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My friend needed to practice parallel parking before her driving test that was coming up soon. I was praying about and looking for a safe place to teach her when the idea came to go to a neighborhood church with an ample parking lot. After we set up what turned out to be a less-than-ideal practice parking space using folding chairs, she made her first attempt to back into the spot and park between the chairs. The pastor came out with orange cones in hand, which would be similar to the ones used in a driving test, and he introduced himself. He asked, “Could you use these cones?” He continued, “Just last week our church family was talking about ways to help neighbors who are new to our community. And we discussed letting people use these cones in our parking lot for parking practice.” They had prepared to help others, and what a blessing they were for my friend. Prepared to help others. That’s what God did for us and in us. He “prepared in advance” for us to do good works and care for others (Ephesians 2:10). The apostle Paul says, “We are God’s handiwork” so we serve under His direction and for His purposes. Salvation is a gift from God, who is “rich in mercy” (vv. 4, 8). Our good works are a work of God through us. We have been prepared by God, and He will give us compassion and wisdom to prepare to reach out to others.

A scientific study—which sought to explore how much of people’s musical sensitivity is cultural and how much of it is instinctual—played drum rhythms for newborn babies while monitoring their brain wave activity. Occasionally, the researchers would omit a beat from the rhythm. Amazingly, they found the infants’ brain waves spiked right when the note was left out—showing their young minds were already anticipating that beat and reacting to its absence. The study brings to mind the amazing way that God has created us. He’s even wired us to embrace the wonderful gift of music and respond to it with joy. And, as the psalmist David writes in Psalm 30, to respond to God’s grace with music of our own—songs of “praise to his holy name” (v. 4). Yet pain, exhaustion, regret, or grief can sometimes weigh our hearts down and threaten to silence our songs of praise. Experiencing despair, even fearing death, David pleaded with God to deliver, asking “What is gained if I am silenced? . . . Will the dust praise you?” (v. 9). David did experience God’s faithfulness as joy was restored once more, as God turned his “wailing into dancing” and “clothed [him] with joy” (v. 11). As God heals our hearts and fills them with the rhythms of joy we were born to dance to, we too can testify: “Lord my God, I will praise you forever” (v. 12).

Ben had bought pirated computer software for years, simply because it was cheaper. Even though it was illegal and broke copyright laws, he didn’t fell that it was morally wrong. After all, everyone did it, and why should he buy expensive original software? Who would check? After hearing a talk on daily examples of living by God’s standards, however, Ben, a new believer growing in the faith, began to wonder, What does it mean to do the right thing? Ben decided to replace all his software with original versions. It cost a lot more, but, as he explained to his friends, “God knows. And He calls us to do what’s right, right?” In Amos 7, God reminded the Israelites that His standards were impartial and absolute. There was to be no compromise: they applied to all, including His favored nation. His laws and moral standards were like “a plumb line” (v. 8)—a weighted line used by builders to ensure structural integrity by showing if a wall wasn’t being built perfectly vertical. While He may extend mercy, God can’t compromise His justice—which is why He sent His Son Jesus to die in our place as payment for our sin. The Bible shows us whether we’re walking in His way or not. By His grace, God helps those who believe in Jesus to live in a way that pleases Him and brings honor to Him—to do what’s right.

Michael Saylor's "never sell" era is OVER. Strategy sold 3,588 BTC (~$216M) at a 20% loss to cover $1.8B in dividend obligations — and Canadian pensions are holding close to $1B of MSTR stock. On June 29, Strategy's board adopted its "Digital Credit Capital Framework": $1B stock buybacks, a 12% STRC dividend, and a $1.25B "BTC Monetization Program" authorizing Bitcoin sales "when strategic." CEO Phong Le calls it "evolving from one-way capital issuance to active capital management." The mNAV premium that financed five years of buying has collapsed from 2.66x to around 1x — and one in three Bitcoin treasury companies now trades below the value of its coins. In this episode of the Canadian Bitcoiners Podcast:- Strategy's pivot: the mNAV death spiral, coins sold at a 20% realized loss, insider selling, and JPMorgan's $2.8B-$11.6B index-exclusion warning- The Canada connection: CPPIB, AIMCo, National Bank, RBC and HOOPP hold ~$1B of MSTR — your pension bought the wrapper trade- A quantum-proof recovery tool that works for everyone except Satoshi's 1.1M BTC- OkoBot: malware that fakes your Ledger/Trezor recovery screen- Global hashrate is shrinking — but Pakistan is up 733%- CleanSpark signs a $6.6B, 20-year AI data center lease- Canada bans crypto political donations under Bill C-25- Clown World North: Stan Cho's $16,203 hotel bill, Canada Post's $30.8M in bonuses against a $1.57B loss, and $159,800 in flight catering- The BIS confirms Canada's housing crash is the biggest on record as 56,400 Canadians leave in a year The leverage cycle is unwinding — the conviction cohort isn't. Long-term holders just hit a record 14.85M BTC. ETF outflows and treasury-company stress are paper Bitcoin changing hands; the base layer doesn't care. Hold your own keys. — Canadian Bitcoiners Podcast- Website: https://canadianbitcoiners.com- X: @CanadianBTCPod- Subscribe & turn on notifications ————————————————————————————————SPONSORS

After a fifty-five year wait, England’s soccer team finally made it to the European Football Championship Cup finals. Locked in a tie with Italy, the game was decided by a penalty shootout. England’s last chance fell to a young player named Bukayo Saka. But as Saka kicked the penalty shot, Italy’s goalkeeper deflected it. England fans wept; the Cup was lost. Few will forget what happened next, though. England’s manager, Gareth Southgate, walked over to the devastated Saka and embraced him. Southgate knew how Saka felt. In 1996 it was he, as a young player, who had missed the penalty shot that cost England a place in the semi-finals, and England’s then-manager Terry Venables had comforted him in the very same way. “Praise be to the God and Father of our Lord Jesus Christ,” Paul says, “who comforts us in all our troubles, so that we can comfort those in any trouble with the comfort we ourselves receive from God” (2 Corinthians 1:3–4). Just as Southgate passed on to Saka what he’d received from Venables, Paul discovered that God’s comfort in his distress enabled him to comfort others in theirs, building their endurance (v. 6). Nothing is wasted with our “God of all comfort” (v. 3). He can use our disappointment for good. One day Bukayo Saka will probably comfort a young player the way Southgate comforted him. Let’s do the same, passing on God’s comfort to create an endless chain of encouragement.

What if becoming a better leader has less to do with learning new management techniques and more to do with becoming more yourself?In this episode, former RBC executive and HomeEquity Bank CEO Katherine Dudtschak shares a deeply personal journey that transformed not only her life, but also her philosophy of leadership. After publicly affirming her gender while leading thousands of employees, Katherine discovered that vulnerability, compassion, and authenticity weren't leadership liabilities. In fact, they became her greatest strengths.In this episode, you'll learn:Why success and fulfillment aren't always the same thingHow fear-based leadership limits both people and performanceWhy vulnerability builds trust faster than authorityHow curiosity and compassion can outperform command-and-control managementWhy doing the inner work is one of the most important responsibilities of a leaderPractical ways to lead with greater authenticity without sacrificing resultsWhether you're leading a team, navigating your own career, or simply questioning whether the life you've built truly reflects who you are, this conversation will challenge the way you think about leadership and yourself.If you're interested in the impact of capitalism on leadership and innovation, make sure you tune in.Subscribe to Career Sessions on YouTube and wherever you get your podcasts for weekly episodes like this. Check out the full series of “Career Sessions, Career Lessons” podcasts here or visit pathwise.io/podcast/. A full written transcript of this episode is also available at https://pathwise.io/podcasts/katherine-dudtschak/.For more career guidance and resources, subscribe to my member community at https://community/pathwise.io

Sentenced to life in prison, Vic shared with friends his sense of longing. When they said that Jesus would fill the empty spaces in Vic’s life, he mocked their statements. To Vic, Jesus being a man who died yet still lived today seemed fantastical. Although skeptical, sometime later he began listening to a Christian radio station and even reading the Bible. Eventually, he asked God to reveal Himself to him. Vic’s anxieties and fears began to fade. He reflected, “Physically, I was incarcerated in a prison with two massive cage-like fences keeping me in, but mentally I was free and protected like Daniel when he was in the den with the lions.” Shortly thereafter, he received Jesus as his Savior. Vic read the Old Testament story of Daniel, an exile from Judah who was thrown into a den with lions. Daniel had refused to stop praying to God three times a day, even when the king signed an edict disallowing all prayer for thirty days except to himself (Daniel 6:6–10). The king was “greatly distressed” and regretted having to punish him with a certain death by the lions (vv. 14, 16). But God, revealing His power and authority, kept Daniel safe, and “the king was overjoyed” (v. 23). Whatever our circumstances, including great hardship, God never leaves us. We need only to turn to Him.

After a lengthy journey, my wife and I finally neared our street, but a large road closed to thru traffic sign blocked our path. I felt the urge to drive around it because home was just ahead, and I didn’t like being rerouted. But then I saw why the road was closed: A downed power line lay across the road. Had I ignored the warning, I could have driven into danger. In Acts 16:6-10, Paul and his companions were eager to preach the gospel in the province of Asia, but the Holy Spirit closed that door. Detours aren’t always rejection, however. They can be divine redirections. Like the roadblock on our street, God rerouted Paul from entering the province of Bithynia. It must have been frustrating to be blocked, especially while Paul was striving to do his best. But then he received a vision in which a man said, “Come over to Macedonia and help us” (v. 9). God said “no” to something good because He was preparing them for something greater—taking the gospel to the people of another continent (v. 10). Rather than seeing “no” as punishment and rejection, we can see it as His Spirit-led redirection. His detours are often pathways to divine appointments. Let’s not simply trust His direction when the roads are open, let’s follow when He closes them too.

Dragonflies are dainty insects with some of the most amazing flight and endurance capabilities. Their aerial abilities have been studied to improve flight technology. Scientists recently found that with its wings beating thirty times a second, a dragonfly that has fallen upside-down can right itself in just 0.2 seconds. Its eyes process an incredible two hundred images per second to determine which way is up and the tiny adjustments needed to get back on track. God’s creativity and wisdom are on display all throughout our natural world, particularly when we’re able to observe creation closely. In the book of Job, the main character struggles to reconcile his suffering with God’s goodness and righteousness. God responds by asking Job, “Do you know the laws of the heavens? Can you set up God’s dominion over the earth?” (38:33). God begins to describe many animals from birds and goats to the world’s largest predators. He knows what each animal needs for survival and is aware of the hungry cries of their young (38:39–41). God has given each of them distinct characteristics, such as the speed of an ostrich or the strength of an ox, so they can thrive. How exactly does a dragonfly maneuver so incredibly? We have a lot to learn. In the meantime, we can trust that the all-knowing God who designed these creatures is the same One who knows how to bring us from the darkest night into the light and joy of His presence.

China's electric vehicle leadership is reshaping the global audio industry. In this episode, host Joe Coletti speaks with Tom Narayan, Lead Equity Analyst in Global Autos at RBC Capital Markets, to explore how China built its EV advantage, why its OEMs are expanding into Europe and eyeing the U.S., and what this means for Western automakers, suppliers, and consumers.Key points:China's EV advantage is rooted in battery supply chains, subsidies, labor costs and domestic market scale.Chinese OEMs are expanding beyond their home market through exports and localization in Europe.European OEMs may lose share, but Western suppliers could benefit if Chinese OEMs rely on them abroad.Chinese OEMs are technically ready for the U.S. market, but policy volatility and tariffs remain major barriers.Chinese consumers are shaping the next phase of electric vehicle technology through demand for autonomy and tech-forward features.Listen and subscribe to Strategic Alternatives on Apple, Spotify, or wherever you get your podcasts. If you enjoyed this episode, please leave us a review and share the podcast with others.To learn more about RBC Imagine, access the flagship report, or continue the conversation, contact your RBC representative or visit rbccm.com/imagine.

A famous athlete sat tall in his seat as he prepared to fly to the championship bout he knew he’d win. A flight attendant walked by and said, “Sir, please fasten your seat belt.” The man smiled, “Superman don’t need no seat belt.” She replied without missing a beat, “Superman don’t need no airplane. Buckle up.” And he did. Success can swell our heads. We don’t need a seatbelt or a flight attendant telling us what to do. We can take care of ourselves. If we bring this attitude to church, we’re like an eye that says to the hand, “I don’t need you!” or a head that says to the feet, “I don’t need you!” (v. 21). The truth is, every part of the body is needed, and “those parts of the body that seem to be weaker are indispensable” (v. 22). We are made in the image of the triune God, the Father, Son, and Spirit who thrive in an interdependent community of love. The God who exists in perfect relationship within Himself made us to be in relationship with others in life and in the church. We’re not all the same, and that’s a good thing. “If the whole body were an eye, where would the sense of hearing be?” (v. 17). We’re not all the same but we’re all “indispensable” (v. 22). Who helps you at your local body of Christ? Tell them you notice, that you see them, and thank them for their service. And ask God to show you where you can serve other believers.

