Podcasts about firms

In this episode of Advisor Talk, Frank LaRosa and Stacey Frank break down the realities behind minority equity deals in advisory practices - including what advisors often misunderstand about control, exit clauses, valuation multiples, and long-term implications.Frank explains why even a 10–20% minority stake effectively creates a partner in your business - whether you think of it that way or not - and why advisors must think beyond the upfront check and consider the unwind scenario before signing anything.They also explain the difference between taking a transition loan versus selling equity - and why one is far easier to reverse if things don't go as planned.Key questions explored in this episode:What does selling a minority stake actually mean for control?Even at 10–20%, you now have a financial partner whose incentives may influence hiring, spending, technology, and growth strategy.Is there usually an exit clause?In many cases, especially with smaller RIAs, there may be little to no unwind option. Larger firms may offer buyback terms — but often at a higher multiple if you've grown.Why are broker-dealers offering these deals now?Firms are looking to accelerate growth beyond the industry's typical 5% net new asset growth rate and to retain advisors long term.If you're a financial advisor considering selling 10–30% of your practice - or being approached with a “sell and stay” offer - this episode will help you think through the long-term consequences before you sign.Chapters:01:06 – Episode Intro03:12 – Advisor Concerns04:45 – Revenue vs Profit Share06:02 – You Now Have a Partner06:59 – Exit Clauses Explained10:16 – Control & Fees14:09 – Growth Expectations18:25 – Why Firms Invest25:28 – Don't Decide on MoneyLearn more about Elite and our resources:Elite Consulting Partners | Financial Advisor Transitionshttps://eliteconsultingpartners.comElite Marketing Concepts | Marketing Services for Financial Advisorshttps://elitemarketingconcepts.comElite Advisor Successions | Advisor Mergers & Acquisitionshttps://eliteadvisorsuccessions.comJEDI Database Solutions | Technology Solutions for Advisorshttps://jedidatabasesolutions.comListen to more Advisor Talk episodes:https://eliteconsultingpartners.com/podcasts/

Stephen Grootes speaks to Kumba CEO, Mpumi Zikalala about Kumba’s strong 2025 performance, the rising demand for premium lump iron-ore, and how the UHDMS project is set to further elevate the company’s product quality and market advantage. In other interviews, the Head of Cartels at the Competition Commission breaks down the findings against PG Glass and Glasfit, explaining the alleged long‑running price‑fixing cartel and what it could mean for consumers and the broader automotive‑glass industry. The Money Show is a podcast hosted by well-known journalist and radio presenter, Stephen Grootes. He explores the latest economic trends, business developments, investment opportunities, and personal finance strategies. Each episode features engaging conversations with top newsmakers, industry experts, financial advisors, entrepreneurs, and politicians, offering you thought-provoking insights to navigate the ever-changing financial landscape.    Thank you for listening to a podcast from The Money Show Listen live Primedia+ weekdays from 18:00 and 20:00 (SA Time) to The Money Show with Stephen Grootes broadcast on 702 https://buff.ly/gk3y0Kj and CapeTalk https://buff.ly/NnFM3Nk For more from the show, go to https://buff.ly/7QpH0jY or find all the catch-up podcasts here https://buff.ly/PlhvUVe Subscribe to The Money Show Daily Newsletter and the Weekly Business Wrap here https://buff.ly/v5mfetc The Money Show is brought to you by Absa     Follow us on social media   702 on Facebook: https://www.facebook.com/TalkRadio702 702 on TikTok: https://www.tiktok.com/@talkradio702 702 on Instagram: https://www.instagram.com/talkradio702/ 702 on X: https://x.com/CapeTalk 702 on YouTube: https://www.youtube.com/@radio702   CapeTalk on Facebook: https://www.facebook.com/CapeTalk CapeTalk on TikTok: https://www.tiktok.com/@capetalk CapeTalk on Instagram: https://www.instagram.com/ CapeTalk on X: https://x.com/Radio702 See omnystudio.com/listener for privacy information.

AP's Lisa Dwyer reports on research showing Tariffs are hitting the bottom line.

Gregory Copley reports Nigerian President Tinubu advocates for an African credit rating agency to reduce reliance on external assessments from firms like Moody's, reflecting growing desire for statistical independence and better quantification of local economies to attract investment.1910 BRUSSELS CATHEDRAL

In this first part of a two-part series, Jeff and Luca explore how different types of service-oriented engineering organizations should focus their learning and improvement efforts. Drawing from their consulting experience, they examine three distinct categories: product development firms that turn client ideas into reality, engineering development firms that sell specialized technical expertise, and solo engineers who package all necessary knowledge into one person.The core insight: what you should focus on learning depends entirely on what you're actually selling. Product development firms need to master the entire client journey and product design process, not just engineering excellence. Engineering development firms must become technical wizards in a specific domain that clients actually value. Solo engineers face the challenge of needing deep expertise while wearing every business hat. Across all three types, the common traps are the same: focusing too much on craft and too little on client experience, failing to specialize, and not investing enough in teaching as marketing.Throughout the discussion, Jeff and Luca emphasize that for service firms, you are the product - and that changes everything about where you should direct your improvement efforts. The conversation is grounded in real experiences, including some cautionary tales about firms that tried to be everything to everyone.Key Topics[00:00] Introduction: Two-part series on engineering organizations and their different focuses[02:30] Overview of the framework: Service firms vs. product-building companies[05:15] Product development firms: Why engineering excellence isn't enough[08:45] The critical importance of product design and client guidance over pure engineering[12:20] Process-level learning: Shortening cycle times and enabling rapid prototyping[15:40] The Irinos example: In-house board manufacturing to tighten feedback loops[18:30] Requirements will always change - designing for learning, not perfection[21:00] The danger of being a generalist: Why specialization matters for service firms[24:15] Engineering development firms: Selling technical expertise, not complete products[27:45] Technology-focused learning: Going deep on specific technical capabilities[30:20] The trap of becoming a commodity: Why domain expertise beats technology alone[33:40] The forklift invoice review example: You can't specialize too narrowly[35:30] Solo engineers: The complete package vs. temporary employee trap[39:00] Common failures across all service firms: Too much craft focus, too little client experience and marketing[41:30] Teaching as the best form of marketing for technical service firmsNotable Quotes"The customers don't actually hire them for their engineering skills. They are sort of a given. But what such a product development firm should offer the client is guiding them through the development process, which they don't have enough skills for to do it on their own." — Luca"Engineering is not the point. The unit of work is delivering a working product to the client that satisfies their business case, that has a reasonable cost to manufacture, and that you feel confident your own client has validated their market." — Jeff"It's not that engineering is irrelevant, but rather that it's table stakes. This is just taken for granted, but what such a product development firm should offer is guiding them through the development process." — Luca"You almost can't be narrow enough. I remember our friend Philip Morgan having this example of a company that specializes in reviewing invoices of forklift repairs. This is what they do. They review forklift repair invoices. And they're doing very well apparently." — Luca"Teaching and giving information and solving problems publicly is the best form of marketing. It's not advertising. It's building trust with an audience." — JeffResources MentionedIDEO - Prototypical design firm mentioned as an example of companies specializing in product designIRNAS - Product development firm with in-house board manufacturing capabilities, featured in previous episodes, exemplifying tight feedback loopsPhilip Morgan - Consultant and friend mentioned for his example about specialization (forklift invoice review company)Jeff Gable's website - Jeff's consulting services for medical device software development and advisoryLuca Ingianni's website - Luca's training products and resources for embedded systems, IoT, and AIConnect With UsStay tuned for Part 2, where we'll explore organizations that build products and what they should focus on when the market decidesIf you're in the medical device industry and need help with embedded software - either writing it or navigating the regulatory landscape - reach out to Jeff at jeffgable.comCheck out Luca's training products for embedded systems, IoT, and AI at luca.engineerReflect on your own organization: Are you focusing on the right things for the type of service firm you are? Are you specializing enough? You can find Jeff at https://jeffgable.com.You can find Luca at https://luca.engineer.Want to join the agile Embedded Slack? Click hereAre you looking for embedded-focused trainings? Head to https://agileembedded.academy/Ryan Torvik and Luca have started the Embedded AI podcast, check it out at https://embeddedaipodcast.com/

In this episode, Ray Sclafani challenges financial advisory teams to confront a hard truth: growth is revealed through behavior, not intentions. While many firms talk about growth, few operate in true “growth mode.” Instead, they rely on capital market appreciation, passive referrals, and overextended teams, which creates the illusion of growth rather than sustainable, controllable expansion.Ray walks through 10 common missteps even top-performing advisory teams make, from confusing revenue growth with organic growth to underinvesting in marketing, capacity, and next-generation leaders. He emphasizes that real growth requires intentional planning, shared alignment, measurable client acquisition strategies, proactive hiring, and consistent execution.Key Takeaways What your firm does day-to-day matters more than what it says in vision decks.Organic growth comes from new ideal clients and expanded wallet share.Teams must define growth together. Misalignment on what “growth” means is a primary cause of ensemble breakdowns.Firms operating at full capacity cannot grow without proactive hiring and role clarity.Leading indicators matter more than lagging ones.Questions Financial Advisors Often AskQ: What is the difference between revenue growth and organic growth?A: Revenue growth driven by capital market appreciation is not growth you can control. Organic growth comes from acquiring new ideal clients and expanding wallet share with existing clients.Q: Why is a client acquisition plan essential for growth?A: Without a documented and measurable client acquisition plan, referrals become sporadic, follow-ups are inconsistent, and the pipeline lacks reliability.Q: What metrics should growth-oriented advisory firms track?A: Firms should track leading indicators such as the number of new clients onboarded, revenue per new ideal client, close rates, and time in the pipeline, not just AUM or revenue.Q: How much should financial advisors invest in marketing for growth?A: Studies referenced suggest investing approximately 5–7% of gross revenue into marketing and growth initiatives for firms operating in true growth mode.Q: Why is next-generation development critical to growth?A: Without actively developing future growth leaders, firms are not preparing for sustained expansion or long-term succession.Q: How often should advisory firms review their growth strategy?A: Growth-oriented firms review strategic priorities quarterly, course-correct intentionally, and ensure every team member understands their role in executing the organic growth plan.Find Ray and the ClientWise Team on the ClientWise website or LinkedIn | Twitter | Instagram | Facebook | YouTubeTo join one of the largest digital communities of financial advisors, visit exchange.clientwise.com.

