Podcasts about Bernie Madoff

 The JBP begins the latest episode with Joe bringing Marc Lamont Hill straight to Homie Court (21:50) before discussing the latest trend involving AI with the Offset & Quavo record 'Hotel Lobby' (39:25). Marc then asks the room about 'A Different World' reboot and Jasmine Guy responding to critics (1:10:20), QueenzFlip shares his recent talks with Remy Ma leading the room to debate which pod member acts the most different on and off camera (1:21:00), the passing of Dennis Haskins (1:34:08), and the VMA's continuing to use Madonna (1:46:10). Also, Joe shares the list of highest paying jobs in 2026 with his castmates (1:57:25), Flip dives into a content creator controversy surrounding the Clover Boys and Kai Cenat (2:07:38), Joe shares his stance on Bernie Madoff (2:15:30), Ice comments on Kirk Franklin & GloRilla's new record (2:27:24), is the agent for Pistons Center Jalen Duren committing malpractice (2:36:25), and much more!  Become a Patron of The Joe Budden Podcast for additional bonus episodes and visual content for all things JBP! Join our Patreon here: http://www.patreon.com/joebudden 

Bernie Madoff didn't look like a financial criminal. He was a respected Wall Street figure whose clients believed they had gained access to one of the most remarkably consistent investment strategies in finance. Behind the prestige, however, was an enormous deception built from trust, exclusivity, fabricated records, and billions of dollars flowing from new investors to old ones.

Christopher Zook reveals why owning a stake in private equity firms is one of the most profitable business models in finance, with 60% operating margins and contractually locked-in fees. He also breaks down what it takes to start a successful PE firm, why he values persistency over track record, and the three red flags that make him walk away from any deal, including the rule that helped him avoid Madoff.

İkili Görüş Özel'de İlkan Dalkuç konuğu Ekonomist Dr. Caner Gerek ile fon skandalının boyutlarını, ekonomiye ne kadar etkisi olacağını ve hangi önlemlerin alınması gerektiğini tartışıyor.00:00 Giriş00:20 Konuğumuz Caner Gerek'i tanıyalım01:35 Mart 2021'de 12 kişiyle kurulan fon03:20 TEFAS ve nitelikli yatırımcı08:30 "BofA kazanırken sorun yok da küçük yatırımcı kazanınca mı sorun oluyor"09:40 Bu fonlara girenlerin çok büyük kısmı işin içinde bir iş olduğunu bilerek girdi, Newton gibi12:50 İnsan arkadaşından azar16:15 Hisse senedi fonları ve para piyasası fonları yatırımcısını ayırmak gerekir19:40 Devlet yıllardır bunu biliyordu ama bir şey yapmak için yurt dışından sinyal mi bekledi25:25 BİST 30'da nasıl tavan tavan yapabildiler28:40 Tasfiyede sınır nereden, nasıl çizilmeli, kime hangi sırayla ödeme yapılmalı33:20 Fon skandalı Madoff skandalındaki yöntemle çözülebilir mi43:00 Hukuk olması gerektiği gibi uygulanıyorsa (fonculara ters kelepçeli gözaltı görüntüsü yok) ben şüpheleniyorum45:00 Fon skandalını ekonomik olarak değil siyasi olarak çözecekler: kimin lobisi güçlüyse56:10 Fakirinden zenginine kolay para kazanma isteği: kriptodan kumara, borsaya...59:20 Devlet, bu fonzedeleri kurtarsa yarın başka bir kolay para kazanma olayında yine batarlar01:03:50 Dünyanın gittiği yeri anlayamayan, eski kafalı, vizyonsuz ekonomistler ve 13.30'dan önce verdiği satış emri gerçekleşmeyen Fon savunucuları01:05:45 Hektaşîler, Sasaîler ve Teraîler01:11:50 Daha fazla şeffaflık şart (Burak Doğan yok ortalıkta)01:17:20 Faizsiz evim'lere bir şey olur mu01:18:20 SPK zolpidem etkisi altında mı: Halka arzlardan malum fonlara⌨️━━━━━━━DAKTİLO1984 AİLESİNİN BİR PARÇASI OLUN!━━━━━━━⌨️

David Gelles⁠ is an award-winning New York Times reporter and bestselling author. He has extensive experience as a business reporter in particular and has reported extensively on, among other topics, Boeing's safety issues, Bernie Madoff's ponzi scheme, and the life and leadership of GE CEO Jack Welch. He's the bestselling author of three books, including The Man Who Broke Capitalism, about Welch, and a new one, Dirtbag Billionaire, a deep dive into the life and impact of Patagonia founder Yvon Chouinard. David joined host Robert Glazer on the Elevate Podcast for a wide-ranging conversation on Jack Welch's leadership at GE, Yvon Chouinard's extraordinary career at Patagonia, and much more. Thank you to the sponsors of The Elevate Podcast Shopify: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠shopify.com/elevate⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Masterclass: ⁠⁠⁠⁠⁠⁠⁠masterclass.com/elevate⁠⁠⁠⁠⁠⁠⁠ Framer: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠framer.com/elevate⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Northwest Registered Agent: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠northwestregisteredagent.com/elevate⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Indeed: ⁠⁠indeed.com/elevate⁠

Take 10 with 10 – September 11, 2026 @ 9:15 am – 1 hour, max1.Shohei Ohtani hits the IL with his knee and bicep that have been problematic since June. He'll be out of the lineup until at least the end of the month. a.The Dodgers have one 7 in a row and nine up in the loss column over the Padres. Do we see Ohtani in the regular season again?b.With what we know now, do you drop him in leagues that do not have Injury rosters?c.Uber prospect Josue De Paula gets the call and is a must-add in all leagues. At least I think so; does he get enough at-bats to matter?2.Let's look at the standings.3.Here are 10 players who've had a great second half. How will you think of them coming into next season's drafts? Maybe a round or round range, or move up on your list, etc…1)Fernando Tatis - .299 BA, 15 HR, 9 SB, 37 RBI2)Rafael Devers - .276 BA, 16 HR, 40 RBI3)Steven Kwan - .353 BA, 1 hit, 3 SB – at least he started hitting, not much else though.4)Jac Caglianone - .328 BA, 8 HR, 3 SB, but only 5 walks in 161 Pas5)Henry Bolte - .293 BA, 7 HR, 8 SB6)Cal Raleigh - .204 BA, 12 HR, 30 SB7)Payton Tolle – 53.0 IP, 3.23 ERA, 72K/12BB8)Reid Detmers – 53.1 IP, 1.37 ERA, 68K/10BB9)Brandon Pfaadt – 63.2 IP, 2.54 ERA, 36K/11BB – only 5 K/910)Logan Henderson – 55.1 IP, 1.95 ERA, 59K/7BB4.Kade Anderson picked up his first win. What have you thought about his MLB debut so far – 21 IP, 4.29 ERA, 16K/8BB, 4.01 xERAa.Is he a guy to target for 2027?5.One thing that happened over our week off was the Orioles signed Luis Robert Jr. after the Mets cut him. It cost them $4 million for the month. They consequently lost five games in a row, and then LRJ was put on the IL.a.Is he done in fantasy managers' eyes, or will somebody take a flyer on him in 2027?b.Fun fact – Do you know that the Orioles paid Chris Davis $3.5 million in deferred compensation in 2026?i.He'll be paid $3.5 million until 2032 and $1.7 million until 2037. He last played in 2020.c.Fun fact 2 – They also paid Bobby Bonilla $500,000. He has a 25-year deferred compensation agreement that ran from 2004 until 2028. Not as bad as the Mets deal. To remind everyone on the Mets deal:i.The Mets agreed to defer 5.9 million of Bonilla's contract for 10 years with an 8% interest rate. The $5.9 million turned into $29.8 million, and the famous amount of $1,193,249.20 is paid out from 2011 to 2035. The Wilpon's and the Mets made the high-interest deal because they talked to their financial advisor, legendary criminal Bernie Madoff, who said he could easily earn double that interest amount, so the Mets made the deal. It clearly did not work out for the Wilpon's and the Mets. You can't make this stuff up.d.Fun fact 3 – There was a lot written about Bernie Madoff and several movies. While everyone knows about the crime and the ensuing drama, the final recovery was announced just last month, and victims got 94% of their actual cash losses. Not trying to downplay the event, but the good news is that most people got back a least the money they invested – nobody will do a movie about that.6.What one hitter are you targeting for this weekend's FAAB?7.What one pitcher are you targeting for this weekend's FAAB?

¿Qué tan inteligente tendrías que ser para robar 65 mil millones de dólares?Spoiler: según este caso, no tanto.Bernie Madoff operó la estafa más grande en la historia de Wall Street durante... cuarenta años. Cuatro décadas. Mientras era presidente del NASDAQ. Mientras la SEC — el organismo regulador que existe específicamente para evitar esto — lo investigaba y lo dejaba ir. Mientras bancos de todo el mundo, con ejércitos de analistas y computadoras, invertían el dinero de sus clientes con él sin chistar.

