Podcasts about Schwab

A regulated exchange suing its own regulator almost never happens. The hosts trace why CME did it, and why the CFTC may have better odds than crypto Twitter thinks. Thanks to our sponsor!

In this episode, Liz Ann Sonders sits down with Keith McCullough, founder of Hedgeye, to revisit his “quads” framework—a model that categorizes market environments based on the direction of economic growth and inflation. McCullough emphasizes process over prediction, arguing that investors should focus on the momentum of these variables to adapt to rapidly shifting market conditions. The conversation explores a volatile macro backdrop marked by geopolitical shocks, leadership changes at the Fed, and evolving market structure. McCullough explains how increased instability has accelerated market cycles, requiring a more nimble, data-driven approach. He outlines his view that inflation likely peaked and is set to decelerate, setting up a shift toward disinflation, and potentially slower growth, over the coming quarters. They also discuss implications for asset allocation, including declining bond yields globally, a rotation away from mega-cap dominance, and opportunities in under-owned, rate-sensitive sectors like housing and real estate. McCullough highlights growing risks tied to market concentration, new equity supply (including major IPOs), and speculative activity, while stressing the importance of disciplined, rules-based investing. The episode concludes with a discussion of investor behavior, with McCullough urging listeners to detach from narratives and emotions, and instead rely on process, data, and adaptability in an increasingly fast-moving market environment. Finally, Collin and Liz Ann look ahead to next week's upcoming macroeconomic indicators and key data releases.  To keep up with Keith McCullough, you can follow him on X: @KeithMcCullough On Investing is an original podcast from Charles Schwab. For more on the show, visit schwab.com/OnInvesting.  If you enjoy the show, please leave a rating or review on Apple Podcasts. Important Disclosures The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab. Investors in ETFs should consider carefully information contained in the prospectus, or if available, the summary prospectus, including investment objectives, risks, charges, and expenses. You can request a prospectus via 1-800-435-4000.  Please read the prospectus carefully before investing. This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The securities, investment products and investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Past performance is no guarantee of future results. Investing involves risk, including loss of principal.  Performance may be affected by risks associated with non-diversification, including investments in specific countries or sectors. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (REITs), fixed income, municipal securities including state specific municipal securities, small capitalization securities and commodities. Each individual investor should consider these risks carefully before investing in a particular security or strategy. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors. Lower rated securities are subject to greater credit risk, default risk, and liquidity risk. Diversification and asset allocation strategies do not ensure a profit and do not protect against losses in declining markets. Currencies are speculative, very volatile and not suitable for all investors. Investing in cryptocurrencies involves risk, including the risk of total loss of principal invested. Cryptocurrencies such as bitcoin and ethereum are highly volatile, are not backed or guaranteed by the bank, any central bank or government; are not deposits; are not FDIC insured; are not SIPC protected; and lack many of the regulations and consumer protections that legal-tender currencies and regulated securities have.  Due to the high level of risk, investors should view digital currencies as a purely speculative instrument.  All names and market data shown are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data. Schwab does not recommend the use of technical analysis as a sole means of investment research. Options carry a high level of risk and are not suitable for all investors. Certain requirements must be met to trade options through Schwab. Please read the Options Disclosure Document titled "Characteristics and Risks of Standardized Options" before considering any option transaction.  The policy analysis provided by Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please see schwab.com/indexdefinitions  The book Diary of a Hedge Fund Manager is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&Co.). Schwab has not reviewed the book and makes no representations about its content. The PHLX Semiconductor Sector Index (SOX) is a capitalization-weighted index composed of 30 semiconductor companies. (0626-2U7S) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