Welcome to It Was What It Was, the football history podcast. In this first part of a two-part special on football hooliganism, co-hosts Jonathan Wilson and Rob Draper are joined by special guest Cass Pennant - former West Ham United Inter City Firm member who later became an author and film producer. They discuss director Ian Stuttard (known as “Butch”) and his 1985 groundbreaking documentary 'Hooligan', which challenged the stereotype of hooligans. Cass explains how Stuttard earned access by spending months with the ICF without a camera, building trust, and later filming from inside the action. The episode also covers the Thatcher-era context, the film's controversial release and its wider impact on how 'firms' were understood. We finish the episode with Cass reflecting on Stuttard's wider documentary career, their later partnership in a production company, and Stuttard's lasting legacy. Join us next week for the history of football hooliganism.You can listen to this episode ad-free over on our Patreon - Follow the link here - or go to Patreon.com and search for It Was What It Was. You will also get access to our World Cup countdown, magazine retrospectives and bonus episodes as well as a monthly Q&A with Rob and Jonathan.00:38 Introducing Cass Pennant and the Documentary03:21 How Ian Stuttard Got Access to the ICF11:08 Trust Test: A Year With No Camera15:28 1985 Context: Thatcher's Britain, Youth Culture, and Misread ‘Casuals'24:19 Inside the Footage: Street Fighting, Early Video Cameras, and Codes of Conduct26:23 Butch's War-Correspondent Mindset33:22 Back in the Studio: How ‘Hooligan' Got Its Unfiltered Authenticity34:02 Pre-Broadcast Panic: Calls to Ban the Film & Fears of Copycats40:18 From Gangs to ‘Firms'45:33 Inside Whitehall: Giving Evidence to the Popplewell Inquiry54:59 Why It Faded: Fans Wanting Out, Politics, Policing & the Premier League Era58:42 Stuttard's Legacy: Funeral Reflections, Final Bucket List Match & Lasting Impact Hosted on Acast. See acast.com/privacy for more information.

Only 25.7pctof Japanese companies expect a positive impact from a possible consumption tax cut, according to a survey by research firm Teikoku Databank Ltd.

Which accounting firms really deliver sane hours and happy teams? Dom Piscopo (Big Four Transparency) reveals this year's best—and worst—by job satisfaction and hours, including surprising outliers. Blake and David also unpack how AI startups are carving up PwC-style services, why Hazel AI rattled wealth managers and Intuit/Xero stocks, and where GLs still hold a moat. Plus, a practical way to use AI for W‑4/withholding—and an accountant's take on Carvana's too-good-to-be-true margins.SponsorsOnPay - http://accountingpodcast.promo/onpayUNC - http://accountingpodcast.promo/uncFutureViews System - http://accountingpodcast.promo/bezChapters(01:19) - Pets, Candy, Jewelry & Prefixed Dinners: Where the Money Goes (03:14) - Live Chat Shoutouts + Today's Guest Tease: Big Four Transparency (05:53) - Yours, Mine & Ours: How Couples Split (or Merge) Money (08:56) - Financial Secrets vs. “Cheating”: The Bankrate Survey Findings (11:01) - Meet Dom Piscopo + 2025 Best/Worst Firms by Job Satisfaction (15:43) - How the Rankings Work: Sample Size, Methodology & Office Variance (19:28) - Service Lines Compared: Tax vs Audit vs Advisory Satisfaction Trends (22:28) - Hours Worked Rankings + Do Hours Actually Drive Happiness? (25:04) - Where the Big Four Land: Satisfaction & Hours Benchmarks (26:51) - AI Disruption Debate: “Every PWC Webpage Is a $10B Startup” Tweet (28:47) - AI Startups vs QuickBooks: The SaaS Attack Cycle Restarts (29:55) - Hazel AI Shakes Wealth Management: Tax Planning at Scale (32:19) - Consumers Trust AI Money Advice + A Withholding/W-4 Use Case (35:11) - “Good Enough” AI: How Firms Can Productize & Review AI Work (36:38) - What Humans Still Do: Taste, Comfort, and Serving the Underserved (41:51) - Intuit & Xero Stocks Drop: CEOs Defend the Data-and-Trust Moat (45:11) - TurboTax Disruption? Building Tax Engines with AI Agents (46:52) - Vibe Coding Reality Check: Small Tools Now, ERPs Much Later (51:32) - Carvana Accounting Red Flags: When Margins Don't Add Up (56:04) - Wrap-Up: Big Four Transparency + CPE Credits via Earmark  Show NotesValentine's Day Spending Expected to Reach New Records https://nrf.com/media-center/press-releases/valentine-s-day-spending-expected-to-reach-new-records Survey: Most Couples Keep At Least Some Of Their Money Separate https://www.bankrate.com/credit-cards/news/couples-finances/ Survey: 2 In 5 Americans In A Relationship Have Kept A Financial Secret From Their Partner https://www.bankrate.com/credit-cards/news/financial-infidelity-survey-2025/ AI Tax App Crashes Financial Stocks on Wall Street https://cpatrendlines.com/2026/02/10/ai-tax-app-crashes-financial-stocks-on-wall-street/ Americans Are Asking AI for Money Advice, But Should They Trust It? https://www.bestmoney.com/financial-advisor/learn-more/do-americans-trust-fin-ai 82% trust AI for financial information and guidance https://www.accountingtoday.com/news/82-trust-ai-for-financial-information-and-guidance Intuit Is Down 33% Year to Date. Here's Where the Stock Could Be Headed in 2026 https://www.tikr.com/blog/intuit-is-down-33-year-to-date-heres-where-the-stock-could-be-headed-in-2028 Intuit Stock Is Down 24% Already In 2026. Time to Buy? https://www.fool.com/investing/2026/01/30/intuit-stock-is-down-24-already-in-2026-time-to-bu/ Xero (ASX:XRO) Shares Crash 13% in Tech Selloff—Broker Urges Hold https://kalkine.com.au/news/technology/xero-asxxro-shares-crash-13-in-tech-selloffbroker-urges-hold Xero share price slides 14% in a week — what to watch next for ASX:XRO https://ts2.tech/en/xero-share-price-slides-14-in-a-week-what-to-watch-next-for-asxxro/ I've tested and ranked the 10 best vibe coding tools in 2026 https://www.techradar.com/pro/best-vibe-coding-tools Your Complete Guide To Vibe Coding Tools In 2026: Build Apps Just By Talking To AI https://softtechhub.us/2026/02/11/guide-to-vibe-coding/ AI startup Replit launches feature to vibe code mobile apps https://www.cnbc.com/2026/01/15/ai-startup-replit-launches-feature-to-vibe-code-mobile-apps.html Vibe coding - Wikipedia https://en.wikipedia.org/wiki/Vibe_coding What's actually driving Carvana's margins? https://www.cfo.com/news/whats-actually-driving-carvana-margins-ernie-garcia-drivetime-bridgecrest-zach-shefska-ray-shefska-/810911/Need CPE?Get CPE for listening to podcasts with Earmark: https://earmarkcpe.comSubscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in TouchThanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.SponsorshipsAre you interested in sponsori...

In this episode, Steve Fretzin and Ted DeBettencourt discuss:Making prospects feel heard before they hireFixing intake as the real growth leverOptimizing website conversion channelsAdopting a builder's mindset in business development Key Takeaways:Emotional needs matter as much as legal expertise when someone is choosing a lawyer. If prospects do not feel listened to or cared for, they continue shopping. Human connection is often the deciding factor in a crowded legal marketplace.Many firms invest heavily in marketing but lose revenue at the intake stage. Speed of response determines success, as delays of even 24 hours can cost the case. Clear criteria for qualified leads protect attorney time and improve conversion rates.Law firm websites must make contact effortless through visible phone numbers, live chat, text, and forms. Human-powered chat and SMS are increasingly driving higher engagement and signed cases. Firms that reduce friction in communication dramatically improve conversion outcomes.Opportunities rarely arrive on their own, even with strong credentials. Growth begins when professionals stop waiting and start creating value. Taking initiative and solving real problems can open entirely new career paths. "Running a law firm 101: don't answer your own phone, because you're never getting any work done." — Ted DeBettencourt Check out my new show, Be That Lawyer Coaches Corner, and get the strategies I use with my clients to win more business and love your career again. Ready to go from good to GOAT in your legal marketing game? Don't miss PIMCON—where the brightest minds in professional services gather to share what really works. Lock in your spot now: https://www.pimcon.org/ Thank you to our Sponsor!Rankings.io: https://rankings.io/Lawyer.com: https://www.lawyer.com Ready to grow your law practice without selling or chasing? Book your free 30-minute strategy session now—let's make this your breakout year: https://fretzin.com/ About Ted DeBettencourt: Ted DeBettencourt is the founder and CEO of Juvo Leads, a human-powered intake and chat service helping law firms convert more website visitors into signed clients. With a JD/MBA background, Ted shifted from pursuing traditional legal roles to building solutions that improve law firm marketing and intake performance. He focuses on speed, connection, and ensuring prospects feel heard — proving that human engagement remains a powerful differentiator in a digital world. Connect with Ted DeBettencourt: Website: https://juvoleads.com/ Connect with Steve Fretzin:LinkedIn: Steve FretzinTwitter: @stevefretzinInstagram: @fretzinsteveFacebook: Fretzin, Inc.Website: Fretzin.comEmail: Steve@Fretzin.comBook: Legal Business Development Isn't Rocket Science and more!YouTube: Steve FretzinCall Steve directly at 847-602-6911

In this podcast, Greg Voisen sits down with visionary thought leader Raj Sisodia to discuss his provocative and deeply personal new book, "Healing Leaders: 7 Steps to Recovery of Self." Shifting away from traditional business tactics, Sisodia reveals a startling truth: most corporate suffering is "unintentional," stemming from leaders who have yet to heal their own internal wounds. Drawing from his transformative experiences with indigenous shamans in the Amazon and silent retreats in the Himalayas, Sisodia explains how a leader's "cracked open" heart is actually the key to a thriving organization. This conversation serves as a wake-up call for anyone at the top who feels the weight of stress and burnout, offering a roadmap to trade ego-driven tyranny for a leadership style rooted in love and wholeness.

