Podcasts about merrill lynch

Tim Furey went from surviving the high-intensity floor trading pits of the Chicago Board of Trade to surviving a near-fatal medical emergency, ultimately building TradeView Markets into a global financial brokerage.After getting his start as Merrill Lynch's youngest commodity broker hire in nearly four decades, Tim risked everything to move to Chicago and learn the craft of floor trading. Through grueling pit battles, he learned the ultimate lesson in market survival: mastering defense and managing risk above all else. Years later, while running his firm and raising a family, Tim survived a sudden medical crisis where doctors gave him a 5% chance of living, an experience that further cemented his relentless drive, resilience, and vision as a leader.In this conversation, Tim breaks down his "hungry dogs run faster" mindset, the lost art of pit trading, why defense creates offense in the markets, and how he turned adversity into fuel to build a global financial services brand. In this episode, we explore:• Lessons learned from legendary mentor Jeff Stoutland ("Hungry dogs run faster")• Becoming Merrill Lynch's youngest commodity broker hire in nearly 40 years• Survival in the Chicago Board of Trade pits and the concept of the "power of the lean"• Why risk management and learning how to lose are the keys to long-term trading survival• Transitioning from prop trading to launching TradeView Markets• How a near-fatal medical emergency and a 5% chance of survival reshaped his life and mindset About Tim Furey:Tim Furey is the Founder and CEO of TradeView Markets, a global multi-asset brokerage serving traders worldwide. Beginning his career in Merrill Lynch's Futures Division, Tim went on to trade on the floors of the Chicago Board of Trade before transitioning to proprietary trading and entrepreneurship. Known for his resilient leadership and commitment to continuous improvement, Tim leads TradeView Markets while actively supporting amateur sports initiatives, including women's rugby in the Cayman Islands. Links + Resources:LinkedIn: https://www.linkedin.com/in/timfurey/Instagram: https://www.instagram.com/timfurey.ceo/Facebook: https://www.facebook.com/timfureyofficial/Website: https://www.tradeviewmarkets.com/en/

 Tim's Book Recommendations:How to Win Friends and Influence People by Dale Carnegie: https://www.amazon.com/dp/0671027034Reminiscences of a Stock Operator by Edwin Lefèvre: https://www.amazon.com/dp/0471059706The Magic of Thinking Big by David J. Schwartz: https://www.amazon.com/dp/0671646788Think and Grow Rich by Napoleon Hill: https://www.amazon.com/dp/1585424331The Education of a Bodybuilder by Arnold Schwarzenegger: https://www.amazon.com/dp/0671797484 Sponsor of Chat With Traders Podcast:Trade The Pool: http://www.tradethepool.com
 Time Stamps:Please note: Exact times will vary depending on current ads. 00:00 Why Defense, Not Offense, Makes You a Profitable Trader 04:10 The Mindset You Need To Have 08:06 Talking About My Mentors “Hungry Dogs Run Faster” 12:38 How Do You Stay Hungry When Your In Success16:58 Being A Trader In Chicago Board Of Trade21:11 The Power Of The Lean26:06 Defense Turn Into Offense31:23 The Trader's Gut33:48 Starting Tradeview Markets35:46 My First Ever Trade In High School41:10 What Do You See In Traders That Make Them Last?45:31 Which Markets Has The Highest Success?50:44 How Do You Identify Top Performers?55:23 Going Into A Coma01:04:03 Giving Back To People01:06:51 What's One Of Your Best Trade?01:08:45 Your Worst Trade?01:10:05 What Advice Do You Give To Traders?01:13:49 Book You Recommend To Traders01:16:26 What Lesson I've Learned In Trading01:17:29 Where Can Traders Find You? Trading Disclaimer:Trading in the financial markets involves a risk of loss. Podcast episodes and other content produced by Chat With Traders are for informational or educational purposes only and do not constitute trading or investment recommendations or advice. Learn more about your ad choices. Visit megaphone.fm/adchoices

James Patrick Rooney is the author of “For the Love of Money: Four Dizzying Decades Riding the Merrill Lynch Bull”, a sharp-eyed, often irreverent memoir of a career spent inside the most transformational era in American financial services history. Drawing on 34 years at Merrill Lynch in the Palm Beach market, where he retired in 2017 as First Vice President and Senior Wealth Management Advisor, Rooney chronicles the boom-and-bust cycles, the political ruling class and corporate executive blunders, and the global fallout he witnessed from the inside. Along the way, he found personal and spiritual support helping him not only survive but eventually thrive in a famously demanding industry. A veteran wealth advisor turned author, Rooney brings four decades of insider perspective and pairs it with the candor and humor of someone with nothing left to prove.

Charles Li spent over a decade running one of the world's major stock exchanges and chairing JP Morgan China before turning his attention to an entirely different challenge: bringing institutional capital to small businesses — franchise owners, landlords, and local shopkeepers — that Wall Street has traditionally struggled to reach. In this episode, Charles, Founder and Chairman of Micro Connect, joins Alberto Lidji to explore how institutional capital might finally find its way to the small businesses that need it most. This conversation was recorded at the PBC 2026 Forum — Philanthropy for Better Cities 2026 — in Hong Kong, and forms part of a special series made possible by the Hong Kong Jockey Club, marking the forum's 10th anniversary, convened by The Hong Kong Jockey Club Charities Trust, in association with the Institute of Philanthropy. What does it take to convince Wall Street investors to back a business model built on the transparency of everyday transactions rather than traditional balance sheets? How does artificial intelligence change what's possible when it comes to assessing risk at that scale? And what can decades spent inside the world's biggest financial institutions teach us about building something entirely new for the world's smallest ones? Charles also reflects on his own path, from working on an oil rig, to Columbia Law School, to the top of Hong Kong's stock exchange — and what that journey tells us about reinventing yourself as the world around you changes. About Charles Li: He was appointed Chairman of JP Morgan China from 2003 to 2009. He joined Merrill Lynch in 1994, where he served as President of Merrill Lynch China from 1999 to 2003. He holds a BA in English Literature from Xiamen University, an MA in Journalism from the University of Alabama, and a JD from Columbia Law School. Visit our Knowledge Hub at Lidji.org for information on 350+ case studies and interviews with remarkable leaders in philanthropy, sustainability and social entrepreneurship. 

Send us Fan MailA robot can see you.It can recognize you.It can track where you're moving.But can it understand what you're trying to do?Because humans don't simply move through the world - we constantly interpret one another's intentions, expectations, emotions and behavior.And as AI-powered robots move from factories into restaurants, hospitals, hotels, stores and eventually our homes, that may be one of the hardest problems they have to solve:Can a machine actually understand the humans around it?Brian Hartzband is President of U.S. Operations for GMEX Robotics ( https://www.gmexrobotics.com/ ), a physical-AI company developing what it describes as a "Terminal + Brain" robotics platform.GMEX's initial commercial focus includes the Bon Vivant kitchen robot through its 2F Culinary AI line, while the company is also pursuing social-intelligence capabilities through its planned strategic investment in MediaMeta.Ai.Brian brings a somewhat unusual path to this emerging field. He spent nearly a decade in capital markets with UBS and Merrill Lynch, where he worked with high-net-worth and ultra-high-net-worth clients and built an international client book. He subsequently founded and led the U.S. expansion of an international consumer-products manufacturer, and then spent nearly four years at TEKsystems working with government and higher-education organizations on technology, IT talent and workforce strategy.Now Brian is applying that combination of finance, entrepreneurship, technology and market-building to GMEX's effort to establish its U.S. robotics business.#PhysicalAI #EmbodiedAI #Robotics #ArtificialIntelligence #SocialIntelligence #HumanoidRobots #Robots #AI #RoboticsTechnology #FutureOfRobotics #HumanRobotInteraction #MachineLearning #AutonomousRobots #FutureOfAI #ProgressPotentialAndPossibilitiesSupport the show

"Companies want to know the real person, the human behind those applications." AI, technological innovation, and economic change are transforming the workplace—and creating new challenges and opportunities for professionals at every stage of their careers. So, what skills will be most valuable? Where are the growth opportunities? And how can you stay competitive in an evolving job market? In this special episode of Inside the GMAT, GMAC Deputy Editor Matt Kefford speaks with Sadia Cuthbert, Head of Cambridge Judge Careers at Cambridge Judge Business School, and Marcel Kalis, Director of the Career Development Center at ESMT Berlin, during the GMAC Virtual MBA + Master's Tour Europe. Together, they explore the trends shaping the future of work, including the impact of AI on hiring and established career paths, changes in the global job market, and the growing importance of skills like curiosity, communication, adaptability, and relationship-building. They also discuss where new opportunities may emerge, what candidates should understand about recruiting in Europe, and how business school students can make the most of career services, internships, company connections, and other experiences beyond the classroom. Plus, Sadia and Marcel share practical advice you can put into action now as you prepare for whatever comes next in your career. This special episode is brought to you by Cambridge Judge Business School and ESMT Berlin. About Our Guests: Sadia Cuthbert is Director of Careers at Cambridge Judge Business School, where she leads a dedicated team delivering a comprehensive programme of career development, skills training, and recruitment opportunities for experienced postgraduate students across the MBA, Executive MBA, and MFin programmes. Sadia began her career as an impact consultant working across South Asia, Mexico, and the Philippines, before transitioning into equity markets research at Bear Stearns and subsequently into equity sales. She spent 12 years in the City, London as an equity stockbroker specialising in emerging markets, at HSBC and Merrill Lynch. Deeply passionate about economics, development, and finance, Sadia brings a rare combination of frontline commercial experience and a genuine commitment to social impact to her work at Cambridge Judge. She is an active mentor and former board member of the Centre for Global Equality, an organisation focused on inclusive innovation. Sadia holds a Masters in Econometrics and Mathematical Economics from the London School of Economics and an undergraduate degree in Economics and Mathematics from the University of Sussex. Marcel Kalis is Director of the Career Development Center at ESMT Berlin, where he has led career services since 2006. He built the function from the ground up and designs and maintains career-development programming for Full-time, Part-time, Global Online, MSc, and Executive MBA students. His work spans career coaching, job-search strategy, skills-development teaching, and the selection of speakers, lecturers, and coaches. Marcel develops networking opportunities that connect students with corporate partners through workshops, company visits, and events, while building relationships with ESMT founding companies, startups, NGOs, and other external partners. Matt Kefford is Deputy Editor for GMAC.com, responsible for writing, editing, and producing multimedia content as well as driving content strategy for the website. A business education journalist for 5+ years, he regularly features as a judge on education industry awards and speaks at industry events. Previously, Matt has written and produced content for national news organizations including The Sunday Times, i News, and Sky News, as well as a number of regional titles. Matt has a B.A. in History from the University of Leeds and an M.A. in Journalism from the University of Sheffield. He is also a gold standard accredited journalist with the National Council for the Training of Journalists. Helpful Resources: Cambridge Judge Business School: https://www.jbs.cam.ac.uk/ ESMT Berlin: https://esmt.berlin/ GMAC Tours: https://www.mba.com/connect-with-schools/gmac-tours Key Takeaways: AI, technological innovation, and economic change are reshaping careers. Candidates need to be prepared for established roles and industries to evolve rather than assuming traditional career paths will remain unchanged. Growth often follows change. Areas including technology, energy, health, mobility, cybersecurity, and emerging businesses may create new opportunities as organizations respond to new challenges. Human skills remain critical. Curiosity, communication, adaptability, problem-solving, and the ability to connect with people can help candidates stand out in an increasingly AI-enabled hiring environment. Staying competitive requires being proactive. Networking, learning about industries firsthand, exploring unfamiliar companies, and building relationships can be as important as submitting applications. Business school is more than the classroom. Internships, company visits, experiential projects, exchanges, career services, and peer networks can help students develop the skills and exposure they need to navigate what comes next. Chapters: 01:14 Overview of the GMAC Virtual MBA and Masters Tour 03:17 Key Factors Shaping the Business World Today 05:29 Major Trends and Developments in the Changing World 08:09 Current Job Market and Opportunities 10:11 Challenges and Misconceptions in the Job Market 12:09 The Role of Networking and Personal Branding 18:15 Future Industry Sectors and Long-Term Opportunities 19:14 Predictions for the Next 5 to 10 Years 23:39 Practical Steps to Enhance Career Prospects 28:44 Final Advice for Building a Future-Ready Career

Erin Ryan is no stranger to the comments section. She went from a miserable job at Merrill Lynch (and escaping to a Chicago animal shelter to walk dogs), to anonymously writing $100 Sunday shifts at Jezebel. From there, she made her way to managing editor at The Daily Beast and eventually the writers' room of “It's Always Sunny in Philadelphia”. If you're wondering how the hell all that happened, she's still trying to figure it out too. Later, former “Hysteria” co-host Alyssa Mastromonaco joins to reveal the “alchemy” behind their eight-year partnership, how their show was forged in the chaos of the Trump era, and what they're hoping for—and genuinely afraid of—for the midterms this November. Listen, watch, and subscribe to the “Hysteria” podcast from Crooked Media with new episodes every Thursday. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Erin Ryan is no stranger to the comments section. She went from a miserable job at Merrill Lynch (and escaping to a Chicago animal shelter to walk dogs), to anonymously writing $100 Sunday shifts at Jezebel. From there, she made her way to managing editor at The Daily Beast and eventually the writers' room of “It's Always Sunny in Philadelphia”. If you're wondering how the hell all that happened, she's still trying to figure it out too. Later, former “Hysteria” co-host Alyssa Mastromonaco joins to reveal the “alchemy” behind their eight-year partnership, how their show was forged in the chaos of the Trump era, and what they're hoping for—and genuinely afraid of—for the midterms this November. Listen, watch, and subscribe to the “Hysteria” podcast from Crooked Media with new episodes every Thursday. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Haren Bhakta is the Founder and CEO of Inside Ownership Index, the company behind the Inside Ownership 100 (IO 100). He has more than two decades of experience in financial markets and portfolio construction and developed the index around the idea that executive ownership can better align leadership with shareholders. Earlier in his career, he worked at Merrill Lynch and Morgan Stanley before serving as Managing Member and Investment Adviser Representative at HSB Capital Advisors. A CFA charterholder, Haren focuses on ownership-aligned investing, accountability, and the role of "skin in the game" in long-term value creation. In this episode… Equity investing often emphasizes company size, earnings, and valuation while paying less attention to the personal ownership stakes of corporate leaders. Significant insider ownership can reshape incentives by tying executives' financial outcomes more closely to long-term shareholder value. Could weighting companies by leadership ownership help investors capture more of the market's biggest long-term winners? According to Haren Bhakta, who founded the Inside Ownership100 Index, ownership provides a practical way to measure alignment between corporate leaders and shareholders. His Inside Ownership 100 methodology begins with S&P 500 companies, ranks them according to the dollar value of insider-held shares, and gives greater weight to businesses where leaders have meaningful financial stakes. Haren argues that owner-operators are more likely to think long term, protect company culture, accept short-term tradeoffs, and pursue unconventional ideas because their own wealth rises or falls alongside shareholders. On this episode of Top Business Leaders Show, Chad Franzen welcomes Haren Bhakta, Founder and CEO of Inside Ownership Index, for a conversation about insider ownership, founder-led companies, and the "skin in the game" philosophy behind the Inside Ownership 100. Haren explains how the index differs from the S&P 500, why ownership can shape incentives and culture, how leadership changes affect rebalancing, and why he sees ownership concentration as a governance risk.

Home equity can be one of the biggest financial benefits of homeownership, but what should you do once you've built it? This week on Real Estate Today, we explore how homeowners can estimate their home equity, decide whether to leverage it or let it grow, and make improvements and upgrades that could help build more equity over time. Learn which types of homes tend to appreciate the most, common misconceptions about home equity and whether paying off your mortgage as quickly as possible is always the smartest financial strategy. Guests include Michael Perna, REALTOR® and CEO of The Michael Perna Team in Detroit, Michigan, and Jack Mullen, private wealth advisor at Merrill Lynch in Chicago.

Home equity can be one of the biggest financial benefits of homeownership, but what should you do once you've built it? This week on Real Estate Today, we explore how homeowners can estimate their home equity, decide whether to leverage it or let it grow, and make improvements and upgrades that could help build more equity over time. Learn which types of homes tend to appreciate the most, common misconceptions about home equity and whether paying off your mortgage as quickly as possible is always the smartest financial strategy. Guests include Michael Perna, REALTOR® and CEO of The Michael Perna Team in Detroit, Michigan, and Jack Mullen, private wealth advisor at Merrill Lynch in Chicago.

Who are you when your role at work changes? Psychologist and author Marisa Franco, PhD rejoins us to discuss her new book Worth: The New Science of Self-Esteem and Attachment. We explore self-worth, identity, relationships, and the challenge of becoming someone new. She explains why our sense of worth often becomes attached to achievement and professional identity, and why major transitions such as retirement can shake that foundation. Marisa Franco offers a different approach: develop a sense of worth that isn't dependent on remaining who you've always been. ________________________ Bio An enlightening psychologist, New York Times bestselling author, and TED speaker, Dr. Marisa G. Franco is known for digesting and communicating science in ways that resonate deeply enough with people to change their lives. Dr. Franco works as a professor at The University of Maryland and authored the New York Times bestseller Platonic: How The Science of Attachment Can Help You Make – and Keep – Friends and her new book Worth: The New Science of Self-Esteem and Attachment. She writes about relationships for Psychology Today and has been a featured connection expert for major publications like The New York Times, The Telegraph, and Vice. Dr. Franco speaks on how to build relationships with yourself and others at corporations, government agencies, non-profits, and universities across the country, including Harper Collins Publishers, Cisco, American Association for the Advancement of Science, and The Department of State. _________________________ For More on Marisa G. Franco, PhD Worth: The New Science of Self-Esteem and Attachment Website Her first visit with us on her book Platonic about making friends as an adult ___________________________ Open to another take on worth? (Highly recommend) Taylor Mali – What Teachers Make (3 minute video) ___________________________ Other Retirement Podcast Conversations You’ll Love Self-Compassion – Dr. Kristin Neff Shift – Ethan Kross ___________________________ Wise Quotes  On Contingent Worth “We're very much taught to have a contingent sense of self-worth: I am worthy if… I'm worthy if I have this job. I'm worthy if I'm in this relationship. I'm worthy if I have this financial stability perhaps. And so that contingent self-worth means that when we don't have those things, we no longer feel worthy. What I am proposing is a non-contingent sense of self-worth—a sense of self-worth that is there no matter who you are, no matter what happens to you.” On Identity & Reinvention “What I counterintuitively suggest is to allow yourself to not know yourself. You can allow your sense of self to be fluid in each moment, and you don't have to be who you've always been, but you can still have high regard for yourself. Whoever I am in each moment is okay.” On Possibility Within Loss “If you were to see this loss as an offering in some way, what would make this an offering? Is this giving you more time to spend with your friends? Is it taking you out of a workplace that maybe wasn't working for you? Is it allowing you more time to engage in an interest or passion that you've always wanted to engage in?” _______________________ About The Retirement Wisdom Podcast There are many podcasts on retirement, often hosted by financial advisors with their own financial motives, that cover the money side of the street. This podcast is different. You'll get smarter about the investment decisions you'll make about the most important asset you'll have in retirement: your time. About Retirement Wisdom I help people who are retiring, but aren't quite done yet, discover what's next and build their custom version of their next life. A meaningful retirement doesn't just happen by accident. Schedule a call today to discuss how the Designing Your Life process created by Bill Burnett & Dave Evans can help you make your life in retirement a great one — on your own terms. About Your Podcast Host Joe Casey is an executive coach who helps people design their next life after their primary career and create their version of The Multipurpose Retirement.™ He created his own next chapter after a 26-year career at Merrill Lynch, where he was Senior Vice President and Head of HR for Global Markets & Investment Banking. Joe has earned Master's degrees from the University of Southern California in Gerontology (at age 60), the University of Pennsylvania, and Middlesex University (UK), a BA in Psychology from the University of Massachusetts at Amherst, and his coaching certification from Columbia University. In addition to his work with clients, Joe hosts The Retirement Wisdom Podcast, ranked in the top 1% globally in popularity by Listen Notes, with over 2 million downloads. Business Insider recognized Joe as one of 23 innovative coaches who are making a difference. He's the author of Win the Retirement Game: How to Outsmart the 9 Forces Trying to Steal Your Joy. _________________________ The views and opinions expressed by guests on The Retirement Wisdom Podcast are those of the guests and do not necessarily reflect the policy or position of the host or Retirement Wisdom, LLC. The Retirement Wisdom Podcast covers the non-financial aspects of retirement. From time to time we may invite guests who discuss other aspects of retirement planning, solely for educational purposes. Listeners are advised to consult qualified financial and/or medical professionals on those matters.

Steve Nison came to Wall Street as a technical analyst in the late 1980s, discovered an obscure Japanese charting methodology, and spent years translating rare texts to introduce candlestick charting to the Western world.Through his landmark research, bestselling books, and institutional training at major firms like Merrill Lynch and Daiwa Securities, Steve opened the eyes of global investors to the power of price action and market psychology. Today, candlestick charts are the universal standard across virtually every financial trading platform in the world.In this conversation, Steve pulls back the curtain on how candlesticks first arrived in the West, sharing the cultural and military roots of candlestick patterns, market psychology, and his foundational Trading Triad framework. In this episode, we explore:• How Steve Nison introduced Japanese candlestick charting to the Western world• Discovering candlesticks at Merrill Lynch through a Japanese broker and early Bloomberg charts• Translating 13+ rare Japanese books and working with Japanese technical organizationsy• Why candlesticks complement rather than replace traditional Western technical analysis• The mechanics behind his "Trading Triad" approach• Steve's reflection on how candlesticks became the global charting standard• Advice for the next generation of traders pulling up candlestick charts today About Steve Nison:Steve Nison, CMT, is the founder and president of Candlecharts.com and is widely regarded as the authority who introduced Japanese candlestick charting to the Western world. He authored the landmark classic Japanese Candlestick Charting Techniques, which has been translated into 21 languages and fundamentally changed technical analysis across global financial markets. Over his 30+ year career, Steve has advised top institutional financial firms including Fidelity, J.P. Morgan, Goldman Sachs, Morgan Stanley, NYSE, and NASDAQ market makers and has presented by request at the World Bank and the Federal Reserve.

Links + Resources:Get Free Candlestick Resources, a Free Consultation Call, and a $20 Gift towards your first program: https://www.candlecharts.com/welcomeWebsite: https://www.candlecharts.comX (Twitter): https://x.com/candlecharts Sponsor of Chat With Traders Podcast:Trade The Pool: http://www.tradethepool.com Time Stamps:Please note: Exact times will vary depending on current ads. 
 00:00 The Pioneer Who Brought Candlesticks to the West
 07:42 A Japanese Broker and a Chart Book
 08:35 Translating Rare Japanese Texts & Working with Japanese Analysts
 10:22 Making Recommendations Based on Candles
 13:46 Why Were You the First?
 15:02 Military and Cultural History Behind Candlesticks
 19:08 The Story Behind Discovering Price Windows
 22:19 Everybody's Using Candlesticks
 25:39 Dealing with Institutional Clients
 28:14 The Lucky Number Three
 31:19 Common Misconceptions Traders Have About Candlestick Patterns
 32:36 The Trading Triad
 36:34 An Ounce of Emotion Can Be Worth a Pound of Facts
 41:01 Reflecting on the Global Shift to Candlestick Charting
 41:55 Essential Advice for the Next Generation of Traders
 42:48 Where to Learn More About Steve Nison & Candlecharts Trading Disclaimer: Trading in the financial markets involves a risk of loss. Podcast episodes and other content produced by Chat With Traders are for informational or educational purposes only and do not constitute trading or investment recommendations or advice. 
 Learn more about your ad choices. Visit megaphone.fm/adchoices

When Jack Mallers stepped down from Twenty One Capital (XXI), Rapha Zagury stepped in as CEO. A Wall Street veteran who ran trading desks at Merrill Lynch, Rapha later co-founded Elektron, the Tether-backed Bitcoin mining operation that grew into one of the largest mining companies in the world. Now he joins me to explain what comes next for XXI — and to answer some of the biggest questions surrounding Tether. We discuss: How much of XXI Tether actually owns — and what it wants to build next Whether Tether's biggest critics are asking the right questions Why XXI is trying to become much more than a Bitcoin treasury company Whether Elektron will be absorbed into XXI What really happened at Ocean during the BIP 110 controversy Follow Rapha Zagury on X https://x.com/RaphaZagury  ---- Order Natalie's new book "Bitcoin is For Everyone," a simple introduction to Bitcoin and what's broken in our current financial system: https://amzn.to/3WzFzfU  ---- Borrow against your Bitcoin without selling it. Ledn offers Bitcoin-backed loans built for serious holders, with rates that get lower as your loan size increases. With Ledn's custodied loan product, your Bitcoin is held in custody and not lent out. Ledn has operated through multiple market cycles without a loss of client assets and publishes Proof of Reserves so you can verify what they hold. Get 0.25% off your first loan at ledn.io/natalie. Terms apply — see the site for details. ---- Bitdeer Technologies Group (NASDAQ: BTDR) powers AI and Bitcoin mining infrastructure with 3 GW of secured global energy — and owns the entire stack, from equipment manufacturing to data centers to proprietary orchestration software. Learn more at https://www.bitdeer.com  ---- Abundant Mines is a fully-managed Bitcoin mining in the U.S. You own the miners. You keep 100% of the Bitcoin. Voted #1 mining company by peers. Get 1 month of free hosting: AbundantMines.com/Natalie ---- Natalie's Bitcoin Product Partners: Multisig self-custody without a seed phrase! Download Bitkey Today and use my promo code STORIES to get 10% off the new Bitkey. This episode has been sponsored by Bitkey: https://bitkey.world/STORIES  Master Bitcoin self-custody and gain peace of mind with 1-on-1 training: https://www.thebitcoinway.com/natalie?utm_source=partner-natalie&utm_medium=podcast With BitcoinIRA, you can invest in bitcoin 24/7 inside a tax-advantaged IRA. Choose a Traditional IRA to defer taxes, or a Roth IRA for tax-free withdrawals later. Take control of your future with BitcoinIRA: https://www.bitcoinira.com/natalie  Kalshi is the largest prediction market in the world.Use code HODL and get $25 when you trade $25 http://kalshi.com/r/HODL  Natalie's Upcoming Events: The best time to plan for Bitcoin 2027 is right now. Early bird tickets are live — grab the lowest pricing available and use code HODL for 10% off: https://tickets.b.tc/event/bitcoin-2027?promoCodeTask=apply&promoCodeInput=HODL  Extra Services to Consider: One of the best decisions I made for both my heath and my bank account was joining CrowdHealth years ago. I never spend more than $200 on health coverage through my CrowdHealth plan and all my health events have been crowd-funded. Get started with a discounted plan at my link. : www.joincrowdhealth.com/natalie  ---- Disclaimer: The News Block and Coin Stories are for educational and entertainment purposes only and do not constitute financial, investment, legal, or tax advice. Natalie Brunell is not a financial advisor. Some content may include sponsorships or paid partnerships, which are disclosed. Always do your own research and consult a licensed professional before making financial decisions. Bitcoin and digital assets are volatile — never invest more than you can afford to lose.

15 de septiembre de 2008. Se cumplen ya 18 años desde que Lehman Brothers presentó su declaración de bancarrota, un episodio que no solo representó la mayor quiebra en la historia estadounidense y el cierre de una firma con más de siglo y medio de trayectoria, sino también el golpe más duro que había recibido la economía mundial desde el crack de 1929. Fue el punto final de la prosperidad económica que había caracterizado a los primeros años del nuevo milenio. Quedó grabada para siempre la estampa de miles de trabajadores abandonando las oficinas con cajas de cartón, reuniendo en cuestión de horas sus pertenencias. Alrededor de 25.000 personas perdieron su empleo casi de forma inmediata. Cuando se produjo el colapso, Lehman acumulaba aproximadamente 613.000 millones de dólares en deudas frente a unos 639.000 millones en activos, además de 136.000 millones de dólares en pagarés sin liquidar. Ni la administración estadounidense ni ningún fondo privado acudieron a salvarla. Henry Paulson, al frente de la Reserva Federal en ese momento, fue tajante al señalar que no existían respaldos suficientes para intervenir. Barclays no logró el visto bueno de los reguladores británicos ni de sus propios accionistas, mientras que Bank of America decidió centrarse en la compra de Merrill Lynch en su lugar. Aquello, sin embargo, no fue más que el arranque de una crisis mayor que llevaba años gestándose silenciosamente. Si hoy son los algoritmos y la inteligencia artificial quienes marcan el pulso bursátil, en aquella época eran los productos hipotecarios los verdaderos motores del mercado. La chispa que encendió todo fueron las hipotecas subprime, préstamos de riesgo elevado otorgados en Norteamérica a personas con historiales crediticios débiles o sin comprobar debidamente su solvencia. El problema se agravaba con los bonos respaldados por hipotecas, cuya rentabilidad dependía enteramente de que los deudores siguieran pagando. Cuando los impagos comenzaron a dispararse, el sistema tardó en reaccionar. Solo un puñado de inversores anticipó el desastre, historia narrada en la película La Gran Apuesta, protagonizada por figuras como Michael Burry, quien con el tiempo se convirtió en una referencia para interpretar las turbulencias financieras. Queda la pregunta: ¿hemos aprendido la lección o repetiremos los mismos errores?

Ever wonder what separates true champions from the rest? It's not just talent — it's how they face adversity head-on. In this episode of The Greatness Machine, Darius sits down with former NFL player, acclaimed speaker, and personal development coach Bo Eason to dive deep into the mindset required to achieve greatness. Bo shares powerful insights on why struggle is not just inevitable but essential for growth. From the lessons he learned on the football field to his experiences as a performer and coach, Bo emphasizes the importance of resilience and the mindset shift that separates champions from the rest. In this episode, Darius and Bo will discuss: (00:00) Introduction and Background (04:01) Bo Eason's Origin Story (10:30) The Power of Belief and Sacrifice (18:56) The Journey to the NFL (25:30) Transitioning from NFL to Theater (32:29) From NFL to Theater: A New Journey (34:55) Mastery Equals Mastery: The Power of Skill Transfer (40:31) The Importance of Patience in Mastery (44:28) Resilience Through Rejection: The Path to Greatness (51:01) The Value of Hard Work Over Winning (56:06) Embracing Struggle: The Key to Success (01:02:40) Eliminating Barriers: The Path to Greatness Bo Eason, a former NFL player for the Houston Oilers and San Francisco 49ers, transitioned from the football field to the stage with his acclaimed one-man play Runt of the Litter, which premiered on Broadway and earned praise from The New York Times. Now a sought-after speaker and trainer, Bo coaches top athletes, executives, and entrepreneurs on powerful communication and leadership, working with clients like Morgan Stanley, Mass Mutual, and Merrill Lynch. Connect with Bo: Website: https://boeason.com/  LinkedIn: https://www.linkedin.com/in/boeasonofficial/  Instagram: https://www.instagram.com/boeason21/  Text “Guide” and send to (323)-310-5504 Connect with Darius: Website: https://therealdarius.com/ Linkedin: https://www.linkedin.com/in/dariusmirshahzadeh/ Instagram: https://www.instagram.com/imthedarius/ YouTube: https://www.youtube.com/@Thegreatnessmachine  Book: The Core Value Equation https://www.amazon.com/Core-Value-Equation-Framework-Limitless/dp/1544506708 Write a review for The Greatness Machine using this link: https://ratethispodcast.com/spreadinggreatness. 

What does it really mean to take charge of your health? Lucy McBride MD, believes it involves much more than tracking your numbers. Good health is also about understanding the less measurable parts: what’s happening in your life, your relationships, stress, habits, emotional patterns, and your history. Dr. Lucy McBride, a primary care physician and author of Beyond the Prescription: A Doctor's Guide to Taking Charge of Your Health, joins us to discuss how to become a more informed, proactive annd empowered partner in your own healthcare. We discuss the difference between control and agency, why your bio contains important health data, the “patient personality” each of us brings into the doctor’s office, when health tracking helps (and when it doesn’t) and why the transition to retirement can make structure, movement, social connection, and daily routines even more important. Lucy McBride, MD joins us from Washington DC. _________________________ Bio Dr. Lucy McBride is a board-certified internist who has practiced primary care medicine in Washington, DC, for over two decades. She is a native Washingtonian who attended the National Cathedral School before earning her undergraduate degree from Princeton University. She graduated with honors from Harvard Medical School and earned a Master’s Degree in Pharmacology as a Fulbright Scholar at the University of Cambridge, U.K. She completed her internship and residency in Internal Medicine at Johns Hopkins Hospital. Dr. McBride has become a nationally recognized voice in healthcare transformation and patient empowerment. She believes that health is not a checklist or an outcome, but rather a lifelong process that requires awareness, acceptance, and agency over what you can change. She is the author of Beyond the Prescription: A Doctor’s Guide to Taking Charge of Your Health (Simon & Schuster, August 2026), which offers a five-step framework for patients to reclaim agency over their health. The book has been praised for bridging the gap between conventional medicine and holistic wellness, refusing false binaries and empowering patients to make informed decisions. She writes the widely-read medical newsletter Are You Okay?, which reaches over 39,000 subscribers weekly with evidence-based guidance on navigating mental and physical health in tandem. She also hosts the top-rated podcast Beyond the Prescription. Dr. McBride’s work has been published in The Atlantic, The Washington Post, and USA Today. She is a frequent media commentator, appearing on NPR, CNN, MSNBC, Morning Joe, and PBS NewsHour, where she provides evidence-based medical advice and advocates for a more comprehensive approach to healthcare. Her mission extends beyond individual patient care to transforming the healthcare system itself. She believes that empowering individual patients creates systemic change—and that primary care relationships, enhanced by technology but centered on human connection, are the foundation of sustainable healthcare transformation. Dr. McBride lives in Washington, DC with her husband and three children. _______________________ For More on Lucy McBride  Beyond the Prescription: A Doctor’s Guide to Taking Charge of Your Health Beyond the Prescription Podcast You can learn more about Dr. McBride here. You can subscribe to her free newsletter here. _______________________ Other Retirement Podcasts You’ll Love  Eat Your Ice Cream – Ezekiel Emanuel, MD, PhD What Matters Most – Diane Button Inside The Healthcare Heist – Jordan Grumet, MD _______________________ Wise Quotes On Agency “People often don’t realize how much agency they have over their health…When we stop fighting unwinnable battles, we then open up brain space, time, energy to then fight the battles we want to be fighting. That’s the birthplace of agency.” On Your Story & Your Health “We love collecting data. Cholesterol levels, blood pressure, body mass index, right? All the things we can measure in a test tube. But it turns out the most important data is actually something only you have access to. It’s your biography. Your biographic data matters, I would argue, even more than your biometric data, and your biographic data informs your biometric data.” On Self-Compassion “When I was able to connect the dots between her story, which is very relevant, those biographic pieces of data from when she was a kid, and her blood sugar readings, her blood sugar readings that go up when she’s stress eating and she’s not taking care of herself, that’s me handing power to the patient. That’s me saying, “Look, you have more agency than you think.” It’s not that understanding the relationship between childhood traumas and your diabetes, the knowledge alone isn’t enough, but it’s to say that there’s no GLP-1, there’s no shot, there’s no medication that’s going to practice self-compassion for you and for you to make peace with your body and to, and to feed your body the way it wants to be fed.” On Taking Charge “The idea of being the CEO of Your Health is being someone who can understand at its core where you have agency and where you do not, and knowing the difference. It sounds a lot like the Serenity Prayer, right? It’s basically the wisdom to understand where you can execute in your life, habit changes, relationship changes, whether the relationships to food or alcohol or other people or your retirement, and where you have to cede control, like you’re aging, you have a genetic predisposition to a disease you don’t like, you have medical conditions that  you’d rather not have. Because it turns out that the best CEOs in the world are people who don’t try to control everything. They also don’t outsource everything to somebody else. They know the difference between where they have control and where they don’t, and then they ask for help. My book is essentially a guide to making sense of your health in a more nuanced way because you do have more control than you think.” ____________________________ About The Retirement Wisdom Podcast There are many podcasts on retirement, often hosted by financial advisors with their own financial motives, that cover the money side of the street. This podcast is different. You'll get smarter about the investment decisions you'll make about the most important asset you'll have in retirement: your time. About Retirement Wisdom I help people who are retiring, but aren't quite done yet, discover what's next and build their custom version of their next life. A meaningful retirement doesn't just happen by accident. Schedule a call today to discuss how the Designing Your Life process created by Bill Burnett & Dave Evans can help you make your life in retirement a great one — on your own terms. About Your Podcast Host Joe Casey is an executive coach who helps people design their next life after their primary career and create their version of The Multipurpose Retirement.™ He created his own next chapter after a 26-year career at Merrill Lynch, where he was Senior Vice President and Head of HR for Global Markets & Investment Banking. Joe has earned Master's degrees from the University of Southern California in Gerontology (at age 60), the University of Pennsylvania, and Middlesex University (UK), a BA in Psychology from the University of Massachusetts at Amherst, and his coaching certification from Columbia University. In addition to his work with clients, Joe hosts The Retirement Wisdom Podcast, ranked in the top 1% globally in popularity by Listen Notes, with over 2 million downloads. Business Insider recognized Joe as one of 23 innovative coaches who are making a difference. He's the author of Win the Retirement Game: How to Outsmart the 9 Forces Trying to Steal Your Joy. _________________________ The views and opinions expressed by guests on The Retirement Wisdom Podcast are those of the guests and do not necessarily reflect the policy or position of the host or Retirement Wisdom, LLC. The Retirement Wisdom Podcast covers the non-financial aspects of retirement. From time to time we may invite guests who discuss other aspects of retirement planning, solely for educational purposes. Listeners are advised to consult qualified financial and/or medical professionals on those matters.