Coach Dylan Evans shares his journey from growing up in Owego, New York to becoming the Associate Head Coach at Richard Bland College.He attended St. Bonaventure and was a Student Manager under Coach Mark Schmidt. During his first two seasons at St. Bonaventure he also coached at Owego Free Academy [his alma mater]. The Bonnies made a NCAA Tournament appearance, a NIT appearance, won an Atlantic 10 Regular Season and won an Atlantic 10 Tournament Championship.After graduating Coach Evans accepted a Graduate Assistant position at Keuka College on the women's side. He received his Master's Degree and then joined the men's basketball staff at Richard Bland College (NCJAA D1).Coach Evans was promoted from Assistant Coach to Associate Head Coach after two seasons at RBC under Coach Will Cabrera.

A fifty-ton female humpback whale swam into a web of crab lines off the coast of California, trapping her in a tangled mess. Hundreds of feet of line and hundreds of pounds of traps wrapped around her body as she struggled to stay afloat. Four divers came to her rescue, swimming under her belly. For an hour, they cut rope—dangerous work since one flap of her tail could have killed them. After they freed her, rather than immediately escaping, she swam to and gently nudged each diver. “It felt to me like she was thanking us,” one rescuer said. Whether or not whales are able to express gratitude, being thankful is truly an important part of being human. It’s vital for our life with God. Many of us thank Him for larger blessings (the birth of a child or healing from a disease). However, Paul tells us to offer gratitude for every gift we receive, for every bit of goodness we encounter. We’re to be “always giving thanks to God,” the apostle writes (Ephesians 5:20). Not sometimes. Not only for exceptional moments. Always. And to make sure he’s made his point, Paul adds a bit more. “[Make] the most over every opportunity“ and give thanks “for everything,” he says (vv. 16, 20). Genuine gratitude is more than an occasional word we offer; it’s the posture of our lives. Gratitude turns us to God over and again, always giving thanks in celebration.

Signal vs Noise: Jackson Mikalic, Michael Tanguma, Liam Nelson, and Brian Cubellis debate whether June's cooler-than-expected 3.5% CPI print is signal or noise, break down oil's surge on Middle East tensions, unpack the ultra-wealthy land-maxing trend reshaping Palm Beach real estate, react to New York's first-in-the-nation data center moratorium, and dig into Strategy's new Bitcoin Bank Adoption Index, where Fidelity leads at 71% and RBC trails at just 13%.---

Welcome to RealAg Radio with your host Shaun Haney, brought to you by the Canadian Federation of Agriculture! For today’s edition of the show, Haney is broadcasting from the Canadian Federation of Agriculture’s summer meeting in Halifax, Nova Scotia. For today’s discussion, Haney is joined by Marvin Slingerland of MNP, Lorna McKercher of RBC, Tyler... Read More

Welcome to RealAg Radio with your host Shaun Haney, brought to you by the Canadian Federation of Agriculture! For today’s edition of the show, Haney is broadcasting from the Canadian Federation of Agriculture’s summer meeting in Halifax, Nova Scotia. For today’s discussion, Haney is joined by Marvin Slingerland of MNP, Lorna McKercher of RBC, Tyler... Read More

Jay owned a Gideon’s Bible, yet his analytical mind didn’t permit him to accept its miracles. One thing haunted him though: the genuine faith of his friend. So Jay offered a strange prayer. He told God, “If you want me to believe in You, then do something I can’t explain.” One day, something drew Jay to look for his Bible. It was gone. How could that be? He never lost track of things. He drove in the rain to his teaching job at the University of Zurich. Stepping out of his car, he spotted a Gideon’s Bible on the wet pavement. That’s strange, he thought. Picking it up, he noticed the Bible was totally dry despite the rain. Something he couldn’t explain! Gideon Bibles are named for an Old Testament hero of Israel. When God chose Gideon to lead Israel into battle against a vast army, Gideon had huge doubts. He told God, “I will place a wool fleece on the threshing floor. If there is dew only on the fleece . . . , then I will know that you will save Israel by my hand” (Judges 6:37). God answered Gideon’s challenge not once but twice (vv. 39–40). Doubt-filled prayers aren’t a pattern for us to follow. They can, however, reveal God’s character. Gideon led a tiny army to a smashing victory (Judges 7). Jay put his faith in Jesus, recognizing that his prayer had been answered by a loving God who does things we can’t explain.

In this best of episode of Moolala: Money Made Simple, host Bruce Sellery digs into the money conversations we avoid most, starting with the taboo "Bank of Mom and Dad." The Purse founder Lindsey Stanberry unpacks the "boomer lifestyle subsidy" and the myth of the self-made success story, while RBC's Lucianna Adragna shares new poll findings on why parents hesitate to talk to their kids about money, and simple, everyday ways to build financial confidence at home. Portfolio manager Dan Bartolotti of PWL Capital offers a practical approach to helping family members without jeopardizing your own retirement, and certified financial therapist Erika Wasserman introduces her "MONEY" method for turning tense money talks into productive ones. Finally, author Jane Blaufus shares the sudden loss that inspired With the Stroke of a Pen and explains how "courageous conversations" and a clear plan can protect the people you love. Honest, practical, and full of heart, this is your guide to making money talk a normal part of family life. To find out more about the guests check out: Lindsey Stanberry: thepurse.con | Instagram Lucianna Adragna: X | Facebook | Instagram Erika Wasserman: yourfinancialtherapist.com | Instagram Jane Blaufus: janeblaufus.com | Facebook | LinkedIn Bruce Sellery is a personal finance expert and best-selling author. As the founder of Moolala and the CEO of Credit Canada, Bruce is on a mission to help you get a better handle on your money so you can live the life you want. High energy & low B.S., this is Moolala: Money Made Simple. Find Bruce Sellery at Moolala.ca | X | Facebook | LinkedIn

Daniel was born into a Romanian orphanage. For seven years, he only left his crib to go to the bathroom. When he turned eight, a family from another country adopted him. They knew about attachment disorders—that Daniel could have difficulty attaching to them as his parents. Slowly, Daniel started to trust them. Over time, though, he began to rage to the point his parents hired a bodyguard to protect them from Daniel’s outbursts. They decided on a controversial therapy: for the next five years they were never away from Daniel even if he had a meltdown. On his thirteenth birthday Daniel broke down and for the first time told his parents he loved them very much. His mother summarized the experience: “Creating love is not for the soft and sentimental. Love is a battlefield.” We’re all born knowing that something or someone is missing. Like Daniel, we have an attachment disorder. But God “so loved the world” so much that he took drastic action—“he gave his one and only Son” (John 3:16), meeting us on earth’s battlefield in what we call the incarnation. “Light has come into the world” (v. 19). God took drastic measures to demonstrate His great love for the world. For you. His strong, determined Father-heart beats to hear from us the words Daniel’s parents finally heard: “I love you very much.”

In this special episode of Tank Talks, recorded live during Toronto Tech Week at Moomoo Canada's flagship store in Yorkville, Matt Cohen sits down with two of venture's sharpest data and investment minds for an unfiltered conversation on the state of private markets.Peter Walker, Senior Director of Insights at Carta, brings the hard numbers from 60,000+ companies and 3,000+ US venture funds, revealing the stark reality behind valuation markups, unicorn deterioration, and the widening dispersion between top-tier and median deals.John Rikhtegar, Vice President at Northleaf Capital Partners and former RBC investor, offers the LP perspective on why trust matters more than ever, why emerging managers are bearing the brunt of capital allocation challenges, and how disciplined pacing and vintage diversification separate winning funds from the rest.Together, they tackle the 4.3 trillion-dollar NAV overhang, the brutal graduation rates for 2021 vintage funds, whether valuations have permanently shifted, and why the ATM analogy might be the best way to understand AI's impact on venture careers.If you're a GP raising capital, an LP sorting through manager pitches, or just trying to make sense of where venture is headed, this episode is a must-listen.The Great LP Reset: Trust Over Performance (08:05)* Why LPs are letting go of newer relationships while sticking with 15-year partners.* The COVID furlough analogy: why junior and newer team members are the first to go.* How trust became the ultimate table stakes in today's fundraising environment.The 4.3 Trillion Dollar NAV Problem (12:33)* Why SpaceX's IPO would return only 10% of capital deployed over the last decade.* The staggering number of unicorns still sitting on stale marks from 2021.* What happens when 50% of unicorn down rounds become the new normal.Valuation Dispersion Is Breaking the Model (17:38)* Seed valuations jumped from $15M post-money (2022) to $24M (2025).* Series A went from $46M to nearly $80M in the same period.* Why the gap between the top decile and the median has never been wider.* How GPs must adapt ownership expectations or get priced out of deals.The Unicorn Graveyard: Stale Marks and Deteriorating Assets (19:28)* December 2021: 640 unicorns on Carta; 85% of current US unicorns.* 30% have raised new up-rounds; of the rest, half raised down rounds of 50% or more.* How GPs are forced to tell LPs that their “trophy assets” are no longer real.Pacing, Reserves, and Portfolio Construction (22:53)* Why disciplined 3-4 year deployment beats 18-month “firehose” strategies.* The 80/20 reserve debate: why leading rounds can become a net negative.* How “deal 13” is just as likely to succeed as “deal 12”, and why slightly larger portfolios make sense.LP Diligence: It's Not About the Marks (31:55)* Why TDPI and DPI are just 2 of 100 mosaic factors in LP decision-making.* How LPs now go company-by-company, not fund-by-fund.* The importance of founder references, especially from failed companies.Canada vs. The US: A Fractal Problem (40:44)* Why every market (Toronto, Sydney, London, Seattle) faces the same “Silicon Valley problem.”* The importance of domestic liquidity and secondary markets over chasing US LPs.* Why returns, not international capital, will ultimately scale Canadian firms.AI and the Future of Venture Careers (44:44)* The ATM analogy: AI will eliminate tasks, not jobs.* Why the role of the investor becomes more important as noise and froth increase.* How family offices are shifting their mix between fund investing and direct deals.Retail Access to Private Markets: Feature or Bug? (53:27)* Why illiquidity in private markets is a feature, not a bug.* The absurdity of allowing crypto “shitcoins” but blocking friends from investing in startups.* Why “401k-entrance” to private equity is a bigger story than retail venture access.About the GuestsPeter Walker is the Senior Director of Insights at Carta, where he leads the team responsible for analyzing data from over 60,000 companies and 3,000+ venture funds. His work on valuations, liquidity, and fundraising trends is widely cited across the venture ecosystem. He is a regular speaker at industry events and writes extensively on LinkedIn about the intersection of data and venture capital.Connect with Peter Walker on LinkedIn: linkedin.com/in/peterjameswalkerLearn more about Carta: carta.comJohn Rikhtegar is a Vice President at Northleaf Capital Partners, joining in early 2026 after a distinguished career at RBC and as an operator at Shopify and in the UK. He brings a unique blend of LP and operational perspectives, with deep expertise in due diligence, portfolio construction, and the dynamics of emerging manager investing.Connect with John Rikhtegar on LinkedIn: https://www.linkedin.com/in/johnrikhtegar/Learn more about Northleaf Capital Partners: https://www.northleafcapital.com/Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

Pieter kisses a framed picture of his elderly parents every night. It’s been many years since he was last with them. As a young adult, when he became a follower of Jesus, his family and community pressured him to give up his newfound belief. When he didn’t, his parents disowned him. “In the Bible, God promised He’d help His children in difficult times, and I believed Him,” Pieter said. “Choosing to follow Him brought suffering, but He has helped me endure.” Pieter has the assurance from God that He keeps His word, so Pieter is able to trustingly act on God’s promises. We read in Genesis that Joseph, at the end of his life, was also confident in the promises of God. He told his brothers, “I am about to die. But God will surely come to your aid and take you up out of this land to the land he promised to Abraham, Isaac and Jacob” (Genesis 50:24). Joseph was sure that God would keep His promise to take His people to Canaan. So he instructed the Israelites, “You must carry my bones up from [Egypt]” (v. 25). Four hundred years later, during the exodus from Egypt, “Moses took the bones of Joseph with him” (Exodus 13:19). Eventually, “Joseph’s bones, which the Israelites had brought up from Egypt, were buried at Shechem [in Canaan]” (Joshua 24:32). Let’s follow Joseph’s example of faith (Hebrews 11:22), showing our faith in God’s promises by acting on them.