I denne uges Aktieuniverset ser vi på den hårde bølgegang på markederne og diskuterer, hvor der kan opstå attraktive købsmuligheder. Vi gennemgår også en række spændende regnskaber samt Morgan Stanleys analyse af 3.000 tech-virksomheder. Ugens tema sætter fokus på aggregator-forretningsmodellen og spørgsmålet om, hvilke forretningsmodeller der kan komme til at dominere i fremtiden. Alt dette og meget mere!  Denne episode er sponsoreret af Excecutive MBA på CBS. På CBS kan du tage efteruddannelsesprogrammer på 2 år. Læs mere på cbs.dk/emba Denne episode er sponsoreret af Finobo. Få et gratis økonomitjek hos specialisterne i låneoptimering ved at bruge linket:finobo.dk/gratis-oekonomitjek-aktieuniverset/Prøv den nye omlægningsberegner på Finobo.dk/beregner-omlaegningsberegner/?utm_source=aktieuniverset Tjek os ud på:FB gruppe: ⁠facebook.com/groups/1023197861808843⁠X: ⁠x.com/aktieuniverset⁠IG: ⁠instagram.com/aktieuniversetpodcast⁠  DISCLAIMER:Aktieuniverset indeholder markedsføring af investeringsforeningen Portfoliomanager NewDeal Invest, kl n (PMINDI), som Mads Christiansen er investeringsrådgiver for. Podcasten kan ligeledes referere til andre fonde.Indholdet i podcasten udtrykker alene værternes og gæsters egne holdninger, refleksioner og analyser, og skal ikke opfattes som en personlig anbefaling af bestemte værdipapirer eller strategier. Podcasten skal ikke anses som investeringsrådgivning, da den enkelte lytters finansielle situation, nuværende aktiver eller passiver, investeringskendskab og -erfaring, investeringsformål, investeringshorisont, risikoprofil eller præferencer ikke kan inddrages. Det afhænger af den enkelte investors personlige forhold og målsætning, om en bestemt investering eller investeringsstrategi er hensigtsmæssig, og vi anbefaler, at man rådfører sig med sin investeringsrådgiver, inden en eventuel beslutning om investering tages.PMINDI kan findes via Nordnet (https://www.nordnet.dk/markedet/investeringsforeninger-liste/18148998-portfolio-manager-new-deal-invest), Saxo Bank (https://www.saxoinvestor.dk/investor/page/product/Fund/38109485) eller ved at søge på ”DK0062499810” i din egen netbank.PMINDI er kun egnet for investorer med høj risikovillighed og en investeringshorisont på mindst 5 år. Alt investering medfører risiko, herunder potentielt tab af kapital. Historisk afkast er ikke en indikator for fremtidigt afkast, der kan afvige meget eller være negativt.Læs PRIIP KID for PMINDI for fulde risikoscenarier: https://fundmarket.dk/newdeal-invest-kl-n/. Overvej risici og fordele nøje før investering.Læs mere om risici her: https://newdealinvest.dk/risici/ og generelt om investeringsforeningen på www.newdealinvest.dk.Vil du have en månedlig oversigt over alle positionerne i PMINDI? Så skriv dig op til nyhedsbrevet her:https://newdealinvest.dk/nyhedsbrev/. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Shoot us a Text.Episode #1268: Today we cover Lithia's reluctance to sell Chinese brands in the U.S., Stellantis quietly bringing diesel back to Europe as EV demand cools, and how companies like Canva and Meta are now testing job candidates on how well they use AI instead of banning it.Show Notes with links: Lithia Motors CEO Bryan DeBoer signaled the company is not planning to be an early retailer of Chinese vehicles in the U.S. or Canada, citing the lack of a built-in service base to support long-term profitability.DeBoer said without an established fleet of vehicles on the road, new Chinese brands would not provide the recurring service traffic dealerships rely on.After-sales generated 41% of Lithia's gross profit in 2025 with a 58% gross margin.Lithia currently sells several Chinese brands in the U.K., including BYD, MG, Chery, Leapmotor and Jaecoo, across a “double-digit” number of stores.DeBoer said entering the U.S. market would require a broader partnership with a Chinese automaker, including greater control over after-sales operations and potentially pricing, in order to make the economics work without an existing service base.Stellantis is quietly reintroducing diesel engines across at least seven models in Europe, positioning the automaker against Chinese EV competitors and responds to sustained customer demand.Diesel accounted for just 7.7% of European new car sales in 2025, compared to 19.5% for fully electric vehicles, but remains a lower-cost alternative for high-mileage and towing customers.Chris Knapman, CarGurus UK editorial director: “If you're a European brand looking to differentiate yourself, diesel is an area where you could have a competitive advantage over those newer brands.”A growing number of companies are no longer trying to prevent candidates from using AI during interviews — they're encouraging it. Firms like Canva, Meta and McKinsey are redesigning hiring processes to evaluate how well applicants work with AI tools.Canva reworked technical interviews to allow — and expect — AI use, focusing on complex problems where candidates must show how they interact with the tool, not just the output.Candidates share their screens or submit AI chat transcripts so interviewers can evaluate judgment, iteration and decision-making.Arcade, an IT startup, now expects candidates to use AI in take-home exercises, emphasizing a candidate's “taste” and ability to refine AI-generated work.Meta is developing AI-assisted coding interviews, and McKinsey is piloting case interviews using its internal AI tool, Lilli.“What we're testing for now … is an ability to harness that power, to control that power — to kind of ride the dragon,” said Canva CTO Brendan Humphreys.Join Paul J Daly and Kyle Mountsier every morning for the Automotive State of the Union podcast as they connect the dots across car dealerships, retail trends, emerging tech like AI, and cultural shifts—bringing clarity, speed, and people-first insight to automotive leaders navigating a rapidly changing industry.Get the Daily Push Back email at https://www.asotu.com/ JOIN the conversation on LinkedIn at: https://www.linkedin.com/company/asotu/

When the world feels heavy, polished stories stop working. The ones that land are the honest ones — the ones that start with trouble.   In this episode of The PSM Show, hosts Damion Morris and Deirdre Booth sit down with writer and strategist Joel Hoekstra for a "pull up a chair" conversation about why the best AEC stories don't begin with brilliance or technical expertise — they begin with friction, uncertainty, and what wasn't working. Joel shares how he helps marketers draw human-centered narratives out of highly technical subject matter experts, why empathy consistently beats perfection, and how the stories a firm tells (or avoids) reveal its values, culture, and client experience.   You'll hear practical ways to get past "it's just what we do," including a simple interviewing move that unlocks better detail, better clarity, and better trust: "Tell me more." Joel also breaks down why headlines matter more than most firms think, how scannable structure (subheads, bullets, formatting) increases impact, and how to build reusable story "toolkits" that support proposals without relying on boilerplate.   Plus, Joel introduces his START Story Formula — a clear framework marketers can use to shape case studies, Q&A prep, and project profiles: Situation → Trouble → Action → Result → Transformation Because the ribbon-cutting is a result — but what changes six months later is the transformation people actually remember.   Guest bio: Joel Hoekstra Joel is a Minnesota-based content-marketing strategist and writer who helps design firms tell client-centric stories that win work. He has held marketing-communications roles at several architecture firms in Minneapolis and has written extensively about design and architecture for such publications as Metropolis, This Old House, RIBA Journal, ARCHITECT, BUILDER, and American Craft. Learn more about Joel and sign up for his monthly newsletter at joelhoekstra.net. Follow him on Linked in at https://www.linkedin.com/in/joelchoekstra/

Ben Smith, Mark Borkowski, and Angie Moxham discussed several key topics including the difficulty of the Downing Street director of communications role and the need for a fresh perspective, Jim Ratcliffe's controversial "colonialisation" comment, and the emergence of fake AI experts.Angie Moxham and Mark Borkowski analysed the Washington Post redundancies, attributing reduced war coverage to "war fatigue" and economic factors driving editorial decisions, and concluded that PR professionals have an opportunity to engage the public with entertaining and mood-lifting campaigns amidst negative news fatigue.

In today's Tech3 from Moneycontrol, we track Razorpay's early IPO preparations as it lines up top investment banks for a potential $700 million-plus public issue. We also unpack the sharp sell-off in IT stocks and the ripple effect on realty, a fresh surge in deeptech funding backed by policy support, and industry pushback against MeitY's new three-hour content takedown rule. Plus, Flipkart's low-cost T20 World Cup sponsorship play that's grabbing global attention.

Austin Hunt from Legal Guardian Digital helps law firms win visibility in search, and he believes the rules have already changed. Firms that still think SEO ends with Google rankings miss where cases increasingly originate: AI tools that summarize, recommend, and decide which firms people see. In this episode, Austin explains how AI systems like ChatGPT and Google Overviews decide which law firms appear, why the same signals still drive both SEO and AI visibility, and what PI firms need to change now to avoid disappearing from search altogether. You'll learn: How AI decides which law firms it recommends. Why content structure matters more than length. How directories and reviews influence AI visibility. What firms should fix now before competitors adapt. If you like what you hear, hit Subscribe. We do this every week. Buy tickets for PIMCON 2026: pimcon.org Get Social! Personal Injury Mastermind (PIM) powered by Rankings.io is on Instagram | YouTube | TikTok

With Joe Duran – Managing Partner, Rise Growth Partners Overview What does it take to build something enduring—more than once? In this special replay, Joe Duran reflects on the mindset behind reinvention, the lessons from selling United Capital to Goldman, and why the most successful leaders never stop questioning their assumptions. Watch… Listen in… > Download a transcript of this episode… NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. About this episode… Joe Duran's career has always been about reaching new heights—and then helping others climb on their own. A proverbial mountain climber himself, Joe built and sold two of the most successful firms in the RIA space: Centurion Capital and United Capital. Today, Joe sees himself as a sherpa—guiding the next generation of entrepreneurs through his latest venture, Rise Growth Partners. His story is one of constant reinvention, relentless curiosity, and the humility to keep asking one simple question: “What if I'm wrong?” Joe first joined us on the show back in 2020, shortly after the sale of United Capital to Goldman Sachs. Now, with the benefit of both hindsight and foresight, Joe revisits that experience and explores the mindset behind building truly world-class firms, including: The Goldman experience—and what he learned from the sale of United Capital. The development of Rise—and how he sees it helping to shift the narrative in the industry. Learning from your clients instead of your competitors—and why that's the real key to building a world-class firm. Finding an investor that can “really help you—and why you need to look beyond “financiers.” Adding services without adding staff—and when you shouldn't look in-house for solutions. Challenging your assumptions—and how to stay relevant in an industry that never stops changing. And why being great doesn't necessarily mean being the biggest. Joe also reflects on how the industry can avoid the risk of mega-RIAs repeating the mistakes of the wirehouses. It's a candid and thought-provoking conversation about reinvention, leadership, value creation, and what it means to evolve from mountain climber to sherpa from one of the industry's trailblazers. Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002. Related Resources Why Settle for “Good Enough” When Great is Possible? In a vastly expanded industry landscape with more high-quality options than ever before, some advisors settle for “good enough” when the potential for “great” is often within reach. What's holding them back? Limitless Growth: Building the Business You Want and the Life to Match Stephanie Bogan, founder of Limitless Advisor, offers a glimpse into the advice and perspective she shares with advisors and business leaders in the wealth management world, focusing on mindset and methods, and their relationship to achieving one's best business life. Wealth Management Landscape at a Glance The wealth management industry offers more options than ever, making it challenging to identify and compare the various models. We created this “at a glance” continuum infographic—to help you navigate the different models and understand how their features stack up. Joe Duran Managing Partner Joe Duran is a serial entrepreneur and an industry visionary in wealth management and wealthtech. Early in 2024, Joe and his team launched Rise Growth Partners (‘Rise'), the industry's first harmonious financial partner. With firsthand experience in building nationally recognized registered investment advisers (RIAs), Rise's team partners with middle-market RIAs, providing capital and strategic expertise. Previously, Joe was a Partner at Goldman Sachs, serving as Co-Head of the Workplace and Personal Wealth business. He founded and served as CEO of United Capital, one of the nation's largest independent wealth management firms, which Goldman Sachs acquired in July 2019. Prior to that, he built and sold Centurion Capital–one of the first turnkey asset management platforms–to General Electric, where he served as President of GE Private Asset Management (now listed as NYSE: AMK). Joe is the author of three bestselling books on investing and entrepreneurship. He is a sought-after conference and podcast speaker and appears frequently on a broad spectrum of media, ranging from CNBC to Goop. Joe has MBAs from Columbia University and UC Berkeley, as well as an undergraduate degree from Saint Louis University. He is a CFA Charterholder and a member of the Young President's Organization (YPO), the world’s largest leadership community of chief executives. A Yogi for decades, he meditates daily and is an avid beach volleyball player. Joe and his wife Jennifer cherish their three daughters and share a love of frequent travel, dining, dancing and live concerts. Also available on your favorite podcast app and other media sites