With Louis Diamond and Mindy Diamond Louis and Mindy Diamond explore why successful financial advisors can feel stuck despite thriving businesses—and how agency, enterprise value, risk, legacy, and a clear true north can help them evaluate what comes next. In Summary Successful advisors by definition have thriving businesses, loyal clients, and enviable careers—yet still wonder whether comfort has replaced energy. Louis and Mindy Diamond examine why success itself can make change harder, how the desire for agency competes with the disruption of a transition, and why record practice valuations, longer careers, and expanded optionality are prompting more advisors to question the status quo. They also offer practical questions to help advisors clarify their true north, risk tolerance, time horizon, and legacy before deciding whether to stay or explore something new. The Storyline By every external measure, top advisors today are doing exceptionally well. They have strong production, loyal clients, growing teams, and successful businesses. Yet some privately wonder why the work no longer feels as satisfying as they expected. Louis and Mindy explain that the tension is not a sign of failure. For many advisors, it appears after they have succeeded and can see another 15 or 20 years of more of the same ahead. The question becomes whether their business still gives them the agency, control, and professional energy they want. That distinction between comfort and energy can be difficult to recognize. An advisor may enjoy an excellent quality of life and a business that runs smoothly while still feeling comfortably uncomfortable. The catalyst is often not a breaking point, but a renewed desire to build, grow, create enterprise value, or leave a different legacy. Success also creates powerful reasons to stay. A healthy pipeline, loyal clients, unvested compensation, retire-in-place programs, and the short-term disruption of a transition can make change difficult to justify. At the same time, record valuations, longer careers, multigenerational teams, and a broader range of firm and affiliation models have made the opportunity cost of staying more visible. The discussion does not assume that every advisor should move. Instead, Louis and Mindy focus on how to make an intentional decision: define your true north, identify what you are trying to solve for, assess your tolerance for risk and disruption, and learn what is possible before committing to a change. Topics Covered Why successful advisors can feel stuck Agency, control, and professional satisfaction Comfort versus energy in a thriving business Defining an advisor's true north When more of the same becomes a constraint Fear of change versus fear of standing still Recruiting deals, practice valuations, and enterprise value Longer careers and multigenerational teams Risk tolerance, disruption, and client portability Creating clarity without committing to a move > Download a transcript of this episode… Listen and Learn Highlights for Advisors What feels different for successful advisors today? (02:09)Mindy explains why top advisors are increasingly willing to examine the status quo as their choices expand and the value of their businesses rises. Why can objectively successful advisors still feel unsettled? (04:51)Mindy identifies agency as a central need for top advisors and explains why a loss of control can create deep frustration even when the business is performing well. What does a fire in the belly reveal? (08:22)Mindy shares the example of a highly successful wirehouse team whose interest in change comes from a desire for renewed energy and legacy, not from a final breaking point. How is being comfortable different from being energized? (11:53)Louis and Mindy explore the difference between a business that provides an excellent life and one that still feels professionally satisfying, including the feeling of being comfortably uncomfortable. When does more of the same become a constraint? (17:49)They discuss how repeating a successful formula can continue to produce results while limiting growth, ownership, or the entrepreneurial spark an advisor wants to pursue. How do advisors reconcile fear of change with fear of standing still? (27:16)Mindy and Louis explain why those competing concerns can persist for years and how a firm decision, a compelling opportunity, or a moment of personal clarity can shift the balance. Why is this question surfacing more often now? (29:48)Record valuations, elevated recruiting deals, expanded optionality, peer movement, longer careers, and next-generation needs are changing how advisors assess the cost of staying. Which questions should advisors ask before considering a move? (36:35)Mindy and Louis outline questions about true north, frustration, risk appetite, disruption, legacy, time horizon, and the regret of never testing what might be possible. Key Takeaways Success and professional fulfillment are not the same thing. An advisor can have strong growth, loyal clients, and an excellent quality of life while still feeling that comfort has replaced energy. Agency is a core need for many top advisors. Firm policies, compensation changes, technology limits, or other decisions can feel especially disruptive when they reduce control over the business or client experience. Good enough can become a constraint. A proven business model may continue to work financially while limiting growth, ownership, enterprise value, or the professional satisfaction an advisor wants next. Success creates powerful inertia. A strong pipeline, unvested compensation, retire-in-place programs, client relationships, and the disruption of a transition can all make the status quo difficult to challenge. The opportunity cost of staying has become more visible. Record valuations, elevated recruiting deals, broader affiliation choices, longer careers, and peer movement give advisors more reasons to understand what else may be possible. True north should come before due diligence. Advisors need to define what they want to solve for and how they weigh control, risk, enterprise value, legacy, and time horizon before evaluating firms or models. Education does not require a move. Self-awareness and a clear view of the available options can help an advisor make an intentional decision, including the decision to stay. https://youtu.be/nrmtRBlJJVs Quotable Moments “I'm comfortably uncomfortable.” — Mindy Diamond “You've always got to be really clear on what your true north is.” — Mindy Diamond “Which regret is bigger to you, trying something and failing or never testing what's possible?” — Louis Diamond “It's okay to want more. There's nothing wrong with you for wanting more. At the same time, there's nothing wrong about being comfortable.” — Louis Diamond FAQs Why do successful financial advisors feel stuck even when their businesses are thriving? External success does not always create professional energy or fulfillment. Some advisors have excellent businesses but feel they have lost agency, stopped growing in ways that matter to them, or settled into a version of success that no longer fits their goals. What does agency mean for a financial advisor? Agency is control over an advisor's professional life and business. It can include how the advisor serves clients, uses technology, builds a team, makes decisions, and plans for growth or succession. Is being comfortable in a business the same as being energized by it? Not always. Comfort can reflect a strong business, good income, loyal clients, and a healthy quality of life. Energy comes from feeling engaged by what the advisor is building and where the business is headed. Why can success make it harder for an advisor to change firms? Successful advisors often have more to disrupt, including client relationships, team dynamics, a growing pipeline, unvested compensation, and valuable retire-in-place benefits. The immediate costs and risks of a transition can outweigh a benefit that may be larger over the long term. Why are more successful advisors questioning the status quo now? Practice valuations and recruiting deals are high, the range of affiliation models has expanded, and advisors see respected peers make changes. Longer careers and the needs of next-generation partners also give many teams more time and reason to reconsider their future. What is an advisor's true north? True north is the set of priorities that should guide an advisor's decision. It defines what the advisor wants to build, what needs to change, and how factors such as control, ownership, legacy, risk, and time horizon should be weighted. What should an advisor ask before considering a move? Key questions include what is causing frustration, how significant it is, what outcome the advisor wants, how much disruption and client risk the team can tolerate, and whether staying in the same place for another 10 or 15 years would still feel satisfying. How can an advisor create clarity without committing to change? Start with self-awareness, then learn what options exist through informed conversations and competitive analysis. Understanding the landscape can strengthen a decision to stay or reveal a better fit without obligating the advisor to move. External success does not always create professional energy or fulfillment. Some advisors have excellent businesses but feel they have lost agency, stopped growing in ways that matter to them, or settled into a version of success that no longer fits their goals. Agency is control over an advisor's professional life and business. It can include how the advisor serves clients, uses technology, builds a team, makes decisions, and plans for growth or succession. Not always. Comfort can reflect a strong business, good income, loyal clients, and a healthy quality of life. Energy comes from feeling engaged by what the advisor is building and where the business is headed. Successful advisors often have more to disrupt, including client relationships, team dynamics, a growing pipeline, unvested compensation, and valuable retire-in-place benefits. The immediate costs and risks of a transition can outweigh a benefit that may be larger over the long term. Practice valuations and recruiting deals are high, the range of affiliation models has expanded, and advisors see respected peers make changes. Longer careers and the needs of next-generation partners also give many teams more time and reason to reconsider their future. True north is the set of priorities that should guide an advisor's decision. It defines what the advisor wants to build, what needs to change, and how factors such as control, ownership, legacy, risk, and time horizon should be weighted. Key questions include what is causing frustration, how significant it is, what outcome the advisor wants, how much disruption and client risk the team can tolerate, and whether staying in the same place for another 10 or 15 years would still feel satisfying. Start with self-awareness, then learn what options exist through informed conversations and competitive analysis. Understanding the landscape can strengthen a decision to stay or reveal a better fit without obligating the advisor to move. Related Resources How to Free Yourself from the “If Only” MindsetHere are the 5 most common self-limiting statements that advisors share—and ways to reframe your thinking. Limitless Growth: Building the Business You Want and the Life to MatchStephanie Bogan, founder of Limitless Advisor, offers a glimpse into the advice and perspective she shares with advisors and business leaders in the wealth management world, focusing on mindset and methods, and their relationship to achieving one's best business life. 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… Best of Replay: Why So Many Successful Advisors Feel Stuck An Industry Update with Louis Diamond and Mindy Diamond.      Louis Diamond: Welcome to a replay of one of the most popular episodes from our podcast series for financial advisors. Why So Many Successful Advisors Feel Stuck. It's a Special Industry Update with Mindy Diamond. I’m Louis Diamond and this is the Diamond Podcast for Financial Advisors. Mindy Diamond: At Diamond Consultants, we help elite advisors identify the right environment for their businesses to thrive, whether that’s at a wirehouse, boutique or independent firm. With nearly three decades of experience, we’ve guided thousands of advisors and represented more than a quarter of a trillion dollars in assets transitioned. And each year, one in four advisors managing a billion dollars or more who change firms are our clients. Our process is education-driven, and based on building relationships, starting as your strategic partner well before you’re even thinking of a move. To schedule a confidential conversation, call us at (908) 879-1002. Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions and more inspired us to create our annual advisor transition report. It’s the award-winning, data-driven resource designed for advisors that connects the dots between the motivations around movement and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions. Download your copy at diamond-consultants.com/transitionreport. Louis Diamond: We spend a lot of time talking with advisors who, by every external measure, are doing exceptionally well. They’ve built real businesses with strong production, loyal clients and teams that continue to grow, and yet behind closed doors, many of these same advisors are quietly asking a different set of questions. Not how do I fix what’s broken, but why doesn’t this feel as good as I expected? That tension is showing up more frequently than it did five or 10 years ago, and it’s not because advisors are failing. In many cases, it’s because they’ve won and now find themselves staring at another 15 to 20 years of more the same, unsure whether comfort has slowly replaced energy. This industry update is about that very moment. I asked Mindy to join me to unpack what we’re hearing from successful advisors across the industry, why success itself can become a constraint, how fear of change competes with fear of standing still, and why record valuations, longer careers and the maturity of the independent space are changing the psychology of decision-making. We also talk about the right questions to ask before considering a move, questions about control, enterprise value, legacy and time horizon, and how advisors can create clarity without forcing a decision. There’s lot to explore here, so let’s get into it. Mindy, thanks for joining us. Mindy Diamond: Oh, I’m so happy to be here. Always. Louis Diamond: This is a fun topic. So today we’re just going to dive right in. I’m curious, from your vantage point and talking and working with many of the best advisors in the industry at a high level, what are you hearing from successful advisors today that feels different from five or 10 years ago? Mindy Diamond: First of all, for the most part, I think that top advisors are loathe to move. And they may have a bunch of frustrations or things that they wish were different, but generally speaking, they’ve always been well taken care of. They have the bat phone to the top, it’s good enough and nobody wants to mess with success. But two things are true today more than ever before, that the competitive landscape, there are more options than ever before, that their businesses are worth more than before. I guess it’s more than two things. That they’re thinking about their business as a business and saying, “Yeah, it’s a hassle to move, but if I can maximize the value of my business more elsewhere and at the same time solve for what I want to, maybe I really do need to consider it. And so I think that it’s a time of more consideration, that top advisors, in particular, are just not willing to settle for the status quo. Louis Diamond: Yeah, no doubt. The only thing I would add, but I completely agree, is that today the retire in place or succession opportunities for a wirehouse advisor to transition or sell their business to their next generation or to another team or even an independent advisor, to sell their business to their broker dealer or to someone within their firm, those opportunities, the internal options, I think are more compelling than ever. So we hear a lot from really successful advisors who, that actually doesn’t matter if they’re successful or let’s say they’re mid-tier in the industry, where it’s much easier to stay. And the firms are smart. They’ve made these internal deals better for the retiring advisor at the expense of the inheriting advisor, but they definitely try to create the easy button for someone who’s successful and might be fairly close to the end zone of their career. Mindy Diamond: And yeah, unequivocally. And so I think what happens is that, as these senior advisors are weighing the notion of will I eventually take my firm’s retire in place program, hit that easy button, if you will, take the path of lease resistance? Before they do, most of them will, and absolutely should, at least get educated about what else is out there. Not with an eye toward moving necessarily, but with an eye toward knowing what their value is before they sign on for the next seven to 10 years. Louis Diamond: No doubt about it. So I think for the most part, we’re talking about mostly top two, advisors who are objectively winning. They have amazing businesses, they’re growing, they have loyal clients. Work-life balance is probably pretty good. So why do so many of these advisors still feel unsettled at the end of the day? Mindy Diamond: Because I think that without question, the number one thing that every advisor, but definitely the most successful advisors want, is agency. Agency over their professional life and anything, any day, any event that smacks of loss of agency or less agency than they would like, less control than they would like, makes them feel unsettled is a good word. Unsettled is probably a euphemism for exceedingly frustrated, really angry, ready to go. So look, our job in talking to these folks is, first of all, to say to them, there is no perfection anywhere. So the first thing is you may be annoyed that your firm did X, Y and Z, or you don’t have control over A, B, and C, or you may want more of A, B and C, but at the end of the day, you need to be sure that you’re aware of the hassle factor, you’re willing to trade one set of problems for potentially another. I guess what I’m saying is you got to really be sure that you want it. That’s the bottom line. Louis Diamond: No doubt. I would also add a bit of a different spin that a lot of advisors, these folks that I think by any objective measure, they’re killing it. You look at any of their friends outside the industry, their friends probably look at them and say, “Wow, this advisor has an amazing life.” And I think we’d probably say the same, but I think we see it where there’s a difference between being professionally motivated and energized versus just being comfortable. And I think with a lot of folks, especially if it’s a fee-based business, their clients are mostly friends. They grinded in the early years. They still work hard, but now things are on autopilot. So I think some people around unsettled because they have 10, 15, 20, 25 years left to work and they look and say, “This is great. I make a good living. Life’s not that hard,” but they’re missing that spark that they used to have. Mindy Diamond: I couldn’t agree more. I actually love that spin, and if I can, I’ll share an example of a conversation I had literally just last week. So talking with one of three senior partners on a very successful wirehouse team, without a doubt, one of the top teams in the industry, and this is a team that absolutely has a bat phone to the top. This is a team that gets referrals from their firm. So if another advisor leaves, they’re the go-to. If someone has an investment banking deal and needs to bring in a wealth advisor, they would go to this team. This is the team or one of a few teams. And I talked to them probably every six months for the last 10 years, and I’m not kidding, and we just have a nice relationship. They trust me. No, I would never sell them. And so they just want to understand the pulse on things. And for years, that’s essentially what they’ve said is, “We’re killing it, we’re crushing it. We are the go-to team and everything is hitting on all cylinders. And we know that we’ve got our firm’s retire in place programs when two of our senior partners are ready to cash out.” But just last week, not even the senior most member, probably the second to senior most member called and said, “It’s all working well, but I have this fire in my belly.” That’s a good way to say it, right? I have the sense that I’m missing something. And so some of the time, it’s about just getting to that place, say, when the straw that breaks the camel’s back. Something happens, you can’t take it any more, time to go. But with those top advisors, more often than not, it’s not about straw that breaks the camel’s back. It’s much more about fire in my belly. I realize that will I feel good if, at the end of the day, five minutes, five years or 20 years from now, will I feel good if I leave it all behind? We’re right here. Louis Diamond: Yep, exactly. Yeah, I think part of it is legacy, but the other part is just fast forwarding the tape. If you say 20 years from now, and you look back in the last 20 years, is you plus 20 years going to feel satisfied and encouraged and excited about what you were accomplishing? Or was it more of a, yeah, it was good, it was easy. I bought three houses and I have a boat. Or was it more about the personal joy of growing and building something and being part of something? Mindy Diamond: That’s actually a very good way to say it. Where can the top advisor find that joy? So let’s say I’m hitting on all cylinders, top of the food chain at fill in the blank firm, a traditional firm. What are typically the things that advisor, the options that advisor might consider that could ignite that joy? Louis Diamond: Yeah, I mean, honestly, probably a bad nonspecific answer, but it really could be anything. I mean, we see plenty of teams that are with one major wirehouse, they move to another one and just the act of transitioning is re-energizing. They have backend bonuses to hit. This new firm has a bit of a different culture, they feel more important again, and that’s their spark. Others, it would be we’re building something, we’re creating our own firm. Others might be I’m now an equity partner in something that I have a hand in, I have a voice. They actually listen to me. So I think it can be all of the above. It’s more about what is it that an advisor is most interested in? And then at this point in the industry, it’s choose your own adventure. If you have some sort of feeling or urge, whether it’s I want to do something different, I want to grow faster, I’m frustrated by X, Y, Z, it’s more about filling in the blanks of what your next journey looks like. And my guess is just thinking about that is going to provide that natural spark or ignition. Mindy Diamond: Yeah. And if I can, the piece of advice that I gave to this team, and I think is worth mentioning here, you’re absolutely right. Choose your own adventure. To us, I think we would both say that most exciting thing about being in our position and being the counselor or the guide or the Sherpa to advisors as they consider what comes next is the amount of choice that they have and how exciting the next chapter can be. But what I said to this team or the one advisor on this team is, “You’ve always got to be really clear on what your true north is.” So yes, there’s a lot of options. An advisor can find joy or reignite the spark at any number of choices, more than ever before. But being really clear before you begin to take meetings or think about it on what you’re looking to solve for, what’s most important to you really matters or else you wind up just spinning your wheels for a lot of time. Louis Diamond: Clearly agree. How do you distinguish between being comfortable in your business and being energized by a business? Do you think there’s a difference? Mindy Diamond: Yeah, look, I think in some cases, they could be one and the same. I think somebody can be comfortable because they feel energized. They’re hitting on all cylinders. They’ve got a lot of agency and professional control over their business. They’re where they want to be. They’re living their true north. But I think in many cases, and many of the advisors we’ve counseled, they aren’t one of the same. I’m comfortable because, as you said, I have a great quality of life, I’m making great money, I have a lot of freedom to coach my kids’ basketball team. I can work from home, I can travel when I want to, I have great clients. I may not technically own my business, but I feel as though I do. I’m comfortable enough. But what this advisor last week said to me, and what we hear a lot, is I’m comfortably uncomfortable. That I am comfortable enough. If I retired from here, I will have made a ton of money, I will have done good work and it all would be good enough. But whether or not good enough is really good enough in terms of professionally satisfying and everything you want it to be is a very different question. Louis Diamond: Exactly. I’ll give an example of that. I have an advisor I speak to who’s independent. So he’s been independent for his entire career at a broker dealer. He’s an absolute stone-cold killer. I told him that. He’s probably top three advisors at his BD, so it’s great for the ego. He’s on the conference circuit and sharing his best practices, but he’s in his 40s and said to me, “I can continue to rinse, repeat, I can continue to get the accolades and be on the main stage, but I feel like I’m missing something. I just know how to run the same place and I don’t really see how that’s going to change.” So he has a pretty hard decision because it’s nice to feel important, it’s nice to grow without a lot of extra effort, but for this individual, it’s becoming clear that spark or feeling energized again is his true north. Mindy Diamond: And so what would he look at? In other words, if you are already top of the food chain at your broker dealer, and by the way, we see that a lot, that advisors in the independent space that work under broker dealer that are number one, they are the one at the conference that everybody goes up to and said, “Oh my God, I hear such great things about you. I want to learn from you.” So what is it he’s missing? Louis Diamond: For this individual, what he thinks he’s missing is the chance to really build his own platform. So if this gentleman decides to make a change, it’s definitively going to be to build his own RIA, where he can pick and choose all the technology. He’s really bullish about his personal network and being able to recruit like-minded folks in to do acquisitions. And his North Star is going to be, how do I build the most valuable enterprise that I can sell for a whole boatload of money 15 years from now? It’s a great example because this person has everything that most people would want, but he’s still wanting more. And what he’s looking to accomplish is probably similar to a lot of people, but the means that he’s going to get there and the weighting that he’s putting on his criteria are different. And that’s what, I think, the best part of being an advisor is you have so much choice. There’s no one telling you, “You have to grow, you have to do this, you have to care about money, you have to onboard X number of clients.” It’s much more about how do you listen to your heart and then make intentional choices to make it happen, essentially. Mindy Diamond: Yeah, and I think that’s the calculus. His calculus is it’s more than enough here. The question is, am I willing to upset what’s more than good enough, upset that apple cart in order to get something that is marginally better? And his answer, or our advice to somebody like that, is it really depends upon how much you want it. If it will feel soulful to you, if, at the end of the day, you will feel better about the professional legacy you left behind, having built something bigger and better with less limitations, then you’ll do it. You have to decide how much you want it. It’s interesting, if I can go back to this example, this team’s true north is a little different and it’s worth contrasting. So while, for sure, they would love nothing more than to maximize enterprise value, and they recognize that if they and any of their partners retire through their firm’s retire in place program, it’s a way of monetizing, but they look at their firm as a monopolistic buyer. That was the term that they used. My comment to them is, “So what? Monopolistic or not, if, at the end of the day, it allows you to do what you need to do when you get paid a fair value, who cares if they’re monopolistic?” That really is the truth. But their true north is they would love to build something. They don’t need to build their own platform. In fact, they would want nothing more than to plug into an already existing platform. And they recognize that by doing so, they’re giving up some enterprise value. And the way to maximize enterprise value the fullest is to go out and build your own. But in this particular instance, they don’t want to do that. They’ve got partners that some are in their 60s and that’s not going to be appealing to them. So their true north might be something a little bit different. I think the point here is being really clear on what you’re true north is really important because it guides the set of choices. Louis Diamond: No doubt. At what point do you think more of the same stops being a growth strategy and starts becoming a constraint? Mindy Diamond: Oh, well, just that. Your example was the perfect example, right? That I am doing incredibly well. I could keep on doing this, but in some way, it’s not only constraining my growth, but in some way it’s constraining my professional satisfaction. And I think more often than not, it’s about that. Because the audience I think we’re talking to in this podcast are really successful folks. There’s no question that there’s nothing we can tell them that would suggest that they’re not successful as they are. So if they decide to upset the apple cart or they decide to look for more, it’s because there is that fire in your belly, that something, that entrepreneurial spark or that something that’s not being satisfied. Louis Diamond: I agree. Yeah. I think sometimes it’s a matter of time says to me, if someone finds something that works, it’s a pretty sound business strategy to rinse, repeat, and keep doing it, focus on what’s essential, cut out the rest. You read any business book, it’s going to tell you double down on what’s working, cut out the rest. The 80/20, et cetera. But I think eventually you keep doing the same thing over and over again, and it might still yield results, but is it yielding the growth? Is it yielding exponential results? And at some point, does just doing the same thing, is it still driving you in the same way? Mindy Diamond: Yeah, and I think a lot of times people don’t really know what they’re missing. In other words, the growth strategy is working. I’m growing X amount per year. I’m living a good life. I’m consistently in the top five advisors in my firm. It’s working and nobody could argue that it isn’t. I think it’s just more about a lot of times as advisors, one of two things, either one of their friends move, a professional colleague that they respect and they say, “Holy cow, he was here or she was here for 30 years, like me, killing it. She would’ve been the last person I would’ve thought would move.” And then suddenly she does, and it makes them say, “What am I missing? What did she see that I am not aware of?” Or a lot of times these folks will, another example I’ll give you. An advisor that I’ve worked with for many years, probably 25 years, who is top of the food chain, doing incredibly well, never really thought about moving, talked over the years, “Boy, it would be nice to build something of my own, but the truth of the matter is that success and the thought of having to go back to zero and build something from scratch, no way.” But you and I came across an opportunity that was unbelievably compelling, and without going into too much detail about the opportunity, suddenly when we talked about that opportunity with this advisor, what he said was, “You can’t be what you can’t see.” All of a sudden we painted the picture of something that’s really compelling I didn’t even know I wanted, but holy cow, now I know I really want it. Louis Diamond: Yeah, because something, this dream was made tangible. It put a face on something that this advisor didn’t realize they were missing. I mean, I see this every day, this next question, I’d love to get your opinion. I feel like most advisors, they may sense something is off or something’s changing or shifting under their feet, but they say anyway, why do you think success is often the very thing that keeps advisors stuck? Mindy Diamond: Yeah, I think it’s more than good enough. And for most of us, most of the time, I might have that little voice in me or that little inkling that says, gee, maybe it could be better. Or gee, I wonder if or something of the sort, but I have a zillion competing priorities. I’m a dad or I’m a mom or I want to travel, or I’m 60 years old, or I’m filling any blank at any time. And I think that it’s really hard to give up on that. And I think that the example we just gave, of this advisor that saw an opportunity, a unique opportunity that solved for a lot of the things that he didn’t even know he was missing, that happens more often than not. Louis Diamond: Yep, I agree. I think too, what happens is a lot of advisors think about moving as strictly a financial trade. My grid rate is this and my fees are that I can get 3.5X here, but only 2X up front have Y in deferred comp. And I think when advisors are thinking about that, which is a reasonable lens to look through, end of the day, they’re business people. If the business is growing and they have to place Y or they know how to get things done, it’s much harder to justify that change. It’s like people who sell their house top of the market, it’s like, hey, it’s this thing and keep growing, and do you feel like you’re missing out because you’re leaving at this point in time? Typically, too, when things are good, clients are happy, the reviews are easier. We see it a lot with the market being up. In 2025, the market was up almost 20%, much harder for some folks to justify moving because they feel like, whether it’s artificial or it’s real, that their business is really cranking. So I think that’s a big part of it as well. Mindy Diamond: Yeah. And maybe another little spin on it is a lot of times to move is really, from a financial perspective, may only be marginally better in the short-term, whether it be because after taxes, the amount of tabs you get upfront is not that much greater than the deal you could get by retiring through your firm’s sunset program. Or if you move, you’re going to be leaving some clients behind. So if you factor in the breakage from losing clients and the short-term upside, the delta may not be that great. We see a lot of times when an advisor is already independent and they’re at a net 60 or 65% payout and they’re looking at something that gives them a 70% net payout and they say, “Yeah, okay, so those extra basis points are nice, but is it nice enough? Is it worth the hassle?” The answer to that is it is entirely an inside job. For some that delta, even if that delta was only 2 cents, would be more than enough to justify the change. And for others, if the delta was 2000000%, it wouldn’t be enough. So what’s this positive? What’s this positive or determinant is how badly they want it. How badly, beyond the financial piece, they want what another opportunity would give them. Either that I really have this fire in my belly, and I love that term, and I just can’t solve for it. I can’t extinguish that fire here. I can’t feed that fire here. Or opportunistically, I want to be something I just can’t here, and I want it so badly that even if, financially, it’s only marginally better in the short-term, I’m willing to go through the hassle to get it. Louis Diamond: No doubt. And one last point to put a bow on this segment is I think there’s also an element that advisors who are growing or they have a big pipeline, and to me, the best advisors always have a big pipeline. They always have the next big prospect. There’s definitely some, I think, real fear that I’m going from growing 10% per year to reflexively choosing to make my life really hard for a couple of months to slow down growth, perhaps lose some of the pipeline, lose some of the big clients I just onboarded. And that’s really hard to justify because the trade-off is that much more apparent to them. Mindy Diamond: Yeah. Which you really want it. Louis Diamond: But that’s always going to be the case. That’s the point. The good advisors, for the most part, are always growing and always doing these things. So it’s like running on a treadmill. The same thing with unvested deferred compensation. I have 2 million of unvested deferred, it’s so hard to walk away from. The counterpoint is you’re always going to have that. If anything, it’s just going to grow. So again, it’s taking a step back to take multiple steps forward. Some people want that and are excited by it. Some people aren’t, but that’s okay. Mindy Diamond: Yeah, and I think that’s the whole point. While we get paid to move people, our position and the relationships we’ve had for years with top advisors, with every advisor, is they trust us because we’re never looking to just sell them on a hot opportunity. We’ll bring opportunities to them and say, “Here’s what’s available, here’s what the upside could be,” but we know and respect better than anyone that you got to really want it. It is a hassle. It’s hard work to move, and you’ve got to have a real confidence in your clients, your current clients, that they’re going to follow you. You’ve got to have real confidence that your pipeline will follow you, that what’s not certain. You’ve got to have confidence that you can tolerate the risk, and you’ve got to have confidence that your team’s going to follow you and that you’ve got the support you need. And not everyone has the appetite for it, nor should they. Louis Diamond: Exactly. I mean, I would say there’s two competing, I guess, thoughts that oftentimes go through an advisor’s mind, and they’re both extremely reasonable. The first one is the fear of change, but at the same time it’s the fear of staying exactly where they are for another 10, 15, 20 years. How do you think advisors can reconcile the tensions, like the angel on one shoulder, the devil on the other? One’s super comfortable and safe. The other one is an unknown. One’s exciting, one, et cetera. So how would you reconcile that? Mindy Diamond: Well, first of all, the short answer is it takes years. The two examples I just raised, and I’ll ask you the same question, are advisors that I’ve been talking to for 10 years plus. In one case, it could be 15 or 20. So for 10 or 15 years, there was always a certain amount of angst, a certain amount of curiosity, but not at all a willingness to do anything about it until in one case, something happened. Something happened that made them realize that they’re paying an awful lot of money to their firm for value they’re not getting anymore, feeling limited. And so they decided to pick up their head and look elsewhere. In the other case, it was opportunistic. Really was perfectly happy doing their thing and heard or saw an opportunity that sounded compelling and began exploring. Now, I don’t know whether either one of these teams will ultimately move, so let’s say that, but these conversations are many years in the making. So I think the point I’m making is that devil on one side, an angel on the other are those two competing voices. They exist for a long time until either, in some cases, they never get reconciled and the advisor just retires and it is what it is. In other cases, they get reconciled, but sometimes five, 10 years after the voices begin to surface and they don’t happen, they don’t get reconciled until something happens to force it. Louis Diamond: Yeah. I also look at this concept as we’ll call it a midlife career crisis. So I’m 40 years old. Instead of buying three motorcycles and a Porsche and going skydiving, I’m thinking about my business. And sometimes, I think people just wake up and say, “Wow, I don’t really know what my identity is and I need to do something different. I need that additional spark.” So I think sometimes too, it’s just either an age thing or a certain birthday comes up or it’s just that a moment of clarity that pops into the mind. Mindy Diamond: Totally agree. Louis Diamond: Why do you think this feeling is showing up now more than ever? Is it because of recruiting deals? Is it because of the movement toward independence? Is it something else or somethings else? Mindy Diamond: Yes, I think it’s all of the above, and I think that’s the cool thing. Valuations are at an all-time high. So even if an advisor has zero interest in going independent, you have to be living under a rock not to know that your business has real value. That business, outside of the constraints of a major firm, is worth much more than it is on the inside. Now, that doesn’t mean that everybody should go independent, or will, but the fact that those multiples are hanging out there and that recruiting deals are at an all-time high, and they are, the fact that there’s more optionality, which means an advisor, if they go out and explore, is more likely to find their personal version of Utopia or something closest to it. The fact that movement begets movement. That’s something we haven’t talked about, but it’s worth mentioning that all you have to do is read AdvisorHub or just be sitting in your office and every day, watch somebody you respect make a move. And so the more you see top advisors move, the more you say maybe there really is something else out there for me as well. And then you and I always say that the big firms are one policy change, one comp change, one mandate, one something away from frustrating the heck out of a large constituency because the bottom line is, as long as you’re an employee, you’re vulnerable or captive to whatever choices the firm makes. Louis Diamond: Yeah. I think you’re talking about, in a very nice way, what happened with UBS at the end of 2024, but we even see it outside of the wirehouses. There’s independent firms that layer in new fees or they don’t allow their advisors to text. There’s always that risk that something big coming down the pike that motivates someone. I’ll give you two other reasons why they think this is happening with more frequency. The first one is advisors’ careers are oftentimes longer, either because they’re bringing their kids into the business or the business is so lucrative, and if the business is mostly fee-based and it’s on autopilot, it’s like, why should I hang up the old boots when I can just work for another handful of years? So I think with longer advisor careers and the pot of gold at the end of the rainbow, which is either a big exit or a retire in place deal, I think advisors just grapple with more and they grapple with it for longer. Mindy Diamond: Yeah, you brought up a point. I’m so happy you brought it up. I’m sitting here next to my son, my next generation. I have said oftentimes that, without my sons coming into the business, I don’t know that I would’ve had the same relationship to the business as I aged. As I got older, and I’ll be transparent, I’m 63-year-old now, if 10 years ago, my sons had not decided to join me, I think that I might have said, “I’ll work as long as it feels soulful and good, and if something better comes along, great.” But it wasn’t until they came along that I really began to think about everything through their lens. It was less about me because by the time I was 50, from a financial perspective, I could have left if I wanted to. But as long as my kids weren’t in the business, there’s no way I was going to do that. There was no way I wouldn’t want what was the absolute best for the business. And I guess that’s a long-winded way of saying in an industry where there’s so many multigenerational businesses, father-son, mother-daughter, whatever it is, senior advisors that really care, even if they’re not family, about their next generation, when they begin to look at their business through the lens of their next generation, the technology may be good enough for me, but it’s sure not cutting edge enough. Or they say things like, “The bureaucracy is killing me, but I work three hours a day,” or, “I have such a good life, I don’t want to upset the apple cart.” But then all of a sudden, one day we get a call either from that senior advisor, for whom it was more than good enough for years, or from the next generation that says, “This is not what I want. It may have been good enough for my dad and my mom, but it’s not good enough for me.” So it’s a long-winded way of saying I think that the next generation really forces the senior advisors, the elder states, G1 to grapple with whether or not this is good enough. Louis Diamond: Yep. I’ll answer my own question first and then get your opinion, because I feel pretty strongly about my answer. In thinking about our four to five point list here of why this is a bigger deal now, I tap in with more frequency. The question for both of us is which one do you think has the biggest psychological impact on advisors right now? I’m going to go first because I’m excited about my answer. I think by far, it’s practice valuations by far. Because what’s happening is advisors are reading news articles, hearing from their friend, getting cold-called from corporate development folks at firms, and they hear what used to be just ludicrous multiples. These were multiples that were reserved 100, $200 million revenue business are now getting paid to a three to $5 million practice. And any advisor, even ones who aren’t super financially motivated, I think just hearing about this, knowing what’s possible has a major psychological impact. It’s making it that much harder for folks to say, “You know what? It’s comfortable. It’s easy. I can retire here because the opportunity cost of staying put has accelerated that much.” What do you think? Mindy Diamond: So unequivocally, and I am money motivated for sure, so I agree with you. But at my stage and age, if I were an advisor, I absolutely wouldn’t be able to ignore the impact that maximizing enterprise value might have and how awesome it would be to be building a business that could be worth more. But I would equally, if not more so, be really concerned about, A, how it would feel. Like am I going to be able to live the professional life, do what’s soulful for me? Am I going to be able to build the business I want to? Is this going to be the business, the legacy I’m going to feel good about? Is this going to be the business that I want my sons to take over? And that, to me, would be equally important. And I’m making it about me, but I think that’s what a lot of senior advisors would say. Louis Diamond: No doubt. So for folks that are questioning their situation, what do you think is a question or three or four or five of the right questions they should start asking themselves before even thinking about making a move? Mindy Diamond: Yeah. Well, one is, listen, what’s your true north? And even before, I mean question two, and I think what I just said, assessing your true north, figuring out where your true north is, one, because question two is what is it that’s bothering you? What is it that you’re frustrated by? And simultaneously, to what extent does it frustrate you? Like how, okay, so I feel mildly annoyed that I have to do X, but is it enough to make me want to move? So being clear on that is important. But I think even before you begin to delineate how frustrated you are, you have to be really clear on what you want to be when you grow up. What is it that would feel soulful? What are you trying to solve for? What are the parameters or realities that you need to take into account? You’d love to do X, but you have a senior partner that you know is never going to want that, whatever it is. So what is the true north? What are you frustrated by? Then it’s what risk appetite do I have? Louis Diamond: To take risks, yeah. Mindy Diamond: What risk appetite and what appetite in general do I have for disruption to my life? How tolerant will I be if one of my clients doesn’t follow with me, because that is really possible? How tolerant will I be if I spend a few months and I’m working harder than I’ve ever worked in my life, whatever it may be. And then I think it’s that question, what I want to be when I grow up is really what’s just positive. Do I want to be a business owner or am I a big corporate person and that’s just who I am and I’m comfortable with leveraging the name that’s on the door? Louis Diamond: No doubt. I think an interesting one is ask yourself, if I stayed exactly where I am for the next 15 years, would I be proud of what I built? I think it’s a really important one sometimes too, when I’m speaking with advisors who are worried about a transition, and honestly people should be worried about a transition. It’s terrible. There’s no sugar-coating it. It’s a lot of work. It’s scary. It’s a risk. You’re disrupting your life, all your client’s life, et cetera. But sometimes, I’d say, the reframe is the three months, four months, whatever it is of backbreaking work that you put in, is that worth it for the next 10, 15, 20 years of doing something that really sparks you more? And I think, again, it comes back to your question of risk appetite, but I think just thinking about that is a lot of people get lost in the immediacy of the risk and of the work, but they forget to look beyond that work to what’s possible on the other side of the rainbow. Mindy Diamond: And how important it is to get it. In other words, I may be very clear that I would like to have X. I’d like to do Y. I would love, I mean we hear this all the time. I’d love to be independent and build my own business. Boy, if I were 20 years younger or I was, whatever it was. So the point of the matter is you can be aware of wanting those things. It’s admirable to want them, but whether or not you actually should go after them, that’s an inside job. Louis Diamond: No doubt. I think another one I like is which regret is bigger to you, trying something and failing or never testing what’s possible? I think that’s a good one. Another philosophical one. Okay. Let’s change gears a little bit here. So for successful, we’ll say mid-career advisors, why do you think the biggest risk is oftentimes not making the wrong move, but choosing the status quo by default? Mindy Diamond: Answering it from the perspective, we’ve had a lot of senior advisors that say, “I look back on my career and if only I had made the move or gone to this 15 years ago.” So I think that’s the you get comfortable in the discomfort, it’s easier to stay put, and then before you know it in your head, you’re too old or you’re too settled or you’re too entrenched and you can’t go or it’s too late to go. Or in some cases, you’ve got so much unvested deferred comp, it’s too expensive to go. And so I don’t think that’s only about mid-career. I think you want to make sure that you’ve lived a professional life that’s not filled with regret. That’s really what I think. Louis Diamond: No doubt about it. I think too, the fear of making the wrong move, call it buyer’s remorse, if you will. I honestly don’t really see it happen all that often. When I see it happen, it’s because someone went to their second or third choice firm because they got paid an extra 10% of their production. That’s where the wrong decision comes in. I usually find when advisors are thorough, they’re thoughtful, they’re making decisions for the right reasons, and there is a base level of motivation to do something different. You can’t really make the wrong choice. And I think, but again, it’s risk tolerance, et cetera. Let me give you two more questions here. What’s one step an advisor can take today to create clarity without committing to change? Mindy Diamond: Well, that question is the fundamental definition of how you and I see the world. So we traffic in advisors that are 10 years, 20 years from making a move or may never move. To us, it’s just about the relationship. That may sound foofy and crazy, but it is the truth. And so those conversations are all about being self-aware. That’s number one. Know thyself. Being self-aware of what’s important to me, what can I live with, how much risk tolerance do I have, et cetera. And then it’s also about having a clear understanding about what’s possible. So continuing to have conversation with people like you and I, continuing to read AdvisorHub or whatever it is about transitions that happen. Understanding the opportunities that are out there is not necessarily because you’re going to go take one of them or you’re going to change, but knowledge is power. It empowers you where you are. It’s competitive analysis, and that’s smart. That can only serve you well. Louis Diamond: Yep. I completely agree. One last question here, and I think probably a lot of people listening to this are thinking this personification of an advisor or advisors that we’re describing, are they just complainers? Are they just being ungrateful? On the one hand, there’s probably folks that are early in their careers working their butt up who are saying, “Hey, just be grateful for what you have. It’s really hard to get to where you are. So why are you looking a gift horse in the mouth?” So what would you say to that line of thinking, that questioning the status quo or questioning something that’s really good, does that means someone’s ungrateful or restless? Mindy Diamond: Oh my God, no. I think that the smartest and most successful, and honestly most grounded and grateful people are those that question the status quo. You can be, can and should be, simultaneously grateful for what you have. We say to advisors all the time, “We’re not from Merrill Lynch’s training program that catapulted you to the seat you are in now to become a 3 million, 5 million, $7 million advisor. You may be mad at Merrill Lynch now, or you may want something more than Merrill Lynch can give you today, but it doesn’t mean you’re ungrateful for what Merrill gave you.” And that’s the answer. I think that you can be grateful for this wonderful life that you’ve been afforded, but at the same time, aware of the fact that you may want more, and that’s a healthy, wonderful thing. Louis Diamond: Completely agree. Yeah. I mean, it’s similar to any large Fortune 500 company. You think of Apple, how many times they’ve reinvented themselves or everything that’s happening with AI. I think a big part of this too is future-proofing, right? It’s okay. It’s not being ungrateful. It’s more I’m taking proactive action to make sure I do have a business in 15 to 20 years, and that I’m positioning to myself and my clients to do the best possible work together. This is the fun topic. It’s obviously something on the mind of a live of advisor. It comes up probably in every group that we ever consult with, whether they’re a wirehouse advisor, they’re a private banker, they’re independent, et cetera. So I think a lot to learn here. My big takeaway from today is it’s okay to want more. There’s nothing wrong with you for wanting more. At the same time, there’s nothing wrong about being comfortable. Thank you very much for today. Mindy Diamond: Amen. My pleasure. Good topic. Louis Diamond: Thank you for joining us. We'll be back with a new episode next week, so be sure to listen in. Mindy Diamond: As a financial advisor, you hold yourself to the highest standards of integrity, honesty, and credibility. You are successful because you take your professional responsibilities seriously and are dedicated to your clients. But are you living your best business life? Are your goals aligned with your firm’s, or could a better option exist? Should I Stay or Should I Go? is a book written with you in mind. It’s a self-guided journey that walks you through the key steps that we take with our advisor clients. This strategic thought process and roadmap to professional self-discovery is designed to help you ask the right questions and think critically and objectively, whether you’re considering change or not. Learn how to get your copy at diamond-consultants.com/thebook.   Best of Replay: Why So Many Successful Advisors Feel Stuck An Industry Update with Louis Diamond and Mindy Diamond.      Louis Diamond: Welcome to a replay of one of the most popular episodes from our podcast series for financial advisors. Why So Many Successful Advisors Feel Stuck. It's a Special Industry Update with Mindy Diamond. I’m Louis Diamond and this is the Diamond Podcast for Financial Advisors. Mindy Diamond: At Diamond Consultants, we help elite advisors identify the right environment for their businesses to thrive, whether that’s at a wirehouse, boutique or independent firm. With nearly three decades of experience, we’ve guided thousands of advisors and represented more than a quarter of a trillion dollars in assets transitioned. And each year, one in four advisors managing a billion dollars or more who change firms are our clients. Our process is education-driven, and based on building relationships, starting as your strategic partner well before you’re even thinking of a move. To schedule a confidential conversation, call us at (908) 879-1002. Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions and more inspired us to create our annual advisor transition report. It’s the award-winning, data-driven resource designed for advisors that connects the dots between the motivations around movement and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions. Download your copy at diamond-consultants.com/transitionreport. Louis Diamond: We spend a lot of time talking with advisors who, by every external measure, are doing exceptionally well. They’ve built real businesses with strong production, loyal clients and teams that continue to grow, and yet behind closed doors, many of these same advisors are quietly asking a different set of questions. Not how do I fix what’s broken, but why doesn’t this feel as good as I expected? That tension is showing up more frequently than it did five or 10 years ago, and it’s not because advisors are failing. In many cases, it’s because they’ve won and now find themselves staring at another 15 to 20 years of more the same, unsure whether comfort has slowly replaced energy. This industry update is about that very moment. I asked Mindy to join me to unpack what we’re hearing from successful advisors across the industry, why success itself can become a constraint, how fear of change competes with fear of standing still, and why record valuations, longer careers and the maturity of the independent space are changing the psychology of decision-making. We also talk about the right questions to ask before considering a move, questions about control, enterprise value, legacy and time horizon, and how advisors can create clarity without forcing a decision. There’s lot to explore here, so let’s get into it. Mindy, thanks for joining us. Mindy Diamond: Oh, I’m so happy to be here. Always. Louis Diamond: This is a fun topic. So today we’re just going to dive right in. I’m curious, from your vantage point and talking and working with many of the best advisors in the industry at a high level, what are you hearing from successful advisors today that feels different from five or 10 years ago? Mindy Diamond: First of all, for the most part, I think that top advisors are loathe to move. And they may have a bunch of frustrations or things that they wish were different, but generally speaking, they’ve always been well taken care of. They have the bat phone to the top, it’s good enough and nobody wants to mess with success. But two things are true today more than ever before, that the competitive landscape, there are more options than ever before, that their businesses are worth more than before. I guess it’s more than two things. That they’re thinking about their business as a business and saying, “Yeah, it’s a hassle to move, but if I can maximize the value of my business more elsewhere and at the same time solve for what I want to, maybe I really do need to consider it. And so I think that it’s a time of more consideration, that top advisors, in particular, are just not willing to settle for the status quo. Louis Diamond: Yeah, no doubt. The only thing I would add, but I completely agree, is that today the retire in place or succession opportunities for a wirehouse advisor to transition or sell their business to their next generation or to another team or even an independent advisor, to sell their business to their broker dealer or to someone within their firm, those opportunities, the internal options, I think are more compelling than ever. So we hear a lot from really successful advisors who, that actually doesn’t matter if they’re successful or let’s say they’re mid-tier in the indu

