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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).

Get every episode of The Dumb Zone by subscribing to the show at DumbZone.com or Patreon.com/TheDumbZoneWe watched the UFC fight from the White House lawn so you didn't have to. OG Anunoby was on a different planet during his Good Morning America appearance. A woman was trapped quicksand in 4 days and Jim Nantz found a way to cry at the Canadien Open all live from the DZ Retreat in Broken Bow, Oklahoma (00:00) - Open: Live from the DZ Retreat (38:21) - Sports: Knicks seal the deal (01:11:55) - Nantz cries at the RBC (01:25:21) - UFC fight on the White House lawn (02:03:30) - News: Woman trapped in quicksand for 4 days (02:24:31) - VM birthdays/Today in History ★ Support this podcast on Patreon ★

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.

In this episode Derek Champagne talks with NY Times best selling author Liane Davey. Liane has spent more than 25 years researching and advising teams on how to perform at their best. Known as the “teamwork doctor,” she works with teams from the frontlines to the boardroom, across industries and around the world, from Boston to Bangkok. Through her work with hundreds of teams, including 26 Global Fortune 500 companies (and counting), she has developed a practical, research-backed approach to solving the challenges that prevent teams from working effectively together.Liane is a New York Times bestselling author of You First: Inspire Your Team to Grow Up, Get Along, and Get Stuff Done and The Good Fight: Use Productive Conflict to Get Your Team and Organization Back on Track. She is a regular contributor to Harvard Business Review and a sought-after expert for media outlets including CNN, NPR, USA Today, The Globe & Mail, and Forbes. Her work focuses on increasing productivity, strengtheningengagement, developing leaders, and helping teams navigate conflict in healthier, more effective ways.Liane's clients have included Amazon, Walmart, TD Bank, RBC, AMD, MD Anderson, Google, Bayer, KPMG, Aviva, UNICEF, and SONY Interactive Entertainment. While she works across a wide range of industries, she customizes every conversation to reflect the realities of each audience.In Thoughtload, Liane tackles today's most pressing management challenges: over-burdened systems, burned-out teams, and plateauing results. However, contrary to conventional wisdom, Davey argues that the problem is not with out-sized workloads. The root cause of the madness sapping productivity in today's offices is our excessive thoughtload.Thoughtload is the cumulative and often overwhelming burden of increasing cognitive and emotional demands, worsened by decreasing physical and mental energy. In this brilliant, highly prescriptive guide, Davey lays out the steps for reducing thoughtload, so that managers and their teams feel more focused―and get more done.For free resources and to order a copy of Thoughtload visit: Thoughtload.comBusiness Leadership Series Intro and Outro music provided by Just Off Turner: https://music.apple.com/za/album/the-long-walk-back/268386576

Tungsten is something of a paradox. It has the highest tensile strength of any pure element, making it extremely difficult to pull apart. But the Mead Metal website notes, “In terms of impact strength, tungsten is weak—it’s a brittle metal known to shatter on impact.” It’s fascinating that tungsten, the strongest natural metal, is also so weak and brittle. Human beings display a similar characteristic. Though capable of great strength both physically and mentally, we’re easily crushed under the weight of this fallen, broken world. Paul experienced this personally. In 2 Corinthians 11, he described experiences that overwhelmed him (vv. 23-29). But God encouraged him: “My grace is sufficient for you, for my power is made perfect in weakness.” Paul resolved, “Therefore I will boast all the more gladly about my weaknesses, so that Christ’s power may rest on me” (2 Corinthians 12:9). Earlier in 2 Corinthians, Paul had written, “We are hard pressed on every side, but not crushed” (4:8). There’s hope, even though the strongest child of God knows all too well that this world is simply too much for us. We’re happily dependent on the strength of His grace if we are to endure. May we, like Paul, embrace our weaknesses so God’s power can carry us through.

The U.S. administration is keen to sign up more companies to drug pricing deals, and mandatory rules are on the way. But how will the midterm elections affect these and other healthcare policy issues? At RBC's Global Healthcare Conference, Hunter Hammond and Will Humphrey of Capstone's healthcare group offered insights on the direction of policy for the rest of the year and beyond. Key PointsMandatory Most Favored Nation pricing rules are likely to be contested in court.The FDA's initiatives to speed drug development are signals of its modernization intent.The U.S. is more likely to use incentives than sanctions to address mass in-licensing of Chinese innovation.The current program to extend access to GLP-1s could be a template for future breakthrough drugs.Democrat gains in the midterm elections would likely limit further hospital cuts.Introductions [00:08]Host Joe Coletti introduces highlights from the U.S. Healthcare Policy Panel at RBC's Global Healthcare Conference, featuring Hunter Hammond and Will Humphrey of Capstone's Healthcare Group. Midterm campaigning [00:40]In the run-up to the midterms, the U.S. administration will aim to focus on messaging about popular policies, such as cutting waste and fraud in Medicare and Medicaid.FDA changes [01:41]After turmoil in the FDA, new leadership is designed to promote stability. Recent moves to speed drug approvals are likely to continue and offer an important signal about FDA modernization. Chinese innovation [04:31]The administration may be uncomfortable with U.S. in-licensing of Chinese technologies, but it is more likely to respond with incentives than any attempt to block the practice.Drug pricing [06:17]Most Favored Nation mandatory pricing models have yet to be finalized and are likely to be challenged in court. Democrats will not support codification of MFN.Democrat priorities [08:08]Democratic gains in the midterms would have the effect of protecting hospitals from further cuts. Reform of 340B is unlikely, however.

A growing number of biotechs are defying the perception that you need the might of big pharma to launch a new drug. But there's always the prospect of an offer that simply can't be refused. Three leaders who recently sold companies – Whit Bernard (Metsera), Mike MacLean (Avidity), and Gregory Kunst (Aurion) – shared their experiences, and their views on M&A trends in the sector, at RBC's recent Global Healthcare Conference.Key points:Metsera managed to stay focused on business through a high-stakes bidding war.A strong sense of its own value helped Avidity to its Novartis buyout.In a tough capital-raising landscape, biotechs need to be open to partnerships with bigger firms.While the patent cliff is spurring pharma deals, corporates have a variety of M&A objectives.A series of successful drug launches by small innovators may signal the end of investors' ‘short the launch' strategy.Introductions [00:07]Host Joe Colletti introduces highlights from the M&A panel at RBC's Global Healthcare Conference, featuring Brian Abrahams and colleagues posing questions to Whit Bernard (Metsera), Mike MacLean (Avidity), and Gregory Kunst (Aurion).Biotech histories [01:01]Each of the execs outlines the background to their former companies and the therapies they developed.Avidity's experiences [05:43]Mike MacLean discusses the experience of negotiating with Novartis, through multiple bids and a decision by Avidity to pursue its own capital raise before the eventual acquisition.Metsera's experiences [09:32]Whit Bernard recalls how Metsera responded to becoming the subject of a competitive deal between Pfizer and Novo Nordisk. Capital raising methods [11:53]Gregory Kunst suggests CEOs should be open to raising capital through strategic partnerships as well as traditional institutional funding.What pharmas want [14:07]Big pharma is broadly incentivized by the patent cliff, but biotechs need to understand the varying objectives of different companies.Short the launch strategy [23:42]Investors are taking a different view of start-ups' capabilities as more small and mid-sized biotechs commercialize their own innovations.

Flowers don’t have to be in bloom to be beautiful, says famed landscape designer Piet Oudolf. Even in the dead of winter, the Dutch gardener’s award-winning designs are known for their stunning appeal. “Beauty is in so many things you wouldn’t think of,” Oudolf says, although some may disagree. “The moment you say I love plants that are dead [dormant],” he said, “then you have a problem because people don’t like dead plants.” Oudolf’s appreciation of plants’ life cycles echoes a core spiritual principle: while we were dead in our sins, God still loved us. “You see,” explained the apostle Paul, “at just the right time, when we were still powerless, Christ died for the ungodly” (Romans 5:6). Paul continued, “God demonstrates His own love for us in this: While we were still sinners, Christ died for us” (v. 8). Jesus chose disciples with flaws. He ate meals with known sinners. He healed outcasts. Oudolf, likewise, is “interested in plants not only for their flowers, but also for their personality, their character”—seeing beauty “in things that, on first sight, are not beautiful.” As bearers of our Father’s image, we show God to the world in how we relate to Him and each other. Planted in His love, we’re anointed by our Father to bloom anew in Him—once-dead sinners showing His beauty to a world longing for a glimpse of Him.

This week, Vince breaks down a shocking new RBC report warning that Canada's auto sector could be facing an existential threat. As EV demand slows, factory investments are paused, manufacturers rethink expansion plans, and China continues to dominate the global electric vehicle market, serious questions are emerging about the future of Canadian manufacturing, jobs, and economic growth.For more information, be sure to visit  https://www.owlmortgage.ca/ & https://wealthbuilders.realpm.ca/

The teenager stood her ground. While her high school group was visiting a home for people in rehab from addictions, Claire engaged in conversation with a twentysomething man who towered over her in size. They talked about faith. Claire clearly presented the gospel of Jesus. He countered with his spiritual views, which were very different. Back and forth they went in a friendly give-and-take way. Finally, the young man looked at Claire and said, “You got me. I can’t argue with what you’re saying.” Though he didn’t put his faith in Jesus, a seed had been planted. And while Claire would have loved for the young man to have received Christ, her disappointment was balanced by the reality that she’d done what God called her to do that day: “Be prepared to give an answer” (1 Peter 3:15). She had lovingly shared God’s plan of salvation. Claire wasn’t ashamed of the gospel (Romans 1:16). She was prepared to “give an answer to everyone who asks you to give the reason for the hope that you have” (1 Peter 3:15). And she knew how to let her “conversation be . . . full of grace” so she would “know how to answer” (Colossians 4:6) the young man in the right spirit. What a privilege God gives us to make Christ known to others! Let’s be ready to share with others as He provides what we need.

A true Philly Golf Show! Joined by Ryan Winchester fresh off is his 2 Hole In One's at Rolling Green. A feat that happens once every 600 years! Also joined by Mike Reagan aka BAAAAAACK On The Links! JT Poston wins The Memorial in a Playoff, Nelly wins the Women's US Open and a preview of the RBC along with See The Line with Bet Parx and The Course of Course with Harry Mayes!

Visiting Switzerland had been my dad’s lifelong dream. After his diagnosis of frontotemporal dementia, my mom decided to go with him while he was still physically able. “One day, with the snow blowing around us on Mount Titlis,” she says, “I saw the profound joy in your father’s face. It was the joy of a dream come true.” Later, however, my mom’s tears flowed when my dad asked, “Where are we again?” My dad may have forgotten he was in Switzerland, but “the visit was worth it,” my mom says. “At least for one moment, he knew, and he was happy.” God reassures us of a time when joy will never be taken away from us again. Because of our hope in Jesus, we can look forward to “a new heaven and a new earth” (Revelation 21:1), where we’ll be free from sin and death (Romans 5:12). In this perfect world, God will make “everything new” (Revelation 21:5). He “will wipe every tear from (our) eyes. There will be no more death or mourning or crying or pain, for the old order of things has passed away” (v. 4). Whatever suffering we experience now is temporary. God promises that one day “the former things will not be remembered” (Isaiah 65:17). They will forever be no more. I know that one day, when we’re with God (Revelation 21:3), I’ll see profound joy on Daddy’s face. This time, it will stay.

Bryn Talkington from Requisite Capital, Carson Group's Ryan Detrick and Wilmington Trust's Meghan Shue tell us how they view the market volatility. Plus, Helima Croft from RBC weighs in on the oil market as tensions with Iran re-escalate. And, Mohamed El-Erian of Allianz tells us what he's expecting from next week's fed meeting. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Diane King Hall talks about this morning's top moving stock at the opening bell pointing to Chewy (CHWY), initially higher after earnings but now facing pressure. She also highlights UBS upgrading Cava (CAVA), and RBC's downgrade on Nike (NKE). ======== Schwab Network ========Empowering every investor and trader, every market day.Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

TSN's Bob Weeks on the Canadian Open and plans for the tournament in the future, 21 Canadians in the field, a deep field at the RBC, and moving the tournament around.