Andy Schwartz CEO, OnePoint BFG Wealth Partners  |  Kevin Spahn Founder, Spahn Financial (now OnePoint BFG) Two former Northwestern Mutual advisors, two very different paths. Andy Schwartz and Kevin Spahn share what it takes to build, grow, merge, and create lasting enterprise value. In Summary What separates a successful advisory practice from an enterprise with the ability to grow well beyond its founders? Andy Schwartz and Kevin Spahn offer two different perspectives on that question. Both spent decades at Northwestern Mutual, but their paths eventually diverged. Andy left to help build what is now OnePoint BFG Wealth Partners, an $18B+ firm expected to surpass $20B by year-end. Kevin built one of Northwestern Mutual's top practices before deciding to merge his business into OnePoint and become an equity partner. Louis talks with Andy and Kevin about the decisions behind both journeys: creating a true firm rather than an aggregation of practices, transitioning advisors from 1099 to W-2, using outside capital without relinquishing control, rethinking succession, and determining when equity in a larger enterprise can offer greater opportunity than continuing to build alone. Underlying it all is a factor that's much harder to quantify: trust. The Storyline Andy Schwartz and Kevin Spahn have known each other for roughly 30 years. They met while both were building careers at Northwestern Mutual, where Andy became an important mentor to Kevin as Kevin transitioned from practicing law and estate planning into wealth management. After roughly 30 years at Northwestern Mutual, Andy and his partners left in 2015 with approximately $3B in assets to launch independently. What began as Bleakley Financial eventually became OnePoint BFG Wealth Partners, an $18B+ enterprise that Andy expects will surpass $20B by the end of 2026. That kind of growth required more than attracting assets. Andy describes the evolution from a predominantly 1099 structure into a firm where more than 85% of advisors and AUM are now W-2. The shift created a more cohesive enterprise, gave advisors access to equity, and ultimately positioned OnePoint to bring in minority capital from Joe Duran's Rise Growth Partners. Andy makes an important distinction about that relationship: OnePoint is “private equity invested,” not “private equity owned.” The structure gave the firm capital and expertise while allowing its partners to retain control. Kevin faced a different decision. After more than 30 years at Northwestern Mutual, his practice had grown to 18 people and approximately $2B in assets. He was happy at the firm, but his clients had evolved, his business had become increasingly complex, and the internal succession plan he once envisioned carried risks he could no longer ignore. He could have built an independent firm himself. Instead, he chose to merge with OnePoint. The decision wasn't driven by the largest possible check. Kevin saw the opportunity to become an equity partner in a larger enterprise, give his team and clients a more durable future, and leverage infrastructure he didn't want to recreate himself. For both men, the story ultimately comes back to the same principle: The right economics matter, but sustainable partnerships require trust, shared philosophy, and the belief that everyone involved can create more value together than separately. Topics Covered Building an enterprise versus building a practice Northwestern Mutual and the path to independence OnePoint BFG Wealth Partners' growth from ~$3B to $18B+ Organic growth versus M&A Creating a growth-oriented advisor culture Moving from a 1099 model to a predominantly W-2 structure Equity ownership and advisor alignment Minority private equity investment Rise Growth Partners and Joe Duran Internal succession versus an external merger Selling versus merging an advisory business Merging versus teaming versus going it alone Evaluating equity versus cash in a transaction The economics of leaving a captive firm Centralization versus advisor autonomy Trust as a factor in partnerships and transactions > Download a transcript of this episode… Listen and Learn Highlights for Advisors How did Andy and Kevin's 30-year relationship ultimately lead to a transaction? (04:11)Kevin explains how Andy helped him transition from attorney and estate planner into wealth management, beginning a professional relationship that would eventually make their partnership possible decades later. Why did Andy leave Northwestern Mutual after roughly 30 years? (08:45)Andy describes wanting greater flexibility, a multi-custodial platform, and more optionality for clients and the business—a decision that ultimately led to the creation of OnePoint BFG. Why did Kevin decide his longtime Northwestern Mutual practice needed something different? (15:49)Kevin explains how his clients, service needs, and business evolved over time, while concerns about his original internal succession plan led him to consider a different path. What has driven OnePoint's growth from approximately $3B to $18B+? (21:41)Andy outlines the firm's emphasis on client experience, advisor experience, organic growth, and carefully selected inorganic growth—and why helping advisors grow is fundamental to the model. Why does Andy say OnePoint is a firm rather than an aggregator? (23:54)The distinction comes down to alignment, shared responsibility, centralized resources, equity, and a partnership structure in which advisors are accountable to one another. How did OnePoint convert a predominantly 1099 advisor base into a W-2 enterprise? (29:26)Andy explains why capital and equity became necessary to build the next stage of the business and why trust was essential to bringing advisors into a more integrated structure. Why did OnePoint choose minority private equity investment? (33:13)Andy shares why Rise Growth Partners offered something previous potential buyers had not: a structure designed to benefit the broader advisor partnership while preserving control. Why did Kevin merge with OnePoint rather than shop his practice broadly? (36:43)For Kevin, maximizing price wasn't the objective. His decision centered on trust in Andy, confidence in OnePoint's infrastructure, and creating a strong future for clients and employees. Why did Kevin choose equity in the larger firm instead of simply cashing out? (40:57)Kevin explains why he believes participating in the future growth of a larger enterprise offers a compelling alternative to relying solely on the future growth of his own practice. How should advisors evaluate the “golden handcuffs” that can make leaving difficult? (46:42)Andy argues that the analysis needs to compare what an advisor gives up with the potential growth, economics, equity, and leverage available on the other side. How much conformity does a true enterprise require? (49:06)Andy explains why OnePoint sits somewhere between complete advisor autonomy and complete centralization, seeking enough consistency to create enterprise value without eliminating entrepreneurial flexibility. What would Andy and Kevin tell their younger selves? (52:06)Kevin emphasizes surrounding yourself with the best people possible, while Andy reflects on having the courage to make a difficult change after a successful 30-year run. Key Takeaways Building enterprise value requires more than asset growth. OnePoint's evolution included changing its ownership structure, integrating advisor practices, creating equity opportunities, and investing in centralized capabilities. Organic growth remains central even in an M&A-driven market. OnePoint targets approximately 10% organic growth and evaluates prospective partners partly on whether they are growth-oriented and whether the firm can meaningfully help them grow. A collection of successful advisors does not automatically make a firm. Andy sees shared ownership, alignment, accountability, infrastructure, and centralized services as critical distinctions between an enterprise and an aggregator. Outside capital does not have to mean giving up control. OnePoint chose a minority investment from Rise Growth Partners that provided capital and strategic support while leaving control with its operating partners. Succession can expose risks that growth may obscure. Kevin began reconsidering his internal succession strategy when he recognized its dependence on his continued production, key employees, and the future economics of an aging client base. The highest purchase price isn't always the most valuable transaction. Kevin prioritized equity participation, infrastructure, continuity for his employees and clients, and confidence in his future partners over broadly shopping his business for the highest bid. Trust can determine whether structural change is possible. From OnePoint's 1099-to-W-2 conversion to Kevin's decision to merge, both guests repeatedly point to established trust as the foundation that allowed significant business decisions to happen. https://youtu.be/jkIoynpZj6Y Quotable Moments “The biggest mistake advisors make is they buy their own bullshit.”— Andy Schwartz “We're not an aggregator, we're a firm.”— Andy Schwartz “The biggest issue is trust. Either they trust you or they don't.”— Andy Schwartz “I wasn't looking to sell my business. I was looking to merge it.”— Kevin Spahn “You have to trust them. You have to see that they provide value. And you need to be on the same page philosophically.”— Kevin Spahn “Associate yourselves with the best people you can… It accelerates your trajectory in ways that you can't do on your own.”— Kevin Spahn FAQs Why did Andy Schwartz leave Northwestern Mutual? After approximately 30 years at Northwestern Mutual, Andy and his partners wanted greater flexibility, the ability to operate on a multi-custodial basis, and more optionality for clients and the business. They left in 2015 with approximately $3B in assets and launched the independent firm that ultimately became OnePoint BFG Wealth Partners. How large is OnePoint BFG Wealth Partners? At the time of the interview, Andy says OnePoint manages more than $18B and expects to exceed $20B by the end of 2026, even without additional organic growth. What has driven OnePoint's growth? Andy points to three priorities: client experience, advisor experience, and growth. The firm targets approximately 10% organic growth while also expanding through acquisitions and partnerships with advisors it believes fit the OnePoint model. Why did OnePoint move advisors from 1099 to W-2? The firm wanted to evolve from a platform supporting individual practices into a more integrated enterprise. That required creating firm-level economics and equity that could be used to attract, retain, and align advisors. Today, Andy says more than 85% of OnePoint's advisors and AUM are W-2. What does “private equity invested, not private equity owned” mean? Rise Growth Partners holds a minority, non-controlling interest in OnePoint. The investment provides capital, expertise, and strategic support while the operating partners retain majority ownership and control of the business. Why did Kevin Spahn leave Northwestern Mutual? Kevin says he remained happy at Northwestern Mutual, but his practice and clients had evolved. His work had shifted increasingly toward investments and complex high-net-worth planning, while he also began identifying risks in his intended internal succession plan. Why did Kevin merge with OnePoint rather than launch his own independent RIA? OnePoint already had the infrastructure, people, and capabilities Kevin would have needed to build himself. The merger allowed him to focus on clients while becoming an equity partner in a larger enterprise he believed could grow faster than his standalone practice. Why didn't Kevin shop his practice to multiple buyers? Kevin says his decision was driven primarily by trust. He had known Andy and other OnePoint partners for decades and believed the firm offered the right future for his clients and employees. His choice ultimately came down to staying at Northwestern Mutual or joining OnePoint. How do Andy and Kevin suggest advisors evaluate a potential partner? Their discussion points to three fundamental considerations: trust, demonstrable value, and philosophical alignment. Economics matter, but both argue that a sustainable partnership depends on confidence in the people and business on the other side of the transaction. After approximately 30 years at Northwestern Mutual, Andy and his partners wanted greater flexibility, the ability to operate on a multi-custodial basis, and more optionality for clients and the business. They left in 2015 with approximately $3B in assets and launched the independent firm that ultimately became OnePoint BFG Wealth Partners. At the time of the interview, Andy says OnePoint manages more than $18B and expects to exceed $20B by the end of 2026, even without additional organic growth. Andy points to three priorities: client experience, advisor experience, and growth. The firm targets approximately 10% organic growth while also expanding through acquisitions and partnerships with advisors it believes fit the OnePoint model. The firm wanted to evolve from a platform supporting individual practices into a more integrated enterprise. That required creating firm-level economics and equity that could be used to attract, retain, and align advisors. Today, Andy says more than 85% of OnePoint's advisors and AUM are W-2. Rise Growth Partners holds a minority, non-controlling interest in OnePoint. The investment provides capital, expertise, and strategic support while the operating partners retain majority ownership and control of the business. Kevin says he remained happy at Northwestern Mutual, but his practice and clients had evolved. His work had shifted increasingly toward investments and complex high-net-worth planning, while he also began identifying risks in his intended internal succession plan. OnePoint already had the infrastructure, people, and capabilities Kevin would have needed to build himself. The merger allowed him to focus on clients while becoming an equity partner in a larger enterprise he believed could grow faster than his standalone practice. Kevin says his decision was driven primarily by trust. He had known Andy and other OnePoint partners for decades and believed the firm offered the right future for his clients and employees. His choice ultimately came down to staying at Northwestern Mutual or joining OnePoint. Their discussion points to three fundamental considerations: trust, demonstrable value, and philosophical alignment. Economics matter, but both argue that a sustainable partnership depends on confidence in the people and business on the other side of the transaction. Related Resources Rise and Reinvent: Joe Duran on Building and Rebuilding World-Class Firms From Insurance Sales to $8B RIA: A Northwestern Mutual Breakaway Story The 4th Annual Advisor Transition Report Andy SchwartzCo-Founder, Managing Partner, and Chief Executive Officer Andy Schwartz is the Co-Founder, Managing Partner, and Chief Executive Officer of OnePoint BFG Wealth Partners, where he also serves as a Wealth Management Advisor. A CERTIFIED FINANCIAL PLANNER® with more than 40 years of experience, Andy has built his career around helping clients make confident, well-informed financial decisions at every stage of life. He works extensively with physicians and business owners on wealth building, retirement planning, and tax-efficient asset transfer across generations. A 2026 finalist for Wealth Management Awards CEO of the Year (under $25B AUM), Andy brings the same discipline to leading the firm that he brings to client relationships: comprehensive planning, long-term thinking, and an unwavering commitment to independence and integrity. Beyond his client work, Andy is deeply invested in the advisory profession itself. He co-hosts The Advisor’s Compass podcast, offering candid, practical guidance on the business and responsibilities of being an advisor. His mentorship philosophy is straightforward: pass the ladder back down. His industry recognition spans more than a decade, including Top 1,200 Advisor by Barron’s (2018–2024), Top 250 Wealth Advisor and Best-In-State Wealth Advisor by Forbes (2018–2024), Top 400 Financial Advisor by the Financial Times (2018–2020), and Top 100 Independent Advisor (2020–2023). He was named Executive of the Year by NJBIZ in 2019 and was a finalist for the Invest in Others Lifetime Achievement Award for more than 20 years of service with NJ SEEDS. Andy holds a B.S. in Finance and Marketing from Rowan University and is actively involved with Nourish NJ, the Navy SEAL Foundation, the Jewish Federation of Greater MetroWest NJ, and JSDD. Outside the office, he enjoys golf, reading, and time with his family at the beach.   Kevin SpahnPartner and Wealth Advisor Kevin Spahn is a Partner and Wealth Advisor at OnePoint BFG Wealth Partners, bringing more than three decades of experience in comprehensive financial planning to his clients and the firm. Kevin’s path to wealth management is rooted in the law. After earning degrees from the University of Notre Dame and the University of Wisconsin, he began his career as a practicing attorney before making a deliberate pivot toward financial planning in 1993. He joined Northwestern Mutual, then founded Spahn Financial, building a practice centered on thoughtful, holistic planning for families and business owners. That practice joined OnePoint BFG Wealth Partners in 2025. His approach has remained consistent throughout: help clients build and protect wealth not just for themselves, but for the generations that follow. Kevin works with clients on comprehensive financial plans that account for the full picture, understanding that the impact of good planning extends well beyond an individual portfolio to families, businesses, employees, and the broader community. Kevin is based in the greater Chicago area.   NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. View the transcript of this episode… Build, Grow & Transact: Making the Leap from Northwestern Mutual to a $20B Enterprise A conversation between Louis Diamond, Andy Schwartz, CEO of OnePoint BFG Wealth Partners and Kevin Spahn, Founder of Spahn Financial (now OnePoint BFG). Louis Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is Build, Grow & Transact: Making the Leap from Northwestern Mutual to a $20B Enterprise. It’s a conversation with Andy Schwartz, CEO of OnePoint BFG Wealth Partners, and Kevin Spahn, founder of Spahn Financial, now OnePoint BFG. I’m Louis Diamond, and this is The Diamond Podcast for Financial Advisors. Mindy Diamond: At Diamond Consultants, we help elite advisors identify the right environment for their businesses to thrive, whether that’s at a wirehouse, boutique, or independent firm. With nearly three decades of experience, we’ve guided thousands of advisors and represented more than a quarter of a trillion dollars in assets transitioned. Each year, one in four advisors managing a billion dollars or more who change firms are our clients. Our process is education-driven and based on building relationships, starting as your strategic partner well before you’re even thinking of a move. To schedule a confidential conversation, call us at 908-879-1002. Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions, and more, inspired us to create our annual Advisor Transition Report. It’s the award-winning data-driven resource designed for advisors that connects the dots between the motivations around movement and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions. Download your copy at diamond-consultants.com/transitionreport. Louis Diamond: There’s a big difference between building a successful practice and building an enterprise. I think Andy Schwartz and Kevin Spahn offer a unique perspective on that distinction from two very different sides. Both spent decades in the Northwestern Mutual system. Andy ultimately left to build what became OnePoint BFG Wealth Partners, taking the firm from roughly three billion to nearly 20 billion and transforming just about every aspect of the business along the way. Kevin built one of Northwestern Mutual’s top practices before reaching a different inflection point, deciding what he wanted the next phase of his career and business to look like. Rather than go independent on his own or simply monetize what he had built, he chose to become part of Andy’s growing enterprise. That makes their story particularly relevant for our Build, Grow, and Transact series. Andy can speak to what it takes to build a firm capable of becoming an acquirer, from converting advisors from 1099s to W-2s, to creating equity opportunities, to bringing in outside capital while remaining very deliberate about being private equity-invested rather than private equity-owned. And Kevin brings the seller’s perspective, how you evaluate the economics, the trade-offs, and ultimately the people you’re trusting with the business you spent more than 30 years building. Because whether you’re building, buying, or considering a transaction of any kind, the numbers are only part of the equation. As you hear from both Andy and Kevin, trust may be the most important currency of all. So let’s get to it. Andy and Kevin, thank you so much for both joining us today. Andy Schwartz: Great to see you again, Lewis. Thank you for having us. Louis Diamond: I’ve been excited about this interview for a bunch of reasons. One, our Build, Grow, Transact series has become a real staple of our show and we got lots to talk about there. But also, the friendship, the relationship that you two have had for over 30 years really stood out to me. So before we get into the nuts and bolts, talk about your relationship. How’d you guys meet, and how did your career stay so intertwined together when you’re in different geographies and at different firms, and have each been very successful in your own rights? Andy Schwartz: Sure. Kevin, do you want to start with that? Kevin Spahn: Sure. I started in this career in 1994 and met Andy sometime after that. He was a more advanced financial planner. I was an attorney, and then I transitioned into this business. So when I first joined Northwestern Mutual, which is my first broker dealer, I didn’t really have a background in investments. At the time, a lot of Northwestern Mutual reps were learning the investment business because they maybe originally started with Northwestern Mutual focusing more on insurance planning. My background was more estate planning. At the time, if you think early ’90s, if you did estate planning, insurance often went hand in hand with that. The estate exemption in early 1990s was about $600,000. So if you pass more than $600,000 to your children, there was a 55% tax. One way around it was to put insurance in an irrevocable trust, help cover the tax that way. So it really was a popular common strategy back then, and it’s really what got me into the business. But I quickly realized that I didn’t want my future to be insurance and estate planning. And there was a conflict if you acted as someone’s attorney and sold insurance. So I had to pick one way or the other. I decided long-term it would be better for me to move into the wealth management space. But with that little background in that, I had a lot of work to do. So took a lot of tests, became a certified financial planner. But the person that helped me the most along the way was Andy. We became friends, we sat on committees together. That’s really how we met, I would say. So we worked side by side interacting with our home office and representing the field, bringing issues to the home office that we thought were beneficial to the field. As we did that together, I got to know Andy. And then separately, I learned from him how he built his business and how they would review clients’ portfolios and come up with solutions. So I really credit Andy with helping me more than anyone else to transition from attorney, financial planner doing more estate planning insurance to wealth management. Louis Diamond: Very cool. Hey, I would say, maybe I’m a little biased, that, Kevin, you picked the right path in hanging up the law shingle and coming into wealth management. Kevin Spahn: I tell a lot of people I’m a reformed attorney. Andy Schwartz: Great. Louis Diamond: Exactly. My dad would say the exact same thing. Very common at dinner tables in the Diamond households. Andy Schwartz: I was always grateful that I wasn’t smart enough to be an attorney. Louis Diamond: There we go. Andy Schwartz: That’s where my gratitude lies. Yeah. Louis Diamond: There we go. Andy Schwartz: Some would say he’s too smart. Louis Diamond: There we go. Andy, question for you. I mean, anyone who is at or was at Northwestern Mutual, I mean, you’re like Elvis to them. It’s absolutely crazy the amount of fanfare and brand recognition that you and your brother Scott have. But for those who maybe missed your first podcast appearance with us a number of years ago, or aren’t or weren’t within the Northwestern Mutual system, or haven’t been familiar with Bleakley and now OnePoint BFG, just give us the cliff notes, the origin story, how you got into the business, and how’d you get from here to there? Andy Schwartz: Yeah. So the origin is probably pretty common, probably by accident. Going into my senior year in college, I was working in a restaurant, had a falling out with my boss. I happened to be dating a woman who was living with a general agent with Fidelity Union Life. No one will have ever heard of Fidelity Union Life, but their secret sauce was they sold life insurance to college seniors on a note. So if you can get a $10 money order, because where I went to school, nobody had a checking account, then you could basically get a note signed and they would buy insurance. And then when they graduate, hopefully they’d pay for it. I started selling life insurance my senior year in college. And then my twin brother Scott, who is my partner, and has been for over 40 years, he took an interview with what was the nucleus of our present firm actually. I just went up to Northern New Jersey in May of 1984 because I was an expert. I had been selling life insurance to college kids for six months, so I knew everything you had to know. We met with these guys, and we both ended up joining them. So that was a Northwestern Mutual district agency, and that was 1984. We got licensed right away. I got my CFP in ’86. We always knew that it was going to be about planning. So I think we had the right idea. We were a little ahead of the curve because there weren’t a lot of CFPs in ’86. We got securities license immediately. So before Northwestern had securities license, we got securities license with US Life actually. And then it was really a volume business, a client-building business. We always tried to act as a firm and share resources. We were small, but like a lot of people, we started out selling A shares and B shares and C shares, doing financial planning, selling insurance, and then we made a lot of really good hires along the way. And then after 30 years at Northwestern Mutual, which was a great experience for me, and I have nothing but respect for the institution and certainly the advisors that are there, Kevin certainly was one of them, and I know he feels the same way, but we just wanted to have a little more flexibility. We went independent about 11, almost 12 years ago. We wanted to be able to be multi-custodial. We wanted to have a little bit more optionality for our clients and for ourselves. We left Northwestern at three billion or so in assets, and that was in 2015. It’s in March of 2024, I get introduced to this guy with a crazy accent named Joe Duran. Funny, probably the only person in the industry that had no idea who Joe Duran was me. I’d never heard of Joe Duran. I don’t pay attention. I worry about our firm. I don’t worry about what’s going on outside. So I get introduced to Joe by a mutual friend, and we had an interesting conversation, and it took us probably about four or five months to figure out what we wanted to do. And then in August of ’24, myself and my three partners, we rolled in. And then in ’85, the rest of the firm rolled in. And we can talk a little bit more about that. Today we’re 18-plus billion, growing quite a bit. We’ve been very lucky that we’ve made some very good decisions along the way. We’ve made some bad ones too. But most of the decisions had to do with the people that we hired, the people that we brought on to help us, because I think it’s really important. I always say that the biggest mistake advisors make is they buy their own bullshit, and I try not to, and I realize that I’m smart enough, but I’m certainly not the smartest guy. I’m rarely the smartest guy in the room. So what we try to do is hire lots and lots of really smart people. And we’ve done that. They’ve been loyal to us, we’ve been loyal to them. Yeah, so we’re blessed to have a really great team and lots of good partners. Yeah. Louis Diamond: Yeah, we’ll definitely get into more of the nuts and bolts of the decision to take on capital, partner with Joe Duran’s Rise, but that’s an amazing background. Andy, I have to give you credit because your style, and I think I’m sure there’s business benefits, but it comes from a good place, I’m sure. But the coaching and consulting and just assistance that I’ve heard you provide to so many past and current Northwestern Mutual advisors through sports camps is absolutely incredible. It’s very near and dear to my heart because we always try to lead with education and helping people. So I just wanted to call that out, that your reputation for just providing amazing guidance and coaching to advisors is unparalleled. Andy Schwartz: And it’s been the best part of our journey. We’ve been able to help so many people. We get way too much credit by the way. So everybody gives us way too much credit. But the way I look at it is, I’ve been able to leverage my life because I’ve been able to build a great life for myself and my family, but we’ve been able to leverage that, and that’s where the real gift is. So yeah, it’s been a joyful journey for us. Louis Diamond: Amazing. Kevin, question for you. You walked through your little bit unorthodox background to get into Northwestern. Can you talk about where your personal practice is today? And then I want to ask you about the decision to leave Northwestern and sell and team up with Andy and team. Kevin Spahn: Well, I have to go back to the beginning. What was attractive to me about this business is I went from a career which was confrontational adversarial. I was a trial attorney for six years, and every day I would fight with people over things I didn’t necessarily have a personal interest in and I didn’t really believe in always. But the adversarial confrontational nature wasn’t really my personality, and I would take it too personally. So sometimes I’d go home in a bad mood because I was fighting with somebody taking a deposition. At night, after so many years as a trial attorney, I started going to people’s houses and doing wills and trusts. And that’s where the dynamic of working with a client or a potential client, feeling that you helped them and walking out of the meeting where they would appreciate what you did for them, and you build a relationship and actually all of a sudden have a friend, that dynamic was attractive to me. That’s really what got me to transition into the business. So I think it was really helpful to me at the beginning of this career. As Andy said, we all grew our businesses one client at a time. There’s a lot of doors closed, phones hung up on. There’s many people that don’t want to talk to you. There’s many people that don’t call you back. There’s many people that you think you’re getting somewhere with and you don’t. And that’s difficult for people because people often, young reps take that as personal rejection. I had the benefit of comparing what I was dealing with as a young financial planner to what I had dealt with as an attorney in litigation. I think it just was perspective that I knew I didn’t want to do that anymore. So the negatives to this business didn’t seem that bad to me. I loved the independence. I loved all the relationships that I was building. And that part of it is to this day my favorite part of the business. When you ask about the present, what basically happens is you start out taking anybody and everybody as a potential client or as someone that you would be willing to work with. And then over time you work with more successful people. So where I’m at today is working with pretty successful people, but they’re all the same, meaning we like working with nice people. If people are nice, we work with them. I feel we can help anybody. Over the years, one client at a time. The thing that I probably, if I could go back, would change is I think Andy and I are both good at meeting people and building trust and providing value, so that’s why they work with us. So I think that’s just something we’ve both been able to do. He’s much better than I am at building an organization. So I built an organization basically hiring people, that whenever we got too busy, I hired another person. Drawback in terms of that is, anybody that I interview I think is great, and I think they’d be great to join the organization. I like them all. In spite of that, I’ve also brought in many good people that I love. At this point, my firm has 18 people. We’re a little subset of Andy’s larger firm. I think one of the most attractive things to me about joining Andy’s firm is what Andy mentioned before: the people. As opposed to me having to build this all out myself, going independent, Andy already did that. And he has the infrastructure that would allow me to just merge right into that and not have to go through the pain of figuring all that out, which I don’t even think I’m capable of, to be honest with you. Louis Diamond: You’re probably selling yourself short because the way I understood it, you had one of the top practices within the entire Northwestern Mutual systems, and it’s a firm filled with very successful advisors. For you, Kevin, what was the driving force to leaving NM after all these years? What was bothering you or frustrating you that indicated to you that it was time to do something different? Kevin Spahn: To be honest with you, I was pretty happy at Northwestern Mutual. I love the company and the people. I still have many good friends there that I truly miss. The big thing for me, I don’t know if it was any one thing, to be honest with you, is Andy said there’s optionality, especially on the investment side. I think one of the things that happened to me is, when I first started, I was 31 years old, and most of the potential clients that I would meet and work with, they weren’t what I would call today great investment clients. They didn’t have a lot of money. They had great futures. They might’ve been earning significant income or on the way to earning significant income. So what did they need at that point in their life? They needed planning. They needed protection. They didn’t really need investment management because most of their investments were going into their 401(k). But a lot of those clients that we would take on, and I think that’s the big advantage of Northwestern Mutual, you take on clients that a lot of the investor firms don’t want because they don’t have large investment portfolios. But at some point down the road, all of a sudden you wake up and they do have large investment portfolios. So you bring them in as clients that might buy life insurance from you or disability insurance or something like that. And then you help them, and you give them advice, and you build a relationship with them. Down the road, they make more and more money. They leave jobs, they roll 401(k)s, they have the ability to invest money, stock options, things like that. Next thing you’re doing more comprehensive planning that incorporates investments. As that progresses even further, you work with larger and larger clients, much more significant net worth, more complexity, bigger tax issues. Some of the strategies and opportunities that we now have at this independent RIA are very attractive for these high-net-worth clients. Along the same lines, less of what I do at this point in my career is insurance, mostly because a lot of the people that I meet are older, they already bought insurance, they’re looking more for investment advice as opposed to insurance. So one of the things that most attracted me to Northwest Mutual was their strong insurance products, which helped me for many years. As time went on, I was doing less of that. Louis Diamond: Makes complete sense. So it was a changing of what clients wanted and just the circumstances of your clients where you said, “What got me here when I was 31 was insurance planning, and that’s what my clients needed. But as my practice has evolved, I’ve aged, my clients are older, have more money, the focus shifted from insurance to investments.” And then the distinction was, am I at the best place to run investments in addition to insurance planning, et cetera? It’s a very interesting dynamic. Just the shift in basically your legacy clients was what drove you to consider change. Kevin Spahn: That was a big factor. I think the second big factor was I had my own firm with 18 people. My succession plan was that at some point I would shift ownership of the firm to people that worked with me. So as they owned more of the firm, they would have revenue that was currently at the time being paid to me. In my mind, as it shifted to them, they would buy me out using revenue from the clients that we already had. And I realized that there were some issues with that. In our business, as you get older, in your client’s age, they start taking money out of their portfolios. So everyone understands that in our business, the younger average age client you have makes your book more valuable. I was the biggest driver of new business at my firm, and I started to see that there were some problems with my succession plan. They included, if something happened to me during this succession, that would be a real problem for the people that were buying my business from me if I went that way. If something happened to some of my key people, that would’ve been a problem as well. So it was really attractive to me to… I wasn’t looking to sell my business, I was looking to merge it. So I merged it with Andy’s business. I believe that Andy and what he’s put together and the actual idea of having partners. So I never really had partners, but now I do. Having partners that we’re all on the same page, we all have similar backgrounds, we all bring something different to the table, and we can learn and benefit from working with each other. But also, owning a little piece of a much larger firm was, number one, it put me in a better position in terms of the potential risk of something happening to me or one of my key people. But secondly, I just think it’s more likely to grow at a greater pace than my firm would’ve as I aged from my 60s to my 70s. Louis Diamond: Very interesting. It’s a great realization. I think it’s one that probably every firm owner grapples with at some point, is the romanticism or the ease, some would say, of an internal succession plan. Rewarding those who have helped you build the firm is something I think everyone is interested in. But once that’s put into practice, whether it’s because of capital or sky-high valuations or right people on the bus or risk, et cetera, nowadays oftentimes leads to a firm owner looking at a transaction, whether it’s a merger, a sale, a private equity, capital infusion as a means to solve for succession. So it’s a very interesting way you framed it. Andy, I want to turn it over to you for a little bit. So you mentioned when you launched Bleakley Financial, which was the old name of your firm, out of Northwestern, you’re about three billion. I think I read that you’re about 10 billion or so when Joe Duran and Rise invested you in 2024. You just said you’re at 18 billion now in the middle of 2026. That is absolutely incredible and amazing. Andy Schwartz: We’ll be well over 20 by the end of the year without any additional organic growth. Louis Diamond: That’s absolutely incredible. Andy Schwartz: We’ve got a lot going on right now. Louis Diamond: What’s actually driven that? What’s been the playbook? Andy Schwartz: The three areas that are most important for us, and we had our town hall this morning, and we always talk about the things we focus on as a group, the first and most important is the client experience. I always say to people, if you are their advisor, then that means someone else isn’t. These people, they all deserve to be really well taken care of. They deserve the best service, they deserve the best advice. So that’s something we take really personally. So client experience first. Then we also understand that we don’t just work for clients, we work for our advisors. So I have two jobs. I have, I don’t know, 500 clients I service with my team, and I work for Kevin and 36 other partners and all of our employees. Because again, I recognize that the decision Kevin made… We’re in the middle of a transition out with another advisor, and we pretty much talk to her every day, and I know how hard this is. A transition is so difficult. When you come from a good place, because any of the Northwestern advisor who joins, they’re coming from a good place, it’s not like they have to go anywhere, it’s difficult. So we have the massive responsibility that three or four or five or 10 years from now, that there better be hugs around that this was the best decision ever made or otherwise. That’s the kind of thing that keeps me up at night. So we’ve got to take care of our client experience, we’ve got to take care of our advisor experience. And then obviously, we’ve got to grow the firm so the firm grows organically. So part of this whole idea of serving our advisors is we have to help our advisors grow. I talk to a lot of people on the acquisition side, and if I’m talking to an advisor, it doesn’t matter how big they are, we kind of think of it as a OnePoint way. There’s flexibility in the OnePoint way. But if I can’t help them grow, I don’t want them, because I say it all the time, I’m not the mafia. I’m not here to get a taste. Louis, if you weren’t interested in joining us, if I thought that we could help you grow by doing that, then I want you bad. If I don’t think I can help you grow because we’re so different, or because you’re not going to adapt what we do, or there’s no leverage in it, or you’re already better than we are, I don’t want it. So for us, organic growth, number one, and I think you know the industries well enough, that’s got to be the key. We shoot for 10% organic growth. We’re at a little over 5% so far halfway through the year. So assuming we have the similar second half of the year, we’ll hit our 10. Last year we’re at 7.5%. The second is the inorganic growth. If you truly build a platform, if you truly build a firm that advisors know that they’ll be supported, that they’ll be loved, and you’ll help them grow their businesses, it does make it easier for us. We’re not the highest bidder typically. We can’t. We respect our client’s capital, we respect their equity, so therefore we’re not going to go out there. We’re not an aggregator, we’re a firm. But I think that if we can get that message across, and I think we have, then advisors join us. So that’s been a big part of the growth. And then the market’s helped. Obviously, over the last two years, the market’s been helpful. So that’s how we’ve gone from 10 to 18 and on our way to 22 by year-end. Louis Diamond: This is absolutely incredible. Any advisor or firm owner would say organic growth is important, but just saying it’s important doesn’t mean it’s going to happen. So what are the ways in which you help your advisors or your own practice grow organically? What is it that OnePoint is doing for your advisors? Andy Schwartz: Starting with bringing on growth-oriented advisors. I mean, look, Kevin Spahn and I come from the same place. We learned how to sell. The great thing about coming out of whether they’re broker dealers or out of the different insurance BDs is, these are people that know how to sell. These are people that don’t think that selling is a bad word. A lot of times you go to the wirehouses and they’re not necessarily sales guys. They’re really smart. They think that they’re investment mavens and investment geniuses. I’m not interested in investment geniuses. I’m interested in people that want to take care of their clients, provide everything they can, clients first, do the proper planning, be good advisors, but they’re growth-oriented. So as long as we’re talking with the right advisors. Again, if I’m talking to advisor and they might have a big practice, if they’re not growers, we’re not interested. There’s a sense of responsibility for all the partners because we are a true partnership. It’s not an aggregation. This is a firm. I’m responsible for Kevin. Kevin’s responsible to me. All of our partners are responsible to each other, because if we’re going to do a 10% organic growth target, and if some partner is negative 3%, we don’t put them through the spanking machine, but everybody is very aware of where everybody is and nobody wants to let their partners down. I think either you’re a growth-oriented advisor or you’re a zoo-fed bear. There’s another expression that I got from another Rise Growth Partner or Rise Growth firm. We all kind of communicate and talk to each other. And I was talking about zoo-fed bears, and he said, we call them house cats that think they fight. So they’re house cats, but they have no claws. But I think if you’re careful about who you bring on as partners, and if they are workers, growers, they understand that their job in life is to serve the people. We talk about referrals, we do lots of training to help on referrals. We work on organic growth strategies from the firm, but a lot of it comes from the advisors themselves. Louis Diamond: Makes sense. So it sounds like, to boil it down, it’s being really selective and having a really clear sense of who’s the right fit for your firm. Not that there’s not amazing advisors out there, but just because you’re an amazing advisor, doesn’t mean you’re the right fit to join OnePoint. Andy Schwartz: I think the one big distinction and difference is other than the fact that we are minority-owned with private equity. So we own our business. I mean, I’m the CEO of the firm. I also have the biggest book in the firm. At least for right now, I mean, Kevin was transitioning, so I’m sure next year he’ll be the leading advisor. But I lead the firm, because as far as I’m concerned, you have to lead by example. We are completely aligned. I know exactly what Kevin does every day because I do the same thing. I’m not some attorney or accountant or private equity boss that’s saying, “Oh, I’ve got an idea for growth. We’ll just raise our fees by 5%.” Brilliant. Yeah, we are completely aligned, all of us. I think that makes us a little bit unique, and it really helps us, I think, in our growth trajectory. Louis Diamond: I would agree. The challenge that a lot of advisors-turned-firm-owners or turned-enterprise-builders have is the tug of war between the client work, which either is their ultimate passion and driving force, or it’s something they’re really good at minimum, versus being the owner, the operator, et cetera. I resonate very much, Andy, with the way you handle it. I do the same thing running a company, but also working with advisors. To me, I need to do both in order to do my job well. But that tug of war is tough. So I’m curious, your firm is very large now, you’re a steward of external capital, and you have a $3 billion book yourself. How do you do it? How do you balance the two? Andy Schwartz: Well, fortunately, my kids are grown, so I’m not coaching sports anymore. So I do have a little more time than most. Look, we have a great team. So the idea that I run the firm… I mean, I lead the firm, I don’t run the firm. We have great partners. We have great… Our manager team is fantastic. So I mean, they really run the firm. But this is where my passion is for now. So I don’t mind. Days are typically pretty long. I don’t play golf during the week. Mara and I don’t travel probably as much as we should. Vacations are always a little bit mixed. There’s always room for calls and meetings and whatever. But to me, I mean, I’m grateful to be in this situation. I’m enjoying it. This is such a privilege to be the person that people recognize as the leader of this bunch, of this group. I mean, it is the honor of my life. So I don’t think of it so much as work. It’s my advocation. It does get busy. There are some times where I have to remind myself, “Just enjoy the ride.” I get a little overwhelmed, but I get lots of help and that makes it possible. Louis Diamond: Yep. If you’re not doing the job of the folks that you’re encouraging and leading to do, how do you have fodder to train them, to teach them, to empathize with that? Andy Schwartz: Exactly, you don’t have the credibility. I can ask them to do almost anything because they know I do it myself, and I think that helps. Louis Diamond: Yep. So moving more into the decision to bring on private equity capital, what I thought was probably the most interesting component of your announcement that you took on PE investment was that you completely restructured or reoriented your firm prior to Joe Duran coming in 2024. Correct me if I’m wrong, but Bleakley Financial Group was almost all 1099 contractors. So everyone owned their own books of business, paid Bleakley a fee or an override for certain services. But now, today, over 85% of your advisors and your AUM are W-2 employees, meaning you converted them from 1099 to acquiring them or merging with them. To me, that’s the dream. It’s had to have been very, very, very hard and challenging because there’s so many aggregator firms or platforms that support independent advisors, but the value that they’ve created is fairly minimal relative to one cohesive firm. So can you just talk about that decision, a very big and brave decision to go down the path of acquiring or merging with the practices rather than letting them continue to operate independently? Andy Schwartz: Well, look, we had to… It’s funny because we had been having conversations for years with consultants, and they kept telling us what we had to do. Again, we’re not that smart, so we just kept thinking, “No, we don’t have to do that.” But we were told 10 years earlier that the only way that this thing has any value to the world is you’ve got to have EBITDA for the firm. We talked to all the smart people, we ignored all of them. But what happened was we needed capital and we needed equity in order to bring people on, because people aren’t just joining us just because we can help them grow a bigger business. So the reason we went in the direction we went initially was we just needed capital. We wanted to grow the firm, and the only way we were going to get to is… What’s the old saying? What got us here is not going to get us there. So we needed capital. But we also realized that I had to have something I could sell in the marketplace. And people want equity. So they want cash, but they also want equity, because we’re talking to entrepreneurs. Kevin owned his own firm. He has $2 billion of assets. He wasn’t interested in being someone’s employee, but he was interested in being able to get leverage and be a partner and share equity in a larger firm that had the chance to grow even more. So what the gift that Joe Duran, the Rise folks gave us was that gift of structure and understanding. So that was really helpful, and that’s been a big part of our success. Louis Diamond: Yeah, it’s an amazing journey. Again, I think you could probably write a book or a case study on how that happened. I’m sure there were some downfalls, some people that weren’t all that excited about it, but the results speak for itself. Andy Schwartz: I think people ask all the time because I do get phone calls. People are trying to do this, and they’re struggling. It took us 90 days to basically do it. People say, “I’ve been at this for two years.” And the biggest issue is trust. Either they trust you or they don’t. At the end of the day, I always went to the advisor here, we were a firm for 30-plus years prior, and these guys knew that we always did what we said we were going to do, and we always did. If your people trust you, then you can do it. If your people don’t trust you, it isn’t going to work. Louis Diamond: In other words, your firm added immense value to the advisors as well. Aside from trust, if you weren’t providing a service or services that they found a value that they couldn’t access on their own, it would’ve been 85/15 going the other way for sure. Andy Schwartz: Yeah, 100%. I know it’s not easy, but it wasn’t that hard for us. Louis Diamond: Good. It’s well-earned. So I believe you were Rise Growth Partners’ first investment. Andy Schwartz: We were. Louis Diamond: That’s cool. It’s exciting. You get to be someone’s first, but did it make you uncomfortable that you were the first investment or did you see that as a positive? Andy Schwartz: I actually saw it as a positive. Well, one, because I recognized immediately that Joe Duran and his team were way smarter than we were certainly, and certainly with what we were trying to do. And I figured that it’s almost like the first child. They were so excited to have somebody, and there was so much time and energy, so they just really doted on us. They were really able to help us. Now they’ve got four or five groups that they work with, and obviously we’ve been launched. So the younger babies are getting more time and attention, although we get everything that we need from them. But yeah, that never concerned me. I always thought that would be our advantage. It actually turned out that way. Louis Diamond: Interesting. In thinking through a sale or a minority sale, did you entertain other types of capital, whether it was a family office or a multitude of other private equity sponsors or selling the firm outright? Andy Schwartz: Yeah, we probably had four or five very, very serious conversations. Actually, some got pretty close to the end where we basically just made the decision not to do it. One was a much larger firm, good people. But the problem always was… I was always going to get rich out of the deal because it was going to be 100% sale, but there was really no lift or leverage from the advisors. So the principals, they were willing to pay me a big multiple and my partners a big multiple, and pay these guys basically an average multiple. So we had always told our guys, “Let’s stay together, and someday, this thing, whatever it’s going to turn into be, will benefit everyone.” So with the Duran situation and the deal with Rise did, it gave everybody a chance to benefit from what we were doing. But what was good about all of those false starts was, it taught me a lot because I had… I know you’re involved in this, so you know better than I do, but we’d start conversations, somebody would reach out to me, I would be very specific about what I needed. They would say, “Yep, we can do that.” And then you get to the finish line, and it’s almost like, I started out, I wanted a tomahawk steak and a baked potato, and I ended up getting a two-day-old hamburger with some cold French fries. It’s like, I know I’m not that smart and I know you’re the PE guys, but for God’s sakes, we’re not stupid. So it was funny because in January of ’24, I told my partners, “I don’t want to have any more of these conversations. It was a waste of time and energy. I’m sick of talking to these people. Let’s just put our heads down, and then let’s grow the firm a little bit more, and then we’ll see what the world looks like.” And then I get introduced to Duran. Louis Diamond: Perfect. Makes sense. Yeah, so you were well-educated on the market, the types of buyers, and I always say it’s almost more important to understand what you don’t want more than what you do want. The only way oftentimes to understand what you don’t want is to experience it and touch and feel it and really get into the weeds on it. I like too, Andy, I saw in an article, you said that “we’re private equity invested, we’re not private equity owned,” which is a very cool dynamic. I could imagine why that was important to you to retain majority control. Kevin, I want to bring you back into the conversation. Thank you for being patient here. But I mean, I would imagine you had some real choices. I mean, you could have stayed at Northwestern and been very successful, gone through with your internal succession plan. You could have gone to an independent BD, monetized, figured out succession later. You could have sold the business to a strategic acquirer. You were big enough to take on an investor in some capacity on your own. So options wasn’t your problem. Maybe just walk us through. Did you consider any other pathways? And what were the pros and cons in your mind that led you to doing a transaction with Andy? Kevin Spahn: I’m a little different, I think, than most people in this industry. Even as you grow your business at a certain percentage, none of that stuff has ever really meant anything to me. All I know is I like what I do. So when I came into the business, because I like it, I enjoy it, I spend time doing it, I’ve tried to get better at it. But it comes naturally because it’s something that I don’t look at Monday mornings as, “Oh, no, it’s Monday morning.” I’m excited to go to work. My entire career, once I left law, my business has just grown over the years naturally. But you said something before, Louis, and I think this applies to me. I love to work with the clients. I don’t like what I have to do in terms of running the firm. I never have. It’s never been my cup of tea, but you have to do it if you run a firm. So number one, the thought of all the due diligence that I would have to do to research all the firms out there, I wasn’t really all that interested in doing that. At the end of the day, it comes down to this word trust. I trust Andy. I trust the other partners here too, because I’ve known not just Andy, but I’ve known Scott and many of the other partners for years. So I knew what I was getting myself into. At the end of the day, I knew what they built. I was very comfortable with it, and I was either going to stay at Northwestern Mutual or I was going to come here, but I wasn’t going to go anywhere else. I will say, since I’ve gone, it’s been exactly like I thought. I thought I trusted Andy. And if something happened along the way with the transition, everything that he said has been true, thing that he promised is real. As you deal with more complexities with a bigger book and more and more employees, I knew that I was almost at the breaking point in terms of my own organization and to merge into this organization that, as I said before, he’s already built out. I don’t have to do it. And to benefit from these great people that he has as part of his organization, that’s all been a real blessing for me and my team. So I didn’t shop the marketplace really, but I knew what I was getting into, and it’s worked out clear as I thought it would. Louis Diamond: That’s amazing. I think that’s what most people would covet. But it is a decision in and of itself to not shop the marketplace. I mean, from representing buyers or prospective buyers, I know the pricing leverage or the negotiation leverage and the valuation lift that comes from having an open market, having multiple bids, et cetera. It sounds like that wasn’t the… Obviously you wanted to get fair value for your firm, but for you, it was more, it’s trust, “I’m either going to just stay at Northwestern, which is the devil I know or it’s what I’ve known where I’ve been successful, or I’m going to go to the individual that I trust and forget about all the other noise.” Kevin Spahn: Well, Andy says things, but I know they’re true because I’ve seen him at work. I’ve seen how he’s acted. I’ve seen how he interacts with people. But here’s an example. He cares about the people that are at his firm. He says that, but I know it’s true because I see it. I’m the same. I really care about the people in my firm. So as I think about, well, what about the future of two groups, my clients, but also the people that work in my firm? They’re going to be around long after I am. Well, I don’t want myself to retire someday, get a big check, because there’s all sorts of options to get a check. If I get a check and then my client’s scatter to the wind, and my employees don’t really have a future and they just have to go and find their own way, that wasn’t attractive at all to me. So one of the things that I really appreciate about this opportunity is that there is a plan for both my clients and my employees or the younger team members at formerly Spahn Financial, where I feel very good about the fact that they have a solid, secure future in an industry that they’ve all grown to love without them having to go out and make their own way. Louis Diamond: Makes sense to me. We noted a couple of times in this interview, you talked about equity, partnership, both of you have. So Kevin, for you, what did it mean differently for you to become a partner and get equity in a larger firm rather than, we’ll say, the less risky move of just taking everything in cash? Why was that an important distinction for you? Kevin Spahn: For many years, when I left law and came into this business, I didn’t have any money at the time. I was just starting to make money as a lawyer. It takes a while. I started low. I got trial experience working for the government, so they didn’t pay much. That was three years. Then I was at a firm, and I was just starting to make more money. Then I made this big shift into a career tha