Bulgarian lifeguard Yane Petkov won a world record for swimming with his hands and feet tied together. He swam 3,380 meters through the water, but added something to intensify the challenge—he wrapped his body in a sack. The patience and strength required to keep moving despite being so “tied up” amazes me. The apostle Paul also displayed rugged resistance to obstacles as he served God in the days of the early church. He faced many physical challenges—fatigue, hunger, sleeplessness, and beatings. Through it all, Paul continued to preach and write letters of encouragement and instruction to his fellow believers. Paul penned his last letter to Timothy when he was isolated in a Roman prison, awaiting execution. Although shackles restricted his body, he noted that the good news could not be chained (2 Timothy 2:9). Nothing could stop the spread of the good news or make it ineffective. “Therefore,” Paul said, “I endure everything” to give others the chance to hear and accept the truth about Jesus Christ (v.10). God can help us endure any kind of difficulty that stands in the way of serving Him. Physical limitations such as illness, injuries, and disabilities require care and attention, but they can’t ultimately surpass God’s power, which is made perfect in our weakness (2 Corinthians 12:9). Let’s give God the glory when He works through us to do things we cannot do on our own.

Season 10 of Disruptors asked one question, in a lot of different ways: does Canada have what it takes—the tools, the ambition and the will—to  compete in the economy being built right now? For the season finale, John Stackhouse took that question to the RBC and Eurasia Group US-Canada Summit, where 500 leaders spent a day debating the most important economic relationship in the world. He came back with two conversations that, together, amount to an answer. Colonel Jeremy Hansen, the first Canadian to travel into deep space, talks about what you see from the Moon, what it taught him about collaboration and self-reliance, and why the Canada-U.S. relationship is worth fighting for. Michael Sabia, Clerk of the Privy Council, discusses the hand Canada holds right now and why this is a moment for ambition, not anxiety. Recorded live. A fitting close to a season built around urgency. For more RBC Thought Leadership on Canada's economy and competitiveness, visit rbc.com/thoughtleadership   KEYWORDS Jeremy Hansen, Artemis II, Canadian astronaut, Moon mission, deep space, Michael Sabia, Clerk of the Privy Council, Canada-US relationship, US-Canada Summit, Eurasia Group, RBC, John Stackhouse, Disruptors podcast, Season 10, Canadian economy, bilateral trade, Canada competitiveness, critical minerals, Canadian energy, AI sovereignty, Canada confidence, collaboration, ambition Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Canada finally agrees housing is broken, but nobody wants to admit what fixing it costs. RBC says buyers stopped waiting for perfect. Teranet shows 36% of 2022 Ontario buyers reselling at a loss. OSFI loosened bank buffers, population fell a third straight quarter, and B.C. is fighting over a condo bailout. One question ties it together: who takes the loss? TORONTO MULTIPLEX EVENT Try it NordVPN risk-free now with a 30-day money-back guarantee! Use our code "realestate" to get 4 extras months from a 2 years plan Exchange-Traded Funds (ETFs) | BMO Global Asset Management LISTEN AD FREESee omnystudio.com/listener for privacy information.

Lori Calvasina, head of US equity strategy at RBC first half of 2026 and her expectations for the second half of 2026. She speaks with Bloomberg's Tom Keene and Paul SweeneySee omnystudio.com/listener for privacy information.

Real estate investors understand leverage. 25% down, 75%from the bank, let the asset grow. But what if you could apply that same principle to the stock market, with no tenants, no tribunals, and no 2 a.m. calls? Mozzie Chleilat is an Account Manager Business Development at DUCA Specialized Lending, one of Canada's leading credit unions. He works with financial advisors and their clients to structure investment loans into professionally managed stock funds. The core product is the 3:1 loan: put 25% down, DUCA loans you 3 times that amount, and you're invested in a $100,000 portfolio from a $25,000 starting point. In this conversation, Erwin and Mozzie cover: ✅How the 3:1 investment loan works and why the 25% equity requirement exists ✅The minimum loan ($50,000, requiring $16,667 client equity) and the path to $1 million with limited underwriting ✅How DUCA counts 90% of gross rental income toward debt servicing (vs. 50% at the big banks) ✅Why DUCA does not report this loan to credit bureaus as a trade line item ✅The net worth qualification pathway for investors whose income on paper doesn't reflect their assets ✅DUCA's soft margin breach program: why they give you 30 days and options, instead of calling your loan the moment you hit a threshold ✅Erwin's own AMD margin call story during COVID: no phone call, no email, just liquidated overnight ✅The right investor profile for this strategy: long-term horizon, comfortable with leverage, cash flow to service interest ✅Why 80 to 90% of Mozzie's clients are overallocated in Canadian real estate and looking to diversify ✅A real client case study: a doctor who exited a Cambridge rental (down 8%), deployed capital into the market, and stopped being a landlord Chapters0:00 — Show Intro8:34 — Mozzie's background: RBC, Equitable Bank, specialized lending 11:44 — What is the 3:1 investment loan and how does it work 14:14 — The $25,000 example: what day one looks like 16:44 — Minimum loan $50,000, how it compares to buying a rental 18:50 — Interest-only structure, no prepayment penalties, interest may be deductible 21:41 — How to qualify: no income docs needed up to $1 million 23:44 — Corporate and personal loans available, up to $2 million combined 26:14 — TDSR 44%, net worth test: 1.5x the loan amount 29:14— DUCA counts 90% of gross rental income (banks count 50%) 36:44 — DUCA does not report this loan to credit bureaus 42:44 — Erwin's AMD margin call: bought at $45, liquidated without warning, stock went 10x 46:14 — Buy the dip, dollar cost averaging, Cherry's annual investment strategy 50:14 — 25% down in the stock market vs 25% down in real estate: the simple math 52:14— Why 80-90% of investors are overallocated in Ontario real estate 55:14— REIT funds vs S&P 500: why DUCA steers clients toward the index 58:44 — How to reach Mozzie Chleilat at DUCA Specialized Lending

#rbcf #yakub #yahweh Youtube: https://youtu.be/dy_3wIBNDDsPodcast: https://spotifycreators-web.app.link/e/q8E82OHpv4bTruth Is Not Faith eBook: https://www.amazon.com/dp/B0H4DJMK77Yahweh & Yakub: The making of a new man! What does it truly mean to create a "new man"? In this episode of the RBC podcast forum, Big VJAY dives into the complex, contrasting, and profound narratives surrounding Yahweh and Yakub. We are unpacking the theological histories, the symbolism of creation, and how these foundational concepts shape identity, faith, and human transformation. Whether you are looking at it from a historical perspective or seeking spiritual insight into the evolution of mankind, this conversation pushes boundaries and challenges the way we view creation. Tune in and join the discussion! Hashtags: Here is a strategic mix of hashtags to help boost your episode's reach. Using a combination of branded, niche, and broad tags is the best way to get your content in front of the right audience. Hashtags: #BigVJAY #PodcastForum #NewEpisodeAlert #Yahweh #Yakub #TheNewMan #CreationStory #SpiritualJourney #TheologicalHistory #FaithAndIdentity #PodcastLife #DeepDivePodcast #SpiritualityPodcast #PhilosophyPodcast #ContentCreator #ListenNow

Joining Elias on this morning's show were Paul Gott, Lead singer and guitarist for Montreal Punk Rock band the Ripcordz and a journalism professor at Concordia, and Meeker Guerrier, Commentator at Noovo and RDS. Among the topics discussed were: The United States of America turns 250 years old tomorrow. Great country, or greatest country? A new report from RBC says it is now more affordable to buy a condo in Toronto than it is to buy one in Montreal. Taylor Swift is getting married this weekend to Travis Kelce, and the world is abuzz over the ceremony taking place at New York’s Madison Square Garden. Another sign that physical media might not be long for this world… Sony announced yesterday that it will stop producing physical discs for Playstation games as of 2028. Canada’s men's soccer team is in action tomorrow at 1pm as they face Morocco in the round of 16 of the FIFA World Cup.