If you've ever looked around your workplace and thought, "There has to be a better way to do this," you're not alone. Many physicians see inefficiencies, gaps in care, and systems that don't truly serve patients—but feel powerless to change them from the inside. In today's episode, I'm thrilled to welcome back Dr. Alison Curfman, pediatric emergency medicine physician, co-founder of Imagine Pediatrics, and founder of Startup Physicians. Alison previously shared her remarkable journey from frontline medicine into the startup and venture capital world, and today she's back to help demystify how any physician can use their expertise to consult with startups—without giving up clinical work. We talk about what these roles actually look like, who qualifies (spoiler: almost everyone), and how physicians can begin building meaningful, paid advisory work that creates real impact. Whether you're early in training, mid-career, clinically inactive, or nearing retirement, this conversation will expand your sense of what's possible. And if this topic resonates, be sure to listen through to the end. We're hosting a free live webinar together on Wednesday, February 25th, 2026, where we'll go much deeper into the step-by-step process of breaking into startup consulting. In this episode we're talking about: Why physicians are uniquely valuable to startups and venture firms The different ways doctors can consult (advisory, product design, research, policy, and more) Whether you need to be clinically active, board-certified, or mid-career to qualify How residents, fellows, and retirees can all find opportunities in this space Why early roles may involve equity or lower pay—and why that's often worth it How physicians actually find and connect with startup opportunities Why this work feels so energizing and meaningful for many doctors Links for this episode: Alison Curfman MD Startup Physicians Startup Physicians Launchpad – A 12-week physician-only program with self-paced modules, live coaching, and a private community that teaches you how to turn your clinical expertise into paid advisory work. *Disclaimer: I am an affiliate of this program which means if you sign up through my link, I may receive a small commission at no additional cost to you. I only recommend programs I truly believe in, and this one is a great fit for physicians exploring non-clinical opportunities. Episode 192: Refusing to Take No for an Answer: A PediER Doctor's Journey to Help Kids with Complex Medical Needs with Dr. Alison Curfman Join us for here for a Webinar with Heather Fork and Dr. Alison Curfman!

AI market analysis tools are rapidly gaining adoption among stock traders and even among leading firms. What value does AI deliver in these spaces, and how will development in the AI space determine the future of trading as a whole? Learn more at https://stocknews.ai/ai-news Stocknews.ai City: New York Address: 169 Madison Avenue Website: https://stocknews.ai/ Email: danielc@stocknews.ai

The Dow hit a new record, but the Nasdaq was down. Plus: Spotify shares rose after their quarterly results beat expectations. Katherine Sullivan hosts. Sign up for the WSJ's free What's News newsletter. An artificial-intelligence tool assisted in the making of this episode by creating summaries that were based on Wall Street Journal reporting and reviewed and adapted by an editor. Learn more about your ad choices. Visit megaphone.fm/adchoices

PJ Veldhuizen from Gillan and Veldhuizen Inc explains how small and medium enterprises can thrive through strategic partnerships.

With BitGo CEO Mike Belshe following the company's IPO. We unpack what this milestone means for the crypto industry, the future of digital asset banking, and what's next for BitGo.

AmCham Taiwan's 2026 Business Climate Survey offers a structured snapshot of how foreign businesses are balancing growth, risk, and investment decisions in Taiwan. Conducted Nov 18–Dec 21, 2025 with responses from 206 member companies, the survey reports that 82% of respondents are confident about Taiwan's economic outlook for the next 12 months, and 92% plan to maintain or increase investment this year. This episode uses the report as the backbone of the discussion—moving beyond headlines to unpack what the numbers imply about Taiwan's AI-driven expansion and the parallel rise of operational resilience planning. The survey notes that 46% of firms are updating emergency preparedness and business continuity measures, highlighting a dual reality: strong investment intent alongside intensified risk management as security concerns remain salient. 台灣美國商會（AmCham Taiwan）近期發布《2026 年商業景氣調查（Business Climate Survey）》，這份報告等於替外商在臺灣的「風險—投資—成長」心態做了一次系統盤點：調查期間為 2025/11/18–12/21，回收 206 家會員企業意見；結果顯示，82% 受訪者對未來 12 個月臺灣經濟展望抱持信心，同時有 92% 表示今年將維持或增加在臺投資。 本集節目以這份景氣報告作為主軸，逐段拆解它真正透露的訊號：AI 需求推升伺服器與先進晶片投資，讓「成長敘事」更有底氣，但地緣風險與營運持續性管理也同步升溫。報告指出，企業啟動或更新緊急應變與營運持續計畫的比例已上升到 46%，反映在樂觀投資之外，外商更在意「可預期的穩定」。 Powered by Firstory Hosting

Who determines what 'good' Compliance actually looks like?  The obvious answer is regulators (and in some jurisdictions) prosecutors. But what if it were the regulated Firms themselves?  That's the idea behind purpose-driven compliance, which I'm exploring on this episode.Episode Summary To explore this, I'm joined by Veronica Root Martinez, Professor of Law at Duke University School of Law, to explore a deceptively simple but unsettling idea: 100% compliance is impossible. While we often behave as though perfect compliance is the goal — and in some safety-critical domains it must be — most organisational compliance involves humans. And humans make mistakes. Things get missed. Context changes. Stuff goes wrong.So if perfection isn't realistic, the real question becomes: how do organisations decide what really matters? The traditional answer has been to look outward — to regulators, enforcement authorities, and in some jurisdictions (particularly the US), prosecutors. Their priorities, expressed through sentencing guidelines, enforcement actions, and settlements, end up defining what “good” compliance looks like. Veronica challenges that logic. She argues that this gets things the wrong way round. Instead of letting enforcement priorities dictate behaviour, she makes the case for purpose-driven compliance — where organisations set their own priorities based on their purpose, values, and actual risks, rather than chasing shifting regulatory expectations. Along the way, the conversation explores culture, human judgment, psychological safety, technology, experimentation, and why “best practice” can sometimes make things worse rather than better. This episode is for anyone who writes rules, enforces them — or simply has to live under them.Guest BiographyVeronica Root Martinez is a Professor of Law at Duke University School of Law, where she researches corporate compliance, ethics, and organisational culture. Her work on purpose-driven compliance challenges enforcement-led models and explores how organisations can set priorities based on their own purpose, values, and risks.Before entering academia, Veronica practised as an associate at a large law firm in Washington, DC, where she worked on regulatory and white-collar matters — experience that strongly informs the practical orientation of her research.LinksProfessor Veronica Root Martinez – Faculty Profilehttps://law.duke.edu/fac/martinezVeronica on LinkedInhttps://www.linkedin.com/in/veronica-root-martinez/Purpose-Driven Compliance (paper discussed in the episode)https://papers.ssrn.com/sol3/papers.cfm?abstract_id=6078766AI-Generated Timestamped Summary00:00 – 02:00 | “Because they said so”Christian reframes compliance as a universal human experience — not just a professional discipline — and introduces the problem of rules justified solely by regulatory expectation.02:00 – 05:30 | Why 100% compliance is impossibleVeronica explains why modern organisations cannot realistically achieve perfect compliance when humans are involved — and why pretending otherwise creates problems.05:30 – 10:30 | Tolerated misconduct and cultural driftHow allowing “small” rule-breaking can escalate into bigger issues, drawing on behavioural ethics and real-world corporate failures. 10:30 – 14:30 | Risk, prioritisation, and what really mattersA discussion of risk-based thinking, irrecoverable vs recoverable errors, and why organisations — not regulators — are best placed to set priorities. 14:30 – 18:30 | Enforcement swings and resilienceWhy compliance programmes built around enforcement trends are fragile, expensive, and reactive — and how purpose-driven approaches create stability. 18:30 – 23:30 | Innovation, uncertainty, and guardrailsWhy regulators are always behind innovation — and how values-based guardrails help employees make decisions in uncharted territory.23:30 – 30:30 | Technology, AI, and the human in the loopThe limits of automation, the danger of over-reliance on tech, and why human judgment remains essential.30:30 – 36:30 | Rules, loopholes, and malicious complianceHow overly detailed rulebooks create loopholes — and why purpose and principles offer a better basis for accountability.36:30 – 40:30 | The Costco exampleA powerful illustration of simplicity: four ethical principles that employees can actually understand and use.40:30 – 45:30 | Training, regulators, and unintended consequencesWhy blanket training requirements often miss the mark — and how enforcement agreements can accidentally undermine effectiveness.45:30 – 52:30 | Measuring culture and compliance effectivenessMoving beyond counting inputs to assessing outputs, including psychological safety, Speak Up systems, and cultural indicators.52:30 – 57:30 | Experimentation and learningWhy failed interventions aren't failure — they're information — and why compliance should be treated as an evolving experiment.57:30 – End | Reclaiming responsibilityA closing reflection on extrinsic motivation, “because I said so,” and why purpose-driven compliance offers a more human, defensible, and sustainable way forward.