Quand on parle de dette émergente, on pense d'abord aux emprunts des États. Sidney Oury, lui, fait tout autre chose : il prête aux entreprises. Il investit dans les obligations de sociétés installées dans des pays émergents comme le Brésil, le Mexique, la Colombie ou l'Argentine.C'est ce qu'on appelle la dette corporate émergente, et c'est un métier bien à part.Le principe ? Une entreprise n'est presque jamais considérée comme plus fiable que le pays où elle opère : une société bien gérée doit donc payer un taux d'intérêt élevé pour emprunter, en grande partie à cause de la note de son pays. Une entreprise comparable installée dans un pays riche paierait souvent deux fois moins. La conviction de Sidney Oury est qu'une partie de cet écart tient à l'étiquette du pays, pas à la solidité réelle de l'entreprise. Il appelle ce phénomène l'effet code postal.Concrètement, pour l'investisseur, prêter à ces entreprises en achetant leurs obligations, c'est toucher des intérêts réguliers, plus élevés que sur des sociétés tout aussi solides des pays riches. C'est là que réside l'intérêt de la stratégie : les fonds d'IVO visent de l'ordre de 7 % par an en euros. La contrepartie, c'est le risque qu'une entreprise ne rembourse pas, d'où l'importance de la sélection.En 2012, il quitte Merrill Lynch pour co-fonder IVO Capital Partners avec Michael Israel et construire une gestion autour de cette idée. Quatorze ans plus tard, IVO gère près de 3 milliards d'euros. Dans cet épisode, Aurore Perrin explore avec lui :      Ce qu'est concrètement la dette corporate émergente, et pourquoi elle n'a rien à voir avec la dette des États      Pourquoi une entreprise solide peut être obligée de payer un taux d'intérêt aussi élevé      Comment IVO choisit ses entreprises, et pourquoi l'investisseur n'est pas exposé aux monnaies locales      Ce que les grandes crises (2018, 2022, Covid) changent pour un investisseur      Les trois critères de Sidney pour reconnaître un bon fonds Près de 45 minutes pour comprendre un placement concret et exigeant, avec son potentiel de rendement comme avec les risques propres aux marchés émergents. Ressources complémentaires :Dette et obligations d'État : quelles stratégies sur les marchés obligataires en 2025 ? https://sapians.com/blog/focus-marches-obligations-etat-entreprise Dette privée en Europe et aux États-Unis : quels fonds privilégier ? https://sapians.com/blog/investir-dette-privee Biais domestique : votre patrimoine dépend trop de la France ? Comment diversifier à l'étranger https://sapians.com/blog/diversifier-patrimoine-hors-de-france Décorrélation des actifs : la clé d'un portefeuille résilient face aux crises https://sapians.com/blog/decorrelation-actifsPodcast « Focus Fonds » : Laurent Calvet présente Tikehau Capital https://sapians.com/blog/podcast-just-focus-tikehau-capital -----------------------Attention : Ceci est une communication publicitaire. Les performances passées ne préjugent pas des performances futures et investir comporte des risques de perte partielle ou totale en capital. Ce contenu est informatif et ne constitue pas un conseil en investissement. Toute décision doit être adaptée à votre situation. Si vous souhaitez bénéficier de conseils personnalisés, veuillez créer votre compte ou prendre rendez-vous avec un conseiller Sapians. SAPIANS - RCS n°919 330 969 - ORIAS n°23003561 en qualité de CIF et COA. Activité de démarchage bancaire et financier.

Nicole Parker, contributor for Fox News & former FBI agent, joined us on the Guy Benson Show today to discuss her 9/11 experience. Parker, who used to work for Merrill Lynch, worked in the World Financial Center that morning—and witnessed the first plane hit the north tower. She went into detail with Benson about the chaos and desperation that she saw, her escape from the city, a spiritual moment she experienced, and the vow that led her to join the FBI. Listen to the full interview with Parker and Benson below! Learn more about your ad choices. Visit podcastchoices.com/adchoices

 She is the creator of Mindful Attentionist Coaching (MAC), offering both self-coaching and professional coaching programs that foster choice and wellbeing from the inside out. She hosts “Lights On,” a podcast delivering practical guidance for mindful living at home and work and serves as a senior coach to a diverse clientele. Mitra's approach uniquely blends Western professional training with Eastern contemplative practices, providing practical and empowering wisdom.Her clients include individuals, celebrities, and organizations such as Amazon, Merrill Lynch, Unilever, UCLA Anderson, Hugo Boss, C.A.A., Thomas Cook, the Senate of Canada, KPMG, Christian Dior, Capital Group, United Health Group, and many more.Beyond her mindfulness and corporate work, Mitra has served as a Human Rights Commissioner in Ontario, Canada, contributed as a commentator for CBC and Omni TV, and held executive roles in both non-profit and for-profit organizations. https://www.mitramanesh.com/http://www.yourlotandparcel.orgSupport the show

Randy Daniels likes to say that UT San Antonio chose him, and it turned out to be one of the best decisions he ever made. From meeting his future wife on campus to earning his degree in finance and beginning his career through an internship, his Roadrunner experience helped shape the leader, entrepreneur and community advocate he is today. In this episode, Randy shares his journey from commercial banking and Merrill Lynch to cofounding JDK Wealth Advisors. He talks about building a business centered on trust, creating opportunities for the next generation and giving back through the JDK Give Back volunteer program. We also discuss his service with the UT San Antonio Alumni Association, the importance of internships and how family, faith and a little moonwalking keep life interesting. Tune in for a fun and inspiring conversation about taking chances, building meaningful relationships and staying invested in the community that helped you get started! Show Notes:UT San Antonio AlumniUT San Antonio MembershipUTSA Football Thanks for tuning in! Don't forget to like, follow, and subscribe for more great content! Birds Up!

Catch up to your money. It’s often ready for retirement before you are. _________________________ What helps wellbeing endure as our lives change? Matt Bloom has spent much of his career studying human flourishing. In this conversation, he brings his insights into retirement and combines it with lessons from his own transition from professor to writer, volunteer and what he calls a “wise elder.” We discuss why wellbeing is built through small daily practices, how adopting a new identity can change your behavior, why many need to become more intentional about friendship after leaving work, and how volunteering and shared-interest communities can create both connection and meaning. Matt also explains how older adults can become “guardians and shepherds” of relationships and shares Map Your Days, a simple practice that takes five minutes a night and that, in 27 years of teaching MBAs and executives, he says has never failed to teach someone something they didn’t know about their own life. Matt Bloom joins us from Colorado. ________________________ Bio Matt Bloom is the author of Lasting Wellbeing: Science-Based Practices for Tranquility, Authenticity, Meaning, and Joy. He is a writer, speaker, entrepreneur, and emeritus professor of management at the University of Notre Dame. Bloom holds advanced degrees in psychology from Cornell University (PhD) and the University of Kansas (MA), and is an award-winning teacher who earned top honors for courses he taught to undergraduates, MBA students, and corporate executives. At Notre Dame, Matt taught classes on innovation and design thinking, organizational change and leadership. As a professor in the Mendoza College of Business, Matt studied well-being for nearly three decades where he led the WorkWell research project. Initially, he and his team of ten researchers  focused on the well-being of people in the helping and healing professions: international aid workers, global health professionals, educators, clergy and ministry workers, physicians, and other healthcare professionals, among others. He later broadened his focus to include both well-being at work and in life more generally.  The team also launched a first-of-its-kind mobile application to capture daily experiences from several hundred research subjects. Prior to becoming a professor, Matt was a financial advisor at Shearson Lehman Hutton, a consultant at Arthur Young, a psychiatric orderly at The Kansas Institute, and a paramedic for the Douglas County (KS) Emergency Medical Service. Some of Matt’s favorite wise well-being practices: Extended backcountry hiking (5+ days). And, yes, there are no showers or bathrooms Baking hearth bread using natural leavens, mild sourdough starters Scuba diving on coral reefs and wrecks in the Caribbean Catch-and-release fly fishing on small mountain streams Poetry reading using a process he adapted from lectio divina Reading novels. Among his favorite authors are Marilynne Robinson, Richard Ford, Richard Rosso and Abraham Verghese _________________________ For More on Matt Bloom Lasting Wellbeing: Science-Based Practices for Tranquility, Authenticity, Meaning, and Joy Website Ritual app: Download for iOS or Android, or start at ritual.io. _________________________ More Retirement Podcast Conversations You’ll Love How to Flourish…in Retirement – Daniel Coyle Retiring: Creating a Life That Works for You – Teresa Amabile The Good Life – Marc Schulz, PhD _________________________ Wise Quotes On the Value of Small Steps “Our wellbeing rises and falls mostly as a result of little things that we do day by day…We live our values mostly in the little things that we do.” On Relationships “Quality matters more than quantity.” On Elderhood “We can really be the guardians and shepherds of family relationships.” _______________________ About The Retirement Wisdom Podcast There are many podcasts on retirement, often hosted by financial advisors with their own financial motives, that cover the money side of the street. This podcast is different. You'll get smarter about the investment decisions you'll make about the most important asset you'll have in retirement: your time. About Retirement Wisdom I help people who are retiring, but aren't quite done yet, discover what's next and build their custom version of their next life. A meaningful retirement doesn't just happen by accident. Schedule a call today to discuss how the Designing Your Life process created by Bill Burnett & Dave Evans can help you make your life in retirement a great one — on your own terms. About Your Podcast Host Joe Casey is an executive coach who helps people design their next life after their primary career and create their version of The Multipurpose Retirement.™ He created his own next chapter after a 26-year career at Merrill Lynch, where he was Senior Vice President and Head of HR for Global Markets & Investment Banking. Joe has earned Master's degrees from the University of Southern California in Gerontology (at age 60), the University of Pennsylvania, and Middlesex University (UK), a BA in Psychology from the University of Massachusetts at Amherst, and his coaching certification from Columbia University. In addition to his work with clients, Joe hosts The Retirement Wisdom Podcast, ranked in the top 1% globally in popularity by Listen Notes, with over 2 million downloads. Business Insider recognized Joe as one of 23 innovative coaches who are making a difference. He's the author of Win the Retirement Game: How to Outsmart the 9 Forces Trying to Steal Your Joy. _________________________

The story of the Kissel brothers, two wealthy siblings murdered on opposite sides of the world within three years of each other. Robert Kissel, a Merrill Lynch executive in Hong Kong, was killed by his wife Nancy in November 2003 in a case that became known internationally as the Milkshake Murder. Less than three years later, his older brother Andrew, a Greenwich, Connecticut real estate developer facing federal fraud charges, was found stabbed to death in his own home. This episode covers both cases in full: the collapse of Robert and Nancy's marriage inside Hong Kong's expatriate finance world, Nancy's two trials and her conviction, overturned conviction, and second conviction, and the murder-for-hire investigation into who killed Andrew, including the eventual pleas, verdicts, and the question of who actually held the knife. The episode closes with where the case stands today and where to watch more, including Dateline NBC, 48 Hours Mystery, American Greed, and the 2008 Lifetime movie The Two Mr. Kissels starring John Stamos. Reality Life with Kate Casey Summer Reading List: https://katecasey.substack.com/p/books-i-cant-stop-talking-about-this Vanity Fair Article: https://www.vanityfair.com/culture/story/martha-moxleys-diary What to Watch List: https://katecasey.substack.com Patreon: http://www.patreon.com/katecasey Instagram: http://www.instagram.com/katecaseyca Tik Tok: https://www.tiktok.com/@itskatecasey?lang=en Facebook Group: https://www.facebook.com/groups/113157919338245 Amazon List: https://www.amazon.com/shop/katecasey Twitter: https://twitter.com/katecaseySee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This week, Jack Sharry talks with Mike Perry, Head of Client Solutions and Wealth Management at Guardian Life. With leadership experience spanning Guardian, Nuveen, UBS, and Merrill Lynch, Mike has spent his career helping firms evolve their wealth management strategies while expanding access to comprehensive financial planning. Jack and Mike discuss Guardian's protection-first philosophy and why holistic planning begins long before retirement. They explore the firm's “living balance sheet” framework, the growing importance of strategic partnerships, Guardian's investment in Avantos, and why AI is best viewed as a tool that helps advisors deepen client relationships—not replace them. In this episode: (00:00) - Intro (02:24) - Mike's path to Guardian Life  (05:09) - The evolution of separately managed accounts (07:38) - Guardian's protection-first planning philosophy  (11:20) - The “living balance sheet” approach to holistic advice  (13:28) -  Why Guardian rebranded Park Avenue Wealth Management  (16:23) - Why Guardian invested in Avantos  (18:48) - AI as a force multiplier for advisors (20:51) - Why strategic partnerships accelerate innovation  (23:01) - Mike's key takeaways (27:51) - Mike's interest outside of work Quotes "What clients need is trusted advice from an advisor. So, the real engagement, where trust gets built, and problems are solved, is in that back-and-forth planning discussion with the end client." ~ Mike Perry "Our opportunity here is protection first, because we're engaging clients earlier in their lives and marrying it with a much broader set of questions and client engagement across all of our planning." ~ Mike Perry "Innovation has to be a constant thing you focus on, because across financial services, one day you may provide something at less cost, but it's immediately replicated. So you need to keep doing that." ~ Mike Perry Links  Mike Perry on LinkedIn Guardian Life Nuveen UBS Merrill Lynch eMoney Advisor Park Avenue Wealth Management Avantos Vanguard  BlackRock Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

A lot of the conversation on retirement runs one way: stay busy, stay productive. Dr. Denise Taylor thinks that could quietly cost some people their best years. Denise is a Chartered Psychologist and later-life researcher in the UK. She spent 25 years coaching people through career transitions, then, at 61, went back to school herself, completing a professional doctorate on how people reconstruct meaning after full-time work. Her research subjects were all at least two years past retirement, deliberately, because the first two years tell you very little. What she found in them became the backbone of her new book, ThriveSpan: Walking Gently Into What Matters Now. The extra years we have gained, she argues, arrive roughly between 60 and 80, while health usually still holds. Spending them duplicating the shape of your working life is a decision, and it’s not right for everyone. Her alternative is not reinvention, which she calls exhausting, but recalibration: a reset in which you subtract before you add. She is also candid about her own path. Leaving a twenty-year marriage. Four days and four nights alone in nature with no food and no tent. A doctorate that started the October before COVID. Four acres of woodland that taught her, at last, how to stop moving fast. We discuss why purpose does not have to be a cathedral, why she stopped dyeing her hair on principle, what her research says about curiosity and being of service, why you should imagine the future you do not want, and why saying no is the most underrated skill in later life. Retirement is different for everyone and we have choices. Denise argues against a continue to work narrative, and she argues strongly. If you’re a listener who loves their work, or who needs the income, shear her as offering choice rather than a verdict. ________________________ Bio Dr. Denise Taylor is a Chartered Psychologist, later-life researcher, and widely published author whose work explores how we can live well as we age. With more than 25 years’ experience supporting career and life transitions, she has written extensively on work, identity, ageing, and meaning in later life. Her work has been featured by the BBC, ITV, and national newspapers. Her previous books include Career Coaching for Midlife and Beyond, Rethinking Retirement for Positive Ageing , and Find Work at 50+. Her doctoral research into meaning after full-time work won the Research by a Career Development Professional award in 2024. ThriveSpan: Walking Gently Into What Matters Now offers a reflective, psychologically grounded approach to later life, integrating research, lived experience, and the restorative influence of nature. Denise writes the Substack newsletter Ageing Reimagined and is a regular contributor to the i Paper. She lives in Gloucestershire, where time spent in her woodland continues to inspire both her writing and her approach to later life. _______________________ For More on Denise Taylor Substack – https://ageingreimagined.substack.com/ ThriveSpan – https://denisetaylor.co.uk/thrivespan/ Website – https://denisetaylor.co.uk/ _______________________ Other Retirement Podcast Conversations You’ll Also Love Inspired Retirement – Nathalie Martin Re-Visioning Retirement – Susan Reid, PhD Joyspan – Kerry Burnight, PhD _______________________ Wise Quotes On Recalibrating “You don’t have to reinvent yourself. You can just slow down a bit…now time is more my own.” On Purpose “When I’m talking to people about purpose, they want this massive thing, like building a cathedral. You can have purpose just by smiling at somebody walking down the street.” On Being “If all you are is a human doing, then you’re not really thinking about who am I as a human being?” ______________________ About The Retirement Wisdom Podcast There are many podcasts on retirement, often hosted by financial advisors with their own financial motives, that cover the money side of the street. This podcast is different. You'll get smarter about the investment decisions you'll make about the most important asset you'll have in retirement: your time. About Retirement Wisdom I help people who are retiring, but aren't quite done yet, discover what's next and build their custom version of their next life. A meaningful retirement doesn't just happen by accident. Schedule a call today to discuss how the Designing Your Life process created by Bill Burnett & Dave Evans can help you make your life in retirement a great one — on your own terms. About Your Podcast Host Joe Casey is an executive coach who helps people design their next life after their primary career and create their version of The Multipurpose Retirement.™ He created his own next chapter after a 26-year career at Merrill Lynch, where he was Senior Vice President and Head of HR for Global Markets & Investment Banking. Joe has earned Master's degrees from the University of Southern California in Gerontology (at age 60), the University of Pennsylvania, and Middlesex University (UK), a BA in Psychology from the University of Massachusetts at Amherst, and his coaching certification from Columbia University. In addition to his work with clients, Joe hosts The Retirement Wisdom Podcast, ranked in the top 1% globally in popularity by Listen Notes, with over 2 million downloads. Business Insider recognized Joe as one of 23 innovative coaches who are making a difference. He's the author of Win the Retirement Game: How to Outsmart the 9 Forces Trying to Steal Your Joy.

Your money is ready for retirement. Are you? Get started on Future You. _________________________ What might happen if retirement gives you permission to become a beginner again? After more than four decades in journalism, including a long career at The Wall Street Journal, Neil Lipschutz began an entirely different chapter—as a mystery novelist. In this conversation, Neil discusses career identity, creative work and the importance of giving retirement some structure without locking yourself into a rigid plan. He also shares a powerful lesson from his own second act: enjoy the process of pursuing something meaningful without making your satisfaction dependent on how other people measure the outcome. _________________________ Bio Neal Lipschutz, a long-time journalist, was formerly a deputy editor-in-chief at The Wall Street Journal. He also previously served as WSJ’s ethics and standards editor. He also at one time was the top editor at Dow Jones Newswires. His short fiction has appeared in a number of publications. “Long Arm of the Past” is his second novel in the Scott Morgan series following his debut novel  “No Write Way to Die” in 2025. __________________________ For More on Neal Lipschutz Author Website Long Arm of the Past (A Scott Morgan Mystery) No Write Way to Die ___________________________ Other Retirement Podcast Conversations You’ll Love How to Flourish…in Retirement – Daniel Coyle Change Your Questions, Change Your Life…in Retirement – Marilee Adams, PhD Mattering…in Retirement – Jennifer Breheny Wallace ____________________________ Wise Quotes On Retiring External Validation “Enjoy the process… and try to separate that from whether it was ultimately a success in some other person’s eyes.” On Finding a New Center “It’s such an opportunity to try something new, to find some new purpose, to find some new center around which to organize your life.” On Idenity “I felt like a human being before I had a career…I’m not sure I need a career to justify my identity now.” _____________________________ About The Retirement Wisdom Podcast There are many podcasts on retirement, often hosted by financial advisors with their own financial motives, that cover the money side of the street. This podcast is different. You'll get smarter about the investment decisions you'll make about the most important asset you'll have in retirement: your time. About Retirement Wisdom I help people who are retiring, but aren't quite done yet, discover what's next and build their custom version of their next life. A meaningful retirement doesn't just happen by accident. Schedule a call today to discuss how the Designing Your Life process created by Bill Burnett & Dave Evans can help you make your life in retirement a great one — on your own terms. About Your Podcast Host Joe Casey is an executive coach who helps people design their next life after their primary career and create their version of The Multipurpose Retirement.™ He created his own next chapter after a 26-year career at Merrill Lynch, where he was Senior Vice President and Head of HR for Global Markets & Investment Banking. Joe has earned Master's degrees from the University of Southern California in Gerontology (at age 60), the University of Pennsylvania, and Middlesex University (UK), a BA in Psychology from the University of Massachusetts at Amherst, and his coaching certification from Columbia University. In addition to his work with clients, Joe hosts The Retirement Wisdom Podcast, ranked in the top 1% globally in popularity by Listen Notes, with over 2 million downloads. Business Insider recognized Joe as one of 23 innovative coaches who are making a difference. He's the author of Win the Retirement Game: How to Outsmart the 9 Forces Trying to Steal Your Joy.    

