podcasts) or any other investment and/or non-investment-related content or services will be profitable, equal any historical performance level(s), be suitable or appropriate for a reader/listener's individual situation, or prove successful. Moreover, no portion of the blog/podcast content should be construed as a substitute for individual advice or services from the financial professional(s) of a reader/listener's choosing, including Stokes Family, LLC, a registered investment adviser with the SEC, with which the blogger/podcasters are affiliated.

Nvidia's results, and to a lesser extent earnings from Salesforce, are the main focus this morning after a tech-led rally to two-week highs yesterday. PPI looms early Friday. Important Disclosures This material is intended for general informational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request. Past performance is no guarantee of future results. 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. 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. Investing involves risk, including loss of principal, and for some products and strategies, loss of more than your initial investment. 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. 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. (0128-0226) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Are you a high-income earner looking to build long-term wealth without spending more time on active investing? Learn the secrets of passive real estate investing and why it's the key to financial freedom. In this episode of Sharkpreneur, Seth Greene interviews Whitney Elkins-Hutten, Director of Investor Education at PassiveInvesting.com, Founder of Ashwealth.com, and Author of the #1 Bestseller Money for Tomorrow: How to Build and Protect Generational Wealth, who shares her journey from accidental real estate investor to expert in passive investing. With a wealth of experience, including a bestselling book Money for Tomorrow, Whitney explains how high-income earners can transform active income into passive income while capitalizing on cash flow and equity growth. If you're looking for ways to achieve financial independence, Whitney's insights on real estate investments and market strategies are invaluable. Key Takeaways:→ Passive investing enables high-income earners to focus on their jobs while building wealth through real estate.→ Diversification across asset classes is crucial for long-term financial success, especially as capital stacks grow. → Market dynamics, such as job and income growth, are critical factors in evaluating investment opportunities. → Deals should have clear paths to capital preservation, cash flow, and equity growth, with tax benefits as a bonus. → The current economic climate requires patience as investors must navigate volatility and identify genuine opportunities. Whitney Elkins-Hutten is the Director of Investor Education at PassiveInvesting.com, founder of Ashwealth.com, and author of the award-winning #1 bestseller Money for Tomorrow: How to Build and Protect Generational Wealth. Through her proven wealth-building framework, Whitney empowers high-earning professionals and business owners to create secure, passive income streams that support a legacy of financial freedom for generations. With over $800MM in assets—including 6,500+ residential units, 15 express car washes, and 2,200+ self-storage units—Whitney guides clients to invest strategically, helping them confidently turn a single $100,000 investment into hundreds of thousands within a few years or millions over decades. Connect With Whitney:Website: https://www.passiveinvesting.com/welcome-whitney/https://ashwealth.com/ LinkedIn: https://www.linkedin.com/in/whitneyelkinshutten/

While real estate is our specialty, we also appreciate the value of looking beyond it to create a well-rounded portfolio. Every now and then, another asset class catches our eye. Today, we're talking about one that's starting to draw attention from real estate investors—and for good reason. Tangible, essential, and in global demand, these materials power everything from electronics and renewable energy to electric vehicles and advanced technologies. In this episode, Robert Helms sits down with John Waldheim and Louis O'Connor to discuss rare earths and technology metals. Tune in to learn about their global demand and applications, how these strategic metals can complement a real estate-focused portfolio, and how everyday investors can gain access to them. Visit our Special Reports Library under Resources at RealEstateGuysRadio.com

Today we welcome Nikki and Ollie Lake to the R2Kast