Key questions answered in this episode:What does it mean when financial advisors choose not to decide?Choosing to stay put - without evaluating alternatives - is still an active decision, often driven by comfort, fear, or overwhelm rather than strategy.Why do advisors delay firm transitions even when they're unhappy?Two major factors show up repeatedly: the path of least resistance and paralysis by analysis. Both create inertia that keeps advisors stuck.Is transitioning firms as risky as advisors think?Modern transitions are more automated, efficient, and client-friendly than ever. The perceived risk is often outdated.How does too much information stop advisors from moving forward?Without a filter, advisors get overwhelmed by competing offers, recruiters, and platforms - leading many to shut down instead of decide.Why should advisors evaluate their firm regularly - even if they're not planning to move?Because you can't know what you're saying no to unless you understand what options actually exist.If you're a financial advisor who feels frustrated, stuck, or unsure whether staying put is truly the right move, this episode offers clarity - not pressure - to help you think through your next step.For many advisors, simply understanding what's available is enough to break decision fatigue and regain momentum.Learn more about Elite and our resources:Elite Consulting Partners | Financial Advisor Transitionshttps://eliteconsultingpartners.comElite Marketing Concepts | Marketing Services for Financial Advisorshttps://elitemarketingconcepts.comElite Advisor Successions | Advisor Mergers & Acquisitionshttps://eliteadvisorsuccessions.comJEDI Database Solutions | Technology Solutions for Advisorshttps://jedidatabasesolutions.comListen to more Advisor Talk episodes:https://eliteconsultingpartners.com/podcasts/

In today's Tech3 from Moneycontrol, we look at the government expanding Startup India definition to formally include deeptech firms with longer benefit windows. We also track rising fears of a SaaS reset as AI reshapes software, Cognizant's decision to pay full bonuses amid IT services uncertainty, Fractal Analytics delaying its foundation model launch due to a GPU crunch ahead of its IPO, and Alphabet's plan to sharply ramp up capital spending as the global AI race intensifies.

Welcome to this exciting episode of The Edge of Show! furnished by PR Genius as part of a media partnership, join us as we dive deep into the world of tokenized equity with Ultan Miller, CEO of Hecto, discover how Hecto is revolutionizing access to private market investments by launching the first tokenized index fund for companies like SpaceX, OpenAI, Stripe, and Anthropic.In this episode, we explore:The evolution of tokenized equity and why it matters right nowHow Hecto is streamlining access to pre-IPO and private market companiesThe concept of “hectocorns” and why $100B+ companies deserve their own asset classThe technical decision to build on the Canton Network and how it meets Wall Street–grade requirementsWhat's ahead for Hecto, including governance tokens and community-led initiativesExclusive listener access: Hecto is currently in beta, and Edge of Show listeners can get early access by using the invite code HectoF&F when signing up on their site.Whether you're a seasoned investor or just beginning to explore blockchain and crypto, this episode is packed with insights that will push you to rethink investing in the digital age.Don't forget to subscribe, rate, and leave a comment! Join the conversation and stay up to date on the latest in Web3 and AI by following us on social media.Support us through our Sponsors! ☕ Want to make content like ours? Sign up with Castmagic to make your creative process easy: https://bit.ly/CastmagicReferral Work smarter, grow faster. Automate your SEO, get AI insights, and manage all your clients in one place with Helm. Start today at helmseo.comAre you a content creator, podcaster or interested in your business getting its voice out there? Then reserve a .podcast domain by paying just one-time as little as $10 for a lifetime of benefits! Check out the details and snag your .podcast domain today! https://get.unstoppabledomains.com/podcast/

In this episode of the Govcon Giants Podcast, Eric Coffie sits down with Sam Le, founder of GovCon Intelligence and former SBA procurement policy leader with 17 years in federal contracting. Together, they break down the latest turbulence surrounding the 8A Program — including SBA's massive data call, the suspension of 1,100 firms, and heightened scrutiny on sole source awards above $20M. But despite the headlines, Sam explains why this may actually be the strongest moment in 8A history: the program reached a record $26B in awards in 2025, competition is shrinking, and small businesses that stay compliant can emerge with more opportunity than ever. The conversation also challenges misconceptions around "DEI labeling," highlights the true purpose of sole source contracting, and calls for SBA to expand visibility into industries like advanced manufacturing beyond the usual IT and construction pipeline. Key Takeaways: 8A is at an all-time high ($26B in 2025) even as 1,100 firms were suspended, reducing competition for active participants. Sole source contracts make up only 2–3% of federal spending, while 96% of sole source awards go to non-8A giants like Boeing and Lockheed. The biggest advantage right now belongs to firms that stay compliant, resilient, and relationship-driven before opportunities hit the bid platforms. If you want to learn more about the community and to join the webinars go to: https://federalhelpcenter.com/  Website: https://govcongiants.org/  Connect with Encore Funding: http://govcongiants.org/funding Learn more about Sam Le: https://www.govconintelligence.com/  Website: https://www.samlelaw.com/  Linkedin: https://www.linkedin.com/in/samlelaw/  Sam's Podcast: https://www.govconintelligence.com/podcast 

In her new book, Politicizing Business: How Firms Are Made to Serve the Party-State in China (Cambridge, 2025), Ning Leng shows how Chinese officials systematically treat formally private firms as political instruments, extracting services that advance careers and maintain social control—often at the expense of business interests, economic efficiency and sustainable development. Ning Leng is an Assistant Professor at the McCourt School of Public Policy at Georgetown University. Interviewer Peter Lorentzen is an Associate Professor of Economics at the University of San Francisco and is the Director of USF's Master's Program in International and Development Economics. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/new-books-network

In her new book, Politicizing Business: How Firms Are Made to Serve the Party-State in China (Cambridge, 2025), Ning Leng shows how Chinese officials systematically treat formally private firms as political instruments, extracting services that advance careers and maintain social control—often at the expense of business interests, economic efficiency and sustainable development. Ning Leng is an Assistant Professor at the McCourt School of Public Policy at Georgetown University. Interviewer Peter Lorentzen is an Associate Professor of Economics at the University of San Francisco and is the Director of USF's Master's Program in International and Development Economics. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/political-science

In her new book, Politicizing Business: How Firms Are Made to Serve the Party-State in China (Cambridge, 2025), Ning Leng shows how Chinese officials systematically treat formally private firms as political instruments, extracting services that advance careers and maintain social control—often at the expense of business interests, economic efficiency and sustainable development. Ning Leng is an Assistant Professor at the McCourt School of Public Policy at Georgetown University. Interviewer Peter Lorentzen is an Associate Professor of Economics at the University of San Francisco and is the Director of USF's Master's Program in International and Development Economics. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/chinese-studies

In her new book, Politicizing Business: How Firms Are Made to Serve the Party-State in China (Cambridge, 2025), Ning Leng shows how Chinese officials systematically treat formally private firms as political instruments, extracting services that advance careers and maintain social control—often at the expense of business interests, economic efficiency and sustainable development. Ning Leng is an Assistant Professor at the McCourt School of Public Policy at Georgetown University. Interviewer Peter Lorentzen is an Associate Professor of Economics at the University of San Francisco and is the Director of USF's Master's Program in International and Development Economics. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/public-policy

In her new book, Politicizing Business: How Firms Are Made to Serve the Party-State in China (Cambridge, 2025), Ning Leng shows how Chinese officials systematically treat formally private firms as political instruments, extracting services that advance careers and maintain social control—often at the expense of business interests, economic efficiency and sustainable development. Ning Leng is an Assistant Professor at the McCourt School of Public Policy at Georgetown University. Interviewer Peter Lorentzen is an Associate Professor of Economics at the University of San Francisco and is the Director of USF's Master's Program in International and Development Economics. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Financial security is about more than just building wealth: it's about resilience, preparation, and having the tools to weather whatever comes your way. And right now, with rising costs, market volatility, and evolving fraud risks, investors need that security more than ever.On this episode, FINRA Investor Education Foundation and Senior Vice President of Investor Education Gerri Walsh discusses what financial security really means in 2026, and how firms can help protect and empower their customers. This conversation that sits right at the heart of FINRA Forward, our commitment to evolving alongside the rapidly changing securities industry in support of our mission of protecting investors and market integrity.Resources mentioned in this episode:BrokerCheckMarket Data CenterFund AnalyzerFixed Income DataFINRA Investor Education FoundationProtecting Consumers from FraudFINRA ForwardBlog Post: FINRA Forward's Rule Modernization—An UpdateBlog Post: Vendors, Intelligence Sharing and FINRA's MissionBlog Post: FINRA Forward Initiatives to Support Members, Markets and the Investors They ServeEp. 168: Investing Wisely in 2025: Avoiding Scams and Achieving Your Financial GoalsEp. 183: Investors in the United States: Key Trends and Insights from the National Financial Capability Study Find us: LinkedIn / X / YouTube / Facebook / Instagram / E-mailSubscribe to our show on Apple Podcasts, Google Play and by RSS.

Most RIAs continue to grow in assets, client demand, and professionalization, but structurally, the majority remain founder-focused organizations. While growth itself is no longer the primary challenge, leadership capacity increasingly is.In this episode, Ray Sclafani explains why leadership bench strength, not markets, not strategy, and not capital, is the real constraint on long-term RIA growth. Drawing from two real-world coaching engagements with multi-billion-dollar RIA CEOs, Ray contrasts two leadership postures: one focused on building optionality through distributed leadership, and another clinging to centralized control as time quietly narrows future choices.Ray makes the case that building a leadership bench is not about stepping down, it's about designing leadership intentionally, years before necessity forces decisions. Firms that develop leaders, establish decision rights, and transfer trust internally create options: to evolve as CEO, shift roles, bring in external leadership, or transition ownership on their terms.The episode concludes with reflection questions for founders and executive teams who want to build enduring firms.Key Takeaways Nearly 90% of RIAs operate as founder-focused firms, limiting future optionsPast success does not automatically qualify a leader for the firm's next stageLeadership benches take three to five years to build when done wellWithout distributed leadership, options narrow quickly due to time, health, or external pressureTeam-based firms outperform founder-led firms because leadership responsibility is sharedEnduring RIAs design leadership intentionally before they are forced toQuestions Financial Advisors Often AskQ: What is leadership bench strength in an RIA?A: Leadership bench strength refers to having multiple developed leaders within the firm who are trusted, empowered, and capable of carrying leadership responsibility beyond one or two individuals.Q: Why is leadership bench strength important for RIA growth?A: According to the episode, leadership capacity and internal bandwidth are primary constraints on RIA growth, even as assets and client demand continue to rise.Q: How long does it take to build a leadership bench in an advisory firm?A: When done well, building a leadership bench takes a minimum of three to five years and requires intentional role design, decision rights, and leadership development.Q: What happens if leadership remains concentrated with the founder?A: When leadership capability lives primarily in one or two people, options narrow over time, and decisions are often made by circumstance rather than intention.Q: What role does trust play in leadership development?A: Trust transfer internally is essential as leaders must be developed, trusted, and empowered ahead of necessity for options to expand.