A Special Industry Update, With Jason Diamond and Mindy Diamond Jason and Mindy Diamond revisit how advisor due diligence is evolving—from AI and enterprise value to firm stability, ownership, and optionality—and why those questions matter more than ever. In Summary Due diligence has always been about finding the right fit. But what advisors are evaluating has expanded considerably. In this replay of an Industry Update, Jason Diamond and Mindy Diamond revisit The Advisor Transition Playbook to explore how advisor priorities continue to evolve. Beyond the traditional reasons advisors consider change, they discuss newer factors shaping decisions today—from artificial intelligence and enterprise value to ownership structure, firm stability, and long-term optionality. The conversation reinforces that while every advisor's motivations are personal, the evaluation process has become far more strategic. Today's advisors aren't simply comparing recruiting deals or platforms. They're considering how today's decisions may influence the value, flexibility, and future of the businesses they're building. The Storyline For years, advisor movement was largely driven by familiar themes: bureaucracy, management changes, technology frustrations, and the desire for greater independence. Those factors remain important. But the conversations Diamond Consultants has with advisors today increasingly include questions that rarely surfaced just a few years ago. How should AI factor into firm selection? What is the long-term value of building enterprise value instead of simply maximizing a recruiting package? How important is a firm's ownership structure? And how should advisors think about stability in a marketplace where acquisitions, recapitalizations, and private equity investment have become commonplace? Jason and Mindy revisit the transition framework introduced in Part 1, focusing less on the mechanics of making a move and more on the evolving criteria advisors are using to evaluate their options. The result is a broader discussion about due diligence—not simply as a transition exercise, but as an ongoing strategic process for advisors seeking to build their best business life. Topics Covered Advisor due diligence Traditional vs. emerging drivers of advisor movement Artificial intelligence in wealth management Enterprise value and advisor ownership Recruiting deals versus long-term economics Reverse due diligence Firm ownership and stability Private equity in wealth management Advisor optionality Building a long-term advisory business Blubrry Player > Download a transcript of this episode… Listen and Learn Highlights for Advisors Why are the traditional drivers of advisor movement still relevant? (4:00) Jason and Mindy revisit the longstanding push-and-pull factors that continue to influence advisor decisions, from bureaucracy and management frustrations to the desire for greater ownership and control. How has AI become part of the due diligence process? (13:50) The discussion explores why advisors increasingly expect firms to demonstrate a clear AI strategy—and why investment, integration, and vision may become meaningful competitive advantages. Why should advisors care about enterprise value, even if they don't technically own their business? (24:30) Jason and Mindy explain why more advisors are evaluating decisions through the lens of long-term business value rather than solely short-term economics. What does reverse due diligence really involve? (37:15) The conversation highlights why advisors should evaluate prospective firms with the same rigor firms use when evaluating advisors. How does firm ownership affect advisor optionality? (38:00) Private equity, acquisitions, and changing ownership structures have made it increasingly important to understand what happens if a firm's strategy changes after an advisor joins. Why has due diligence become more strategic than ever? (45:30) The episode concludes with a broader discussion about defining one's “best business life” and making decisions that align with long-term goals rather than reacting to short-term frustrations. Key Takeaways The reasons advisors evaluate change have expanded well beyond traditional frustrations such as bureaucracy and compensation. AI has become an increasingly important component of firm evaluation, not because it replaces advisors, but because it can enhance productivity and client service. Enterprise value is becoming a consideration even for advisors who currently work within employee models. Reverse due diligence is just as important as a firm's evaluation of an advisor, particularly when assessing ownership structure, capitalization, and long-term stability. The most effective transition decisions balance immediate economics with long-term flexibility, ownership, and optionality. Every advisor's definition of success is different, making clarity around personal goals the foundation of any due diligence process. https://youtu.be/WZbUZJZK1yc Quotable Moments “Every advisor deserves to live their best business life.” “Just because you're frustrated doesn't mean you should move. You need something worth moving toward.” “The question isn't simply what you're paid today. It's what you're building over time.” “Knowledge is power. Understanding what your business is worth should be part of every advisor's decision-making process.” FAQs Why are more advisors expanding their due diligence beyond compensation? While transition economics remain important, advisors are increasingly evaluating technology, AI capabilities, enterprise value, ownership opportunities, and long-term flexibility as part of the decision-making process. How should advisors evaluate a firm's AI strategy? Rather than looking for finished products, advisors should assess whether a firm has a clear vision, meaningful investment, and an integrated approach to using AI to improve advisor productivity and client experience. What is reverse due diligence? Reverse due diligence is the process of evaluating a prospective firm as thoroughly as the firm evaluates the advisor. It includes understanding ownership structure, financial stability, culture, technology, leadership, and long-term strategy. Why does enterprise value matter for employee advisors? Even advisors who do not currently own their businesses may benefit from understanding how different business models create opportunities for ownership, long-term value creation, and future monetization. How has private equity changed advisor due diligence? Private equity has introduced new opportunities for growth and capital, but it has also made it more important for advisors to understand ownership structures, investment horizons, and what future transactions could mean for their business. What does Diamond Consultants mean by an advisor's “best business life”? It refers to aligning an advisor's business model, goals, client experience, compensation, flexibility, and long-term vision in a way that best supports both the advisor and the clients they serve. While transition economics remain important, advisors are increasingly evaluating technology, AI capabilities, enterprise value, ownership opportunities, and long-term flexibility as part of the decision-making process. Rather than looking for finished products, advisors should assess whether a firm has a clear vision, meaningful investment, and an integrated approach to using AI to improve advisor productivity and client experience. Reverse due diligence is the process of evaluating a prospective firm as thoroughly as the firm evaluates the advisor. It includes understanding ownership structure, financial stability, culture, technology, leadership, and long-term strategy. Even advisors who do not currently own their businesses may benefit from understanding how different business models create opportunities for ownership, long-term value creation, and future monetization. Private equity has introduced new opportunities for growth and capital, but it has also made it more important for advisors to understand ownership structures, investment horizons, and what future transactions could mean for their business. It refers to aligning an advisor's business model, goals, client experience, compensation, flexibility, and long-term vision in a way that best supports both the advisor and the clients they serve. 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. Related Resources The Advisor Transition Playbook: The Latest on Due Diligence, the Move, and Everything In Between – Part 1 Annual Advisor Transition Report Top 10 Tips for a Strategic Due Diligence Process Should I Stay or Should I Go? View the transcript of this episode… The Advisor Transition Playbook: The Latest on Due Diligence, the Move, and Everything In Between – Part 2 A Special Industry Update with Jason Diamond and Mindy Diamond. Jason Diamond: Welcome to a replay of one of the most popular episodes from our podcast series for financial advisors, The Advisor Transition Playbook: The Latest on Due Diligence, the Move, and Everything In Between. It's Part 2 of a 2-Part Industry Update with Mindy Diamond. 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: There’s been a noticeable shift in how advisors are approaching decisions about their business, not necessarily in whether they’re exploring change, but in what they’re focused on when they do. Mindy is back with me for a continuation of our earlier conversation on the Advisor Transition Playbook. Last time, we spent time on the mechanics, how due diligence works, what a move actually entails, and how to think through the process. What’s become more apparent since then is that the inputs into that process are evolving. The traditional drivers are still there, but layered on top are a set of considerations that didn’t carry the same weight before. AI is one of them, and not just as a tool, but as a differentiator that advisors are starting to diligence more seriously. Enterprise value is another. Showing up in conversations, even for advisors who don’t technically own their business, but are thinking more critically about what they’re building over time. And then there are questions around stability, ownership, and flexibility. What happens to the firm itself and whether advisors retain the ability to adapt again if circumstances change. None of this is theoretical. It’s showing up in real time conversations. What we want to do here is unpack those new triggers of advisor movement and what they suggest about how decisions are being made today. So let’s get to it. Mindy, the legend, thank you for joining me. So glad to have you on. Mindy Diamond: Thank you. I’m so happy to be here. Jason Diamond: Great. Let’s dive right in. I’ll set the stage really quickly one more time. When we spoke about this topic last, we talked about the drivers of movement, what we’ll call in this conversation as the old or the legacy drivers of movement, and we spoke about the mechanics of the move. Before we get into the new drivers of movement, which I want to be the meat of the conversation, remind us, when we talk about the legacy drivers of movement …. And by the way, by saying legacy, I by no means want to suggest that they’re not valid today, because they’re equally valid, if not more so today than they were then. But when you think of the classic drivers of movement in our industry, what are they? Mindy Diamond: Yeah. So I would say, first of all, let’s start by saying that for every advisor, they’ve got a unique set of needs. So the first thing to say is that while you and I can talk about the categories of frustrations or things that might bother an advisor, they show up differently in each advisor’s life. So it’s important to note that everyone is unique. But generally speaking, if I had to package them, I’d say it’s number one that shows up most of the time is too much bureaucracy. A feeling that a firm or a model is just too hypervigilant in terms of compliance and it’s too bureaucratic and too hard to get things done. Number two would be some sort of change in or frustration with management. Something is going on that the person or persons that are responsible for managing the business are just not … They’re not the wind at their back. They’re obstreperous. They’re causing difficulty and frustration. And probably the third one would be less about a pain point and more about the desire to be something that they couldn’t where they were. The notion that they want to be more independent, they want to be a business owner and they just can’t do that. That doesn’t exist within the model where they work. Those probably have been the three ones top of mind, but I bet you’ll have some … You’ll add to that. Jason Diamond: I’ll add a couple. But before I do, I’ve heard you talk about this topic, maybe said another way as pushes and pulls. Can you explain what you mean by that? Mindy Diamond: Yeah. So I think that we think about the pushes, the frustrations, the things pushing somebody out the door, the factors that make it less easy or less fluid to do business. And there’s almost always pushes that exist when somebody comes to us, where they’re frustrated to some degree or another about certain things. But we tell people all the time that just to be frustrated should never be enough, because if all you’re doing is running from one set of problems, you’re very likely to run into maybe a different set, but still problems elsewhere. So a move needs to be driven in equal part, if not more, by pulls. Being pulled toward an opportunity that can be needle moving enough or better enough than where you are now. Pushes and pull. Jason Diamond: I love it. So let me ask you a little bit of a pointed question. Is a recruiting deal a valid pull factor? Mindy Diamond: So look, it’s different for every person. We’ve had advisors come and say, “I just went through a divorce and the most important thing to me is to recapitalize. And so a recruiting deal is really important.” And while I would never be one to say that’s not valid, it can be … And by the way, any advisor should want to and expect to better their financial situation. There should be economic gain. But it shouldn’t be the only or the primary reason for the move. So you want to monetize. The notion of wanting to monetize in the short term should be a factor in what model you pick, but it shouldn’t be the primary driver for a move. Jason Diamond: I agree with that wholeheartedly. I was going to say something I think maybe would’ve surprised you a little, which is like, yeah, I think recruiting deal is a very valid pull factor because what we’re saying is, it shouldn’t be the only pull factor. And sometimes it is and it makes us a little bit sad, I think, when that’s the case. But all of these factors you mentioned, and the ones I would add, I think that maybe technology would be another kind of factor that drives movement, all of these factors are not one specific reason. If you did the exit interview, either actually conducted the exit interview with advisors or thought exercise exit interview, I think they would point to a confluence of all of these factors. Compliance was a headache. I wanted to launch a podcast. I wanted to be able to send a timely communication to my clients. We used to hear that one during COVID a lot, right? By the time compliance approved something to send to clients, it was already stale. So do you agree with that, that it’s generally a confluence or a combination of these? Or in your experience, is it advisors are like, “No, compliance or the tech is so bad, I’m out”? Mindy Diamond: Yeah. So most often there’s a straw that breaks the camel’s back incident or thing where they’re willing to put up with a series of minor paper cuts, if you will. And then almost always there’s something that happens. You and I got a call the other day from a team that said that they had split from their partner and the management of the firm was favoring the ex-partner, making it harder for them to stay or making it less fun or feel good for them to stay. So while they gave me a laundry list of things that were imperfect, I don’t know that any one of the things that were imperfect up until then would’ve been enough to drive them out. But when that one thing, that feeling that they were a second class citizen came up, that was the straw that breaks the camel’s back and went from a minorly frustrated to, “I’m out of here.” Jason Diamond: Yeah. And there’s probably a hundred examples you could walk us through. And I wanted to just highlight too, this concept is not limited to the wirehouse or employee or captive firm world, this is equally relevant for independent advisors. Granted, some of the pushes and pull factors, some of the triggers are not necessarily the same, but the idea that advisors outgrow a broker dealer or an RIA or either need or want or desire in some way, shape or form, greater autonomy, flexibility, freedom, control is certainly not limited to the employee space. I just wanted to make that point. Mindy Diamond: And I think that’s absolutely right. I think the notion of that frustrations or limitations or bureaucracy only existed if you were a W2 employee at a bulge bracket firm. That went out the window. As the industry landscape has expanded and there’s more and more valid ways to be a financial advisor, there’s more and more ways for a firm or a model or an infrastructure to frustrate an advisor. And that’s not being overly negative. It’s just to say there is no perfection anywhere. Jason Diamond: Yeah, 100%. And by the way, to play a little bit of devil’s advocate on that, and then we’ll move on, I would just say there are pain points that might come from a firm being small and subscale as well. My firm doesn’t have efficient technology. They don’t invest enough in the business. They don’t provide a lead mechanism. They don’t have a robust banking and lending or investment solutions platform. So this stuff cuts both ways. An advisor can be frustrated or limited and an advisor can be excited. Pushes and pulls I think touch on, we’ve heard from advisors in every single pocket of the market, this is a relevant concept. Mindy Diamond: The theme of this is that every advisor deserves to live their best business life. That’s what people are in search of when they reach out to us or when they engage with us. What they’re looking for more than anything, and this is irrespective of where they work or how long they’ve worked or how much they manage, every advisor is in search of their best business life. And what defines their best business life is having the best quality of work life, but also the best ability to do what they want to do with their business, to serve their clients without limitations, to grow the way they want, to be paid a fair wage, and ultimately set up to maximize the value of the business they’ve built. Those are the definitions of one’s best business life. Jason Diamond: I used an even simpler definition of best business life and I stole it from you, which is the true north concept, which is if your true north is maximizing enterprise value and chasing the dollar and trying to build something that’s scalable and saleable, then great. If your true north is to build a lifestyle practice, there’s plenty of advisors who are successful and happy and content in that regard as well. And I think that’s what we’re talking about, is finding your true north and then it’s possible. I mean, that’s the beauty of the landscape. We’re talking about this, a lot of this is pain points or things that advisors experience. The exciting part of this is there’s never been a better time to be an advisor because of the breadth of choice they have and the ecosystem that’s been born to support advisors, to your point, across the spectrum. Mindy Diamond: Yeah. And it’s also, I think, worth saying that it starts with really good crystal clear clarity around not only what’s frustrating you, but what you want ideal to look like. Because I can’t tell you, or I can tell you because … I can’t tell our listeners, I can’t stress enough how often we get calls from advisors that tell us where they think they want to be or tell us they want to move. They have clarity about what’s frustrating them or what they want to change, but they don’t really have clarity about what they want it to look like. And the less clarity you have, the less likely you are to be successful in finding the exact right solution. So our work, the thing we probably do best is really work with advisors to help them. It doesn’t take long. In an hour conversation, we can help them to really get crystal clear on what they’re looking to solve for. Jason Diamond: Absolutely. All right. Great appetizer. We set the table. Let’s dive into the main course now. I want to talk now about what I’m calling the 2.0 triggers or the new triggers of movement. And to be clear, it’s not that these are more important or better or more significant drivers of movement. In fact, you could argue they’re probably at present less significant than the ones we just listed. But I think what we’re saying is these are triggers that are starting to come up more and more in conversations and we expect them to only proliferate further. And in that regard, they’re noteworthy and important for advisors because advisors should be reconciling not just what are the things I need to be worrying about today, but also what are the things I need to be potentially worrying about five years from now. So with that in mind, let’s dive in. I think the first one we have to start with is AI. And I always chuckle a tiny bit when we mention AI, we used to have to specify what are we talking about. Are we talking about artificial intelligence or alternative investments? And now it’s very clear. Everybody knows we’re talking about artificial intelligence. So the direction of the industry, no over-dramatization to say is at stake here. It’s that important of a topic. Let me ask you just very simply first, is this coming up in conversations with advisors? Mindy Diamond: Oh, all the time, but it’s almost table stakes. So I think the way it comes up is that people assume, advisors assume, and by the way, have the right to assume that AI is part of the tech stack. The notion that if I’m evaluating a firm and part of what frustrates me or part of what’s really important to me is cutting edge, really robust technology, part of what I am expecting is that a new firm is going to have really robust technology. And part of that is really robust access to AI. And has honed the AI in a way that’s user-friendly, that really answers or delivers on making me a better … Not replacing me as an advisor, but making me a better, more efficient advisor. Jason Diamond: 100%. And I would also add, so as I think about this AI topic, I don’t want this to become a conversation around, is AI going to replace advisors, because I think we both agree that’s not going to be the case. Especially at the top end of the market for quality advisors, I think they’re not going anywhere. But in my view, when we think about the trigger of movement, AI has the potential to be transformative because a couple kind of use cases or trigger cases come to mind, and I’d love to hear your thoughts. One is, do you think advisors will potentially consider a move because they’re worried about this? So in other words, play this logic out with me. I’m 55 years old and I’m like, “Oh man, AI might be coming from my job.” And there’s firms offering 400% of revenue to move my book. Maybe I should take that check and kind of de-risk and monetize while I can. What are your thoughts on that? Mindy Diamond: I absolutely think we’re already working with that fall into that category, but to say that is the only reason for the move would be wrong. I’m grateful that people trust us enough to be transparent with us. So they let us know that underneath the notion that they want to better serve clients, they ultimately want better access to A, B, and C, they want to be able to do D, E and F with less restriction, is really the main reason for the move. But underneath it, the notion that my book, I want to protect myself. My book may well be the biggest it’s ever going to be. It is going to be worth more today than it could be in the future if things don’t go my way. And if I know I’m going to move and one of my goals is to monetize, I might want to do that now. Jason Diamond: I agree. And that’s where the top deal story comes in also. Firms paying a top deal is a part of that story. It’s what you just said, plus advisors know firms are willing to pay incredible multiples. I mean, as we speak, UBS is in market with one of the largest deals in history. So those two narratives side by side, I agree. I think this becomes more of a kind of catalyst or driver movement. It’s come up in my conversations on both sides of the spectrum. It’s the tech savvy, AI savvy advisors who are excited about this, who are like, “I want to be the most AI enabled version of myself I can be. It’s going to make me a rockstar and it’s going to widen the gap with my peers,” but it’s also come up with the people who are, I think, rightly scared and fearful about what this might mean for their job. Mindy Diamond: Let me ask you, what are examples of the way you’ve seen some of the best firms who have embraced AI? What is their narrative? What is it that they’re saying to advisors that if you come here from a tech or AI perspective, you’ll be better because we’re able to do … Fill in the blank. Jason Diamond: Yeah. So a couple that come up. First of all, I want to make the important point. Advisors do not expect that firms, either their current firm or firms that they are diligencing prospectively, have this figured out or solved. Everybody understands this is a fairly new area that firms are still very much kind of developing their strategies in. What advisors want to see is a few things. They want to see though leadership, they want to see investment, and they want to see a strategy, right? Effectively, they want to see a step in the right direction, really. So I’ll give you a couple examples. There are a number of tech savvy RIAs, very tech-enabled, AI-focused RIAs, because I think this is easier to be nimble. I think where you’ll see this quicker probably is in the independent space. That what they’re doing is things like this. An advisor logs on to their workstation in the morning and their system queues them proactively, Mr. and Mrs. Smith may be good candidates for a Roth IRA conversion. And then if the advisor decides to contact the client in some way about it, the system will of course help them draft the communication, but then it’ll take it a step further and actually help them to process and transact that conversion. So soup to nuts, ultimately driving efficiency. That’s the name of the game. That’s why firms, I think, are excited about AI, at least the good firms. Because what I think they realize it will do is, the stuff that’s a waste of time that could be automated that advisors, and probably even more so their associates, client associates are spending time on, that should be a massive time saver for advisors. And I think if you play that story out, what does that mean? It should mean bigger books of business and therefore more productive advisors because they have more time to prospect and focus on their clients. Thoughts? Mindy Diamond: Yeah. So I think you said it perfectly, but it raises the question then. You say that the RIAs can be more nimble. You’re right. I mean, the big story around the biggest firms was like moving a battleship, it takes a long time to turn it. It’s not as nimble. So what and how are the bigger firms competing against the RIAs with respect to AI? And second question, we still always get questions, and rightly so, about Morgan Stanley has more money to invest… Jason Diamond: That was going to be part of my answer. Mindy Diamond: … than fill in the blank RIA. So how does that all work? Jason Diamond: That is absolutely going to be part of my answer, is that I have heard this question posed almost presumptively both ways. “Oh, it’s got to be that the RIAs are going to be the clear winners in this.” And I’ve also heard, “Oh, it’s got to be that the wirehouses are going to be the clear winners in this.” I don’t think it’s going to be channel specific like that. I think it is going to be firm specific. I think there’s going to be firms that are going to do this well and firms that are going to not do this well. But there’s going to be winners in the wirehouse space. There’s going to be winners in the regional firm space, with firms like Raymond James who are clearly trying to be on the cutting edge of this. There’s certainly going to be winners in the broker-dealer space. LPL is investing heavily in this, as are many of their broker-dealer competitors. And then of course the RIA space, where sometimes they may not have the budgets, but they have a couple things. They have private equity backing, sometimes. They have the custodians that they’re built on, right, or the tech vendors that they’re built on. So Schwab and Fidelity or Orion and Addepar. They have other ways to access these innovations. One of the things that comes up with this that your question I think gets at is, a similar question that was raised around technology stacks, which is strength of offering versus integration. And that’s where I think a firm like Morgan Stanley really will shine, is they should … Because they don’t put anything out that’s not well integrated. The big firms have generally done a pretty good job of that. Versus the RIAs. Sometimes we’ve heard feedback where, yes, you have access to you name it, right? You dream it up, you can go and buy it. But the left hand may not speak