The ceiling of London’s Banqueting House is magnificent. Painted by Sir Peter Paul Rubens between 1629 and 1634, it was commissioned by King Charles I to glorify his family’s reign. In one painting, the goddess Minerva celebrates the achievements of Charles’ father, King James I. In another, James is carried to heaven on the wings of an eagle. Gazing up at the ceiling, banquet guests got a clear message: kings like Charles and his father were virtually divine. In the prophet Isaiah’s day, the king of Babylon felt similarly about himself. Here was a king who longed to “ascend to the heavens” and sit “on the mount of assembly” where the gods were thought to reign (Isaiah 14:13). Instead, Isaiah prophesied that this king would fall (vv. 3-4), being “brought down to the realm of the dead” (v. 15) without even a tomb to be remembered by (vv. 18-19). Charles I met a similar fate. In an ironic twist, he was marched beneath the very ceiling depicting his supposed divinity before being executed outside Banqueting House in 1649. It’s a sad fact that has repeated through time: powerful people who claim divine glory for themselves will one day discover how human they are. For there is only One who is worthy of reigning from heaven, and all power, glory, and majesty are His alone (1 Chronicles 29:11).

The desk at RBC Capital Markets that sits behind 90% of Canada's ETF market has a view of where flows are really going — and it's not what most advisors expect.Pierre Daillie sits down with Valerie Grimba, Head of Global ETF Strategy at RBC Capital Markets, for a wide-ranging conversation about the forces quietly reshaping how Canadian advisors build portfolios. Valerie's team serves as designated broker to roughly 300 ETF mandates and acts as authorized participant across the majority of the Canadian ETF market — giving her a real-time, flow-level view of investor behaviour that almost nobody else has. From the structural fracture that 2022 opened in the 60/40 model, to the liquidity misconceptions her desk corrects every single day, to the explosive rise of asset allocation ETFs, covered call strategies, AAA CLOs, and precision thematic plays, this conversation covers the full terrain of where the ETF market stands today — and where it is heading.CHAPTERS00:00 — Introduction: The 60/40 failure and Canada's ETF rebuild 02:11 — Valerie's career arc: Bear Stearns, New York, New Zealand, RBC 04:21 — How the RBC ETF market making desk actually works 05:36 — What a designated broker does — and why it matters 08:18 — Flash crashes, Liberation Day, and ETFs as a release valve 10:08 — The RBC market view: yellow flags, narrow breadth, and a 12–18 month outlook 13:29 — How ETF flows changed: from net outflows in risk-off to rotation 14:05 — Gold: zero correlation, the incongruent timing, and the 2026 outlook 15:40 — Higher for longer: what advisors are missing about the rate environment 17:46 — How 2022 changed advisor behaviour and launched a new ETF ecosystem 21:49 — Covered call ETFs: what advisors are still getting wrong 24:19 — Retail vs. institutional: why retail has been outperforming 25:20 — Private assets in an ETF wrapper: the square peg, round hole problem 31:11 — What RBC looks for before taking on a designated broker mandate 32:28 — The Pac-Man of Canadian ETF flows: asset allocation ETFs 36:29 — CAGE, XEQT, FBAL: who is actually buying all-in-one ETFs 38:58 — TLT as widowmaker and the search for yield without duration risk 40:36 — AAA CLOs, active fixed income, and aggregate bond ETFs 43:07 — CTAs, trend following, and the rise of alternatives in Canada 44:30 — Why GIC sectors are becoming antiquated — and what's replacing them 45:48 — DRAM, memory chips, and the new thematic precision playbook 47:11 — Single stock ETFs: access, covered call overlays, and trade-offs 49:07 — The #1 ETF liquidity misconception — and the three layers advisors need to know 53:28 — Best execution practices: limit orders, timing, and when to call the desk #ETF #CanadianETF #ETFInvesting #PortfolioConstruction #CoveredCallETF #AssetAllocation #XEQT #FixedIncome #AlternativeInvestments #WealthManagement #FinancialAdvisor #InvestmentStrategy #ETFLiquidity #RBCCapitalMarkets #MarketOutlook #ThematicETF #PassiveInvesting #ETFTrading #InsightIsCapital #AdvisorAnalyst

When Melanie began having regular headaches, her doctors discovered she had a benign tumor in her pituitary gland. The tumor was about the size of a plum and was surgically removed in 2003 and again in 2006 when it recurred. Then in 2017, when it came back a third time, Melanie underwent radiation treatment instead, which caused her to lose her hair. Her twenty-seven-year-old son, Matt, decided to grow out his own hair to make a wig for her. Matt’s selfless, loving act illustrates how one person’s abilities and resources can supply the needs of another person or group. Paul highlights the beauty of such reciprocal generosity in his letter to the Philippians. The believers in Philippi had shared in his “troubles” and “sent . . . aid more than once when [he] was in need” (Philippians 4:14, 16). Having received their gifts, Paul recognized that God had provided amply for his needs. Our willingness to share with one another is often the conduit of God’s provision in our lives. Sometimes we’re in a position to give of our time, talent, or treasure; other times we’re in need ourselves and must rely on the support of another. Through His Spirit working in us, our gifts are “pleasing to God” and a manifestation of our shared life in the Body (v. 18).

Last week, Mark Carney announced his big A.I. strategy. Two billion dollars to support creating jobs, providing free A.I. literacy training, and protection against some of the potential harms and risks around A.I., especially with kids. Oh, and he wants to build a world-leading supercomputer. Canada's leading A.I. company is Cohere. Cohere isn't like OpenAI or xAI or Anthropic or any of those other well-known large language model companies. They're not public facing. They don't do image generation or music generation, or tell you what recipe you can make with the leftovers in your fridge. They develop private models for specific companies trained in part on that company's private data. RBC, Bell, Salesforce, just to name a few. Their current valuation sits at $7 billion. Cohere's co-founder is a 33 year-old indie rockstar named Nick Frosst. He joins host Stephen Marche to discuss Canada's A.I. sector, his band, Star Trek, and those students booing A.I. at convocations.Host: Stephen MarcheCredits: Tristan Capacchione (Producer), Bruce Thorson (Senior Producer), max collins (Director of Audio), Jesse Brown (Editor and Publisher)Fact checking by Julian AbrahamPhoto: Gabriel HutchinsonAdditional music by: Audio NetworkSponsors: Fizz: Visit https://fizz.ca and activate a first plan using the referral code CAN25 to get 40$ off and 10GB of free data.Douglas: Douglas is giving our listeners a FREE Sleep Bundle with each mattress purchase. Get the sheets, pillows, mattress and pillow protectors FREE with your Douglas purchase today. Visit https://douglas.ca/canadaland to claim this offer.Shopify: Sign up for your one-dollar-per-month trial today at https://shopify.caArticle: Article is offering our listeners $50 off your first purchase of $100 or more. To claim, visit https://article.com/canadaland and the discount will be automatically applied at checkout.Can't get enough Canadaland? Follow @Canadaland_Podcasts on Instagram for clips, announcements, explainers and more.If you value this podcast, support us! You'll get premium access to all our shows ad free, including early releases and bonus content. You'll also get our exclusive newsletter, discounts on merch at our store, tickets to our live and virtual events, and more than anything, you'll be a part of the solution to Canada's journalism crisis, you'll be keeping our work free and accessible to everybody. Hosted on Acast. See acast.com/privacy for more information.

A restaurant employee discovered an unconscious man beside a dumpster. He was sunburned, bitten by ants, and showed signs of blunt force trauma. He had no memory of who he was. The man, later self-named “Benjamin Kyle,” lived in limbo for more than a decade. He couldn’t work, collect benefits, or even reclaim his past. His healing began when a community of strangers helped him rediscover his identity through genetic testing and investigation. “I have a history,” he said. “I’m not just some stranger that materialized out of thin air.” The story of Ruth in the Bible can be seen as one of rediscovered belonging. After losing her husband and leaving her homeland, she chose to bind herself to her mother-in-law Naomi and her people. She said, “Where you go, I will go. . . . Your people shall be my people, and your God my God” (Ruth 1:16). Ruth connected her identity and destiny to that of Naomi and her people in life and in death. She was “determined to go with her” (v. 18)—prioritizing community over clarity, belonging over certainty. In doing so, she stepped into God’s redemptive story and is remembered forever as part of the lineage of Christ (Matthew 1:5). When we as believers in Jesus forget who we are—or when life’s pain leaves us disoriented—God often uses community to reconnect us with our most authentic identity. In Him we’re beloved, chosen, and known.

I was putting my grandson to bed during a sleepover. When his Bible bookmark opened to Psalm 23, he objected, “We already read this one.” After I suggested we might learn something new, he read aloud, “The Lord is my shepherd, I lack nothing. He makes me lie down in green pastries.” Green pastries?! I explained that the word was pastures, not pastries. Hours earlier, he’d stood before a bakery shelf, selecting treats. His interpretation came into focus: to him, a bakery conveyed a place of rest and enjoyment. Psalm 23 may be so familiar to us that we miss its deep offering. David, a king well acquainted with shepherding, describes God’s provision over a lifetime of things both idyllic (vv. 5-6) and challenging (v. 4). He points out that our good God leads us to places where we can partake of His presence, be rejuvenated, and prepare for what will come. Green pastures (v. 1) and still waters (v. 2) are such dwellings for sheep, and we are God’s sheep. My grandson’s innocent interpretation opened my eyes to the “green pastures” God provides for me—places of rest and enjoyment in everyday life where He restores me. A gold-hued sunset. A verdant field. A quiet corner. A bakery shelf of green pastries, wafting out delight. I’m so glad we read Psalm 23 again!

One moment Adrián Simancas was kayaking in the Strait of Magellan in Chile with his father. The next, the twenty-four-year-old was engulfed in the mouth of a humpback whale. “I thought I was dead,” Adrián told a news outlet. After a few seconds, the whale released Adrián into the frigid waters. His life vest caused him to float to the water’s surface and his father helped him to safety. The Old Testament prophet Jonah also had an encounter with a large sea creature. Jonah refused to follow God’s directive to preach a message of repentance to the Israelites’ enemies, the Ninevites, so he boarded a ship in the opposite direction of Nineveh. When the ship got caught in a storm, Jonah convinced the crew to throw him overboard (Jonah 1:11-12, 15). “Now the Lord provided a huge fish to swallow Jonah, and Jonah was in the belly of the fish three days and three nights” (v. 17). Jonah went from fleeing from God to crying out to Him. “From inside the fish Jonah prayed to the Lord his God” (2:1). God heard Jonah and rescued him (v. 10). Then Jonah preached to the Ninevites, and they repented. If God could hear Jonah’s plea from inside a big fish, He can hear us and rescue us from wherever we are. Instead of running from God, let’s run to Him in prayer knowing that He will answer us when we cry out to Him.

If you’ve ever heard the expression “albatross around my neck”—a phrase referring to a tiresome burden—you’ve heard an allusion to English poet Samuel Coleridge’s famous poem Rime of the Ancient Mariner. In the poem, a sailor shoots and kills a harmless, friendly albatross. The crew believes the mariner’s cruel deed curses their voyage, and forces him to wear the dead bird around his neck as punishment. Are there regrets in your life that feel like a heavy weight around your neck? All of us have moments we’d do anything to take back. It can feel like we’re cursed to carry the weight of our guilt and regret forever. Yet God’s grace can free our hearts from even the most painful regret. We all have sin (1 John 1:8, 10), but when we honestly confess our burdens to God, we’re promised he “will forgive us our sins and purify us from all unrighteousness” (v. 9). As His grace rushes in, His light and love can flow through us (2:10), freeing us to love those around us (v. 10; 3:14). In Coleridge’s poem, the tormented mariner too eventually experiences this grace. When love for God’s creation rushes into his heart and compels him to pray, the albatross falls off his neck, vanishing forever “like lead into the sea.”