Ray Madoff (The Second Estate, Immortality and the Law, Practical Guide to Estate Planning) is a Boston College law professor, author, and tax-policy expert. Ray joins Armchair Expert to discuss being a proudly mediocre high school student, reluctantly trading philosophy for law school, and becoming a terrible Wall Street tax lawyer who loved teaching. Ray and Dax talk about America's return to a pre-revolutionary aristocracy, how “salaries are for suckers” among the ultrawealthy, and why $50 trillion in wealth yielded only $28 billion in estate tax. Ray explains why high earners and wealth holders aren't the same, how fair taxation could rescue capitalism, and why the problem is the system and not billionaires themselves.Thank you to our presenting partner Lilly. Lilly's Foundayo™(orforglipron). Advertisement Disclaimer: Please see Indications and Safety Summary with Warnings for Foundayo™(orforglipron) at https://www.foundayo.lilly.com/risk Start your 2 month free trial today: https://youtube.com/premium . Terms Apply. Cancel Anytime.Check Allstate first for a quote that could save you hundreds: https://www.allstate.com/ See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

หนังสือ Madoff: The Final Word ของ Richard Behar - การฉ้อฉลทางการเงินครั้งใหญ่ที่สุดของสหรัฐอเมริกา นั่นคือการแชร์ลูกโซ่นั่นเอง - ซึ่งสร้างการสูญเสียไปมากกว่า 65 พันล้านเหรียญสหรัฐ หรือประมาณ 2 ล้านล้านบาท - เหมือนว่าการแชร์ลูกโซ่จะมีมาทุกยุคทุกสมัย แต่ก็ยังมีผู้คนหลงเชื่อแบบเดิมซ้ำไปซ้ำมาอยู่ดี - เทคนิคของการชวนเชื่อก็คือ เราจำเป็นจะต้องมีเส้นสายของการรู้จักคนที่มีความรู้ ความสามารถสูง - เงินเป็นของนอกกาย ตายไปก็เอาไปไม่ได้ แต่หลายคนก็ยังมีความฝันในเรื่องของการเป็นคนร่ำรวยกันอยู่ดี

If you've ever dealt with mom guilt and found yourself checking your phone to see if you're doing enough, wondering why you care so much what other people think, this episode is for you. New to No Guilt Mom? Start here: https://www.noguiltmom.com/podcast-2 JoAnn sits down with speaker, entrepreneur, and author Jess Ekstrom (founder of Mic Drop Workshop and author of Making It Without Losing It) for an honest conversation about external validation — including JoAnn's own confession about compulsively checking podcast analytics, and Jess's story of interviewing her great uncle Bernie Madoff about the roots of chasing approval. Together they unpack why other people's opinions matter less than we think, how to tell the difference between feedback worth keeping and feedback worth ignoring, and how moms can stop performing for an audience that isn't even watching. In this episode, you'll learn: Why chasing external validation kills creativity and motivation (and the "analytics detox" JoAnn is doing with her therapist) The story behind Jess's uncle Bernie Madoff and the childhood moment that taught him "admiration can be bought" Jess's "spotlight vs. lighthouse" framework for shifting from seeking approval to serving the people in front of you The three questions to ask before you let feedback affect you: is it a chorus, is it constructive, and does it have credibility Why the "bottom of the pile" doesn't exist, and how to stop waiting for permission to enjoy your life Resources mentioned in this episode: Making It Without Losing It by Jess Ekstrom Jess on Instagram Jess on LinkedIn Text HYPE to 704-228-9495 for Jess's weekly Monday motivational text The Happy Mom Reset (free class) No Guilt Mom Inner Circle More episodes of the No Guilt Mom Podcast Learn more about your ad choices. Visit podcastchoices.com/adchoices

8/21/26, Co-Host- Josh Silver Max Page w/ Ray Madoff, Prof & Dir of the Forum on Philanthropy, author of “The Second Estate: How the Tax Code Made an American Aristocracy.” Rep. Lindsay Sabadosa: why is $1Billion in Fair Share money—for education and transportation—just sitting in a state bank account? Amherst College Professor Austin Sarat: Todd Blanche's confirmation as Attorney General – why the country is in even deeper trouble Politcal Gold with Josh Silver: can the Democrats win control of the Senate in 2026? Here's the story. ArtBeat with Donnabelle Casis and Emma Chubb, Assoc Dir of Curatorial Affairs at the Smith College Museum of Art

It ends badly for two legends. [1:10]The shine is off for Deion.Buy or sell? [11:00]Deion. OU. Trans Athletes. NFC East.The Bernie Madoff of sports. [35:50]A financial shell game. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In this episode, Hilmarie sits down with David Homan to explore the true power of relationships and why meaningful connection is often the most overlooked asset in leadership, business, and life. As the founder of a global community of over 2,500 superconnectors, David shares how authentic relationships are built through trust, generosity, and consistent action rather than transactions or networking tactics.David reflects on several defining moments that shaped his worldview, from a serious childhood illness that left him struggling with social anxiety to navigating the aftermath of the Bernie Madoff scandal while leading a multinational foundation. These experiences taught him the importance of resilience, personal responsibility, and judging people by their actions rather than their promises.The conversation dives into the principles behind his bestselling book Orchestrating Connection, including why most people approach networking the wrong way, how leaders can build deeper and more intentional relationships, and why asking for help is often harder than offering it. David also shares the vision behind SOAR Connect, a relationship technology platform designed to help people build trust-based networks while protecting privacy and authenticity.At its core, this episode is about connection with purpose. David's insights remind us that lasting success is rarely built alone. It comes from showing up for others, creating trust through action, and having the courage to ask for what truly matters.About The GuestDavid Homan is a bestselling author, entrepreneur, speaker, composer, and globally recognized community builder. He is the author of Orchestrating Connection and the founder of SOAR Connect, a relationship technology platform focused on helping people build stronger, trust-based professional and personal networks.Over the course of his career, David has cultivated a global community of more than 2,500 influential leaders, entrepreneurs, investors, family office executives, philanthropists, entertainers, and changemakers. Known as a “connector of connectors,” he specializes in creating meaningful introductions, fostering collaboration, and helping individuals and organizations unlock opportunities through authentic relationships.David's work is driven by a belief that generosity, trust, and intentionality are the foundations of long-term success. Through his writing, speaking, coaching, and technology ventures, he continues to help leaders transform the way they build relationships, create impact, and strengthen communities around the world.Quotes 5:37 - I started to understand that everyone has something that they have gone through, most of us afraid to share it, that has formed how we act in this world. And the most gracious, kind people I've met have embraced that adversity.8:09 - I had to take responsibility for something, even if it wasn't my fault that it had occurred in the first place. 8:52 - I learned to not take people at their word. I learned to only judge based on action. 9:17 - I started to help people without an expectation of return. And I did it from a place where there was no abundance. 12:52 - You can build trust that can last a generation if you simply help somebody with something they can't do themselves.15:32 - Real trust has no boundaries once you've built it. And real trust with vulnerability at its core helps people address what they really need. And then the world moves forward with action and community.16:26 - There has to be a reason behind what you built where you saw a problem that you needed to have solved.17:31 - The real point of your pitch start with, the powerful passion you have with why you're building it.18:11 - The skill is that enough to then spark more interest for somebody who hasn't heard this podcast to listen to it because of how somebody else described it.18:51 - What we really crave in technology to build trust is to demonstrate the one thing I think is a real value, which is the time that we've spent together.19:25 - I believe that if you can show those who you built the most trust with the ask that you need, and the system can help augment how they could help connect you. We can build a new way that is entirely data private and permission-based for people to connect.Useful LinksWebsite:https://orchestratedconnecting.com/about/Instagram:https://www.instagram.com/the_connection_orchestrator/LinkedIn:https://www.linkedin.com/in/davidrhoman/The Matrix Green Pill Podcast: https://thematrixgreenpill.com/Please review us: https://g.page/r/CS8IW35GvlraEAI/review

What would you ask if your uncle was Bernie Madoff? My guest actually sat across from him in prison and the conversation changed the course of her life forever. When I found out that today's guest, Jess Ekstrom, is Bernie Madoff's great niece, I knew we had to start there. Her family didn't just watch one of the biggest financial scandals in history unfold on television. They lived it. They lost nearly everything. Years later, Jess made the decision to visit Bernie Madoff in prison, searching for answers that most people would never have the courage to ask. What he confessed to her during that visit was shocking. He told her that his downfall didn't begin with money or investing. It began as a lonely child trying to buy friendship and approval. That conversation became the foundation for everything Jess teaches today about success, validation, and living a meaningful life. But this episode is about so much more than Bernie Madoff. Jess went on to build an incredible business, sell it for millions, and accomplish goals most entrepreneurs spend a lifetime chasing. Yet after reaching everything she thought would finally make her happy, she realized something almost all high achievers eventually discover. Achievement alone cannot give you fulfillment. We unpack the dangerous "arrival trap" that keeps so many people believing happiness is always waiting on the other side of the next accomplishment. We also dive into the stories we tell ourselves that quietly shape our entire lives. Jess shares how one childhood moment convinced her she wasn't good with numbers, even though she eventually built multiple successful companies. We talk about comparison versus inspiration, why your greatest limitations often begin with a single belief, and how changing your story can completely change your future. This conversation is filled with practical wisdom for anyone who wants to pursue big dreams without sacrificing joy along the way. One of my favorite moments is when Jess shares her incredible framework of becoming a lighthouse instead of a spotlight. That lesson alone is worth listening to this episode. Whether you're building a business, leading a team, raising a family, or simply trying to become the best version of yourself, this conversation will challenge you to stop chasing validation and start building a life rooted in purpose. Key Takeaways: The shocking lesson Jess learned from visiting Bernie Madoff in prison Why the need for approval can quietly shape the direction of your entire life How to avoid the "arrival trap" that keeps high achievers chasing fulfillment The difference between comparison and inspiration and why it changes everything How changing one limiting story can transform your future Why becoming a lighthouse instead of a spotlight will make you a better leader and communicator If you've ever wondered why success doesn't always bring happiness, or you've been chasing a future that never seems to arrive, this conversation will completely change the way you think about ambition, fulfillment, and the life you're building. Listen now and let's Max Out. Sign up for a $1 per month trial period at https://shopify.com/mylett Try QUO for free PLUS get 20% off your first 6 months when you go to quo.com/mylett See how K12 Powered Schools can help unlock your child's full potential! Enroll online today at k12.com/mylett Head to dosedaily.co/MYLETT or enter MYLETT to get 35% off your first subscription.