How do you move forward after getting fired, surviving breast cancer, and completely redefining what success looks like? In this episode of Wickedly Smart Women, host Anjel B. Hartwell welcomes Ira Kaganovsky, a former Merrill Lynch and Citigroup advisor, successful financial practice owner, entrepreneur, and breast cancer survivor. Ira's story is one of resilience, tenacity, sales, and knowing when to let go of the plan you originally created. After three friends were diagnosed with breast cancer, Ira began questioning what she was putting on her body and set out to create a natural deodorant that actually worked. Despite being rejected by 18 spas, she kept going until the Four Seasons saw potential in her product and gave her an opportunity to change her packaging. This episode is about sustainable high performance, burnout prevention, and the importance of being willing to "kill the baby" when your business needs to evolve.   What You Will Learn: How getting fired can become the catalyst for entrepreneurship. Why entrepreneurial thinking does not always fit within traditional corporate structures. How to replace the dollars-for-hours mindset with an ROI-focused approach. Why working smarter can create greater results while reducing burnout. How leveraging one major client can open the door to an entirely new market. Why sales are essential to turning an idea into a sustainable business. How to recognize when your business is telling you to change direction. Why entrepreneurs should avoid becoming emotionally attached to their original product or business model. How Ira pivoted her company when COVID eliminated her primary spa distribution channel. Why profitability matters when you want to grow, raise capital, or continue making an impact. How launching before everything is perfect can create opportunities that waiting may prevent. Why entrepreneurs need to prioritize marketing rather than simply creating more products. How resilience, tenacity, and adaptability can help entrepreneurs navigate major disruptions. The surprising story behind the Freedom brand name and its hummingbird logo.   Connect with Ira Kaganovsky Freedom Deodorant  https://freedomdeodorant.com/ Connect with Wickedly Smart Women® Wickedly Smart Women Wickedly Smart Women on X Wickedly Smart Women on Instagram Wickedly Smart Women Facebook Community Wickedly Smart Women Store on TeePublic [5X Award-Winning Book] Wickedly Smart Women: Trusting Intuition, Taking Action, Transforming Worlds Email: listeners@wickedlysmartwomen.com    

This week, Jack Sharry talks with Indivisible Partners' Founder and Chief Technology Officer, Alok Kapoor, and Founder and Chief Operating Officer, John Hoharty. Alok oversees and guides the firm's technology direction and brings leadership experience from Fidelity Investments and Merrill Lynch. John leads the company's growth by optimizing operations and technology, with a track record of managing large-scale initiatives and building platforms at Merrill Lynch's Global Wealth and Investment Management for Bank of America. Alok and John discuss how technology and operations serve as competitive differentiators for wealth firms. They share how they built a fully integrated platform, powered by technology and human expertise, to align clients', advisors', and firms' objectives. Alok and John also discuss what it means to deliver total wealth advice and how the future of wealth management will be shaped by those with the capabilities to serve clients best and build processes and efficiency into their businesses. In this episode: (00:00) - Intro (01:51) - The 'why' behind Indivisible Partners  (03:55) - How innovation in fintech has transformed wealth management   (06:01) - Technology and operations as competitive differentiators (09:46) - What Indivisible Partners is building and who it's for  (13:28) - Why platform architecture and integration matter  (18:38) - Scaling organic growth without losing the client experience  (20:23) - What the best firms will look like in the future (21:50) - John and Alok's key takeaways (24:41) - John and Alok's interests outside of work Quotes "When you're dealing with people's wealth, you can't make mistakes in the back office. The soundness and safety, the consistency, and the quality of the reporting and interaction in this day and age, the movement of money, and the protection of those assets are so important." ~ John Hogarty "We needed a capability where every advisor could lay out their desktop exactly the way they want to see information, in the order they want to see it." ~ John Hogarty "Everybody out there will talk about the capabilities they're building into their products. It's really easy to move quickly on a rocky foundation. We work really well in making sure we're moving very quickly on an extremely solid foundation." ~ Alok Kapoor "Most firms treat technology and operations as back-office cost centers. They're measured on risk. They're measured on budget. We think of them as the product. Because to the advisor and client, this stuff working is the product. It has to work." ~ Alok Kapoor Links  Alok Kapoor on LinkedIn John Hoharty on LinkedIn Indivisible Partners John Thiel Advyzon Connect with our hosts LifeYield Jack Sharry on LinkedIn Jack Sharry on Twitter Subscribe and stay in touch Apple Podcasts Spotify LinkedIn Twitter Facebook

Are You the One? We have one spot left in both cohorts Designing Your New Life in Retirement small group program, beginning in September. Is now the time to start working on what you’ll be retiring to? Learn more here | Sign up here Prepare for Takeoff: Is your money better prepared for retirement than you are to live it? Take this free 5-minute assessment to highlight may need you attention to build the retirement you’ve earned. __________________________ We spend a great deal of time thinking about how much we exercise. Esther Gokhale asks another question: How are we using our bodies during all the hours when we aren’t exercising? Esther Gokhale, creator of the Gokhale Method, became interested in posture after experiencing a severe L5-S1 disc herniation while pregnant with her first child. Surgery was followed by another herniation, and she began searching more broadly for ways to change how she moved in everyday life. In this conversation, Esther explains why she considers posture a missing pillar of wellness and why she believes ordinary activities (walking, sitting, standing, bending and even lying down) can become what she calls “life exercises.” We explore why sitting itself may not (completely) deserve its terrible reputation, what she means by a “J-spine,” how walking mechanics affect the entire body, and what modern adults can learn from young children and populations whose traditional movement patterns have been preserved. Most encouragingly for people in the second half of life, Esther argues that we should distinguish between what becomes common with age and what is necessarily natural. Her message is clear that our capacity for improvement often lasts much longer than we assume. _____________________ Bio Esther Gokhale (GO-clay) has been involved in integrative therapies all her life. As a young girl growing up in India, she helped her mother, a nurse, treat abandoned babies waiting to be adopted. This early interest in healing led her to study biochemistry at Harvard and Princeton and, later, acupuncture at the San Francisco School of Oriental Medicine. After experiencing crippling back pain during her first pregnancy and unsuccessful back surgery, Esther Gokhale began her lifelong crusade to vanquish back pain. Her studies at the Aplomb® Institute in Paris and years of research in Brazil, India, Portugal and elsewhere led her to develop the Gokhale Method, a unique, systematic approach to help people find their bodies' way back to pain-free living. Gokhale’s book, 8 Steps to a Pain-Free Back, has been translated into ten languages. Esther Gokhale has taught at corporations such as Google & IDEO, presented at conferences including TEDx(Stanford), consulted for the trainers of the SF 49ers and several Stanford sports teams, and conducted workshops for physician groups at Stanford, Kaiser Permanente, Sutter Health, UCSF. The New York Times gave Esther the title “The Posture Guru of Silicon Valley. A Stanford clinical trial is currently studying the Gokhale Method. _____________________ For More on Esther Gokhale Website – Gokhale Method 2-minute Video Overview of the Gokhale Method  8 Steps to a Pain-Free Back by Esther Gokhale ____________________ Other Retirement Podcasts You May Like The Joy of Movement – Kelly McGonigal Eat Your Ice Cream – Ezekiel Emanuel, MD, PhD Make Your Next Years Your Best Years – Harry Agress, MD _____________________ About The Retirement Wisdom Podcast There are many podcasts on retirement, often hosted by financial advisors with their own financial motives, that cover the money side of the street. This podcast is different. You'll get smarter about the investment decisions you'll make about the most important asset you'll have in retirement: your time. About Retirement Wisdom I help people who are retiring, but aren't quite done yet, discover what's next and build their custom version of their next life. A meaningful retirement doesn't just happen by accident. Schedule a call today to discuss how the Designing Your Life process created by Bill Burnett & Dave Evans can help you make your life in retirement a great one — on your own terms. About Your Podcast Host Joe Casey is an executive coach who helps people design their next life after their primary career and create their version of The Multipurpose Retirement.™ He created his own next chapter after a 26-year career at Merrill Lynch, where he was Senior Vice President and Head of HR for Global Markets & Investment Banking. Joe has earned Master's degrees from the University of Southern California in Gerontology (at age 60), the University of Pennsylvania, and Middlesex University (UK), a BA in Psychology from the University of Massachusetts at Amherst, and his coaching certification from Columbia University. In addition to his work with clients, Joe hosts The Retirement Wisdom Podcast, ranked in the top 1% globally in popularity by Listen Notes, with over 2 million downloads. Business Insider recognized Joe as one of 23 innovative coaches who are making a difference. He's the author of Win the Retirement Game: How to Outsmart the 9 Forces Trying to Steal Your Joy. __________________________ Wise Quotes On Posture “Posture is very underrated as a pillar of wellness…Change the way you are living in your body….It’s sort of indispensable that we do life more skillfully because that’s where the big opportunities are.” On Misconceptions on Aging “Don’t…lower our standards and call things that are common natural.” On Why Now? “It’s never too late.” __________________________ The views and opinions expressed by guests on The Retirement Wisdom Podcast are those of the guests and do not necessarily reflect the policy or position of the host or Retirement Wisdom, LLC. The Retirement Wisdom Podcast covers the non-financial aspects of retirement. From time to time we may invite guests who discuss other aspects of retirement planning, solely for educational purposes. Listeners are advised to consult qualified financial and/or medical professionals on those matters.

Zane Keller, CEO of Ducere Wealth Management, is driven to Lead, Guide, & Educate clients and employees by helping them solve meaningful problems and achieve their goals. Through personalized financial guidance and a culture of empowerment, Zane supports clients with complex financial needs while giving employees the tools, trust, and opportunities they need to grow professionally. In this conversation, Zane introduces The Turn the Ship Around Framework—Delegate Decisions to the Source of Information, Put the Right People in the Right Seats, and Remove Friction That Impedes Performance. He explains why informed employees should have the authority to make decisions, how leaders can remove barriers instead of controlling daily operations, and why culture must remain a priority as a company scales. Zane also discusses macro patience and micro speed, creating opportunities for employee ownership, encouraging intrapreneurship, and helping multigenerational families coordinate their investments, tax planning, estate planning, and financial legacies. — Lead, Guide, & Educate with Zane Keller  Good day. Steve Preda here with the Management Blueprint Podcast, and my guest today is Zane Keller, CEO of Ducere Wealth Management, with a vision to be the leading provider of tech-driven, tax-optimized wealth management services for clients through their advisory support, that every client’s assets, time, and relationships are prioritized. Zane, welcome to the show.  Thanks, Steve. Appreciate you having me.  So, Zane, before we jump in and talk about Ducere Wealth, I’m very curious about your personal why, and how are you manifesting it in the company through the company’s business?  Sure. Well, early on, I knew I liked—one of my biggest passions was helping people solve problems. And one of the amazing things about being in the wealth management industry is you get to help people solve a lot of problems that are personal for them, and that’s their finances. It tends to be a personal subject for them, and allowing them guidance, support, understanding, and being a listening ear is what I find to be extremely rewarding in the business we have. But starting a company and having a team, and building that team, and building all the infrastructure and support and all of that, to me, the employees are as much clients as our clients are clients.  And so it’s an interesting position that I’m in, where it’s a dual role of both looking at it from a standpoint of how do we help our clients with the day-to-day or yearly challenges they face, but also how do I make sure that our employees are empowered to deliver the right client service and feel that they can continue to grow and expand in their careers. So I just like helping people, and I get to do it every day.Share on X  Yeah. Okay. That’s great. So when you talk about solving problems, obviously finance is a mirror for all an individual’s life aspirations, problems, challenges, opportunities, all that stuff. Your people are also humans, individuals, and they probably have similar challenges, so that’s a really neat mosaic there. So what is most challenging in building a wealth management firm like that?  I think the most challenging thing is all of the decisions are on you. And when I talk to other business leaders, there isn’t a roadmap, there isn’t a manual in terms of how people build their businesses, build their teams, and a lot of it is a balance of both trusting your instinct and what your background and lessons have been, as well as trusting those that you have brought in to help build the enterprise.  I was fortunate that I get to work with my dad, who had gone through this venture before, and we’ve gotten a chance to partner together and build it from the ground up. We went from a year ago, I had to order two laptops on Amazon, get a URL from GoDaddy, and start from scratch. And, you know, a year later, we find ourselves with 14 employees, an office in Newport, an office in Las Vegas, $600 million in assets under management, and continuing to want to grow, and being fortunate that we have a tremendous client base who trusts us.  But we’ve been able to attract and retain top-quality employees and team members who we rely on every day to continue building out the vision.  Well, I mean, building $600 million in assets under management in a year in a business like wealth management sounds almost like an impossible goal. Did you have a portfolio that you kind of imported into this business, or was that completely from scratch?  No. We had clients that we had worked with previously. We had left a big bank.  Okay.  And so some of those clients came over with us, but a lot of it was growing organically through COIs, through other marketing efforts, and bringing on other advisors who wanted to leverage our platform to provide a better service for their clients.  That’s fantastic. So how does one start a wealth management business? It sounds like one of the hardest businesses to start because it’s a trust-based business, from what I see, and it’s a very slow-burn kind of business. How do you actually grow a business like that?  Well, I think first is, in our industry, what’s interesting is there’s a lot of different business types. You have the wirehouses, the broker-dealers. There are people that are very successful just being anchored to a Wells Fargo or a J.P. Morgan or Merrill Lynch and building within that. Then you have folks who have gone to the roll-ups. Private equity has become pretty involved in our industry—a lot of roll-ups, a lot of consolidation.  Their value proposition is defined platforms that you can just plug in. And then you have what I consider the true independents, ourselves included, where we had a vision of we didn’t want to be held back or bogged down by two areas. One, as things get larger and larger and larger, the wheels turn slower and slower. And I think we're in a unique area from a business evolution cycle that leveraging AI, leveraging the technology, being able to make decisions quickly is going to be a substantial differentiator over the next several years.Share on X  And we didn’t want to have the conflicts that inherently come when you are backed by investors, and the focus is how do you maximize revenue, even if it may be at the expense of clients or at the expense of employees or at the expense of growth that you don’t see the return on investment for several years. So we decided that we were going to do it from scratch. Luckily, I had a background in—at the previous firm, I had helped build out all of the tech stack.  I’d worn almost every hat you can have at an RIA, and I had the experience from my father having gone through this, that between the two of us, there was enough goodwill or brand equity to build it out. But the other thing that we decided to do is there’s a reason it’s not called Keller Wealth or Keller Investments. The goal was never to have it be about ourselves. It was about creating a brand and a vision where others feel like they can be a part of.  357: Lead, Guide, & Educate with Zane KellerShare on X So as we brought on employees, I’ve challenged them that they have a responsibility to make an impact on the organization, and we start with culture. People have to be a culture fit first. We will not sacrifice culture for all the money on God’s green earth because I can confidently say that I don’t know how much business or revenue we’re missing out on if the team is not functioning at the highest level possible. So the first and foremost is a cultural fit. Then we look at the skills, the competencies, the ability to grow. But for us, culture is number one.  Yeah, love it. So what does it take to grow a wealth management firm? What drives growth in your business?  I think it takes three kind of main pieces. One is understanding that there’s a term GaryVee uses called “macro patience, micro speed.” And what we had set out initially is I knew that there were several steps between SEC registration, getting relationships with a custodian, getting relationships with tech vendors, finding office space, all of that that needs to be done just from a basic business foundation standpoint. What I needed to do, when we needed to do it, and logging every week.  I actually would send emails to myself and my dad for the first two months before we had employees of everything that got done the previous week, and what we needed to get done the next week, and what our blockers were if things couldn’t get done. Then that kind of grew into, as we had employees, becoming a consistent weekly check-in as we were heading towards what I consider our launch date, which was July 28th, because that’s when we actually received SEC approval.  So the first two months was just building the architecture, building up where we’re going to work, what we’re going to work with, all of those decisions being put in place. I’m fortunate enough that I’ve been involved with a lot of different companies in the industry over the years. So I had people who had done this before, people who had worked with large RIAs, small RIAs, and everything in between to lean on as advisors.  I think one of the things that I was more than surprised by was the amount of outpouring of support. “I’m happy to help you. What do you need? What can we do to make you successful? I know someone that I can connect you to.” And I think that's kind of the unique thing about our industry, is that there is a lot of camaraderie and willingness to help each other, even if you may be competitors in some aspects.Share on X  That’s interesting. So when you say “macro patience, micro speed,” what do you mean by that exactly?  So our goal is to get to a billion or more in AUM. And while I’d love to do that overnight, it takes time, both from bringing in clients, market performance. I’d love everything to be fully integrated from an AI standpoint, but again, those things take time. So a lot of the times, I think leaders have an issue with wanting to get to the destination as quickly as possible and not thinking through all the steps they need to get there.  So each step along the way, or what I consider the day-to-day, I try to get as much done in the hours that I have during the day, and that’s where the speed lies. And eventually that compounds, just like investing, into where we want to go from an overall firm standpoint. But me saying, “I just want to be at a billion dollars,” that’s great. But you’re going to say, “Well, what are you doing every day to get there?” I can go, “Well, I’ve had this many prospect meetings.  I’ve had this many client meetings. We’ve reviewed this much market information. We’ve decided to put money towards these investments.” It’s the day-to-day decision-making and being quick in doing that that I think is imperative for us to get to where our goal is going to be.  Okay. So this is a podcast called Management Blueprint, and it’s a podcast of frameworks. We are 350-plus episodes in, and every episode is a different framework. So I wonder, what’s a framework that you have come across, or maybe your did or you guys refined it, invented it, or improved it, that helps you build this business, that helps you do something more effectively, maybe getting new clients, maybe building your team members or training them, maybe getting the word out, whatever part of business it is that can be explained in three to five steps?  Sure. So there’s a book called Turn the Ship Around! by David Marquet, and that, from a leadership standpoint, is the mentality that I have taken since day one. To boil it down into one sentence, it’s this: The people with the information make the decisions. And so if the team is coming to me all the time for every possible decision in order to move this business along, there’s no way that we’re going to grow at the rate or grow, arguably, period, the way that we want to succeed.  So when I sit down with the team, one, the first question needs to be, if you’re running an enterprise like this, do you have the right people in the positions they’re at? Do they have the competencies, the understanding, and the cooperation with others to effectively make decisions in their role? And then the second thing that I spend the majority of my time on is, are there things inhibiting them from doing their role? So things such as, do they not know what their budget is? Do they not know who the decision-makers on the other end are? Do they not know that they are responsible or allowed to make those decisions?  So my goal is to make sure that they understand that if they have the information and we have built what the, I guess, framework or the bumpers are in bowling, that it's their decision to make and to inform me why they made the decisionShare on X not for them to come to me and say, “Do we do A or do we do B?” When we have a team, the expectation is there’s a lot of moving pieces. To your point earlier, it’s a lot to run an RIA. It’s a lot to run a wealth management firm.  There’s several things happening all at once, several things that are intertwined, and you can’t have one person that is reasonable as you grow in scale to be aware or understanding of the pros and cons of every decision. So we’ve brought people on. We have a full investment team. They are responsible for making the investment decisions. I listen in, but I’m not doing the due diligence. I’m not meeting with the managers. I’m not doing all of that. We have folks that are responsible from an operations side, making sure things day-to-day happen. I’m not the one making the decisions on that.  But if they come to me and say, “Hey, this is becoming difficult,” or, “We can’t get ahold of so-and-so,” then I step in. But the whole point of it is making sure that they feel empowered. The people with the information make the decisions. You get the right people in place, you should have, from a leadership standpoint, very few decisions you have to make on a day-to-day basis.Share on X Yeah, that’s great. So basically, you share your contextual understanding of your business with the people who work for you so that they can connect the dots as well, make decisions, and you can focus on the strategic part of the business. What do you and your dad focus on?  Yeah. I’d say it’s two parts. One is focusing on the more complex client issues, as we have multi-generational, multi-family clients, and also where we want the business to go. And it’s not one-dimensional. It’s bringing on more clients, plus bringing on additional advisors, plus looking at things from a national standpoint. After COVID, Zoom has become very useful, and people have become comfortable with having what I consider tele-wealth.  So their advisor may be in a different state, and they’re completely comfortable with that. And so it’s pursuing all of these various growth avenues because the day-to-day is being taken care of. So my focus is just that. It’s focusing on strategy. Where does the next $600 million come from? What about the $600 million after that? And how do we continue to grow in a manner where we don’t sacrifice some of the things that make us unique? As an example, our team constantly talks, interacts all day long, not just on “This is the work that needs to be done,” but people genuinely like working together.  I don’t have a strict in-office policy. The entire team’s here five days a week. I’ve not asked them to do that. I’ve not said they need to do that, but they genuinely enjoy working here. So when we open up a second office, how do we keep that kind of consistency? When we open up a third office or fourth? It's those kinds of areas that I think I spend a lot of my time trying to figure out and see how we grow without sacrificing some of the core values that we have.Share on X  Yeah. So what are your core values?  Probably three big ones. One is, I don’t know if I’m allowed to say it on the podcast here, but we have a no-assh*le policy. You have to be a genuinely good person to work here. You have to genuinely care about other people, and that is the first test. Two, we want, just like the firm grows, we expect the team to grow personally and professionally.  So if you’re going to be here when we do a review, I’m going to ask you: How are you better at contributing to the organization, to your team, and to your coworkers than you were a year ago, and what do you expect to do better a year from now? And then the third thing is: How are you defending our culture? We may have new people come in. What are you doing to set the tone as to how we work here at Ducere? Because, as I mentioned earlier, it’s not just about me and my dad. It’s about the collective organization, each individual playing their part to enhance and protect our culture.  Yeah. So it’s very clear that you talk about culture repeatedly. It sounds like it’s a really big part of your identity and how you want to build this firm.  Absolutely.  So what’s one thing that you’re actively trying to figure out in this business right now?  I think one of the big things is: How do we effectively bring on an advisor where we understand they have a book of business, and we understand they have a certain way of doing things, integrating them into our platform, but allowing them to operate with their own unique style. One of the challenges with scale is sometimes you scale and you give up originality or a unique way that, Steve, you may do something, then I do it a little differently, but it ultimately gets the same goal.  And really looking at what are the goals or deliverables that an advisor wants to bring to their clients, and can we allow them flexibility to get there in their own way? And I’ll give you a good example. So what we do from an asset management standpoint is we have what I call an open architecture. So for any given portfolio, there can be a number of combinations and permutations that give you a similar risk profile or result, and we leave that up, if the advisor wants to, for them to decide what that makeup looks like, as long as it’s within the parameters that we’ve set from a risk standpoint.  So as an example, Steve, you say, “I’m aggressive,” and I go, “Great. I’m not going to put you in one stock if you’re retired. That’s too aggressive.” But we do have several things that are approved on the platform, and we do continuous due diligence where we can say, “Steve, here’s two or three options. Which best serves your client? Which is going to be something that your client understands and feels comfortable with?” So that’s one area that we’ve really been trying to focus on and figure out how we express that differentiator in a way that it actually resonates with those advisors.  Yeah. That’s great. So basically, you want to build an organization where people can stay entrepreneurial. They don’t have to just live in a box that is given to them. So you capture more creativity and more personality in your business so that you can grow in a more nimble way. Is this what you’re trying to do here?  Yeah. I think the official term they’ve called it is intrapreneurship instead of entrepreneurship. But yes, the goal is: How do we get the team to come and say, “Hey, I think we have this issue, and here’s the solution I want to have, and it’s a little different than what we do, but I think there’s a way to make it happen”? And again, the people with the information make the decisions. How do I remove as many blockers as possible so they can continue to pursue that avenue? But the big thing is, some folks sometimes get sidetracked.  They go down rabbit holes or they veer off on projects that may not be going towards what our goal is, right? Growing, adding more revenue, adding more clients. And so as long as there’s a tieback to what our goals are as a firm, then we’re all for empowering them to be able to pursue those passions.  How do you maintain that structure in a family-started business? That can be a tricky one. People might feel that there’s a glass ceiling or they’re always going to stay an outsider. How do you resolve this tension?  That’s a great question, and it’s something that verbally hasn’t come up to me, but I can certainly see people’s perspective on it. And so my dad and I tend to be pretty transparent as to what's going on, what we're dealing with, getting feedback from the team.Share on X And while this is a 40-plus-year venture for me, for my dad, it’s probably about another 10-year venture for him.  And so we’ve stated that our goal is to get to the point where we can be 100% employee-owned, but we can have multiple employees who are owners of the firm. I’m a strong believer in giving people the opportunity to earn their equity. And if we do get to the point where we sell the organization one day, I want to brag about how many millionaires I created.  I don’t think anyone will ever care how many millions someone makes for themselves. And so we’ve, from day one, been very vocal and communicative to the team that the expectation is that as many of the employees as it makes sense, and that they’ve earned it, can earn equity. We plan on doing that, but it’s probably not going to be until about year three where we actually start putting that together from a formal standpoint.  Yeah. That’s fascinating. So who is an ideal client for you? So if someone is listening to this and they think, “Ah, maybe I should talk to Ducere,” how do they know whether they are in the sweet spot of what you’re looking for and who you can serve the most?  Sure. Well, our best clients are ones that tend to be multi-generational, so they’re families that are looking to pass on the management of the wealth from maybe the matriarch or the patriarch to the next generation, and they have more complex investments, partnerships, family limited partnerships. They have an interest in private or alternative investments, and they’re looking for someone to help with that transition and possibly help with the next generational transition, and a partnership that’s another 20 to 30 years.  So folks that are qualified investors that tend to have complex tax and estate needs and really want someone who’s a quarterback between all the other professionals that they work with—CPAs, attorneys, et cetera—that’s who our ideal client is. There are firms out there that offer everything in-house, right? We do your taxes, we do everything. And the analogy I like to use with clients is that’s like going to a buffet. Buffets, for some people, are great, but I’ve never had my greatest meal at a buffet.  Usually, it’s fine dining, where it’s a specific niche that they are looking to serve. And so if they’re happy with the other professionals that they work with, our job is to fill in that gap to make sure that things get coordinated, they get an understanding of what their financial picture is, it’s clear-cut as to how to get to those goals. And I think the biggest and most successful clients we’ve had are ones who want to learn. They want to be educated clients. They want to be educated investors. And so those are the type of clients that would be ideal: multi-generational, complex financial needs from a tax, estate planning, and private investment standpoint.  They’re also looking to work with a firm that may not have some of the conflicts that the Merrill Lynches and Wells Fargos, who may sell you their own proprietary products, because we don’t make any commission. We’re fee-only. Or some of the PE firms who are looking to figure out how to maximize profit off each client. And that’s not the way that we look at it either.  Yeah, I think a lot of people are waking up to the idea that if the owners are super profit-oriented, then it means someone will have to pay the bill. And if there’s a huge imbalance between the motivations of the company and the individuals, then it can create tensions down the road. When I look for home services, I always look for, okay, which company is the one that maybe is a locally owned one, genuinely locally owned with real people that I can talk to and who I can trust, rather than a faceless institution that essentially dictates the policies that may not always be in my interest.  So I appreciate the independence. So if the listeners would like to learn more and figure out whether they have enough complexity or whether you are the right fit for them, where can they find out more, and how can they connect with you?  Sure. We have our website, ducerewealth.com. We’re actually, for our one-year anniversary in about two weeks, revamping it, and so there’s going to be a lot of resources for all the various niche types of clients that we work with, and there are several forms out there. You can contact me, zane@ducerewealth.com. I’m a principal, but I talk to our prospects and clients, and we just want to do what’s best for the client. So, ducerewealth.com, and we welcome any and all of those interested.  Okay. So if you have complex financial needs, or you just want to think about your legacy and transition maybe to the next generation and how to maximize your wealth, check out Ducere Wealth Management and reach out to Zane Keller on LinkedIn. And if you enjoyed the show, then make sure you follow us on YouTube, give us a review on Apple Podcasts, and stay tuned because every week we have a couple of exciting entrepreneurial leaders who come to the show and share their most secret frameworks. So Zane, thanks for coming, and thanks for listening.  Thank you, Steve. I appreciate it. Important Links: Zane's LinkedIn: Zane's website: Zane's email: zane@ducerewealth.com

Listen and subscribe to Money Making Conversations on iHeartRadio, Apple Podcasts, Spotify, www.moneymakingconversations.com/subscribe/ or wherever you listen to podcasts. New Money Making Conversations episodes drop daily. I want to alert you, so you don’t miss out on expert analysis and insider perspectives from my guests who provide tips that can help you uplift the community, improve your financial planning, motivation, or advice on how to be a successful entrepreneur. Keep winning! Two-time Emmy and three-time NAACP Image Award-winning television Executive Producer Rushion McDonald interviewed Sonia Balfour-Fears.

Listen and subscribe to Money Making Conversations on iHeartRadio, Apple Podcasts, Spotify, www.moneymakingconversations.com/subscribe/ or wherever you listen to podcasts. New Money Making Conversations episodes drop daily. I want to alert you, so you don’t miss out on expert analysis and insider perspectives from my guests who provide tips that can help you uplift the community, improve your financial planning, motivation, or advice on how to be a successful entrepreneur. Keep winning! Two-time Emmy and three-time NAACP Image Award-winning television Executive Producer Rushion McDonald interviewed Sonia Balfour-Fears.

What if every door that ever opened for you started with a message you almost didn't send? In this episode, Susanne Sandler, SVP and GM of Fintech at Mews, a $2.5 billion global hotel technology company, shares how a bold application as a college sophomore led her into the office of the CFO of Merrill Lynch, and how a cold message to a keynote speaker years later led to six years working alongside the future CEO of Booking Holdings. Susanne runs the fintech division at Mews, which accounts for 75% of company revenue. But the principles that drive how she leads trace back to two men who saw her potential before she did, and to one simple belief: you miss 100% of the shots you don't take.   [00:03:48] What She Does and Who She Serves SVP and GM of Fintech at Mews, a $2.5 billion global vertical SaaS company Mews calls itself the operating system for modern hotels Runs the fintech business, which is about 75% of company revenue [00:04:30] Who Mews Serves Serves everything from small mom and pop hotels to large global chains Partnerships with Best Western, Choice, and the Asian American Hotel Owners Association AHOA members make up about 60% of US hotels [00:05:30] What Inspires Her Travel is where people have their most memorable experiences Most people name a trip when asked about their best moments of the year Mews removes the manual work so hotels can focus on the guest experience [00:06:48] How She Got Here Started her career in financial services and investing in financial companies Won her undergraduate business plan competition and launched a tech startup in New York The last 12 to 13 years have been focused on travel tech and fintech Says she feels lucky every day doing work that combines both passions [00:08:17] Client Impact: The Multi-Currency Win Launched a product letting hotels offer FX services to guests Guests can lock in their price in their own currency Hotels now earn markup revenue that previously went to banks and card networks Some hotels cover the full cost of all their Mews services from this product alone [00:10:52] AI at Mews: Thoughtful, Not Trendy Building a semantic data layer combining guest, property, and payments data The goal is better insights and experiences, not just cutting headcount Early results from the approach have been incredible [00:12:11] The Vision for Fintech at Mews Wants to build a holistic financial suite for hotels Expanding beyond payments into accounts, loans, and supplier payments Everything is deeply embedded and connected to hotel data [00:13:27] Why Hospitality Is Underserved Hotels have seasonal cash flow that banks struggle to understand Mews holds all bookings data plus a revenue management system That gives a full forward-looking picture of the business Underwriting becomes far easier than a bank reading old financial statements [00:15:08] The First Relationship That Changed Everything Saw an internship posting at NYU Stern for the CFO of Merrill Lynch Assumed it couldn't be the real CFO; applied anyway Walked in thinking worst case she meets someone impressive, best case she gets the job A short-term role became over two years with growing hours and responsibility [00:17:54] What She Learned from Him Finding people who believe in you and see your potential is everything Learned resilience by working under constant high-pressure stakes He was precise and held her fully accountable for her numbers People still compliment her composure; she credits that early training [00:20:24] Treating Every Human with Respect Watched him treat the person cleaning his office the same as a head of state He did it because it was right, not for gain That taught her the kind of person she wanted to become as she grew senior [00:21:31] How He Set Her Up After College He opened doors to meetings with teams across Merrill Lynch She still had to prove herself and work the grueling hours Landed a role investing in equity, debt, and early fintech companies That first role set the tone for the next 20 years [00:25:02] What Makes Mentorship Actually Work Both sides have to invest in the relationship Assigned mentorships often fail; organic ones tend to succeed Nobody owes you anything; it is all give and take [00:26:13] The Second Relationship: Glenn Fogel Saw Glenn deliver a keynote at a conference in 2013 and was blown away He told the story of rebuilding Priceline after the dot-com crash The company is now Booking Holdings with a $135 billion market cap [00:28:18] The Cold Message That Changed Her Career Reached out just to tell him the presentation was incredible He responded, they talked, and he ended up hiring her She worked with him and his team for over six years [00:29:08] What She Learned from Glenn Got a front row seat as he became CEO of Booking Holdings in 2017 Was handed some of the most critical projects for the business Learned what leadership looks like at the highest level Left only because she had learned enough to run a company at IAC [00:31:26] You Miss 100% of the Shots You Don't Take For every story that worked, there are hundreds that went nowhere She repeats the Gretzky line whenever imposter syndrome shows up There is almost no downside to taking the shot [00:33:10] Why Glenn Still Makes Time Even as a global CEO, he finds time for people who reach out He has never become overconfident or self-important He continues supporting people who did right by him Relationships become exponentially more valuable as both people grow   KEY QUOTES "Finding those people who believe in you and see potential in you, I would say, is so important." - Susanne Sandler "You miss 100% of the shots you don't take. I say that to myself a lot when I'm like, well, what's the point?" - Susanne Sandler "That's how we all give back, and that's how we all create this great karma in the world and support each other." - Susanne Sandler CONNECT WITH SUSANNE SANDLER Website: https://www.mews.com LinkedIn: https://www.linkedin.com/in/susannegreenfield   Thanks for tuning in! If you liked my show, please LEAVE A 5-STAR REVIEW, like, and subscribe! Find me on: Apple Podcasts | Spotify | iHeart Radio | Stitcher

Guest Full Name: Dr. David-Alexandre (“DA”) C. Gros, MD CEODA's Bio:Dr. Gros has served as Chief Executive Officer and a member of the Board of Directors of Eledon Pharmaceuticals, Inc. since September 2020. He joined Eledon Pharmaceuticals from Imbria Pharmaceuticals Inc., where he served as Co-Founder, Chief Executive Officer and Chairman of the Board of Directors. Prior to Imbria, Dr. Gros was President and Chief Operating Officer of Neurocrine Biosciences, Inc., Chief Business and Principal Financial Officer of Alnylam Pharmaceuticals, Inc., and Chief Strategy Officer of Sanofi, S.A. Before joining Sanofi, Dr. Gros held leadership positions in healthcare investment banking at Centerview Partners, LLC, and Merrill Lynch, Pierce, Fenner & Smith Inc., and in healthcare consulting at McKinsey & Company. He previously served on the Board of Directors of Eliem Therapeutics, Inc., a biotechnology company which he co-founded, and is currently the Executive Chairman of Saint Jean Groupe, S.A., a leading French manufacturer of pasta products since 1935.Dr. Gros earned his Doctor of Medicine from The Johns Hopkins University School of Medicine, a Master of Business Administration from Harvard Business School, and a Bachelor of Arts from Dartmouth College.Company: Eledon Pharmaceuticals, Inc.Ticker: ELDNWebsite: https://eledon.com/About the Company:Eledon Pharmaceuticals, Inc. is a clinical stage biotechnology company that is developing immune-modulating therapies for the management and treatment of life-threatening conditions. The Company's lead investigational product is tegoprubart, an anti-CD40L antibody with high affinity for the CD40 Ligand, a well-validated biological target that has broad therapeutic potential. The central role of CD40L signaling in both adaptive and innate immune cell activation and function positions it as an attractive target for non-lymphocyte depleting, immunomodulatory therapeutic intervention. The Company is building upon a deep historical knowledge of anti-CD40 Ligand biology to conduct preclinical and clinical studies in kidney allograft transplantation, xenotransplantation, islet cell transplantation, and amyotrophic lateral sclerosis (ALS). Eledon is headquartered in Irvine, California.