Our first-ever podcast guest, John Taft, returns nearly 100 episodes later. John is a Vice Chair of Baird. He was previously the CEO of RBC's U.S. wealth management business through the Great Financial Crisis, overseeing nearly 7,000 employees and almost $300 billion in assets. He chaired SIFMA, the leading securities industry trade association, and testified before Congress during the post-crisis reforms.John has spent more than 40 years in finance, but he didn't start there. He set out to be a newspaper journalist. Then, on a reporting assignment in Lowell, Massachusetts, he watched community leaders use the tools of finance to rebuild a burnt-out industrial city — and realized he didn't just want to write about that work; he wanted to do it.John wrote Stewardship: Lessons Learned from the Lost Culture of Wall Street, followed by A Force for Good: How Enlightened Finance Can Restore Faith in Capitalism. Today he's helping oversee $560B in assets, writes the blog Finance for the Greater Good, and is one of three founding members of the Scholars of Finance Advisory Board.In this episode, John returns to discuss what he's seen happen to the industry — and where it needs to go next. He and Ross dig into the financialization of the economy, the "disease of grandiosity" infecting leaders across sectors, and why financial services have grown larger than necessary to serve the real economy. They get to the productive heart of finance — what John calls "helping real people in the real world solve real problems and achieve real goals" — and the speculative noise crowding it out, from prediction markets and zero-day options to leveraged inverse ETFs and much of the digital asset ecosystem. They also explore AI's coming impact on capital allocation, the widening gap between rich and poor, and why John believes the next ten years will demand more stewardship from finance, not less.Meet John John Taft is a Vice Chair of Baird and a member of the firm's Executive Committee. Earlier in his career, he was a managing director at Piper, Jaffray & Hopwood; president and CEO of Voyageur Asset Management; president and CEO of Dougherty Summit Securities; and a consultant at Deloitte & Touche. He currently serves on the boards of Riverfront Investment Group, Octavus Group, Baird Trust, and Sagard.John holds a B.A. magna cum laude, Phi Beta Kappa, from Yale University, and a master's degree in public and private management from the Yale School of Organization and Management. He serves as Vice Chair of the Minneapolis Foundation, is an active member of the Itasca Project, and is an Executive in Residence at the Wake Forest University Center for the Study of Capitalism.He credits his family — including his great-grandfather, 27th U.S. President William Howard Taft — for instilling the core values that shape his definition of business success and his belief in the importance of treating every person with dignity.

RBC's Markets in Motion is the weekly podcast from Lori Calvasina, Head of US Equity Strategy at RBC Capital Markets, highlighting her latest views on the US equity market. This is a special edition of the podcast recorded live from the RBC Global Energy Power and Infrastructure Conference in New York on June 3rd, 2026. Lori teamed up with Callie Simpkins (Managing Director on RBCCM's Cross Asset Hedge Fund sales team who moderated the discussion) and Amy Wu Silverman (Managing Director and Head of Derivatives Strategy) to discuss the outlook for the US equity market and other key macro issues including inflation.Two big things you need to know:First, Lori and Amy review how the US equity market rally seems late innings in some respects, but is not making clear signs of a top and why there could still be room to run.Second, they emphasize inflation as a key risk factor, and how it factors into the equity market outlook and positioning.

Canada has entered a “technical recession,” leading to fingerpointing in the House of Commons and Donald Trump renewing his calls to make Canada the 51st state.Many economists are disputing that this is a recession at all. But whatever you call it, the economy is weak right now. It was weak before the trade war and it's been made weaker by the tariffs, the threats and the uncertainty.So how deep is this ditch that we are in, and how can we get out?Frances Donald, Senior Vice President & Chief Economist at RBC, joins us.For transcripts of Front Burner, please visit: https://www.cbc.ca/radio/frontburner/transcripts

A deal to end the U.S.-Iran war is constantly talked up, but has yet to materialize. Meanwhile, market reaction doesn't seem to match “the biggest physical energy disruption in history”, as Helima Croft, Global Head of Commodity Strategy, describes it. At RBC's Global Energy, Power and Infrastructure Conference, Helima considers the prospects for a deal and what it would take to restore global oil flows once the Strait of Hormuz reopens.Key Points• Strong inventories and stockpile releases have so far contained oil prices despite the ongoing Iran conflict.• The market continues to respond to repeated signals of an imminent end to the war.• Restoring normal levels of oil flow after the Strait of Hormuz is reopened may take months.• Issues over Iran's nuclear program and sanctions relief will be obstacles to a lasting deal.Introductions [00:05]John Soughan, Assistant Vice President of Global Commodity Strategy and MENA Research, introduces Helima Croft, Global Head of Commodity Strategy, in a session at RBC's Energy, Power, and Infrastructure Conference.Stockpiles limit disruption impact [00:25]The U.S.-Iran war has created history's biggest physical energy supply disruption. So far, robust inventories and stockpile releases have provided a buffer, but shortages will become more evident in coming weeks.Peace agreement fails to emerge [03:41]The White House has repeatedly suggested a resolution is imminent. Each time the market responds with a sell-off. But a deal has yet to materialize. The IRGC controls shipping in the Strait of Hormuz and is not anxious to reach an agreement.Nuclear issues will impede deal [05:56]Nuclear capabilities and sanctions relief will be obstacles to any lasting deal. Even when the Strait of Hormuz is reopened, oil flows will be significantly lower than before the war began, because shippers and insurers will be reluctant to use it.Oil flows will take months to restore [09:41]The CEO of ADNOC has indicated it would take four months after reopening to return to 80% of pre-war oil flows.

On November 21, 1915, the hope of Sir Ernest Shackleton and his twenty-seven crew members sank, along with their ship Endurance, into the dark below the Antarctic ice. They were stranded, thousands of miles from home. Later, the crew shared several things that aided their survival, including a banjo. Embarking on their brutal trek, Leonard Hussey (the expedition’s meteorologist) was the only person allowed more than two pounds of personal gear. He was allowed to bring his twelve-pound Windsor banjo. “It’s vital mental medicine,” Shackleton told Hussey, “and we shall need it.” The crew’s journals explained the power of Hussey’s music. “The banjo does . . . supply brain food,” wrote one sailor. Another reflected on “Hussey’s indispensable banjo.” The Bible presents music as one of God’s immense gifts, a way His healing and comfort enter the human heart. In the tragic story of King Saul, we hear how (due to his disobedience) he was oppressed by an “evil spirit” (1 Samuel 16:14). And what did Saul’s attendants believe the king needed to provide relief? Music. So, they found young David with his harp. “David would take up his lyre and play. Then relief would come to Saul; he would feel better, and the evil spirit would leave him” (v. 23). Music offers more than mere entertainment. It can bring joy, renew hope, and comfort weary souls. It’s truly one of God’s powerful gifts.

In Singapore, the government encourages people to support good causes by donation-matching. It “tops up” donations to specific charities by contributing an equal amount or more. By effectively multiplying people’s contributions, it hopes to encourage them to become more involved in charitable giving. This two-pronged approach reminds me of how believers in Jesus are called to God’s standards of holiness in our discipleship journey. In his letter to the Philippians, Paul urges them “to work out [their] salvation” (2:12) and “press on” (3:12, 14). At the same time, he stresses that “it is God who works in you to will and to act in order to fulfill his good purpose” (2:13). Believers in Jesus aren’t made right with God by good works or performance. But there is an idea of partnership in our spiritual growth. It requires heart and effort on our part; yet we do not do it by human strength. Having saved us by grace, God calls us to be holy—set apart for Him—and we respond in sincerity and gratitude. As we seek to obey and please Him, He enables and helps us to do so. He shows us when we go wrong (Philippians 3:15), gives us strength to resist temptation (1 Corinthians 10:13), and empowers us to do what’s right in His eyes (Ephesians 2:10).

When Oswald and Biddy Chambers ran a Bible college in London from 1911 to 1915, they continued with their life principle of not turning away those in need. Astute Londoners were aghast at this practice, thinking the college would be taken advantage of. In response, Oswald observed, without inviting others to follow in the practice, “My responsibility is to give. God will look after who asks.” The couple followed the example of our generous Creator. Through His instructions to Moses, God laid out gracious ways for His people to live and serve others, including giving of their food and possessions. Moses told the Israelites at the end of every three years to “bring all the tithes” so the Levites, “foreigners, the fatherless and the widows,” could come and “eat and be satisfied” (Deuteronomy 14:28-29). Through the generosity of His people, God cares for the vulnerable. The Chambers’ trust in God was so strong that they gave willingly and without question. They’d learned to “revere . . . God always” (v. 23) and receive His blessing “in all the work of [their] hands” (v. 29). We may also feel inspired to give freely while we lean on God for wisdom and discernment. We know that our generous God will lead and guide as He provides for the foreigners, the fatherless, and the widows.

As a teenager, I had a strained relationship with my churchmate Lisa, so I was dismayed to learn we’d be roommates at our youth summer camp. The week at camp passed smoothly though, with both of us being civil. The most anticipated event was a bonfire gathering at the end of the week. On that evening, however, I had a fever. I went to bed early, but I could hear the laughter and music outside. An hour later, I was startled by Lisa, who was taking my temperature. “I’m not joining them at the bonfire,” she said. “You’re sick. I need to stay with you.” Lisa could’ve stayed uninvolved, but she chose to care for me, which lifted my spirits. We see another example of someone who cared in the story of Naaman. The commander of the Syrian army, Naaman had an Israelite servant girl who’d been taken captive and now “served Naaman’s wife” (2 Kings 5:2). Separated from family and forced to servitude, the girl could’ve chosen to not help her master, who had leprosy. But her faith moved her to help: “She said to her mistress, ‘If only my master would see the prophet who is in Samaria! He would cure him” (v. 3). And God did, in fact, use the prophet Elisha to heal Naaman (vv. 8-14). Lisa and the Israelite girl chose to help, and God worked through them. Let’s ask God to show us who we can extend His care to and give us the wisdom how.

I used to work with a woman named Madge, who was an amazing cook. “You should taste my pea and ham soup!” she said one day. After replying that I really didn’t like peas, Madge smiled and said, “You will after you try my soup.” The next day she handed me a container of her soup, made especially for me. “Did you try my soup?” Madge asked me a couple of days later. “I will—soon!” I said, hoping she wouldn’t ask me again. But she did—the next day, and the next. “Don’t leave it too long or it’ll spoil,” she added on the fourth day. A week later, Madge’s uneaten soup had spoiled and I threw it away. I felt dread as she approached me. “You did try my soup, didn’t you?” she asked. “Yes,” I said. “It was . . . delicious.” In Ephesians 4, Paul calls us to deal with speech-related sins like angry words (v. 26), unwholesome talk (v. 29), and slander (v. 31). But before these comes a more basic call to “speak truthfully to your neighbor” (v. 25). I had looked at Madge and told her a lie. I knew what I needed to do. I walked into Madge’s office, confessed my lie, and sheepishly asked for her forgiveness. Madge walked to me and gave me a hug. “Of course I forgive you,” she said. “How could I not, when I know how much God’s forgiven me?”

As a little girl, I got so excited when I’d see special signs appear on the side of the road. I thought colorful signs meant my family had arrived at the popular amusement park we were driving to. I’d joyfully start gathering my things, only to be disappointed to see more signs and have to wait even longer before we reached the park. It took me several visits to realize those signs announced that visitors were getting closer but were still miles away. Like a child excited about going to an amusement park and wondering “are we there yet?,” as adults we can also be impatient and anxious to arrive at our next destination. Waiting for God to move in our lives, or to rescue us from our trials, can be challenging. David was facing much adversity, which he mentions throughout Psalm 27, yet he still placed his hope and trust in God and waited for Him to respond. David didn’t know how long it would take for God to act, but he knew God would help him. “I remain confident of this: I will see the goodness of the Lord in the land of the living” (v. 13). It may take longer than we’d like to experience our breakthrough, but let’s take courage as we read, “Wait for the Lord; be strong and take heart and wait for the Lord” (v. 14). When we’re finding it hard to wait on God, we can turn to the Psalms and the rest of Scripture for encouragement. And we can take comfort in knowing God is working even while we wait.

In an old movie comedy, a bumbling but brilliant programmer is chosen for the first manned mission to Mars. Constantly making foolish mistakes, the programmer has a habit of blurting out, “It wasn’t me!” When the crew lands on Mars, the programmer slips from the top of the ladder and falls to the planet’s surface—just before his partner sets foot on it. The first words spoken on Mars are, “It wasn’t me!” It’s a farcical story, but that programmer’s phrase is hauntingly realistic. Whenever there’s blame to go around, our response can sound a lot like, “It wasn’t me!” God desires our obedience. But He also knows we’re prone to disobey Him. In Leviticus 26:1–13, God outlined His plan for Israel. If they obeyed His commands, “I will look on you with favor and make you fruitful and increase your numbers” (v. 9). But habitual disobedience would bring curses and afflictions designed to bring the people to repentance. Then God said that if disobedient Israel would “confess their sins and the sins of their ancestors” (v. 40), He would remember His covenant with them. Key to restoring relationship with God is our admission of what we’ve done wrong. Blaming others keeps us trapped in the guilt cycle, powerless to vindicate ourselves. Feeling far from God? A good place to start is by saying, “It was me.”