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   In this episode, Justin interviews Jerome Mayne about his experiences and his upcoming RIMS Texas Regional Conference 2026 keynote, "Choices and Consequences: The Human Side of Risk." In his keynote, Jerome will speak about his experiences and the human factors in decisions. He shares part of the story from his keynote and his book Diary of a White Collar Criminal. Justin and Jerome discuss how fraud develops. Most fraud comes after a series of bad decisions. Jerome says, looking back, you may not understand why you made those decisions. His keynote will address, through storytelling, how fraud happens. Jerome uses humor to tell very serious stories. Jerome speaks of an organizational culture in which it is safe to discuss with leaders bad decisions you may have made. If there is an atmosphere of fear, you will not have these discussions.   Listen for the value of connecting and giving your audience takeaways they will remember.   Key Takeaways: [:01] About RIMS and RIMScast. [:16] About this episode of RIMScast. We will be joined by Jerome Mayne, opening keynote speaker for the RIMS Texas Regional Conference 2026. We will talk about choices and consequences. But first… [:42] RIMS-CRMP Workshop. We are delighted to announce that on August 27th and 28th, RIMS President Manny Padilla will be leading the two-day in-person workshop at St. John's University at 101 Astor Place in New York City. A link to the registration is in this episode's show notes. [1:02] RIMS-CRMP Virtual Workshops. The next virtual RIMS-CRMP Exam Prep courses will be held on July 28th and 29th. RIMS will partner with PARIMA for the RIMS-CRMP Exam Prep on September 1st and 2nd. Registration links are in this episode's show notes. [1:19] On the webinars page, you will see a two-part series hosted by the RIMS Membership Department. The "Classroom to Career" webinar series highlights how RIMS equips students with the knowledge, skills, and connections needed to thrive in risk management careers. [1:34] Participants will gain insights into industry trends, career pathways, and practical tools that help them confidently step into the evolving world of risk management after graduation. These sessions will be hosted on September 1st and 9th. [1:48] These sessions are member exclusives and are complimentary for RIMS members, of course. So, if you are interested in becoming a member, this would be the time. Visit RIMS.org/membership. [1:57] Live Events! The RIMS ERM Conference 2026 will be held on November 19th and 20th in Columbus, Ohio. Registration will open in July. Look out for the call for nominations for the RIMS ERM Global Award of Distinction. Visit RIMS.org/ERM2026 in July for that announcement. [2:19] RIMS is back on YouTube. Our handle is @RIMSOfficialChannel. We've got plenty of videos there, including RIMScast, RIMScast Canada video podcasts, and other informative and entertaining content from RIMS. Subscribe to the channel today! [2:38] On with the Show! Our guest today is Jerome Mayne. He is an Ethics and Humorous Keynote Speaker. He will be kicking off the RIMS Texas Regional Conference 2026. [2:48] Jerome is the author of Diary of a White Collar Criminal, the first-hand account of his career in comedy and his 21-month Federal prison sentence for white-collar conspiracy. Learn more at JeromeMayne.com. [3:03] Jerome will provide a unique blend of ethical insights and humor at the RIMS Texas Regional Conference 2026 in San Antonio on Tuesday, August 11th, with his session, "Choices and Consequences: The Human Side of Risk." [3:20] We're going to get a preview of that session, and also get his perspective on ethical decision-making and how risk managers can avoid certain temptations. We're going to have a lot of fun! Let's get to it! [3:33] Interview! Jerome Mayne, Welcome to RIMScast! [3:38] Jerome was recommended by a RIMS member to be a great person to "kick off" the conference. Jerome says word of mouth is the best marketing. [4:28] Jerome says people don't like to think they're going to an ethics conference. That could be a real "sleeper." [4:50] Jerome says his whole perspective is from the human side. He speaks about decisions. He doesn't speak about financial transactions. He's not doing bullet points. He's not a scholar in ethics. He knows about decisions. [5:12] Policies and checklists are important, but there's still a human being making the decision, especially with technology. [5:30] Jerome says his experience and story have to do with decision-making. It doesn't matter what industry it is; it's all the same. It's human. That's what he talks about, and he says he's fortunate because he gets to tell a story. [5:50] One of the things Jerome hears most is that he connected with the group because he's a regular guy, like everybody else in the office. He wasn't a Bernie Madoff. He didn't plan something. It was decisions. [6:23] Jerome says that in real estate finance, you've got a lot of things that have to happen. There are Fannie Mae guidelines, and underwriters that make sure the transactions are right. They didn't call it risk management. It was your manager who kept an eye on it. [6:47] With real estate finance, you have underwriters, but they can't catch everything, and there was less technology. It was a lot about the human factor. Then when you sell all these loans in a pool, and it goes to Wall Street, there are audits, and that's where they can find stuff. [7:12] There were some red flags before it went to auditing, but that's the risk. [7:28] Jerome thinks risk management has evolved since his time in real estate. In Jerome's time, humans made the decisions to get the customer involved. There were human decisions to make sure that financial transactions went through. Now there are more computers to flag stuff. [8:04] Jerome says, ultimately, today, risk managers are looking for fraud and for specific risks they have identified that indicate there is a problem. It starts with the organization's culture. If you're not comfortable thinking about decisions you've made, that can be a red flag. [8:45] Fraud isn't the first thing that happens. It's usually a decision, a mistake, or a justification. It kind of rolls from there. Justification is really easy. Fraud is the last thing that happens. [9:28] Jerome says people call it the slippery slope. Jerome calls it your gut instinct. Instinct is like muscle memory. If something doesn't look right, you know what to do. You feel it right away. [9:53] And then, maybe there's a reason that you don't do it. You want this transaction to go through, or you like the customer and you think it's not a big deal. It's not like they told you they were going to commit fraud. [10:24] And then, you keep working with that customer, and you realize, more and more, you're just making decisions to make it through the transactions. Jerome will share a story like this in the session. It didn't start with one thing, and they never asked Jerome to do anything for them. [11:01] It was never part of the deal that Jerome was going to make money at it. His biggest worry was that he was going to get fired, maybe. [11:15] A Quick Break! There are many fantastic RIMS events coming up in 2026. The Annual Florida RIMS Educational Conference will be held from July 28th through August 1st at the lovely Ritz-Carlton in Naples, Florida. A link to the event is in this episode's show notes. [11:33] Register now for the Second Annual RIMS Texas Regional Conference, which will be held from August 10th through the 12th at the Grand Hyatt on the San Antonio River Walk. Visit RIMS.org/Events for registration information. [11:51] The hotel cutoff date was July 10th. Reservations may still be made after the hotel cutoff date, subject to availability; however, the negotiated group rate is no longer guaranteed, so reserve now. [12:03] The 11th Annual Chicagoland Risk Forum will return to the Old Post Office on Thursday, September 24th, 2026. Visit ChicagolandRiskForum.org for more information. [12:14] The RIMS Western Regional Conference will be held from October 4th through the 7th in Seattle, Washington. The agenda is live, and registration is open. Visit RIMSWesternRegional.com and the link in this episode's show notes for more information. [12:31] Save the dates: October 18th through the 21st. We will be in Quebec City to celebrate the 50th Live RIMS Canada Conference. Booth sales are open, and sponsorship opportunities are still available. Advance registration is open now. [12:47] Visit RIMSCanadaConference.ca for more information. Also, remember to check out RIMS.org/Canada for our spinoff show, RIMScast Canada, hosted by National Conference Committee Chair, Aaron Lukoni. [13:03] The RIMS ERM Conference 2026 will be held on November 19th and 20th in Columbus, Ohio. Registration is now open. [13:12] Be on the lookout for an announcement about submissions for the RIMS Global ERM Award of Distinction. Visit RIMS.org/ERM2026.  [13:22] Let's Return to Our Interview with RIMS Texas Regional Conference 2026 Keynote, Jerome Mayne! [13:32] Justin and Jerome have standup comedy in common. Justin did standup in New York from 2006 to 2007. He says it takes a certain calling to want to get up and do that. [14:11] Jerome had done improv and started doing standup. He had always been a performer and a musician, performing on stage. He started improv, "smoking stage," and standup because his life was swimming along just great. [14:36] Then, Boom! Jerome was indicted. He was going through pre-trial. He didn't have a job anymore; he didn't know what to do, and he didn't know what was going to happen to him. His life wasn't happy, and being in a club every night of the week, you can develop some bad habits. [15:33] Jerome says there was some great stuff about some of the people he met, especially after he pled guilty. It took a while from that point until he had to go to prison. So he had several months, and he didn't know what to expect in prison. He was scared. Then he just embraced it. [16:06] A lot of his standup material was about his indictment and preparing for prison. Jerome says in standup you have to give the audience permission to laugh about serious subjects. [16:45] Jerome developed cancer in prison. After he got out, he used it. He finds comedy all over the place, even in serious, nightmare stuff. He had some funny stuff that happened during the cancer. That material didn't work. The audience never felt comfortable for him to joke about it. [17:47] The audience gets the story, not the bullet points. He's not telling a story about fraud. He's telling a story about life. It's not a story about Jerome; it's a story about the audience. Not that they're going to do it, or have done it, but everybody is eligible to make a bad decision. [18:16] Jerome says, you can be a great father; you can be the CEO; you're eligible. It's whether or not you do, and you recognize that the decisions you make are going to have consequences. [18:28] Jerome tries to connect with the audience. He has found a lot of people to be receptive to some really serious stuff. People need to feel comfortable listening. They're not learning textbook information. They're learning from a story. [18:55] They can reflect on what they see: situations that they've been in. Jerome has found that comedy helps loosen people up so they can listen, and they're not saying, Wow, that's a felon! Jerome doesn't look like a felon. Felons don't look a certain way. That's important, too. [19:31] Justin says we have so many listeners who are CROs and risk leaders, and their job is to help make better decisions. Some of them may blur the lines out of an act of desperation. They may be thinking through the lens of parents of students in college or approaching college. [19:51] Jerome has found that doing standup prepared him to be a speaker. You get beat up as a standup. You have to connect with the group to convey your story. That's what comedy is. Jerome found that comedy worked, and he got something out of it. He feels good about it. [20:36] Jerome never thought that standup was part of what he was going to do or that he would feel fulfilled providing entertainment, and for people to walk away saying, "I'm never going to forget that." When he hears that, he knows he did something right. It mattered. [21:13] Justin talks about being in a band in high school. Jerome was a piano player and singer. He formed an Elton John tribute band after his time in prison; he played Elton. You can find his Elton John tribute band on the internet. [21:47] Justin played bass. He wanted to be Flea from the Red Hot Chili Peppers. When you're on stage, you have an instrument to rely on. When you're a comedian, you have nothing else to rely on. Jerome really likes sharing his story, and he found that people get something out of it. [22:21] Jerome says he has to be fulfilled also, or he wouldn't do this anymore. That does help. He likes to connect with the group. As a speaker, just like a standup, Jerome needs to connect, read the audience, see where they're going in real time, and change it. [22:46] Jerome says you could be the smartest guy in the state, and people will walk out of there, and they got nothing. Jerome would like to think that he can connect. He's been doing this for over 20 years. He'd better have found where the pause needs to be, and it changes. [23:21] Sponsorships! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. RIMScast is proud of its longstanding relationships with AXA XL, Global Risk Consultants, Alliant, Zurich, and more. [23:41] Links to many of these episodes are in the show notes. RIMScast sponsorships can be bundled with whitepapers and webinar sponsorships. [23:49] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! [24:03] Reach out to Ted Donovan at  TDonovan@RIMS.org or reach out to Sales at Sales@RIMS.org. Let's find the best opportunity for you and your organization. [24:15] Let's Conclude Our Dialog with RIMS Texas Regional Conference 2026 Keynote Jerome Mayne! [24:45] Jerome says he doesn't know trends more than the average consumer. Some people are thought leaders. Jerome is a storyteller. He wouldn't do it if people weren't getting something out of it. He wouldn't be on conference stages if somebody hadn't heard he might be a good fit. [25:40] Jerome says, it's not because he kept up on that industry. It's not that he doesn't understand risk, fraud, and ethics; he does. He understands them more, however, in the way humans might make decisions or how they might avoid making decisions. [26:18] Jerome says good leaders setting the tone are all over the place. There are good people everywhere. Most people are good. Good leaders and good cultures are all over the place. [26:43] Jerome suggests doing a check-in on your organization and people to make sure they're comfortable saying, "I think I made a bad decision. Can we talk about that?" If people are scared to do that, they're not going to make the right decision, and they don't feel supported. [28:00] Jerome says that what he learned from his experience is that sometimes you can make decisions and choices, and then look back and question why you would ever have made those decisions. It didn't make sense. [28:43] Jerome says, when people look back, it just doesn't look the same as it did when you were in it. You didn't see the forest for the trees. It doesn't look the same when you are looking back at it. [28:58] Jerome says, when I think about risk and financial danger, I think of people and how they have to make decisions. It's about trusting yourself that you are going to make a good decision. If you have support from the organization, you're going to feel comfortable talking about it. [29:32] It's important to make sure there's no silence and fear in your organization about discussing decisions. [29:42] Justin says, This has been a standout RIMScast episode. We don't get too many people with your resume. I look forward to having you keynote the RIMS Texas Regional Conference 2026 in San Antonio, on August 11th, at the San Antonio River Walk. Thank you, Jerome! [30:42] Special thanks again to Jerome Mayne for joining us here on RIMScast. Check out his site, JeromeMayne.com, for more information. [30:51] We look forward to his keynote at the RIMS Texas Regional Conference 2026 on the morning of Tuesday, August 11th, at the Grand Hyatt on the San Antonio River Walk. Be sure to follow up with him in the hallways afterward and let him know you heard him here on RIMScast. [31:11] Plug Time! Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [31:28] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [31:45] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. [31:58] Justin Smulison is the Business Content Manager at RIMS. Please remember to subscribe to RIMScast on your favorite podcasting app. You can email us at Content@RIMS.org. [32:10] Practice good risk management, stay safe, and thank you again for your continued support!   Links: Sponsor RIMScast — Sales@RIMS.org RIMS Texas Regional Conference 2026 | Aug. 10‒12 in San Antonio | Register Now! 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With Constantine Hatzivassiliou—Partner, Certuity Golf taught Constantine Hatzivassiliou how to perform under pressure. Building a nearly $5B multi-family office taught him that the best advisors become the first call when life, not just the markets, gets complicated. In Summary Many advisors spend years mastering investments, but for affluent families, portfolio management is often just the starting point. Jason Diamond welcomes Constantine Hatzivassiliou, Partner at Certuity, to discuss how his journey from aspiring professional golfer to leader of a nearly $5B multi-family office shaped his approach to client service. Their conversation explores why trust is earned long before a crisis, how family office services evolve naturally from client needs, and why the advisor's role increasingly resembles that of a quarterback coordinating every aspect of a family's financial life. The discussion also examines organic growth, referrals, fiduciary advice, private equity's impact on the RIA landscape, and the qualities that allow advisors to become indispensable over decades—not just market cycles. The Storyline Many advisors spend years perfecting investment management. But as clients become more successful, the job changes. The questions become bigger than portfolio construction. A business is being sold. A family dynamic shifts. A tax issue emerges. An estate plan needs updating. Suddenly, the advisor isn't simply managing assets—they're coordinating decisions, relationships, and emotions. For Constantine, that broader role was shaped long before he entered wealth management. As an aspiring professional golfer, he learned lessons about discipline, preparation, and performing under pressure that continue to influence how he serves clients today. Jason and Constantine explore how Certuity grew from approximately $210 million in assets to nearly $5B, not through acquisitions but through referrals and a service model built on becoming indispensable to the families they advise. Constantine explains why he believes the best advisors function more like quarterbacks than portfolio managers, orchestrating the many moving pieces that come with significant wealth. The conversation also examines the evolution of the multi-family office model, the role of fiduciary advice, the impact of private equity on the advisory landscape, and why experience, judgment, and trust remain the qualities clients value most. Ultimately, this episode is about what it takes to become the first call when life – not just the markets – becomes complicated. Topics Covered Lessons from professional golf that translate to wealth management Building Certuity from $210mm to nearly $5B in assets What distinguishes a multi-family office from a traditional RIA Why referrals fuel long-term organic growth Becoming the “first call” for affluent families Fiduciary advice and the evolution of the advisory profession Family office services beyond investment management Private equity and M&A in the RIA space Developing the next generation of advisors Trust, relationships, and lifetime client service > Download a transcript of this episode… Listen and Learn Highlights for Advisors How did professional golf prepare Constantine for advising wealthy families? (3:45) Constantine explains why competing under pressure taught him discipline, emotional control, and process—qualities that now guide every client relationship. How did Certuity grow from $210 million to nearly $5 billion? (8:00) He shares why nearly all of the firm's growth has come organically through client referrals rather than acquisitions or aggressive recruiting. What separates a multi-family office from a traditional advisory firm? (11:45) The conversation explores how expanding into trust, estate, tax, and family office services became a response to client needs—not a business strategy. Why should advisors think of themselves as quarterbacks? (20:00) Constantine recounts a client business sale that fell apart at the closing table and explains why advisors often become the person holding everything together. How does Certuity view private equity and acquisitions? (36:20) Jason and Constantine discuss when outside capital can make sense—and why Certuity has chosen a different path centered on client alignment. Why do wisdom and experience still matter in an AI-driven world? (29:30) Despite advances in technology, Constantine argues that judgment, trust, and perspective remain the qualities affluent families value most. Key Takeaways High-net-worth clients increasingly value coordination, judgment, and perspective over investment selection alone. Family office services often evolve naturally as advisors respond to increasingly complex client needs. Sustainable organic growth is rooted in trust, which explains why referrals account for the overwhelming majority of Certuity's new business. Golf and wealth management share the same disciplines: preparation, emotional control, patience, and executing under pressure. The most valuable advisors become trusted partners during life's defining moments—not simply portfolio managers. Technology continues to reshape wealth management, but experience and wisdom remain difficult to replicate. Building a lasting advisory business requires investing in culture, succession, and the next generation of talent. https://youtu.be/m72Hq6bMTo4 Quotable Moments “The best advisors aren't simply managing portfolios. They're the first person clients call when life gets complicated.” “A bad shot in golf is the equivalent of a bad day in the market. You can't let one dictate everything that comes next.” “More often than not, we're not just financial advisors—we're financial therapists.” “Growth gets the headlines. Trust is what makes it possible.” FAQs What is a multi-family office? A multi-family office delivers integrated services beyond investment management, often coordinating tax, estate planning, philanthropy, business planning, and other complex financial matters for affluent families. Why has Certuity grown primarily through referrals? Constantine attributes the firm's growth to deep client relationships, a collaborative service model, and becoming the trusted advisor clients recommend to others. How does golf relate to wealth management? Golf reinforces discipline, emotional control, preparation, and performing under pressure—all qualities Constantine believes are essential for effective advisors. What is Constantine's perspective on private equity in wealth management? While he understands why many firms pursue private equity, he believes every strategic decision should ultimately be measured against what best serves clients. What qualities distinguish exceptional advisors today? According to Constantine, exceptional advisors become trusted coordinators of a client's financial life—bringing together specialists, solving problems, and providing perspective during life's most important moments. A multi-family office delivers integrated services beyond investment management, often coordinating tax, estate planning, philanthropy, business planning, and other complex financial matters for affluent families. Constantine attributes the firm's growth to deep client relationships, a collaborative service model, and becoming the trusted advisor clients recommend to others. Golf reinforces discipline, emotional control, preparation, and performing under pressure—all qualities Constantine believes are essential for effective advisors. While he understands why many firms pursue private equity, he believes every strategic decision should ultimately be measured against what best serves clients. According to Constantine, exceptional advisors become trusted coordinators of a client's financial life—bringing together specialists, solving problems, and providing perspective during life's most important moments. Related Resources Emotional Intelligence: The “Untouchable” Differentiator in an AI World Intentional Growth: How Top Advisors Build Businesses That Last The 10 Characteristics of the Most Successful Teams Constantine HatzivassiliouPartner  Constantine Hatzivassiliou is a Partner at Certuity, a nationally recognized multi-family office serving affluent families, entrepreneurs, executives, foundations, and endowments. He advises clients on the complex financial, tax, estate, and business planning decisions that accompany significant wealth, helping families coordinate all aspects of their financial lives through a comprehensive family office approach. Drawing on more than two decades of experience, Constantine works closely with successful business owners, corporate executives, and multi-generational families to simplify financial complexity and align investment management, tax planning, estate planning, philanthropy, and family governance strategies. As a Certified Exit Planning Advisor (CEPA®), he frequently assists entrepreneurs in preparing for liquidity events, business transitions, and the long-term stewardship of family wealth. His clients often view him as a trusted advisor and strategic sounding board, helping them navigate important financial decisions with the perspective of both a family office professional and a coach. Prior to joining Certuity, Constantine held advisory and banking positions with The Bank of New York Mellon, Bernstein Global Wealth Management, and Pacific Mercantile Bank. Before entering the financial services industry, he was a Golf Professional and member of the PGA of America, experiences that continue to shape his disciplined, competitive, and relationship-focused approach to advising clients. Outside of his professional responsibilities, Constantine is passionate about mentoring young athletes and strengthening the communities in which he lives and works. He serves as a Board Member of Coerfontaine Football Club (CFC), a premier youth soccer organization focused on developing young athletes and helping them pursue collegiate and professional opportunities while fostering leadership, discipline, and character. He also serves as Chair of the Safety and Security Committee for Parkland, where he works alongside community leadership to enhance resident safety, security, and quality of life. In addition, Constantine is a Founding Board Member of The Boardroom, a private membership organization focused on fostering meaningful relationships among business leaders, entrepreneurs, and professionals through networking, education, and philanthropy. Born in Greece, Constantine spent his childhood in Montreal before relocating to South Florida. He attended the University of Florida before earning a Bachelor of Arts in Economics from Florida Atlantic University, where he graduated with honors. He holds the Certified Exit Planning Advisor (CEPA®) designation. A lifelong student of the game, Constantine remains active in golf and is a member of Muirfield Village Golf Club, founded by his longtime  hero and mentor, Jack Nicklaus, as well as Parkland Golf & Country Club. Constantine resides in Parkland, Florida, with his wife, Stephanie, and their two children, Nicholas and Olivia. 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. Episode Transcript Lessons from the Links: From Golf Pro to $5B Family Office Partner A conversation with Jason Diamond and Constantine Hatzivassiliou, Partner at Certuity. Jason Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is Lessons from the Links: From Golf Pro to $5B Family Office Partner. It’s a conversation with Constantine Hatzivassiliou, partner at Certuity. I’m Jason Diamond and this is the Diamond Podcast for Financial Advisors. Mindy Diamond: At Diamond Consultants, we help elite advisors identify the right environment for their businesses to thrive whether that’s at a wirehouse, boutique or independent firm. With nearly three decades of experience, we’ve guided thousands of advisors and represented more than a quarter of a trillion dollars in assets transitioned and, each year, one in four advisors managing $1 billion or more who change firms are our clients. Our process is education-driven and based on building relationships starting as your strategic partner well before you’re even thinking of a move. To schedule a confidential conversation, call us at (908) 879-1002. Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions and more inspired us to create our annual advisor transition report, it’s the award-winning data-driven resource designed for advisors that connects the dots between the motivations around movement and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions, download your copy at diamond-consultants.com/transitionreport. Jason Diamond: Golf is a way of exposing who you really are, there are no teammates to blame, no clock to run out and no hiding from a bad decision. Every shot demands discipline, patience and the ability to stay focused when the pressure is highest, my guest today knows that firsthand. Before becoming a partner at Certuity, a multifamily office approaching five billion in assets, Constantine Hatzivassiliou was pursuing a career as a professional golfer. An injury ultimately redirected his path towards wealth management but many of the lessons he learned on the course still shaped the way he serves clients today. Certuity has grown from roughly 210 million in assets to nearly five billion, that’s impressive on its own but the more interesting story is how they’ve done it. The firm has grown largely through referrals built around a multifamily office model and focused on becoming far more than an investment advisor to the families it serves. In Constantine’s view, the best advisors aren’t simply managing portfolios, they’re the first person clients call when a business is being sold, a family issue becomes complicated or a major decision carries consequences well beyond the balance sheet. Constantine and I discuss the lessons golf teaches about handling pressure then we dive into the evolution from the traditional wealth management world to the multifamily office model, why referrals drive nearly all of Certuity’s growth, how he thinks about private equity’s influence on the advisory business and what it takes to become the first call for the wealthy families they serve and perhaps, most importantly, why the same qualities that help someone succeed on a golf course may be surprisingly relevant to building trust over a lifetime. It’s a great conversation so let’s dive in. Constantine, thank you so much for joining, thrilled to have you here. Constantine Hatzivassiliou: Thank you for having me, excited to be here. Jason Diamond: Yeah, absolutely. So, you had an unconventional path to wealth management, you started as a professional golfer, I think that’s a first for us on this show, before ultimately transitioning into this world. Can you tell us a little bit about the journey and what brought you here? Constantine Hatzivassiliou: Yeah, I never thought I’d be here, my parents were certainly shocked that I got here path wise. Growing up, immigrants from Greece, you settle into Florida the traditional way where you either go down the diner route or the gas station route in mechanics which my father was the latter and school and education was never priority, it was always about supporting the family needs. So, next thing you know, sports are a critical part of any good household, that’s how I was raised and I played everything but golf. I grew up on a golf course because my parents believed that a location of a property was critical to long-term financial success. We lived on a golf course, it was in our backyard, we’d stare at it and we’d use it to play football or baseball or anything but actual golf. And my freshman year at the University of Florida, I started dating a girl on the golf team and she got me hooked to the point where, after four years of hitting balls with the women’s and men’s golf team at the University of Florida for six hours a day, we finished school and realized I’m actually pretty good at the game and, while I have a finance and economics background and degree, let’s try and pursue this for a living and I was blessed. I had a sponsor who helped me succeed at golf on a small scale, it was a humbling experience to say the least. I was competing and playing with Sean O’Hair, Ken Duke, guys who made it out on tour for a very long time, we had the same sponsor so we functioned as a team, it was a collegiate team effectively trying to make it out on tour. And, unfortunately, my second year of competing, I blew out my back doing heavy deadlifts which set me aside for 18 months. While I was recovering, my primary sponsor was in financial services and says, “Hey, you have a background in this, it’s killing you not being able to be on the golf course, why don’t you come work for me while you’re rehabbing so that, when you get back to playing golf, it’s easier for you to talk about our business as a sponsor to try and develop business to throw it to the financial services side?” And Jason, the reality is, after 18 months working there, I fell in love with it. I made way more money working in that environment than I ever would’ve made playing golf because, again, I came to the game late. I was decent but I was nowhere near the caliber of players that are succeeding now out on tour. So, I pivoted after having met my wife and decided to settle down into the wealth management space and, what is it now, 26 years later, going strong. So, it’s been a fun transition from golf into wealth management to say the least. Jason Diamond: Probably my favorite background … I watch a lot of golf, I should caveat that, probably my favorite origin story we’ve had, I’ll give you the Wanamaker trophy or whatever you get, first place. Let’s talk about the business now, so Certuity. For our audience who may not be familiar, tell us a little bit about the firm, what types of clients do you serve and any context you can provide on size as well. We’ll talk about how your firm got there but just give us where we are today to start with. Constantine Hatzivassiliou: So, goal by the end of the year is to have $5 billion in AUM, we’re just shy of that now. We currently service 428 families across the country. So, we’re boutiquey and nimble, we’re based in South Florida, we have offices in New York, San Fran and LA. I’m fortunate to be one of four partners at the firm supporting the growth and the direction of the company and it’s a fun endeavor in the sense that, when we first started, I was employee number four 16 years ago and, with 210 million in AUM at the time to grow it to where we are today, to learn all the things that we have over the years, the curve balls that were thrown at us because all of us came from massive institutional wealth management firms. So, we transitioned from the Bernsteins of the world, the BNY Mellons of the world into an RIA in the South Florida market, there was absolutely an entrepreneurial learning curve involved. Jason Diamond: I bet. And on follow-up question, 16 years ago, did you have a book of business, client business and do you still maintain a book of business today? Constantine Hatzivassiliou: I do. The four of us at the firm share in all of the clients, we work together. Being in the Southeast, I’m responsible for, let’s call it, the Southeast demographics of the US which is a large portion of Certuity’s book. I have a partner in Tennessee, I have a partner in LA and San Francisco and we divide and conquer across the country. But, yes, we came over with a small book, we’ve all grown it organically since then. So, we’ve been very effective in how we’ve grown. Jason Diamond: Just from adding new client money? Constantine Hatzivassiliou: Strictly through new clients referred to us by existing clients. Jason Diamond: Wow. I want to talk more about the growth because that’s remarkable. But before I do, can we double click on the service model? So, I would say the most typical we hear, I think more of our guests typically come from the wirehouse world where it’s I have my book, you have your book. What does your service model look like? So, is it truly, if it’s working well from the end client perspective, you should be interchangeable with your partners and it’s a true team approach? Constantine Hatzivassiliou: How we engage our clients, the theory should be I can get hit by a bus tomorrow and outside of the client not being able to speak to me directly, they will not have a hiccup in any way, shape or form. And when we’re dealing with families across multiple generations, the way we’ve built our platform, that continuity is critical in the engagement process for the clients hiring us to help them through all of the challenges that they face. Jason Diamond: What’s your sweet spot in terms of client size? Constantine Hatzivassiliou: Our average client size today has just shy of eight million AUM with us. We have some clients who have $1 million certainly but they’re strategic in that their friends, their family, they could be centers of influence who help send business our way because they value what it is that we do and there’s a strategic partnership because we might need them for their trust and estate services or their accounting work and they have clients who have a need and we’re on the short list of people they refer to. Jason Diamond: That they trust. Yeah, makes sense. So, I’ve seen this in the news and also even on your own internal materials, I’ve seen you described as both a modern multifamily office, you’ll also obviously hear the term RIA as well. Does that distinction matter at all? And maybe my second part of that question would be what is the distinction between that space, whatever you call it, and the more traditional firm world from a client service perspective? You mentioned that all of your partners from that world. Constantine Hatzivassiliou: I started in this industry truly at an institutional level at Bernstein in New York and, for anyone who knows Bernstein, they really do brainwash you on the fiduciary model and the values affiliated with that philosophy has translated through my career at BNY Mellon which has a very similar feel as Bernstein. And then, when we came here, we instilled that same core value principle of fiduciary responsibility for our clients so we are very different than a traditional wirehouse or brokerage house, it is why we’ve grown so successfully. I would never, one, work for an institution that did bide by those standards and, secondarily, I wished Congress and Senate would turn around and actually implement a mandatory fiduciary liability for all financial advisors because, far too often, we see prospective clients or families get taken advantage of because the individual sitting across from them giving them financial advice is not necessarily aligned with their goals and objectives. Jason Diamond: So, I take it you are fee only. Constantine Hatzivassiliou: We are fee only. Jason Diamond: Yeah. I don’t want to lose the thread on the first part of my question. Do you think there is a distinction between a multifamily office and an RIA? I don’t want to lead you here but to me it implies a different level or different caliber of service model that probably includes more of the ancillary trust and estate and CPA type stuff that higher network clients need but curious what your thoughts are. Constantine Hatzivassiliou: Our first seven years at the firm, we were strictly an RIA, we functioned as an advisory service provider to our clients. What attracted me and my partners to Certuity was the nimbleness of the firm. So, for instance, at BNY Mellon, we often deemed a change necessary as moving an aircraft carrier across the world but it was an impossible task to accomplish. But when you’re small and nimble and clients come to you with a need and you’re in the service, ultimately, first and foremost, it made sense for us to start building out family office services for our clients because they had a need and we found it as a way to centralize everything because, far too often, when the communication standards break down between all the individual parts, one, it’s more expensive for the clients and, two, the process isn’t efficient, things get missed. So, we tried, largely due to our growth, to bring everything in house and our clients appreciate that for it. Jason Diamond: So, this is not a chicken and egg situation, this is very much we had large clients, we were attracting large clients and, in order to service them optimally, here’s what we felt we needed to build. Is that fair? Constantine Hatzivassiliou: 100%. Jason Diamond: Let’s shift gears, I need to go deeper on the professional golf thread a little bit. I promise I won’t make the whole interview about your golf background. I’m curious if you feel like that experience or that, I don’t know, upbringing or, I guess, background laid any foundation for the way you engage with clients today or the way you operate as a business leader today. Constantine Hatzivassiliou: So, there’s a couple parts to that. The golf side, certainly, just from an engaging client perspective, 90% of our clients are golfers. Jason Diamond: It’s very true. Constantine Hatzivassiliou: Right. It just helps because of our background and certainly with some of the clients and partners that we have at the firm, golf is a critical thread in what we do. However, when it comes to golf, what I learned playing golf at a high level directly translates to how we manage money for clients and I’ll express it this way. There’s generally two types of golfers, there’s the artist, the Sergios of the world who don’t fundamentally function off of specific points in their swing or a very structured platform, they see something, their mind becomes creative and they execute on it. I was never that way, I am a numbers person, I think everything analytically, I break everything down to the minute, everything is strategized and organized, I was taught to practice that way by Coach Alexander at the University of Florida and that foundational element seemed easy, it worked. If you practice properly, you’ve succeeded. Under pressure, all those hours and hours of repetition translated to success more often than not. In our industry, it’s process-driven, it has to be unemotional. A bad shot in golf is the equivalent of a bad day in the market, you can’t let one bad day in the market influence everything you do for the next year. Same way on the golf course playing in a tournament, you can’t allow one golf shot to affect the rest of the round. We kid with our clients oftentimes that, while we are fundamentally their financial advisor, more often than not, we’re their financial therapist. We have to control their emotions and make sure they’re not making an irrational decision. For instance, a couple days ago we were out with a client the day that Iran shot down one of the US military helicopters and we’re sitting down at lunch and, all of a sudden, his phone starts blowing up because he’s getting all these Google alerts to the market heading in the wrong direction and he had to go do a life insurance test later on that afternoon. So, all week, he had prepped and he was calm and he was relaxed, he was really excited, he’s, “My wife is setting me up with a new insurance policy and I know it’s for her benefit but all my numbers look good, I’m going to ace this and my premiums will be really low because of it,” it was a $25 million policy. And as he’s looking at his phone and he sees the market collapsing in his mind, his blood pressure rose to no end, you could see that his anxiety level went through the roof and, had I not been there with him at the time to hold his hand through that process, his afternoon would’ve been shot. I would’ve got a phone call saying, “What are we doing to prevent 2% loss in my portfolio,” because that’s how he thinks and, in that moment, I was the therapist to talk him off a ledge. It’s so hard for individuals to manage the stress of the markets, that golfer mentality of, okay, just breathe, relax, let’s see what’s going on, let’s make an educated, confirmed decision, let’s circle back with our caddy if we’re on tour and competing and make a unified decision for the long-term success of the goal that we’re trying to achieve. And what we do every day is the same thing with our clients. Jason Diamond: It’s an incredibly thoughtful answer, I expected a version of the latter part of your answer. I appreciate that you added the part about just most clients like golf, enjoy talking about golf, enjoy playing golf and it’s an effective business development tool, there’s no question. Constantine Hatzivassiliou: So, I have two kids, a 12-year-old and an eight-year-old, my son who’s 12 who’s an exceptional soccer player and wants to, aspires to play professionally one day has now fallen in love with golf which I’m ecstatic about. I think golf and tennis, from a business development perspective- Jason Diamond: Yeah, lifelong sports. Constantine Hatzivassiliou: And I look at it now and my mentor when I started in the business was absolutely right. The fact that I could get a CEO of a Fortune 100 company to want to actively spend four hours with me where we could dive into the weeds about their personal life, their financial situation, their business, you could never get that time otherwise. I urge everyone who’s coming out of college or is going into college who wants to aspire to be in any type of sales related role, golf is a great venue to make long-term relationships. Jason Diamond: And importantly, tennis is not as good on the knees long-term or the back long-term. So, you stick to golf, you get a little more longevity out of it. Constantine Hatzivassiliou: It does help, yes. You’re right. Jason Diamond: My thought always goes to people call it the 15th club in golf, just this mental element of the game and to me it’s the clear moment in golf that always comes to mind for me is the 72nd hole. I don’t know if you just watched the US Women’s Open but Nelly Korda standing over a two-foot putt that I really thought she missed, is there an equivalent of that moment? Are you ever able to recreate that pressure in your current role or is that something that you miss? Constantine Hatzivassiliou: Jason, we have those moments weekly, countless stories. Here’s where I love my job. I’ve transitioned from being the guy behind the screen who is just trading accounts, that’s where we all start and you have to have that foundational perspective of what’s involved in trading an account on a daily basis. Not that we ever picked stocks to an extensive level, we were generally managing ETFs, mutual funds and strategies but I’ll give you an example. So, just last week, we had a family and this is where the family office side comes in more so than the financial advisory services come in. We had spent four months in helping a family sell their business, it was a life altering moment, the dad started the business, the dad had been independently successful, net worth of well into eight figures, was happy and content, brought his son into the business, son was brilliant, saw an opportunity within the business and grew the business by 4,000%. Jason Diamond: Literally? Constantine Hatzivassiliou: Yup. All because of this, the son saw a different direction and pivoted the business and grew it out and here he is, getting ready to have their first child and he gets approached by a firm to acquire his business. They’re ecstatic, the number was perfect, I thought it was overvalued, I was telling them that there’s no way they could turn it down because the number was too significant. Had they gone to the market, they would probably never achieve that level of return. And literally, the day of closing, as we’re expecting the wire to come through, the deal gets pulled. So, here you have the father who’s crushed because he was trying to provide something for his son, the son who’s just devastated because he now was preparing for the second stage of his life and you go through at that stage the classic stages of grief, it’s the cycle that goes through it. I was holding their hand through the three-month process up to there, every day, hourly calls, strategizing, building everything out, organizing the accounting team, organizing the attorneys, getting it all to work out. And here I am, father and son, unbelievably stressed, you have the wives in the background who can’t quite comprehend what’s going on, you have employees beneath them who are now confused as to there was a transition getting ready to take place and the only person who can step in under that critical moment to bring everybody back together was me. So, here I am thinking, 20 years ago, I’ll just pick stocks and bonds for individuals but now I’m in the middle of deal flow trying to help a family solve the issues that arise. So, those are hugely critical- Jason Diamond: Yeah, that’s right. Constantine Hatzivassiliou: …moments where, because our clients are our friends and family, we care for them like they’re our own, you become emotionally attached. And the same pressure that I felt when I won my first mini tour event after college, when I had to get up and down from the impossible bunker shot and I hit it to six feet and I made the crucial put to win my first $23,000 check which I thought was unbelievable, they gave you those big old-fashioned- Jason Diamond: The Happy Gilmore checks. Constantine Hatzivassiliou: Exactly, right? It was the greatest day at that time. The stress of being in that bunker trying to hit that shot is the same stress I felt having two phones ringing, one the father, one the son where we have to keep that situation separate. So, you’re diving into unbelievably stressful situations and the best part is, when we get it all solved and literally yesterday we solved the entire dynamic of the business, I get a text from the son saying that this was the most incredible rollercoaster experience he’s ever experienced, that he’s incredibly grateful for all that I did and our team did for him and that, for the rest of his life, we will always be the first person he calls to solve any of his problems. So, for us, that’s the recreation of that stressful moment and then the victory on the back end. Twenty-five years ago, I got the big Happy Gilmore check. Yesterday, I got that text which I’ve printed out and framed and have it in my office as a constant memory of why it is we do what we do. Jason Diamond: And I would bet that’s more impactful than the $23,000. It’s an incredible story and I’ll tell you why, you said it but it’s as far away from stocks and bonds as you could possibly get. But I think, most advisors, a story like that resonates much more. It leads into my next question. You intentionally choose to service a high net worth segment of the market and I would assume that number’s probably creeping up, not down over time in terms of who you service. My thought is that’s a very competitive segment of the market as well. Is this how you differentiate is just you make it about those types of human examples or is there more to it? Constantine Hatzivassiliou: I’m envious of the advisor who could walk into a room of 200 people and they become the central focal point of the room where they can walk up to every single person and fearlessly ask them incredibly personal information, I’m not wired that way. For me, I’m very much the individual that I will find the one person that I have common ground with, I will deepen that relationship and I will add value and, because of the value that I create, I become a critical component of that individual’s success. And that’s how we’ve grown our business holistically at the firm largely buy that extra layer of service. We’re a commodity business. Being in South Florida, the clubs that I belong to, 10 to 15% of the members feel like they’re financial advisors. You could throw a rock anywhere and find a financial advisor so how do I differentiate myself? The only way I can truly differentiate myself and my firm is the level of service we provide, to go that extra step. To where, when we’re calling a client, they know I’m calling them to support their needs not because I’m seeking something for any ulterior motive. Jason Diamond: But you don’t mention financial planning or investment management or asset custody. Is that because I assume just that’s table stakes? Of course we do that but … Okay, yeah. Makes sense. Constantine Hatzivassiliou: That’s the easy part, right? That’s foundationally … And to your earlier point, you were asking the RIA model. One of the biggest challenges that we had down here in South Florida was the RIA model is new. If you were in the northeast, RIAs are very common, out west, incredibly common. Down here in South Florida, I just finished dealing with Bernie Madoff. Jason Diamond: You were fighting the good education fight a little bit. Constantine Hatzivassiliou: At Bernstein, 108 of our clients had assets with Bernie Madoff. Jason Diamond: Yeah. Constantine Hatzivassiliou: So, when you leave, one of our biggest growing curves as an RIA in South Florida was, when you leave the power of BNY Mellon or Bernstein and you’re some random little shop called Certuity, no one knows who you are. So, there was a big part of our education in the business was learning how to educate clients and prospective clients on the value of the RIA model and the fiduciary model in particular. Jason Diamond: Could you give me the 30-second answer to that if somebody says who are you, your prospect? I’ll tell you why I ask. Forget just Bernstein’s and BNYs of the world, a Morgan Stanley advisor or Merrill advisor has the exact same fear. I’m leaving Merrill to go launch Jason Diamond Wealth Management, my client’s going to say, “Well, who is that?” So, give me the quick pitch. Constantine Hatzivassiliou: Your typical broker, let’s say, you’re not really hiring JP Morgan, you’re not really hiring Wells Fargo, you’re not hiring Goldman Sachs, you’re hiring the advisor who works for that institution. Now, yes, that advisor has the Rolodex of data and information available at the firm level but, ultimately, you’re entrusting that individual to make your decisions for you. The broker who leaves the brokerage model to open up their own brick and mortar operation has to then decide are they continuing down the wirehouse brokerage model where they’re transactional in nature, the economics behind that, far more profitable. The revenue streams affiliated with a brokerage house drastically blows us out of the water. But then you have to also look at yourself in the mirror so how are you running your book of business, how are you running your practice. So, to answer your 30-second question, the RIA model, in my opinion, is truly the only way any family of wealth should proceed with an advisory firm because you want an individual who is aligned in your goals and objectives. Our clients know that I’m their chief financial officer, I work for them. They task us with building out a financial strategy that is customized to their individual needs and they never have to worry do I have an ulterior motive as to why I’m presenting an option in that strategy. And, because of that, the fiduciary model, I think, is critical for our success as a firm and, again, as I mentioned earlier, I wish it’s something that was industry well and not the vast minority. Jason Diamond: Yeah. No, that’s a great answer. So, do you think then that, as time has gone on, this has gotten easier? I assume the answer is yes either because more clients are aware of your brand and/or more aware of the space as a whole. Constantine Hatzivassiliou: The first thing that helped the most was some gray hair. When I started at Bernstein, I attempted to solicit new clients very much the same way I do today. But when I was 26 years old and I’m sitting in front of a family worth and the dad was in the 70s and he lived his life and I’m younger than his kids, he would look at me and say, “What do you really know? What experience do you have?” So, doing this now for as long as I have, the number one thing that has helped me the most in growth is just wisdom and time. Without that, yes, you can be a rockstar stock picker. We have so many kids coming out of college today with the advent of AI and technology that have algorithms that could run unbelievable portfolios and there is a segment of the market who wants to hire and engage those individuals but, generally speaking, the families that we service, that is 10th or 12th on the list of importance. Jason Diamond: No, I think that’s spot on. I think most high net worth clients counterintuitively agree with that, that alpha, for lack of a better term, is really not the name of the game or not in the top five reasons why you would engage with a financial advisor. Constantine Hatzivassiliou: Agreed. The biggest thing that we’ve been doing to educate clients especially in today’s environment, I had a call yesterday with an individual, a client who lives in New Jersey who works out of New York for a hedge fund, he knows our space incredibly well. He’s one of those kids, 28 years old, brilliant, as smart as you’ll ever be but his tax bracket is atrocious. He is paying so much of his W-2 income in taxes and building out a strategy that can reduce his tax liability by several hundred thousand dollars a year far exceeds any alpha I can generate by picking a top decile performer. Jason Diamond: What was the strategy? Move to Florida? I’m just kidding. Don’t answer that. Constantine Hatzivassiliou: We offered that but, unfortunately, he has to be physically in the office in New York City but yes. Jason Diamond: I think that will resonate, by the way, your gray hair comment. I appreciate the humility and the modesty in that because, the reality is, one of the questions I was going to ask you about was next-gen talent cultivation. In my opinion, this is a hard game for younger folks for that reason. People sit across from other people with a lot of money and they say, “Why am I going to entrust you with my life’s work when you just don’t have that degree of experience?” I was asking more even about your firm success and your firm story, have you felt like that’s caught on more? Do you have more brand awareness, if you will, now when you go to a prospect meeting or do you think you’re still constantly fighting that education fight? Constantine Hatzivassiliou: So, first part, brands, it’s improved in our immediate network. In our little bubble of the world, yes, it’s known. Let’s call it, in South Florida the influential attorneys, the accountants, the divorce attorneys know who we are because, having been down here long enough, we’ve had opportunities to work together. Our network of friends, certainly, the word spreads. But in the grand scheme of things, we are so small in the South Florida landscape or the LA landscape or the New York landscape so any incremental gain that we pick up is meaningful. And then, as it relates to young talent, our success is completely, long-term, derived by the young talent that we bring in to nurture them to help them grow. I look at our success, two of our critical mentors and board members of our firm are in their 80s, their children and grandchildren, nepotism aside, whether it was interning while in college or coming to work for us after school, they’re our best employees. And our goal as a firm, just like how I was offered the opportunity to become a partner and own a piece of the business, our goal long term will be to transition the business to this younger generation that we’re developing. I look at, again, those two board members who are in their 80s, the advice they’ve given me is don’t ever stop working, you have to be doing something. And I turn to them and say, “I don’t work every day.” I put in 20 hour days, well, not quite 20, 18 hour days but it’s never work because, what I do every day, I don’t deem it work, I love what I do, I don’t ever see myself stopping. Because they’ll tell me all of their friends that have stopped working or sold their business, invariably, the men die within six months because boredom and we always joke around that you’ll continue to work forever. So, I would hope that one day I transition into that advisory board member role where I step aside day-to-day activity where I’m now a mentor to our younger generation that we’re promoting into partners because we’ve made promises to our clients that we will forever be their family office. So, we have to, as part of our growth model, have those transitions in place because we’re servicing many families that have 85-year-old clients and two-year-old clients and we’re tasked with the two-year-olds as well as the 85-year-old. Jason Diamond: I also feel like there’s a little bit of younger generations I think have been reluctant to some degree to get it, you can disagree with this, to get into this space because there’s a more appeal to things like investment banking and sales and trading to some degree. The other problem obviously you alluded to is asset gathering. Your model speaks so clearly to success because you don’t say I own the client, that’s my relationship. To me, you plant the seeds of being able to handle succession much better than somebody who does the mine is mine and yours is yours approach. Is that fair? Constantine Hatzivassiliou: That’s completely accurate. And I think there’s two types of people that serve in the financial advisory space. You have the individual who is analytics driven, who likes being behind the bank of monitors trading account and there’s a critical part of our firm and our success is driven by the team in the office that aren’t necessarily client facing that do all the heavy lifting every day because they’re really doing the heavy work. Myself, my partners, the select few, while talented and able to do that, realize the value that we present is quarterbacking the relationship and helping understand all the components. We kid around that we’ve all stayed at a Holiday Inn Express last night, we’ve become experts in tax, we’ve become experts at trust and estate planning, we’ve become experts at divorce, we’ve become experts at the medical field. It’s shocking how it’s 2:00 in the morning and you get a phone call, panic attack by a client saying they need a doctor for X, Y and Z, can you connect me. So, the younger generation, yes, the sexy space is investment banking and that is really hard work. I could not do what my friends at Goldman do who are at these private mid-market funds, that’s just not me. I’ve been fortunate that I stumbled into an avenue in financial services that I think perfectly fits my personality and my want and desire to help others because that’s what we’re driven by and we try and hire people with that same mindset. The hardest thing as an RIA especially in South Florida is finding and retaining talent that is like-minded and that could function well within our family. Jason Diamond: If you build a firm predicated on culture and client service, I understand, certainly, the importance of that. I want to shift gears, I don’t want to lose this thought. You mentioned organic growth, it’s incredible. You have not mentioned inorganic growth at all and maybe because you haven’t had to but give me your thoughts on M&A, private equity in this space, do you have plans to sell the business, take on a capital partner, buy other RIAs? Constantine Hatzivassiliou: Yeah. So, I understand why private equity in the last 10 years has come into the market. For years, they bought up insurance practices, that recurring revenue, sticky assets, it makes sense. Personally, I’m not a fan of them being in our markets, I think they’re motivated at the end of the day by AUM growth, revenue growth and the second transaction which, for most of our clients, would not make sense because, again, that then questions why it is that we’re motivated to do something. Am I taking extra risk in the portfolio because I want to grow the AUM because I’m looking to sell in a year? Am I bringing in a strategy that has a higher fee? For us, it doesn’t work. In the brokerage model, it makes perfect sense. Now, there are some RIAs who leave the wirehouses, open up an RIA shop, do really well for their clients but don’t have the long-term aspirations of making the institution a legacy to where they’re passing it off. I hope my kids one day want to come work for dad and follow in his steps, that’d be amazing. Just like our younger generation working at the firm, our goal is we’ve already targeted the three or four guys that will be partner one day and we’ll transition the business over to them. But it’s okay if there’s an RIA out there who doesn’t have that transition product or isn’t motivated by that and is looking at it as a vehicle that I’ve built a really good successful book of business and I want to now retire and spend time with my family and kids and travel, et cetera, and that’s where PE steps in and offers an attractive number and the person makes their move. So, I can’t fault the individual for wanting that and I’m not saying that they’re not doing well by their clients, it’s just, for us, I’m not a fan of it because, again, I’m first critically and always focused on what’s best for the client. Jason Diamond: Fair. And I largely agree with some of what you said around private equity in this space but private equity enables … Obviously, it’s capital so which enables acquisitions which is why a lot of firms take on private equity. So, what about the idea of potentially buying businesses to start up inorganic growth? Constantine Hatzivassiliou: We have gone down the road of acquiring other institutions potentially. The challenge is, because we manage money so uniquely and our approach is so different, I’m not going to bring on an institution or bring in a new partner to the firm or a new book of business that we’ve acquired if the methodology and the life of that book doesn’t mirror ours. So, yes, there is opportunities to grow through acquisition, it’s not something that we are leaning on heavily. However, for the right institution that’s available that is aligned with our thinking, whose clients would value and appreciate how we do things or, if that institution is doing something truly unique that we would want to bolt onto our platform, all day long because, again, for the benefit of the client, it makes sense. So, yes, there are opportunities for that. Too often we find that, when a book is available for acquisition, the highest bidder tends to win out and we don’t have the deep enough pockets to write a multiple that we don’t deem to be, let’s call it, market neutral. Jason Diamond: Yeah, market prudent. I understand the premise and I think that’s fair. I also think you have the luxury, because of your organic growth, you can be super, super picky about inorganic and I love how you bring it all back to the lens of the client. Can this improve the client experience in some way? And, if so, yes, we’ll take a look. I got time for one more question, I can’t believe time has flown. You’ve had a remarkable journey, professional golf now partner at a $4 billion plus on the way to $5 billion RIA multifamily office. What are you most proud of when you reflect on your career journey? Constantine Hatzivassiliou: What am I most proud of? To see what Rich, myself and Mark and Jayson built over these years from where we were sitting in a small conference room, struggling to figure out how do we find a way to hire a trust and estate attorney to help with that component, which CPAs do we bring on board in-house because clients have a need. So, the entrepreneurial spirit involved in growing the business, the late nights, the struggles, the banter back and forth, to put so much blood, sweat and tears into this and now to look at all that we’ve accomplished, being in four separate states with offices, having so many wonderful employees that have come to us from all over the world, Germany, from China, from Tokyo, bringing people in to the US and building out something that, when we leave at the end of the day, are incredibly proud of. My father’s no longer with us, for 50 years, I always strived to make him proud because he never told me that he was proud of me, he was the classic Greek old-fashioned dad. I think he looks down on his now for everything that we’ve built and would say that he’s proud of us so, for me, that’s the best. Jason Diamond: Yeah. That’s an incredible place to end. Thank you for sharing that, it’s a touching place to end and I appreciate you being open. Thank you. This has been one of my favorite episodes, your journey, your humility, your honesty, your transparency, it’s no wonder you’ve built a business you’ve built. So, thanks for joining us, Constantine. I look forward to having you back on to talk about the next chapter. Constantine Hatzivassiliou: Thank you. Next time we’ll do it from the golf course. Jason Diamond: Oh, absolutely. Mindy Diamond: As a financial advisor, you hold yourself to the highest standards of integrity, honesty and credibility. You are successful because you take your professional responsibility seriously and are dedicated to your clients. But are you living your best business life? Are your goals aligned with your firms or could a better option exist? Should I Stay or Should I Go? Is a book written with you in mind? It’s a self-guided journey that walks you through the key steps that we take with our advisor clients. This strategic thought process and roadmap to professional self-discovery is designed to help you ask the right questions and think critically and objectively whether you’re considering change or not. Learn how to get your copy at diamond-consultants.com/thebook.   Lessons from the Links: From Golf Pro to $5B Family Office Partner A conversation with Jason Diamond and Constantine Hatzivassiliou, Partner at Certuity. Jason Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is Lessons from the Links: From Golf Pro to $5B Family Office Partner. It’s a conversation with Constantine Hatzivassiliou, partner at Certuity. I’m Jason Diamond and this is the Diamond Podcast for Financial Advisors. Mindy Diamond: At Diamond Consultants, we help elite advisors identify the right environment for their businesses to thrive whether that’s at a wirehouse, boutique or independent firm. With nearly three decades of experience, we’ve guided thousands of advisors and represented more than a quarter of a trillion dollars in assets transitioned and, each year, one in four advisors managing $1 billion or more who change firms are our clients. Our process is education-driven and based on building relationships starting as your strategic partner well before you’re even thinking of a move. To schedule a confidential conversation, call us at (908) 879-1002. Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions and more inspired us to create our annual advisor transition report, it’s the award-winning data-driven resource designed for advisors that connects the dots between the motivations around movement and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions, download your copy at diamond-consultants.com/transitionreport. Jason Diamond: Golf is a way of exposing who you really are, there are no teammates to blame, no clock to run out and no hiding from a bad decision. Every shot demands discipline, patience and the ability to stay focused when the pressure is highest, my guest today knows that firsthand. Before becoming a partner at Certuity, a multifamily office approaching five billion in assets, Constantine Hatzivassiliou was pursuing a career as a professional golfer. An injury ultimately redirected his path towards wealth management but many of the lessons he learned on the course still shaped the way he serves clients today. Certuity has grown from roughly 210 million in assets to nearly five billion, that’s impressive on its own but the more interesting story is how they’ve done it. The firm has grown largely through referrals built around a multifamily office model and focused on becoming far more than an investment advisor to the families it serves. In Constantine’s view, the best advisors aren’t simply managing portfolios, they’re the first person clients call when a business is being sold, a family issue becomes complicated or a major decision carries consequences well beyond the balance sheet. Constantine and I discuss the lessons golf teaches about handling pressure then we dive into the evolution from the traditional wealth management world to the multifamily office model, why referrals drive nearly all of Certuity’s growth, how he thinks about private equity’s influence on the advisory business and what it takes to become the first call for the wealthy families they serve and perhaps, most importantly, why the same qualities that help someone succeed on a golf course may be surprisingly relevant to building trust over a lifetime. It’s a great conversation so let’s dive in. Constantine, thank you so much for joining, thrilled to have you here. Constantine Hatzivassiliou: Thank you for having me, excited to be here. Jason Diamond: Yeah, absolutely. So, you had an unconventional path to wealth management, you started as a professional golfer, I think that’s a first for us on this show, before ultimately transitioning into this world. Can you tell us a little bit about the journey and what brought you here? Constantine Hatzivassiliou: Yeah, I never thought I’d be here, my parents were certainly shocked that I got here path wise. Growing up, immigrants from Greece, you settle into Florida the traditional way where you either go down the diner route or the gas station route in mechanics which my father was the latter and school and education was never priority, it was always about supporting the family needs. So, next thing you know, sports are a critical part of any good household, that’s how I was raised and I played everything but golf. I grew up on a golf course because my parents believed that a location of a property was critical to long-term financial success. We lived on a golf course, it was in our backyard, we’d stare at it and we’d use it to play football or baseball or anything but actual golf. And my freshman year at the University of Florida, I started dating a girl on the golf team and she got me hooked to the point where, after four years of hitting balls with the women’s and men’s golf team at the University of Florida for six hours a day, we finished school and realized I’m actually pretty good at the game and, while I have a finance and economics background and degree, let’s try and pursue this for a living and I was blessed. I had a sponsor who helped me succeed at golf on a small scale, it was a humbling experience to say the least. I was competing and playing with Sean O’Hair, Ken Duke, guys who made it out on tour for a very long time, we had the same sponsor so we functioned as a team, it was a collegiate team effectively trying to make it out on tour. And, unfortunately, my second year of competing, I blew out my back doing heavy deadlifts which set me aside for 18 months. While I was recovering, my primary sponsor was in financial services and says, “Hey, you have a background in this, it’s killing you not being able to be on the golf course, why don’t you come work for me while you’re rehabbing so that, when you get back to playing golf, it’s easier for you to talk about our business as a sponsor to try and develop business to throw it to the financial services side?” And Jason, the reality is, after 18 months working there, I fell in love with it. I made way more money working in that environment than I ever would’ve made playing golf because, again, I came to the game late. I was decent but I was nowhere near the caliber of players that are succeeding now out on tour. So, I pivoted after having met my wife and decided to settle down into the wealth management space and, what is it now, 26 years later, going strong. So, it’s been a fun transition from golf into wealth management to say the least. Jason Diamond: Probably my favorite background … I watch a lot of golf, I should caveat that, probably my favorite origin story we’ve had, I’ll give you the Wanamaker trophy or whatever you get, first place. Let’s talk about the business now, so Certuity. For our audience who may not be familiar, tell us a little bit about the firm, what types of clients do you serve and any context you can provide on size as well. We’ll talk about how your firm got there but just give us where we are today to start with. Constantine Hatzivassiliou: So, goal by the end of the year is to have $5 billion in AUM, we’re just shy of that now. We currently service 428 families across the country. So, we’re boutiquey and nimble, we’re based in South Florida, we have offices in New York, San Fran and LA. I’m fortunate to be one of four partners at the firm supporting the growth and the direction of the company and it’s a fun endeavor in the sense that, when we first started, I was employee number four 16 years ago and, with 210 million in AUM at the time to grow it to where we are today, to learn all the things that we have over the years, the curve balls that were thrown at us because all of us came from massive institutional wealth management firms. So, we transitioned from the Bernsteins of the world, the BNY Mellons of the world into an RIA in the South Florida market, there was absolutely an entrepreneurial learning curve involved. Jason Diamond: I bet. And on follow-up question, 16 years ago, did you have a book of business, client business and do you still maintain a book of business today? Constantine Hatzivassiliou: I do. The four of us at the firm share in all of the clients, we work together. Being in the Southeast, I’m responsible for, let’s call it, the Southeast demographics of the US which is a large portion of Certuity’s book. I have a partner in Tennessee, I have a partner in LA and San Francisco and we divide and conquer across the country. But, yes, we came over with a small book, we’ve all grown it organically since then. So, we’ve been very effective in how we’ve grown. Jason Diamond: Just from adding new client money? Constantine Hatzivassiliou: Strictly through new clients referred to us by existing clients. Jason Diamond: Wow. I