to the right hand quite as well. Mindy Diamond: Yeah, that’s actually a really good point. And integration is probably one of the biggest … If you ask an advisor when they talk about technology as either being one of their pushes or pulls, probably what they’re referring to more than anything is not only having the capability, but having the integrated capability. So that’s a great point. And I think your point is right, that the final chapter on this has not been written. Nobody thinks that it has. And so whatever answers you and I can talk about today about who’s winning this race, or this tech race or this AI race, will be totally different tomorrow. We all know that. But I think for purposes of this conversation, to say that an advisor having an expectation that their technology be outstanding and that AI be on the table, that a firm is embracing it and heading in the right direction, if you will, has the right thought leadership and the right willingness to invest in it is what advisors are really looking for right now. Jason Diamond: Absolutely. And this is a question too from the firm’s perspective, if you are a firm of any size, you must be able to answer that. This has become question 1A. And again, I don’t mean to suggest that I think AI is the number one most important factor driving advisor movement today. It very well might be at some point down the road. I don’t think we’re there yet. But I do think it’s the topic du jour or the hot topic, where every advisor is asking about this. So that means if you’re a firm, you need to be prepared to tell the story or at least have the vision. And I think what we’re hearing from both advisors and from firms is this, AI is going to … What is right now a gap between the good and the bad, the quality and the non, is going to become an absolute chasm, right? An absolutely mountainous gap between the best firms and the firms who are able to adapt this technology or this AI. And the same thing at the advisor level, between the AI-enabled superpowered advisor versus those who are in the dinosaur ages, for lack of a better term. Mindy Diamond: Yeah. And we’ll move on, but it is worth saying that the day of the standalone independent, the one man or one woman band who hangs out a shingle, and to use your term, running a lifestyle practice, nothing wrong with that, but it would be near impossible to imagine a world where a standalone independent can compete with a private-equity-backed RIA or an RIA that has a big pool of capital behind them or to compete with the major firms. And our point is the ability to compete is probably more important with respect to this topic than just about any other. Jason Diamond: Totally agree. Thank you for tying a bow on that because I think that’s a good place to leave the AI topic, at least for now. I’m certain we’ll have more to say on this one. By the time we release this episode, we’ll probably have more to say on it. So we’ll have to do a follow-up again. But I want to talk now about enterprise value. And this is one where if you’re an RIA or if you’re an advisor at an independent firm, this might sound like a duh, but hear me out on this one. The idea is as follows, if I’m a wirehouse advisor or any sort of captive advisor, I don’t technically own anything. Agree? Mindy Diamond: Agreed. Jason Diamond: Okay. So if that’s true, that I don’t technically own anything, I technically don’t have any sort of enterprise value or ability to monetize. But my premise here and why I would argue that enterprise value has become a driver of movement is even wirehouse advisors know … They see teams like OpenArc, a massive RIA that launched last year. They see their corner office peers breaking away, starting independent firms. They see them selling to asset managers, private-equity-backed RIAs, private equity firms in their own right for these massive multiples. And what I guess I’m getting at, and I’m curious if you agree is, if a wirehouse advisor, let’s say, sees their colleagues sell to a private equity firm for 20X, doesn’t that have to become a little bit of a catalyst for movement in its own right? Mindy Diamond: Without a doubt. Historically … Actually, let me date myself. When I started this business now 32 years ago, there was zero way for an advisor who was a captive employee of a firm, of any firm, to monetize their business. It’s why there was so much movement, because the only way they could monetize was to get paid a big fat transition deal to move from one firm to the other. Jason Diamond: Yep. Mindy Diamond: Obviously, we all know that first it started with the big firms, and then just about every brokerage firm on the street began to offer a retire-in-place program. And that is the big firms or a traditional brokerage firm’s way of allowing advisor to monetize in place from their perspective to stave off attrition. And for an advisor that believes that the status quo serves them well, that finishing their career, that leaving their legacy, that leaving their team at their firm is the best thing to do, then those retire-in-place programs, like Merrill’s CTP or Morgan’s FAP or UBS’s Alpha or a name at every firm has them, is the best gift to advisors there is. But the problem is that the next generation at those firms are buying an asset they don’t own. And so when we talk about enterprise value or the desire to build enterprise value as a real driver of movement, what we’re talking about is not only that advisors want ownership of an asset, because ownership translates into more control and autonomy and agency over building it the way you want to, but it also translates into maximizing the value of the business that you’ve built. So that’s a long-winded way of saying that the OpenArc deal you are referencing, for anybody not familiar, is a Merrill Lynch team, a legacy Merrill Lynch team in Atlanta that was managing more than 120 billion in assets, part retail, ultra high net worth client assets, and part institutional consulting assets. And believe me, I don’t want to make it sound like it was a snap that one day they’re happy and the next day they’re going independent. Over a 10-year period became more and more aware, driven by the pushes and more aware of the pulse. But ultimately, while there was a long list of things they wanted to be able to do that they couldn’t to best serve clients and grow the business, the real driver at the end of the day, or I shouldn’t say the real driver, but a major driver was the notion of building and owning enterprise value. Yes, they could have all gotten very attractive deals and retired with your Merrill CTP, but they wanted to own the business, they wanted cap gains treatment. And so they went through the sweat equity big time of building what they’re calling OpenArc for the ability for probably five, 10, 20 years, because there’s partners with all different ages, so at all different times, to be able to really maximize the value of the business they’ve built. Jason Diamond: Can I push back on that for … It’s a super helpful example, but my one thought is, okay, yeah, of course, 130 billion in assets, they should be concerned with enterprise value at that size. And the delta between caring about enterprise value and not is too great because those guys have, by all accounts, a phenomenal business that is rivaled by very few in the industry. Most of our audience does not fit into that stratosphere. So what about advisors in, let’s call it the million to $10 million space? Should they still care about this concept? Mindy Diamond: Again, it’s an inside job. It’s a personal thing. Some don’t. But the answer is yes. And if I were them, I would. Why? Because whether I am generating a million a year in revenue or $10 million a year in revenue, at the end of the day, I’ve got an asset. I’ve built a valuable asset. And I have the choice at the end of the day or the middle of the day to decide a million things about that asset. How do I want to live my business life? How do I want to serve my clients? Where do I want to work? But one of the biggest factors to determining where and how they want to work is, ultimately, do I want to be able to maximize the value of the business that I’ve built? And while there are few things that are really definitive in this industry, the one thing that is absolutely indisputably definitive is that if you build an independent practice like the ex-Merrill Lynch churned RIA OpenArc team did, you will ultimately build enterprise value exponential multiples greater than any way you could monetize the business as a traditional employee. Jason Diamond: And that math absolutely still holds up even at numbers smaller than we’ve mentioned. I totally agree with that. I’ll give you one other reason why I think you should care. And I’d love your thoughts on this one. I’ll ask it two ways maybe. I’ll tell you my take and then I’ll ask you yours. Morgan Stanley, let’s use as an example. Who are Morgan Stanley’s competitors? In my opinion, the legacy answer to that is, well, of course the wirehouses are Morgan Stanley’s competitors. Merrill, UBS, Wells Fargo, what maybe used to be a longer list, but today those four. I don’t think that’s the answer anymore. I think those are the direct competitors. But because of this enterprise value conversation, I think Morgan Stanley’s competitors are anyone and everyone who recruits financial advisors with books of business. Because if you think about it, an advisor who has a $3 million business at a wirehouse, even if they’re not actually going to do this, they don’t have any entrepreneurial spirit, no desire to go independent, they still know that they could. This is an option and a viable option. And firms are even figuring out ways to cut out the middle step, right? Because this was historically a two-step process. You’re a wirehouse advisor or a W2 advisor. You break away, launch an independent business to establish your enterprise value, begin building it, and then you monetize it. If you could cut out the middle step, or even if you couldn’t, I still think it’s pretty clear that if you’re an advisor, this is important because the firms know … Like when Morgan Stanley’s writing a recruiting deal, they’re kept honest by RIAs and acquirers just the same as their direct peer set. Do you agree with that or do you think I’m reading too far into this? Mindy Diamond: Oh no, I agree a thousand percent. I think that it is naive for anyone recruiting for or on behalf of a traditional firm to think that the only competition is another traditional firm. The days of pomposity for a senior leader at a traditional firm to say, “We’ve got the best technology, the best everything fill in the blank. We have no competitors.” That’s just naive. Because even if it’s true, you’ve got the best platform infrastructure fill in the blank, there is a multitude of advisors that value things different than what you can provide. Beauty is in the eye of beholder is probably a good way to say that. But at the end of the day, what we’re really talking about is when I started the business, because there was no way, no really good way for an advisor to really monetize their life’s work, the only thing they could or were focused on from a personal financial gain perspective was the short-term deal. What are they paying? What’s the transition deal? Now, of course they’re concerned about that. But almost to a person, they’re equally concerned about what I can build and what will this allow me to build in terms of the value of the business I’m building in the long term. So let me ask you, if we’re talking about an advisor that has the ability to monetize in the short term for what could be 4X and in some cases more than that these days, and we’re talking about the ability to maximize enterprise value, and we talk about the concept of moving once and monetizing twice, what kind of numbers are we talking about? Fill in the blanks there. Jason Diamond: It’s such a hard question to answer because I do genuinely believe recruiting deals, when you talk about 300 to 400% revenue deals in the recruiting space, they vary a little bit, but I feel pretty comfortable quoting those types of numbers that most firms are somewhere in the 300 to 400% of T12 realm. There are some outliers, we mentioned UBS. But the multiple or EBITDA based or enterprise value M&A market where we’re doing these legitimate buyout transactions, the valuations do vary quite a bit. But here’s how I think about it. First of all, most firms are not purchased or sold at top line revenue. Most are sold at some sort of adjusted EBITDA number, which factors in local expenses, platform expenses, but also advisor compensation. And then that adjusted number is typically multipled. The multiples are anywhere from 8X for small kind of, let’s say, million dollar revenue businesses up to, we’ve seen deals struck at north of 20X for some of these mega cap RIAs. Typically, just back of the envelope, if I had to quote, I typically estimate around 5X top line at capital gains is a good kind of ballpark valuation. But there is quite a bit of nuance to it, more so than the traditional recruiting space. And I do think, shameless plug, part of the value in working with somebody who’s an expert on the entirety of the industry landscape is just that. It’s the idea that you need to run the horse race across multiple verticals. The good advisors who work with us typically are looking at a wire like a Morgan Stanley or a Merrill. They’re looking at a boutique firm like a Rockefeller, or they’re looking at a regional like an RBC or a Ray J. They’re looking at an independent firm like an LPL or a Sanctuary. They’re looking all across the spectrum. Mindy Diamond: I think that’s exactly right. But the topic of enterprise value, you can see how powerful it is and how wise it is. For an advisor today, when considering their personal economics to consider not just the short term, but to weigh in or add in or factor in, what could I be building and what ultimately will that business be worth at the end of the day? Jason Diamond: Yeah, 100%. Short of going out and selling your business, what can advisors do then? So I’m an advisor, okay, I’m curious about this. Or is it just as simple as, “Yeah, you should know what your business is worth if you’re an advisor”? Mindy Diamond: Definitively yes, because I mean, we always believe that knowledge is power. And just like it’s important for you to understand what your options are within your own firm, how can I ultimately retire out and monetize my business where I am, I think it’s really hard to make a decision in a vacuum without having other perspective. And getting other perspective doesn’t have to be that you have to go out and take 20 meetings. It’s not that hard for you to figure out what your business is worth to make it a data point for whether or not you’re ultimately best to retire in place or go elsewhere. Jason Diamond: Yeah, that I think is the main takeaway. And the education point is so important. I think because these are relatively new concepts for a lot of advisors that haven’t formally shopped a business before, there’s a lot of resources available. And we’ll certainly link some as well on the page for the episode. Let’s shift gears now, our kind of final trigger 2.0, which is stability and ownership structure of the firm. And this has been a little bit of a hot topic. It’s honestly been a hot topic every year because it seems like things pop up every year. And a lot of times advisors don’t reconcile the question of who owns the firm or how stable is the firm until something happens. The firm gets bought, the firm goes bankrupt, like the First Republic scenario. What should a good advisor do proactively about the idea that if you’re a W2 employee or even an employee who’s affiliated with a broker dealer, you saw this with Commonwealth, you just don’t really have control over what the firm decides to do. Give me your thoughts on this. I know it’s a big topic. Mindy Diamond: Yeah. First of all, using Commonwealth an example, it’s a good one. Because for those unfamiliar, Commonwealth is a boutique broker dealer that was privately owned and whose tagline was, “We love our privately owned status and we are never going to sell,” until one day they did. And not only did they sell, but they sold to the biggest independent broker dealer in the country, ala LPL. That’s not good nor bad, it’s just a fact. So if Commonwealth, who had definitively said we’re never up for sale, suddenly sells, any time you’re an employee of a firm, you never know what tomorrow brings in. You’re not in control over whether it’s sold. So that’s one example. But as you’re talking about this, I’m thinking about, I’m probably going back 20 years, so I’m 10 years into my career and I talked to someone who had been a very successful Merrill advisor. So I’m going to say he was probably generating around $5 million in revenue at the time. Going back 20 years, that’s a pretty significant book of business. He was courted for years by what he thought was a top RIA. And in those days, remember 20 years ago, the RIA space wasn’t nearly as mainstream as it is now. But the story the RIA told him was that ultimately, one, he was going to be a partner in the firm, that was very appealing to him. So he was going to have equity in the firm and much more freedom and control. And locally, by the way, the RIA was a really high quality brand. He worked on a lot of the economics, the short term and the long term with them. They did a ton of due diligence on his book of business. But he failed to ask … And I didn’t represent him. I just know this story. He failed to ask or do enough due diligence about the stability of the firm. What we think is really important, we talk about this expanded landscape. If you’re looking at Morgan Stanley, I don’t think you necessarily need to see Morgan Stanley’s balance sheet. If you are talking to a firm that is anything but a bulge bracket or anything but a large firm, it’s really important to do what we call reverse due diligence and to really understand if a firm expects you to open your kimono and show everything about your business to prove your worth, it is equally important that you do the same for them. In this new world order where private equity has come in and there are so many different ways for a firm to be owned and to be capitalized, it’s very important that an advisor understand what’s going on behind the scenes. And one of the questions around stability, if a firm is private equity backed, is it permanent capital? Is it patient capital? Is the private equity firm going to look to sell and monetize in five years? And then who would the likely buyer be and what does that mean for you? So the question is a big question and it’s really important. Jason Diamond: I love everything you just said, except I do think even the wirehouses, wirehouse advisors, honestly, as much as anybody should be asking these questions. And I’ll give you an example right now, UBS. And UBS, it’s not a story of balance sheet stability. I don’t think anybody has concerns that UBS is going to fail. But UBS management has been very publicly, “Oh, we’re cutting costs.” There’s been some rumors, I think for years, probably dating back 30 years to when you started the business about UBS’s commitment to the US wealth management business. I think those questions about stability and ownership structure are still valid. And to me, the implication of it is twofold. One, what you said, reverse due diligence, ask the questions, plan B. But also the concept of the exits or the off-ramps or how many bites of the apple do you get. So if you’re an advisor and you sell your business to somebody and you sign garden leave and non-competes and non-solicits, the question of ownership structure of that firm becomes less relevant because you have no off-ramps and no ability to exit that business anyway. A lot of times that’s how advisors get comfortable with this concept. And that’s what firms will tell them too, frankly, and we’re living through the middle of this, by the way, with Commonwealth and LPL, is vote with your feet, right? To the extent advisors can, the offer … And this is like, you used the example of private-equity-backed firms. This is how Rockefeller addresses the question of their private equity ownership. If we sell to UBS, all of our advisors will leave. They have that built-in put option. So knowing where the off-ramps are or how many bites of the apple an advisor gets, I think is a big concept that ties into that. But we’re absolutely seeing this pop up, probably largely because of those two examples, Commonwealth and UBS this year, more so Commonwealth, to your point. Janney’s another example last year or two years ago now where KKR comes in and buys Janney. So when these examples happen, it seems like it triggers advisors to say, “Is this something that could happen to me and should I be thinking about this?” Mindy Diamond: Yeah. So let me ask you a question. You’re talking, you’ve mentioned UBS offering this outsized deal. So how does the notion of stability and ownership factor in? If an advisor is considering an unprecedented deal from UBS, what are the caveats or concerns with respect to stability and ownership? Jason Diamond: It’s the same list of considerations you should and would ask of any other firm you’re diligencing, except I think amplified even more in the case … If I was counseling an advisor who was looking at UBS, that would be what I would say, is exactly that. You’re seeing all of these departures and defections, and I would want to have conversations with those advisors and understand exactly why and have guarantees or assurances that I’m not going to suffer from those same pain points that force them to leave. Or, and I say this a little bit flippantly, but it’s a little bit true, I understand the devil that I’m getting into bed with, but for 550%, or whatever the deal might be, I can suck it up. And that’s something that some advisors might well say as well. Mindy Diamond: Yeah. Jason Diamond: I don’t want to end on the negative note of overly large transition, not there’s anything wrong with large transition deals, but as you look out, is there anything that’s coming up in your conversation with advisors that you view as the next wave of this? I’ll give you one that maybe you could touch on, and if you have another one, feel free to offer it in conclusion, but do you think age or advisors starting to succeed out of the business will become more of a driver of movement, even though to your point, advisors can access sunset deals? Mindy Diamond: I do actually, because I think the more the average advisor age increases, the more likely that those advisors are going to want to move on to do something else to monetize the business. And so much of the wave of movement we see is driven not so much by the senior advisor, because many seed advisors are happy enough with the ability to monetize their business in place. Even though it may not maximize the value of the business, it’s a close enough approximation and it means I don’t have to disrupt the apple cart. So we support that 100%. But where we get the calls is from the next generation that says, “Yeah, but hold on a minute. It’s a good way for me to take on a book of assets that I not otherwise have access to. And it’s great for my senior partner, my father, my mother, my whatever to monetize the business. But I’m buying an asset again that I don’t own and I ultimately don’t have control over all these things we’re talking about, the AI investment, the ability to create enterprise value, the stability, the cost cutting, all of it.” So I think it’s all of the above. You say, “What else is there?” I think that’s it. It’s all of the above. It’s anything and everything that drives movement. One, it’s personal, it’s highly unique, it’s different for every advisor. There are certainly themes, and we’re talking about them, but there’s a million different things. It’s personal. And while there are an awful lot of pushes, things that can frustrate an advisor, it is the most exciting time in our view to be an advisor, particularly a high quality one, because the options abound, the ecosystem is big, because the ability to monetize both in the short term and the long term is big, mammoth, exponentially bigger than it ever was before. And the true ability to really build an enterprise has never been greater. And I think all of those things, the desire for an advisor to be the best that they can be and live their best business life is probably the biggest driver of all. Jason Diamond: It’s really true these days, if you can dream it, you can probably build it. And we’ve said in the past, if you build it, they will buy it. It’s a great place to end. This was a really fun topic. I think that’s a spot on kind of fourth trigger, by the way, too. This sort of next gen is almost like the force multiplier or the amplifier of like they see all this other stuff and they’re asking these questions even more so. Because if I’m 60 years old, none of this matters all that much. It matters, but I’m out of the business in five to 10 years. Versus the next gen advisors are the ones who often bear the brunt of this. So I think a lot of really smart stuff. Thank you for sharing your wisdom and expertise. In the episode page, we’ll be sure we have our Industry Transition Report. And we’ve also created a tool, the top 10 tips for a strategic due diligence process, which is a great kind of practical hand-in-hand companion for this topic for advisors looking for more pointed tips on the due diligence process. So Mindy, thank you again. This has been a blast. Mindy Diamond: My pleasure. Thank you. Jason 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 responsibility seriously and are dedicated to your clients. But are you living your best business life? Are your goals aligned with your firms or could a better option exist? Should I Stay or Should I Go? is a book written with you in mind. It’s a self-guided journey that walks you through the key steps that we take with our advisor clients. This strategic thought process and roadmap to professional self-discovery is designed to help you ask the right questions and think critically and objectively, whether you’re considering change or not. Learn how to get your copy at diamond-consultants.com/thebook. The Advisor Transition Playbook: The Latest on Due Diligence, the Move, and Everything In Between – Part 2 A Special Industry Update with Jason Diamond and Mindy Diamond. Jason Diamond: Welcome to a replay of one of the most popular episodes from our podcast series for financial advisors, The Advisor Transition Playbook: The Latest on Due Diligence, the Move, and Everything In Between. It's Part 2 of a 2-Part Industry Update with Mindy Diamond. 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: There’s been a noticeable shift in how advisors are approaching decisions about their business, not necessarily in whether they’re exploring change, but in what they’re focused on when they do. Mindy is back with me for a continuation of our earlier conversation on the Advisor Transition Playbook. Last time, we spent time on the mechanics, how due diligence works, what a move actually entails, and how to think through the process. What’s become more apparent since then is that the inputs into that process are evolving. The traditional drivers are still there, but layered on top are a set of considerations that didn’t carry the same weight before. AI is one of them, and not just as a tool, but as a differentiator that advisors are starting to diligence more seriously. Enterprise value is another. Showing up in conversations, even for advisors who don’t technically own their business, but are thinking more critically about what they’re building over time. And then there are questions around stability, ownership, and flexibility. What happens to the firm itself and whether advisors retain the ability to adapt again if circumstances change. None of this is theoretical. It’s showing up in real time conversations. What we want to do here is unpack those new triggers of advisor movement and what they suggest about how decisions are being made today. So let’s get to it. Mindy, the legend, thank you for joining me. So glad to have you on. Mindy Diamond: Thank you. I’m so happy to be here. Jason Diamond: Great. Let’s dive right in. I’ll set the stage really quickly one more time. When we spoke about this topic last, we talked about the drivers of movement, what we’ll call in this conversation as the old or the legacy drivers of movement, and we spoke about the mechanics of the move. Before we get into the new drivers of movement, which I want to be the meat of the conversation, remind us, when we talk about the legacy drivers of movement …. And by the way, by saying legacy, I by no means want to suggest that they’re not valid today, because they’re equally valid, if not more so today than they were then. But when you think of the classic drivers of movement in our industry, what are they? Mindy Diamond: Yeah. So I would say, first of all, let’s start by saying that for every advisor, they’ve got a unique set of needs. So the first thing to say is that while you and I can talk about the categories of frustrations or things that might bother an advisor, they show up differently in each advisor’s life. So it’s important to note that everyone is unique. But generally speaking, if I had to package them, I’d say it’s number one that shows up most of the time is too much bureaucracy. A feeling that a firm or a model is just too hypervigilant in terms of compliance and it’s too bureaucratic and too hard to get things done.