Helping clients create dependable retirement income has become one of the biggest challenges financial professionals face as pensions continue disappearing. In this episode, Jeremy Houser welcomes Grant Kvalheim, CEO of Athene to discuss how the retirement income industry is evolving. Grant shares Athene’s approach to long-term growth, transparency, product innovation, and private credit investing while explaining why lifetime income continues to become a larger part of retirement planning.  He also explores opportunities to improve the annuity experience for consumers and financial professionals, along with the leadership principles that have helped guide Athene’s continued growth. Key takeaways: How lifetime income solutions are evolving as fewer workers retire with traditional pension benefits. Why private credit plays an important role in supporting competitive retirement income products today. How transparency, financial discipline, and long-term planning influence Athene’s business decisions. Why improving the consumer and advisor experience can expand access to retirement income products. How leadership, vision, and continual innovation support sustainable growth over many years. And more! Connect with Grant Kvalheim: LinkedIn: Grant Kvalheim Website: Athene Athene for Producers Connect with Jeremy Houser: jeremy.houser@simplicitygroup.com  713-808-8548 Schedule a Call Our Teams Website Connect with Jeremy @jeremyhouser_amp @jeremyhouserAMP About Our Guest: Grant Kvalheim is CEO of Athene, where he is responsible for expanding market share, prioritizing innovation, entering new markets and leading the company through its next phase of growth. As CEO, he serves on Athene’s board and is a member of the Executive Committee. Grant joined Athene in January 2011 as its CFO and later served as President, a role he held until July 2025. As President, Grant was responsible for running the company’s U.S. operations with a focus on growing organic origination. In that capacity, he led Athene’s entry into the U.S. annuity business, where it has become the market leader. He also developed Athene’s Funding Agreement program, where Athene is the largest issuer, and guided Athene’s Pension Group Annuity franchise. Prior to joining Athene, Grant was Co-President of Barclays Capital, where he grew the European investment-grade credit business into a leading global credit franchise. Earlier in his career, he held senior executive positions in the investment banks of Deutsche Bank and Merrill Lynch. Grant holds a B.S. degree in economics from Claremont McKenna College, and an M.B.A. in finance from the University of Chicago. Grant currently serves on the board of directors of the American Council of Life Insurers, Great Outdoors Foundation, SolHealth, Mottahedeh & Co., Inc., and a member of the Geneva Association. Disclosure #: 5717541 – 0726

Time for an Upgrade? The honeymoon period doesn't last forever in retirement. The free Retirement Drift assessment takes five minutes. It's not a report card. No right answers. If you want to get started on working on the new Future You, that's exactly what the Designing Your New Life in Retirement program is built for. Six group sessions with 6 to 10 people doing the same, and a structured way to move from putting it off to designing. The September cohort is enrolling now with two scheduling options. Learn more here | Sign up here _____________________________ What would persuade a successful professional to trade seniority and compensation for beginner status, and six months of Police Academy training at 70? For John Fisher, the answer was not reinvention for its own sake. It was the chance to keep growing, serving, solving problems, and feeling fully engaged. Before becoming a Ranger, John spent more than 20 years at Sony Pictures Television, including as supervising producer of The Young and the Restless, where he won six Emmy Awards. His earlier career included work with HBO and key roles in launching MTV, VH-1, MTV Europe, and The Comedy Channel. His next chapter didn’t pop up overnight. It grew from volunteering. One opportunity led to another: EMT certification, a seasonal Ranger-Assistant role, ranger training, and eventually the Río Hondo Basic Police Academy. There, surrounded by much younger recruits, John became California's oldest graduate of a basic Police Academy, class president and was voted Most Inspirational. In this conversation, John explains how he handled the demands of the academy, why age brought advantages as well as limitations, and how three simple criteria (learning something new, helping people, and having fun) guided his choices. His story is dramatic, but his approach is accessible. Becoming a Ranger may not be your thing, but what small experiment might open your own unexpected next chapter? John Fisher joins us from California. _________________________ Bio John Fisher is a Ranger with the Mountains Recreation and Conservation Authority, a local park agency with extensive property in the Santa Monica Mountains. He joined the MRCA as a volunteer in 2024. After attending the Rio Hondo Basic Police Academy in 2025, Fisher completed field training and became a generalist ranger in 2026. Prior to the MRCA, Fisher worked for Sony Pictures Television for over 20 years as a supervising producer for “The Young and the Restless,” where he won six Emmy Awards. Earlier, Fisher worked on the NBC Enterprises syndicated daytime program, “The John Walsh Show.” He spent 11 years with HBO as a production executive, where he supervised a wide range of programming, including “Politically Incorrect with Bill Maher,” “The Chris Rock Show,” “Reverb,” and “Dr. Katz: Professional Therapist.” His experience encompasses key roles in launching MTV, VH-1, MTV Europe, and The Comedy Channel, as well as numerous producing and consulting credits for broadcast, pay cable, syndication, corporate, and home video projects. A longtime member of the Television Academy, Fisher has served on the Daytime Peer Group Executive Committee and the Daytime Awards Committee. He has been involved with community and educational endeavors and has volunteered with his homeowners’ association, Syracuse University's alumni advisory network, and Boston University's Los Angeles program. An avid cyclist, he has been a member of several advocacy groups and a volunteer trail maintainer. Additionally, he continues to volunteer with the Los Angeles Sheriff’s Department Search and Rescue team based in Santa Clarita and as a civilian volunteer for the Los Angeles Police Department through his membership in the California Emergency Mobile Patrol (CEMP). Fisher also belongs to the Mountain Bike Unit in the Santa Monica Mountains National Recreation Area and is a volunteer for the National Park Service and California State Parks. A native of Baltimore, Fisher holds a master’s degree from Syracuse University's Newhouse School and an undergraduate degree from Towson University. __________________________ Other Retirement Podcast Conversations You’ll Love The Third Act – Josh Sapan Mattering…in Retirement – Jennifer Breheny Wallace What If You Pivot Instead of Retiring? – Scott Siff ___________________________ About The Retirement Wisdom Podcast There are many podcasts on retirement, often hosted by financial advisors with their own financial motives, that cover the money side of the street. This podcast is different. You'll get smarter about the investment decisions you'll make about the most important asset you'll have in retirement: your time. About Retirement Wisdom I help people who are retiring, but aren't quite done yet, discover what's next and build their custom version of their next life. A meaningful retirement doesn't just happen by accident. Schedule a call today to discuss how the Designing Your Life process created by Bill Burnett & Dave Evans can help you make your life in retirement a great one — on your own terms. About Your Podcast Host Joe Casey is an executive coach who helps people design their next life after their primary career and create their version of The Multipurpose Retirement.™ He created his own next chapter after a 26-year career at Merrill Lynch, where he was Senior Vice President and Head of HR for Global Markets & Investment Banking. Joe has earned Master's degrees from the University of Southern California in Gerontology (at age 60), the University of Pennsylvania, and Middlesex University (UK), a BA in Psychology from the University of Massachusetts at Amherst, and his coaching certification from Columbia University. In addition to his work with clients, Joe hosts The Retirement Wisdom Podcast, ranked in the top 1% globally in popularity by Listen Notes, with over 2 million downloads. Business Insider recognized Joe as one of 23 innovative coaches who are making a difference. He's the author of Win the Retirement Game: How to Outsmart the 9 Forces Trying to Steal Your Joy. _____________________________________________ Wise Quotes On Trade Offs “I am earning a fraction of what I earned before. I am way down in the food chain, and I love it.” On Age Bias “If somebody's telling you you're too old, find new friends. They're just jealous.” On Future You “You have to figure out what kind of story you want to tell about this next phase of your life.”

Richard Bernstein and David Rosenberg reunite to debate the Federal Reserve, inflation, the AI investment boom, market bubbles, gold and the case for international diversification. The former Merrill Lynch colleagues examine whether the Fed should raise rates, how AI CapEx is reshaping the U.S. economy, why credit markets may lead the AI trade, what is driving gold, and where investors may find opportunities outside the mega-cap U.S. market.Topics coveredWhy the Taylor Rule points toward higher rates and why Rosenberg thinks the Fed should not hikeWhat slowing GDP growth, productivity and labor costs suggest about underlying inflationHow AI CapEx and data center spending may be misallocating capital away from housing and the broader economyWhy the current AI boom differs from the late-1990s technology bubbleHow credit spreads, CDS markets and financing costs could signal trouble in the AI trade before equities doWhat real interest rates, the U.S. dollar and central bank demand mean for goldWhy Bernstein views gold as a portfolio spare tire rather than a short-term tradeWhy non-U.S. stocks and international markets may offer a better valuation and growth opportunityHow AI exposure extends beyond the Mag Seven into financials, industrials and utilitiesWhy CAPE valuations, leverage, sentiment and market positioning point to a highly speculative U.S. marketWhy diversification becomes most unpopular when investors may need it mostWhat Bob Farrell's market rules say about crowded positioning and consensus forecastsTimestamps00:00 Introduction08:31 Why Rosenberg thinks the Fed should not hike16:02 AI, data centers and capital misallocation25:08 What is driving gold: real rates, the dollar and central banks36:11 Why Bernstein sees a secular shift toward non-U.S. stocks41:41 How AI concentration extends beyond the technology sector48:31 International diversification as protection from AI concentration54:06 Bob Farrell's Rule 9 and the danger of consensus1:00:06 The housing-cycle warning Bernstein and Rosenberg saw before the financial crisisLearn more about the Excess Returns podcast network:https://excessreturns.coNo information discussed in this podcast should be construed as investment advice. Securities discussed may be held by the hosts and guests, their firms or their clients.

Ryan Belanger — Founder & CEO, Claro Advisors Most firms are adding AI to existing workflows. Ryan Belanger chose a different path, acquiring a fintech company and rebuilding Claro Advisors around an AI-native platform. He explains why he believes the future belongs to firms that rethink how they operate, not just the tools they use. In Summary Most firms view AI as another technology investment. Ryan Belanger sees it as a business strategy. Louis sits down with the Founder & CEO of Claro Advisors to discuss why his $1.5 billion RIA acquired a fintech company, built an AI-native operating platform, and believes the firms that gain the biggest advantage won't simply adopt new technology—they'll rethink how their businesses are built. The conversation also explores the broader philosophy behind that decision. Ryan shares why he's consistently chosen unconventional paths—from recruiting younger advisors and embracing a partnership model built around ownership to investing in proprietary technology instead of relying on third-party solutions. For advisors, the bigger question isn't simply how AI will change their workflow. It's how it may change what it takes to build a durable, differentiated advisory firm. The Storyline Every generation of wealth management has been shaped by a different competitive advantage. For some, independence paved the way to build unique branding and a bespoke client experience. Inorganic growth and M&A gave many firms access to scale and growth. Today, many believe the next advantage will come from artificial intelligence. But simply adopting AI may not be enough. Ryan Belanger has spent his career challenging conventional thinking. He left Morgan Stanley in 2012, well before independence became mainstream. He built Claro Advisors by investing in younger advisors instead of competing for established producers. He embraced a partnership model centered on advisor ownership rather than restrictive employment structures. And when AI began reshaping the industry, he made another unconventional decision: instead of licensing another technology platform, Claro acquired a fintech company and built its own AI-native operating system. Louis explores the reasoning behind each decision and the philosophy that connects them. Ryan explains why he believes proprietary technology will become a defining competitive advantage, how Claro's AI platform, Claire, is changing advisor workflows, and why the biggest opportunity isn't replacing advisors; it's giving them more time to do the work clients value most. The conversation also tackles practical questions facing every advisory firm: how to integrate AI responsibly, where human judgment continues to matter most, and why the firms best positioned for the future may be the ones willing to redesign their businesses instead of simply adding another layer of technology. Topics Covered AI-native advisory firms Acquiring a fintech versus licensing technology Building proprietary advisor technology Advisor productivity and workflow automation Recruiting and developing younger advisors 1099 partnership model and advisor autonomy Enterprise building and long-term differentiation AI governance and advisor trust The future of wealth management technology > Download a transcript of this episode… Listen and Learn Highlights for Advisors Why did Ryan launch independently long before it became common? (7:30) Ryan explains why leaving Morgan Stanley in 2012 wasn't simply about independence—it was about creating a better business model while betting on himself. Why recruit emerging advisors instead of established producers? (15:00) Ryan shares why investing in younger advisors has become one of Claro's greatest competitive advantages and succession strategies. Why would an RIA buy a technology company? (23:45) Rather than licensing another platform, Ryan explains why Claro acquired NDVR to build proprietary technology that could fundamentally change advisor workflows. How does Claire actually help advisors day-to-day? (33:00) From meeting preparation and client follow-up to portfolio management and workflow automation, Ryan walks through how AI is saving advisors meaningful time. Will AI replace advisors—or make them better? (36:30) Ryan discusses where AI belongs, where human advice remains essential, and why he believes technology should enhance – not replace – the advisor relationship. What does the advisory firm of the future look like? (38:20) Ryan shares his long-term view of how AI, proprietary technology, and advisor expectations will reshape wealth management over the next decade. Key Takeaways Ryan believes firms that build AI into the foundation of their businesses will create greater long-term differentiation than those simply adding new software. Claro's acquisition of a fintech company reflects a strategy of owning core technology rather than relying exclusively on third-party vendors. AI is most valuable when it eliminates administrative work, allowing advisors to spend more time serving clients. Recruiting younger advisors and investing in long-term talent has become a defining part of Claro's growth strategy. Advisor autonomy, equity participation, and technology can create stronger retention than restrictive employment models. Human relationships remain central to wealth management, even as AI becomes increasingly capable. The firms that adapt fastest may be those willing to rethink their operating model—not just their technology stack. https://youtu.be/7XvSXi0PzXI Quotable Moments “I wanted to build something that was integrated instead of just layering another tool on top.” “We're trying to make really good advisors become super advisors.” “Clients still want advice from a person—but they're going to expect that person to know how to use AI.” “The firms that win won't necessarily be the ones using the most technology. They'll be the ones building differently.” FAQs Why did Claro Advisors acquire a fintech company? Ryan believed owning proprietary technology would create greater long-term differentiation than licensing another collection of third-party tools. What is Claire by Claro? Claire is Claro Advisors' AI-powered chief of staff, designed to automate advisor workflows, prepare meetings, organize client information, and streamline operational tasks. How is Claro using AI differently than many RIAs? Rather than layering AI onto multiple disconnected applications, Claro built an integrated operating platform where AI has access to the advisor's workflow, planning, portfolio, and client information. Will AI replace financial advisors? Ryan believes AI will automate much of the administrative work advisors perform today, but that clients—particularly those with more complex needs—will continue to value human advice and relationships. How does Claro recruit advisors? The firm emphasizes advisor ownership, partnership, equity participation, technology, and operational support instead of relying primarily on acquisition-based recruiting models. What does Ryan believe will differentiate advisory firms in the future? He believes proprietary technology, integrated AI, and the ability to improve advisor productivity will become increasingly important competitive advantages. Ryan believed owning proprietary technology would create greater long-term differentiation than licensing another collection of third-party tools. Claire is Claro Advisors' AI-powered chief of staff, designed to automate advisor workflows, prepare meetings, organize client information, and streamline operational tasks. Rather than layering AI onto multiple disconnected applications, Claro built an integrated operating platform where AI has access to the advisor's workflow, planning, portfolio, and client information. Ryan believes AI will automate much of the administrative work advisors perform today, but that clients—particularly those with more complex needs—will continue to value human advice and relationships. The firm emphasizes advisor ownership, partnership, equity participation, technology, and operational support instead of relying primarily on acquisition-based recruiting models. He believes proprietary technology, integrated AI, and the ability to improve advisor productivity will become increasingly important competitive advantages. Related Resources Why AI Matters Now: Filling the Estate Planning Gap with Wealth.com Emotional Intelligence: The “Untouchable” Differentiator in an AI World Diamond Consultants Annual Advisor Transition Report Ryan BelangerChief Executive Officer & Founder Ryan founded Claro Advisors in 2012 after seven years at Morgan Stanley. He named the company after a Latin phrase “to make clear in the mind.” All Claro advisors strive to give their clients clarity and transparency, core tenants of the firm. Claro is continuously recognized within industry for its growth and thought leadership. In 2004, Ryan received a BA in Economics from The College of the Holy Cross and in 2009, he earned the Certified Financial Planner™ distinction. He is most proud of his philanthropic activity. Along with his wife Rachel, they started a foundation that raises money for genetic research in the name of their late daughter, Bella. Their focus is on extreme rare disease. Ryan resides in Boston’s Back Bay with his wife Rachel and their three children. He enjoys exercising, golfing, reading and spending time with his family. He has been featured in numerous magazines and industry publications and is regularly on television sharing his market thoughts. 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… Why AI Matters Now: How a $1.5B RIA is Building the Firm of the Future A conversation with Louis Diamond and Ryan Belanger, Founder & CEO of Claro Advisors.      Louis Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is Why AI Matters Now: How a $1.5B RIA is Building the Firm of the Future. It’s a conversation with Ryan Belanger, the Founder and CEO of Claro Advisors. I’m Louis Diamond, and this is the Diamond Podcast for Financial Advisors. Mindy Diamond: At Diamond Consultants, we help elite advisors identify the right environment for their businesses to thrive, whether that’s at a wirehouse, boutique, or independent firm. With nearly three decades of experience, we’ve guided thousands of advisors and represented more than a quarter of a trillion dollars in assets transitioned. And each year, one in four advisors managing a billion dollars or more who change firms are our clients. Our process is education driven, and based on building relationships, starting as your strategic partner well before you’re even thinking of a move. To schedule a confidential conversation, call us at (908) 879-1002. Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions and more inspired us to create our annual Advisor Transition Report. It’s the award-winning data-driven resource designed for advisors that connects the dots between the motivations around movement and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions. Download your copy at diamond-consultants.com/transitionreport. Louis Diamond: Artificial intelligence has quickly become one of the biggest topics in wealth management in the world. Almost every firm is experimenting with new tools, looking for ways to automate tasks, improve efficiency, or help advisors serve clients more effectively. But what if AI isn’t just another technology to plug into your business? What if it becomes the foundation for how your business is built? That’s exactly why I wanted to have Ryan Belanger on the show. Ryan is the Founder and CEO of Claro Advisors, a billion and a half dollar RIA that’s taken a very different path than most firms in the industry. Rather than simply adding AI to an existing tech stack, Claro acquired a FinTech company and is building its own AI native operating system designed specifically for advisors. What’s interesting is that this isn’t really a conversation about software, it’s about strategy. Ryan has consistently gone against the grain from leaving Morgan Stanley to launch an independent firm in 2012 before it became commonplace, to recruiting younger advisors when others chased established producers, to betting that proprietary technology will become one of the biggest competitive advantages an advisory firm can have. If AI is going to reshape wealth management, and I think it will, the firms that benefit most may not be the ones using the most tools. They may be the ones rethinking how the entire business operates. Ryan shares what that looks like in practice, what he’s seeing from advisors today, and why he believes the next generation of advisory firms will look fundamentally different from the firms we’ve known over the last two decades. There’s a lot to cover, so let’s get to it. Ryan, thanks for joining us today. Ryan Belanger: Yeah, nice to see you. Louis Diamond: You too, good to see you again. For those who aren’t familiar with you and your firm Claro, why don’t you walk us through your background and how you found your way into the industry to set the table. Ryan Belanger: Yeah, sounds good. So background was after college, I got a job at Morgan Stanley. I’d done an internship while in college and that gentleman, Morgan Dewey, said you should look at the Morgan Stanley. So I applied, got a job immediately, and just a couple weeks after graduating, I began as a financial advisor in a training program at Morgan Stanley and spent a good amount of time there and was able to develop skills necessary that really I had all along just growing up, a lot of entrepreneurial spirit I think is important in this business, how to relate to people, some competitiveness. I just happened to luck out and get into a profession that rewarded some of those skill sets. Louis Diamond: I’d say it was the right choice for you. So I think you started at Morgan Stanley in 2004. You were 21, 22 years old, just cutting your teeth, but the financial crisis happens a handful of years later. So what was it like being a relative newbie and seeing client accounts falling, the world crumbling every day? What did living through that crash teach you that’s shaped how you’ve built your business or serve clients now? Ryan Belanger: I did learn a tremendous amount at Morgan Stanley and I do still tell people if they’re looking to start at a big shop with big training programs and resources and really try to figure out what you like and then you can go off and get more specialized. But I do feel like it was a great place to get trained. They would post how many cold calls we were making every day. So on the board every morning you’d walk in and say, “Okay, where did you fall?” And I’m a competitive person, and I just want to make sure I was first every single day. So it was those type of things that really propelled me to keep interested in this business but also see the benefits. It’s really hard to get clients and that’s what people underestimate the most is to build the level of trust with someone that they’ll allow you to manage their retirement nest egg is it takes time. And I was 22, I looked really young, I had no experience, but I was fortunate to have two great mentors at Morgan Stanley, a gentleman named Todd Wetzel. He was brilliant at developing relationships, really caring for people. And then the gentleman that I had done an internship with went to Morgan Stanley as well, and he allowed me to work on some small accounts and really cut my teeth with some customers. And I was very fortunate to have done that, but you’d asked about the crash, and I think what I learned from that when people were literally weeping when their account values were down by 50%, 60% was that money is really emotional, and you have to understand how much it means to people, it’s not just the number on your screen. So having some empathy towards someone who’s really in a period of distress is now a critical skill that those of us have been around for this long understand. And there’s a whole generation, Louis, of advisors that have never experienced a real bear market, and I do fear for them at some point because when you go through that, it really changes the perspective that you have. But for me, it happened, I was four or five years into the business at that point, so I’m thankful that it happened just for my own personal development and I’ll never forget it. Louis Diamond: Yeah. Things have a way of happening for a reason and then the best advisors, best humans, they learn from them, and they’re better off for it. You’re very much right. I like that perspective about how the empathy around the emotions of money was something that you still carry and wear as a badge of honor today. So you left Morgan Stanley in 2012. I think you were 30 years old I read. One, that’s very young to consider leaving a firm like that nonetheless to go independent when in 2012, it wasn’t like everyone was going independent. There weren’t as many infrastructure providers or tech vendors or as much capital available as there is today. It definitely wasn’t a path that was as well-worn as it was. So two-part question, what pushed you to leave the firm presumably without a huge book of business? And second part, how’d you think about risk and reward at that age? Ryan Belanger: Yeah, what drove me was ultimately I felt like I was not seeing the value from the firm I was at, Morgan Stanley at the time. They were just taking an exorbitant amount of the revenue I felt. And I would see product managers strolling through and going to steak dinners, and I’m thinking, geez, I’m here every night on weekends. I’m busting my butt, and I should be creating more value to myself. And so that was one kind of thing. And I think there was a right level of naivete just to think that I could pull this off. I did believe that I had a small number of clients. I was hopeful that they would come because I had to hit a minimum for the custodian platform to start the RIA, which I was able to do. But I felt that they would come with me and that I had developed enough trust with them that I could be their advisor for a long time. And so for me, it felt like the technology wasn’t great. I was just told the mother-in-law is an expression. She says to my kids sometimes, “You get what you get and you don’t get upset.” Have you heard that expression? Louis Diamond: I have. My daughter reads a book where that line is repeated frequently. Ryan Belanger: Yeah, okay. So that’s how I felt then. I was like, “This is what you have and deal with it.” And to me, it just felt like there had to be a better way, but I didn’t have any capital backing, so I bootstrapped it. I Craigslisted an office from an estate planning attorney. I cold called Fidelity at the time they were our only custodian. I called to get some compliance help and I just thought that there’d be other people that would want to join. I named the firm, it’s a Latin phrase, it’s Claro Advisors, and it means to make clear in the mind. And I felt like not only was I trying to do that for clients, but I was trying to push advisors to challenge the norms here. There are other solutions out there. So I purposefully did put my name on it, I knew that there’d be other people that might feel the same way. I’ve always been a team sport guy. I like being around other people and collaborating. And I did have a good friend and credit to him. He said, “If you put this together, I’ll come with you.” And so just a couple weeks after I did, we talked and I said, “It’s up and running.” He came and Dana was our first, he’s still with us. And then a couple of months later, another guy I used to work with called and said, “Hey, I’m at this bank, and it looks like what you’ve done is interesting.” And I said, “We like it if you’d like to give it a try.” And so he came, his name’s Mike. He’s still with us. And so teams started to get put together. But I met someone in 2014, so I was two years in at that point and I was doing legitimately everything, not only as an advisor, but just all the stuff that you have to do to run the business. And it was becoming too much, especially the compliance. And I think nowadays starting an RIA, the threshold is so much higher. That’s why you see better than anyone else. You just see a lot more tuck-ins. But Jen Street was someone that I met and she really allowed me to catapult the business and scale it, so she took over all the operations and compliance and that really freed me up to be an advisor. And I really was just an advisor moonlighting as someone running. I would recruit a little bit or just be introductions, very soft. All that has changed based on what we’ve done in the last couple of years. Louis Diamond: Amazing. So thinking about risk spectrum, obviously now if you look back and say, “Hey, I had 30 million or whatever it was, I didn’t have anything to lose.” Right? But when you’re in it and you had income, you had recurring revenue, you had a paycheck versus the dynamic of, “I’m going to incur a bunch of expenses. I’m not positive who’s going to come with me. I’m not going to have a paycheck for a period of time.” Did the fact that your business was relatively small and you were just getting up and running, do you think it made it easier for you to reconcile that risk, or in some ways it was harder because your dispersion, if someone didn’t come, was that much higher? Ryan Belanger: I think it was easier for me, I knew I could always go to another firm. They would take me and whatever clients I had. I did it at a time when I had little personal risk, no kids, no mortgage. I didn’t have a wife at that point. So for me, it felt like the right time to take a risk. And I had been entrepreneurial in my life. I mean, I had a business in high school and my parents and grandparents were entrepreneurial. So that was in me, even if I didn’t really recognize it, was that I was okay with a good level of risk. And I do say this now to anyone that I’m hoping to partner with is that if you want to bet on yourself, I’ll go all in on you too. But you’ve got to be able to take that jump. I won’t let you fail, but you’ve got to be the one. I think that inertia is what a lot of advisors are like, “Geez, I don’t know, I got to give something up.” And that’s why the data’s important and you have all the data. The clients overwhelmingly go with the advisor. These days it’s just much harder to try to establish a new relationship with a trusted advisor than it is to just DocuSign some forms and move your account somewhere. So to me, it’s just trying to support people, and really push them to the edge and say, “No, this is possible. You should definitely explore this.” And I get it’s totally different, and you might be at a different life stage, but you know the numbers. I mean, tens of thousands of advisors are moving every year and not all of them have a small book like I did when I did it. Louis Diamond: Right, exactly. On one hand, making this entrepreneurial move as early in your career as you did, it was a benefit, right? Because you didn’t have as much to lose, like you said, the stage of life you’re in allowed you to absorb more risk. On the other end of the spectrum, if someone who has a massive business with immense value, they’re well situated financially, maybe their kids are through college, et cetera. And then most people are somewhere in the middle. So it’s interesting hearing that dynamic in real time. Let’s talk about Claro today. So you launched the business, like you said, you had to work hard to meet a minimum custodial threshold. So started from a very small base in 2012, but where is it today as far as assets, team size? Just give us some stats or perspective on what you’ve built in the last decade and a half or so. Ryan Belanger: Yeah, sure. So we enjoyed a tremendous amount of organic growth, Louis. We are not capital-backed. We don’t buy books of businesses, so I would recruit or partner with advisors that were coming from all the various places that you could think of that were finding us to be a very friendly place to work where you had a high level of autonomy, freedom, control, just great economics. We stayed out of people’s ways. We were just good people trying to help other good people, and it was just that friendly environment that allowed us to grow. And of course, we can’t discount market. I think markets had a tremendous growth for everybody in the business. And so the business as it stands right now, we’re about 1.5 billion in assets, 15 to 20 advisors. We got a 40-person team based primarily at a Boston headquarter, but we have advisors all over. And I think as we’ll get to, we’ve just gone through a really exciting new chapter for us where the next 15 years are going to look a lot different than the previous 15 years. Louis Diamond: Very cool. That’s amazing, and I’m in the recruiting businesses and doing recruiting yourself, it’s not easy to tell your story, get in front of the right people, the right like-minded people too, who are willing to take the leap to you, especially if you don’t have the capital backing and you can’t pay big deals or write big checks like others could, so that’s a massive testament to you and your vision. I know the average age of an advisor at Claro is around 40, yet the average advisor in the industry is 59, 60, 61, depending upon what data source you look at. What do you think you figured out about attracting, training, and really cultivating younger advisors that the rest of the industry either gets wrong or ignores? What’s been your hack in that regard? Ryan Belanger: I’ll just take a chance on people that others might not. And typically what that really means is someone with nothing, I’ll make them a deal and I’ll say, “Look, I believe in you. I think you’d be a great advisor. Let’s work on an arrangement where you feel like you can do this and I’ll support you.” And so our specialty was growing advisors from 20 million or 30 million into hundreds of million of client assets. And some of it was just being willing to look where others wouldn’t possibly want to spend their time. But when I was 22, someone took a chance on me, and so I owe it to the next generation to do that as well because there’s some great talent out there that really just isn’t getting the attention they deserve because they don’t have big books of business yet. But one of my core values is long-term thinking, and so that’s the way I frame my decisions is it doesn’t have to be a win today, but it can be a championship tomorrow or down three or five years from now. And so that’s how I’ve positioned it. I think that’s why we tend to get younger advisors. And then what happens when you get a lot of younger advisors, you have some older advisors say, “Hey, look, that’s an attractive bench of talent. I needed a succession plan. You guys seem to have a bunch of guys and gals that know how to do really great work and serve clients.” But I think that’s probably one of the things that I just was willing to take some chances on people at an earlier stage. Louis Diamond: Yep. I love it. I mean, once again, you said in the beginning, you developed an empathy for the emotional side of money and what people were going through that you carry through to this day. So not losing touch with the fact that you started. I mean, everyone starts in this business at some time, but I feel like once you’re successful or you’re through the first few years, you forget what it was like to be a newbie. So keeping that perspective and appreciation for the mentors you had, et cetera, is great. And honestly, from a business building standpoint, to me in this environment, unless you take on private equity capital, or you have capital from a BD or from a wirehouse behind you for recruiting, it’s really hard to win advisors with large books of business. So going in the blue part of the ocean instead of the red ocean, if anyone’s read that book, is very smart, looking under rocks that others don’t or really buying into or leaning into folks that you see something in that you know you can cultivate is a brilliant way. And it’s honestly more scalable, cheaper, you build a better business as well doing it the way that you do, but still, it’s hard. And my guess is the ROI is shorter. I’m sure you’ve made some hires that don’t pan out. So you have to have the tolerance and the demeanor to really invest in people. So long-winded way to say I love what you’re doing. How much of your recruitment of advisors and the retention of that talent as they become successful would you tie to how you compensate them, or equity if that’s available versus the culture of the firm and the mentorship that you and your team provide? Ryan Belanger: Yeah, I mean I’ll speak to what we’re offering now just because that’s more relevant, and so we are positioning ourselves now as the best home for advisors in the country and we really believe that’s the case, but our problem is we’re just a secret. We’ve just come to the market after our deal and all the technology that I know we’ll talk about. So we’re now marketing this message to advisors that want to partner with us. Economics will help them grow. We have a really interesting growth program. We’ll give them equity and Claro. I firmly believe that we should tie each other, just get in the same boat, so to speak. So our success is their success, but allowing them to operate in a 1099 model, which I know is not a popular strategy. I know everyone wants to buy books and own the assets and own the clients, but I feel there’s a tremendous amount of advisors that do not that probably should not be monetizing their businesses so quickly. And so I’m trying to foster a home for those like-minded advisors that want the autonomy to own their clients, maybe even still have a brand, but partner with a firm that’s got really credible technology, just unbelievable back office support and a firm of the future so that they can grow at 10X to what they could have on their own and then they could monetize. That’s what we’ve tried to put together here with our partnership model. Louis Diamond: Love it. Yeah, I mean it is definitely going against the grain a little bit, leaning into growing a 1099 model versus more of an acquisition model where everyone coming over as W-2s. So do you think about those trade-offs when it comes time to raising capital down the line or if you want to sell the business or even just an advisor wants to leave, that would stink if that happened. How do you think about those trade-offs? The ability to let advisors keep control and ownership. And honestly, in my view, probably win many people that you wouldn’t otherwise versus the stickiness, and the enterprise building abilities of owning the books of business. Ryan Belanger: Yeah, it’s a paradox because I understand why you want to own the client, but that’s a different business model. And frankly, I think it attracts different type of people. I had to really look myself in the mirror a couple years ago. We had enjoyed a tremendous amount of success, high growth and all organic, growing at 30% more per year on a CAGR basis. Nothing could stop us. But what happened was when private equity entered the space, everyone wanted to buy Claro. And to me, it didn’t feel like I did a lot of due diligence. I talked to a lot of firms. I didn’t see any differentiation in the market, Louis. To me from a technology perspective, everyone was doing the same thing. They’re using six to 12 different tools. We all know who they are. And now there’s a bunch of AI tools they’re layering on. And to me, it just didn’t feel like that was going to be any… There was no differentiation in the market. But admittedly, I had a couple of friends who I’d brought in at very low levels of AUMB that wanted to leave. And they said, “Look, I want to go to a firm that has more resources.” And so I had to just make a business decision and say, “Where do I want to take this?” And so it was only after some real adversity because you get emotionally attached to these people that you’ve developed friendships with and they still are friends, no doubt, but they can leave and they’re not captive. So we have to plan for that at Claro now, and I think we’ve got two ways that we’ve done that where it really ties the advisors to us, but in a way where they want to be here because we have something that’s really different. Louis Diamond: I like it. I’m sure we’ll get into that. But before we do, we’ll get into what you’re doing on the technology side, which is very cool and unique. How do you balance being an advisor and being a CEO? And what percentage of your time is advisor versus CEO and has that fluctuated or changed over time? Ryan Belanger: Drastically changed in the last year, two years or so. So the first 10, 12 years, I was really an advisor first and foremost. That’s inverse at this point, I’m strictly running the business. I have a great team here that deals with our clients, and I’ll still attend the client meetings and such, but I’m really laser-focused on running the business, trying to develop new partnerships with advisors, running an engineering team, sales and marketing. So the change for me has definitely occurred, and I’ll miss not keeping up with planning as much. I’m a CFP, but I just recognized that for me, I had to make a clear change and commit all my time to running the business, and so that’s the decision that I’ve made. Louis Diamond: It is a hard balance. I mean, there’s some people that try to do both, run a business, be an advisor, be a rainmaker, and something breaks. You’re not able to give all yourself to one thing. Then there’s others that would much prefer to be an advisor over a business owner. Others who say, “I’m over being an advisor. I want to be a business owner.” So I think the cool thing about doing what you’ve done is you get to choose, right? Some of it might be circumstances, but you really got to decide which elements of the business you personally want to invest your time in. And you really push your chips in the middle of the table. So let’s get into what you did in November of 2025. I read that you acquired a tech company of all things called NDVR. I’ve done this podcast for a while, speak to a ton of people. I can’t really think of anyone, any advisor or RIA that’s actually bought a tech company. So what made you puck the trend, buy a tech company and not just license all the FinTech that’s available today? Ryan Belanger: Yeah, that was the decision I had to make was do I really want to be different, or do I want to just say that I’m different? And so I was fortunate enough to get introduced to a gentleman named Michael Simon about 18 months ago, two years ago. And him and I immediately could see that we were both trying to solve the same problem, and we had perfectly mirrored image skills of one another so I had this deep wealth experience and he had a deep tech experience. And sometimes it’s just about timing in life, about catching someone at the right time. And I think we each caught each other at a really good time where we could see that coming together, we could create something really magical. And this AI wave was cresting. And I could see when I was talking to all the national PE firms or RIA firms about what people wanted to do, no one had quite figured out how AI was going to come into the technology mix, and it appears as though it’s just going to be another add-on tool to everything else. And for me, I wanted to try to build something that was integrated an all- in-one platform for an advisor so they didn’t have to use a ton of different tools. And I thought if you could do that, couldn’t you have AI that’s really much more rich and purposeful to help the clients? And so I felt like here’s an opportunity to elevate financial advice throughout the country, really give the clients all the value. And so what we’ve built allows advisors who are really good advisors to become super advisors because they’ve got this technology cape that no one else has that is allowing them to save a bunch of time and do all these really cool things for their clients. But it just felt like right time, right place. I’d been through a little bit of adversity and I felt like taking another swing just like I did 15 years ago going for it. I’ve really never been averse to risk, and so this felt like it was too good to pass up and so we went for it. Louis Diamond: Interesting. So that makes sense on the build or acquire versus rent dynamic, wanting to own the IP that makes you actually different. What does NDVR actually do? Ryan Belanger: Yeah, so everything’s all integrated. So we’ve kept the Claro Advisors name. We feel like clients really want to know that they’re still getting a person to deliver the advice. And so having the advisor’s name in our brand is important, but we have a Claro Intelligent Hub, and that’s where it’s an AI native operating system for the advisors. They spend their entire day in there, Louis. So they’re not toggling between 10 different Chrome tasks to perform all their business. And so what that allows them to do is not only it’s CRM, calendar, contacts, emails, messages, but we also have all the portfolio information. So trading history and we can do tax loss harvesting and factor-based investing. So we’ve got institutional grade portfolio management, and that’s really what Endeavor had created through their R&D was the hyper-personalized portfolios where you have a customer’s financial plan directly tied to their account. So there’s never any de-linking between the two. It’s really sophisticated technology that we can provide to our clients. So that’s all integrated as well. And so we’ve since continued to build the build upon that layer of integrated proprietary technology. Louis Diamond: It’s very interesting. And we have to imagine part of you maybe now or in the future is, okay, we’ve built this amazing technology mousetrap for our advisors, but do we become a FinTech? Is there any thought of eventually licensing what Endeavor is doing for your business and your clients to other RIAs? How do you think about that dynamic of just building something unique and different for Claro that advisors can latch onto versus making what you and your partners have developed into something that someone else can take and license themselves? Ryan Belanger: Yeah, it’s a fair question. We get it a good amount. While there might be a possibility that we license this to some other businesses, our main goal right now is to keep it captive to RIAs that want to partner with Claro. And so we feel like this gives them a true level of differentiation in the market, and so that’s the approach that we’re taking right now. Being a FinTech company, there’s a lot of different skills. The setup and tear down of getting someone to use the platform and I think all that time and resources we want on sales and marketing to try to attract new advisors and continue to develop just jaw-dropping technology for the existing advisors. Louis Diamond: Very cool. Let’s talk a little bit about your partnership model. So it does sound unique in that you have people that are 1099, but you don’t usually also hear partner. So how does it work? Ryan Belanger: Yeah, so we’re offering advisors to come and use Claro as a back office so you can have your own brand if you want or you can just be a Claro advisor. We have both here and you’ll be a 1099 advisor so you’ll still own the business that you’ve owned. So if you were at a wirehouse or something, you would actually now be creating some enterprise value for yourself. But if you’re an existing REA, you’d be coming to us because you’re tired of doing tech vendor due diligence all the time or you’re tired of the compliance, the AI regulations. That’s just coming. So that’s going to be a huge challenge for REAs, so we’re seeing a lot of interest from REAs saying, “Look, you’re not asking me to give up really anything except the stuff that I hate to do anyway, so this sounds great.” So they partner with us. In return, they get all access to our technology And we’ll provide all the back office support, office space, dedicated resources, planning, everything you could want to have to operate a business. We do have a growth program that’s really interesting. And then we’ve got this equity in Claro. As you’re a partner with Claro, you should get equity so we give stock options to our advisors who are here and every year thereafter. And naturally, that’s a way to stay connected with the advisor. So hopefully they never want to leave, and I do believe that once you experience our technology, you never want to go back to trying to do it the way you were doing it before. Louis Diamond: It’s like instead of building the most enclosed box that you keep people in with sticks and with locks and keys like a lot of firms do, it’s we’re going to keep advisors here, but not by force, but because they have the stock options, because you’re delivering value, because they have this amazing technology. To me, that’s the dynamic that so many firms across the industry get wrong is that they try to keep advisors where they are by restrictive covenants and by fear, and by retribution rather than if we just do good work for people, we add value, we make ourselves indispensable to the advisor. To me, it creates a healthier dynamic. I think firms would actually retain more even if it’s a gentler approach. And I love what you’re doing there. I think it’s the exact right way to think about we have advisors that are 1099, so yeah, they could leave us, but we’re doing things that make it that they don’t want to leave us. And that’s your charge as the owner to create the infrastructure and the structure where people could go out on their own, but there isn’t an advantage to do so. Ryan Belanger: Yeah, I think the culture is a big thing for us. And if you have people here that don’t want to be here, that’s a problem. And I think that’s what you see in a lot of the wirehouses. Frankly, they scare people and they don’t. It’s like, oh my God, if I leave. And for us, it’s like personally, life is too short. I want to work with people that want to work with me. I’ve got other things going on in my life and these things are just work things. And so I want to enjoy being in the office every day with people that want to be here. And if you think you’ve found a different place, you should go explore that. It’s really a soft approach. I know it’s not the most popular approach, but that’s just the style that I have. Louis Diamond: Yeah. I mean, it sounds like the trend in your career and in launching Claro was we’re going to do things that aren’t popular, but that work for us, like hiring younger advisors that may not have a book or have a small book, buying a tech company instead of licensing it, being 1099 when you’re recruiting instead of owning books of business. There’s a series of decisions you’ve made as the business owner that they’ve worked out, they’ve paid off, but they’re definitely against the grain. And I very much respect that. Ryan Belanger: I really have never been afraid to be a little different, and so I think typically you find other people that might be interested, but it’s a big pool out there. There’s 300,000 advisors so there’s something for everyone, which is awesome. Louis Diamond: Totally agree. Let’s get back to the AI platform that you’ve built, or that you’re building. Maybe give a real tangible example. If I’m a Claro advisor, how has my life changed now that I’m using this platform versus before? So the old model was I log in, like you said, to 10 different Chrome tabs. I’m meeting with clients, doing planning, et cetera. What is the day in the life? How does it look different from what an advisor’s actually doing today versus before this platform was rolled out? Ryan Belanger: Yeah. All right. I’ll just give you a couple examples. So a client will send you a request and say, “Louis, I need $25,000.” And so a typical advisor would either write a note down, go drop it off at the CSA’s desk, or maybe forward that email to the CSA and then that person would have to input it into their CRM, and they go perform the task. And then the advisor would want to know where things are in that process so that there’s a lot of back and forth. With our system, Claire, our intelligent chief of staff, AI chief of staff, you just forward that task to tasks@claroadvisors.com. It recognizes the email address that the client is emailing from, it knows the account number. It talks to our portfolio engineer. It knows which account to raise the cash from because it knows the tax jurisdiction, and otherwise, and it performs the task. And the last push of a button is that CSA just moving money from the custodian. So all along the way, the advisor can check on the task and see where it is in the process. It’s beautifully integrated in the intelligent hub, but you could see how that would save a tremendous amount of time and it’s a better customer experience. The mistakes get limited. So it really allows the advisor to get things done at a much higher level. So we’re raising productivity quite a bit. First of all, she’ll establish your meetings, Claire will. So she’ll schedule them for you. She’ll prep them for you. So we have a button, say prep the meeting because we have all the notes, emails. If you’re texting portfolio data, because she has all that information in about 30 to 45 seconds, she’s going to present to the advisor a really nice meeting summary that, “Hey, here’s the things that we should talk about.” She’s going to surface things that the advisor’s forgotten about because she doesn’t forget things. And so she’s prepped the meeting for you, so you’ve saved a couple hours there. She joins the meeting, she takes all of your notes, stores them in the system. She’ll give you a follow-up email. She knows your writing style, so she’ll know that you like to call this client this, and you send these emails typically at this time. And so she’ll deliver a nice follow-up email instantly for the advisor. They click that button, that’s done. So there’s just a lot of things that where she’s efficiency-wise where on 20, 30 hours a week that we’re saving advisors just on the productivity tools alone, so that’s where we’re seeing advisors seeing a ton of value in this. Louis Diamond: It’s very cool. Ryan Belanger: And then there’s a whole portfolio management capabilities, sweeping idle cash and tax loss harvesting and rebalancing that gets done while advisors are having a cup of coffee. They don’t have to think about these things. It just gets done for them. Louis Diamond: It’s so cool because it’s like I think I can conceptualize or think of building in Claude any one of those functionalities for the most part, but the way that the flow of things works and the journey of it is unique. I think every advisor would be interested in that type of promise of saving that much time. So how do you think now in the future, how do you think about the human advisor interaction, and what the human and the advisor will do versus what can be offloaded to AI? Ryan Belanger: Yeah, certainly a lot of the non-client-facing activity can be unloaded and that’s where advisors spend, according to recent studies, almost 60% of their time non-client-facing. So we’re trying to take all that off of their plates for them. We strongly believe clients still want the message to come from a person that has a level of experience and understands them. But at the same point, I think there’s a growing curiosity about, geez, what could it do for me? And so shouldn’t my advisor know how to use it? And so I think you’re seeing a lot of advisors put their head in the sand and say, “I don’t know. I’m just going to hope people don’t really want to use this and adopt it.” They’re a little bit shortsighted there. Our bet is that clients are going to want an advisor that knows how to use tech, has really sophisticated tech, but it isn’t just another tool layered on top that now my data is in that tool. The reason our system is so beautiful and integrated is because it captures everything in a structured and secure way. So all of the compliance is in there. We whitewash all the PII that’s sensitive information, so we’re not layering another tool on, because it’s integrated, we have an AI governance committee that really takes it seriously. How are we using this information? And so we’ve got an approach and we’ve put guardrails around what it can do and what it can’t do. Might there be a generation, Louis, that wants an AI advisor? I don’t know, that could happen. A twin, a digital twin where you say, “Look, I want to talk to Louis.” It’s 10 o’clock at night. He might be in a different time zone than me. He’s got little kids, but I do have this question. And so we’re iterating ideas on how we can surface that for an advisor to be advisable 24/7 without actually having to be available 24/7. Louis Diamond: Seven. It’s amazing to think about. I mean, obviously you’re deeply in this. You have a front row seat into the power of AI, how it’s transforming your business, doing due diligence on acquiring this technology five years from now, 10 years from now, what does the industry look like as a result of AI? What’s your big bet? Ryan Belanger: A lot of the big firms are going to try to figure out how to layer in tech. It’s going to be very difficult to do that. It’s built on extremely old legacy technology. They’ll be slow. They’ll figure out how to do some things. What we’re already seeing from advisors is the wow factor. Wow, I didn’t know this was even possible, and so I think just given our size and where we are, we have an advantage that we can build things from the ground up very quickly. I mean, what used to take an engineer a couple of months or years can be done in a couple of days or weeks, so things have really sped up in terms of the development. It’s much easier to build it than buy it. And so I think you’ll see a lot of firms trying to do what we’ve done, really build proprietary technology. And I think there’ll be a few winners that are able to do that, but being tech forward and aligned with someone who’s thinking about it, I think is what a lot of advisors are going to want to be. That’s the type of firm people would want to partner with, I think. Louis Diamond: What about the dynamic of, like you said, the digital twin thing is equal parts cool as it is terrifying, how do you see, we’ll say the threat of AI impacting the profession of being a financial advisor? Do you look at it as the entire pie is going to grow because everyone’s more efficient? Or do you look at it as it’s going to take out a lot of the advisor capacity we have because it’s no longer necessary? Where do you fall on that spectrum? Ryan Belanger: So robo-advisors came and went, you remember those. I mean, not that they went, but they never took off the way that it was projected. They’re still great businesses, but the human advisor won that battle. Clients do want an advisor, particularly at the higher end, and so I think at the lower end of the market, you’re going to see some AI solutions where people are perfectly comfortable just talking to someone in AI, and they’ll figure out if there’s a hallucinization or not. But I think there’s definitely going to be a market for it, and so I think it just depends on where the clients are and what level of complexity they have. On the higher end, I do feel like the advisors will continue to have a huge advantage there. But we’re building tools to give optionality to advisors. There might be some advisors who say, “Look, I’ll charge half the fee that I used to charge so you can get my digital twin. And that’s a win-win situation for everybody.” Louis Diamond: Yep, that’s fair. So do you look at your competitive ecosystem now? Not for recruiting advisors, let’s say for winning clients. Do you look at Farther and Savvy and different AI or FinTechs as your competition or do you still look at it as the wirehouses and other traditional RIAs? Ryan Belanger: I mean, Farther and Savvy have done a great job of going after this market. I think we’re not as well known yet as they are. We’ve certainly built out what we think is tremendous technology second to none. There’s a huge market of the IBD space that is just these guys and gals are stuck on these old platforms and things are okay, but they’re not super compelled to switch until maybe they see something like this, and so we have a massive pipeline of advisors and I’ve been recruiting for a long time. I’ve never had a pipeline like this. So I know it feels different to me. People really are interested in this. It’s enough for them to want to see tech demos and come visit us and really understand, okay, this is a firm that is challenging what’s possible and that’s someone that maybe I want to be aligned with, and so I think that there’s a lot of places where we can get the talent. And so for us, it’s just trying to find the right people that we want to partner with for the long term. Louis Diamond: Very cool, I got two more questions for you. It’s pretty remarkable that to get from where you started to now, the recruiting you’ve done, buying a FinTech, integrating it, that you still don’t have private equity investor outside capital. So you think it’s on the roadmap, whether it’s a certain size or you’re looking for personal liquidity where the business will just need it because it’s expensive to operate a FinTech platform and to scale up and to keep growing the firm. Do you think there’s a world in which you take on external capital to fuel your growth? Ryan Belanger: Most certainly. I mean, things have developed for us very quickly here, and outside capital and venture particular is a space that we’re actively in discussions with firms that believe in our vision, understand the value that we can create, and there’s just no doubt that you have to have some wind at your back to get to the market, and so while we’re not a household name right now, I’m confident in two years we will be, and our plan is to grow to hundreds and thousands of advisors across the country. Louis Diamond: Wow, big vision, but I love it. Last question for you. If you were 30 years old again, which I think everyone would kill for that opportunity, leaving Morgan Stanley today instead of in 2012, what do you think you would do differently knowing what you know now? Ryan Belanger: At that point, interest rates were near zero, Louis. Valuations you remember were two to three times revenue. It felt expensive then. Obviously things have changed quite a bit. So I would’ve begged, borrowed, and stole all the money I could from friends and family and said, “I need to buy as many businesses as I could at two times, three times revenue and pay, I don’t know, 3% loan.” Just in hindsight, that’s what everyone should have done. That’s not the path that we chose, but I think there’s a huge opportunity in front of us to elevate financial advice across the country, make really good advisors even better by putting that super cape on them. And so we’re very excited about the future, what we’ve got in store, and what we’re going to deliver to the market. And it seems like just yesterday that I walked out of Morgan Stanley with very little assets and tried to start this RIA, but I’m very thankful for all the people that have been supporting me throughout this journey. Louis Diamond: Amazing. And that’s a great spot to end, but let me ask the inverse of that question. Let’s say you leave in 2026, so leave today, you’re 30 years old, but you have the benefit of hindsight. You know what you know now. What would you do differently around the transition or building the firm other than of course be amazing if you can buy businesses for a fraction of what they cost today? Ryan Belanger: I would want to make sure that I’ve got an integrated solution. I don’t want to be picking a bunch of different vendor tools. I know that’s going to become way too time-consuming for me. So I would really try to figure out how you can get something that’s integrated that can scale, but I wouldn’t change anything about the people. I think you got to be able to connect with people that are like-minded and you still take the risk. What I can’t believe, Louis, is that people that sit at the wirehouses take a home team discount and they’re so fearful of leaving Morgan Stanley or Merrill Lynch or UBS, but why are they taking that? The market says you should be paid double what you paid. And it’s not just like that’s 20, 30 years of data here that show that. And so I just would keep pushing people to bet on yourself. Your clients will come with you. Yes, that firm that you love will be the first ones to try to steal your clients. They’re going to call them, and that’s one way, loyalty. Another thing I don’t understand, but that’s the way the business is structured. I think there’s a huge opportunity to just educate advisors about what’s out there and I would take the risk. Louis Diamond: Love it. Ryan, this has been very fun. What you’ve accomplished, like I said earlier, gone against the grain at every turn. Leaving on the younger side without a huge business, buying and integrating a technology company, recruiting younger advisors without books of business. Every single thing you’ve done has been a different playbook. So I’m pumped to watch how we make Claro a household name and how this approach is going to pay off in spade. So I appreciate hearing this different perspective, and I know our listeners did as well, so much appreciated today. Ryan Belanger: Well, thanks for having me on. I know it’s a long time coming. Thanks for your patience. I wanted to make sure we had something really exciting to talk about when we finally did this, and hopefully I can come back in a couple years and catch up. And congratulations on everything you guys have built. You guys are just a premier name out there, and it’s been fun to watch your success as well. Louis Diamond: Thank you, Ryan, I appreciate it. Mindy Diamond: As a financial advisor, you hold yourself to the highest standards of integrity, honesty, and credibility. You are successful because you take your professional responsibilities seriously and are dedicated to your clients. But are you living your best business life? Are your goals aligned with your firms or could a better option exist? Should I Stay or Should I Go? is a book written with you in mind. It’s a self-guided journey that walks you through the key steps that we take with our advisor clients. This strategic thought process and roadmap to professional self-discovery is designed to help you ask the right questions and think critically and objectively whether you’re considering change or not. Learn how to get your copy at diamond-consultants.com/thebook. Why AI Matters Now: How a $1.5B RIA is Building the Firm of the Future A conversation with Louis Diamond and Ryan Belanger, Founder & CEO of Claro Advisors.      Louis Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is Why AI Matters Now: How a $1.5B RIA is Building the Firm of the Future. It’s a conversation with Ryan Belanger, the Founder and CEO of Claro Advisors. I’m Louis Diamond, and this is the Diamond Podcast for Financial Advisors. Mindy Diamond: At Diamond Consultants, we help elite advisors identify the right environment for their businesses to thrive, whether that’s at a wirehouse, boutique, or independent firm. With nearly three decades of experience, we’ve guided thousands of advisors and represented more than a quarter of a trillion dollars in assets transitioned. And each year, one in four advisors managing a billion dollars or more who change firms are our clients. Our process is education driven, and based on building relationships, starting as your strategic partner well before you’re even thinking of a move. To schedule a confidential conversation, call us at (908) 879-1002. Wondering why advisors change firms and where they’re headed? Are transition deals going up or down? Those very questions and more inspired us to create our annual Advisor Transition Report. It’s the award-winning data-driven resource designed for advisors that connects the dots between the motivations around movement and the firm’s appetite for top talent. Arm yourself with the knowledge you need to make smart decisions. Download your copy at diamond-consultants.com/transitionreport. Louis Diamond: Artificial intelligence has quickly become one of the biggest topics in wealth management in the world. Almost every firm is experimenting with new tools, looking for ways to automate tasks, improve efficiency, or help advisors serve clients more effectively. But what if AI isn’t just another technology to plug into your business? What if it becomes the foundation for how your business is built? That’s exactly why I wanted to have Ryan Belanger on the show. Ryan is the Founder and CEO of Claro Advisors, a billion and a half dollar RIA that’s taken a very different path than most firms in the industry. Rather than simply adding AI to an existing tech stack, Claro acquired a FinTech company and is building its own AI native operating system designed specifically for advisors. What’s interesting is that this isn’t really a conversation about software, it’s about strategy. Ryan has consistently gone against the grain from leaving Morgan Stanley to launch an independent firm in 2012 before it became commonplace, to recruiting younger advisors when others chased established producers, to betting that proprietary technology will b