Connection is your greatest multiplier—if you know how to build it right. Enjoy my conversation with David Homan, CEO of Orchestrated Connecting. 3 takeaways: Connection is built, not found. It starts with curiosity, vulnerability, and showing up consistently. Give first—without keeping score. The best relationships aren't transactional… they're intentional. Gratitude compounds. A simple thank you can strengthen a relationship for a lifetime. Most people focus on outcomes. The best focus on people. --- A "Connector of Connectors:" David Homan connects people. His primary skill in life is learning about people, helping them reframe and pitch themselves better, and then creating long-lasting relationships based on the premise that for everyone for whom he connects the dots, they would be described as an action oriented, natural giver with high integrity. His book, Orchestrating Connection, published in 2025 is a USA Best-Seller, and his community of over 2300 global "superconnectors" represents family offices, venture capitalists, impact investors, entertainers, athletes, CEOs/Founders, community organizers, and a myriad of other incredible "occupations" that do little to describe how amazing each individual in this community of communities is. He launched his tech company, SOAR Connect in July 2024 and will be bringing out of beta to change the way we build relationships at scale with trust. How David got here: As a prior non-profit CEO, David raised millions for the arts while running a multi-national, multi-million dollar Foundation that survived near total destruction due to Bernie Madoff, and incubated a social impact film company for the Dalio Family Office. His impact advisory firm, Orchestrated Opportunities, partners with family offices, start-ups, funds, and nonprofits to builds new, structured ecosystems of relationships to strategically scale and expand their growth. Focal areas include mental health, health and wellness, climate change, art, philanthropy, social justice, and investing in women, among others. David is a recognized classical composer whose music can be found by saying "Alexa–please play the music of David Homan" with 7 albums and radio play internationally. His latest project is a film/mini-series focused on a composer who loses his mind to Alzheimer's. He serves as an Advisor to NEXUS, the Catalyst Impact Foundation, Regeneration.VC, and as Board Chair of the Arthur Miller Foundation. Connect with Jon Dwoskin: Twitter: @jdwoskin Facebook: https://www.facebook.com/jonathan.dwoskin Instagram: https://www.instagram.com/thejondwoskinexperience/ Website: https://jondwoskin.com/LinkedIn: https://www.linkedin.com/in/jondwoskin/ Email: jon@jondwoskin.com Get Jon's Book: The Think Big Movement: Grow your business big. Very Big! Connect with David Homan:Website: www.orchestratingconnection.com Instagram: https://www.instagram.com/the_connection_orchestrator/  LinkedIn: https://www.linkedin.com/in/davidrhoman    *E - explicit language may be used in this podcast.

Today on The Gist, the media misinformation surrounding historical focus groups and billionaire tax histories. Then, Boston College Law School professor Ray Madoff joins the show to discuss her new book, The Second Estate: How the Tax Code Made an American Aristocracy. Madoff unpacks the modern "buy, borrow, die" strategy, detailing how the top tier of wealth utilizes the "step-up in basis" loophole to wash away billions in capital gains upon death. She challenges the legal and rhetorical definitions that prioritize taxing working-class wages over massive generational asset transfers and explains how the estate tax was systemically defanged into a multi-billion-dollar cover for dynastic wealth. Produced by Corey Wara Video and Social Media by Geoff Craig Do you have questions or comments, or just want to say hello? Email us at ⁠⁠⁠⁠thegist@mikepesca.com For full Pesca content and updates, check out our website at https://www.mikepesca.com/⁠ For ad-free content or to become a Pesca Plus subscriber, check out ⁠⁠⁠⁠https://subscribe.mikepesca.com/ For Mike's daily takes on Substack, subscribe to The Gist List https://mikepesca.substack.com/ Follow us on Social Media:⁠⁠⁠⁠ YouTube https://www.youtube.com/channel/UC4_bh0wHgk2YfpKf4rg40_g⁠⁠⁠⁠ Instagram https://www.instagram.com/pescagist/ X https://x.com/pescami TikTok https://www.tiktok.com/@pescagist To advertise on the show, contact ⁠⁠⁠⁠sales@amplitudemediapartners.com Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

How is portal vein embolization (PVE) pushing the boundaries of liver tumor resectability, and what does it take to induce hypertrophy without compromising the remnant liver? In this episode of the BackTable Podcast, interventional radiologist Dr. David Madoff of Yale University joins Dr. Michael Barraza to discuss the pathophysiological rationale, technical considerations, and emerging clinical paradigms of performing PVE to augment the future liver remnant (FLR) prior to resection and reduce the risk of postoperative liver failure. --- Get the BackTable apphttps://www.backtable.com/app --- This podcast is supported by RADPAD® Radiation Protectionhttps://www.radpad.com/ --- Timestamps 00:00 - Introduction02:14 - IO Practice and Research07:25 - PVE Indications and Adequate FLR12:55 - Referrals and Patient Selection17:27 - PVE vs. Y90 Radiation Lobectomy22:12 - Liver Venous Deprivation25:31 - Measuring FLR Function30:11 - Procedural Planning and Technique36:36 - Preferred Embolic Agents and Challenges46:58 - Ipsilateral vs. Contralateral Access50:52 - Complications, Medications, and Follow-Up55:45 - Final Thoughts and Closing Remarks --- More about this episode The physicians dissect the anatomic and oncologic benchmarks used to select PVE candidates, including FLR volumetric thresholds for normal, steatotic, and cirrhotic livers. Dr. Madoff walks through his procedural technique, detailing catheter maneuvers and embolic administration, emphasizing the importance of evaluating for anatomic variants, and explaining the benefits of using an ipsilateral approach to protect the FLR. The doctors critique ongoing debates in hepatic augmentation, assess the complementary relationship between PVE and Y90 radioembolization, and discuss the outcomes and risks associated with different embolic agents. They stress the importance of patient selection and assessment protocols that go beyond static volumetric measurements to incorporate functional parameters for better prediction of regenerative kinetics and clinical outcomes. The episode concludes with a review of postprocedural follow-up and potential complications, highlighting the importance of considering pathophysiologic dynamics of both the tumor and the anticipated liver remnant to ensure successful treatment. --- Resources DRAGON Trialhttps://www.dragontrial.com/ Three hundred and one consecutive extended right hepatectomies: Evaluation of outcome based on systematic liver volumetryhttps://doi.org/10.1097/SLA.0b013e3181b674df Portal vein embolization with N-butyl-cyanoacrylate improves liver hypertrophy compared to microparticles – A Swedish multicenter cohort studyhttps://doi.org/10.1016/j.heliyon.2023.e21210 --- BackTable Vascular & Interventional (VI) is the go-to podcast for interventional radiologists, vascular surgeons, and interventional cardiologists. Download the free BackTable app to get early access to new episodes, cases, and courses curated by physicians in your specialty. ► https://www.backtable.com/app

David Gelles joins guest host Jimmy Soni to discuss his career covering business for The New York Times. They talk about his books - Mindful Work, The Man Who Broke Capitalism, and Dirtbag Billionaire - and the reporting behind major stories on Bernie Madoff, Jack Welch, Boeing's 737 Max crashes, and Patagonia's Yvon Chouinard. David explains how he broke a front-page story five weeks into journalism school, how he convinced Bernie Madoff to grant him a prison interview, and his process for writing books while working full-time. They also discuss raising kids who read for hours every day and why meditation helps him stay sane.