“A pleasure is full grown only when it is remembered.” These words, uttered by a character in C. S. Lewis’ book Out of the Silent Planet, depict the joy one has in reminiscing over cherished experiences in life. Though we rightly delight in the breathtaking scenery along the path of a hike or in sharing an important milestone with a loved one, these might be merely the initial pleasure. Often, later reflection on such moments (and those like them) compound the joy of having experienced them. Perhaps this is another reason Jesus instructs His disciples to regularly share in what we call the Lord’s Supper. As He shared the Passover meal with them the night before His death, He infused it with a new layer of meaning. When partaking of the unleavened bread and “fruit of the vine,” Jesus described them as representing His body and His blood (Luke 22:18). His disciples were to share this meal regularly, doing so “in remembrance of [Him]” (v. 19). The Jewish people remember how God delivered them from Egypt through celebrating Passover (see Exodus 12:17). Those who trust in Jesus’ sacrifice retell God’s deliverance from the consequences of sin by partaking of the Lord’s Supper—a somber, yet joyful remembrance. By sharing in it regularly, we practice what it means to “remain” in fellowship with Jesus (see John 6:56) and savor the pleasure of our communion with Him.

After Lam Wai Chan moved from his native Singapore to pastor a church in Japan, he panicked. The church had barely twenty members. In a nation known as a “missionary graveyard,” where about one percent of the nation’s people are Christian and many churches sit empty, Lam felt “like I was taking over a sinking ship.” Crying out to God, he sensed the answer: Offer the church back to Me. Rather than “update” worship or music, Wai Chan asked members to pray—for their needs, family members, friends who didn’t know Jesus. Slowly, the church doubled in size. Their faithful praying is a living, biblical model of how to build a community in Jesus. First, pray. “In every situation by prayer and petition, with thanksgiving, present your requests to God,” Paul wrote, “and do all of this without worry about anything” (Philippians 4:6). In this way, we offer our ministries, churches, and programs back to God. We may plant seeds and water them, but as Paul said, “Neither the one who plants nor the one who waters is anything, but only God, who makes things grow” (1 Corinthians 3:7). He was imploring believers at Corinth to stop quarrelling about which church leader they followed (v. 4). As Paul said, “No one can lay any foundation other than the one already laid, which is Jesus Christ” (v. 11). Let’s prayerfully give our churches back to Him. Then, watch them grow.