This week, I'm tackling a question that's on the minds of many investors: How safe is your money with major brokerage firms like Fidelity and Charles Schwab? In light of recent high-profile bank collapses and widespread concerns about financial security, I discuss how banks and brokerage firms operate differently, what protections exist for your investments, and what would happen if a major brokerage firm were to collapse. Whether you're considering how best to safeguard your assets or wondering about the real risks of brokerage failures, this episode will provide the clarity and peace of mind you need for your retirement planning.   You will want to hear this episode if you are interested in... 00:00 Bank failures and investor concerns 05:58 Protecting your money in banks 09:18 Discussing investment safeguards 12:08 Brokerage account safety reassurance 13:08 Should you consolidate your broker accounts?   Why Investors Worry   It's natural for investors to worry about the safety of their money, especially after the events of 2023, when several banks—Silicon Valley Bank, Signature Bank, First Republic Bank, and Citizens Bank—collapsed, shaking public confidence in U.S. financial institutions. Even rumors and social media speculation about potential trouble at a major brokerage like Schwab can fuel anxiety among clients and investors.   How Banks Actually Work: Your Money Becomes the Bank's Money When you deposit money in a bank, you're essentially lending money to that institution. The bank can then use those deposits to fund loans, mortgages, and other investments. This works well—until poor investments or insufficient collateral put depositor money at risk, which is exactly what happened with Silicon Valley Bank following its risky bets on long-term treasuries. If a bank collapses, customers may lose deposits above the FDIC insurance limit, which is $250,000 per account owner. Brokerage Accounts: A Different—and Safer—Model Brokerage firms like Charles Schwab and Fidelity operate under a different structure that provides a stronger layer of legal protection for client assets. Here's the key distinction: The assets in your brokerage account—stocks, bonds, mutual funds—are not the brokerage firm's property. They are held in custody, separate from company assets, and protected by a legal firewall. If Schwab or Fidelity collapsed, only the company's assets—like buildings and offices—would be at risk, not the assets in client brokerage accounts. Those client assets are held in separate custodial accounts and cannot be used to pay the firm's creditors. It's a little like using a storage facility: you lock up your investments, and nobody (including the brokerage firm) can access those contents for its own purposes.   What Happens During a Brokerage Collapse? If a major brokerage like Schwab were to fail, the Securities Investor Protection Corporation (SIPC) would step in. SIPC protection covers up to $500,000 per customer, including up to $250,000 in cash. However, most brokerages, including Schwab and Fidelity, carry additional insurance beyond SIPC requirements. The SIPC acts much like a disaster relief agency: it verifies customer assets, ensures funds have not been misappropriated, and arranges to transfer accounts to another brokerage within days. The customer receives uninterrupted access to all their investments and holdings at the new firm.   Your Money Is Safer Than You Think The legal and operational structure of brokerage firms offers significant protection. Even in the unlikely event of a collapse, your investments would transfer intact to another brokerage. The only real risk would be investment market performance—not insolvency of the brokerage firm. It's even unnecessary to split your assets between brokerages purely out of safety concerns—it might simply make your finances harder to manage. Investor protections for brokerage accounts are robust. With legal safeguards, insurance protection, and established practices for handling firm failures, you can rest assured that your assets at firms like Schwab and Fidelity are secure—even in a worst-case scenario.   Resources Mentioned Retirement Readiness Review Subscribe to the Retire with Ryan YouTube Channel Download my entire book for FREE  Securities Investor Protection Corporation (SIPC) Federal Deposit Insurance Corporation (FDIC) Fidelity Charles Schwab   Connect With Morrissey Wealth Management  www.MorrisseyWealthManagement.com/contact Subscribe to Retire With Ryan  

After small caps gained and big tech eased to start the week, investors await more developments from peace talks and earnings later from FedEx. Micron results loom tomorrow. Important Disclosures This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The {securities, investment products and investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. For illustrative purpose(s) only. Investing involves risk, including loss of principal, and for some products and strategies, loss of more than your initial investment. Supporting documentation for any claims or statistical information is available upon request. Past performance is no guarantee of future results. Diversification and rebalancing strategies do not ensure a profit and do not protect against losses in declining markets. Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please seeschwab.com/indexdefinitions. The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Digital currencies [such as bitcoin] are highly volatile and not backed by any central bank or government. Digital currencies lack many of the regulations and consumer protections that legal-tender currencies and regulated securities have. Due to the high level of risk, investors should view digital currencies as a purely speculative instrument. Cryptocurrency-related products carry a substantial level of risk and are not suitable for all investors. Investments in cryptocurrencies are relatively new, highly speculative, and may be subject to extreme price volatility, illiquidity, and increased risk of loss, including your entire investment in the fund. Spot markets on which cryptocurrencies trade are relatively new and largely unregulated, and therefore, may be more exposed to fraud and security breaches than established, regulated exchanges for other financial assets or instruments. Some cryptocurrency-related products use futures contracts to attempt to duplicate the performance of an investment in cryptocurrency, which may result in unpredictable pricing, higher transaction costs, and performance that fails to track the price of the reference cryptocurrency as intended. Please read more about risks of trading cryptocurrency futures here. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors. All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Schwab does not recommend the use of technical analysis as a sole means of investment research. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB. (0130-0626) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

On this episode of CoinDesk's Public Keys at the New York Stock Exchange, host Jennifer Sanasie sits down with Digital Assets Council of Financial Professionals founder Ric Edelman to discuss the disconnect between declining crypto sentiment and Wall Street's rapid investment in digital asset infrastructure. Their conversation covers the CLARITY Act, the fight over crypto in 401(k) plans, tokenization, and Edelman's long-term outlook for Bitcoin. In this week's 10X Trade, Maelstrom CIO Arthur Hayes shares his highest-conviction trade. Strive Chief Risk Officer Jeff Walton examines the future of digital credit following the sharp declines of STRC and SATA, arguing that digital credit could represent the next $300 trillion opportunity for Bitcoin. Also on the show, BlackRock Global Head of Digital Assets Robbie Mitchnick discusses BITA, the iShares Bitcoin Premium Income ETF, while 21Shares Co-Founder Ophelia Snyder explains why today's financial infrastructure may be fundamentally incompatible with the tokenized future Wall Street is working to build. - This episode of Public Keys is brought to you by Kraken Pro. For more: https://pro.kraken.com/ - Learn more at https://www.bullish.com/. - To get marketing moving news delivered daily, download CoinDesk's mobile app: https://linktr.ee/coindeskapp. - Timecodes: 00:00 Welcome to Public Keys 00:37 Strategy's STRC Crashes to a Record Low 01:04 Schwab and Cboe Enter Prediction Markets 01:45 Franklin Templeton Files For Bitcoin Dividend ETFs 02:30 Ric Edelman on Crypto's Great Disconnect 05:05 Will the CLARITY Act Pass? 06:08 Crypto Lobby vs. Banking Lobby Into the Midterms 08:48 Edelman's Bitcoin and Ethereum Outlook 12:34 10X: Arthur Hayes' Highest-Conviction Trade 14:07 Strive's Jeff Walton on Digital Credit's Worst Day 15:46 Inside the STRC and SATA Leverage Liquidation 20:43 The $300 Trillion Credit Market Opportunity 23:46 Bitcoin and Ethereum ETF Flows 24:48 BlackRock's Robbie Mitchnick on the BITA Launch 28:37 Ophelia Snyder on Tokenization's Reality Check 30:15 The Scale Problem in Tokenizing Capital Markets

Today's light earnings and economic calendar may leave investors looking ahead to Thursday's critical inflation report—the next major test after the Fed's recent hawkish shift. Important Disclosures This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The {securities, investment products and investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. For illustrative purpose(s) only. Investing involves risk, including loss of principal, and for some products and strategies, loss of more than your initial investment. Supporting documentation for any claims or statistical information is available upon request. Past performance is no guarantee of future results. Diversification and rebalancing strategies do not ensure a profit and do not protect against losses in declining markets. Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please seeschwab.com/indexdefinitions. The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Digital currencies [such as bitcoin] are highly volatile and not backed by any central bank or government. Digital currencies lack many of the regulations and consumer protections that legal-tender currencies and regulated securities have. Due to the high level of risk, investors should view digital currencies as a purely speculative instrument. Cryptocurrency-related products carry a substantial level of risk and are not suitable for all investors. Investments in cryptocurrencies are relatively new, highly speculative, and may be subject to extreme price volatility, illiquidity, and increased risk of loss, including your entire investment in the fund. Spot markets on which cryptocurrencies trade are relatively new and largely unregulated, and therefore, may be more exposed to fraud and security breaches than established, regulated exchanges for other financial assets or instruments. Some cryptocurrency-related products use futures contracts to attempt to duplicate the performance of an investment in cryptocurrency, which may result in unpredictable pricing, higher transaction costs, and performance that fails to track the price of the reference cryptocurrency as intended. Please read more about risks of trading cryptocurrency futures here. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors. All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Schwab does not recommend the use of technical analysis as a sole means of investment research. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB. (0130-0626) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Trusts can be a powerful estate planning tool, but many people overlook them or assume they're only for the wealthy. This episode breaks down how trusts work, including key differences between revocable and irrevocable trusts and their role in probate, asset management, and control. It also explores when a trust might make sense based on your goals, family needs, and financial situation. If you're building an estate plan, understanding trusts can help you make more informed decisions. After you listen: Find more of Schwab's educational resources on trusts. Learn more about estate planning from Austin Jarvis. Financial Decoder is an original podcast from Charles Schwab.  If you enjoy the show, please leave us a rating or review on Apple Podcasts. Reach out to Mark on X @MarkRiepe with your thoughts on the show. Follow Financial Decoder on Spotify to comment on episodes. Important Disclosures This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. This general information is not intended to be a substitute for specific individualized tax, legal, or investment planning advice and is not intended to be construed as tax advice. This information cannot be used for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions. Where specific advice is necessary or appropriate, Schwab recommends consulting with a qualified tax professional, CPA, financial planner, investment manager , or estate attorney>.  Investing involves risk, including loss of principal. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. 0626-0RM3 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Everyone inherited financial wisdom from somewhere -- a parent who clipped coupons at three different grocery stores, a first job, a financial guru, or just the culture you grew up in. Some of those beliefs serve you. Some of them quietly hold you back. Chris Hill of Money Unplugged joins Joe, Paula Pant, and OG to share the money habits they've had to unlearn -- and then the whole group plays a round of In or Out on some of personal finance's most popular rules.What You'll Walk Away WithWhy Paula's childhood coupon-clipping ritual wasn't really about frugality -- it was about an unstated belief that your time is worth nothing, and how that belief shapes everythingChris Hill's 20-year belief that dividend-paying stocks are for old people -- and the specific Apple moment in 2012 that finally broke itOG's admission that despite the math argument, he's never once seen someone actually execute the "invest the difference" 30-year vs. 15-year mortgage strategy in real lifeWhy "more money will fix this" is the belief most people never fully unlearn -- and OG's honest accounting of what he thought at $17,000, $170,000, and beyondThe In or Out verdict on five popular financial rules: everyone should own a home, pay off debt before investing, never carry a mortgage into retirement, you need a budget to build wealth, and whether financial independence is mostly behavior or mathPaula's anti-budget framework -- why it works when there's a wide enough gap between income and spending, and the one scenario where a real budget actually becomes necessaryChris Hill on why surrounding yourself with people who aren't impressed by your success might be the most underrated risk management tool in your financial lifeThe Isaac Newton problem applied to successful people: why brilliance in one area creates a false confidence in all areas -- and why guardrails matter more the more successful you getWhy OG argues that if the leverage-your-mortgage math truly worked reliably, you'd be using the same logic in your Schwab account -- and why almost nobody doesWhat Melissa from Detroit did this week that every Stacker listening should know aboutWhy This Matters NowThe most expensive financial decisions are often the ones you've never questioned because someone you trusted taught them to you early. This episode is the permission slip to stress-test those beliefs.From the BasementChris Hill joins Joe, Paula Pant, and OG to dig into the money habits and inherited beliefs they've each had to unlearn -- before the whole group debates whether five of personal finance's most popular rules actually survive contact with real life. Doug arrives with Lou Gehrig trivia and makes everyone do inflation math from 1939. Chris plays for Team Jesse Cramer. The gap between first and second place closes considerably.Resources MentionedMoney Unplugged podcast -- Chris Hill; recent episodes featuring Joe Saul-Sehy and Paula Pant; available wherever you listen to podcastsAfford Anything podcast -- Paula Pant; upcoming episode on how to think through business decisions with a Harvard professor and longtime practitionerSurfshark VPN -- surfshark.com/stackingb; code stackingbee for four extra monthsStacking Benjamins Newsletter (The 201) -- stackingbenjamins.com/201OG financial planning calendar -- stackingbenjamins.com/ogStacking Benjamins Community -- stackingbenjamins.com/basementSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