A Special Industry Update with Jason Diamond and Mindy Diamond A replay of part one of a two-part series, Jason and Mindy Diamond unpack the real advisor transition playbook—from due diligence and culture fit to portability, enterprise value, and the evolving landscape of advisor choice. In Summary Why do advisors really consider changing firms or models—and what separates thoughtful due diligence from reactive decision-making? In a replay of the first of this special two-part Industry Update, Jason and Mindy Diamond unpack what actually drives advisor transitions, the misconceptions that derail decision-making, and the questions sophisticated teams should be asking long before they're ready to act. The conversation also explores how the industry landscape has evolved around independence, portability, enterprise value, and advisor optionality—drawing context from Diamond's role in the landmark OpenArc breakaway from Merrill and much more. The Storyline Most advisors assume transitions are primarily driven by recruiting economics. Jason Diamond and Mindy Diamond suggest that recruiting economics may get the headlines, but advisor transitions are usually driven by a far more layered set of considerations. What tends to happen instead is more gradual: a growing disconnect between how advisors want to serve clients and the constraints of the environment around them. Sometimes it's bureaucracy. Sometimes it's limitations around growth, marketing, technology, or flexibility. Sometimes it's simply the realization that the industry landscape has evolved while their assumptions about it have not. This conversation examines what actually happens between the moment curiosity begins and the moment a move becomes real. Rather than treating transitions as transactional events, Jason and Mindy frame due diligence as a strategic process of self-assessment—clarifying what matters, identifying trade-offs, evaluating long-term optionality, and pressure-testing assumptions before making consequential decisions. The discussion also offers a rare look inside the mechanics of advisor movement itself: how teams evaluate culture, how portability is assessed, why some advisors choose ownership over upfront monetization, and what sophisticated client communication really looks like during a transition. The backdrop throughout the episode is Diamond's role in facilitating the historic OpenArc breakaway from Merrill—a move that challenged longstanding assumptions about scale, independence, and what even the industry's largest teams are now willing to reconsider. Topics Covered Advisor transition due diligence Wirehouse limitations and advisor frustration Independence versus traditional firm models Enterprise value and long-term ownership Advisor portability and client transition strategy Boutique and regional firm recruiting trends Culture evaluation during due diligence Reverse due diligence and evaluating firm stability Transition economics and recruiting deals The OpenArc Merrill breakaway story Advisor optionality and industry evolution How technology and AI are changing transitions   > Download a transcript of this episode… Listen and Learn Highlights for Advisors Why do advisors actually decide to leave firms? (06:20) Mindy explains why most transitions are driven less by economics and more—by mounting limitations around growth, flexibility, client service, and long-term alignment. What is the biggest mistake advisors make when beginning due diligence? (18:12) The conversation explores why many advisors evaluate firms before gaining clarity around what they truly want to improve—often creating confusion instead of insight. How should advisors evaluate culture beyond a firm's sales pitch? (32:41) Jason and Mindy discuss the importance of speaking directly with advisors who have already made similar moves—and how to pressure-test what firms promise. When should transition economics matter most? (47:03) The episode breaks down the difference between short-term monetization and long-term enterprise value creation—and why many elite teams are increasingly prioritizing ownership and optionality. Why are more advisors reconsidering independence? (56:48) Using the OpenArc transition as context, the discussion explores how today's independent landscape has evolved far beyond the traditional “build it yourself” model. How long does a real due diligence process take? (1:06:10) Jason and Mindy explain why thoughtful transitions often unfold over many months—and why some advisors remain in exploratory conversations for years before acting. How should advisors think about portability and client communication? (1:16:20) The conversation details how sophisticated teams assess portability risk—and why the client-facing rationale for a move matters more than recruiting economics. Have advisor transitions become easier over time? (1:24:12) Mindy explains how technology, legal infrastructure, and industry specialization have improved the process—while emphasizing that transitions still require risk tolerance, effort, and patience. Key Takeaways Most advisors do not move primarily because of recruiting deals. The larger driver is usually a growing disconnect between what they want to build and what their current environment allows. Due diligence tends to fail when advisors begin by evaluating firms before clarifying what they actually want for their business, clients, and long-term future. The industry landscape has evolved dramatically over the last decade, particularly around independent and supported-independent models, creating far more customization and optionality than many advisors realize. Transition economics matter — but sophisticated advisors increasingly view upfront monetization as only one component of a much larger enterprise value equation. The ability to articulate a compelling client-facing value proposition is one of the strongest tests of whether a transition opportunity is truly viable. Conversations with advisors who have already made similar moves remain one of the most valuable forms of real-world due diligence. Even the industry's largest teams are reassessing assumptions around independence, ownership, control, and scalability. Quotable Moments “The biggest mistake advisors make is beginning due diligence before they've gotten clear about what they actually want.” “A recruiting deal can't be the first thing you consider. But it would be foolish not to consider it at all.” “The landscape looks entirely different than it did five or ten years ago. If you haven't gotten educated, you're doing yourself a disservice.” “The real question is not whether you can move. It's whether you can clearly explain to clients why the move makes their experience better.” FAQs Why do advisors typically begin exploring a move? In many cases, the process begins gradually. Advisors may still feel successful and reasonably satisfied, but start questioning whether their current environment fully supports how they want to grow, serve clients, or build long term. Often, curiosity precedes dissatisfaction. Is advisor movement mostly driven by recruiting deals? Not usually. While economics are an important consideration, the episode explains that most sophisticated advisors weigh a much broader set of factors, including flexibility, culture, client experience, growth limitations, ownership opportunities, and long-term enterprise value. How long does a typical due diligence process take? There is no universal timeline. Some advisors move relatively quickly once they decide change is necessary, while others spend months – or even years – getting educated and evaluating options before acting. For many teams, a thoughtful due diligence process unfolds over roughly six months. What is the biggest mistake advisors make during due diligence? The episode suggests the biggest mistake is evaluating firms before gaining clarity around personal and business priorities. Without understanding what they actually want to improve, advisors often become overwhelmed by options, recruiting pitches, and conflicting information. How can advisors really assess a firm's culture? One of the most valuable approaches is speaking directly with advisors who have already made similar moves. Jason and Mindy discuss why real-world perspective – particularly from advisors with comparable client bases or business structures – is often far more revealing than formal presentations or recruiting materials. How should advisors think about independence versus traditional firms? The conversation frames the decision less as “right versus wrong” and more as a question of alignment. Some advisors prioritize ownership, control, and long-term enterprise value. Others value infrastructure, brand recognition, or operational support. The industry landscape has evolved enough that advisors now have far more flexibility to design around the trade-offs that matter most to them. In many cases, the process begins gradually. Advisors may still feel successful and reasonably satisfied, but start questioning whether their current environment fully supports how they want to grow, serve clients, or build long term. Often, curiosity precedes dissatisfaction. Not usually. While economics are an important consideration, the episode explains that most sophisticated advisors weigh a much broader set of factors, including flexibility, culture, client experience, growth limitations, ownership opportunities, and long-term enterprise value. There is no universal timeline. Some advisors move relatively quickly once they decide change is necessary, while others spend months – or even years – getting educated and evaluating options before acting. For many teams, a thoughtful due diligence process unfolds over roughly six months. The episode suggests the biggest mistake is evaluating firms before gaining clarity around personal and business priorities. Without understanding what they actually want to improve, advisors often become overwhelmed by options, recruiting pitches, and conflicting information. One of the most valuable approaches is speaking directly with advisors who have already made similar moves. Jason and Mindy discuss why real-world perspective – particularly from advisors with comparable client bases or business structures – is often far more revealing than formal presentations or recruiting materials. The conversation frames the decision less as “right versus wrong” and more as a question of alignment. Some advisors prioritize ownership, control, and long-term enterprise value. Others value infrastructure, brand recognition, or operational support. The industry landscape has evolved enough that advisors now have far more flexibility to design around the trade-offs that matter most to them. Related Resources The Advisor Transition Playbook: The Latest on Due Diligence, the Move, and Everything In Between – Part 2Jason and Mindy Diamond revisit the transition playbook, this time focused on how advisor priorities are shifting. From AI and enterprise value to stability and flexibility, they unpack what's changing in due diligence and what it means for advisors evaluating their next move.  The $129B Blockbuster Move: Shirl Penney on Why This Transition Marks a New Era for the IndustryThe $129B OpenArc breakaway marks a watershed moment for wealth management. In this Rapid Reaction episode, Louis Diamond and Shirl Penney unpack what it means for the RIA model, advisors, and the future of industry competition. The Missing Narrative of the $129B Merrill Breakaway StoryThe largest (and quite possibly most significant) advisor breakaway in industry history made news this week. Yet instead of leading with the scale or significance of the move, headlines centered on Merrill's lawsuit alleging corporate raiding. NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation. View the transcript of this episode… The Advisor Transition Playbook: Inside Baseball on Due Diligence, the Move, and Everything In Between 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: Inside Baseball on Due Diligence, the Move, and Everything In Between. It's Part 1 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: Everything about a transition can seem incredibly overwhelming. From understanding the whys of a move, then conducting due diligence, and onto aligning the right models and selecting the best firms, it might seem like a fairly linear process. And for some, it can be. But for others, the layers of minutia can be daunting. Essentially, it comes down to the adage, “You don’t know what you don’t know.” So the goal of this episode is to share some inside baseball in how to get from here to there. I asked Mindy Diamond to join me to help draw from decades of experience in helping advisors through their transitions. We’ve dived into the misconceptions, the common traps, the aware of a big check and much more. Essentially, it’s a download of what you need to know when considering a move. There’s a lot to discuss, so let’s get to it. Mindy, so excited to have you join me for this topic. Mindy Diamond: Yeah, I’m really happy to be here. And I’m just thinking to myself, “Yikes, decades of experience,” you’ve said, and yes it is, decades of experience. Jason Diamond: It most certainly is, 30 years in the business. So the seeding for this topic was, “You’ve been in this business now for 30 years, how many hundreds of thousands of conversations with advisors is that?” Some who moved, plenty who certainly did not. But ultimately, what we thought would be useful because it’s a question we get most commonly from advisors that we speak with is, “Tell me what I don’t know. What are the questions I should be asking?” So I’m going to just pepper you with some of the most common questions we get, and I would love to share the benefit of your wisdom and experience with our audience. That sound good? Mindy Diamond: It sounds great. I just want to say that we are recording this two days after one of the largest deals probably in the history of the industry broke that I am gratified to say we facilitated the OpenArc team who left Merrill with 129 billion in assets under management, broke a couple days ago to go independent. I’m hoping we have the opportunity to talk about some of their best practices and things we discovered along the way because I think it’s relevant. And a deal like this gets a lot of attention, people always want to know what they do and what went wrong. Jason Diamond: It’s a good point. I’m glad you bring it up. First of all, it’s so timely, but I think you can almost use it as a case study a little bit to answer some of these questions. So let’s dive in with that. I want to start with the big picture, “Why?” Because that’s the number one thing I think people want to know is, “Why do advisors move?” And I think there’s an assumption that 95% of transitions happen because of a big check or because of economics. I’m certain you’re going to touch on that to some extent, but give me your sense of what are the main triggers of advisor movement. Mindy Diamond: Yeah. Look, are there some advisors that move because they need to recapitalize or they want the money? Sure. But the absolute vast majority are moving because they come to a place where one of two things is true, and oftentimes both. One, the pain of staying is great enough. Meaning there’s enough frustrations or limitations that they’ve gotten to a point where despite efforts to the contrary to make it better, despite gutting it out and saying, “On par, it’s good enough,” they come to a point where there’s limitations in how they can serve their clients, how they can grow the business, and that’s just untenable for them. Hopefully, simultaneously, they are equally excited and have identified an opportunity that they believe is needle-moving enough, it’s worth the hassle, the disruption, the everything to make this move. I’ve never done a move where it doesn’t fall into one of those two or, hopefully, both of those categories. Jason Diamond: Let’s go a little deeper there. You mentioned limitations. Give me an example either using this recent deal or even just any recent advisors that you’ve worked with about, “What are some limitations that people experience at,” let’s say, “the wirehouses that potentially would be a catalyst for a move?” Mindy Diamond: Generally speaking, the biggest limitations have to do with how they’re able to grow their business and serve their clients. So anything to do with excess bureaucracy, anything to do with an incongruence, if you will, between the advisors or the team’s goals for how they want to serve clients or grow the business and what the firm is allowing them to do. Using this enormous deal as an example, you’ve got a team that was doing extraordinarily well. Oh, my god. They were the biggest team at Merrill, so talk about having a batphone to the top and the attention of senior leadership. If anyone was going to be able to break through the red tape or get things done, or eschew the limitations, it was them. And for a long time, they did. But they were sort of increasingly unhappy, let’s say, over a decade. Despite their size, every year, they became a little bit more frustrated. And after probably six or seven years of saying, “We’re just too big to move,” they came to a point of saying, “We can’t ignore this anymore. We’ve got a tiger by its tail. We have this extraordinary business that is growing exponentially. We’ve got clients that are complaining to us. And more importantly, we’ve got team members that are feeling stifled.” And that’s where it comes from, where there’s problems you just can’t ignore even if you want to. Jason Diamond: It almost feels like one of those things where advisors know they’re limited, they can just feel it. But if you’re fighting against the firm, and instead of with it. I’ll give you one other one that comes to mind as we’re talking here, that seems to come up a lot in advisor conversations, which is freedom of marketing. And that might seem like a fairly minor limitation, but I can’t tell you how many times, certainly myself, I’m sure you too, get call from an advisor who is heated. They’re angry because they were trying to send some timely market commentary and the firm took two weeks to approve it. Does that fall under the same category of limitations, in your mind? Mindy Diamond: Oh, without a doubt. And it’s funny you say that because in this world of social media where the news is consumed or can be consumed within seconds of an event happening, there’s nothing more frustrating for an advisor than wanting to write a newsletter to update their clients with scale as opposed to having to make one phone call at a time and not being able to do so. It absolutely puts them on a back foot. And then, I think it’s the lack of freedom to differentiate themselves. Most advisors that work for big firms have a firm website that is templated, the same sort of structure of the website and the picture of the team and the same basic wordings, and that’s hard to deal with. Jason Diamond: Well, you bring up an interesting point, which is sometimes… For example, advisors might say or wirehouse advisors might say, “Oh, the marketing is good enough.” But a lot of times, and we’ve had advisors on this podcast who talk about exactly this, they don’t realize how limited the sandbox they were playing in is or was until after a transition. And that’s when their eyes open and they realize, “Oh, my god. I was basically playing with one arm tied behind my back.” We’ve heard advisors use that metaphor. Let me ask you this then, and this is a tough question, what do you think advisors get wrong? What is the number one misconception that advisors have prior to approaching due diligence and thinking about a move? And maybe it’s something as simple as like, “Eh, it’s the same everywhere,” but tell me what you think you hear most commonly. Mindy Diamond: There’s certainly those myths, the assumptions or presumptions that it’s the same everywhere or there’s nothing that’s going to change anyway, for sure. But I think the biggest and most fundamental thing they get wrong is a lack of clarity around, “What it is they’re trying to accomplish, and why?” I’d like to say that I think one of the things, the thing, we do better than most, I’m not going to say everyone else but better than most, and something we’re really good at, is helping advisors to answer the really tough questions, the smartest questions, to get a sense of what it is they’re looking to accomplish, what it is they want to improve and why, “What does success look like?” Because if you don’t do that, then a lot of folks do it backwards. They get a phone call from a manager at Morgan Stanley or from somebody at Schwab or somebody at Dynasty, or whatever it may be, and they say, “I’ll take a lunch, why not?” And of course, the job of the manager from Morgan or the sales rep from Dynasty, or whatever it is, is to tell you all the good things about independence or about Morgan Stanley. But if I, as the advisor, am not really clear about what it is I’m looking to accomplish and why, it’s going to all sound good and I’m going to wind up more overwhelmed than when I started. And that is probably the number one thing that we see advisors getting wrong. It makes the due diligence process, if you choose to enter it, exceedingly inefficient. Jason Diamond: I totally agree. So I’m an advisor, I want to start due diligence in earnest. I know in my head, things are suboptimal. I’m not going to go so far as to say,” I definitively want to move.” But I’m a wirehouse advisor and I’m thinking for the first time in my career, “I’ve built a nice business, but it’s time for me to start getting educated.” So what do I do? Do I just say, “Hey, John at Morgan Stanley, what’s your recruiting deal look like these days?” Tell me, for an advisor who’s never thought about this before, what are the ABCs of this process look like? Mindy Diamond: Yeah. It’s definitely not, the first step, calling Morgan Stanley, even if you’re pretty sure Morgan Stanley is where you want to go. I’d suggest that’s probably one of the last steps, and I’ll tell you why. The first thing is to give yourself permission to say, “Even if I’m not 100% certain that a move is in my future or that I know I’m unhappy enough to go through the hassle and disruption of making a move,” to give yourself permission to get educated. The world, the industry landscape, the ecosystem, the everything looks entirely different than it did five and 10 years ago. And if it’s been five or 10 years, or even three to five years, since you last got educated, asked the questions, looked under the hood to get a sense of, “Is there or could there be something that’s better than where I am?”, you’re doing yourself and your team a disservice. Yeah, it takes time and it’s annoying and it’s overwhelming, and it’s all of it, but that’s honestly why people like us have a job. We don’t approach this that we think people should only come to us when they’re sure they’re going to make a move. In fact, it’s the opposite. We love the calls we get when somebody says, “I’m really happy here. I’ve been here 40 years. I’ve been here 30 years, it’s really good enough, it’s working well for me.” “But all of a sudden, I’m beginning to be curious. Or all of a sudden, I feel X, Y and Z. Tell me what I don’t know.” Those are the best calls. Those are the smartest calls. That’s the best thing an advisor can do. Jason Diamond: Yeah, I agree with that. Are there things you think an advisor needs to ask for during the diligence… I guess what I’m getting at is, do you trust the process that if you go through this process with, let’s say, three to five strategically picked firms… So you work within a recruiter or, a shameless plug, however you approach this, and you end up with your short list of contenders. Do you trust that, by going through the due diligence process, these firms are going to give you the building blocks that you need to do proper due diligence? Or are there things you, as an advisor, need to ask for? I’ll give you one example that comes to mind, which is… There’s obviously been some firms that have had financial troubles recently. So do you think an advisor, for example, needs to ask for financial statements from a firm they’re potentially considering due diligence on? I’m curious what your thoughts are. Mindy Diamond: Yeah. Particularly, if you’re looking at sort of in this new world order, if we think about the landscape as a continuum and the newer boutique multifamily offices on the right side, absolutely. Conducting what we call reverse due diligence and getting to see the financials of the firms you’re considering, to make sure that they’re sound and solid and that the equity valuation is exactly as advertised, of course, yes, that’s true. So the answer is, in part, you trust the process. You trust that if you’ve asked the right questions, if you’ve gotten clarity around what’s important to you, and as a result, you’ve crafted the right questions, and therefore, the manager or the representative from the firm or options you’re considering has put together the right due diligence plan, you can trust that at least 90% of what needs to be gotten right has gotten right. But there are always things around the margins that aren’t addressed. One is you can’t just outsource the due diligence process. You need to be paying attention. And much like people who trust their doctor and presume the doctor just always has it right, you need to be your own advocate. I would say, the same thing here. That as the process unfolds, there will be additional questions, additional sort of gaps and holes, and you shouldn’t stop until you’ve gotten all of your questions answered. That’s really the best advice I can give. Jason Diamond: You are talking to John from XYZ firm and Jim from ABC firm, and they’re going to tell you what’s great about their firms. So how do you know that you’re not just buying a false bill of goods, it’s just a glossy kind of sales pitch? I’ll give you my answer first. Part of it is, I think, you test drive the systems. I think another step I suggest a lot is calls with advisors on the platform. So an advisor who left UBS to go to Morgan Stanley, probably the best possible person to ask about Morgan Stanley. Any other additional thoughts on that one? Mindy Diamond: You took the words right out of my mouth. Absolutely, that is the number one way to do it, is that you ask for an opportunity, and you can do it in a name-blind way without identifying yourself, to talk with advisors that have made the move that are two things, that either came from the firm you’re coming from, so you get a similar perspective, but it’s equally important to talk to advisors that have similar business mix. It doesn’t matter what firm they came from, even if it’s not the same as yours, but, “How does someone that services international clients, how are they better able to serve those international clients at this new firm or new model than they were where you are?” We’re talking about it as if it’s wirehouse-to-wirehouse. But very often in today’s world order, especially looking at this giant move from this week, it’s about wirehouse to some version of independence. So there’s so much more due diligence, so many more questions that are required. It is even more important in that world to really get an understanding of what it’s like from the perspective of somebody that’s walking in those shoes. I will tell you, Jason, and you know this, that literally the number one reason I started this podcast more than a decade ago, and why we continue to do the podcast and the feedback we get, is because the feedback from advisors that have joined a platform already is the very best feedback, the best way, in a discreet confidential manner, to hear the truth from somebody who doesn’t have a horse in the race who’s just sharing their perspective with you. And that’s the feedback we continue to get. In a couple of weeks, I’m interviewing, as an example, Neil Rubinstein. Neil’s an advisor in Texas that came from Merrill that we moved to Rockefeller. A perfect example. So many advisors that are considering a move if they’ve got high net worth clients are going to look at Rockefeller. Well, what better way to understand what Rockefeller is about than to hear it from an advisor that’s walked in the shoes, not only of a Merrill advisor, but services high net worth clients and then have information or perspective similar to Neil. What do you think about that? Do you agree with that? Jason Diamond: 1000%. First of all, the podcast, I will say, a little bit of a sales pitch, has one thing going for it that a call with an advisor doesn’t, which is complete discretion and confidentiality. I will say, I think we’ve done a good job of doing facilitating name-blind calls