As the US Civil War (1861-1865) dragged on, both sides resorted to conscription (the draft) to fill their ranks. Under the Confederate law, a draftee could dodge service by hiring a man who was exempt from the draft to replace him—in most cases someone under or over the conscription age. Generally, the “principal” (as one evading the draft was called), paid a fee to the government as well as a large sum to his substitute. Only the wealthy could afford substitutes. The apostle Paul writes of the cosmic spiritual war, where “all have sinned and fall short of the glory of God” (Romans 3:23) and “the wages of sin is death” (6:23). There was no clause or loophole that gave those with “means” some way out. But what about a substitute for us all? The writer to the Hebrews praises God, who in His infinite mercy sent Jesus to be our substitute—to bear the punishment our sin deserved, to pay our debt by sacrificing “the body of Jesus Christ once for all” so that we would be “made holy” through His substitutionary sacrifice (Hebrews 10:10). We have “died with Christ,” and one day “we will also live with him” (Romans 6:8). That’s the good news right there. Christ died for you and for me; the substitute took our place. We’re now more than simply survivors of the war. We’ve become the sons and daughters of God.

If you want to bring a smile to Jarrett’s face, ask him about his bees. He’s an “apiarist”—a beekeeper. Though our meetings in his backyard are not about bees, it’s not uncommon for “apiculture” lessons to be a stimulating part of our conversations. But even better than “bee talk” is the nature-fresh, sweet taste of the golden-colored honey produced by Jarrett’s hardworking bees. Mm, mm, good! In Psalm 119:103, the psalmist exclaims, “How sweet are your words to my taste, sweeter than honey to my mouth!” Closer examination of verses 97-104 reveals that the “sweeter than honey” comparison is just one of several phrases the writer uses to accent the supreme value of Scripture: “Your commands are always with me and make me wiser than my enemies. I have more insight than all my teachers, for I meditate on your statutes. I have more understanding than the elders, for I obey your precepts” (vv. 98-100). The bottom line is that wholeheartedly embracing what God has revealed through the words of the Bible situates us to live well in this world. Similarly, when Jesus, the Living Word (see John 1:1-14), is experienced and valued—His followers, empowered by the Holy Spirit, are well-positioned to live in ways that honor God and serve His purposes.

Trees in cold climates prepare for winter through a process called “hardening.” Water drains from cells so they won’t freeze, expand, and burst the tree. The water that remains between the cells is too pure for ice crystals to attach. Its temperature may now drop to forty degrees below zero without cracking the tree. Trees harden at the same time each year because they take their cues from the fixed calendar of shortening days. They don't stake their lives on the weather, which may be unseasonably mild. They trust the sun, their one sure thing. The Son who made the sun is surer yet. He is “the image of the invisible God, the firstborn over all creation. For in him all things were created,” and “in him all things hold together” (Colossians 1:15-17). Who tells trees when to harden each year? The same Son who makes the sun rise each morning and puts it to bed each night, pulls tides with the moon, whirls electrons in every cell, beats your heart and inflates your lungs, and holds you when your heart is broken. What holds the world together isn’t a force within nature but a Person outside it. A Person who entered the world He’d made so he could “reconcile to himself all things,” including you (v. 20). In this unpredictable world, you’ve got one sure thing. Jesus will “present you holy in his sight, without blemish and free from accusation” (v. 20).

An elderly woman lies unconscious on a hot sidewalk after a terrible fall. Several people stop to help. One calls 911, another gently places a coat under her head. Others put towels under her arms, and still another holds an umbrella over her head until paramedics arrive. As the person who posted the video writes, it’s an especially heartwarming scene because those who stopped included a wide range of age and ethnicities—all working together to help someone in distress. When an expert in God’s law asked Jesus who his neighbor was (Luke 10:29)—that is, who he was obligated to show love to—Jesus responded with a story of a man badly beaten by robbers, lying near death by the side of the road (vv. 30–31). A Levite and then a priest approached, but both passed by on the other side. Finally, a Samaritan stopped to help. What made this so unusual was that Jews and Samaritans had a history of scorn for the other. Yet it was the Samaritan who stopped (v. 33). After telling this parable, Jesus asked which was a neighbor to the fallen man. The expert in the law replied, “The one who had mercy on him” (v. 37). Jesus told him—and us, “Go and do likewise.” May God help us see that everyone we meet is our neighbor, another human created by Him and deserving of our aid.

Software valuations remain squeezed amid dire predictions of ‘SaaSpocalypse'. But the real future of the sector is likely to be more complex, as RBC's recent Canadian Private Tech Conference underlined. In this episode, Software Analysts Paul Treiber (Canada) and Rishi Jaluria (U.S.) reflect on the competing visions presented at the event, and consider how AI's impact on the sector – and other industries – is playing out.Key Points• Innovation will be the key differentiator for software companies' survival as AI disruption continues.• AI is targeting companies' labor budgets rather than IT spend.• Software M&A remains subdued, pending a recovery in valuations.• Power constraints are limiting the scaling of AI.Introductions [00:06]Paul Treiber introduces colleague Rishi Jaluria for a discussion about the RBC Canadian Private Tech Conference, which featured 25 differentiated tech companies.Software's future [00:40]The conference presented competing views of AI's impact on software. Some foresee the ‘SaaSpocalypse', with software headcount shrinking as AI self-compounds. Others are harnessing AI to move faster and say their customers are expanding software use. Vertical software firms in regulated, workflow-dense environments are better insulated from disruption.Labor impact [03:09]Rather than eating into IT budgets, AI is cannibalizing labor. Beyond software, entire industries are being disrupted. Some believe financial intermediation may disappear.Constraints on AI [04:43]AI processing is accelerating, but memory is growing more slowly and interconnect failing to keep pace, acting as a constraint.M&A [05:15]M&A activity is subdued and will only revive with a recovery in valuations.Sovereign clouds [05:52]Sovereign clouds are seen by some as a tailwind for Canadian companies. Others believe local hosting will prove unnecessary.

Mary Slessor’s compassionate heart led her to open her arms to those in need. The Scottish missionary, born in 1848, served among the people of Okoyong in a distant land. Superstition led people of that region to believe that when twins were born, one was good and one was the child of a demon. This often led to both twins dying—being abandoned to starvation or other dangers. Reflecting the loving heart of God, in time Mary helped save hundreds of the at-risk children, adopting nine as her own! In his inspired words to the rebellious nation of Israel, the prophet Hosea offers a glimpse into God’s caring heart for children. The prophet said of Him, “In you the fatherless find compassion” (14:3). Hosea stated that God cared for His own and desired to “love them freely” (v. 4). But they needed to turn from their defiance of Him and embrace His ways. They were instructed to turn from pagan deities to the true God who cares for the most helpless, the orphans. And if they returned to God, they’d find forgiveness from the one who would “receive [them] graciously” (vv. 1-2). As we open our arms to those around us, including at-risk children, we reflect the love of God. Let’s embrace His compassionate heart and extend His care to those in need as He helps us.