The award-winning Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to explore a subject more fully. Looking for some hard-hitting insights on compliance? Look no further than Compliance into the Weeds! In this episode of Compliance into the Weeds, Tom Fox and Matt Kelly discuss a newly issued FinCEN consent order sanctioning UBS Financial Services, the U.S. broker-dealer subsidiary of UBS. It is a $125 million penalty, the largest FinCEN fine against a broker-dealer, for extensive anti-money laundering failures. They highlight weak transaction monitoring and suspicious activity reporting (SAR) processes, poor customer due diligence, inadequate wire-transfer data collection, and data governance gaps that led to under-reporting and hindered FinCEN's ability to build a complete money-laundering picture. The order notes UBS failed to monitor more than 50,000 foreign-currency wires totaling over $10 billion and did not disclose ongoing deficiencies discovered after a 2018 $14 million FinCEN action requiring fixes by 2021, with problems traceable back to 2004 and not addressed until 2023. They frame the matter as a tone-at-the-top and resourcing failure, compare it to other enforcement actions (including a recent SEC fine against Merrill Lynch), and suggest a future deeper dive after reviewing the full order. Key highlights: What UBS Got Wrong Scale Of The Failures Board Oversight and Resourcing Data Governance Breakdown SARs, Metrics, and AI Talk Takeaways and Next Steps Resources: ⁠USB Consent Order⁠  Tom   ⁠Instagram⁠ ⁠Facebook⁠ ⁠YouTube⁠ ⁠Twitter⁠ ⁠LinkedIn⁠ A multi-award-winning podcast, Compliance into the Weeds was most recently honored as one of the Top 25 Regulatory Compliance Podcasts, a ⁠Top 10 Business Law Podcast⁠, and ⁠a Top 12 Risk Management Podcast⁠. Compliance into the Weeds has been conferred a Davey, Communicator, and W3 Award, all for podcast excellence.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Retirement can create an unexpected form of pressure. With more freedom and fewer work constraints, shouldn’t this be the moment when we finally perfect our health, routines, relationships, and long-delayed ambitions? Steve Kamb argues that this all-or-nothing mindset often produces an all-then-nothing result. Steve is the founder of Nerd Fitness and author of How to Try Again. In this conversation, he explains why setbacks are not proof that we are failures; they are information about what to try differently. He shares lessons from the Museum of Failure, reframes treading water as a legitimate success during certain seasons, and makes the case that no one truly returns to square one. Every previous attempt leaves us knowledge and data we can use going forward. If we pay attention. Steve also introduces his PACT framework – Pause, Accept, Change, Try – and explains why permission to start can be more powerful than waiting for confidence. Whether you want to rebuild fitness, develop a new interest, strengthen relationships, or design a more purposeful retirement, this episode offers a compassionate and practical way to begin again. Steve Kamb joins us from Massachusetts. _________________ Time for an Upgrade? The honeymoon period doesn’t last forever in retirement. It dawns on you that there are more Wednesdays ahead than items on your Bucket List. I’ve created a brief online tool to highlight the key areas that need your attention the most. It’s based on what I’ve learned about my clients who thrive in retirement – and what they make sure to get right. The free Retirement Drift assessment takes five minutes. It’s not a report card. No right answers. Just where you stand today and a starting point for the retirement you really want to live. Take the Free Retirement Drift Assessment → “Something was missing and I couldn’t quite put my finger on it. Now I know.” That’s from a podcast listener who took it last week. If you want to get started on working on the new Future You, that’s exactly what the Designing Your New Life in Retirement program is built for. Six group sessions with 6 to 10 people doing the same, and a structured way to move from putting it off to designing. The September cohort is enrolling now with two scheduling options. Learn more here | Sign up here __________________ Bio Steve Kamb is the author of How to Try Again (St. Martin's Press) and Level Up Your Life (Rodale). He's also the founder of Nerd Fitness, a worldwide community of nerds leveling up their lives. Since 2009, he's helped busy people get stronger, live healthier, and build heroic habits. He's published a thousand articles backed by scientific research and full of nerdy references that have been read by tens of millions. Kamb writes a weekly “Level Up with Steve Kamb” newsletter read by more than 100,000 super humans. He's given talks at some of the world's biggest companies and guest lectured at Vanderbilt University. He currently resides in Nashville, TN, where he plays golf decently and music poorly. __________________ For More on Steve Kamb How to Try Again: An Approachable Guide to Navigating Chaos and Making Change THAT STICKS Website __________________ Retirement Podcast Conversations You'll Also Love Self-Compassion – Dr. Kristin Neff How to Begin – Michael Bungay Stanier The Joy of Movement – Kelly McGonigal _______________________ About The Retirement Wisdom Podcast There are many podcasts on retirement, often hosted by financial advisors with their own financial motives, that cover the money side of the street. This podcast is different. You'll get smarter about the investment decisions you'll make about the most important asset you'll have in retirement: your time. About Retirement Wisdom I help people who are retiring, but aren't quite done yet, discover what's next and build their custom version of their next life. A meaningful retirement doesn't just happen by accident. Schedule a call today to discuss how the Designing Your Life process created by Bill Burnett & Dave Evans can help you make your life in retirement a great one — on your own terms. About Your Podcast Host Joe Casey is an executive coach who helps people design their next life after their primary career and create their version of The Multipurpose Retirement.™ He created his own next chapter after a 26-year career at Merrill Lynch, where he was Senior Vice President and Head of HR for Global Markets & Investment Banking. Joe has earned Master's degrees from the University of Southern California in Gerontology (at age 60), the University of Pennsylvania, and Middlesex University (UK), a BA in Psychology from the University of Massachusetts at Amherst, and his coaching certification from Columbia University. In addition to his work with clients, Joe hosts The Retirement Wisdom Podcast, ranked in the top 1% globally in popularity by Listen Notes, with over 2 million downloads. Business Insider recognized Joe as one of 23 innovative coaches who are making a difference. He's the author of Win the Retirement Game: How to Outsmart the 9 Forces Trying to Steal Your Joy. ________________ Wise Quotes On Self Compassion “It’s not how you succeed with discipline, but really how you fail with compassion.” On Mindset “An all or nothing mindset creates all then nothing results.” On Action “Action creates motivation, which creates self-efficacy, which creates more action…You don’t need a membership. You don’t need to make a big deal out of it. You can just put on your shoes and go do it.” ______________________ The views and opinions expressed by guests on The Retirement Wisdom Podcast are solely those of the guests and do not reflect the opinion of the host or Retirement Wisdom, LLC. The Retirement Wisdom Podcast primarily covers the non-financial aspects of retirement. From time to time we may invite guests who discuss other aspects of retirement planning, solely for educational purposes. Listeners are advised to consult qualified financial and/or medical professionals on those matters. Consult your doctor before starting any exercise routine.  

This episode of Imperfect Leaders is about leadership and legacy: how parents of autistic and neurodiverse children think about the long arc of their family's happiness, not just this year or next, but decades into the future, even after the parents are gone.Jeff's guest is Mike Duckworth, Managing Director of the Duckworth Hagerty Group at Merrill Lynch. Mike and Jeff share a common passion: helping parents plan for their family's long-term wellbeing and legacy, and helping them build a community of support around their children that can endure beyond the parents' lifetime. It's the same territory Jeff explores with business leaders at the L3 Retreat. Mike's work is less about short-term financial planning and more about the long arc of a family's life—getting clear on what “a good life” means for everyone in the system. Together, they talk about how emotional intelligence, sharp listening skills, clear values, and honest planning can move families from fear to agency as they design support structures, relationships, and opportunities that will still be there for their children when they are no longer around.What you'll learn in this episodeWhy thinking of yourself as the “CEO of a care enterprise” can change how you lead your family, regardless of your resources.How to define “a good life” and turn it into resilient, long-term plans.Why listening and emotional intelligence are core leadership skills in high-stakes family decisions.How facing mortality and legacy can move families from fear to intentional action in the “after us” years.www.imperfectleaders.com

Chris Clare, a seasoned sales professional, shares his journey from Merrill Lynch to Greystone, tracing his transition from municipal bonds to healthcare finance. He discusses the importance of building lasting relationships rather than chasing one-off transactions, and how staying attuned to market trends, including the impact of the Big Beautiful Bill on Medicaid reimbursement rates, has shaped his approach to the business.Clare also speaks candidly about what it takes to succeed in a high-pressure field, from developing a high tolerance for setbacks to building a diverse team capable of competing in the fast-moving origination space.For young professionals looking to break into healthcare finance, Clare offers practical advice: seek out exposure to a wide range of deals early on, and consider specializing in state reimbursement systems as a path to long-term success in the industry.lenders, market, people, loan, client, equity, selling, deals, screen protectors, year, calls, rates, business, borrower, easy, long, sales, chase, interest rates, debt

How clear are you about what you’re retiring to? Our next group program starts in September and is limited to 10 people. The Early Registration discount ends on July 31st. Learn more here. Reserve your spot today. ________________________ We spend years letting our pace be set for us, by employers and the calendar. Then retirement arrives and, for the first time, the tempo is ours to choose. In this conversation, science journalist Elizabeth Svoboda, author of The Art of Pacing, argues that most of us get can stuck oscillating between two extremes — the perpetual sprint and complete disengagement — and that the real skill is learning to move across a range of paces with intention. Elizabeth shares interesting and useful ideas, including “rigid flexibility” (from an Olympic runner), smart circadian-rhythm energy management, the freedom that “selective mediocrity” can create, and how identity can get intertwined with the pace we keep.  It’s a conversation about doing less of what drains you, so you have more for what matters most. Elizabeth Svoboda joins us from California. _________________________ Bio Elizabeth Svoboda is the author of The Art of Pacing: A Guide to Balancing Short-Term Demands with Long-Term Thriving. She is an award-winning science writer and contributor to Scientific American, Discover, The Boston Globe, The New York Times, and other publications. Elizabeth is a winner of the Evert Clark/Seth Payne Award for Young Science Writers, and her work has been anthologized in the Best American Science and Nature Writing series. She lives in San Jose, California, with her husband and young sons. ________________________ For More on Elizabeth Svoboda The Art of Pacing: A Guide to Balancing Short-Term Demands with Long-Term Thriving Website _______________________ How Ready are You for Your New Life in Retirement? Take this free 5-minute assessment to identify which areas may need your attention: Not retired yet, but I want to design a meaningful life I’m in retirement, but maybe I could use an upgrade _______________________ Retirement Podcast Conversations You’ll Also Love How to Flourish…in Retirement – Daniel Coyle Happier Hour – Cassie Holmes, PhD Will You Flourish or Languish? – Corey Keyes Taming The Molecule of More – Michael Long _______________________ About The Retirement Wisdom Podcast There are many podcasts on retirement, often hosted by financial advisors with their own financial motives, that cover the money side of the street. This podcast is different. You'll get smarter about the investment decisions you'll make about the most important asset you'll have in retirement: your time. About Retirement Wisdom I help people who are retiring, but aren't quite done yet, discover what's next and build their custom version of their next life. A meaningful retirement doesn't just happen by accident. Schedule a call today to discuss how the Designing Your Life process created by Bill Burnett & Dave Evans can help you make your life in retirement a great one — on your own terms. About Your Podcast Host Joe Casey is an executive coach who helps people design their next life after their primary career and create their version of The Multipurpose Retirement.™ He created his own next chapter after a 26-year career at Merrill Lynch, where he was Senior Vice President and Head of HR for Global Markets & Investment Banking. Joe has earned Master's degrees from the University of Southern California in Gerontology (at age 60), the University of Pennsylvania, and Middlesex University (UK), a BA in Psychology from the University of Massachusetts at Amherst, and his coaching certification from Columbia University. In addition to his work with clients, Joe hosts The Retirement Wisdom Podcast, ranked in the top 1% globally in popularity by Listen Notes, with over 2 million downloads. Business Insider recognized Joe as one of 23 innovative coaches who are making a difference. He's the author of Win the Retirement Game: How to Outsmart the 9 Forces Trying to Steal Your Joy. _________________________ Wise Quotes On Reassessing Your Pace “So much of our identities tend to be wrapped up in the pace we keep. As you're contemplating retirement or just embarking on it, it's a good time for a big-picture pace reassessment.” On Flourishing “Set a pace that is right for you and that leads you toward personally flourishing.” On Selective Mediocrity “You have to avoid over-extracting your own resources. By conserving energy on less essential things, you have more energy to devote to the things that matter most.”  

One day, you're going to sell your business, and when you do, you'll experience a step function increase in your net worth. Navigating that moment is something Adam Katz has spent his career helping owners do. He spent twenty years at Merrill Lynch as a Private Wealth Advisor to ultra high net worth families before he and his team left in 2018 to build KORE Private Wealth, an independent firm that grew to five billion dollars in assets. Just four years later, they sold. His new book, Making the Zeros Count: A Field Guide for Decamillionaires, Centimillionaires, and Billionaires, distills what he's learned into a playbook for owners who come into sudden wealth.  Katz says the greatest benefit of wealth isn't what it buys. It's the freedom of never needing anyone again. Not your clients, not a boss, not a buyer. He argues that kind of independence is impossible to understand until you're on the other side of the deal, which is why, even after decades of coaching founders through liquidity events, he admits he is still adjusting to it himself. 