between advisors. We continue to harp on this point even though it sounds somewhat minor, because it really is the very… You can talk to people like me and people like the recruiters from the firms until you’re blue in the face. But the right way, the best possible way to learn the, “Is this guy selling me? How does the technology compare to Merrill? How does the day-to-day compare? What’s it like working for this manager?”, all those types of questions, I think are best answered by another advisor. So completely agree with you. Mindy Diamond: Yeah, and I’ll take it one step further. Somewhere in the process, you take advantage of the opportunity to either listen to a podcast and hear somebody’s perspective of what the move was like, and how it’s bettered their life and where the pitfalls are, and/or you take the opportunity to talk with other advisors that have made the move, so you can ask your own specific questions. But after you’ve had the opportunity to do that, then it’s really important, and this is the part that why you can’t entirely outsource or let the due diligence process just go on autopilot, to take some of that perspective and the manager that you’re interviewing with, hold his or her feet to the fire. What do I mean by that? So I talked to an advisor that talked about the fact that the number one concern about Rockefeller, I’m making this up, is that they’re going to be the next Merrill, or that they just added a fee that now is going to have to be passed on to clients. While this advisor said it doesn’t bother them and they had a lot of good reason of why it’s not an issue, I’d love for you to tell me why it could be an issue. What are some of the things you’ve gotten wrong? When someone doesn’t join Rockefeller, why is it? I’m making that up- Jason Diamond: Yeah, smart. Same thing. Even let go, this advisor mentioned that technology is a step back from the firm I’m coming from. And I’m not asking you to argue with me, but perhaps the manager might be able to say something like, “We’re investing substantially in the platform, and we have these rollouts coming in the next several months that are going to close that gap.” So I completely agree. That’s a really smart- Mindy Diamond: And a follow-up question to that example, Jason, which is a great one, is, “How can I trust, how can I get a sense of security, if I join here in the next couple of months that in fact that investment is going to be made? And how that investment in technology will actually impact thing?” So again, it’s constantly being your own advocate, constantly paying attention, and constantly questions beget more questions. Jason Diamond: I agree we. Haven’t talked at all about the dollars and cents of this, and I think we need to because it’s important. Right? You can have the best platform on the planet, but the reality is a move comes with risk, a move comes with hassle, and there is a market for advisors’ books of businesses. That’s one of, I think, the major kind of paradigm shifts we’ve seen in the last, call it, decade is advisors know their books are assets, their book is a business, and that business is worth something substantial. At any firm, even at their current firm via retire and place deals, the book is worth something substantial. So if you had to put a percentage to it, I’m an advisor making a decision, 100% waiting, how much percent waiting do I put on the economics and how much waiting do I put on culture, platform, everything else? Mindy Diamond: The answer is, absolutely, it’s an inside job, personal, and it depends upon the advisor. There are some advisors, they’re wrong, but they will put all the weight on personal economics. They’re making a big mistake, if that’s the case. And most advisors will put much more weight on getting it right, meaning, “What’s life going to be like afterwards? And will I have a better ability to serve clients and grow the business?” But here’s what I would say, they’re both equally important. So no advisor who’s got a decent enough runway ahead of him or her and who’s looking to really grow the business and who cares about their clients can’t be unconcerned about the culture of where they’re going and what life is going to be like and what are the limitations, all of the questions we’ve been talking about. But an advisor who’s built a great business would be a fool not to consider their own personal economics. It just can’t be the first thing they consider. And in the book I wrote, Should I Stay or Should I Go?, I wrote that 100 times that it’s all about, “Lead with what’s important to the business and important to clients, do the right thing, but you can’t ignore personal financial gain.” Let’s talk about this move of OpenArc, this $129-billion Merrill team. You can only imagine the number of zeros at the end of a check that this team was offered by every major firm on the street. And in the span of a decade, they got those offers. Independence, making this enormous leap, was not the first thing they looked at, was not necessarily their first choice. But as they began, in their case, to really consider how limited they felt on the things they wanted to be able to do for clients… By the way, I don’t want to steal anybody’s thunder because we’re going to be launching a podcast specifically talking about this deal and this move, so I’ll save that for… Louis Diamond, our partner, and Shirl Penney, the CEO and founder of Dynasty, are going to be talking about it and they’ll cover all of that. But I just want to give the example that as this team began to realize, certainly in the last five years, how much things had changed at Merrill and how incongruent they felt between their goals, the goals for the business, the goals for serving clients, and what the firm was asking of them since Bank of America came to town, it became impossible to just say, “Holy cow, we can get a check with a lot of zeros at the end of it.” They couldn’t not see the benefits of everything else, the benefits that creating their own independent entity could bring them. Jason Diamond: I agree with that. I will play devil’s advocate a little bit here and say, “I think what you’re really talking about is the trade-off.” They’re not martyrs, they’re not altruistic and said, “We don’t want your hundreds of millions of dollars.” I think what you’re talking about is the trade-off between near-term upfront recruiting deals, which is the primary means by which the wirehouses, the regionals, the boutique firms recruit. Right? The traditional forgivable loan structure is all about a short term de-risking of the move, a monetization event in the near term where they’re paying you some percentage of revenue, 350%, 400% of revenue, tied to a forgivable loan. But that’s your bite of the apple in that example. With the example of a move to independence, you’ll lose, in some cases, all of that upfront monetization. So this example you’re talking about is a good example where they got no upfront transition dollars because they launched an RIA. But, and this is a very important caveat, they know they are building equity and ownership in something that is going to, at the current rate, be worth a preposterous multiple if and when they decide to sell it. So I assume that has to be part of this conversation around independence is, it’s not that you don’t care about monetizing the business, it’s that you plan to monetize the business in a different and probably more significant way. Fair? Mindy Diamond: Beyond fair. 1000%, that’s absolutely correct. Again, not only making it about this example, but it’s a good example. So again, the possibility of getting a check with a lot of zeros on it, and by the way, also tapping into an already established well-familiar, well-run infrastructure. Think about how much easier the move would’ve been, to jump from Merrill Lynch to Morgan Stanley, and not probably was their first choice, if they were going to go the traditional route. Think about how much easier the due diligence process… how much less heavy the lift would’ve been in terms of due diligence, but certainly from a short-term upfront perspective. And that’s really the key, is that not everyone has the appetite to bet on the long term. To me, that’s the beauty of the industry landscape as it’s evolved and the waterfall of possibilities today. If you’re a great team, and there are so many great teams, you’re growing, you’ve got a multi-generational bench of advisors, you’ve got a succession plan, you’ve got sticky clients, you don’t have 5,000 clients but you have 100 or 200 relationships, you’ve got a great business that you’ve got options for it, there’s no right or wrong. It’s, “What do I want to be when I grow up?”, and, “How do I want to live my business life?” And if you query 10 of those great teams, five of them will wind up moving to the traditional space. That doesn’t make it wrong, it’s just, “That’s what’s right for them.” But the other five will have entrepreneurial drive, will value the long term, and willing to forego the short-term upside in order to bet on themselves for the long term. And holy cow, again, we’ll save that for the episode that Shirl and Louis do to talk about what those multiples could look like, but I don’t think there’s enough zeros on the calculator to begin to think about what that business… OpenArc’s business will be worth even as little as five years from now. Jason Diamond: I agree with that. I think the one point I would probably make in defense of people who go the traditional firm route… Actually, two points. Number one, I don’t think it’s only about, “I am not willing to bet on myself, and I don’t want to delay the monetization event.” I think for some people, the idea of being independent and putting the toner in the copy machine and the little K-cups, that’s just not appealing. I like going into a branch and they have everything, my desk is all set up. So that’s one caveat I’d make that some people just prefer the traditional firm world. The other caveat I’d make is there are advisors who, rightly or wrongly, believe in the brand name of the firm mattering. So there are some advisors who say, “Look, I am a good advisor, but my ability to land and grow business is tied very closely to XYZ firm/brand, Morgan Stanley.” I think, a lot of times, we find that’s not always the case as much as advisors believe. But I’m just trying to think of a couple scenarios where there are advisors who genuinely prefer or need or want the stability, big brand, resources of the biggest firms on the planet. Mindy Diamond: I totally agree. Actually, thank you for bringing those two caveats up because, I’d say, there’s a third caveat. Someone can’t go independent, they don’t have a next gen. They don’t have someone that could do the heavy lifting, if they’re not capable of doing it on their own, to build an independent firm. They don’t have entrepreneurial spirit. They’re three years from retirement, and they don’t have the kind of time that it takes to really build the value of an independent practice. And we have great respect for those people. But again, the cool thing about the industry landscape is that as it’s evolved, there’s something for everyone. It doesn’t necessarily mean that the only choice is stay put or go to UBS. Jason Diamond: Agree. In fact, there’s probably even versions of independence. For example, if you don’t have a successor, well, there are versions of independence that might work where there’s a monetization event on the backend where somebody can buy and inherit your book. So that is probably the coolest or most interesting thing, the most exciting thing anyway, about the industry landscape in the last, really call it, five years anyway, probably even a little sooner than that is, especially in the independent side of things, there are options that check just about every box. You as the advisor choose what elements… And this gets back to your begin with the end in mind. Choose what elements of the business you like, and want to maintain control over. Choose what elements of the business you don’t, and there is probably a solution out there that works to check those boxes. Mindy Diamond: And then, that goes back to what we were saying. Even if you are 90% satisfied and 99% certain you would never make a move, if you haven’t gotten educated, in some capacity, whether it be listening to a podcast, reading articles, talking to a recruiter, talking to other firms, talking to friends and colleagues at other firms, or some combination of all of the above, in the last five years, I think you’re doing yourself a disservice. And again, not because in any way we’re trying to sell you on making a move, but because we believe knowledge is power and it looks different than it did. So make sure that you’re challenging your own assumptions, and that you’re really crystal-clear that what you believe or what you believe five years ago is still true today. Jason Diamond: This is a little bit of a gear shift, but I think there’s a tie in here. If you are an advisor now, or a point in their career, they’re wise to at least get educated, pick their heads up, understand what’s out there. But then, there’s the question of, “When is due diligence done?” But I’m going to frame this through a different lens here, which is, “Now, I’m an advisor, I’ve done due diligence, I’ve talked to maybe three to five strategic firms.” Is there typically an aha moment when an advisor says, “Oh, my god. It’s RBC, and I need to go that way and I know I need to move”? Or is it more process driven than that? What are your thoughts? Because I think a lot of advisors struggle with that. And I often find myself telling advisors, “Trust the process here and you’ll know when… You don’t have to know right away in the first inning of due diligence which firm or which model you’re meeting, or even if you’re going to make a move.” But curious what your thoughts are on this one. Mindy Diamond: Yeah. In fact, we hope you don’t. We hope that you don’t go into this process with preconceived notions, we hope that you don’t make a decision after one meeting, because we do think that there’s value in the process. And people get to that aha moment at different times. You and I are working with a team, right now, that is 22 meetings in. And that’s not to say every process takes 22 meetings, but the team is sort of taking it slowly. They started out looking at five or six firms. They’ve narrowed it down now to three. The goal is to get to two or one, then to get to a home office visit to the one that’s their first choice. They’re absolutely getting closer. And I’m probably exaggerating at 22 meetings, but I’m making a point, that even at this point in the game, which is probably a good, would you say, five months into the due diligence process, I don’t know that they’ve had an aha moment. They have an aha moment that they know they don’t want another wirehouse. They don’t want to be independent because the senior member of the team is exactly that person we just described, that he doesn’t have the kind of time in the business in order to make independence worthwhile- Jason Diamond: Or drive. They just don’t want independence. Mindy Diamond: Right, and the next generation doesn’t really want it. So at this point of the game, the aha moment is think we want a regional firm or a boutique firm. But it’s not an aha moment yet that it’s going to be this firm, and that’s I think a good point. A lot of times, the aha moment is the model, first, and then the firm. Jason Diamond: Sometimes, deal can be the type like, “Okay. I know I love the regional firms, but one is offering a deal that’s 100% better,” and that’s often when we actually will counsel advisors, “It’s okay to consider the deal.” The deal is a factor, as you said earlier. Mindy Diamond: If I can, that’s actually a great point. That’s the perfect example of where, “Always consider the deal, just don’t make it your primary or first consideration.” Jason Diamond: Right. Mindy Diamond: So if you’ve done all the right due diligence and two firms or two opportunities stack up next to each other perfectly, they both will allow you to move the needle significantly enough. If they both will allow you to do better for clients and grow faster, and do everything else that’s important to you, then it’s absolutely time to make deal the tiebreaker. Jason Diamond: So you threw out five months and talking about 22 meetings, let’s table that. An advisor calls you, Mindy, this morning and says, “Not unhappy, but I’m getting that itch.” Give me the average time it takes them from that first call this morning to the moment they resigned from their firm, and then give me the quickest they could do it if they needed to. Mindy Diamond: Yeah. Let me start out by saying that those calls we get from advisors come in two different categories. One is, “Yeah, getting the itch. The straw that broke the camel’s back happened yesterday when X happened.” But the other call, the one we mentioned earlier, which is, “I am 90% happy. I am growing exponentially. I get time to coach my kids’ soccer game. I have great quality of life. I have a great team. I’ve been here 30 or 40 years, and life is good. I’m watching more of my colleagues go or I’m feeling more pain,” fill in the blank for whatever that is. “Even though I’m 90% happy and I’m 100% convinced I don’t want to move, that moving is a hassle, I can’t not see the handwriting on the wall and I at least need to get educated.” So let’s assume that we get one of those calls. The reason I am calling out the difference between the two is because the time it takes to do the due diligence is usually different. If someone is already at the point where they know that they’re unhappy and likely to move, the due diligence process usually runs quicker. The due diligence process for somebody that’s mostly happy and just beginning to get curious, sort of the latter example, might take a little longer. Jason Diamond: Give me some real parameters to it. Mindy Diamond: Well, I’d love to hear what you think. What’s swirling in my head, it’s all over the map, but I’m going to say typically six months. Jason Diamond: Six months was the number I was about to throw out as well. And I think the quickest you want to do this is three months. Anything beyond that starts to be basically a fire drill. We’ve done deals quicker than that obviously, an advisor’s going to or has been terminated. But I think six months in earnest is a good, healthy timeline. Especially, by the way, because a lot of firms are busy, we’re hearing this from a lot of the firm side of things these days. Depending upon what firm you’re moving to, you need to make sure that the firm can handle you. You want to get their A team upon your breakaway and your transition, no matter what firm that is. Mindy Diamond: Do you think, Jason, that it’s six months from, “Gee, I’m a little curious. I want to start to look. I want to begin to do due diligence. What does that look like?”, to, “My butt is in a new seat”? Jason Diamond: No. Because I think in the example where you’re just like, “Eh, I’m a little unhappy,” those early innings conversations typically play out slowly because the guy who’s 90% happy is in no rush to say, “Set me up with a bunch of firms, and let’s talk about it.” In those instances, it could take a year and a half because I think what happens really there is then there’s a catalyst event that takes them from your category two to category one. Right? They went from a little unhappy, just curious, to the straw that broke the camel’s back. And that’s when then they shift into the more… or they say the firm has… A good example, UBS, upset a lot of advisors with the compensation plan. They recently walked back a lot of those changes. I’m certain there will be some advisors who say, “This is a nod to attrition. I’ve seen from management what I need to see, and I’m going to stay put.” Equally, probably plenty of advisors who say, “It’s too little too late.” Mindy Diamond: Let me say something, and again, not to make this episode at all about this team in Atlanta, but that was a ten-year conversation for us. Literally, 10 years ago, maybe even 12 years ago, but let’s say 10, one of the senior partners on the team had called to say, “Curious, really happy, doing incredibly well. Zero chance we are moving in the next year or two or five.” But look, what don’t we know? And every year, we would then have a conversation about what the landscape looked like. But I’m going to say it was six years ago when the conversation shifted from, “Really happy, convinced we’re staying,” to, “starting to think we might leave at some point,” but another six years until this really happened. Now, that’s a good example because they were going independent. The transition itself probably took a year, year and a half. Jason Diamond: And the size and complexity of the team, by the way, probably amplifies that as well. Mindy Diamond: Well, there are outliers on either side, and that’s the point I wanted to make. Correct. Jason Diamond: Very fair. I’m glad you bring that up because there’s no cookie-cutter answer. It totally depends on the makeup of the business, where you’re going, how you’re going, when you’re going. I think we have time for two more questions, and I want to make sure we get to this because we’ve talked about this through the lens of the advisor and the advisor’s team. We haven’t talked much about the client experience, and that is clearly self-portability, in general, is something that gives advisors anxiety rightfully so. I think if you could tell a lot of advisors with 100% certainty that their book would move, I think many more would be interested in moving. I think concerns about portability, a lot of times, would keep advisors in seats. I guess what I’m getting at is because that initial client conversation is so important, is there anything you coach advisors to think about or to say to clients or potential clients as they consider a change, a transition? Mindy Diamond: Well, you have to be mindful certainly of your own employment agreement and legal considerations of pre-soliciting- Jason Diamond: Important point. Mindy Diamond: No way are any of us advocating for pre-solicitation. But you do have to have a pretty good sense in your mind without asking the client specifically, who is likely to come and who not. And the determination, the sort of hypothesis or the supposition, of who will come and who will not has everything to do with where you’re going and the value proposition, “Will I be able to make a compelling enough point? Will I have compelling enough reasons where it’s not about me, the advisor, it’s about you, the clients, about how I will better be able to service them? And if I’m able to say to a client, ‘If I make a move or I’m making this move and I’m now going to be able to do X, Y, and Z for you,’ I’m much more confident that they will be able to come?” In the case of this OpenArc deal, the Atlanta team, they did a lot of retirement plan business, so they had to be really concerned about how they were going to position this move and the new brand separating from Merrill brand, how they were going to convince their Fortune 500 clients that this was the right move. So it always has to start with what’s best for clients and how will I pitch it, if you will. Jason Diamond: I love how you answered that because it’s like two different answers to me. Part one is handicapping the portability, and that’s pre-transition during the due diligence process. Honestly, if you’re an advisor, you could do that now, right? If I were to make a move, “Here’s my client who I know with 100% certainty would follow me. Here’s the maybes, here’s the no,” you come up with a weighted average portability metric. I totally agree with you on that. And then the second piece of it is you have to be constantly thinking this option might sound the best to you, but remember, and I agree, not pre-solicit, but post-transition, you’re going to have to sell it to your clients. So you need to be thinking about every conversation you have with every firm through that lens. Do you agree with that? Meaning I’m going to move my business from UBS to Morgan Stanley. You get paid a big check, but can you articulate the clients- Mindy Diamond: Yeah, 1000%. It’s such a good point because, and we’re going to give you some inside baseball here, the number one question that any advisor who is in traffic with any firm or any model needs to ask is, put words in my mouth, “If we were fast forwarding to the day I made a move and joined your firm or joined your model, help me to understand what would the pitch to my clients sound like.” And then, you need to sort of absorb that pitch from the perspective of your clients. Put yourself in the shoes of your oldest clients, of your youngest clients, of your most important clients, of your middle-of-the-road clients, of your middle net worth clients, of the institutional clients, fill in the blank, “Does that value proposition fit?” That is one of the best ways to assess whether a firm or an opportunity is better enough or good enough for you. Jason Diamond: It’s such a good answer, and I love the inside baseball look there. Also, by the way, it has this side benefit of you’re forcing the managers or the recruiters to articulate almost like a succinct value prop on their firm. Right? Tell me, hypothetically, what would I say to clients about, and you’re just picking on Morgan, “Why is Morgan Stanley better than my current firm?” And that answer ought to be compelling. In closing, I want to wrap this up with a question around the difficulty of a move. You’ve been in this business now 30 years, I think it’s almost exactly 30 years. Has it gotten easier logistically to transition? And do you see that trend continuing, let’s say, because of partially things like AI, DocuSign and the like? What are your thoughts on the nuts and bolts of transitioning? Mindy Diamond: There’s no question it’s gotten easier. There’s no question that, from a legal perspective, the advent of broker protocol certainly makes it less scary or less risky to make a move. But there are plenty of moves that are made as a non-protocol move, and that’s not always the case. And the ecosystem, I should say, has gotten better to support the advisor in transition. Legal counsel, all they do all day long is facilitate these moves. Third-party consultancies, people like us that have been at it 30 years and have seen it all, and all the mistakes have already been made, we know how to do it. But with that said, moving is a hassle. No matter how much better the support system has gotten, no matter how many times a manager or a firm has transitioned advisors, it is a hassle to move. It is disruptive. It is a lot. And again, this statement is not going to win me a place in the headhunter hall of fame, but you should absolutely not consider a move unless you have the appetite for some risk, for some breakage, meaning some loss of clients, and you’re willing to shrink to grow, and you’ve got an appetite for some hassle factor to work perhaps harder for a short period of time than you have in a while. If you don’t have that, then no matter how unhappy you are, you really need to seriously consider whether moving is the best way to solve your problems. Jason Diamond: Yeah. It’s a really great way to tie a bow on this episode. It was a lot of fun. I’m excited. I think that would be 2037 based on your 12-year timeline. So the next $129-billion team, we’ll have to schedule that episode out for 10 or 12 years from now. But Mindy, thank you so much for sharing your years of wisdom and expertise with us. This was a fantastic episode. I had a lot of fun. Mindy Diamond: Yeah, I loved it too. Thank you, my pleasure. 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 road map 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: Inside Baseball on Due Diligence, the Move, and Everything In Between 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: Inside Baseball on Due Diligence, the Move, and Everything In Between. It's Part 1 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: Everything about a transition can seem incredibly overwhelming. From understanding the whys of a move, then conducting due diligence, and onto aligning the right models and selecting the best firms, it might seem like a fairly linear process. And for some, it can be. But for others, the layers of minutia can be daunting. Essentially, it comes down to the adage, “You don’t know what you don’t know.” So the goal of this episode is to share some inside baseball in how to get from here to there. I asked Mindy Diamond to join me to help draw from decades of experience in helping advisors through their transitions. We’ve dived into the misconceptions, the common