Happy Bobby Bonilla Day. Every July 1st, the New York Mets pay Bobby Bonilla $1.2 million, and they will continue to do so until 2035. It is one of the most entertaining stories in the history of sports finance, and it involves Bernie Madoff, a deferred annuity, and a baseball player who got cut in 1999 and is still cashing checks. In Episode 194 of The Liquidity Event, AJ is joined by Kody Sherlund to break down why Bobby Bonilla Day is actually a masterclass in the time value of money, how Shohei Ohtani's $680 million deferred contract with the Dodgers is the modern version of the same story, and why buying a sports franchise has quietly been one of the best investments of the last 15 years. The Clippers sold for $2 billion in 2014 and are now worth $7.5 billion. The Knicks are worth $10 billion. The annualized returns rival the S&P 500. They also get into the rise of women's sports and why the money is finally following the talent, the NCAA's name, image, and likeness revolution, and what it actually means for 19-year-olds suddenly holding seven-figure endorsement deals, and why sports gambling is the PSA nobody asked for, but everyone needs. Topics covered: Bobby Bonilla Day explained, and the time value of money behind the deal Bernie Madoff's role in the Mets' deferred payment decision Shohei Ohtani's $680 million deferred contract with the Dodgers Why buying a sports franchise has been one of the best investments of the last 15 years The Clippers, the Knicks, and how sports team valuations have exploded The rise of women's sports and the investment opportunity it represents NCAA name, image, and likeness and what it means for college athletes financially Sports gambling and why it ruins people's lives Timestamps: 00:00 Intro, Happy Bobby Bonilla Day, and the Knicks' historic comeback 02:32 Bobby Bonilla Day explained and the time value of money 04:06 Bernie Madoff's role in the Mets' deferred payment decision 05:08 Shohei Ohtani's $680 million deferred contract with the Dodgers 07:09 Why investing in sports franchises has been such a great bet 09:53 The Clippers sold for $2 billion in 2014 and are worth $7.5 billion today 12:49 The rise of women's sports and the investment opportunity it represents 17:45 NIL deals, college athletes getting paid, and what it means financially 23:08 The cottage industry of financial advisors targeting college athletes 25:15 Sports gambling PSA and why it ruins people's lives

Why do billionaires often pay lower tax rates than working Americans? In this episode of the Sunlight Tax Podcast, I sit down with tax policy expert and professor, Ray Madoff, to explore how income, wealth, and inheritance are taxed in the United States, and why the current system often favors the ultra-wealthy.We discuss wealth inequality, estate taxes, billionaire tax strategies, and the most promising proposals for tax reform. If you've ever wondered how the tax code shapes who builds wealth in America, this conversation offers a clear and accessible look at what a fairer tax system could look like.Also mentioned in today's episode:02:30 Background on Professor Ray Madoff and her work05:40 How the tax system favors the wealthy07:19 The impact of growth in stock value and tax treatment09:02 Living off wealth, not income10:04 Inheritance, gifts, and the lack of taxation12:15 The estate tax and loopholes16:20 Public perception and fairness in the tax system17:21 How the wealthy avoid taxes: borrowing against assets23:02 Political feasibility of tax reforms25:46 Wealth taxes and their challenges29:56 Legal and constitutional issues with wealth taxes31:46 Potential benefits of well-designed tax policiesIf you enjoyed this episode, please rate, review and share it! Every review makes a difference by telling Apple or Spotify to show the Sunlight Tax podcast to new audiences.About Professor Ray D. Madoff:Ray D. Madoff is a professor at Boston College Law School and the cofounder and director of the Boston College Forum on Philanthropy and the Public Good. She is the author of Immortality and the Law: The Rising Power of the American Dead and lead author of The Practical Guide to Estate Planning. Her writing has appeared in The New York Times, The Wall Street Journal, The Washington Post, and The New York Review of Books, among other outlets.Episode Links:Professor Ray Madoff's Book: The Second Estate: How the Tax Code Made an American AristocracyMy FAQ page on how to Tax the RichGet my Tax Help on SubstackGet your FREE visual guide to tax deductionsOrder my book: Taxes for Humans: Simplify Your Taxes and Change the World When You're Self-Employed Get full access to Taxes For Humans at sunlighttax.substack.com/subscribe

Americans are sitting on more home equity than ever -- and more of them are tapping it. Not because they're struggling, but because they locked in ultra-low mortgage rates and they're not giving those up. So instead of refinancing, they're turning to HELOCs and home equity loans. Joe and OG walk through the math, the psychology, the questions most people never think to ask, and the specific situations where borrowing against your home equity actually makes sense -- and the ones where it quietly destroys a plan that was working.What You'll Walk Away WithWhy home equity borrowing is surging right now -- and why keeping a 3% mortgage while opening a HELOC at 7.5% might still be the smarter moveThe Oreo problem: why having a HELOC open "just in case" is the financial equivalent of leaving a sleeve of Oreos on the counter and expecting not to eat themOG's CEO versus CFO framework: how to separate the decision of whether to do the project from the decision of how to finance itThe rate math you should actually run before choosing between a HELOC, a home equity loan, and a full refinance -- including current Bankrate benchmarksHome improvements, credit card consolidation, college costs, business startup, and investing: OG's honest take on each use case, including the ones that are just bad ideasThe questions nobody asks before getting a HELOC -- including when the rate adjusts (spoiler: faster in one direction), what happens to the draw period, and whether the bank can pull the line at any timeWhy using home equity as a third-tier emergency fund sounds clever but has a fatal flawWhat happens if home prices fall and you've borrowed heavily against the equity -- and why Texas has the 80% ruleOG and Anna wrap up season two of the financial basics series -- including why financial planning is an ongoing activity, not a document, and what's coming in season threeThe one open question OG wants Stackers to send him before season three beginsWhy This Matters NowHome prices are up. Mortgage rates are still elevated. The people most tempted to tap their equity are often the ones who built it most carefully -- and that's exactly when the guardrails matter most.From the BasementJoe and OG dig into the HELOC decision with specifics: math, psychology, use cases, and the questions banks don't volunteer. OG and Anna close out season two of the financial basics series with a reflection on why everything in a financial plan connects to everything else -- and a preview of what's coming in season three. Doug arrives with Bernie Madoff trivia. The guides get a Scout upgrade and the college planning guide gets a refresh just in time for back to school.Resources MentionedStacking Benjamins Guides -- workplace benefits, tax planning, and college planning with Scout AI; stackingbenjamins.com/guidesStacking Benjamins Field Kit -- stackingbenjamins.com/fieldkitStacking Benjamins Basics Guide -- season one and season two; stackingbenjamins.com/basicsguideStacking Benjamins voicemail -- stackingbenjamins.com/yelldownstairs; leave a question for the next Q&A episode with AnnaOG financial planning calendar -- stackingbenjamins.com/ogStacking Benjamins Newsletter (The 201) -- stackingbenjamins.com/201Stacking Benjamins Community -- stackingbenjamins.com/basementSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Which fraudsters would you have dinner with? Most people would answer Bernie Madoff or Charles Ponzi. But how many of you would pick a famous fraud investigator? Our guest in this episode does!Michelle Tavares recently launched Standard and Proof Investigations, a litigation support focused on financial fraud, OSINT searches, corporate governance, and assessing the integrity of AI-produced data. Michelle discusses her career through consumer protection roles at the CFPB and the FTC, plus her long-standing focus on forensic accounting and following the flow of funds. In a speed round, she names Kate Ward, Pinkerton's first female private investigator. Connect with Michelle: https://www.linkedin.com/in/michelle-t-59751427/

Ben turns a family trip to an amusement park with nephew Jude into a full-blown game of Mortal Kombat! Along the way, there's elementary-school pizza courtesy of "Doris," lemonade with no lemons, and an Apple Watch-fueled adventure. Ben transforms into an artificially flavored Robin Hood, taking down Bernie Madoff at the Hedge Fund game, before embarking on a scavenger hunt to save the 2026 NFL Book'em. Add in Hollaring James breathing, wheezing, and farting simultaneously, and you've got peak Benfoolery. Subscribe, like, and enjoy! Follow, rate & review "The Fifth Hour!" https://podcasts.apple.com/us/podcast/the-fifth-hour-with-ben-maller/id1478163837 Engage with the podcast by emailing us at RealFifthHour@gmail.com ... Follow Ben on Twitter @BenMaller and on Instagram @BenMallerOnFOX ... #BenMaller #FSRWeekendsSee omnystudio.com/listener for privacy information.

Ben turns a family trip to an amusement park with nephew Jude into a full-blown game of Mortal Kombat! Along the way, there's elementary-school pizza courtesy of "Doris," lemonade with no lemons, and an Apple Watch-fueled adventure. Ben transforms into an artificially flavored Robin Hood, taking down Bernie Madoff at the Hedge Fund game, before embarking on a scavenger hunt to save the 2026 NFL Book'em. Add in Hollaring James breathing, wheezing, and farting simultaneously, and you've got peak Benfoolery. Subscribe, like, and enjoy! Follow, rate & review "The Fifth Hour!" https://podcasts.apple.com/us/podcast/the-fifth-hour-with-ben-maller/id1478163837 Engage with the podcast by emailing us at RealFifthHour@gmail.com ... Follow Ben on Twitter @BenMaller and on Instagram @BenMallerOnFOX ... #BenMaller #FSRWeekendsSee omnystudio.com/listener for privacy information.

I promise that I will state plainly for you – in ten short words – the singular Rule of Success before you have finished reading this Monday Morning Memo.Stay quiet and stay close. We are wandering into a dangerous area. To see the glittering truth of the Rule of Success, we must quietly sneak up on it.The North Star never moves because it hovers directly above the axis of the earth. If you draw a line from the South Pole to the North Pole and then extend that line 323 light years into space, it will touch the North Star.Your life's goal is your guiding light, your North Star. This is why you are forever traveling northward as you pursue your dream.But there is a limit to north. That limit is called the North Pole.When you go beyond that limit, you are now headed in the opposite direction.This is the bitter truth that has been tasted by every person who has achieved their life's goal:“You work your whole life to reach the summit. And when you get there, all the roads lead down.”Like every rule, North and South are finite and achievable.Like every principle, East and West are infinite and unachievable.You can travel east forever and never reach the end of “east.”“The opposite of a correct statement is an incorrect statement. But the opposite of a profound truth is often another profound truth.”Without intending to do so, Niels Bohr summarized in those two sentences the fundamental difference between a rule and a principle. The first sentence describes every rule. The second sentence describes every principle.The person who turns a principle into a rule is a fool.I call that person a fool only because their mind is not big enough to hold in stasis the contradictory tension that is at the heart of every profound truth.Did it ever occur to you that helping people get what they want is the foundational principle behind every business on earth?Do you want to be successful?This the only Rule of Success:“Find out what people want, then give it to them.”Jesus taught us the eternal principle behind the Rule of Success when he said,“Love your neighbor as yourself.”Remove “Love” from that principle, and you will have a similar principle that says,“It is always good to help people get what they want.”But here is the “opposite truth” of that principle:“It is always bad to help people get what they want when it would require injuring an innocent person.”In other words, removing “love” wasn't such a great idea.People who worship at the altar of Ayn Rand always try to convince me that it is okay to damage naive, gullible, innocent people “because the only person that really matters is you, and you are not responsible for making other people happy. You are only responsible for making yourself happy.”Interestingly, that is exactly what Jeffrey Epstein believed.He died in prison for his belief, and his name has become a curse word.Bernie Madoff was only pretending to help people get what they wanted. He was perceived as “successful” for as long as he was able to sustain his con.Bernie likewise died in prison.Sam Bankman-Fried was a young fool who pretended to be helping people while he was robbing them blind.The courts took away the 11 billion dollars he stole. Then they locked him in a room the size of a walk-in closet where he will spend the next 25 years of his life.Removing love is never a good idea.– Roy H. Williams

Art is impactful to the patron as they find themselves in it. We enjoy art from our own worldview. The ultimate Rorschach Test. Artistry, on the other hand, is a singular journey. How you, the artist, take us from here to there is idiosyncratic. Can you choose to be a chameleon? Let's talk Bernie Madoff. Original Episode Number: 48 | Original Air Date: 4/20/2021 Links & Resources: Host: Sean Low of The Business of Being Creative Have your own opinion on Sean's tips and advice? Talk Back!! Email Shawn or record a voice message directly through his show's site! Link: Join Sean's Collective of Business Creatives Follow Sean on social media: Instagram: @SeanLow1 | Facebook: Facebook.com/Sean.Low.35 | LinkedIn | Twitter: @SeanLow -- Podcast Network: The Wedding Biz Network Copyright of The Wedding Biz, LLC. 2021.

Crime Defined is a series where we break down the law, one crime at a time. Each episode, we start by explaining exactly what a specific crime is — what makes it illegal, how it's defined under the law, and the consequences for those who commit it. Then, we dive into a real-life case, exploring someone who actually committed that crime, the investigation, and the impact of their actions. Our goal is to make the law understandable and the true crime unforgettable.Part two of our embezzlement series picks up where the deception begins to unravel. This week, we dive into the investigations surrounding Bernard Madoff's massive Ponzi scheme, the people accused of helping keep the fraud alive, and the shocking legal fallout that followed. From co-conspirators and courtroom confessions to billion-dollar settlements and victim recovery efforts, we break down how one of the largest financial frauds in history affected investors, families, charities, and the financial system itself. We also examine the emotional aftermath — including ruined lives, prison sentences, suicides, and the lasting impact the scandal left behind.Follow us on all social media!Facebook - ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.facebook.com/bucketmurd⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Twitter - ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://twitter.com/TheMurderBucket⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram - ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.instagram.com/murdbucket/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TikTok -⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.tiktok.com/@murderbucketpod⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://murderbucketpod.wordpress.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

“Fraud makes up between 40 and 50 percent of all crime in the UK. Police resource dedicated to fraud: 1 percent. No country is giving fraud the attention it deserves.” — Becky Holmes Was Shakespeare a fraud? Possibly, says Becky Holmes, the Stratford-upon-Avon-based writer and the lady behind the X account @deathtospinach. She should know. Best known as the author of Keanu Reeves Is Not In Love With You, a cult hit among the romance fraud crowd, Holmes' latest book is The Future of Fraud. It's a short, sharp, witty history and anatomy of fraud, from the first recorded case in ancient Greece to today's AI-enabled deepfakes and romance scams. Holmes' most alarming statistic is that fraud accounts for between 40 and 50 percent of all crime in the United Kingdom, while only 1% of police resources are dedicated to investigating it. No wonder so few fraudsters are ever prosecuted. Holmes wants more Sherlocks. She wants fraud awareness on every school curriculum. And she wants our language to change. No, you didn't “fall for” a scam. Your money was stolen from you. As if you were mugged on the street or your home was broken into. The internet was bad enough for fraud. But AI, she warns, offers online criminals even more opportunity. It's not just Keanu Reeves who isn't in love with you. Never trust a handsome soldier, she says. Especially a virtual one. Five Takeaways •       The First Recorded Fraud: 300 BC, Greece: A Greek merchant took out an insurance policy on his boat, borrowed money, and planned to sink it and collect the proceeds. It didn't go according to plan. But the basic structure — a false representation designed to extract money or goods from another party — has not changed in 2,300 years. Every fraud since, from the South Sea Bubble to Bernie Madoff to AI-enabled romance scams, is a variation on the same theme: getting something from someone by not telling the truth. •       AI Has Erased All the Red Flags: Holmes used to advise romance fraud victims and potential victims: if he won't do a video call, that's suspicious. If the voice sounds wrong, that's suspicious. If he can't meet in person, that's suspicious. AI has rendered all of these warnings useless. You can now have a fully convincing video call, voice message, and real-time conversation with someone who doesn't exist. Deepfakes mean you can't even trust what your eyes tell you. The “red flags” that protected fraud victims for thirty years are gone. •       40 to 50 Percent of Crime, 1 Percent of Resource: In the United Kingdom, fraud accounts for between 40 and 50 percent of all recorded crime. Police resources dedicated to investigating fraud: 1 percent. Holmes cites a comparable US statistic: in one state, there were millions of people and ten police officers dedicated to cybercrime — and not one of them did it as their primary job. No country, Holmes argues, is giving fraud the attention it deserves. The gap between the scale of the problem and the resources devoted to it is not a funding issue. It is a political choice. •       You Didn't Lose Your Money. It Was Taken from You: Holmes has a crusade about language. The phrase “fell for a scam” implies the victim's credulity caused the loss. “Lost their money” implies carelessness. Both are wrong: in fraud, money is taken by a deliberate criminal act. Holmes wants the language changed because language shapes understanding, and understanding shapes policy. If fraud victims are seen as complicit in their own victimhood, society finds it easier to underfund investigation and under-prosecute offenders. Reclaiming the language is not symbolic. It is strategic. •       Fraud Awareness Should Be on Every School Curriculum: Holmes's most concrete prescription. Every person on the planet will encounter fraud at some point. Teaching children to recognise it should be as basic as teaching them to cross the road safely. It should be age-appropriate: fraud awareness around gaming sites and online chat when children first go online; around bank accounts and credit cards when they turn eighteen; around investment fraud at university level. The alternative — leaving it to parents, who are often themselves uneducated about fraud — is not good enough. The next generation of fraudsters is already on the gaming headsets. About the Guest Becky Holmes is the creator of the X account @deathtospinach, a fraud prevention speaker and writer, and the author of The Future of Fraud (Melville House, April 2026) and Keanu Reeves Is Not In Love With You: The Murky World of Online Romance Fraud. She lives in Stratford-upon-Avon. References: •       The Future of Fraud by Becky Holmes (Melville House, April 2026). •       Keanu Reeves Is Not In Love With You: The Murky World of Online Romance Fraud by Becky Holmes (Unbound, 2024). •       Episode 2890: Anja Shortland on Dark Screens — ransomware as the companion episode on the booming business of cybercrime. About Keen On America Nobody asks more awkward questions than the Anglo-American writer and filmmaker Andrew Keen. In Keen On America, Andrew brings his pointed Transatlantic wit to making sense of the United States — hosting daily interviews about the history and future of this now venerable Republic. With nearly 2,900 episodes since the show launched on TechCrunch in 2010, Keen On America is the most prolific intellectual interview show in the history of podcasting. WebsiteSubstackYouTubeApple PodcastsSpotify Chapters: (00:31) - Introduction: Was Shakespeare a fraud? (01:35) - Everyone has been into fraud at some point in history (01:44) - What is fraud? A working definition (02:41) - Anja Shortland and the British women and fraud connection (03:16) - How Becky got into fraud: handsome soldiers on Twitter during lockdown (03:32) - @deathtospinach: the origin of the handle (04:53) - Where does romance fraud end and marketing oneself begin? (05:27) - Motive is the line: wanting money from a relationship (06:09) - Fraud for sex and power: a different kind of romance fraud (06:50) - The spinach debate: raw vs. cooked (...

Crime Defined is a series where we break down the law, one crime at a time. Each episode, we start by explaining exactly what a specific crime is — what makes it illegal, how it's defined under the law, and the consequences for those who commit it. Then, we dive into a real-life case, exploring someone who actually committed that crime, the investigation, and the impact of their actions. Our goal is to make the law understandable and the true crime unforgettable.What does embezzlement really look like—and how does it go undetected for so long?In Part 1 of this two-part series, we break down the foundation of embezzlement: what it is, how it works, and why it's so difficult to catch. From positions of trust to carefully crafted deception, we explore the methods used to move money quietly and convincingly—often right under the noses of employers, investors, and regulators.We'll also take a closer look at one of the most infamous financial criminals, Bernard Madoff, and begin to unpack how his operation functioned for decades without raising alarms.This episode focuses on the how—the structure, the strategy, and the illusion.Follow us on all social media!Facebook - ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.facebook.com/bucketmurd⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Twitter - ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://twitter.com/TheMurderBucket⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram - ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.instagram.com/murdbucket/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TikTok -⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.tiktok.com/@murderbucketpod⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://murderbucketpod.wordpress.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

In this week's episode, I celebrate both the 300th episode and my 15th anniversary of indie publishing, and look back at 15 lessons learned during that time. You can get the ebook of WRITING LESSONS FROM THE PULP WRITER SHOW at my Payhip store until the end of May 2026. This coupon code will get you 50% off the audiobook of Dragonskull: Curse of the Orcs, Book #4 in the Dragonskull series, (as excellently narrated by Brad Wills) at my Payhip store: ORCS2026 The coupon code is valid through May 4, 2026. So if you need a new audiobook this spring, we've got you covered! TRANSCRIPT 00:00:00 Introduction and Writing Updates Hello, everyone. Welcome to Episode 300 (yes, that is 300!) of The Pulp Writer Show. My name is Jonathan Moeller. Today is April 24th, 2026 and today we're looking back at 15 lessons I've learned over my last 15 years of indie publishing. We'll also start off with Coupon of the Week and an update on my current writing, publishing, and audiobook projects. First up, let's have Coupon of the Week. This week's coupon code will get you 50% off the audiobook of Dragonskull: Curse of the Orcs, book number four in the Dragonskull series, (as excellent narrated by Brad Wills) at my Payhip store. And that coupon code is ORCS2026. And as always, the coupon code and links to my Payhip store will be available in the show notes for this episode. This coupon code will be valid through May the 4th, 2026. So if you need a new audiobook for this spring, we have got you covered. Now for an update on my current writing projects. As of this recording, I am about 62,000 words into Dragon-Mage, which will be the sixth book in the Rivah Half-Elven Thief series. If all goes well, I am hoping to have that out in May, though it might slip to June, depending on what I have to do in May. I'm also 4,500 words into Blade of Thieves, which will be the fifth book in the Blades of Ruin epic fantasy series. In audiobook news, a recording of Cloak of Illusion by Hollis McCarthy is approaching the end, one more proofread listen, and it should be there. And then hopefully the audiobook should be out in May. Brad Wills is also recording Blade of Wraiths right now. So hopefully we should have those audiobooks for you before too much longer. And that's where I'm at with my current writing, publishing, and audiobook projects. 00:01:46 Main Topic: 15 Years of Indie Publishing Now onto this week's main topic, 15 years of indie publishing because as of April 2026, I have now been indie publishing for 15 years, which is the longest continuous time I've ever actually done anything in my life. I've never had any other job or professional association that has lasted this long. I've done this for so long that when people are angry with me, they no longer preface their remarks on my feelings by saying, "Listen here, young man." I suppose that puts me in the upper tier of indie authors, not in terms of income or market footprint, but in sheer, bloody-minded longevity. There are still indie authors out there who have been doing this for longer and are still publishing regularly, but not all that many. Eventually, indie authors typically burn out and just stop publishing, or stop publishing due to real life reasons, such as illness, family illness, moving, changing jobs, et cetera, or get some kind of tradpub deal and stop indie publishing. It makes sense that indie authors burn out. Sometimes, or even frequently, both writing and the business side of writing can feel like a slog, but I've been blessed with a mind that loves the grind. I don't say that to gloat, but to instead express my immense and humble gratitude to God (as Abraham Lincoln said long ago, the "beneficent Creator and Ruler of the Universe" & the "Great Disposer of Events") and to all of you, the many people have read (and after 2017 when I started with audiobooks, listened to) one of my books. Thank you all very much. By good fortune, my 15th anniversary of indie publishing and the 300th episode of this podcast coincide. So for the 300th episode of this podcast, I thought it would take a look back at the last decade and a half and reflect on 15 lessons learned in 15 years of indie publishing. #1: Embrace the slog. I think if you want to be a writer, you have to actually like writing. There are a surprising number of writers for whom this is not true, like they enjoy having written or the rewards of the writing, but they don't actually enjoy the part Glenn Cook famously called "put your backside in the chair and do it. " I'm fortunate that I do enjoy that part, but a lot of writers don't. Writing is often a grind in the same way that things like diet, exercise, and home maintenance are. Like if you do them for one day, it's not enough. You have to do them consistently day after day to have results. I think writing is kind of the same way. Effort applied over time cannot do all things, but it can do a lot. This applies to writing as well. A little bit every day can really add up over enough time. #2: Finish the book. A lot of writers get like one third of the way through their book and then give up or start something else. There's often a good deal of perfectionism involved in this. Here is a rule of thumb: a finished, imperfect book is infinitely better than the perfect version that exists only in your imagination, but will never exist anywhere else because you will never write it. Steve Jobs famously said, "real artist ship." I think the corollary is that if you want to be a writer, you have to finish things and then move on to the next thing. If finishing a novel seems daunting, I would suggest first writing short stories or perhaps novellas and learning to finish those. No one runs a marathon without first learning to run a mile after all. #3: Back up your data. This is an important one. I've gone through a lot of computers in the last 15 years, but I've never lost a large chunk of work because I back up regularly. I would suggest a three part system. Use whatever automated local backup your OS provides onto an external hard drive. Do manual local backups onto a flash drive of appropriate capacity and then have some sort of cloud backup you can rely on, which means you'll probably have to pay for it. That way, even if your house or apartment blows up (God forbid!), you will still have a copy of your stuff somewhere. #4: Be willing to learn new skills as needed. It occurred to me that most of these software tools and programs I use on a day to day basis nowadays did not exist when I started in April of 2011, or they're things that I've had to learn in the years since. Like 15 years ago, I didn't know anything about online advertising, Photoshop, 3D rendering, graphic design, social media, paperback formatting, ebook formatting, audiobook production, podcasting, small business taxes, and a bunch of other stuff, but I've picked it up in the year since. I wouldn't say I'm an expert at any one of those things, but I've been able to combine them well. Life, as we know, is change. That means you're going to have to change whether you like it or not, but it's best to make sure you're changing to your advantage. That can mean having to learn new skills. Depending on the skill, it can either be onerous or fun, but it's still worth doing. #5: When possible, give away stuff for free. I know some writers get really worried or upset about giving away stuff for free. They'll price their first novel at $9.99 [all prices mentioned are in USD] or higher, and then say things like a latte at Starbucks costs five bucks, why shouldn't my book, which was so much more work, costs more? (Though these days, I think a Starbucks latte probably is more like $8.37.) Giving things away for free gives readers a chance to try your work in a risk-free environment. If someone picks, for example, Frostborn: The Gray Knight and they don't like it or give up on it by chapter four, they're not out anything but time. But if they enjoy it, they might pick up Frostborn: The Eightfold Knife for $0.99. If they like that, they might go on to the rest of the series where the books are $4.99. That really adds up over time. I've also written and given away via my newsletter a lot of short stories. I have to admit that while I enjoy short stories, I mostly do this to increase the click-through rate of my newsletter. It's best to think of giving away things for free as like planting seeds. If you're a farmer, you pay a lot of money for your crop seed, but then you have to sacrifice it in hope of getting a crop and potentially losing all the money you spent on the seed if it doesn't grow. Giving away ebooks for free is kind of like that. #6: Don't expect sales to go up every year or every quarter. There are pros and cons to the publicly held and traded corporation model, but I think one of the big cons is that the shareholders often demand that revenue goes up every quarter ("Number Go Up", to quote the Internet meme). The trouble is that this isn't sustainable in reality and leads to a lot of economic damage along the way. There's a good chance that when the AI companies tank in the next few years, they're going to take a good chunk of the economy with them because they push this growth at all cost mindset. Even on a smaller scale when a company has mass layoffs to make Number Go Up, it causes all kinds of havoc in people's lives. In writing and publishing, you definitely should not expect sales to go up every quarter or even every year. It just doesn't work that way. Overall, if you have more books, you can generally expect they'll sell more, but it doesn't always or even frequently work like that. Ebook sales, like everything else, tend to ebb and flow. Also, what we will politely call "macroeconomic events" tend to affect sales a good deal. After 15 years, I found that the book reading population tends to overlap a fair bit with the "news doomscrolling" population. So every time there's a significant news event, sales tend to drop. They always drop during a US presidential election year, which inevitably shocks any authors who started publishing after the last election. The 2024 [US Presidential] election had that happen a lot because as you no doubt remember, there were a lot of dramatic news events that summer. Sales also tend to drop around Christmas because of holiday bills, and again in August and September, since that's when a lot of people have significant back to school expenses. If you have a really good sales month or year, that's great, but definitely do not plan on it lasting forever or going up forever. And if you do have that kind of windfall, it's a good idea to do sensible financial things with it- pay down debt, save it in sensible investment or retirement accounts, that kind of thing. It is a terrible, terrible idea to take on additional debt, hire employees you don't need, or commit to other unsustainable financial commitments. Living well below your means is a principle that can help you avoid much pain. Also, if you do have a windfall month or year, be sure to save for the tax bill you will have the next time you file taxes because Uncle Sam (or your national equivalent of Uncle Sam) will very much want his cut. #7: Don't start a series unless you plan to finish it. This is less of a thing for romance or mystery novelists since their books tend to be more episodic. However, if you're writing fantasy or science fiction, it's a really good idea to make sure you finish your series because there's nothing science fiction/fantasy readers hate more than a series that never gets finished. There are a couple of reasons for this, but there have been a few very high profile examples of popular series remaining unfinished and that really soured readers on the idea of unfinished series, which is often detrimental to new writers who are just starting out. So if you're going to write in series, you need to commit to finishing them even if it's a lot of work. I've done that myself a couple times. For a while, I wasn't really sure if I wanted to finish Silent Order or Stealth & Spells Online, but I got them done. If you are a newer writer and you want to write in series, I would suggest starting with trilogies. They're less of a commitment than say something like Frostborn, which was 15 books. #8: Don't stress about bad reviews. Every writer has to learn to let bad reviews go. Obsessing over them isn't healthy and freaking out over them on social media is never good and can have bad consequences. It is a hard lesson to learn, but you just have to learn to ignore bad reviews. People can take reacting to bad reviews to insane extremes. There was a criminal case a while back where writer drove to someone's house and attacked a critic with a wine bottle because of a Goodreads review. Granted, that is an extreme case, but there have been numerous examples of writers going to war with critics over social media or even just complaining about bad reviews on social media only for the Internet to fall on their heads. You just have to learn to ignore bad reviews. It's not easy, but you can just follow these two rules about bad reviews. First, say nothing. Second, do nothing. "Never complain, never explain," to paraphrase Benjamin Disraeli. If it helps, the longer you do this and the more you write, bad reviews matter less because you can't remember everything. Like after you've written your first book, you can remember every single bit of it and every little decision and bit of thought process that went into the writing. But after 172 books, I honestly can't remember everything I've written unless I look it up. Like if someone complained about the griffin diarrhea joke in Malison: Dragon Fury, I would just kind of stare blankly because it would take me a while to remember it! #9: Social media is a potentially destructive time sink. This kind of relates to the previous lesson, but there are a lot of ways that social media can waste enormous amounts of your time. Arguing with strangers is one of them and the most obvious and potentially the most destructive, but passive consumption can be just as insidious. The phenomenon of doomscrolling, of endless scrolling through bad news is well known and is psychologically harmful. There's also "comparisonitis", which can be especially insidious for writers, since people generally put their curated selves on social media. Interestingly, sometimes people put the curated negative selves on social media. The way some people complain and present themselves in their posts, it's amazing they have the energy to type up posts complaining about their woes. No doubt that is done for engagement. There are also countless people who simply make up outrageous stories about hot button issues for clicks and clout. You also want to avoid arguing with strangers on social media because it will inevitably turn out that person in question is unemployed and therefore has infinite free time and also has poor reading comprehension and some sort of rage-based mood disorder. Overall, I would say that the best way to engage with social media while keeping your sanity is to remain positive. Share as few personal details as possible. Don't argue with strangers and only say things that are verifiably true. That will let you avoid a lot of potential trouble. #10: Pay people promptly and on time. Speaking of avoiding trouble, paying people on time will let you avoid a galaxy of woes. No one person can't possess all skills. So if you write long enough, you're going to need to subcontract out some stuff, whether it's editing, cover design, web design, accounting and taxes, audiobooks, and so forth. So if people do work for you and you are satisfied with this work, then you should pay them on time. This is a concept that a lot of people can't seem to grasp, and I've heard a lot of horror stories over the years about authors who try to weasel out of payment. So if you hire people to do things for you and they do them to your satisfaction, then pay them the agreed amount on time. This will also have the nice effect that if you pay people on time and build up track record of this, they'll be more willing to accommodate reasonable requests from you. #11: Don't worry about NFTs, Crypto, the Metaverse, LLMs, or whatever the latest doomsday tech trend is. The second half of the 2010s and the entirety of the 2020s have been filled with technologies that turned out to be useless, stupid, infested with scammers, and overall destructive, such as cryptocurrency, NFTs, the Metaverse, and of course, generative AI. (Apple CEO Tim Cook announced his retirement right before I started recording this episode. I think one of the chief positives of his legacy will be that he kept Apple mostly away from the generative AI mania.) I remember when cryptocurrency was inevitably going to replace fiat money, or when NFTs would be the future of art, or when all the very smart people said that the Metaverse would be the future of work and online communication. A lot of these technologies' boosters said you had to get on board with it right now, or you'll be left behind in the glorious technological revolution. You'll note that none of that actually happened. Crypto's main use case is facilitating cybercrime and NFTs are worthless. The Metaverse, like most of Facebook's bright ideas, wasted a lot of money and did nothing useful. Generative AI is on a similar course. None of its glorious promises of a better future have actually happened, and all it's really done is a lot of destruction and waste of money. The money is running out, public opinion is turning against it, and eventually LLM technology will dwindle to a sketchy corner of the internet much like crypto. Or to put it both more optimistically and snarkily, the best quote I heard about LMMs was that with strange people heralded the next generation of industrial automation technology as the beginning of the Singularity. It's like thinking that the computer that controls the fuel/airflow mixing your car is suddenly going to overthrow society and replace all human work. The one thing these technologies had in common, other than all being massive frauds, is that many writers worried it would be the end of writing, that crypto was going to replace government money or that all art would become NFTs, or that people would prefer AI slop novels over human written ones. However, none of this actually happened and people who predict the future are usually wrong. Various ancient and medieval societies made attempting to predict the future punishable by death. There's an element of religion to this, but I suspect some hard-headed jurists were less worried about offending the gods through false prophecy and had instead realized that many so- called prophets were just grifters attempting to scam money out of the credulous. This principle holds true today. I'm sure by 2030 there'll be some new technology called "groobelfarts" or whatever. Various grifters will swarm over social media saying "groobelfarts" are the future and if you don't get behind the "groobelfarts" (preferably by buying their course and signing up for their newsletter), then you're going to get left behind by the great and glorious "groobelfarts" revolution. But it will turn out to be 95% of scam and then by 2035, all the grifters will move on to the next tech. So I wouldn't worry about generative AI or whatever the next big technology is, which is probably "groobelfarts". #12 It's a really good idea to have your own website. If you're serious about indie publishing, you're essentially running a small business. These days, a small business really needs its own website. I know some writers rely entirely on their Amazon profile pages or social media profiles. This is a really bad idea, in my opinion, because the ebook stores and the social media platforms are changing things all the time and one of those changes might knock your visibility down to nothing. By contrast, with the website, you control it and you can set the content. It's also very useful to have a central location to direct readers. Ideally, your website will have links to all your books, so you can just send readers there. A lot of writers overthink this, but a standard WordPress or Wix template or something of that nature will work just fine for you. In fact, the fewer bells and whistles on your website, the better. It makes it easier to maintain and is that much harder to hack. #13: It's a really good idea to have your own email list. Related to the previous point, it's also an excellent idea to have your own email list to mail your readers. There are some legal requirements around this involving opt-in permission and physical addresses, and obviously it's best to follow them. But an email list, even after 15 years, is still my most powerful tool for reaching readers. As we mentioned above, the various ebook stores and social media platforms forever tinker with their algorithms and visibility. Having your own website is important, but getting people to visit it can be something of a challenge. That's where the email list comes in. With it, whenever you have a new release, you can email people and let them know. Whenever I publish a new book, the best sales day is always, without fail, the day I send out the newsletter. How do you get people to sign up for the newsletter? I found the best way is to consistently give away things for free. If you sign up for my newsletter (and if you haven't, you should do so right now), you get a bundle of free ebooks. Almost every time I publish a new book, I also give away a free short story. So giving away free stuff via the newsletter is a good way to build it and keep subscribers. #14: Don't cheat or be unethical. Like every other business, there are a million ways you can cheat or be unethical in indie publishing- plagiarism, stealing covers, paying for fake reviews, paying for bad reviews for someone you don't like, buying social media followers, manipulating Kindle Unlimited page reads, cranking out LLM slop books, and so forth. Some of it is technically legal, but unethical, and some of it is outright illegal. It can be very frustrating to see people you know are cheating get ahead. That said, it is always best to walk the straight and narrow road as best you can. There are many religious and ethical arguments for doing so, but if those don't appeal to you, the consequences might. If you cheat and do sketchy stuff, sooner or later it will catch up to you. It might take a long, long time. Bernie Madoff ran his scam for decades before he ended up dying in a prison hospital. Sometimes it catches up to you much more quickly. Sam Bankman-Fried only ran FTX for three years or so during the height of crypto mania before it all blew up in his face. People who work for the devil in the end always end up paying him rather than the other way around. So don't cheat or do unethical stuff. Your life will be happier and easier. And at the very least, you won't have to live with a constant low level fear that the consequences are about to catch up with you. #15: Tomorrow is another day. Perhaps today didn't go well. Maybe you're too busy getting your writing done or you got to your writing time and you're just too tired to concentrate. Maybe it was a bad sales day or you got a bad review or you got some bad family news or one of the other myriad ways that Real Life exacts its tolls arrived. Perhaps today was a bad day, but tomorrow is another day. It will be another shot at the ring. I suppose 15 years of self-publishing means I've been doing this for over 5,400 days. There have been some good days and bad days in the mix, but the thing to remember about bad days is that tomorrow is another day. If you miss your writing goal one day, you can try again tomorrow. And that little bit of daily effort adds up cumulatively over time. Conclusion. So those are 15 lessons I've learned in the last 15 years in indie publishing. As always, I would like to thank everyone who read and enjoyed my books and I hope to keep them coming. Meanwhile, we'll close out with a bonus. As I mentioned earlier in the show, by happy coincidence, my 15th anniversary of indie publishing overlaps the 300th episode of this podcast. So to mark the occasion, I'm giving away a free ebook, Writing Lessons from The Pulp Writers Show, which was written by me, Jonathan Moeller, and A.B. Bachmann (who is the researcher, editor, transcriptionist, and webmaster for this podcast and has been very helpful). You can get this ebook for free at my Payhip store until the end of May. So that is it for this week. Thank you for listening to The Pulp Writer Show and the past 300 episodes of The Pulp Writer Show. I hope you have found the show useful as we finish up 300 episodes and continue on to hopefully the next 300. A reminder that you can listen to all the back episodes at https://thepulpwritershow.com. If you enjoyed the podcast, please leave your view on your podcasting platform of choice. Stay safe and stay healthy and see you all next week.  