Matt Kilgroe — President & CEO, Cyndeo Wealth Partners Matt Kilgroe shares how Cyndeo Wealth Partners grew from a newly launched $1.2B RIA to a $3.5B enterprise, and why the next challenge isn't independence, but building a firm capable of reaching $25B.  In Summary Five years after launching Cyndeo Wealth Partners from UBS, Matt Kilgroe returns to the podcast to discuss what happens after independence. Rather than focusing on the transition itself, Louis and Matt explore the next phase of growth: scaling an advisory business, attracting talent, developing niche expertise, taking on outside capital, and building an enterprise designed to last. Along the way, Matt shares how Cyndeo expanded from $1.2B to $3.5B, why serving professional athletes required a different business model, and what led the firm to partner with Rise Growth Partners as it looks toward a $25B future.  The Storyline For many advisors, independence is viewed as the finish line. For Matt Kilgroe, it became the starting point. When Cyndeo Wealth Partners launched in 2020, the goal wasn't simply to leave the wirehouse behind. It was to build a business with the flexibility to grow in ways that simply weren't possible before. Five years later, that vision has evolved into something much larger. Cyndeo has nearly tripled in size, expanded its niche serving professional athletes and entertainers, recruited advisors, added specialized operational talent, and recently welcomed Rise Growth Partners as a minority investor to help accelerate its next phase of growth. The conversation explores what changes when firm leaders stop thinking like advisors managing successful practices and begin thinking like CEOs building enduring enterprises. The discussion spans succession planning, capital strategy, recruiting, organizational design, and the mindset required to scale from billions to tens of billions—all while remaining focused on clients and culture.  Topics Covered Building an enterprise beyond independence Scaling from $1.2B to $3.5B in assets Organic growth versus recruiting Serving professional athletes and entertainers Why fiduciary independence matters for niche client segments Building operational infrastructure for growth Partnering with Dynasty Financial Partners Minority capital and Rise Growth Partners Succession planning and employee ownership Thinking from $3.5B to $25B > Download a transcript of this episode… Listen and Learn Highlights for Advisors What did Matt learn after transitioning nearly 98% of his clients? (06:20) Why client relationships—not firm logos—proved to be the firm's greatest asset during one of the most challenging transitions imaginable. How did Cyndeo nearly triple in size in five years? (16:10) Matt discusses the combination of niche specialization, disciplined organic growth, recruiting, and operational investment that fueled the firm's expansion. Why has Cyndeo become a destination for professional athletes? (17:15) The conversation explores how deep industry expertise, fiduciary flexibility, and specialized service created a business that would have been difficult to build inside a wirehouse. Why bring on a minority capital partner when the business was already thriving? (24:15) Matt explains why succession planning, future recruiting, and long-term enterprise growth made outside capital the right decision. How should advisors think about ownership versus compensation? (35:40) A candid discussion about enterprise value, equity, and why many advisors underestimate the long-term economics of ownership. What does it actually take to scale toward $25B? (42:20) From hiring executive talent to expanding geographically, Matt shares how he's thinking about the next chapter of Cyndeo's evolution. Key Takeaways Independence creates opportunities that extend well beyond higher payouts, including enterprise value, recruiting flexibility, and ownership. Scaling a business requires investing in operational leadership, not just adding advisors. Specialized client niches demand expertise that goes well beyond investment management. Outside capital can accelerate growth when it's aligned with long-term strategy rather than an exit. Building an enduring enterprise requires thinking differently about succession, talent, governance, and equity. https://youtu.be/WRYJd9Lkt7o Quotable Moments “Don't rent your practice. Own it.” “You can't work in those niches and not be a fiduciary.” “We're not done.” “The road from $3B to $25B is going to really compound on your equity.”  FAQs Why did Cyndeo decide to take on a minority capital partner? To support its next phase of growth, strengthen succession planning, recruit additional talent, and benefit from the experience of leaders who have successfully scaled wealth management businesses before. How did Cyndeo grow from $1.2B to $3.5B? Through a combination of consistent organic growth, specialized client niches, advisor recruiting, and investments in operational infrastructure. Why is serving professional athletes or other niche client segments different from serving traditional wealth clients? Niche client segments often face unique financial decisions involving private investments, business opportunities, and career transitions that require specialized knowledge and a fiduciary framework. What advantages did independence create that weren't available inside a wirehouse? Matt points to greater flexibility around private investments, the ability to build specialized client experiences, reward employees with equity, and create an enterprise with lasting value. How should advisors think about building versus joining an independent firm? The discussion highlights the tradeoffs between creating your own firm and joining an established independent enterprise, emphasizing that ownership and long-term equity often matter more than headline payouts. What does Matt believe is required to build a $25B firm? A willingness to invest beyond advisors alone, adding executive leadership, expanding geographically, recruiting strategically, and maintaining a long-term enterprise mindset. To support its next phase of growth, strengthen succession planning, recruit additional talent, and benefit from the experience of leaders who have successfully scaled wealth management businesses before. Through a combination of consistent organic growth, specialized client niches, advisor recruiting, and investments in operational infrastructure. Niche client segments often face unique financial decisions involving private investments, business opportunities, and career transitions that require specialized knowledge and a fiduciary framework. Matt points to greater flexibility around private investments, the ability to build specialized client experiences, reward employees with equity, and create an enterprise with lasting value. The discussion highlights the tradeoffs between creating your own firm and joining an established independent enterprise, emphasizing that ownership and long-term equity often matter more than headline payouts. A willingness to invest beyond advisors alone, adding executive leadership, expanding geographically, recruiting strategically, and maintaining a long-term enterprise mindset. Related Resources Article: Your Practice Isn't Worth What You ThinkMost advisors misjudge their business's value, not because of the number, but because of the framework. Learn what really drives enterprise value. Rise and Reinvent: Joe Duran on Building and Rebuilding World-Class FirmsHe's built and rebuilt some of the industry's most successful firms and now he's helping others do the same. In this episode, Joe Duran, the founder of Rise Growth Partners, shares lessons from building, selling, and starting again, and how staying curious and adaptable fuels lasting success. Matt KilgroePresident/CEO Prior to launching Cyndeo Wealth Partners in 2020, Matt ran advisory teams at Merrill Lynch and UBS Financial for 29 years. Providing guidance, counsel, and strategy for families the firm serves is Matt's passion. In addition to his role as an advisor, Matt works in a leadership capacity for Cyndeo while also helping with business development. Matt has been recognized by Barron's as a Top 1000 or Top 1200 Advisor consistently since 2009. In 2020 Forbes named him to their “Best-In-State Wealth Advisor” list. A graduate of Eckerd College, Matt has served on the Board of Trustees at his alma mater since 2012. His three children are his pride and joy. Daughter Carrington owns Sunstate Yoga studio in St. Petersburg, son Kent is a financial advisor with Cyndeo, and daughter Jillian recently graduated Florida State University. An athlete in college, Matt continues to enjoy staying in shape, playing basketball, and bike riding. 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… True Alignment: Advising Business Owners on Wealth, Significance, and Value A conversation with Jason Diamond, Nick Hubert and Taylor Gentry – Founding Partners at Panoramic Capital Partners. Jason Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is True Alignment: Advising Business Owners on Wealth, Significance, and Value. It’s a conversation with Nick Hubert and Taylor Gentry, Founding Partners, Panoramic Capital Partners. 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 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. Jason Diamond: Advisory firms that work with business owner clients typically operate through a fairly traditional wealth management lens. The business may be the source of the wealth, but the advice itself often centers around investments, planning, and asset allocation, yet Panoramic Capital Partners approaches that equation differently. Nick Hubert and Taylor Gentry are the founding partners of the roughly $450 million RIA, serving about 150 families with a seven-person team. And while they come from very different professional backgrounds, Nick with more of a relationship and storytelling orientation, Taylor from the analytical and private equity side, they’ve built the firm around a shared philosophy tied to what they call personal significance, personal wealth, and personal value. A big part of that philosophy, or the north star as they put it, is applying some of the same accountability and long-term thinking frameworks commonly seen in private equity to the advisory relationship itself, not in a transactional sense, but in helping clients think more intentionally about decision-making, alignment, and outcomes over long periods of time. As a result, our conversation delves deeply into the private equity world, reframing how clients and advisors should consider this important tool as both a growth mechanism and a strategic part of their client’s plans. We talk about how that perspective also shapes not only how they think about serving business owners specifically, but also the role private equity should play in wealth management. Then we take a view of their long runway and how they and other younger advisors might see things differently about building firms today and why clarity of vision may matter more than sheer scale in the years ahead, and much, much more. It’s a narrative that is refreshing and informative, so let’s get to it. Taylor, Nick, thank you so much for joining. Walk us through your background. What brought you to the world of wealth management? Nick, let’s start with you. Nick Hubert: Sure. I think I got my first taste of the industry actually in a sophomore year of college internship, or I interned at Morgan Stanley here in Oregon. I studied finance and accounting at University of Oregon, and so I had this affinity for finance and markets and had that privilege of having that internship. So I had it early on in my career. Ultimately ended up setting my sights on doing investment banking and going that route and did that for a short period of time. Ended up not going very long due to a medical reason, so you don’t have to be that sorry for me. And ultimately started my career in business consulting before pretty quickly realizing that I want to get back to finance, back to investing these things that just felt like core competencies and that thing that you keep coming back to when you’re alone in the middle of the night thinking about stuff, it was always that. Just had this desire to work with smaller units than large corporations, which is great for wealth where you get to work with families and small businesses. And so it was just a natural alignment that took me back full-time to the space in 2016. Jason Diamond: I like the framing it through the size of the unit you’re working with and having more of an impact on the family. Taylor, what about you? Taylor Gentry: I’m a little more circuitous, if you will. Spent a couple of years in investment banking, so you can be sorry for me. Nick and I met in undergrad at the University of Oregon, had the opportunity to work in this investment group together where we were investing a portion of the university’s endowment. And like Nick, interned in wealth management and kind of walked away from it going, “Boy, that’s boring. I don’t really like that.” And so moved to New York, cut my teeth in banking for a couple years and we were working… So an investment bank for context, helping companies raise debt, raise equity, and with mergers and acquisitions, we’re working with huge companies. So the Mattels of the world, the largest toy company in the world. Like Nick, realized, “Hey, I’m going to work with smaller companies that we can get our arms around a little bit better and be more helpful with and have a bigger impact on.” So spent about 10 years with a private equity firm in the western half of the US and we invested in companies in what’s referred to as the lower middle market. So companies doing 50 to 300 million of revenue. And we would invest in those companies, grow those businesses and then look to sell them. Awesome experience, learned a ton, got a bunch of experience around how to invest in companies, how to grow businesses. Then had the opportunity to step into the CFO seat of a couple of different operating companies during that time. It was just a great learning ground, but also to see a whole bunch of different situations. Nick and I have always invested in things together. We’ve worked on things together and we’ve always wanted to work together full time. And a few years ago, the stars really just aligned to say, “Hey, what would it look like to create a differentiated offering in the wealth space where we can blend my background on companies, transactions, how to draw on scale and all those pieces and really marry that with the wealth management piece?” And Nick will get into that further, but it’s just a really unique way to partner with families and companies that are smaller which can have a really high impact experience with those families and really move them through their life journey, if you will. Jason Diamond: Yeah, there’s a lot to unpack there and we’ll get to some of the elements of how you run the business today. First of all, you can’t fool me by using a toy company as your example to make investment banking more interesting. I’m just kidding. Actually, my real takeaway there is you have a skillset that is incredibly relevant in the current wealth management ecosystem, especially in the model you’re currently in. So let’s talk about that a little. Tell us about your current chapter, which is Panoramic Capital Partners. Who do you serve? What types of clients? Give me some perspective on size as well. Nick Hubert: I'm going to take this first. Taylor can do the PE background side and give you a bunch of numbers. I’ll give you the story and see if we can piece it together that way. Jason Diamond: I get the impression you guys use that line a lot. Nick Hubert: Oh, no, that’s the first time. How’d it land? Jason, I spent eight years at our prior firm with our third founding partner, Andrew, and he was at that firm for 30 years. And so we’ve got this core DNA that we’ve always carried of serving high net worth families in a very holistic and deep planning-based capacity, which I think a lot of modern firms say that. And so that’s not necessarily that different, but it is a DNA that carries through. When we got struck with this vision of launching Panoramic and what inspired us to build the firm, it was as, Taylor outlined, around this idea of how do we partner with entrepreneurs and business owners more holistically across their entire entrepreneurial journey, not just around the exit as is so often where the gravity of the conversation sits. And so our firm vision and inspiration was all around that. And since launching in May of 2024, it has been about how do we bring that vision to life with a different business model. And to your point, there’s a bunch to unpack there, but that is ultimately the founding vision of what we are trying to build here overall and what inspires us every day to say, how do we, as Taylor mentioned, bring the combination of skillsets to bear in a way that allows us to be a better partner along the entirety of the journey as opposed to just towards the end when assets traditionally show up, so to speak? So that’s a story from a vision perspective. Taylor, I don’t know what you want to add to that. Taylor Gentry: As Nick outlined, it’s the ability to work with folks throughout the lifecycle. So in private equity, you invest in a company, you work with that management team for three to seven years and then you sell the business and move on to the next project or deal. And really, it’s the deal mechanic that is the value creation. Whereas, with what we are building here, we have the opportunity to really step along the journey with folks when they are in the early phases building what we talk about as the middle phase of allocating, and we’ll talk about this further, and then really the third phase of stewarding capital along the way. And it’s a life cycle or entrepreneurial journey that we’re able to be hand in hand with folks over decades opposed to measured in three to five year spans. Jason Diamond: So it sounds, and you’ve both kind of touched on this now, your different backgrounds, you view as very much a positive because it gives you, Taylor, the more in the weeds analytical perspective. Nick, you’re probably more the storyteller. Do you find that to be a benefit when you’re running your firm every day? And are there instances when it’s a negative? Is there ever a time when you say, Taylor, just maybe more for you, not coming from this world, you don’t speak the same language? Nick Hubert: Do you want me to drop off the call so Taylor can be honest and he can give you the scoop and then he can jump off and I’ll give you the scoop? Taylor Gentry: Jason, we talk about that a lot, honestly. I think it is atypical for someone with my background to step into the wealth space maybe more so. And we leverage that because we have the ability to work with folks on how do you drive value in the company, how do you set the business up for a potential sale exit or transition internally? But this business, historically, we’ve talked about it as almost like two tracks. You have Taylor on the quote unquote business consulting or the business work track and you have Nick on a wealth management track. It’s really not the case. And really, the power is the ability for these two pieces to come together and there isn’t a conversation we have with clients where those two perspectives and backgrounds or contexts aren’t married into one to create really truly holistic advice. And so Nick will probably tell you otherwise, but I haven’t seen an area yet where our two backgrounds has been a negative. It’s actually been immensely positive. And then on top of it, in terms of kind of building out the firm, Nick is more of a traction visionary and I’m more of the traction implementer. What’s amazing about it from our perspective is the partnership we have allows us to, A, recognize that, B, name it, and then C, leverage it in terms of being able to dole out duties and maximize our success together. Jason Diamond: Nick, anything you’d add? Nick Hubert: I think that’s all right. I mean, Jason, your question was from an operational perspective. I think a lot of Taylor’s view is from a client perspective, which is spot on that the overlap of that is really helpful for clients and I think what allows it to be a different experience for them. Internally, operationally, I think that where you could see friction there amongst partners with differences, and I think you do see that, and at the same time, Google was the one who did team research 15 years ago where they put out what you really want, is similarity and vision and differences in skillset when building a team. And so I think we’ve been intentional about that and it’s been really helpful for… Taylor and I functionally met in a quasi-professional setting back in 2011 and developed a friendship quickly, so we’ve got that deep level of friendship that underpins all of it. And same with Andrew and our time working together. So part of it is there’s just such a strength of relationship amongst us that we give space for each other’s differences and look for those as assets as opposed to negatives, but in some sense, beauty in the eye of the beholder as is the case with anything. Jason Diamond: Yep. I appreciate you adding that context. I’ll be honest that when I first encountered your firm, my reaction was your core value prop of serving business owners is not all that differentiated. And then I learned more about the way in which you serve business owners. Can you talk about that? Because a lot of advisors in general, but then I think more specifically, a lot of RIAs would say, “We service primarily business owners.” Tell me how do you do it in a way that’s different and meaningful? Nick Hubert: I’ll take a first stab at that and then Taylor can maybe add on with specific stories. The wealth space is an awesome business and it’s a place where it’s very difficult to differentiate. And so we think a lot about that through the lens of how do we grow this business well for the long period of time to create opportunities for clients and employees. And so we spent a lot of time thinking about that, not only for the sake of differentiation, but also how do we actually just continue to add value to clients? Because if we add value in a different way, growth will take care of itself. I’d say one way of cutting that is we revisit the mission is through this idea of, okay, if I want to be a partner along the journey, it’s about more than a single transaction, more than a single exit, whatever that might be, or a series of transactions as wealth is often created over a series of transactions. It’s this idea of how do we focus on wealth creation and driving business value as the engine of wealth creation for entrepreneurs and what we call personal significance, which is the life of the entrepreneur. And so there’s a next click down framing of our framework that we work through that lens. I think the most important piece for us has been how do we build a business model that actually brings that to life and that’s the trick because we can say that, and if we basically still just operate out of an AUM-based or an asset advisory fee-based business, the reality is my incentive is still towards getting assets out of the entrepreneurial environment, so to speak, into a place that I can manage them, which may or may not be the best thing for the entrepreneur based on where they are at. And so our current work continues to be around how do we build that business model. So layering in different ways of engaging, whether it’s a retainer fee or some other way of engaging so we can start earlier when assets aren’t there and actually encourage the entrepreneur, “No, keep reinvesting in your business. It’s your highest rate of return right now and it’s where the investment needs to go.” I don’t want to have a conflict in giving that advice. And so I think step two here has been building that business model from an actual engagement perspective to enable us to enact the vision. And then I think the third piece is how do we then build tools that are different than just evaluating pre-exit planning, and as is so often, the toolkit, but actually saying, okay, what are the value drivers of a business? And this is probably where Taylor has a lot more to add because it’s 101 of the PE model, but how do we take the mission and vision of an entrepreneur, what we call north stars, translate those into value drivers, ensure those tie to strategic initiatives in the business, ensure it ties to reporting, and ultimately, how capital is allocated between the business and other investments? So then that’s our toolkit that we continue to build out to deploy the mission through our business model with tools that back it up. So that’s how we frame it right now. Taylor, we can share stories about how that’s come to fruition to create different outcomes. Jason Diamond: Taylor, I’d love to hear that. Let me just add maybe my understanding, because this is what helped me, I think, to really understand how you defer, and Nick and Taylor, correct me if I’m wrong, it sounds like the typical advisor thinks about an entrepreneur, a business owner relationship as the next liquidity event in most cases. And you take the viewpoint that it’s a journey, in some instances, 30 years in the making. It’s not even about liquidity event might come that’s beside the point. Is that a fair summary? Taylor Gentry: Yeah. We talk about it as a growing business is a healthy business, a business that is creating incremental value and adding to the multiple in terms of how the business is valued in the marketplace is a healthy business. And so whether you are going to sell that business or retain that business into perpetuity, let’s make a really valuable business and grow a very healthy business. And that’s what we do with clients. Nick laid out the north star framework. And so how do we actually go about engaging with folks on a practical level? It does start with the north star framework. It’s got five steps to it as Nick outlined in terms of defining the north star, where we’re going, what we’re trying to do and that’s across those three pillars, personal significance, personal wealth and business value. And that personal significance has to be held at that same level. Otherwise, we find folks that are mid 50s, their business is crazy valuable, they’ve got a lot of dollars, but their family life isn’t where they want it to be because they didn’t take care of that along the way. So we lay out a place map that says, “Hey, these are the north stars that we are aligning on and coming back to every month when we work with these owners.” We then push that into, okay, what are we trying to do on the business side of the equation? Let’s lay out what is going to drive the value of the business from a multiple and enterprise value perspective. We push that into a set of strategic initiatives that is tactical, who owns what, when’s it getting done, and are we red, yellow or green on it? We then build out the performance reporting package with folks. And so that is a monthly reporting package that says what happened last month and what operational data are we looking at to be able to improve the business month over month and get a good feedback loop going into the company. And then the last piece is around capital allocation that Nick mentioned where if the business generates a million dollars, where’s that capital going? I think there’s a lot in there and it’s really deep, but if you zoom all the way back out, it’s take a private equity style playbook where private equity firms come and invest in a company. And what do they do after close? They put in place good financial reporting, good operational reporting, and then hold the team accountable to that reporting and those results on a monthly, quarterly, and annual basis. And so this is not rocket science or something that’s never been seen before. It’s just most business owners that have never experienced this private equity world don’t have access to it and don’t know how to go about doing it. It’s a relatively long process to get that installed with companies and with teams to really dig in and understand it, but it’s building out those packages to be able to say, “Okay, what happened last month? What changes do we need to make and what are we doing from a initiative perspective to drive the business forward?” So to Nick’s point, it was previously, this was all about liquidity planning or from a wealth management perspective, it’s about the exit. This is about how do we make a more valuable business along the way, and that’s going to be good for the entrepreneur as they move through the journey. Nick Hubert: When we were around the dinner table, the proverbial dinner table creating the vision of this firm, it was around this idea of the silver tsunami and everything that everybody reads in the headlines of this massive wave of transition, this generational transition of business ownership that we could help facilitate. So we launched with that thesis in some sense. In addition to this broader journey perspective, we have gotten to this place by following the market and listening to what entrepreneurs actually want through the big unlock was honestly in a deal process with one of our clients where we realized, “This is a great deal. This person’s going to put a ton of money in their pockets, secure their future,” and it’s completely the wrong outcome for the entrepreneur because it’s thinking all about the deal, not thinking about what this person didn’t want was an exit. They wanted a different relationship with their business, and that required, what do you actually want out of life, that personal significance piece? And it required, “Hey, if we can actually create a layer of team members and reporting that allows you to manage this like a board chair would do as opposed to a highly engaged CEO. That’s actually what you want. You don’t want out of this business. You want to still have this be a huge rock in your life.” And so we’ve ran through that door, said no to the deal with them and have been building the infrastructure around this, and that was the unlock and aha moment for us. There’s something bigger here and that’s what then inspired, in some sense, the broader build out of the toolkit, but I think puts more meat on the bone of actually saying no to a deal, which is not the classic wealth manager outcome to get to a way better outcome for the client and is ultimately still an awesome client for us as a firm and somebody that we can go build with for the next 20 years. I think just telling it through the lens of a story that’s different than what’s normal, so to speak, is a way to frame that up. Jason Diamond: It’s such a hyper focus on a fairly long-term and honestly nebulous potential outcome. You don’t have certainty. That, I think, is why most advisors would prefer the near-term liquidity. I mean, it’s not a secret, right? You can bill on assets, firms are incentivizing it and it’s a pretty direct recipe to net new asset growth, but it’s certainly a refreshing point of view. It resonates with me. I’m wondering if it’s resonated with clients and prospects. I guess what I’m asking is, do they feel that this is something different than the typical wealth management experience for this type of client? Nick Hubert: Yeah, Taylor, tell that story of the guy who said, “I’ve had this, but I felt alone.” I think that story of partnership, you tell pretty well. Taylor Gentry: Yeah. Jason, it was actually that same client, he had a investment banker, a wealth manager, attorney, and a CPA. CPA said, “The deal’s terrible, you shouldn’t do the deal.” Investment bankers obviously incentivized to do the deal. And so he’s saying, “You should do the deal.” That’s how he gets paid. He had a wealth manager who was silent and he had an attorney who just pushing paperwork. Jason Diamond: It’s like the start of a bad joke. Taylor Gentry: Yeah. No, seriously, it’s pretty remarkable. It’s like this guy did what he was supposed to do. He put the team of resources around himself. He got professionals in the seat. It’s that no one could connect the dots of all four of those people because they have the seat of those four people. And so it’s really resonated because there’s an ability to see a bigger picture and connect these dots and say, “Okay, this investment banker is saying X because of A, B and C.” And the CPA is saying it’s a bad deal and that it’s not a market deal. It’s 100% a market deal. This deal is right down the fairway in terms of what the market should value your company at and they just don’t understand how the transaction mechanics should work. And so it’s worked really well from that perspective of being able to be the quarterback or centralized point or personal CFO for folks in understanding where interests lie and also being able to think about what they are pursuing in a bit of a different lens. I think the second piece on that is where does it resonate for folks? I think that there is a gap in the marketplace that we are still working to close, and that gap is that business owners do not know what this monthly reporting package looks like. They do not know what really good reporting on their business looks like in terms of they have always run their… You’ve got a business owner. They’ve run their business for 10 or 20 years. They have a pulse on the business from their gut feel. That does not mean that the business has been optimized, is ready to go to the next level or is ready for a transaction and go through a transaction because they have not done the work on the backend to understand the moving pieces of the business at a granular level. This recording package, we oftentimes get this confusion around, well, I’ve got a temporary CFO or a controller or X, Y, Z. That is very different than what we’re talking about. Well, that is all accounting, close the books, have clean numbers. What we’re talking about is how do I marry operational data in the business, number of units ships, number of jobs completed, time on job, operational data to the financials in the business so I can then go make adjustments operationally on how to improve the business and continue taking steps forward. Jason Diamond: It’s very clear. Nick, anything you’d want to add to that? Nick Hubert: I’d say it’s easy to still cut that from a deal lens and say, look, when an investment partner comes to evaluate a business to sit in their seat for a moment, they’re going to look at the replicability of what that leader has done without that leader still in the seat. And if so many businesses are still reliant on that person and this gets talked about as processes, reporting systems, that ultimately results in a discount to the value of the business because although it can be viewed… For the leader, it’s like, it’s that control thing that entrepreneurs deal with. It’s what made them good. It’s what got you there. And so that transition is really hard. And that’s important from a deal lens because that does a direct impact to value. And to widen out the scope beyond the deal and to think about the entrepreneur’s life, this goes back to the dynamic that a lot of times entrepreneurs look for the exits because they’ve built something that it’s now owning them and what they’ve built is not resulting in the life that they want. And so how can we use this system to actually change that relationship, as I mentioned earlier, with the business so that they can run it more like an executive might and get out of the knife fight, so to speak, that often is how this can feel for a lot of folks, even for pretty large businesses. It can just feel like you’re a firefighter, you’re in a knife fight, whatever you want to use for that terminology. I think it’s as much about creating a different life outcome and different relationship and owning and leading a business as it is in driving deal value. Jason Diamond: Taylor, maybe I’ll ask this of you. Forgive the question, but private equity, I think in our space, has a little bit of a negative stigma at the moment. I don’t think that’s true across the board. I think people appreciate generally the need for capital and there are certainly benefits of private equity. But I’ll say as a whole, advisors are, let’s say, suspicious of private equity. You ever get that pushback? Does anybody ever view your experience or the way you position the story as a negative? Taylor Gentry: I think most people that we talk to don’t know what private equity is. They may have seen it in the headlines. They may have some sort of connotation around it. They won’t come out and say that they don’t like it. They don’t know why they don’t like it. The average American business owner, they don’t know what it is or what it means. So yes, you do have to fight that because of the headline piece around private equity, bad actor ABC, and that’s what gets the headlines. I think what private equity is really good at is taking a business that is not optimized or not running on systems and processes that it can run on. Again, it's not rocket science is not crazy hard. It’s just the private equity world has created ways to install systems and process that improve the value of the business by way of providing visibility to financials and operations in a way that the owner previously didn’t have. And so for us, we view it not by any means as the end all be all or the answer. There are clients we’ve worked with that have taken private equity capital and grown successfully, executed on some acquisitions and then exited again. There are clients that have evaluated those transactions and said, “Hey, not for me.” We are actually fairly agnostic to it. What we really spend a lot of our time on is what are we solving for? What’s the end game? How do we use this private equity transaction to get to where we’re trying to go and is it what we want at the end of the day? Because the reality is, if you’re going to stay on and run that business with private equity investment in, there’s a higher expectation on what you need to do Monday morning than when you owned it yourself and it was a little bit of your personal piggy bank too. Jason Diamond: I love it because you bring it back to the north star concept. Taylor Gentry: Yes, that’s exactly right. It’s what are we solving for and what game are we playing to be able to get to where we ultimately want to go? And for, as Nick mentioned that client that turned down the deal, it was a private equity investment. We got very clear with that, “Hey, here are going to be the expectations. You will have a monthly financial reporting call. You’re going to have quarterly board meetings.” These are things that need to happen in this business to be able to upgrade the management and cadence in this company. You don’t have to do it all tomorrow, but that is how you make a more valuable company, is installing some of these systems, process and cadence. And so we’re working with him now on doing that, just in a private context instead of in the private equity backed environment. Nick Hubert: I think there are three things embedded in this. I’d say number one, to Taylor’s point, this is a massive black box, in some ways by design. Wall Street’s had not a great reputation for a very long time of putting things behind the paywall, so to speak. And so we think a lot about our job as empowerment and education. Jason Diamond: Education, yep. Nick Hubert: Yeah. And so part of it is just, number one, how do we just demystify this thing and name things and take away the go to or bad? Because it can be that, but it should not be that from a core basis. That’s number one. Number two, a lot of entrepreneurs feel like they cannot get access to this ability to professionalize or level up or whatever these things are without bringing on that investment partner. And so part of our motivation is how do we actually bring this skillset in without needing to bring on an investment partner because oftentimes, that investment partner comes when you’re done, and so you don’t actually get to experience it. That’s number two. Number three is, Jason, part of your point earlier was like there’s still a trap here of potentially being able to get motivated primarily by the exit. And so again, that gets back to our business model, making sure our price Racing is right, all that good stuff. And it’s also the reality that a lot of businesses, if you just look at a very broad scope of American businesses, a lot of them don’t have value in the marketplace in a massively material way and/or won’t exit in a traditional way. And so the wealth creation journey then becomes much more of a conversation of, how do we manage the balance between investing in the company and distributing out of the company to invest elsewhere because we should actually be creating investment assets along the way because when you get to the exit, there’s no better power position at the moment of exit than already having financial security to some degree and giving you choice in the right deal, not the highest and best deal because you need to fill the piggy bank for retirement. Jason Diamond: I just want to be sure to ask because you did mention a couple times your pricing structure. How have you set it up so that you can be more agnostic about this as opposed to the typical… You want to talk about it for a minute? Nick Hubert: As it’s structured now, it starts with a retainer earlier on where we are working… As Taylor mentioned, we are going deep in the operational build of the business. We will do that on a monthly retainer. We’re engaging consistently. As assets get built up and if assets get built up, we start to chew that retainer down as assets go up. I think what we are ideally trying to figure out, and still honestly have not figured out yet, is how do we get to parity so that we don’t create an… I want to be able to work agnostically with a client to say- Jason Diamond: Yeah, I love it. Nick Hubert: … regardless of how I’m engaging with you, that’s the goal. So I’d say we haven’t cracked the code on exactly what that is yet, but mechanically, we’ve got the levers to pull to say how we price and move that retainer down is basically allowing to keep it at par, so to speak, for the client and allowing us to say, “I’m here to engage in making the best wealth creation outcome for you along the way, whether that’s investing in the business or investing outside the business.” Jason Diamond: I think that’s the right recipe. I agree. The levers can be fine-tuned, but to me, that’s the model you want to create where you can credibly look your prospects and clients in the eyes and tell them, “Our job is to serve you in the best way… We’re sitting on the same side of the table as you.” I want to turn this inward for a second. The home cooking concept. M&A, within the RIA independent space, is obviously a hot topic. Have you thought about it? Do you think it’s a critical part of a potential growth trajectory of a healthy, independent firm? I’m curious your perspective. I feel you, Taylor in particular, probably have a unique lens on this coming from the world you came from. Taylor Gentry: Yeah, Jason, I think if Nick and I wanted to put as much money as we possibly could in our pockets as fast as humanly possible. It’s a pretty easy recipe. It’s go get some private equity capital backer, roll up a few RIAs, get to a few billion of AUM and then sell it to the next private equity firm or roll it to the next private equity firm, do that a few times. We’d all make plenty of money and go on our way. We’ve been really intentional on this front, and again, I talk about this is what we want to do for the next 30 plus years. And really being intentional around building a business that has that enduring nature to it, decided to take private equity capital on, you are on a shot clock to some degree. Yes, you’re trying to build a best business, all of those pieces. You get cadence. You get capital. There’s a ton of value there, but you are on a shot clock that is not a shot clock we’re trying to get on at this stage. I’d say we opportunistically are looking at acquisitions. So we think about it, and Nick and I talk about it all the time, how much of our time should we be spending on acquisitions? And we think of it as 80/20 or even 90/10, 80% or 90% organic growth-focused, 10 to 20% acquisitions-focused. And so we’re actively evaluating those consistently and see deals on a monthly basis that we look at and evaluate, but it’s less of the focus today than it could be down the road. Jason Diamond: And Nick, do you think of that when you guys talk? Do you guys call that your true north? Do you think the same way you coach your clients and prospects to say, “For right now, it wouldn’t be the right move for us to take private equity capital and to do this acquisition rollup strategy because A, B and C are more important for us”? Nick Hubert: Yes. I think if we take our life north star for Taylor. I’m speaking for Taylor, but we’re close and so we share this of… To Taylor’s point, the life outcome of scaling that quickly with that type of capital backing is likely to create a life that I don’t actually want that’s not good for me, not good for my family, and honestly, not good for our clients at this point. And so that overrides in this case, even though the wealth, north star might say, “Hey, absolutely do that.” At some point something has to win. And so that is true. At the business side, as the north star is motivated by this mission of the entire entrepreneur journey, the worst thing I could do is shortcut my ability to be on that journey for a long period of time. One of our friends in this space says, “The best thing I can do for my clients is still be in the seat 30 years from now because I’ve lived a good life that enables that.” And I think that’s spot on for us, is everything, it’s so easy in today’s world to be consumed by short-termism and we are intentional in ensuring that we don’t succumb to that. While still recognizing to your point, I mean, you’re in this all day, Jason, right? There’s a massive opportunity in front of us to be thoughtful about how acquisitions fit into this. And I think we want to be open to that in a way that ensures we just don’t lose the core of the goodness of what we’re trying to build. Jason Diamond: I think that’s the right answer. The only wrong answer in my mind is we’re not open to this or we’re closed to it. To not at least be opportunistically aware of the dynamics in the market, I think is naive. But also, I’ll be honest, Nick, when I think about the concept of the north star, I have a hard time imagining, because we use a similar concept when we counsel advisors. What is your true north or your north star and your best business life, whatever you want to call it? To me, it does include absolutely the personal piece. I think it’s hard to define it only on the economic verticals because, I mean, I think about this for a transitioning advisor. Almost never is the conversation about crunch the spreadsheet and get us the biggest check possible. It’s, yeah, sure, transition capital is important, but it’s let’s also, we want a better work life and we want freedom to market and blah, blah, blah. To me, I think it’s a completely fair way. You two are looking at it at least for now and I assume you reserve the right to revise that opinion down the line. Nick Hubert: I think acquiring for size and scale is as often the headline is, yeah, we’re not into that at this point because I think… And yet, hey, if the right acquisition with the right people came along in that, we’d be extremely excited and would move very quickly to execute on that. So it’s a little bit of a both hand. Taylor Gentry: Yeah. Jason, I think it goes without saying, but my background on having done a bunch of transactions of businesses like this, it’s a natural fit for us to have this as a lever. And so we are looking at deals. We just haven’t prioritized it as the top priority. Jason Diamond: I think also where you are, 2024 was the launch of the business. It’s pretty common to see, all right, let’s nail this, let’s get our feet under us, client service model and then we’ll start to think about that down the line. A couple other things I want to ask you about running an independent firm. This is a pretty glowingly positive review, I think, of your ability to service clients, your ability to grow and to build and run the business that you want. Has there been anything negative that you haven’t enjoyed about running and operating this business, other than working with each other, of course? Nick Hubert: No, I was going to say, I’m like, can we get Taylor off the call again? Taylor Gentry: Jason, maybe I’ll take a first cut at it. I think for both Nick and I, it’s just the administrative components of running an independent business that we don’t enjoy candidly. I don’t think many people would. That said, you come full circle and it is a pretty glowingly positive review of running an independent business because we get to run it in the way that we see fit. And oh, by the way, we use the same things that we use with our clients. So the value drivers we’ve talked about, we have a value drivers worksheet. We refresh it every six months. Nick, Andrew, and I get together every six months and we’re 18 months into this thing and we’ve already got this cadence and system to it, if you will. So I personally really enjoy the running the business piece of it from a macro perspective. Yeah, I’m responsible for running our fee billing and running the math on all that and getting that done, for example. Jason Diamond: I think that’s actually a very thoughtful answer. And I appreciate you saying I enjoy running… I feel the same way, by the way. There’s some elements of running a business that I think are immensely fun. I think it gets painted with this brush of, “Ugh, running the business is the hassle and I want to work in the business.” Agreed, nobody likes invoicing and accounts receivable for the most part, but Nick, what are your thoughts on this? Nick Hubert: Yeah, I think mine is different a little bit coming from a different background where it’s easier for me to sit with the rose-colored glasses of the joy of the freedom that we have in this model. At the same time, when I’m counseling folks who are talking with folks or mentoring folks, younger people who are thinking about, “Okay, I want to go start my own thing,” I’m like, “Hey, it’s like I’m the same way. I want to look in the mirror and think I’m the boss or I’m one of the bosses and we get to go build this.” Then the reality is, at the end of the day, if there was something that you didn’t want to do that had to get done and you didn’t do it, you got to look in the mirror and be like, “Well, you’re the boss, you didn’t do it.” It’s the both sides of the coin that I think a positive, negative cut is one way to look at that because it can feel that way sometimes. And the reality is every job has 20 to 30% of it that you just don’t enjoy doing, and that’s totally true. Jason Diamond: It’s why they call it work. That’s why they pay you. Nick Hubert: They’d be pretty quick to point out that I’m the one of the partnership group that they’re going to have to chase for a smaller administrative item because, yeah, I honestly, just similarly speaking, don’t enjoy that. I want to go talk to clients. I want to go focus on building what we’re building. In finance speaks, it is a higher beta to just the all encompassing realities of running a business that is really hard to underscore without being in the seat. And yeah, there’s definitely 20 to 30% of that I would love to wave a magic wand and say, I don’t have to do anymore. Jason Diamond: Yeah, I appreciate that. Nick Hubert: You can’t have one without the other. It’s both sides. Jason Diamond: I think it’s getting easier and I think it’s getting more offloadable and some of it probably gets more… In some ways, more offloadable as you scale, but then you get a new set of problems, probably two, because you’re dealing with bigger… It’s a never ending. I think most business owners would agree with that. And you said it well, you take the good with the bad and overwhelmingly, most people we speak with in the independent space feel as you do, which is, are there things I would prefer to offload or that I would prefer not to do? Of course, but that’s almost just the price you pay for the freedom and for doing all the things you want to do. Two more questions that I want to be sure to ask about where this has been a great episode. One is AI. Need to know your thoughts. Is this coming for our jobs? Do you think your firm is positioned to capture either asset flows or also just to leverage this technology and use it to serve clients better? Just give me your thoughts. Nick Hubert: I think, in some sense, it would be irresponsible as people this early in our entrepreneurial journey and thinking about how do we optimize what we do for clients to not be engaging with AI in some way, shape or form, at least in an evaluative posture. So we are actively, in a bunch of different ways, whether it’s buy it off the shelf or build it, continuing to find ways to think about, not only how do we drive efficiency, because there’s an obvious surface level dynamic of if I can save time and spend more time with clients, that is a go to thing objectively. And there’s this deeper dynamic of if it can amplify what… Actually, back to your prior question, if it can amplify what I’m best at and enjoy and reduce what I don’t enjoy, that’s a massive win. And I think we’re on the surface of seeing that. That’s the opportunity we are motivated by that and pursuing that. And at the same time, I would say an operational principle that really is important to us, and you can almost call it a north star within the business is client security can never be put at risk for the sake of our own growth, our own efficiency, or anything else. There’s, I think, still a question mark as to how we think about trusting this. And so we are very cautious as we think about we will never try to move so quickly on any technology, whether it’s AI or otherwise that we risk our clients in some way, shape or form, because the reality is we are also in a context where AI is, when pulled, one of the least popular things happening in the world today for the average American. And so there’s no kudos here for being a leader. Jason Diamond: I totally agree. The first mover advantage here is slim to none. Nick Hubert: Yeah, you don’t want to be the one sticking your neck out on this in our industry. And yet there still objectively has a potential to be better for the clients. Navigating that I think is messy. Taylor Gentry: I think the only thing I’d add, which is pretty short, is the use of these tools has the ability to create a better deliverable for clients on a more consistent basis. And marrying that with exactly what Nick just outlined around the risk is really the magic piece here. And so I think, to the extent we can get it implemented effectively with the security, but also with, this is going to result in a lot better outcome for clients across the board, that’s a pretty attractive objective to go after and it’s pretty exciting to be in the industry with that now on the forefront in terms of ability to improve that experience over time. Jason Diamond: Yeah. No, that’s a good color to add. I want to end here with a potential HR violation, but you’ll forgive me. I’m not going to ask about age, but you are clearly both relatively young advisors. And this is a hot button issue in our industry, the idea that there are not a lot of talented, young next gen advisors at a time when a lot of gen one or older advisors are retiring out of the business. So what would you say… I think one of you made the comment earlier, it’s not necessarily the coolest industry to go into at 23 years old right out of school. I think more commonly people go into sales and trading, investment banking or some of the other finance verticals. What would you say to younger folks interested in wealth? And maybe I’d ask also, do you have any thoughts on how we solve this next gen talent crisis? And if you’re both secretly 90 years old, you can just do it. Taylor Gentry: You talking my internal age or my actual age? Jason Diamond: Why don’t you go first? Nick Hubert: Yeah, go ahead, Taylor. Taylor Gentry: I think there’s two threads here. The first is it’s not a sexy industry to go into and not as sexy as an investment banking, private equity shtick, if you will. I think from my perspective, it’s really important what you’re working on. The ability to be in a firm like what we are building with the diversity of work that is available is a little bit like the world’s your oyster and we’re designing it with that in mind. For Nick and I, the ability to work on many different situations throughout the day and throughout the week is actually why this business is so attractive and interesting and why we want to do it for 30 years. And so we’re building with that context. And so, in some ways, it’s almost like a plug for younger advisors, the ability to work in a firm like what we’re building where you’ve got this diversity of work that is not just trading stocks and bonds or just spreadsheeting or just financial planning. This is a much broader expression and experience than what I would call “traditional” wealth management. So I think that’s the key on that front. Then, on the talent development side of the equation, if you will, this AI thing is going to be a big question mark. And what I mean by that is there is significant training that will be required in, call it traditional wealth management or the firm we’re building with regard to folks’ ability to actually learn when you can plug it into AI and get an answer that you don’t have to critically question or think through. And so there’s going to be a significant learning curve for folks that we’re going to have to continue to train and educate on in order to produce talent that can be long-term sustainable and beneficial for clients more writ large. Jason Diamond: Nick. Nick Hubert: Well, first and foremost, we haven’t given our third partner enough here of time. I think we have a tremendous benefit of having a multi-generational team at the partnership level where he’s in his mid to late 50s and can bring that additional experience to bear and as is necessary, and as is important because investing is an experienced business and a lot of clients want that. And so the power of that matters. I think that actually speaks to firms being willing to think of partnership at that level that partnership is not reserved for just once you’ve been there for a long time. So I think it’s getting at like, how do you share ownership earlier, do it in a way that is actually giving people a stake in the outcome and allowing that elevation to happen. I think that’s number one. Number two, honestly, the existence of people like you and your team and that your family has built over the years, Jason, is awesome. And because of the ability for you to help people navigate and see how easy it is to actually run this business and build this business in some sense… And that’s in the broader spectrum of having seen. We work with so many different types of companies. We sometimes say our business is so much easier to run and it has come so far with technology and with people like you who are providers to us to allow it to be easier for us so to speak. That’s a big deal. I think that should be talked about more that there is a massive… What that allows is more time to, as Taylor mentioned, build what you actually want because you can outsource the compliance piece in a major way that allows you to not spend as much time on that as you used to. So I don’t think that gets talked about enough. And I think if you just zoom out and view this in the perspective of post-2020, there was this massive movement of entrepreneurship through acquisitions and people looking at this idea of how do I get the life I want by way of not having to be on a two-year clock to go to the next job to the next job. Have something that I can have a long-term impact on where I get to build something and have employees. This is the perfect space for that because it’s such an awesome business where you get to work so intimately with people and clients and their life outcomes. They’re, again, relatively speaking, easier businesses to run relative to what’s out there. I’m just baffled by the fact that it is not seen a larger wave of younger people coming out of these more “traditional” paths and seeing this as an awesome place when they’re willing to go buy an HVAC company. This is so much easier than that. So honestly, I think