In this episode of the Land to Lots™ Podcast, Carter Froelich speaks with James Hamill, Managing Director of the California Statewide Communities Development Authority, and Bob Williams, Managing Director at RBC Capital Markets, to discuss one of California's most powerful infrastructure financing tools: the Statewide Community Infrastructure Program, commonly known as SCIP.  James and Bob share the history of the program, how SCIP has evolved from assessment district financing into a more flexible platform that includes CFDs, and why it has become such a valuable tool for developers, builders, cities, counties, and special districts across California.   In Part 1 of this conversation, you'll learn:  How SCIP was created and why it became a practical tool for financing impact fees and public infrastructure.  The difference between assessment districts and CFDs within the SCIP program.  Why CFDs are becoming more common due to their flexibility around product type, tax rates, and eligible facilities.  How SCIP helps make public financing available to smaller projects that may not otherwise be able to access the bond market.  Why cities, counties, and districts often prefer to use CSCDA rather than managing district formation and bond issuance themselves.  How tax rate sensitivity varies across different California markets.  When developers and builders should begin engaging with CSCDA and RBC during the development process.  How SCIP can be used for early-stage infrastructure needs, including critical offsite improvements.   Show Notes James Hamill Contact Information W – https://cscda.org/contact/ O – (925) 476-5644 E – jhamill@cscda.org  Bob Williams Contact Information W – https://www.rbccm.com/ O – (415) 445-8674 E – bob.williams@rbccm.com  Plus: Whenever you're ready here are 4 ways Launch can help you with your project: (NOTE – PICK 4)  Prepare a Special Tax District Bond Analysis for your Project – If you have a projects in AZ, CA, CO, ID, NC, NM, SC, TX, UT, WA contact Carter Froelich and have Launch prepare an initial complimentary high-level bond analysis for your project.  Add Favorable Financing Language to Annexation and/or Development Agreements – Create certainty and flexibility related to your project's infrastructure financing by having Launch professionals prepare handcrafted favorable financing language for inclusion in your Annexation and/or Development Agreement. Contact Carter Froelich for more information. Perform The RED Analysis™ on your Project – We have developed a unique process at Launch called The RED Analysis™ in which we perform a diagnostic review of your project to determine possible ways to Reduce, Eliminate and Defer infrastructure construction costs in order to enhance project returns. Contact Carter Froelich for more information. Track Your Reimbursable Costs Utilizing The Launch Reimbursement System™ ("LRS") – Never lose track of your district eligible reimbursable costs and have Launch manage your district's costs reimbursement tracking, preparation of electronic reimbursement submittal packages and processing of your reimbursement requests with the district, jurisdiction and/or agency. Contact Curry Froelich for more information.   Complimentary Offers for Land to Lots™ Listeners Complimentary Land to Lots™ book: https://www.launch-mpc.com/offer  Complimentary Bond Sizing Analysis:  https://form.jotform.com/231376408765160    