William Neil Gallagher has been called the Bernie Madoff of North Texas. But while both men defrauded millions of people, William added an evangelical twist. Presenting himself as a devout man of God, he promised his flock financial security – then quietly stole their retirement accounts and savings, transforming from a shepherd into a wolf. When the truth finally emerged, the faithful learned the man the trusted most had been preying on them all along.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

En mai 2021, Jean-Alphonse Richard consacrait un épisode de 'Confidentiel' à Bernard Madoff. Bernard Madoff n'a jamais été un escroc de génie. Il fut bien plus que cela : le premier chaman de la finance mondiale, capable d'ensorceler hommes, femmes, veuves et orphelins. En leur faisant miroiter un monde doré, une pyramide dont lui seul connaissait l'entrée.Hébergé par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

In her book “The Second Estate,” Boston College Law School professor Ray Madoff argues that the tax code in the United States lets billionaires keep their wealth outside of the tax system, leaving the heaviest burden to lower- and middle-income, working Americans. On today's show, Madoff joins Kimberly to explain the “tax avoidance playbook” and why Congress has let certain loopholes go unclosed for decades. Plus, why a wealth tax may not be the simple solution you think it is.

Would it be a surprise if we told you the rich don't actually live in the same tax system as everyone else? Tomorrow is Tax Day, when millions of Americans will be filing their taxes or applying for extensions, so Nick and Goldy sit down with Ray D. Madoff, Professor of Tax Law at Boston College, and author of The Second Estate, to pull back the curtain on how wealth really moves—and why so much of it never gets taxed at all. Because here's the twist: The system wasn't supposed to work this way. But over time, something changed. Now, the people who live off paychecks carry the tax burden… while the people living off wealth often don't have to play the game at all. Professor Madoff explains what happened and what it would take to fix it.  Ray Madoff is a professor at Boston College Law School and director of the Forum on Philanthropy and the Public Good. She is a leading expert on tax policy, wealth, and philanthropy, and author of The Second Estate: How the Tax Code Made an American Aristocracy. Social Media: @raymadoff Further reading:  The Second Estate: How the Tax Code Made an American Aristocracy. The Atlantic - How to Tax Billionaires CNBC - Lawsuit over $21 million donor-advised fund highlights risks of DAF giving Washington Post - A Signature GOP Issue Is Omitted From Trump's ‘Big' Tax Bill. Weird New York Times - America Builds an Aristocracy Website: http://pitchforkeconomics.com Facebook: Pitchfork Economics Podcast Bluesky: @pitchforkeconomics.bsky.social Instagram: @pitchforkeconomics Threads: pitchforkeconomics TikTok: @pitchfork_econ YouTube: @pitchforkeconomics LinkedIn: Pitchfork Economics Twitter: @PitchforkEcon, @NickHanauer Substack: ⁠The Pitch⁠

In her book “The Second Estate,” Boston College Law School professor Ray Madoff argues that the tax code in the United States lets billionaires keep their wealth outside of the tax system, leaving the heaviest burden to lower- and middle-income, working Americans. On today's show, Madoff joins Kimberly to explain the “tax avoidance playbook” and why Congress has let certain loopholes go unclosed for decades. Plus, why a wealth tax may not be the simple solution you think it is.

Bernie Madoff & how NOT to go about it! Wealth Manager Talk w Eric Mangold Worried About Your Finances? https://www.emangold.com/*Curator Show Host: Pink the Disruptive Forcehere where HUMANITY × BUSINESS500+ CEO EPISODES100K BIZ AUDIENCE20+ YRS MarketingHARVARD RESEARCHPodcaster · Live StreamerProducing CEO-level interviews since 2020. Executives & Investors are in the room.Just 15 minutes — looking for Authors, Speakers, Coaches, Entrepreneur conversations and you walk away with real, lasting visibility tooYOU GET→ Evergreen content→ Full media kit→ Mini PR campaign→ 2027 Marketing→ Audience positioning→ Distribution+https://calendly.com/pinkcloud9media/podmatch-guest?month=2026-04BOOK here#pinkcloud9media #podcast #donation#sponsor#business

Civilization had a pretty good run. Will the astronauts be the last ones living? Will Jordon Hudson sue Pablo and/or beat him in a foot race? Could Sam Altman be bigger than Madoff and/or complete our curse on A.I.? And is your fiancé in the Epstein files? WHO KNOWS? But we f'd around and took your questions, live. So, come with us if you want to live. So mote it be.• Vote for PTFO at The Webby Awards: Best Sports Podcast + Experimental & Innovation• Subscribe to "Casuals with Katie Nolan"• Watch Michael Cruz Kayne's special, "Sorry for Your Loss" — now streaming on Dropout TV • Further reading: "Sam Altman May Control Our Future — Can He Be Trusted?" (Ronan Farrow & Andrew Maran Hosted on Acast. See acast.com/privacy for more information.

Laci welcomes the magnetic Margaret Cho (The Bravest Knight, Margaret Cho: PsyCHO) to discuss fashion CEO Christine Hunsicker a.k.a. the “Bernie Madoff” of fashion, who wasted 350 million dollars of investor money, lied about her company's net worth, and when the other executives at the company found out, they left her in charge for months. Stay schemin'!   CON-gregation, catch Scam Goddess LIVE in a city near you. Keep the scams coming and snitch on your friends by emailing us at ScamGoddessPod@gmail.com.   Follow on Instagram: Scam Goddess Pod: @scamgoddesspod Laci Mosley: @divalaci Margaret Cho: @margaret_cho   Research by Kathryn Doyle    SOURCES https://www.thefashionlaw.com/caastle-legal-issues-are-mounting-for-former-fashion-rental-darling/ https://sites.lsa.umich.edu/mje/2025/05/16/a-fashion-nightmare/ https://www.cbsnews.com/news/christine-hunsicker-charged-fraud-300-million-fashion-startup-founder/ https://wwd.com/business-news/financial/caastle-board-hunsicker-exit-liquidity-crunch-1237071592/ https://gothamgal.com/2011/05/christine-hunsicker-woman-entrepreneur-working-on-the-next-idea/ https://people.com/christine-hunsicker-fraud-scheme-tech-ceo-indicted-over-300-million-11775459 https://www.wsj.com/business/caastle-fraud-investigation-co-founder-christine-hunsicker-3475df71 https://www.thefashionlaw.com/from-fashion-tech-darling-to-rico-another-case-further-unravels-caastle-collapse/ https://www.axios.com/2025/04/07/caastle-let-ceo-remain-after-learning-of-alleged-fraud Subscribe to SiriusXM Podcasts+ to listen to new episodes of Scam Goddess ad-free and a whole week early. Start a free trial now on Apple Podcasts or by visiting siriusxm.com/podcastsplus. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Laci welcomes the magnetic Margaret Cho (The Bravest Knight, Margaret Cho: PsyCHO) to discuss fashion CEO Christine Hunsicker a.k.a. the “Bernie Madoff” of fashion, who wasted 350 million dollars of investor money, lied about her company's net worth, and when the other executives at the company found out, they left her in charge for months. Stay schemin'!   CON-gregation, catch Scam Goddess LIVE in a city near you. Keep the scams coming and snitch on your friends by emailing us at ScamGoddessPod@gmail.com.   Follow on Instagram: Scam Goddess Pod: @scamgoddesspod Laci Mosley: @divalaci Margaret Cho: @margaret_cho   Research by Kathryn Doyle    SOURCES https://www.thefashionlaw.com/caastle-legal-issues-are-mounting-for-former-fashion-rental-darling/ https://sites.lsa.umich.edu/mje/2025/05/16/a-fashion-nightmare/ https://www.cbsnews.com/news/christine-hunsicker-charged-fraud-300-million-fashion-startup-founder/ https://wwd.com/business-news/financial/caastle-board-hunsicker-exit-liquidity-crunch-1237071592/ https://gothamgal.com/2011/05/christine-hunsicker-woman-entrepreneur-working-on-the-next-idea/ https://people.com/christine-hunsicker-fraud-scheme-tech-ceo-indicted-over-300-million-11775459 https://www.wsj.com/business/caastle-fraud-investigation-co-founder-christine-hunsicker-3475df71 https://www.thefashionlaw.com/from-fashion-tech-darling-to-rico-another-case-further-unravels-caastle-collapse/ https://www.axios.com/2025/04/07/caastle-let-ceo-remain-after-learning-of-alleged-fraud Subscribe to SiriusXM Podcasts+ to listen to new episodes of Scam Goddess ad-free and a whole week early. Start a free trial now on Apple Podcasts or by visiting siriusxm.com/podcastsplus.See omnystudio.com/listener for privacy information.

In this latest episode of Boardroom to Courtroom, forensic accountants J.W. Verret and Chris Ekimoff unpack the story of Bernie Madoff's Ponzi scheme — and how forensic accountants unraveled the mystery behind one of history's most audacious financial frauds.