The Small Business Administration (SBA) has banned over 1,000 firms from receiving no-bid contracts after they failed to provide anti-fraud documents. These firms, participating in the 8(a) program intended for disadvantaged businesses, received over $5 billion in federal funds in the last four years. SBA Administrator Kelly Loeffler stated the action aims to dismantle discriminatory practices and combat fraud within DEI programs. The move follows increased scrutiny of the 8(a) program, including Senate hearings and reports highlighting widespread fraud and abuse. Under the law, a percentage of contracts are reserved for disadvantaged businesses. This action by the SBA signifies a significant effort to ensure accountability and prevent the misuse of taxpayer dollars within government contracting programs. The crackdown is welcome news for those concerned about fair competition and the integrity of government spending.

There was a time when elite Wall Street firms such as Cravath or Wachtell seemed to rise above the lateral tug-of-war among other firms. That doesn't appear to be the case any longer, with a handful of partners from both of these firms announcing their departures for competitors last month. "I don't think these are one-offs," legal recruiter Sabina Lippman said. "It's a pattern." Firms like these will need to adjust their mindsets—and perhaps their pay structures as well—to stay at the top, according to two New York-based legal recruiters who spoke on our podcast, On The Merits. Lippman, co-founder and global managing partner at CenterPeak, and Todd Merkin, executive director of Wegman Partners, spoke to Bloomberg Law's Jessie Kokrda Kamens about this newest phase of what Lippman calls "the talent wars." Merkin said that these firms have "really been focused on talent retention, and not so much on talent acquisition. So they're a little bit behind as far as that goes." Do you have feedback on this episode of On The Merits? Give us a call and leave a voicemail at 703-341-3690.

In this episode of InSights, presented by Haley Marketing, Brad Bialy sits down with David Searns, Co-CEO of Haley Marketing, to unpack why staffing firms must build a true growth engine—one that aligns marketing, sales, and buyer enablement to win in a more skeptical, competitive market. About the Guest David Searns is the Co-CEO of Haley Marketing and one of the most experienced voices in staffing industry marketing. With more than 25 years helping firms clarify differentiation and drive demand, David brings a deep, practical understanding of what actually fuels sustainable growth. Key Takeaways Marketing is a sales advantage, not a creative expense. Buyers decide long before sales ever gets the call. Differentiation starts with customer problems, not company features. Nurturing beats chasing when markets tighten. If you don't define your aisle, you compete on price. Timestamps [02:20] Why staffing penetration is collapsing [04:55] Buyers are skeptical, busy, and informed [06:45] The danger of selling without buyer enablement [09:20] The six-layer growth engine framework [13:15] Why most differentiators don't actually differentiate [17:10] Escaping the “staffing aisle” trap [19:00] How owners should pressure-test their messaging [23:40] Making sales drop-bys actually work [27:25] Why nurturing is the most ignored lever [31:30] Buyer enablement without giving away secrets [34:20] Why fewer employers are using temps [35:50] Learning how to learn in a changing market About the Host Brad Bialy is a trusted voice and highly sought-after speaker in the staffing and recruiting industry, known for helping firms grow through integrated marketing, sales, and recruiting strategies. With over 13 years at Haley Marketing and a proven track record guiding hundreds of firms, Brad brings deep expertise and a fresh, actionable perspective to every engagement. He's the host of Take the Stage and InSights, two of the staffing industry's leading podcasts with more than 200,000 downloads. Sponsors InSights is presented by Haley Marketing. For a limited time, we're offering 50% off a brand new staffing website. Just message Brad Bialy on LinkedIn and mention the Crazy Website Promo. Book a 30-minute business and marketing consultation with host, Brad Bialy: https://bit.ly/Bialy30 This episode is brought to you by FoxHire. If you're looking for an Employer of Record partner that helps recruiters confidently grow contract placements and build recurring revenue without taking on extra risk, FoxHire is perfect for you. Learn more at https://www.FoxHire.com/Haley  

This Day in Legal History: Treaty of Guadalupe HidalgoOn February 2, 1848, the Treaty of Guadalupe Hidalgo was signed, officially ending the Mexican-American War and significantly altering the legal and territorial landscape of the United States. The treaty ceded vast swaths of land to the U.S., including present-day California, Arizona, New Mexico, and parts of several other western states—about half of Mexico's territory at the time. In exchange, the U.S. paid Mexico $15 million and assumed $3.25 million in claims by American citizens against Mexico. Legally, the treaty promised to protect the property rights and civil liberties of Mexican nationals living in the newly acquired territories, but these promises were inconsistently honored in practice.The treaty's ratification triggered significant legal and constitutional debates about the extension of slavery into new territories, setting the stage for the intensifying sectional conflicts that led to the Civil War. It also marked the beginning of long-standing disputes over land grants and water rights that would shape western property law. Moreover, the treaty's vague wording left many issues—such as tribal sovereignty and citizenship—unresolved, leading to future litigation and policy struggles.The treaty was signed in the town of Guadalupe Hidalgo, near Mexico City, and ratified by the U.S. Senate in March 1848. It remains a foundational document in U.S. legal history, frequently cited in discussions of land rights, citizenship, and the limits of treaty enforcement.Our first story today is a bit off topic.In today's digital world, every click, swipe, and login happens under a legal regime you didn't negotiate—Terms of Service, Privacy Policies, and community guidelines that quietly shape your rights and obligations online. These documents form a system of private lawmaking, where companies act as legislators, drafting rules users must follow, often with little recourse or transparency. You don't sign them, but courts often treat them as binding contracts. Clauses about arbitration, content ownership, surveillance, and data sharing carry real legal weight. Yet these terms can change overnight, unilaterally, and without notice.TOSTracker was created to bring transparency to this ecosystem. It's a non-commercial research tool that tracks and archives the evolution of digital contracts over time. With over 150 companies and nearly 250 historical versions of key documents thus far, TOSTracker offers timestamped, hash-verified, and citable records of how these texts change. It provides full version histories, detects redlines at the word and section level, and supports programmatic access through an API. Whether you're studying arbitration creep, GDPR compliance, or how moderation rules evolve, TOSTracker gives you the empirical backbone to do it.All content is normalized and archived via the Internet Archive's Wayback Machine, with cryptographic hashes ensuring document integrity. Importantly, it doesn't interpret the law—it captures the text and structure so you can. For legal researchers, privacy advocates, and anyone concerned with digital governance, this is a window into how private law is made, revised, and enforced online. It's not a product; it's a dataset, an archive, and a call to look more closely at the legal architecture of everyday tech.We're also actively seeking contributors to help expand the archive. If you come across a consumer-facing legal document—like a Terms of Service, Privacy Policy, community guidelines, or EULA—that isn't already tracked, you can submit it directly through the site. This includes documents behind logins, from smaller platforms, or covering underrepresented industries and regions. Submissions help close coverage gaps, diversify the dataset, and improve the foundation for legal research into how digital rights are defined and redefined over time. Your input directly supports transparency in an area where the law is often invisible.Check it out at tostracker.app if your research overlaps with digital contracts, user rights, or the evolving boundary between public law and platform governance.The U.S. Federal Trade Commission (FTC) has sent warning letters to 42 major law firms over concerns that their diversity, equity, and inclusion (DEI) hiring practices may be anticompetitive. The FTC emphasized that firm-wide agreements to meet diversity benchmarks—particularly those tied to programs like Diversity Lab's certification—could unlawfully restrict competition in the legal labor market by influencing hiring, compensation, or promotions. These letters arrive amid a broader rollback of DEI initiatives under President Donald Trump's administration, which has eliminated related programs in government and targeted private sector efforts.Firms such as Paul Weiss, WilmerHale, Perkins Coie, Skadden Arps, and Latham & Watkins—some of which had previously been challenged by Trump-era executive orders—are among those named. Some reached compromises with the White House, offering pro bono legal work in exchange for eased scrutiny, while others fought and won legal challenges against the orders. The FTC's scrutiny centers on participation in Diversity Lab's voluntary DEI certification, which encourages firms to ensure at least 30% of leadership candidates are from underrepresented groups. Though previously upheld in court as non-discriminatory, the FTC now frames such collective DEI practices as potentially violating competition law.US Federal Trade Commission warns law firms about DEI hiring | ReutersImmigrant rights groups filed a federal lawsuit in Boston challenging a new U.S. Immigration and Customs Enforcement (ICE) policy that allows agents to enter homes without judicial warrants. The suit, brought by the Greater Boston Latino Network and the Brazilian Worker Center, targets a May 2025 memo—recently revealed via a whistleblower complaint—that permits ICE officers to use administrative warrants instead of warrants signed by a federal judge. These administrative forms, issued internally by the Department of Homeland Security, were previously insufficient for home entries under longstanding practice.The plaintiffs argue that using such warrants for home arrests violates the Fourth Amendment, which guards against unreasonable searches and seizures. Legal advocates claim the policy removes a crucial constitutional safeguard just as ICE ramps up enforcement tactics in states like Minnesota, where multiple recent actions have already been deemed unlawful by judges. The lawsuit comes after fatal incidents in Minneapolis during anti-ICE protests, intensifying scrutiny of federal immigration operations.ICE officials defend the policy, asserting that individuals subject to removal have already received due process. However, the lawsuit challenges that rationale, pointing out that due process does not override constitutional protections against warrantless home intrusions.Lawsuit challenges ICE ability to enter homes without warrants from US judges | ReutersFormer CNN anchor Don Lemon is facing federal charges over his role in covering a protest at a Minnesota church opposing President Trump's immigration crackdown. The protest, which disrupted a church service in St. Paul on January 18, was livestreamed by Lemon and targeted the church because one pastor was allegedly also an ICE official. Lemon was arrested by the FBI, spent a night in custody, and appeared in court where he confirmed he plans to plead not guilty. He and six others, including independent journalist Georgia Fort, were indicted under laws prohibiting obstruction of access to houses of worship—a legal framework typically used against abortion clinic protests.Free press advocates and constitutional lawyers are raising concerns about the charges, framing them as part of a broader pattern of the Trump administration targeting critics, including journalists. Lemon's attorneys argue this is a political prosecution meant to suppress press freedom and distract from ongoing crises. In the archived livestream, Lemon is seen documenting the protest rather than leading it, further fueling First Amendment concerns. The DOJ's case hinges on a controversial interpretation of laws rarely, if ever, used to prosecute journalists for protest coverage after the fact. Legal experts say there is no clear precedent for the charges, and press freedom groups are warning of escalating threats to constitutional protections.Ex-CNN journalist Don Lemon faces Minnesota protest charges | Reuters This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.minimumcomp.com/subscribe