Nancy’s cancer treatment caused so many ulcers in her mouth and throat that she couldn’t even swallow a piece of bread. She had to rely on milk to fill her stomach as many painful days passed. The only thing that brought a smile to the sixty-year-old’s face was the joy of knowing Jesus—and her grandsons. Being with them each week helped her to not dwell on her situation. “If not for the boys, I would have given up,” she said. The apostle Paul also found joy in Jesus and others despite his difficulties. His joy came from Jesus and living for Him. Despite being imprisoned (Philippians 1:13), he found strength to encourage others. He spoke of the joy that came from partnering in sharing the good news about Jesus, and from knowing what awaited him upon death (vv. 3-5, 18, 20). That confidence enabled him to say: “To me, to live is Christ and to die is gain” (v. 21). Paul could rejoice because Jesus was his life. His sense of contentment and security didn’t come from any possession or situation, but from knowing he belonged to Christ. Thus, in a letter written in the worst of circumstances, he could say in Philippians 4:4: “Rejoice in the Lord always. I will say it again: Rejoice!” May we find joy in Jesus, who loves us, cares for us, and gives us strength to rejoice in any circumstance.

In a moment of distraction, Sarah unknowingly dropped her diamond engagement ring into a homeless man’s cup. Billy Ray, the panhandler who was given the ring, had it appraised and considered selling it. But he chose honesty and returned it to Sarah when she came back a few days later. Sarah and her husband set up a fund so donations could be made to help Billy Ray, which led to an outpouring of generosity from others. Billy Ray received financial and legal counsel and was eventually able to buy a home. He was also reunited with his long-lost family. When we practice integrity, we please God and inspire others. Solomon says God delighted in his integrity: "The Lord detests lying lips, but He delights in people who are trustworthy” (Proverbs 12:22). He uses strong language to describe God’s view of dishonesty—He detests it. When God’s people lie or “deceit is in [their] hearts” (v. 20), it defies Him and goes against His character. In contrast, when His people have “truthful lips” (v. 19) and deal faithfully, it brings Him joy. So treating others well is more than just telling the truth—it reflects God’s own character. And in a world where deception can seem profitable, our integrity is something He “delights in” (v. 22). Let’s commit to act with integrity as God helps us. Even if the world doesn’t notice, He’s delighted when we walk in His ways.