At his first Fed meeting as chair, Kevin Warsh signaled a more hawkish stance focused squarely on inflation, while launching a sweeping reform agenda.  Policymakers are split between holding and potentially hiking, with strong emphasis on restoring price stability. Warsh introduced a significant shift in Fed governance and communication: shorter statements, less forward guidance, and five task forces aimed at rethinking policy frameworks. Liz Ann Sonders and Collin Martin explore the implications of that shift, particularly the risk that reduced transparency could lead to greater market volatility as investors react more sharply to incoming data. They also assess market dynamics: Rising short-term yields pressured equities, while longer-term yields may remain range-bound if inflation expectations stabilize.  Finally, they offer practical portfolio takeaways—emphasizing diversification within equities, a focus on quality and earnings strength, and a disciplined approach to asset allocation in a higher-rate, more-uncertain policy regime. On Investing is an original podcast from Charles Schwab. For more on the show, visit schwab.com/OnInvesting.  If you enjoy the show, please leave a rating or review on Apple Podcasts. Important Disclosures This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The securities, investment products and investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Past performance is no guarantee of future results. Investing involves risk, including loss of principal.   Performance may be affected by risks associated with non-diversification, including investments in specific countries or sectors. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (REITs), fixed income, municipal securities including state specific municipal securities, small capitalization securities and commodities. Each individual investor should consider these risks carefully before investing in a particular security or strategy. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors. Lower rated securities are subject to greater credit risk, default risk, and liquidity risk. Diversification and asset allocation do not ensure a profit and do not protect against losses in declining markets. All names and market data shown are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data. The policy analysis provided by Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please see schwab.com/indexdefinitions   Inverse correlation refers to investments that tend to move in opposite directions: when one rises, the other falls. A hyperscaler is a large-scale cloud service provider that offers vast computing, storage, and networking resources through a distributed infrastructure of interconnected servers and software.   (0626-05FT) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Happy Birthday, Bianca! The tradition continues for birthday months on the podcast: the birthday girl chooses the book! Go to space (or stay on your couch with a snack) with us as we discuss Atmosphere by Taylor Jenkins Reid. Below are the books mentioned this episode, as well as the three articles we mentioned:    https://publishers.org/news/publishers-and-authors-file-class-action-lawsuit-against-meta-and-zuckerberg-for-willful-copyright-infringement-to-develop-llama-ai-models/   wh.gov/read   https://bookriot.com/most-read-books-on-goodreads-in-2026-so-far/    Books Mentioned:  Space Man of Bohemia by Jaroslav Kalfař Atmosphere by Taylor Jenkins Reid   Bianca's Five Star Reads: The Will of the Many by James Islington, Project Hail May by Andy Weird, Long Live the Pumpkin Queen by Shea Ernshaw, and Scythe by Neil Shusterman   Mirandia's Five Star Reads: Long Live the Pumpkin Queen, Long Love the Pumpkin Queen Graphic Novel by Liz Marsham, Breaking Without Sound by Draeko Campbell, A Parade of Horribles by Matt Diniman, The Mr. Ballin's Presents Strange Dark and Mysterious by Mr. Ballin, and Chasing Space by Leland Melvin   Bianca's Lowest Rated: With A Vengeance by Riley Sager   Mirandia's Lowest Rated: Woman Down by Colleen Hoover   Mirandia's Acquisitions: The Ink Slinger by Martina Sneed, Dark Sisters by Kristi DeMeester, and Three Times Removed by M.K. Jones   Mirandia's Recent Reads: Atmosphere by TJR and Parade of Horribles (Dungeon Crawler Carl #8)   Bianca's Acquisitions: The Ending Writes Itself by Evelyn Clarke, The Library of Amorlin by Kalyn Josephson, The Once and Future Queen by Paula Lafferty, Antique by Seth Panitch, and Catherine by Essie Fox   Bianca's Reads: City of Ashes by Cassandra Clare, Vengeful by V.E. Schwab, and And Now, Back to You by B. K. Borison.