https://youtu.be/L1wE2Koy7eQ Tomas Milar, Founder and CEO of Eqvista, is passionate about helping businesses value what’s hard to value by making private company valuations more accurate, transparent, and actionable. Through a product-first mindset and relentless innovation, Tomas has built Eqvista into a leading equity management and private market valuation platform serving more than 25,000 companies, helping founders, investors, and employees make better decisions with real-time company valuations. We explore Tomas Milar’s PrivateCo Valuation Framework: Industry Data, Private Data, Public Comparables, Client Data, and Audit Defensibility. Tomas explains why accurate private company valuations require combining multiple data sources instead of relying on static reports, how proprietary datasets and public market benchmarks improve pricing precision, and why audit-defensible valuations build confidence for fundraising, compliance, and M&A transactions. He also shares how a product-first approach has fueled Eqvista’s growth while advancing real-time valuations and expanding shareholder liquidity through controlled tender offers. — Value What’s Hard to Value with Tom Milar  Good day, dear listeners. Steve Preda here with the Management Blueprint Podcast, and my guest today is Tomas Milar, the founder and CEO of Eqvista, a leading equity management and private market valuation platform serving more than 25,000 companies. Tom, welcome to the show.  Steve, thank you so much for having me. Thank you.  Well, you’ve got a very interesting background and business. We talked before the show that both of us are from Europe, studied in different countries, and come from a financial background. So it’s very interesting. Out of the 350-plus guests I’ve had, I’ve never had someone with such a similar background.  Interesting. Thank you. Yes. I took every opportunity to study anywhere. One semester I studied at three different universities at the same time. So yes, I was taking exams left and right at different universities. It would be April in Finland, May in Turkey, and later June back in the Czech Republic.  That’s great.  In one week, I would really make that whole circle. Crazy times.  I heard about professors teaching at multiple universities, but students attending multiple universities… Maybe two at the same time in the same country.  But I had three.  Three in different countries? That’s completely crazy. I guess if you wanted to fast-track your career, get to Silicon Valley young, start a company, and already reach a modicum of success, you had to do that, right?  You know what? Or you drop out of school and do zero schools. That’s also an option. Now let’s be serious for a bit. For me, it wasn’t really about the education. For me, it was whether I could make it. So it was more of a challenge than an academic achievement. Yeah, it was a fun time back then. I would have a Tuesday exam in Turkey, then fly north. I would have to change clothes in Prague because in Finland I was only about 50 miles from the Polar Circle. It would still be winter there, so I’d pack winter clothes and then take an exam in Oulu, which is almost at the Polar Circle. Yeah. So from Istanbul to the Polar Circle. It was a fun time back then.  I saw it on your LinkedIn page—North Ostrobothnia—and I couldn’t imagine where that place was. So I actually Googled it, and the pictures were all ski slopes. I figured it had to be a cold place.  It was very cold. Yes. A lot of saunas.  Yeah, that’s lovely. Let’s get into the topics. One question I always ask my guests is: What is your personal why, and how are you manifesting it in your business?  You know, I learned the hard way that you never ask “why.” At least for me, after living in China. Things just happen. They just happen. Some people don’t really know certain things are possible until they make them possible. So from impossibility to possibility. It’s always interesting to see things happen without a rational reason. I don’t think it’s really about a why. I think it’s really about being naïve when you do things, just doing them, and figuring things out along the way.  Yeah. Well, I agree with you about naïveté. I believe it’s a great entrepreneurial trait because it allows you not to kill good ideas..  Yes, yes. …before they have a chance to develop. And Steve, the more you know about certain things, the less likely you are to start a business in that particular industry, right? Doctors never start hospitals. Bankers never start banks or neobanks because they understand how difficult it is. So that naïveté—to be foolish and hungry—it really works. Yeah. Actually, that’s what works for me. Again, I never thought about business ideas in terms of why I should be doing them. Let me ask you this instead.  What energizes you about running Eqvista?  I think it comes in different phases. Right now, we’re going to launch a controlled tender offer. For those who don’t know what that is, when you issue stock to employees or investors, you can get it back. We don’t really like the term “buy it back,” but that’s essentially what happens. Once you issue options or stock, you can actually buy it back and redistribute those same shares to different investors or shareholders. That’s our new product. We have a very big challenge in front of us, and it’s how to price stock.  We perform valuations on over $8 billion of client assets every month. We’re one of the largest equity valuation platforms on the market. That’s actually what energizes me. Not really the number, but how hard it is to become number one and what drives innovation. Because if you want to be number one at anything, you need to innovate. What we've actually fixed is the report. When you issue stock, you need to have a stock price.Share on X  That stock price reflects the market, how the company is doing, and the different funding rounds. Usually, you find that stock price in a report. It’s a PDF—40 to 60 pages. By the time you receive the report, the valuation is already outdated. One month. Two months. Three, four, five, even six months. In 2026, startups move so fast that in six months some companies grow exponentially. Yeah.  I saw your LinkedIn post about SpaceX. There was an April 2026 valuation of $1.6 trillion. Then you posted again four days ago, showing it was over $2.6 trillion. That’s more than a 40% increase in just two months for one of the most valuable companies in the world. Yeah. How does that happen?  Particularly for SpaceX, there are multiple factors. There’s definitely hype, no doubt about it, because 95 times revenue—that’s ridiculous, right? For a publicly traded company, we usually see six or seven times revenue. That’s probably the best multiple. But 95 times revenue—that’s unheard of. How does that happen? There are multiple reasons, right? One of them is innovation. Another is that SpaceX is the only company actually launching spacecraft into orbit.  And yeah, obviously, there’s the Elon Musk factor. If you look at the space economy, whatever we’re doing on Earth, we’ll be doing the same things in space, right? So looking at SpaceX as a bridge between the dream of space and practically mirroring what we do here on Earth, I think that’s a great analogy.  For us, it's a really nice demonstration of how any company going public should have a real-time valuation.Share on X It doesn’t have to be publicly available. You can choose. Again, think about how Merrill Lynch—I think it was Merrill Lynch and Bank of America—helped with the roadshow and all the due diligence and documents. I can’t even understand how they modeled the valuation one time. They probably had to do that every three days.  But if they had a real-time valuation, they could clearly understand what was happening in the market. So, going back to your original question about what excites me, this is exciting because we built the largest valuation model on the market. Currently, without SpaceX—because SpaceX would take up half of the benchmark—we constantly value over $4 trillion in assets.  Okay. So let’s talk about this because, in my time at my investment banking firm, we had a valuation practice, and we offered six different types of valuations. But really, we just wanted to have an enchilada process where we would have EVA valuations, multiples, private and public comparables, DCF, and all that stuff. But I’m really wondering because, when you’re valuing small private companies, you’ve got all these liquidity discounts, marketability discounts, ownership discounts, all these discounts.  So it kind of boggles my mind how you guys can value all these startups, which may not even have revenue and may be very early-stage. Because this podcast is about frameworks, I’d like you to share with us—with me and the listeners—a framework that simplifies this whole valuation. What are the major elements? If you had to constrain yourself to five major elements of your valuation, what would they be?  Yeah, I can definitely help with that. Obviously, the first one is the industry, right? The industry. We have our models and datasets that we’ve acquired over the years. We have valued $400 billion in client assets manually. Okay. Manually. Even before AI, we were using AI, right? So we really tested the models. We really worked on what works and what doesn’t. That’s one element. It’s the dataset.  Obviously, public comparables. We have incredible models for choosing and picking the right companies, right? There are 4,000 publicly traded companies on the market. That’s a very important dataset. Then we have data taken directly from clients. That’s also very important. The data actually reflects the reality of the company. Obviously, you can estimate, but all these estimates…  There are platforms out there that give you a range. There’s actually a company now that tried to copy us, but they came up with such an unfortunate solution. They have a range. And Steve, who knows the range? Let’s say you have a $100 million company valuation. They came up with a valuation range of $30 million to $100 million. Two hundred?  Okay, great.  Thirty to one hundred. Thirty to one hundred. Okay. I’m like, “That’s not even a range.” It’s ridiculous. So, again, you can try to copy it, but it’s not going to work. You have to have analysts. We have an in-house team of close to 20 valuation analysts with double master’s degrees, CBAs, CFA Level III, and NACVA certifications.  So we can also issue certified reports. We can support all the defensibility. So, in case any company is undergoing M&A, we can help with additional questions from the Big Four, McKinsey, or PricewaterhouseCoopers when they challenge the valuation. We can defend the stock price. It doesn’t really happen when we issue the stock, but it happens down the road.  Yeah. That’s fantastic. So let me ask you this. What drives growth at Eqvista?  What drives growth at Eqvista? The product. It’s really as simple as that. The product and our company economics. We don't really waste time and energy on things that don't work. We focus heavily on what really works and only on what works.Share on X We haven’t raised much money, right? We bootstrapped the company. We raised half a million dollars. I always gave up on fundraising because I’m a product founder.  I don’t really do many roadshows or meetings. I actually hate meetings. I stay with my team. I’m product-centric, super focused on the product, and I think that’s one of the reasons we’re successful. I’ve always been fortunate to build amazing products and hire very talented people who can understand what we’ve built and sell it. So it’s the product. I’ve always believed in pull marketing rather than push marketing.  Obviously, outbound outreach is also extremely important. But pull marketing is where you start, especially in the early stage when you want to grow to, let’s say, half a million, one million, or two million dollars in revenue. Because direct sales are extremely hard.  So what’s one thing that you’re actively trying to figure out in your business?  It’s the price. It’s the stock price. How to effectively value companies. That’s what excites me, and that’s what we try to figure out on a practically daily basis. We have a team of specialists focusing on stock pricing and stock price discovery. Adoption is going to be extremely important. How successful we’ll be in distributing the stock price to different segments of the market.  I’m trying to understand this. You already have 25,000-plus companies whose valuations you manage. You’re able to defend these valuations in court or in M&A situations. So what do you mean exactly by trying to figure out how to effectively value companies? I mean, it sounds like you’ve figured it out. So to what degree have you not figured it out?  We have it, right? But for us, it’s about efficiency. Efficiency and how precisely we can price the stock. That’s probably the big question, even for the public market. Some companies are underpriced. How is it possible that a company with a strong balance sheet has a lower value than the cash in its accounts? These are the types of things.  It’s definitely a different approach to value a company with a couple hundred thousand dollars in revenue versus a company with $300 million in revenue and a $22 billion post-money valuation. These are crazy formulas and approaches. We’re still working on the precision because, at that scale, companies are extremely sensitive to any type of deviation. Even one percent can mean hundreds of millions of dollars.  So that’s very important. Actually, it’s also very important for startups to realize that, at the lower level, they might be undervalued by a few hundred thousand dollars or a few million dollars. That’s also something founders, CEOs, and CFOs should really be considering. That’s why real-time valuation is extremely important for all of us. We’re just trying to teach the market about real-time valuation.  Yeah. I can imagine. Even listed companies that have public data can move dramatically based on market sentiment. Something happens in Iran, and the stock can drop ten percent in a day. What could happen in a private company when you don’t have real-time data available?  Yes.  It’s going to be a really thorny issue.  It is.  So if you had a magic wand, Tom, and you could fix one thing in your company in the next twelve months, what would that be?  Adoption. Real-time valuation adoption. How we teach the market about real-time valuation. That would be the thing I would love to fix.Share on X We actually have a few ideas about how to do it. We’re becoming our own client. We’re becoming our own client, so we’re actually launching a controlled tender offer—a secondary marketplace, practically. Down the road, we could apply for an ATS, an Alternative Trading System. But that’s eight, nine, or ten months from now. At least that’s our vision, and that’s where we’d like to be headed.  So you’re going to do something like a relisting or a reverse IPO?  Not really a reverse IPO. No. Just to help shareholders liquidate their stock. It’ll practically be a platform where employees or investors can liquidate their stock. That’s something we’d like to focus on. We issue stock, manage it, reprice it, and we’d also like to help provide liquidity.  Wow. These are very exciting challenges.  Yes.  A lot of people have tried to overcome this, so if you do, you’ll definitely be pioneers in this area. Perhaps AI can help with that.  Perfect. Yeah. I have a list of people I know, how to use them, and when. So you’re always welcome.  All right. If people would like to learn more or contact you, where can they find you? Or where can they find Eqvista? How can they connect with you and learn more?  Yeah. I can definitely help with multiple subjects: company formation, bootstrapping a company, any product-related questions, and, obviously, equity management, stock pricing, valuation discovery, efficiency, and, most importantly, anything about Eqvista. You can find us at eqvista.com. E-Q-V-I-S-T-A dot com. The same goes for email. It’s tom@eqvista.com.  Okay, awesome. You can check Tom out on LinkedIn as well. That’s Tomas Milar. I think you’re listed with your longer first name. He posts regularly—very exciting articles, especially the recent one I saw on SpaceX and how the valuation shot up like a rocket. Definitely check it out.  If you enjoyed this conversation, make sure you subscribe, follow us on YouTube, give us a review on Apple Podcasts, and stay tuned because once or twice a week we bring you exciting entrepreneurs like Tom, who share their frameworks with you. So thanks for coming, Tom, and sharing your insights. And thanks for listening. Important Links: Tom's LinkedIn Tom's  website Tom's Email: tom@eqvista.com

It takes decades to save & invest enough to be able to retire. But most people find that when the time comes, they’re unsure about what’s next. That part doesn’t take decades, unless you keep putting it off. Join our next small group program in September and Design Your New Life in Retirement. Two 1 on 1 sessions. 6 interactive group sessions. A new direction. Learn more and sign up today. Early registration ends July 31st. Limited to 10 participants. __________________________ What does it really take to design a meaningful life after full-time work? In this special “Best of” episode of The Retirement Wisdom Podcast, you’ll hear brief but useful insights from guests who challenge the old story of retirement as a finish line, a reward, or a long vacation. You'll hear different perspectives on the the shift from “role to soul”, the emotional side of transition, how to build a life portfolio, why mattering may be as important as money, how connection shapes happiness, why your brain can keep growing, and how creativity can become a surprisingly powerful health habit that can enhance longevity. This episode offers a powerful reminder: retirement isn't about stepping back. It's an opportunity to step more fully into life with the courage to keep growing and contributing in new ways. ___________________________ Want to go deeper on any of these conversations? How to Live a Meaningful Life – Dave Evans Navigating the In-Between – Monique Rhodes What Do You Want Out of Life…in Retirement ? – Valerie Tiberius Design a Phased Retirement – Anna Rappaport Mattering…in Retirement – Jennifer Breheny Wallace Love & Happiness…in Retirement – Sonja Lyubomirsky Eat Your Ice Cream – Ezekiel Emanuel, MD, PhD How to Stay Sharp in Retirement – Dr. Majid Fotuhi Art Cure: The Science of How the Arts Save Lives – Daisy Fancourt _________________________ How Ready are You for Your New Life in Retirement? Take this free 5-minute assessment to identify which areas may need your attention: Not retired yet, but I want to design a meaningful life In retirement, but maybe I could use an upgrade _________________________ Other Retirement Podcast Conversations You’ll Also Love Best of 2025 – Part Two What If I? Best of 2025 – Part 1 The Very Best of 2024 ___________________________ About The Retirement Wisdom Podcast There are many podcasts on retirement, often hosted by financial advisors with their own financial motives, that cover the money side of the street. This podcast is different. You'll get smarter about the investment decisions you'll make about the most important asset you'll have in retirement: your time. About Retirement Wisdom I help people who are retiring, but aren't quite done yet, discover what's next and build their custom version of their next life. A meaningful retirement doesn't just happen by accident. Schedule a call today to discuss how the Designing Your Life process created by Bill Burnett & Dave Evans can help you make your life in retirement a great one — on your own terms. About Your Podcast Host Joe Casey is an executive coach who helps people design their next life after their primary career and create their version of The Multipurpose Retirement.™ He created his own next chapter after a 26-year career at Merrill Lynch, where he was Senior Vice President and Head of HR for Global Markets & Investment Banking. Joe has earned Master's degrees from the University of Southern California in Gerontology (at age 60), the University of Pennsylvania, and Middlesex University (UK), a BA in Psychology from the University of Massachusetts at Amherst, and his coaching certification from Columbia University. In addition to his work with clients, Joe hosts The Retirement Wisdom Podcast, ranked in the top 1% globally in popularity by Listen Notes, with over 2 million downloads. Business Insider recognized Joe as one of 23 innovative coaches who are making a difference. He's the author of Win the Retirement Game: How to Outsmart the 9 Forces Trying to Steal Your Joy.

Elizabeth Stone is the Chief Product and Technology Officer (CPTO) at Netflix, where she oversees Engineering, Product, and Design. Since her first appearance on the podcast two years ago—which remained my second-most-popular episode for more than a year—she has expanded her role to lead product, in addition to engineering. Before Netflix, Elizabeth was VP of Science at Lyft, Chief Operating Officer at Nuna, an economist at Analysis Group, and a trader at Merrill Lynch.In our in-depth conversation, we discuss:1. Why “systems thinking” is now the most important skill she looks for2. How to manage the flood of AI-generated output without losing quality or signal3. How Netflix thinks about AI fluency as a universal expectation rather than a level-specific skill4. What “excellence as an operating system” means—Brought to you by:WorkOS—Make your app enterprise-ready, with SSO, SCIM, RBAC, and more: https://workos.com/lennyMercury—Radically different banking, now with Command: https://mercury.com/command?utm_source=lennys&utm_medium=sponsored_newsletter&utm_campaign=26q3_brand_campaign—Episode transcript: https://www.lennysnewsletter.com/p/netflix-cpto-on-ai-and-the-future—Archive of all Lenny's Podcast transcripts: https://www.dropbox.com/scl/fo/yxi4s2w998p1gvtpu4193/AMdNPR8AOw0lMklwtnC0TrQ?rlkey=j06x0nipoti519e0xgm23zsn9&st=ahz0fj11&dl=0—Where to find Elizabeth Stone:• LinkedIn: https://www.linkedin.com/in/elizabeth-stone-608a754—Where to find Lenny:• Newsletter: https://www.lennysnewsletter.com• X: https://twitter.com/lennysan• LinkedIn: https://www.linkedin.com/in/lennyrachitsky/—In this episode, we cover:(00:00) Introduction(02:25) AI and role confusion: the storming phase before the forming phase(07:36) How roles have changed in the past two and a half years(11:55) Will functions survive? The case for craft specialism(13:26) What Netflix is hiring more of—and less of(17:22) Why systems thinking is the rising skill across every function(20:20) Is the design process dead?(22:08) Skills trending down(28:33) AI fluency and Netflix's career ladder overlay(31:00) AI use cases beyond coding(35:12) Netflix's AI history(38:36) Excellence as an operating system(41:11) The pillars of the excellence OS(46:41) The keeper's test—and why it's mostly a positive conversation(50:21) Attracting top talent in the age of frontier AI labs(52:54) Junior talent, craft mastery, and the mentorship question(56:25) Where engineering goes in 5 to 10 years(59:45) The future of entertainment: beyond film and TV(1:02:18) AI in Hollywood: Netflix's creator-enablement position(1:06:15) Lightning round and final thoughts—Referenced:• How Netflix builds a culture of excellence | Elizabeth Stone (CTO): https://www.lennysnewsletter.com/p/how-netflix-builds-a-culture-of-excellence• Brian Chesky's new playbook: https://www.lennysnewsletter.com/p/brian-cheskys-contrarian-approach• The design process is dead. Here's what's replacing it. | Jenny Wen (head of design at Claude): https://www.lennysnewsletter.com/p/the-design-process-is-dead• Claude Code: https://www.anthropic.com/product/claude-code• Claude Cowork: https://www.anthropic.com/product/claude-cowork• Netflix's “Keeper Test” and Why You Need It | Lorne Rubis: https://www.highlights.lornerubis.com/2015/08/the-netflix-keeper-test-and-the-courage-to-take-it• Innovation for Filmmaking, By Filmmakers: Why InterPositive Is Joining Netflix: https://about.netflix.com/en/news/why-interpositive-is-joining-netflix• InterPositive: https://weareinterpositive.com• Netflix Prize: https://en.wikipedia.org/wiki/Netflix_Prize• Quarterback on Netflix: https://www.netflix.com/title/81482895• The Bill Simmons Podcast on Netflix: https://www.netflix.com/title/82186214• Spencer Pratt on Instagram: https://www.instagram.com/spencerpratt• Salman Rushdie's Substack: https://salmanrushdie.substack.com• Remarkably Bright Creatures on Netflix: https://www.netflix.com/title/81911351• Eight Sleep: https://www.eightsleep.com• Tour de France: https://www.letour.fr/en—Recommended books:• Thinking in Systems: https://www.amazon.com/Thinking-Systems-Donella-H-Meadows/dp/1603580557• Into Thin Air: A Personal Account of the Mt. Everest Disaster: https://www.amazon.com/Into-Thin-Air-Personal-Disaster/dp/0385494785• Liar's Poker: https://www.amazon.com/Liars-Poker-Norton-Paperback-Michael/dp/039333869X—Production and marketing by https://penname.co/. For inquiries about sponsoring the podcast, email podcast@lennyrachitsky.com.—Lenny may be an investor in the companies discussed. To hear more, visit www.lennysnewsletter.com

You’ve been asked: “So, what are you going to do all day?” You have an answer. But privately, you admit it’ll cover 2 to 3 hours a day. You deserve a better, richer retirement. Join our next Design Your New Life in Retirement small group program in September. Learn more and sign up today. ________________________ Dr. Jordan Grumet has crafted three books mapping the terrain between money, mortality, and meaning. His new book, The Healthcare Heist, opens with a story he rarely tells. That experience became the seed of a much bigger argument: that insurers, pharmaceutical companies, private equity and venture capital firms, and electronic medical records companies all have their “hands in the cookie jar,” extracting value from a system that’s supposed to serve two primary stakeholders: the patient who needs care and the doctor who gives it. Jordan calls out the “intimacy gap” where today patients disclose everything to their doctors, while doctors are trained to disclose nothing back. He makes a provocative case that it can be closed through storytelling.  He also shares practical and valuable advice you can use: concrete steps for your next doctor’s visit and the healthcare-literacy gaps that trip up many people heading into retirement. _________________________ Bio Jordan Grumet, MD is a hospice physician who has spent his career at the intersection of medicine, money, and meaning. He’s the author of Taking Stock: A Hospice Doctor’s Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life and The Purpose Code: How to Unlock Meaning, Maximize Happiness, and Leave a Lasting Legacy. His latest book, The Healthcare Heist, argues that patients and doctors are the only two parties with both the incentive and the ability to fix a broken healthcare system — and makes the case for shared storytelling as the tool to do it. Jordan earned his undergraduate degree from the University of Michigan and his medical degree from Northwestern University. __________________________ For More on Jordan Grumet, MD The Healthcare Heist:How Physicians and Patients Can Unite to Transform Healthcare The Purpose Code – Dr. Jordan Grumet Taking Stock – Dr. Jordan Grumet __________________________ Other Podcast Episodes You’ll Also Love Eat Your Ice Cream – Ezekiel Emanuel, MD, PhD What Matters Most – Diane Button ___________________________ About The Retirement Wisdom Podcast There are many podcasts on retirement, often hosted by financial advisors with their own financial motives, that cover the money side of the street. This podcast is different. You'll get smarter about the investment decisions you'll make about the most important asset you'll have in retirement: your time. About Retirement Wisdom I help people who are retiring, but aren't quite done yet, discover what's next and build their custom version of their next life. A meaningful retirement doesn't just happen by accident. Schedule a call today to discuss how the Designing Your Life process created by Bill Burnett & Dave Evans can help you make your life in retirement a great one — on your own terms. About Your Podcast Host Joe Casey is an executive coach who helps people design their next life after their primary career and create their version of The Multipurpose Retirement.™ He created his own next chapter after a 26-year career at Merrill Lynch, where he was Senior Vice President and Head of HR for Global Markets & Investment Banking. Joe has earned Master's degrees from the University of Southern California in Gerontology (at age 60), the University of Pennsylvania, and Middlesex University (UK), a BA in Psychology from the University of Massachusetts at Amherst, and his coaching certification from Columbia University. In addition to his work with clients, Joe hosts The Retirement Wisdom Podcast, ranked in the top 1% globally in popularity by Listen Notes, with over 2 million downloads. Business Insider recognized Joe as one of 23 innovative coaches who are making a difference. He's the author of Win the Retirement Game: How to Outsmart the 9 Forces Trying to Steal Your Joy. ___________________________ Wise Quotes On Our Healthcare System “It made me realize how many other groups are leveraging our healthcare system to extract money out of it…We have a failing medical system… so corporatized… you have all these hands in the cookie jar, grabbing all the money out. And none of it’s really improving medicine…Most people… don’t realize that they’re being pickpocketed at every single step.” On Medical Malpractice “Less than one in 10 cases that are filed actually show medical malpractice.” On the Power, and Promise, of Storytelling “Stories changed the world.”

In this first installment of a two-part conversation, host Darius Mirshahzadeh reconnects with longtime friend and industry veteran Jon Irvine, founder and CEO of Westcove Development. The two pick up where they left off after years apart, a reunion sparked when Jon accidentally discovered Darius's podcast while stuck in LA traffic. What follows is a deeply personal and wide-ranging conversation covering Jon's biracial upbringing, his accidental entry into mortgage finance, a landmark $1.3 billion sale to Merrill Lynch 90 days before the 2008 financial crisis, the personal losses that forced him to rethink his legacy, and the unexpected signs that led him to launch a real estate development company. This episode is equal parts origin story, life philosophy, and housing industry insight with plenty of laughs along the way. In this episode, Darius and Jon will discuss: (00:00) Introduction and First Impressions (02:36) The Power of Personality Over Looks (05:25) The Impact of Generosity in Relationships (08:07) Reconnecting and the Journey to Podcasting (10:55) Background and Early Life of Jon Irvine (13:31) Transitioning from Finance to Housing Development (21:57) The Journey into Mortgages (27:59) Building a Successful Mortgage Company (32:12) Navigating the 2008 Financial Crisis (37:42) Understanding Generational Wealth Disparities (41:43) Transitioning to Real Estate Development Jon Irvine is the Founder and CEO of Westcove Development, a Southern California real estate development firm specializing in design-forward, small-lot single family homes in high-demand, supply-constrained markets. Drawing on California's evolving housing legislation — including SB1123 — Westcove manages the full development lifecycle from acquisition and entitlement through construction and sale. Jon brings nearly three decades of senior executive experience in residential finance, having held leadership roles at Change Lending, Banc of California, OneWest Bank (under CEO Steven Mnuchin), and Mr. Cooper/Nationstar, where he led initiatives across capital markets, production, and strategic growth. Through Westcove, he channels deep institutional finance expertise into scalable residential development built to meet California's urgent housing needs. Connect with Jon: LinkedIn: https://www.linkedin.com/in/jonirvine/  Facebook: https://www.facebook.com/p/Westcove-Development-61572683421911/  Connect with Darius: Website: https://therealdarius.com/ Linkedin: https://www.linkedin.com/in/dariusmirshahzadeh/ Instagram: https://www.instagram.com/imthedarius/ YouTube: https://www.youtube.com/@Thegreatnessmachine  Book: The Core Value Equation https://www.amazon.com/Core-Value-Equation-Framework-Limitless/dp/1544506708 Write a review for The Greatness Machine using this link: https://ratethispodcast.com/spreadinggreatness.  Learn more about your ad choices. Visit megaphone.fm/adchoices