Most recruiting firms never break $10M — not because of the market, but because the leader becomes the bottleneck. If you want to scale past $10M (or $25M) without chaos, burnout, or relying on one rainmaker, this episode is a must-listen.  30 Day BD Challenge Kicks off Feb 9th in the Elite Recruiter Community https://elite-recruiters.circle.so/checkout/elite-recruiter-community  2. Why This Episode Matters Scaling a recruiting firm isn't about working harder — it's about building the right foundation. In this episode, you'll learn the exact framework elite recruiting and staffing firms use to grow revenue, develop leaders, and scale sales in volatile markets. If your firm feels stuck at $5–10M, overly dependent on top billers, or constantly firefighting, this episode shows you why — and how to fix it.  3. What You'll Learn The 4-part framework recruiting firms must master to scale past $10M intentionallyWhy most firms stall between $5M–$10M (and the hidden leadership mistake causing it)The exact reason top billers become dangerous bottlenecks — and how to fix itHow elite firms build repeatable sales systems instead of relying on hero performersThe mindset shift leaders must make to unlock team-wide growthHow to structure accountability so sales behavior actually sticksWhy slowing down strategically helps recruiting firms grow faster 4. About the Guest Shad Tidler is a senior sales consultant at Lucid (Lucian) and has spent over a decade helping recruiting, staffing, and professional services firms scale revenue through leadership, sales systems, and accountability. He works directly with owners and leadership teams navigating the jump from $5M to $25M+. 5. Extended Value Tease Imagine a recruiting firm where growth isn't dependent on one or two rainmakers. Where leaders aren't buried in admin. Where sales reps know exactly what to do, why it matters, and are held accountable without micromanagement. This episode shows you how elite firms create structure, clarity, and momentum — and why the best leaders learn to get out of the way. 6. Listen Now CTA If you want to scale your desk, your team, or your entire firm the right way — press play now. This episode will permanently change how you think about growth. 7. Timestamp Highlights 00:02 – The $10M ceiling most recruiting firms never break05:10 – How Shad accidentally entered the recruiting world14:35 – The 4 S's framework: Strategy, Structure, Staff, Skills24:20 – Why leaders — not recruiters — are the growth bottleneck31:00 – The mindset shift elite firm owners make38:15 – How to plan the jump from $5M to $10M45:05 – Why training fails without accountability51:40 – The danger of relying on 1–2 top billers59:10 – How elite firms build sales systems that scale1:07:00 – What leaders must stop doing to grow faster1:14:30 – The most overlooked reason firms stall out1:20:45 – Why fundamentals beat “new tactics” every time1:28:10 – Shad's book recommendation and mindset philosophy 8. Sponsors Section

Welcome to the News Review on the PRmoment podcast. This week I'm joined by Angie Moxham, founder of Fourth Angel.In the PR News Review we look at the biggest news stories of the week from a PR perspective and this week we're talking about Fake experts and SEO masquerading as PR firms, Brand Beckham takes a "don't explain, but you can complain approach" and The relaunch of Davos.Concerns Over Fake PR Experts and SEO Firms Ben Smith introduced the first main topic of the news review, which was coverage by The Press Gazette concerning "fake PR experts" which Ben Smith and Angie Moxham agreed seemed to be predominantly problematic SEO firms. Ben Smith noted that Google updates have increased the influence of "journalistic earned media coverage," creating an incentive for SEO and digital PR firms to masquerade as public relations firms. Ben Smith and Angie Moxham discussed how the rise of media databases played a role in these "spray and prey press release distribution" techniques Angie Moxham asserted the continuing importance of strategic, face-to-face consultancy and good old-fashioned practices, such as "picking up the phone to a good journalist." Brand Beckham Ben Smith then introduced the second story concerning Brand Beckham, which they described as taking a "don't explain but you can complain approach".Analysis of Davos and Political Reputational Risks Ben Smith introduced the final topic, the "relaunch of Davos," noting that attendance, previously often regarded as a reputational risk, seemed to have changed in the past 12 months, with Donald Trump's presence contributing to its renewed power status. Angie Moxham agreed that wherever Donald Trump goes, people follow, which has "rebooted" the event. They also discussed how Keir Starmer's decision not to attend Davos, due to a trip to China, backfired, suggesting that their diary management might not have been optimal in the "grand scheme of the chess playing of politics".

This week on Talking Wealth, Filip and Pedro dissect the dark truth about prop trading firms and whether traders should choose this path or avoid it entirely. Prop firms have become the most popular choice for new traders in the last couple of years, so get ready as the boys break down the most important aspects you need to consider as well as the hidden ones with up-to-date statistics on who really wins.

This is a recap of the top 10 posts on Hacker News on January 31, 2026. This podcast was generated by wondercraft.ai (00:30): Euro firms must ditch Uncle Sam's clouds and go EU-nativeOriginal post: https://news.ycombinator.com/item?id=46835336&utm_source=wondercraft_ai(01:59): Finland looks to introduce Australia-style ban on social mediaOriginal post: https://news.ycombinator.com/item?id=46838417&utm_source=wondercraft_ai(03:28): Mobile carriers can get your GPS locationOriginal post: https://news.ycombinator.com/item?id=46838597&utm_source=wondercraft_ai(04:57): Show HN: I trained a 9M speech model to fix my Mandarin tonesOriginal post: https://news.ycombinator.com/item?id=46832074&utm_source=wondercraft_ai(06:26): The $100B megadeal between OpenAI and Nvidia is on iceOriginal post: https://news.ycombinator.com/item?id=46831702&utm_source=wondercraft_ai(07:55): Swift is a more convenient Rust (2023)Original post: https://news.ycombinator.com/item?id=46841374&utm_source=wondercraft_ai(09:24): We have ipinfo at home or how to geolocate IPs in your CLI using latencyOriginal post: https://news.ycombinator.com/item?id=46834953&utm_source=wondercraft_ai(10:53): Automatic ProgrammingOriginal post: https://news.ycombinator.com/item?id=46835208&utm_source=wondercraft_ai(12:22): Court Filings: ICE App Identifies Protesters; Global Entry, PreCheck Get RevokedOriginal post: https://news.ycombinator.com/item?id=46832751&utm_source=wondercraft_ai(13:51): YouTube blocks background video playback on Brave and other browsersOriginal post: https://news.ycombinator.com/item?id=46834441&utm_source=wondercraft_aiThis is a third-party project, independent from HN and YC. Text and audio generated using AI, by wondercraft.ai. Create your own studio quality podcast with text as the only input in seconds at app.wondercraft.ai. Issues or feedback? We'd love to hear from you: team@wondercraft.ai

Today's top stories, with context, in just 15 minutes.On today's podcast:1) The world’s largest tech firms show no signs of easing up on AI spending, a record wave that’s propelling hardware providers like Samsung Electronics Co. and SK Hynix Inc. That’s even as doubts persist about the staying power of artificial intelligence demand to justify all that capital. Meta Platforms Inc. alone revealed ambitions to spend as much as $135 billion this year — one of the biggest planned outlays of the business sphere. Meta, Microsoft and fellow hyperscalers such as Amazon.com Inc. and Alphabet Inc., are driving a wave of global spending on chips, servers and computers that’s firing up hardware suppliers around the world, particularly in Asia. A procession of industry linchpins’s results this week further underscored how voracious the appetite for AI hardware has grown — and how that’s likely to extend well into 2026.2) Tesla Inc. has planned $20 billion of spending this year to streamline its electric-vehicle lineup and shift resources toward robotics and AI, part of a sweeping set of changes pushing the company further from its roots as an automobile manufacturer. The capital expenditure plans laid out Wednesday – roughly twice as much as Wall Street was expecting – will support production expansion at multiple factories, scaling up the nascent robotaxi business and building out AI infrastructure. Tesla also revealed plans to discontinue the Model S and X vehicles and devote that plant capacity to building Optimus humanoid robots.3) Jerome Powell has two more opportunities to adjust interest rates before his term as Federal Reserve chair ends — and he may not need them. After the Fed kept borrowing costs on hold Wednesday, Powell talked up a “clear improvement” in the US outlook and said the job market shows signs of steadying. It signals a cautious optimism: Fed officials delivered three cuts last fall, and see nothing in the latest data to suggest more are needed to prop up the economy. Futures markets expect no shift in rates before June. By then, Powell’s term as chair will have ended and a new one should be in place — likely opening another phase of President Trump’s campaign for lower rates, which has upended the Fed over the past year. In a potential sign of what’s coming, the only two officials who voted for another cut this week were Governor Stephen Miran — on leave at the Fed from his post as a top Trump aide — and Governor Christopher Waller, one of four names on Trump’s shortlist of potential Powell successors.See omnystudio.com/listener for privacy information.

In this episode of Building the Billion Dollar Business, Ray Sclafani breaks down why advisor movement data should be treated as an early warning system and not industry gossip. While the number of advisors changing firms has remained steady, a more concerning trend is emerging: more advisors are leaving the profession entirely than entering it.Ray explains that this shift isn't driven by compensation alone. Instead, advisors are making intentional decisions based on leadership clarity, career path visibility, enterprise value, and control over their future. He outlines four critical decision points for firm leaders in 2026: rethinking retention beyond pay, recruiting for long-term fit, aligning custodian and broker-dealer relationships with strategic purpose, and putting leadership development front and center.The episode challenges RIA and wealth management leaders to confront strategic ambiguity, leadership bottlenecks, and platform misalignment before retention issues show up in the P&L. The message is clear: firms that provide a credible future will keep top talent and those that don't won't.Key TakeawaysAdvisor movement data is an early warning system that reveals where confidence in leadership and long-term value is eroding.More financial advisors are leaving the profession entirely than entering it, signaling a deeper industry challenge beyond firm-to-firm movement.The cost of replacing experienced advisors far exceeds the cost of retaining and developing existing talent.Firms overly dependent on a single founder or leader create bottlenecks that limit growth and retention.Clear leadership pathways and role clarity are essential to sustaining advisor confidence and long-term firm value.Questions Financial Advisors Often AskQ: What does advisor movement data reveal about the wealth management industry? A: Advisor movement data shows where advisors believe long-term value exists and serves as an early warning system for leadership, retention, and strategic alignment issues.Q: Why are financial advisors leaving firms if compensation remains competitive? A: Advisors leave when they lack leadership clarity, role clarity, and a credible long-term career path, not simply because of pay.Q: Are more advisors leaving the profession entirely? A: Yes. In 2025, more advisors exited the profession than entered it, indicating a growing talent decline in the industry.Q: What is the real cost of losing experienced financial advisors? A: Replacing senior advisors typically costs one-and-a-half to two times their total compensation when factoring in lost productivity, recruiting time, and client disruption.Q: What role does leadership play in advisor retention? A: Advisors closely evaluate leadership development, decision-making structure, and whether firms rely too heavily on a single founder or leader.Q: Why do advisors say they are “voting with their feet”? A: Advisors move firms to gain more control over their future, their clients, and their long-term career trajectory, not because they want more change.Find Ray and the ClientWise Team on the ClientWise website or LinkedIn | Twitter | Instagram | Facebook | YouTubeTo join one of the largest digital communities of financial advisors, visit exchange.clientwise.com.