Michael Smith—Managing Partner and Founder, Emerald Advisors Michael Smith shares how a client-first philosophy, niche specialization, and independence helped Emerald Advisors grow from $385mm to more than $1B in assets. In Summary What happens when an advisor builds a business around client service rather than operational efficiency? Jason Diamond speaks with Michael Smith, Founder and Managing Partner of Emerald Advisors, about the path from a successful Merrill practice to an independent RIA that has grown from approximately $385mm to more than $1B in assets. Along the way, Michael shares the story of being told he was “overservicing” clients, why that moment became a catalyst for independence, and how a highly specialized service model fueled the firm's growth. Drawing on lessons from a 24-year Navy career, Michael offers a perspective on leadership, specialization, client care, and what it takes to build a durable business in today's wealth management landscape. The Storyline Growth is often viewed as the result of marketing, referrals, acquisitions, or scale. Michael Smith sees it differently. After building a successful practice at Merrill, Michael found himself at odds with the constraints of the traditional wirehouse model. What ultimately stood out wasn't compensation, technology, or platform capabilities. It was a philosophical difference around client service. When he was told he was spending too much time helping clients navigate tax planning, equity compensation, and other financial decisions outside the traditional scope of investment management, he began to question whether the model aligned with the way he wanted to serve families. That realization eventually led him to launch Emerald Advisors in late 2019. The firm started with roughly 85 clients and approximately $385mm in assets. Today, Emerald serves more than 225 families and oversees more than $1B in assets. Throughout the conversation, Michael reflects on the lessons learned from building an independent firm, developing a niche around concentrated stock positions and executive compensation, navigating custodial and technology decisions, and creating a culture rooted in accountability and service. Underlying it all is a simple belief: when firms become highly intentional about who they serve and how they serve them, growth often becomes the outcome rather than the objective. Topics Covered Merrill breakaways and independence Client service as a growth driver Building an RIA RIA growth and scalability Organic growth strategies Concentrated stock positions and equity compensation planning Ideal client personas and niche specialization Schwab and Fidelity custody relationships Advisor succession and enterprise value Navy leadership principles in wealth management The rise of mega RIAs Advisor technology and infrastructure > Download a transcript of this episode… Listen and Learn Highlights for Advisors Why did being accused of “overservicing” clients become a turning point? (08:15)Michael explains how a conversation with management revealed a deeper misalignment between his client-service philosophy and the wirehouse model. What does client service look like beyond portfolio management? (11:30)The discussion explores how tax planning, equity compensation guidance, and proactive coordination can deepen client relationships. Why can specialization accelerate growth? (15:45)Michael shares why serving a defined niche often creates stronger referrals, greater expertise, and clearer positioning. How has the RIA landscape evolved since 2019? (20:30)Michael reflects on the rise of mega RIAs, changing technology capabilities, and why he believes independent firms still have significant advantages. What role do custodians really play in an independent business? (23:15)Michael discusses his experience working with Schwab and Fidelity and why he views custodians as strategic partners rather than competitors. Is the wirehouse model still the right fit for some advisors? (26:45)The conversation challenges the assumption that independence is the best path for everyone and explores the realities of running a business. Does reaching $1 billion in assets actually change anything? (32:45)Michael offers a practical perspective on growth, success, and why asset milestones can be misleading. What can advisors learn from the “steamboat” philosophy? (37:15)Drawing on his Navy experience, Michael shares a leadership framework that continues to shape how he approaches business building and decision-making. Key Takeaways Exceptional client service can become a meaningful competitive advantage when it extends beyond investment management. Independence gave Michael the flexibility to build a service model that aligned with his philosophy rather than adapting his philosophy to fit the platform. Developing a niche around executive compensation and concentrated stock positions helped accelerate Emerald's growth. The ability to make technology, custodial, and operational decisions quickly remains a significant advantage for independent firms. Not every advisor should be independent. Running a business requires a different set of skills and responsibilities than serving clients alone. Growth milestones are useful, but they do not define success. Michael believes success existed long before Emerald reached $1 billion in assets. High-performing teams with a clear client focus often find that growth becomes a