My guest today is Tim Moore, a serial entrepreneur with immense character. Tim's upbringing included failing a few grades, studying to become a priest, then becoming a teacher and eventually a truck driver. His life changed when he bought a secondhand pickup truck, covered it with a tarp, placed a newspaper ad, and started a moving business charging seven dollars an hour. From there, he built AMJ Campbell into Canada's largest moving company, then Premier Executive Suites and many more ventures across real estate, storage, mortgages, hospitality, and more. But that is his resume. This conversation is about something deeper. Tim talks about fear as a warrior emotion, humility as a superpower, manners as a business strategy, and why the way you treat people is the true measure of success. He understood early that a move is never just boxes and furniture. It is people trusting you with their memories, their stress, their hopes, and their next chapter. Later in the show, Kim Mason, Executive Vice President and Head of Private Banking at RBC, joins me to talk about Tim and what it means to stand beside entrepreneurs not only when things are going well but also when everything is on the line. Tim is a fantastic storyteller with many career and life lessons.     To buy Tim's book: How I Made It: Secrets of a Self-Made Multi-Millionaire  https://www.indigo.ca/products/how-i-made-it-secrets-of-a-self-made-multi-millionaire?variant=46831238414546        

I was inspired while reading a historical fiction account of the life of Mary McLeod Bethune, founder of Bethune-Cookman college. The stories of her determination and care for others led me to read more about her. One account tells how in the early 1900s she “described” the buildings at her school for young African American women to a wealthy businessman. But when he visited the “campus,” he found only one building. She’d described her dream to him, hoping that he would invest in the school. Her faith and vision worked together to secure funding. Her school eventually became—and still is—a four-year college. Bethune is credited with saying: “Without faith, nothing is possible. With it, nothing is impossible.” Her quote is similar to what Jesus told the astonished disciples who were asking questions about salvation. They were trying to figure out how people could “enter the kingdom of God” or heaven (Matthew 19:24). They wanted to know “who then can be saved?” (v. 25). Jesus shared with His followers that faith in God was the only way; because “with God all things are possible” (v. 26). Faith is rooted in a belief in God and His abilities. Faith prompts us to believe in the possibility of things we don’t see yet—like a dream of a school for the underprivileged or an eternal home for those who accept Christ. May God help us see what He sees.

“He has a sugar face!” our vet exclaimed as she gave our young dog his annual checkup. “A sugar face?” I asked. “It’s a term used for retrievers whose faces turn prematurely white,” she replied, smiling. “It’s just a sign of the sweetness inside.” Reflecting on that moment later, I thought about what shows up on my face when others meet me. Do they catch a glimpse of “the sweetness inside,” the transforming power of Jesus’ love in my heart and life? The Bible tells of the breathtaking moments when Moses came down from Mount Sinai after spending days in God’s presence. Moses “was not aware that his face was radiant because he had spoken with the Lord,” so radiant that the people “were afraid to come near him” (Exodus 34:29-30). To avoid frightening them further, Moses “put a veil over his face” and removed it when “he went in to speak with the Lord” (vv. 33, 35). Moses was of course literally speaking with God “face to face” (33:11), a unique moment in the Bible. But Scripture also reminds us that we who know God through Christ “are being transformed into his image with ever-increasing glory” (2 Corinthians 3:18). His presence within us can be winsome to others—a work of God’s love. Our faces may not shine like Moses’ did, but as we spend time in God’s presence, He’ll become increasingly evident in us.

Tech stocks plummeting even further today as investors seemingly dip out of the AI trade. RBC's Lori Calvasina breaks down what the losses mean for the future of tech and why she remains optimistic despite the struggle. Plus, major after-hours earnings reports from Cerebras and Fedex — what the results mean for the future of the AI chipmaker and transportation company. Then, what Iranian oil re-entering global markets could mean for domestic oil prices, and why it might be time to sell 2 powerhouse investment banks. Fast Money Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

My great uncle’s memorial service featured a meal of roast beef, corn, and beans to honor the hospitality that he and his wife lived out for many years. Each Sunday morning, they would put a large roast and veggies in the crock pot before going to church. After the service, they would look for someone to invite for lunch. Sometimes it was a good friend, sometimes a stranger. Either way, they made sure there was plenty of food at home and those afternoons were especially set aside for hospitality. Their Sunday habit required an intentional readiness for generosity. The Israelites followed a similar pattern. Through Moses, God commanded them to leave a portion of their food “for the poor and the foreigner” (Leviticus 19:10). During harvest time, they were instructed not to reap to the edges of their field, not pick up what had fallen, and not harvest from a particular area more than once (vv. 9-10). With this redeeming method, those who did not own land could still work to gather food. For the people of God, this wasn’t a one-time, spontaneous act—although that can be a beautiful blessing, too. It was how they lived year after year. There are opportunities all around us to show Jesus’ hospitable love. Some we can’t prepare for; some we can. As God helps us, let’s consider how we can treat others kindly today (v. 33).

I trudged into the grocery store to buy a Father’s Day card. I had forgiven my father. I had tried reconciling over the years—prayerfully processing the hurts inflicted before and after I left home at fifteen. Sadly, decades later, I still couldn’t relate to the cards that had messages gushing with gratitude for the “greatest” dads. So, desperate to honor my heavenly Father, I stood in that card aisle and prayed for my earthly father. From Adam and Cain to David and Absolom to my father and me, sin has caused multigenerational strife and heartbreak. Still, the apostle Paul encouraged children to obey their parents “in the Lord, for this is right” (Ephesians 6:1). Honoring parents is a command that comes with a promise and a reward (vv. 2-3). In turn, fathers were meant to raise children to know and love God (v. 4). God’s people are designed to serve each other “wholeheartedly, as if [we] were serving the Lord, not people” (v. 7). Unfortunately, sin can destroy these relationships. No matter what our relationship status with our parents, we can thank God for the people He chose to use when He gave us life, and we can pray they enjoy a life-transforming relationship with Christ. A prayer that leads us to Jesus is a wholehearted gift of love and honor that can lead to changed relationships and lives.

In his 1937 book Think and Grow Rich, author Napoleon Hill said, “Whatever your mind can conceive and believe, it can achieve.” Hill’s quote epitomizes the American Dream: If you work hard, you can achieve your wildest dreams. Hard work may lead to earthly benefits; many passages of Scripture—especially in Proverbs—link those things. But as I grow older, I also see a real danger in following Hill’s ideas: my grasping attempts to achieve my dreams can be a self-focused attempt to live independently from God. In Galatians 5, Paul contrasts two ways of life: “Walk by the Spirit, and you will not gratify the desires of the flesh” (v. 16). Eugene Petersen paraphrases it this way: “Live freely, animated and motivated by God's Spirit. Then you won't feed the compulsions of selfishness” (The Message). A few verses later, Paul describes what a flourishing life in Christ looks like: “The fruit of the Spirit is love, joy, peace, forbearance, kindness, goodness, faithfulness, gentleness and self-control” (vv. 22-23). Many voices in this world compel us to grasp our desires with both hands. The life we long for, though, is not one we earn but one we receive as we yield to the Holy Spirit—freely walking with Him—rather than striving desperately to grasp blessing on our own terms.

He was born a slave in the 1860s. A sickly baby, he was sold to a slave owner for the cost of a horse. As a teenager, he witnessed the killing of a black man by a group of white people. Remarkably, George excelled in school, but when he applied to Highland University in Kansas, he was denied admission because of his skin color. But through it all, the young man maintained a deep faith in God. George Washington Carver’s life verse was Proverbs 3:6: “In all thy ways acknowledge him, and he shall direct thy paths.” We sometimes feel overwhelmed by our circumstances. We experience setbacks. We find ourselves at a loss for where we should go. But Proverbs encourages us: “Trust in the Lord with all your heart.” We’re counseled, “Lean not on your own understanding (v. 5). This is the Bible’s way of saying, “Let go and let God” lead your life. George W. Carver followed God’s path, persevering against all odds, teaching himself botany and geology, and eventually becoming a renowned scientist. He famously developed hundreds of uses for the peanut plant but also developed methods of crop rotation that revolutionized agriculture in the United States. God has a way of making the best out of bad situations. Whatever you’re facing today, the key is to “acknowledge Him” and listen for his voice. Watch him open up the paths of your life.

As the outdoor concert started, I felt a single raindrop on my cheek. Looking up, I saw ominous dark clouds. Having paid a steep price for tickets, however, I wasn’t inclined to leave because of a little bad weather. Then umbrellas began to pop open. One woman pulled a plastic grocery bag over her hair. It took just one deafening boom of thunder for the performer to grab her mic and beg us to take refuge somewhere. As the rain began to come in torrents, we splashed through muddy puddles and rushed into a nearby school gym. Thoroughly soaked, we huddled with strangers for the next half hour, still hoping the storm would end. When we ventured back out, we saw that the band was packed up and ready to leave. When the storms of life come, where can we run? Sorrow, worry, illness, and confusion can make us fearful and in need of refuge. We need a strong shelter that’ll protect us. Psalm 91 reminds us that God has promised to rescue us and to be with us in trouble. “Because he loves me . . . I will rescue him; I will protect him, for he acknowledges my name” (v. 14). When we need help, we can call on His name and He “will answer” us (v. 15). When our courage fails us, we can lean into His strength. He’s our shelter in any storm.

“I know you better than you know yourself!” As a young man, I heard that confident declaration from a friend. Her intentions were good, but my complicated life as an adopted missionary kid had been shaped across four continents and cultures. She didn’t really know me. Zophar, a friend of Job’s, sounded wise in his assessment of Job’s difficulties. “Can you fathom the mysteries of God?” Zophar asked him (11:7). “They are higher than the heavens above.” Who can argue with that? But then Zophar dared speak of something he couldn’t know: Job’s heart. Without evidence, he proclaimed, “If you put away the sin that is in your hand and allow no evil to dwell in your tent, then . . . you will stand firm and without fear” (vv. 14-15). Job responded sarcastically: “Wisdom will die with you! But I have a mind as well as you; I am not inferior to you. Who does not know all these things?” (12:2-3). Job’s reality was so complex that even he didn’t know what was taking place (see Job 1-2). He correctly said, “To God belong wisdom and power” (12:13). It didn’t come from Zophar, who presumed to have authority and insight that weren’t his. Our friends may need our loving counsel from time to time. But usually, friends in crisis need us to bring their names in prayer to the One who truly does know them.

After Jennifer was diagnosed with early onset dementia, she couldn’t read the Bible easily, so she started listening to it. Scripture passages now mean something new to her. For example, she gets lost easily, often doesn’t know who people are, and sees hallucinations of wild animals. When she’s disorientated and fearful, she receives God’s comfort as she hears Isaiah speak of “the Way of Holiness” set aside “for those who walk on that Way” (Isaiah 35:8). On that road will be no wicked fools, “nor any ravenous beast”; instead, “only the redeemed will walk there,” those whom God rescues (v. 9). The prophet Isaiah shared God’s promises to His people, those exiled from their home. Away from the temple, where they would experience His presence, they must have felt bereft and forlorn. The promises, therefore, of the Way of Holiness, the path to God, would give them hope and strength. To think of entering “Zion with singing,” without fear or sorrow, would lead them to rejoice (v. 10). Even as Jennifer holds on to these assurances from centuries ago, so too can we who believe in Jesus trust that as we journey with Him, we’ll know gladness and joy (v. 10). Whatever trials we face in this life—however taxing or life-altering—we know that God’s way leads us home to Him.

Stanley’s generosity never ceased to amaze me. He often bought meals and gifts for elderly church members, cleaners in his neighborhood, or anyone who needed cheering up. Equally amazing was that despite Stanley’s not being wealthy or savvy at investing, his small investment did impressively well, enabling him to keep giving. Whenever someone thanked him, he’d point upwards and smile, as if to say, “It came from God, not me.” God, he often said, helped him to help others. This was what Paul alluded to in 2 Corinthians 9 as he wrote about giving. Proud of the Corinthians’ readiness to help fellow believers (v. 2), he hoped to pick up a collection they had started (v. 3). Imploring them to give generously and cheerfully (vv. 6-7), he noted that God would not only reward those who gave (v. 6) but also bless people so they could give even more. God doesn’t expect us to give what we’re unable to give (2 Corinthians 8:12). Rather, He entrusts us with money, time, or talent to “abound in every good work” (9:8), and He supplies what we need so we “can be generous on every occasion” (v. 11). That’s why we can give in faith and with a cheerful heart (v. 7), knowing that we give only from what we’ve been given. In the process, we bring praise to God’s name (v. 13).

Serendipity Bookstore, a popular spot in Chelsea, Michigan, needed to expand. The owner found a building twice the size just a block away. She wanted to make the move quickly instead of closing the store for days and boxing up all the books. So she requested help from the community. More than three hundred people showed up! They stood shoulder to shoulder forming a human conveyor belt and passed the books from one person to the next, moving 9,100 books in just under two hours. The owner said, “[The bookstore] is really a part of the community, and [the people] have ownership.” They all enthusiastically worked side by side. When Nehemiah, a Jew who was the trusted cupbearer to the Persian king, learned that the wall surrounding Jerusalem lay in shambles, he cried out for God’s guidance (Nehemiah 1:3-11). The Babylonians had destroyed the walls in 587 bc. After investigating, Nehemiah recruited help from the community. He said to the Jewish leaders, “You see the trouble we are in: Jerusalem lies in ruins . . . . Come, let us rebuild the wall” (2:17). Chapter 3 describes how leaders and citizens alike willingly repaired the section of the wall that was right in front of each one. They worked side by side. We too can impact our community by serving together under God’s direction and in His strength.