How do you build a creative life that spans music, writing, film, and spiritual practice? Alicia Jo Rabins talks about weaving multiple creative strands into a sustainable career and why the best advice for any creator might simply be: just make the thing. In the intro, backlist promotion strategy [Written Word Media]; Successful author business [Novel Marketing Podcast]; Alliance of Independent Authors Indie Author Bookstore; Bones of the Deep – J.F. Penn This podcast is sponsored by Kobo Writing Life, which helps authors self-publish and reach readers in global markets through the Kobo eco-system. You can also subscribe to the Kobo Writing Life podcast for interviews with successful indie authors. This show is also supported by my Patrons. Join my Community at Patreon.com/thecreativepenn Alicia Jo Rabins is an award-winning writer, musician, performer, as well as a Torah teacher and ritualist. She's the creator of Girls In Trouble, a feminist indie-folk song cycle about biblical women, and the award-winning film, A Kaddish for Bernie Madoff. Her latest book is a memoir, When We Are Born We Forget Everything. You can listen above or on your favorite podcast app or read the notes and links below. Here are the highlights, and the full transcript is below. Show Notes Building a sustainable multi-disciplinary creative career through teaching, performance, grants, and donations Trusting instinct in the early generative stages of creativity and separating generation from editing Adapting and reimagining religious and cultural source material through music, writing, and performance The challenges of transitioning from poetry to long-form prose memoir, including choosing a lens for your story Making an independent film on a shoestring budget without waiting for Hollywood's permission Finding your creative voice and building confidence by leaning into vulnerability and returning to the practice of making You can find Alicia at AliciaJo.com. Transcript of the interview with Alicia Jo Rabins Joanna: Alicia Jo Rabins is an award-winning writer, musician, performer, as well as a Torah teacher and ritualist. She's the creator of Girls In Trouble, a feminist indie-folk song cycle about biblical women, and the award-winning film, A Kaddish for Bernie Madoff. Her latest book is a memoir, When We Are Born We Forget Everything. So welcome to the show, Alicia. Alicia: Thank you so much. I'm delighted to be here. Joanna: There is so much we could talk about. But first up— Tell us a bit more about you and how you've woven so many strands of creativity into your life and career. Alicia: Yes, well, I am a maximalist. What happened in terms of my early life is that I started writing on my own, just extremely young. I'm one of those people who always loved writing, always processed the world and managed my emotions and came to understand myself through writing. So from a very young age, I felt really committed to writing. Then I had the good fortune that my mother saw a talk show about the Suzuki method of learning violin—when you start really young and learn by ear, which is modelled after language learning. It's so much less intellectual and much more instinctual, learning by copying. She was like, that looks like a cool thing. I was three years old at the time and she found out that there was a little local branch of our music conservatory that had a Suzuki violin programme. So when I was three and a half, getting close to four, she took me down and I started playing an extremely tiny violin. Joanna: Oh, cute! Alicia: Yes, and because it was part of this conservatory that was downtown, and we were just starting at the suburban branch where we lived, there was this path that I was able to follow. As I got more and more interested in violin, I could continue basically up through the conservatory level during high school. So I had a really fantastic music education without any pressure, without any expectations or professional goals. I just kept taking these classes and one thing led to another. I grew up being very immersed in both creative writing and music, and I think just having the gift of those two parts of my brain trained and stimulated and delighted so young really changed my brain in some ways. I'll always see the world through this creative lens, which I think I'm also just set up to do personally. Then the last step of my multi-practice career is that in college I got very interested in Jewish spirituality. I'm Jewish, but I didn't grow up very religious. I didn't grow up in a Jewish community really. So I knew some basics, but not a ton. In college I started to study it and also informally learned from other people I met. I ended up going on a pretty intense spiritual quest, going to Jerusalem and immersing myself after college for two years in traditional Jewish study and practice. So that became the third strand of the braid that had already been started with music and writing. Torah study, spiritual study, and teaching became the third, and they all interweave. The last thing I'll say is that because I work in both words and music, and naturally performance because of music, it began to branch a little bit into plays, theatre, and film, just because that's where the intersection of words, performance, and music is. So that's really what brought me into that, as opposed to any specific desire to work in film. It all happened very organically. Joanna: I love this. This is so cool. We are going to circle back to a lot of this, but I have to ask you— What about work for money at any point? How did this turn into more than just hobbies and lifestyle? Alicia: Yes, absolutely. Well, I'm very fortunate that I did not graduate college with loans because my parents were able to pay for college. That was a big privilege that I just want to name, because in the States that's often not the case. So that allowed me to need to support myself, but not also pay loans, which was a real gift. What happened was I went straight from college to that school in Jerusalem, and there I was on loans and scholarship, so I didn't have to worry yet about supporting myself. Then when I came back to the States, I actually found on Craigslist a job teaching remedial Hebrew. It was essentially teaching kids at a Jewish elementary school who either had learning differences or had just entered the school late and needed to be in a different Hebrew class than the other kids in their grade. That was my first experience of really teaching, and I just absolutely fell in love with it. Although in the end, my passion is much more for teaching the text and rituals and the wrestling with the concepts, as opposed to teaching language. So all these years, while doing performance and writing and all these things, I have been teaching Jewish studies. That has essentially supported me, I would say, between 50 and 70 per cent. Then the rest has been paid gigs as a musician, whether as a front person leading a project or as what we call a sideman, playing in someone else's band. Sometimes doing theatre performances, sometimes teaching workshops. That's how I've cobbled it together. I have not had a full-time job all these years and I have supported myself through both earned income and also grants and donations. I've really tried to cultivate a little bit of a donor base, and I took some workshops early on about how to welcome donations. So I definitely try to always welcome that as well. Joanna: That is so interesting that you took a workshop on how to welcome donations. Way back in, I think 2013, I said on this show, I just don't know if I can accept people giving to support the show. Then someone on the podcast challenged me and said, but people want to support creatives. That's when I started Patreon in 2014. It was when The Art of Asking by Amanda Palmer came out and— It was this realisation that people do want to support people. So I love that you said that. Alicia: It's not easy. It's still not easy for me, and I have to grit my teeth every time I even put in my end-of-year newsletter. I just say, just a reminder that part of what makes this possible is your generous donations, and I'm so grateful to you. It's not easy. I think some people enjoy fundraising. I certainly don't instinctively enjoy it, but I have learned to think of it exactly the way that you're saying. I mean, I love donating to support other people's projects. Sometimes it's the highlight of my day. If I'm having a bad day and someone asks for help, either to feed a family or to complete a creative project, I just feel like, okay, at least I can give $36 or $25 and feel like I did something positive in the last hour, even if my project is going terribly and I'm in a fight with my kid or something. So I have to keep in mind that it is actually a privilege to give as well as a privilege to receive. Joanna: Absolutely. So let's get back into your various creative projects. The first thing I wanted to ask you, because you do have so many different formats and forms of your creativity—how do you know when an idea that comes to you should be a song, or something you want to do as a performance, or written, or a film? Tell us a bit about your creative process. Because a lot of your projects are also longer-term. Alicia: Yes. It's funny, I love planning and in some ways I'm an extreme planner. I really drive people in my family bonkers with planning, like family vacations a year in advance. In terms of my creativity, I'm very planful towards goals, but in that early generative state, I am actually pure instinct. I don't think I ever sit down and say, “I have this idea, which genre would it match with?” It's more like I sit on my bed and pick up my guitar, which is where I love to do songwriting, just sitting on my bed cross-legged, and I pick up my guitar and something starts coming out. Then I just work with that kernel. So it's very nebulous at first, very innate, and I just follow that creative spirit. Often I don't even know what a project is, sometimes if it's a larger project, until a year or two in. Once things emerge and take shape, then my planning brain and my strategy brain can jump on it and say, “Okay, we need three more songs to fill out the album, and we need to plan the fundraising and the scheduling.” Then I might take more of an outside-in approach. At the beginning it's just all instinct. Joanna: So if you pick up your guitar, does that mean it always starts in music and then goes into writing? Or is that you only pick up a guitar if it's going to be musical? Alicia: I think I'm responding to what's inside me. It's almost like a need, as opposed to, “I'm going to sit down and work.” I mean, obviously I sit down and work a lot, but I think in that early stage of anything, it's more like my fingers are itching to play something, and so I sit down and pick up my guitar. Sometimes nothing comes out and sometimes the kernel of a song comes out. Or I'm at a café, and I often like to write when I'm feeling a little bit discombobulated, just to go into the complexity of things or use challenging emotions as fuel. I really do use it as a—I don't know if therapeutic is the word, but I think it maybe is. I write often, as I always have, as I said before, to understand what I'm thinking. Like Joan Didion said—to process difficult emotions, to let go of stuck places. So I think I create almost more out of a sense of just what I need in the moment. Sometimes it's just for fun. Sometimes picking up a guitar, I just have a moment so I sit down and mess around. Sometimes it's to help me struggle with something. It doesn't always start in music. That was a random example. I might sit down to write because I have an hour and I think, I haven't written in a while. Or I do have an informal daily writing thing where I'll try to generate one loose draft of something a day, even if it's only ten pages. I mean, sorry, ten words. Joanna: I was going to say! Alicia: No, no. Ten words. I'm sorry. It's often poetry, so it feels like a lot when it's ten words. I'll just sit down with no pressure, no goal, no intention to make anything specific. Just open the floodgates and see what comes out. That's where every single project of mine has started. Joanna: Yes, I do love that. Obviously, I'm a discovery writer and intuitive, same as you. I think very much this idea of, especially when you said you feel discombobulated, that's when you write. I almost feel like I need that. I'm not someone who writes every day. I don't do ten lines or whatever. It's that I'll feel that sense of pressure building up into “this is going to be something.” I will really only write or journal when that spills over into— “I now need to write and figure out what this is.” Alicia: Yes. It's almost a form of hunger. It feels to me similar to when you eat a great meal and then you're good for a while. You're not really thinking of it, and then it builds up, like you said, and then there's a need—at least the first half of creativity. I really separate my generation and my editing. So my generative practice is all openness, no critique, just this maybe therapeutic, maybe curious, wandering and seeing what happens. Then once I have a draft, my incisive editing mind is welcome back in, which has been shut out from that early process. So that's a really different experience. Those early stages of creativity are almost out of need more than obligation. Joanna: Well, just staying with that generative practice. Obviously you've mentioned your study of and practice of Jewish tradition and Jewish spirituality. Steven Pressfield in his books has talked about his prayer to the muse, and I've got on my wall here—I don't talk about this very often, actually — I have a muse picture, a painting of what I think of as a muse spirit in some form. So do you have any spiritual practices around your generative practice and that phase of coming up with ideas? Alicia: I love that question, and I wish I had a beautiful, intentional answer. My answer is no. I think I experience creativity as its own spiritual practice itself. I do love individual prayer and meditation and things like that, but for me those are more to address my specifically spiritual health and happiness and connectedness. I'm just a dive-in kind of person. As a musician, I have friends who have elaborate backstage rituals. I have to do certain things to take care of my voice, but even that, it's mostly vocal rest as opposed to actively doing things. There's a bit of an on/off switch for me. Joanna: That's interesting. Well, I do want to ask you about one of your projects, this collaboration with a high school on a musical performance, I Was a Desert: Songs of the Matriarchs, and also your Girls in Trouble songs about women in the Torah. On your website, I had a look at the school, the high school, and the musical performance. It was extraordinary. I was watching you in the school there and it's just such extraordinary work. It very much inspired me—not to do it myself, but it was just so wonderful. I do urge people to go to your website and just watch a few minutes of it. I'm inspired by elements of religion, Christian and Jewish, but I wondered if you've come up against any issues with adaptation—respecting your heritage but also reinventing it. How has this gone for you. Any advice for people who want to incorporate aspects of religion they love but are worried about responses? Alicia: Well, I have to say, coming from the Jewish tradition, that is a core practice of Judaism—reinterpreting our texts and traditions, wrestling with them, arguing with them, reimagining them. I don't know if you're familiar with Midrash, but just in case some of your listeners aren't sure I'll explain it. There's essentially an ancient form of fanfic called Midrash, which was the ancient rabbis, and we still do it today, taking a biblical story that seems to have some kind of gap or inconsistency or question in it and writing a story to fill that gap or recast the story in an interestingly different light. So we have this whole body of literature over thousands of years that are these alternate or added-on adventures, side quests of the biblical characters. What I'm doing from a Jewish perspective is very much in line with a traditional way of interacting with text. I've certainly never gotten any pushback, especially as I work in progressive Jewish communities. I think if I were in an extremely fundamentalist community, there would be a lot of different issues around gender and things like that. The interpretive process, even in those communities, is part of how we show respect for the text. When I was working with the high school—and I just want to call out the choir director, Ethan Chen, who has an incredible project where he brings in a different artist every two years to work with the choir, and they tend to have a different cultural focus each time. He invited me specifically to integrate my songwriting about biblical women with his amazing high school choir. I was really worried at first because most of them are not Jewish—very few of them, if any. I wanted to respect their spiritual paths and their religious heritages and not impose mine on them. So I spent a lot of time at the beginning saying, this project has religious source material, but essentially it is a creative reinterpretive project. I am not coming to you to bring the religious material to you. I'm coming to take the shared Hebrew Bible myths and then reinterpret those myths through a lens of how they might reflect our own personal struggles, because that's always my approach to these ancient stories. I wanted to really make that clear to the students. It was such a joy to work with them. Joanna: It's such an interesting project. Also, I find with musicians in general this idea of performance. You've written this thing—or this thing specifically with the school—and it doesn't exist again, right? You're not selling CDs of that, I presume. Whereas compared to a book, when we write a book, we can sell it forever. It doesn't exist as a performance generally for an author of a memoir or a novel. It carries on existing. So how does that feel, the performance idea versus the longer-lasting thing? I mean, I guess the video's there, but the performance itself happened. Alicia: I do know what you mean. Absolutely. We did, for that reason, record it professionally. We had the sound person record it and mix it, so it is available to stream. I'm not selling CDs, but it's out there on all the streaming services, if people want to listen. I do also have the scores, so if a choir wanted to sing it. The main point that you're making is so true. I think there's actually something very sacred about live performance—that we're all in the moment together and then the moment is over. I love the artefacts of the writing life. I love writing books. I love buying and reading books and having them around, and there's piles of them everywhere in this room I'm standing in. I feel like being on stage, or even teaching, is a very spiritual practice for me, because it's in some ways the most in-the-moment I ever am. The only thing that matters is what's happening right then in that room. It's fleeting as it goes. I'm working with the energy in the room while we're there. It's different every time because I'm different, the atmosphere is different, the people are different. There's no way to plan it. The kind of micro precision that we all try to bring to our editing—you can't do that. You can practice all you want and you should, but in the moment, who knows? A string breaks or there's loud sound coming from the other room. It is just one of those things. I love being reminded over and over again of the truth that we really don't control what happens. The best that we can do is ride it, surf it, be in it, appreciate it, and then let it go. Joanna: I think maybe I get a glimpse of that when I speak professionally, but I'm far more in control in that situation than I guess you were with—I don't know how many—was it a hundred kids in that choir? It looked pretty big. Alicia: It was amazing. It was 130 kids. Yes. Joanna: 130 kids! I mean, it was magic listening to it. And yes, of course, showing my age there with buying a CD, aren't I? Alicia: Well, I do still sell some CDs of Girls in Trouble on tour, because I have a bunch of them and people still buy them. I'm always so grateful because it was an easier life for touring musicians when we could just bring CDs. Now we have to be very creative about our merch. Joanna: Yes, that's a good point because people are like, “Oh yes, I'll scan your QR code and stream it,” but you might not get the money for that for ages, and it might just be five cents or whatever. Alicia: Streaming is terrible for live musicians. I mean, I don't know if you know the site Bandcamp, but it's essentially self-publishing for musicians. Bandcamp is a great way around that, and a lot of independent musicians use it because that's a place you can upload your music and people can pay $8 for an album. They can stream it on there if they want, or they can download it and have it. But, yes, it's hard out there for touring musicians. Joanna: Yes, for sure. Well, let's come to the book then. Your memoir, When We Are Born We Forget Everything. Tell us about some of the challenges of a book as opposed to these other types of performances. Alicia: Well, I come out of poetry, so that was my first love. That's what I majored in in college. That's what my MFA is in. Poetry is famously short, and I'm not one of those long-form poets. I have been trained for many years to think in terms of a one-page arc, if at all. Arc isn't even really a word that we use in poetry. So to write a full-length prose book was really an incredible education. Writing it basically took ten years from writing to publication, so probably seven years of writing and editing. I felt like there was an MFA-equivalent process in the number of classes I took, books I read, and work that went into it. So that was one of my main joys and challenges, really learning on the job to write long-form prose coming out of poetry. How to keep the engine going, how to think about ending one chapter in a way that leaves you with some torque or momentum so that you want to go into the next chapter. How many characters is too many? Who gets names and who doesn't? Some of these things that are probably pretty basic for fiction writers were all very new to me. That was a big part of my process. Then, of course, poets don't usually have agents. So once it was done, I began to query agents. It was the normal sort of 39 rejections and then one agent who really understood what I was trying to do. She's incredible, and she was able to sell the book. The longevity of just working on something for that long—I have a lot of joy in that longevity—but it does sometimes feel like, is this ever going to happen, or am I on a fool's errand? Joanna: I guess, again, the difference with performance is you have a date for the performance and it's done then. I suppose once you get a contract, then for sure it has to be done. But memoir in particular, you do have to set boundaries, because of course your life continues, doesn't it? So what were the challenges in curating what went into the book? Because many people listening know memoir is very challenging in terms of how personal it can be. Alicia: Yes, and one thing I think is so fascinating about memoir is choosing which lens to put on your story, on your own story. I heard early on that the difference between autobiography and memoir is that autobiography tries to give a really comprehensive view of a life, and memoir is choosing one lens and telling the story of a life through that lens, which is such a beautiful creative concept. I knew early on that I wanted this to be primarily a spiritual memoir, and also somewhat of an artistic memoir, because my creativity and my spirituality are so intertwined. It started off being spiritual, and also about my musical life, and also about my writing life. In the end, I edited out the part about my writing life, because writing about writing was just too navel-gazing. So there's nothing in there about me coming of age as a writer, which used to be in there, but that whole thing got taken out. Now it's spiritual and musical. For me, it really helped to start with those focuses, because I knew there may be things that were hugely important in my life, absolutely foundational, that were not really going to be either mentioned or gone deeply into in the book. For example, my husband teases me a lot about how few pages and words he gets. He's very important in my life, but I actually met him when I was 29, and this book really mainly takes place in the years leading up to that. There's a little bit of winding down in the first few years of my thirties, but this is not a book about my life with him. He is mentioned in it. That story is in there. Having those kinds of limitations around the canvas—there's a quote, I forget if it was Miranda July, but somebody said something like, basically when you put a limitation on your project, that's when it starts to be a work of art. Whatever it is, if you say, “I'm taking this canvas and I'm using these colours,” that's when it really begins, that initial limitation. That was very helpful. Joanna: It's also the beauty of memoir, because of course you can write different memoirs at different times. You can write something about your writing life. You can write something else about your marriage and your family later on. That doesn't all have to be in one book. I think that's actually something I found interesting. And I would also say in my memoir, Pilgrimage, my husband is barely mentioned either. Alicia: Does he tease you too? Joanna: No, I think he's grateful. He is grateful for the privacy. Alicia: That's why I keep saying, you should be grateful! Joanna: Yes. You really should. Like, maybe stop talking now. Alicia: Yes, exactly. I know. Marriage, memoir—those words should strike fear into his heart. Joanna: They definitely should. But let's just come back. When I look at your career— You just seem such an independent creative, and so I wondered why you decided to work with a traditional publisher instead of being an independent. How are you finding it as someone who's not in charge of everything? Alicia: It's a great question. The origin story for this memoir is that I was actually reading poetry at a writing conference called Bread Loaf in the States. This was 16 years ago or something. I was giving a poetry reading and afterwards an agent, not my agent, came up to me and said, you know, you have a voice. You should try writing nonfiction because you could probably sell it. Back to your question about how I support myself, I am always really hustling to make a living. It's not like I have some separate well-paying job and the writing has no pressure on it. So my ears kind of perked up. I thought, wait, getting paid for writing? Because poetry is literally not in the world. It's just not a concept for poets. That's not why we write and it's not a possibility. So a little light turned on in my brain. I thought, wow, that could be a really interesting element to add to my income stream, and it would be flexible and it would be meaningful. For a few years I thought, what nonfiction could I write? And I came up with the idea of writing a book about biblical women from a more scholarly perspective, because I teach that material and I've studied it. I went to speak to another agent and she said, well, you could do that, but if you actually want to sell a book, it's going to have to be more of a trade book. So if you don't want an academic press, which wouldn't pay very much, you would have to have some kind of memoir-like stories in there to just sweeten it so it doesn't feel academic. So then I began writing a little bit of spiritual memoir. I thought, okay, well, I'll write about a few moments. Then once I started writing, I couldn't stop. The floodgates really opened. That's how it ended up being a spiritual memoir with interwoven stories of biblical women. It became a hybrid in that sense. I knew from the beginning that this project—for all my saying earlier that I never plan anything and only work on instinct, I was thinking as I said that, that cannot be true. This time, I actually thought, what if, instead of coming from this pure, heart-focused place of poetry, I began writing with the intention of potentially selling a book? The way my fiction writer friends talked about selling their books. So that was always in my mind. I knew I would continue writing poetry, continue publishing with small presses, continue putting my own music out there independently, but this was a bit of an experiment. What if I try to interface with the publishing world, in part for financial sustainability? And because I had a full draft before I queried, I never felt like anyone was telling me what to write. I can't imagine personally selling a book on proposal, because I do need that full capacity to just swerve, change directions, be responsive to what the project is teaching me. I can't imagine promising that I'll write something, because I never know what I'll write. But writing at least a very solid draft first, I'm always delighted to get notes and make polish and rewrite and make things better. I took care of that freedom in the first seven years of writing and then I interfaced with the agent and publisher. Joanna: I was going to say, given that it's taken you seven to ten years to do this and I can't imagine that you're suddenly a multimillionaire from this book. It probably hasn't fulfilled the hourly rate that perhaps you were thinking of in terms of being paid for your work. I think some people think that everyone's going to end up with the massive book deal that pays for the rest of their life. I guess this book does just fit into the rest of your portfolio career. Alicia: Yes. One of the benefits of these long arcs that I like to work on is, one of them—and probably the primary one—is that the project gets to unfold on its own time. I don't think I could have rushed it if I wanted. The other is that it never really stopped me from doing any of my other work. Joanna: Mm-hmm. Alicia: So it's not like, oh, I gave up months of my life and all I got was this advance or something. It's like, I was living my life and then when I had a little bit of writing time—and I will say, it impacted my poetry. I haven't written as much poetry because I was working on this. So it wasn't like I just added it on top of everything I was already doing, but it was a pleasure to just switch to prose for a while. It was just woven into my life. I appreciated having this side project where no one was waiting for it. There were no deadlines, there was no stress around it, because I always have performances to promote and due dates for all kinds of work. It was just this really lovely arena of slow growth and play. When I wanted a reader, I could do a swap with a writer friend, but no one was ever waiting for it on deadline. So there's actually a lot of pleasure in that. Then I will say, I think I've made more from selling this than my poetry. Probably close to ten times more than I've ever made from any of my poetry. So on a poetry scale, it's certainly not going to pay for my life, but it actually does make a true financial difference in a way that much of my other work is a little more bit by bit by bit. It's actually a different scale. Joanna: Well, that's really good. I'm glad to hear that. I also want to ask you, because you've done so many things, and— I'm fascinated by your independent film, A Kaddish for Bernie Madoff. I have only watched the trailer. You are in it, you wrote it, directed it, and it's also obviously got other people in, and it's fascinating. It's about this particular point in history. I've written quite a lot of screenplay adaptations of my novels, and I've had some various amounts of interest, but the whole film industry to me is just a complete nightmare, far bigger nightmare than the book industry. So I wonder if you could maybe talk about this, because it just seems like you made a film, which is so cool. Alicia: Oh yes, thank you. Joanna: And it won awards, yes, we should say. Alicia: Did we win awards? Yes. It really, for an extremely low-budget indie film, went far further than my team and I could ever have imagined. I will say I never intended to make a film. Like most of the best things in my life, it really happened by accident. When I was living in New York— I lived there for many years—the 2008 financial collapse happened and I happened to have an arts grant that gave a bunch of artists workspace, studio space, in essentially an abandoned building in the financial district. It was an empty floor of a building. The floor had been left by the previous tenant, and there's a nonprofit that takes unused real estate in the financial district and lets artists work in it for a while. So I was on Wall Street, which was very rare for me, but for this year I was working on Wall Street. Even though I was working on poems, the financial collapse happened around me, and I did get inspired by that to create a one-woman show, which was more of a theatre show. That was already a huge leap for me because I had no real theatre experience, but it was experimental and growing out of my poetry practice and my music. It was a musical one-woman show about the financial collapse from a spiritual perspective, apparently. So I performed that. I documented it, and then a friend who lives in Portland, Oregon, where I now live, said, “I'm a theatre producer, I'd like to produce it here.” So then I rewrote it and did a run here in Portland of that show. Essentially, I started to tour it a little bit, but I got tired of it. It was too much work and it never really paid very much, and I thought, this is impacting my life negatively. I just want to do a really good documentation of the show. So I wanted to hire a theatre documentarian to just document the show so that it didn't disappear, like you were saying before about live performance. But one of the people I talked to actually ended up being an artistic filmmaker, as opposed to a documentarian. She watched the archival footage, just a single camera of the show, and said, “I don't think you should do this again and film it with three cameras. I think you should make it into a feature film. And in fact, I think maybe I should direct it, because there's all this music in it and I also direct music videos.” We had this kind of mind meld. Joanna: Mm. Alicia: I never intended to make a film, but she is a visionary director and I had this piece of IP essentially, and all the music and the writing. We adapted it together. We did it here in Portland. We did all the fundraising ourselves. We did not interface with Hollywood really. I think that would be, I just can't imagine. I love Hollywood, but I'm not really connected, and I can't imagine waiting for someone to give us permission or a green light to make this. It was experimental and indie, so we just really did it on the cheap. We had an amazing producer who helped us figure out how to do it with the budget that we had. We worked really hard fundraising, crowdfunding, asking for donations, having parties to raise money, and then we just did it and put it out there. I think my main advice—and I hear this a lot on screenwriting podcasts—is just make the thing. Make something, as opposed to trying to get permission to make something. Because unless you're already in that system, it's going to be really hard to get permission to make it. Once you make something, that leads to something else, which leads to something else. So even if it's a very short thing, or even if it's filmed on your phone, just actually make the thing. That turned out to be the right thing for us. Joanna: Yes, I mean, I feel like that is what underpins us as independent creatives in general. As an independent author, I feel the same way. I'm never asking permission to put a book in the world. No, thank you. Alicia: Exactly. We have a vision and we do it. It's harder in some ways, but that liberation of being able to really fully create our vision without having to compromise it or wait for permission, I think it's such a beautiful thing. Joanna: Well, we're almost out of time, but I do want to ask you about creative confidence. Alicia: Hmm. Joanna: I feel I'm getting a lot of sense about this at the moment, with all the AI stuff that's happening. When you've been creating a long time, like you and I have, we know our voice and we can lean into our voice. We are creatively confident. We'll fail a lot, but we'll just push on and try things and see what happens. Newer creators are struggling with this kind of confidence. How do I know what is my voice? How do I know what I like? How do I lean into this? So give us some thoughts about how to find your voice and how to find that creative confidence if you don't feel you have it. Alicia: I love that. One thing I will say is that I always think whatever is arising is powerful material to create from. So if a lack of confidence is arising, that's a really powerful feeling to directly explore and not just try to ignore. Although sometimes one has to just ignore those feelings. But to actually explore that feeling, because AI can't have that, right? AI can't really feel a crisis of confidence, and humans can. So that's a gift that we have, those kinds of sensitivities. I think to go really deep into whatever is arising, including the sense that we don't have the right to be creating, or we're not good enough, or whatever it is. Then I always do come back to a quote. I think it might have been John Berryman, but I'm forgetting which poet said it. A younger poet said, “How will I ever know if I'm any good?” And this famous poet said something like—I'm paraphrasing—”You'll never know if you're any good. If you have to know, don't write.” That has been really liberating to me, actually. It sounds a little harsh, but it's been really liberating to just let go of a sense of “good enough.” There is no good enough. The great writers never know if they're good enough. Coming back to this idea of just making without permission—the practice of doing the thing is being a writer. Caring and trying to improve our craft, that's the best that we can have. There's never going to be a moment where we're like, yes, I've nailed this. I am truly a hundred per cent a writer and I have found my voice. Everything's always changing anyway. I would say, either go into those feelings or let those feelings be there. Give them a little tea. Tell them, okay, you're welcome to be here, but you don't get to drive the boat. And then return to the practice of making. Joanna: Absolutely. Great. So where can people find you and your books and everything you do online? Alicia: Everything is on my website, which is AliciaJo.com, and also on Instagram at @ohaliciajo. I'd love to say hello to anyone who's interested in similar topics. Joanna: Brilliant. Well, thanks so much for your time, Alicia. That was great. Alicia: Thank you. I love your podcast. I'm so grateful for all that you've given the writing world, Jo.The post Creative Confidence, Portfolio Careers, And Making Without Permission with Alicia Jo Rabins first appeared on The Creative Penn.

En este episodio de Café en Mano, celebramos un hito gigante: ¡el lanzamiento oficial de Café Dos Caminos! (Pídelo ya con el password cafeenmano).Luego de darnos ese buen café, nos sentamos con Carlos Feliciano de CAF Investments para desmenuzar el caos económico actual. Arrancamos fuerte debatiendo la decisión de la Corte Suprema sobre los aranceles ilegales de Trump, por qué los famosos $2,000 de estímulo NO van a llegar, y el descarado insider trading de los políticos como Nancy Pelosi.Además, Carlos nos tira la toalla con la realidad local: revelamos cuáles son los promedios financieros reales de los puertorriqueños entre 30 y 33 años (salario, deudas, casas y crédito). Discutimos el mito de "invertir en cemento", la actual crisis y saturación de los Airbnb en la isla, y recordamos el caso de Tito Trinidad y Bernie Madoff para entender por qué las palabras "inversión" y "garantía" jamás deben ir juntas.Sigue a Carlos Feliciano:Instagram: @cafinvestmentsLink para tu cita: https://calendly.com/cafinvestments/15min Acuerdate poner que viste a Carlos en Café en Mano PodcastNuestro Café al fin: Cafedoscaminos.com pass: Cafeenmano¡No olvides suscribirte, darle like y dejarnos en los comentarios qué opinas de estos temas!⏱️ Capítulos / Timestamps00:00 - ¡Lanzamiento oficial de Café Dos Caminos! ☕02:45 - La Corte Suprema frena a Trump: Aranceles ilegales y caos en el mercado05:45 - ¿El gobierno te dará $1,000 para tu 401k?08:20 - Insider Trading: El escándalo de Nancy Pelosi y Wall Street14:20 - La cruda realidad: Olvídate de los $2,000 de estímulo15:30 - USA vs El Mundo: La economía está trancá y la inflación no cede20:00 - ¿Estás pelao'? El promedio financiero a los 30 años en Puerto Rico25:00 - Análisis de Caso #1: Militar de 26 años ganando $85,00029:00 - Análisis de Caso #2: Deudas en colecciones y cómo negociarlas por menos36:18 - El mito boricua: ¿Vale la pena seguir invirtiendo en cemento?39:00 - La crisis de los Airbnb en PR: Culpa compartida y mercado en el piso45:00 - Tito Trinidad y Bernie Madoff: Por qué "garantía" e "inversión" no mezclan56:00 - La verdad sobre las Redes de Mercadeo (MLM), Herbalife y las ventasPendiente a los eventos y donde conseguirlo en Instagram: Instagram.com/cafedoscaminos

Kyle Grieve discusses how a series of unforgettable real-world stories reveal the hidden psychological traps that derail investors. IN THIS EPISODE YOU'LL LEARN: 00:00:00 - Intro 00:03:07 - How Ronaldo's Coke incident reveals the danger of false cause and effect 00:07:44 - Why patience in investing can beat the urge to stay busy 00:09:21 - How Muhammad Ali showed the power of waiting for the perfect moment 00:12:54 - Why Bobby Bonilla's contract exposes the time value of money 00:16:02 - How the Madoff scandal proves great results can hide massive fraud 00:22:09 - Why Isaac Newton's failure reveals how FOMO traps even the smartest minds 00:27:17 - How Hetty Green shows the strength of buying value when others won't 00:36:23 - What the long SPAC history warns us about hype repeating through time 00:47:33 - How relying on autopilot in markets can quietly lead you into danger 00:52:06 - Why inflation acts like a silent force pushing your spending power backward Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Learn how to join us in Omaha for the Berkshire meeting ⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠. Read Trailblazers, Heroes, & Crooks: Stories to Make You a Smarter Investor here. Follow Kyle on Twitter and LinkedIn. Related ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠books⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ mentioned in the podcast. Ad-free episodes on our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Check out our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠We Study Billionaires Starter Packs⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Follow our official social media accounts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠X (Twitter)⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Browse through all our episodes ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Try our tool for picking stock winners and managing our portfolios: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Finance Tool⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Enjoy exclusive perks from our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠favorite Apps and Services⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Learn how to better start, manage, and grow your business with the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠best business podcasts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. SPONSORS Support our free podcast by supporting our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠sponsors⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: ⁠⁠HardBlock⁠⁠⁠ ⁠⁠⁠Human Rights Foundation⁠⁠⁠ ⁠⁠⁠Simple Mining⁠⁠⁠ ⁠⁠⁠Netsuite⁠⁠⁠ ⁠⁠⁠Shopify⁠⁠⁠ ⁠⁠⁠Plus500⁠⁠⁠ ⁠⁠⁠Vanta⁠⁠⁠ ⁠⁠⁠Masterworks⁠⁠⁠ ⁠⁠⁠Fundrise⁠ References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor's Podcast Network is not responsible for any claims made by them. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

“After the US Constitution, the tax code is the single most important document affecting Americans' lives. But because it is a deeply opaque, seven-thousand-page document, few Americans have any idea what the code says.” So writes legal scholar Ray D. Madoff, who argues the tax code is one of the main drivers of our nation's historic wealth inequality — allowing the ultra-wealthy to avoid taxation altogether while relying much more on workers' payroll taxes than many realize. We unpack how the tax code works and what real reform would look like. Madoff's book is “The Second Estate: How the Tax Code Made an American Aristocracy.” Guests: Ray D. Madoff, professor, Boston College Law School; author, "The Second Estate: How the Tax Code Made an American Aristocracy" Learn more about your ad choices. Visit megaphone.fm/adchoices

Sean Mueller built a hedge fund empire from the ground up—without a college degree—raising over $100M and becoming “the guy who never lost money.” But in the pressure-cooker era of Bernie Madoff and Wall Street crackdowns, a string of ethical blind spots and performance-driven decisions led to a securities fraud conviction and a 40-year state prison sentence.In this episode of Nightmare Success In & Out, Sean opens up about the mindset shifts that fueled both his rise and his downfall, the moment everything collapsed, and what it took to rebuild his life from inside prison walls. Today, he's a summa cum laude graduate, an advocate for prison education, and the author of the upcoming book: After The Walls: Living Without Shortcuts—speaking to leaders, compliance teams, and professional audiences about ethical decision-making under pressure and transforming setbacks into strength.Show sponsors: Navigating the challenges of white-collar crime? The White-Collar Support Group at Prisonist.org offers guidance, resources, and a community for those affected. Discover support today at Prisonist.org Protect your online reputation with Discoverability! Use code NIGHTMARE SUCCESS for an exclusive discount on services to boost your digital image and online reputation. Visit Discoverability.co and secure your online presence today. Skip the hassle of car shopping with Auto Plaza Direct. They'll handle every detail to find your perfect vehicle. Visit AutoPlazaDirect.com "Your personal car concierge!"

Just like that, it's Fraud Friday! Today, Laci visits one of the very first episodes of Scam Goddess, episode 13, with comedy legend Matt Walsh (Ghosts, Upright Citizens Brigade), as they dive into the most famous Ponzi schemer in world history: Bernie Madoff. More like he “made off” with those billions. Stay schemin'! (Originally released 12/23/2019) CON-gregation, keep the scams coming and snitch on your friends by emailing us at ScamGoddessPod@gmail.com. Follow on Instagram:Scam Goddess Pod: @scamgoddesspodLaci Mosley: @divalaciMatt Walsh:@mrmattwalsh Research by Laci Mosley Subscribe to SiriusXM Podcasts+ to listen to new episodes of Scam Goddess ad-free and a whole week early. Start a free trial now on Apple Podcasts or by visiting siriusxm.com/podcastsplus. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

How do some people consistently turn raw ideas into real, finished work—while others stay stuck waiting for inspiration to strike? In this encore conversation, Thanh sits down with legendary creative entrepreneur and Parsons professor Jeffrey Madoff to unpack the mindset and structure behind sustainable creativity. From building a fashion company at 22 to producing campaigns […]