Canada has a scaleup problem. We create entrepreneurs, but too many of them feel they need to leave to build world-class companies. Fred Lalonde is one of the exceptions. He is the founder and CEO of Hopper, the Canadian travel-tech company that used data, prediction and fintech to help travellers book with more confidence. Now Lalonde is bringing that same ambition to Deep Sky, a Canadian carbon removal company. In this episode of Disruptors, recorded in front of a live audience, John Stackhouse speaks with Fred about what it takes to build and scale from Canada - and why the country needs more founders willing and able to do it here. Fred is funny and blunt, but underneath it all is a builder's clarity: disruption is not something he manages. It is something he assumes. In this episode, you'll learn: How Hopper became one of Canada's leading tech success stories Why Fred thinks entrepreneurs better be motivated by building, not just money Why AI, energy and advanced manufacturing are central to Canada's next growth chapter What it takes to build a world-class company without leaving Canada   RBC Thought Leadership Keywords: Fred Lalonde, Frederic Lalonde, Hopper, Deep Sky, John Stackhouse, Disruptors podcast, RBC Thought Leadership, Canadian unicorns, Canadian startups, Canadian founders, Canadian scaleups, Canada startup ecosystem, Canada founder gap, Canadian entrepreneurship, Canadian innovation, venture capital Canada, growth capital Canada, RBC growth fund, homegrown Canadian companies, AI disruption, climate tech, carbon removal, direct air capture, energy transition, advanced manufacturing, Canadian productivity, Canadian competitiveness. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

“Tactical napping” is a series of guidelines for soldiers for effective, 10-30 minutes of sleep. While experiencing a rush of adrenaline, loneliness, or anxiety, sleep-deprived soldiers may not be able to relax. Tips include using earplugs and reading before bed. They’re even offered military-grade caffeinated chewing gum to reduce grogginess after a nap. It’s when we most need rest that it’s often difficult to find. King David experienced this after fleeing into the wilderness to escape his son Absalom’s treason. David and his followers wept aloud at his betrayal with their heads covered in mourning (2 Samuel 15:30-31). In fact, “the whole countryside wept aloud” (v. 23). It was around this time that David cried out, “Lord, how many are my foes!” (Psalm 3:1). Perhaps thinking about past troubled nights, however, David continued, “I lie down and sleep; I wake again, because the Lord sustains me. I will not fear” (vv. 5-6). David realized that it was God, not Absalom, who had control over his situation. David even sent the ark of the covenant back to Jerusalem, acknowledging that the future was fully in God’s hands (2 Samuel 15:25-26). Sleep feels especially fleeting when we’re facing adversity in our waking hours, but it’s a good reminder of how many things are outside our control. In contrast, all things are under Jesus’ control. As we trust Him, He can help us lie down in peace.

“What’s my birthmother’s name?” My seven-year-old daughter’s sincere question pierced my heart. Ours had been a private adoption where we were provided only the most basic of information about her parents: height, weight, age, color of hair and eyes. How was I to respond? The question felt impossible! I drew in a breath and prayed, “God, what do I say?” A sentence tumbled out of my mouth, “What would you like her name to be?” She beamed at me and proclaimed, “Madeline!” “Then, Madeline it is!” I declared. In just a few minutes, I believe God had provided an answer when I didn’t have one. In the years after His death, Jesus’ followers would encounter great challenges where they needed God’s answers in seemingly impossible situations. In John 14, Jesus promised He would not leave them alone but would come to them with help (v. 18). Further, God would provide an ongoing flow of help: “The Advocate, the Holy Spirit, whom the Father will send in my name, will teach you all things and will remind you of everything I have said to you” (v. 26). Sometimes the questions we face seem impossible to answer. We need God’s help and answers with our children, our work, our neighbors and our world. When we don’t have the answers, He can provide them.

In 1849, Henry “Box” Brown (a US enslaved man from Virginia) folded himself into a wooden crate marked “dry goods,” and two friends shipped him from Richmond to Philadelphia. Brown was inside the box (3 x 2.5 x 2 feet) for the 26-hour trip, with three small holes cut for air. As abolitionists pulled Brown from the box, he sang a paraphrase of Psalm 40, expressing his hope in the God who promises freedom. “If you have never been deprived of your liberty, as I was,” Brown later wrote, “you cannot realize the power of that hope of freedom, which was to me indeed, an anchor to the soul, both sure and steadfast.” Freedom is central to how God operates in our hearts and in our world. His wisdom leads to spiritual freedom, but false wisdom leads to oppression. “Where the Spirit of the Lord is,” Paul says, “there is freedom” from sin, death, and condemnation (2 Corinthians 3:17). When we listen to God and follow His ways, freedom results. Unfortunately, the opposite is also true: when we ignore Him and resist His invitations, we become ensnared and confined. God liberates and transforms us by His Spirit (v. 18), but sin and rebellion traps us. We sometimes believe that God limits and obstructs our possibilities and pleasure. But in truth, He’s the only one who can lead us into an expansive future, the only one who can guide us into genuine freedom.

Those who drive along Highway 18 in western Oregon each fall are greeted with a delightful surprise from the tree-covered hillside flanking the road: a giant smiley face. The cheerful face is only visible in the autumn when the Larch tree needles turn yellow, contrasting with the surrounding, dark green Douglas fir trees (which create the eyes and mouth). A lumber company planted the three-hundred-foot diameter face in 2011 as part of an effort to replenish the timber they’d harvested. Isaiah invites us to know God as the one who brings life to desolate places. He reminded the Israelites during the barrenness of their captivity that God “[makes] rivers flow,” can “turn the desert into pools of water,” and grow “the cedar and the acacia” in the desert (Isaiah 41:18-19). God does these things not solely for His (and our) delight; He plants junipers, fir, and cypress “so that people may see and know” (v. 20) that He authors all and will ultimately redeem all—even those places thought to be “wasteland[s]” (v. 19). Though we may not glimpse a face smiling back at us from a hillside, all of creation can remind us of God’s redemptive power over our world and our individual circumstances—even in the wake (or fear) of devastation. Let’s seek His face as our source of hope and joy amid our struggles.

Ethel and Ed live in the high desert area of the Rocky Mountains. As we visited them on their ranch filled with memorabilia, the conversation turned to childhood stories of riding horses on the grasslands of North Dakota and herding cattle in Montana. They’re on in years now, and I could hear in their voices a longing for home. Psalm 137 captures a similar emotion. The Israelites had been forced into captivity and longed for home. “By the rivers of Babylon we sat and wept,” they said. “There our captors asked us for songs” (vv. 1,3), prompting the Israelites to ask, “How can we sing the songs of the Lord while in a foreign land?” (v. 4). The longing to return from exile is a common theme throughout the Old Testament prophets. Eventually the Israelites did return. They rebuilt Jerusalem and resettled in the land, but it was never the same. When the temple was rebuilt, those who remembered its former glory wept because it was a shadow of the first (Ezra 3:12). Old age may feel as if we’re in exile from our former selves as time takes a toll on mind and body. For those who know Jesus, this longing points not to the past but the future. That’s where my conversation turned with Ethel and Ed—a longing for our future home where everything is made right and is far better than anything we can imagine.

Do you ever long for something you see glimpses of but can’t quite grasp? C. S. Lewis longed for joy. He wrote, “Our longing to be reunited with something in the universe from which we now feel cut off, to be on the inside of some door which we have always seen from the outside, is . . . the truest index of our real situation. And to be at last summoned inside would be . . . the healing of that old ache. . . . The whole man is to drink joy from the fountain of joy.” Lewis writes of the joy we’ll experience in full when we see Jesus face-to-face. As believers in Jesus, we have the joy of Christ through our relationship with Him and the work of His Spirit inside us. But sadly, our joy is hampered by sin and death, the forces of evil, and the world’s brokenness. Paul writes, “For now we see only a reflection as in a mirror; then we shall see face to face. Now I know in part; then I shall know fully, even as I am fully known” (1 Corinthians 13:12). In verse 10, Paul talks of the coming “completeness.” This is when we’ll know and experience joy fully because we’re with Jesus. Although we wait expectantly for that day, He gives us a small foretaste now of the overflowing, unhindered joy of heaven!

Like all Singaporean men, I had to serve in the country’s armed forces when I turned eighteen. To be honest, I approached the conscription, which lasted two-and-a-half years, most reluctantly. Like many other young men, I tried to do the minimum, obeying instructions to the letter—no more, no less. Some, however, threw themselves into their tasks and ultimately gained much from their experience, learning about leadership and endurance. In hindsight, I realize that this type of effort and positive attitude would have pleased God—much like what Joseph showed in Scripture. Despite being sold off as a slave and imprisoned later on, he fulfilled all his assigned responsibilities with the greatest dedication. Instead of resenting his situation, he took his role seriously, so much so that “Potiphar left everything he had in Joseph’s care” (Genesis 39:6). Joseph also ended up in charge of the prison—and, finally, all of Egypt. Centuries later, the apostle Paul would also urge believers in Jesus: “Whatever you do, whether in word or deed, do it all in the name of the Lord Jesus” (Colossians 3:17). While our situations may be far from ideal, may God help us to be faithful in the tasks assigned to us, for we’re working for Him—the one who sees our true heart.

It’s fascinating to see your own heart. Recently, I did. Chest pain led me to see a doctor, who ordered tests that allowed me to see that my heart has calcium buildup. More than I should have. Atherosclerosis, the doctors call it: hardening of the arteries. I’ve made big diet and exercise changes. But I’ve also realized that my cardiac concerns didn’t emerge overnight. In my case, they were the fruit of unhealthy choices. In time, those habits couldn’t help but impact my heart’s health. Scripture uses similar language to describe being spiritually unhealthy. Our hearts can gradually grow hardened toward God—one day and one choice at a time. Hebrews 3:7–8 (referencing Psalm 95:7–8) says, “Today, if you hear his voice, do not harden your hearts as you did in the rebellion.” After God delivered His people from Egypt, they “tested and tried [Him]” (v. 9) during their time in the wilderness. God had faithfully provided for His people, but they refused to see it (vv. 9–10). What about us? What habits nudge us away from God—day by day hardening our hearts against Him? We all make some of those choices. So I’m thankful that today, right now, God offers to exchange our hearts of stone for those softened by His love (see Ezekiel 36:26).

Carl Quintanilla, Sara Eisen, and David Faber kicked off the hour with a look at the growing debate over rising stocks AND rising bonds - before getting to the latest out of Washington when it comes to fading hopes around Iran, and breaking it all down with RBC's Head of U.S. Equity Strategy and Rockefeller's Ruchir Sharma. Plus: details on key movers you should watch here - from developments in Lululemon's battle with its activist Founder Chip Wilson to key details out of a new tie-up that would create the world's largest electric utility company... and a read from the ground when it comes to AI's use cases within biotech, according to one longtime expert.    Squawk on the Street Disclaimer   Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In late spring each year, I plant cucumber seeds in our garden. The seeds produce leaves quickly, but it takes time to see the fruit. In fact, one summer after I watered the seeds and waited, I questioned whether I’d get any cucumbers at all. I thought, Did I put too many seeds too close together or was the ground not warm enough when I planted them? But one day, I spotted a green bulb. The next week, I spotted another. Then another. Within a few weeks, we moved from only vines to almost enough fruit to make salad for a week. Spiritual growth looks like that sometimes. We don’t always see the things we’ve been praying for: patience, self-control, being gentle and loving (see Galatians 5:22-23). But, if we ask God to help us create the conditions needed for growth—prayer, studying the Scriptures, worship, serving others—the Holy Spirit will produce the growth. This is the crux of the parable Jesus shares in Luke 8. “A farmer went out to sow seed” (v. 5). “The birds ate” some of the seeds that fell on the path (v. 5). Others landed on rocky ground, where they received no moisture and withered (v. 6). Some more fell among thorns and were choked before they could grow (v. 7). But the seed that was planted on good soil yielded a crop that was “a hundred times more than was sown” (v. 8). As God helps us, let’s cultivate good soil and grow in Him.

In 1962, Joanne Shetler and Anne Fetzer made an arduous trek by bus and foot into the rugged mountains of the Philippines to share the gospel with people who’d never heard of Jesus. For five years, they translated Scripture into the people’s language, but the Balangao villagers weren’t receptive. They did, however, help build a primitive landing strip so new supplies could be flown in. One day, a plane dubbed “magic from another world” by the people arrived. The pilot then flew a pregnant but deathly ill village woman to a faraway clinic. When the plane later returned with the recovered woman and her healthy newborn, the people began asking about “this God” they’d been told about. Soon the village had a church full of believers in Christ. All of us who share the story of Jesus have times of discouragement when our listeners don’t seem to hear. The apostle Paul knew that can happen. After explaining to the Galatians the importance of planting and harvesting the gospel, he recognized that a sower may grow tired. So, he challenged his listeners not to “become weary in doing good” (6:9). The first five years of Joanne and Anne’s work was surely discouraging. But they kept sowing, and eventually they reaped a harvest. Let’s not “give up” (v. 9). Surely, the message of salvation will “reap eternal life” (v. 8).