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Our Global Chief Economist Seth Carpenter joins our chief regional economists to discuss the outlook for interest rates in the U.S., Japan and Europe.Read more insights from Morgan Stanley.----- Transcript -----Seth Carpenter: Welcome to Thoughts on the Market. I'm Seth Carpenter, Morgan Stanley's Global Chief Economist and Head of Macro Research. And today we're kicking off our quarterly economic roundtable for the year. We're going to try to think about everything that matters in economics around the world. And today we're going to focus a little bit more on central banking. And when we get to tomorrow, we'll focus on the nuts and bolts of the real side of the economy. I'm joined by our chief regional economists. Michael Gapen: Hi, Seth. I'm Mike Gapen, Chief U.S. Economist at Morgan Stanley. Chetan Ahya: I'm Chetan Ahya, Chief Asia economist. Jens Eisenschmidt: And I'm Jens Eisenschmidt, Chief Europe economist. Seth Carpenter: It's Thursday, January 22nd at 10 am in New York. Jens Eisenschmidt: And 4 pm in Frankfurt. Chetan Ahya: And 9 pm in Hong Kong. Seth Carpenter: So, Mike Gapen, let me start with you as we head into 2026, what are we thinking about? Are we going into a more stable expansion? Is this just a different phase with the same amount of volatility? What do you think is going to be happening in the U.S. as a baseline outlook? And then if we're going to be wrong, which direction would we be wrong? Michael Gapen: Yeah, Seth, we took the view that we would have more policy certainty. Recent weeks have maybe suggested we're incorrect on that front. But I still believe that when it comes to deregulation, immigration policy and fiscal policy, we have much more clarity there than we did a year ago. So, I think it's another year of modest growth, above trend growth. We're forecasting something around 2.4 percent for 2026. That's about where we finished 2025. I think what's key for markets and the outlook overall will be whether inflation comes down. Firms are still passing through tariffs to the consumer. We think that'll happen at least through the end of the first quarter. It's our view that after that, inflation pressures will start to diminish. If that's the case, then we think the Fed can execute one or two more rate cuts. But we have those coming [in] the second half of the year. So, it looks like growth is strong enough. The labor market has stabilized enough for the Fed to wait and see, to look around, see the effects of their prior rate cuts, and then push policy closer to neutral if inflation comes down. Seth Carpenter: And if we go back to last year to 2025, I will give you the credit first. Morgan Stanley did not shift its forecast for recession in the U.S. the way some of our main competitors did. On the other hand, and this is where I maybe tweak you just a little bit. We underestimated how much growth there would be in the United States. CapEx spending from AI firms was strong. Consumer spending, especially from the top half of the income distribution in the U.S. was strong. Growth overall for the year was over 2 percent, close to 2.5 percent. So, if that's what we just came off of, why isn't it the case that we'd see even stronger growth? Maybe even a re-acceleration of growth in 2026? Michael Gapen: Well, some of that, say, improvement vis-à-vis our forecast, the outperformance. Some of that I think comes mechanically from trade and inventory variability. So, . I'm not sure that that says a lot about an improving trend rate of growth. Where there was other outperformance was, as you noted, from the consumer. Now our models, and I don't mean to get too technical here, but our model suggests that consumption is overshooting its fundamentals. Which I think makes it harder for the economy to accelerate further. And then AI; it's harder for AI spending to say get incrementally stronger than where it is. So, we're getting a little extra boost from fiscal. We've got that coming through. And I just think what it is, is more of the same rather than further acceleration from here. Seth Carpenter: Do you think there's a chance that the Fed in fact does not cut rates like you have in your forecast? Michael Gapen: Yes, I do think... Where we could be wrong is we've made assumptions around the One Big Beautiful Bill and what it will contribute to the economy. But as you know, there's a lot of variability around those estimates. If the bill is more catalytic to animal spirits and business spending than we've assumed, you could get, say, a demand driven animal spirits upside to the economy, which may mean inflation doesn't decelerate all that much. But I do think that that's, say, the main upside risk that we're considering. Markets have been gradually taking out probabilities of Fed cuts as growth has come in stronger. So far, the inflation data has been positive in terms of signaling about disinflation, but I would say the jury's still out on how much that continues. Seth Carpenter: Chetan, When I think about Japan, we know that it's been the developed market central bank that's been going in the opposite direction. They've been hiking when other central banks have been cutting. We got some news recently that probably put some risk into our baseline outlook that we published in our year ahead view about both growth and inflation in Japan. And with it what the Bank of Japan is going to do in terms of its normalization. Can you just walk us through a little bit about our outlook for Japan? Because right now I think that the yen, Japanese rates, they're all part of the ongoing market narrative around the world. Chetan Ahya: Yeah, Seth. So, look, I mean, on a big picture basis, we are constructive on the Japan macro-outlook. We think normal GDP growth remains strong. We are expecting to see the transition for the consumers from them seeing, you know, supply side inflation. Keeping their real wage growth low to a dynamic where we transition to real wage growth accelerating. That supports real consumption growth, and we move away from that supply side driven inflation to demand side driven inflation. So broadly we are constructive, but I think in the backdrop, what we are seeing on currency depreciation is making things a bit more challenging for the BOJ. While we are expecting that demand side pressure to build up and drive inflation, in the trailing data, it is still pretty much currency depreciation and supply side factors like food inflation driving inflation. And so, BOJ has been hesitant. So, while we had the expectation that BOJ will hike in January of 2027, we do see the risk that they may have to take up rate hike earlier to manage the currency not getting out of hand and adding on to the inflation pressures. Seth Carpenter Would I be right in saying that up until now, the yen has swung pretty widely in both directions. But the weakening of the yen until now hasn't been really the key driver of the Bank of Japan's policy reaction. It's been growth picking up, inflation picking up, wanting to get out of negative interest rates first, wanting to get away from the zero lower bounds. Second, the weaker yen in some sense could have actually been seen as a positive up until now because Japan did go through 25 years of essentially stagnant nominal growth. Is this actually that much of a fundamental change in the Bank of Japan's thinking – needing to react to the weakness of the yen? Chetan Ahya: Broadly what you're saying is right, Seth, but there is also a threshold of where the currency can be. And beyond a point, it begins to hurt the households in form of imported inflation pressures. And remember that inflation has been somewhat high, even if it is driven by currency depreciation and supply side factors for some time. And so, BOJ has to be watchful of potential lift in inflation expectations for the households. And at the same time, they are also watching the underlying inflation impact of this currency depreciation – because what we have seen is that over period workers have been demanding for higher wages. And that is also influenced by what happens to headline inflation, which is driven by currency depreciation. So, I would say that, yes, it's been true up until now. But, when currency reaches these very high levels of range, you are going to see BOJ having to act. Seth Carpenter: Jens, let's shift then to Europe. The ECB had been on a cutting cycle. They came to the end of that. President Lagarde said that she thought the disinflationary process had ended. In your year ahead forecast and a bunch of your writing recently, you've said maybe not so fast. There could still be some more disinflationary, at least risk, in the pipeline for Europe. Can you talk a little bit about what's going on in terms of European inflation and what it could mean for the European Central Bank? Because clearly that's going to be first order important for markets.Jens Eisenschmidt: I think that is right. I think we have a crucial inflation print ahead of us that comes out on the 4th of February. So, early February we get some signal, whether our anticipated fall of headline inflation here below the ECB's target is actually materializing. We think the chances for this are pretty good. There's a mix why this is happening. One is energy. Energy disinflation and base effects. But the other thing is services inflation resets always at the beginning of the year. January and February are the crucial month here. We had significant services upward pressure on prices the last years. And so just from base effects, we think we will see less of that. Another picture or another element of that picture is that wage disinflation is proceeding nicely. We have notably a significant weakness in the export-oriented manufacturing sector in Germany, which is a key sector of setting wages for the country. The country is around 30 percent of the euro area GDP. And here we had seen significant wage gains over the last year. So, the disinflationary trend coming from lower wage gains from this country, that will be very important. And an important signal to watch. Again, that's something we don't know. I think soon we have to watch simply monthly prints here. But a significant print for the first quarter comes out in May, and all of that together makes us believe that the ECB will be in a position to see enough data or have seen enough data that confirms the thesis of inflation staying below target for some time to come. So that they can cut in June and September to a terminal rate of 1.5 percent. Seth Carpenter: That is, I would say, out of consensus relative where the market is. When you talk to investors, whether they're in Europe or around the world, what's the big pushback that you get from them when you are explaining your view on how the ECB is going to act? Jens Eisenschmidt: There are two essential pushbacks. So, one is on substance. So, 'No, actually wages will not come down, and the economy will actually start overheating soon because of the big fiscal stimulus.' That, in a nutshell is the pushback on substance. I would say here, as you would say before, not so fast. Because the fiscal stimulus is only in one country. It's 30 percent. But only 30 percent of the euro area.Plus, there is another pushback, which is on the reaction function of the ECB. Here we tend to agree. So far, we have heard from policy makers that they feel rather comfortable with the 2 percent rate level that they're at. But we think that discussion will change. The moment you are below target in an actual inflation print; the burden of proof is the opposite. Now you have to prove: Is the economy really on a track that inflation will get back up to target without further monetary stimulus? We believe that will be the key debate. And again, happy to, sort of, concede that there is for now not a lot of signaling out of the ECB that further rate cuts are coming. But we believe the first inflation print of the year will change that debate significantly. Seth Carpenter: Alright, so that makes a lot of sense. However, looking at the clock, we are probably out of time for today. So, for now, Michael, Chetan, Jens, thank you so much for joining today. And to the listener, thanks for listening. And be sure to tune in tomorrow for part two of our conversation. And I have to say, if you enjoy this show, please leave us a review wherever you listen and share Thoughts on the Market with a friend or a colleague today.

Ben Orthlieb of Blue Moon joins Nick to discuss AI Native VC, Achieving 50%+ Graduation from Seed to Series A, Why Access Is the Key to Success, and Why Network Driven Firms Can No Longer Compete. In this episode we cover: Challenges of the Traditional Venture Model Blue Moon's AI-Assisted Human Judgment Evaluating Exceptional Founders Access vs. Picking in Venture Capital Blue Moon's Sourcing and Screening Process Non-Obvious Data Sources and Market Dynamics Winning Deals and Founder Relationships Future of Blue Moon and AI in Venture Capital Importance of Price and Pre-Commitments Guest Links: Ben's LinkedIn Blue Moon's LinkedIn Blue Moon's Website The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area. We're proud to partner with Ramp, the modern finance automation platform. Book a demo and get $150—no strings attached.   Want to keep up to date with The Full Ratchet? Follow us on social. You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.