natural byproduct of execution. https://youtu.be/RjzsMcC2DnY Quotable Moments “I literally had to go back and Google the word overservicing.” “Servicing the client is the most important thing that we can do today.” “If you serve a niche and you're very good at that niche, that word gets around.” “Growth becomes the outcome.” FAQs Can an advisor really “over-service” clients? The discussion explores the tension between efficiency and depth of service. While some business models prioritize scale and consistency, others are built around solving a broader range of client problems. The right answer often depends on the advisor's philosophy and business model. Does specialization still matter in a relationship business? Michael argues that developing expertise in a specific area can accelerate growth by making referrals easier and helping advisors become known for solving a particular set of problems. What actually changes when an advisor becomes independent? Beyond economics, independence often creates more flexibility around client service, technology, processes, and business decisions. At the same time, advisors assume responsibility for running the business itself. Is full independence the right path for every advisor? No. Michael acknowledges that many advisors benefit from the structure, support, and resources available within traditional firms. Independence offers flexibility, but it also introduces complexity and responsibility. How should advisors think about the $1 billion milestone? Michael views asset milestones as useful benchmarks but not measures of success. In his view, business quality, client outcomes, and sustainability matter more than any specific asset number. What role does an ideal client persona play in growth? Rather than trying to serve everyone, Emerald built its business around a clearly defined client profile. Michael believes that focus improves service, creates operational consistency, and supports organic growth. How can advisors balance growth with client service? One of the central themes of the episode is that growth and service are not necessarily competing objectives. In some cases, a differentiated service model becomes the reason a business grows. The discussion explores the tension between efficiency and depth of service. While some business models prioritize scale and consistency, others are built around solving a broader range of client problems. The right answer often depends on the advisor's philosophy and business model. Michael argues that developing expertise in a specific area can accelerate growth by making referrals easier and helping advisors become known for solving a particular set of problems. Beyond economics, independence often creates more flexibility around client service, technology, processes, and business decisions. At the same time, advisors assume responsibility for running the business itself. No. Michael acknowledges that many advisors benefit from the structure, support, and resources available within traditional firms. Independence offers flexibility, but it also introduces complexity and responsibility. Michael views asset milestones as useful benchmarks but not measures of success. In his view, business quality, client outcomes, and sustainability matter more than any specific asset number. Rather than trying to serve everyone, Emerald built its business around a clearly defined client profile. Michael believes that focus improves service, creates operational consistency, and supports organic growth. One of the central themes of the episode is that growth and service are not necessarily competing objectives. In some cases, a differentiated service model becomes the reason a business grows. Related Resources The Transitioning Advisor's Lament: Things I Wish I Knew Before Freedom vs. Familiarity: Is it Worth Disrupting Comfort for Something That Might Be Better? IBD vs. RIA Revisited: Two Independent Pathways for Advisors to Consider Advisor Transition Report 2026 Guest Bio Michael Smith, CPWA® is the Founder and Managing Partner of Emerald Advisors, an independent wealth management firm overseeing more than $1 billion in assets for affluent families, executives, and business owners with complex planning needs. Mike entered the wealth management industry in 2005 after a distinguished 24-year career in the United States Navy, where he served both as an enlisted sailor in the Submarine Force and later as a Limited Duty Officer aboard USS Abraham Lincoln and on major staffs around the world. He earned a Bachelor of Science in Management and an MBA with dual emphases in Finance & Accounting and International Business. Throughout his career, Mike has been known for his commitment to comprehensive planning, helping clients navigate complex issues involving concentrated stock positions, executive compensation, tax strategy, estate planning, philanthropy, and multi-generational wealth transfer. His client-first approach and passion for education have helped Emerald Advisors grow from a startup firm in 2019 to a nationally recognized RIA serving more than 225 families. Outside of the office, Mike is an avid ultrarunner, golfer, lifelong learner, and dedicated advocate for children’s health initiatives. He is a current member of the Legacy Council at Seattle Children’s Hospital and has served in leadership and board roles supporting the Juvenile Diabetes Research Foundation, the Barbara Davis Center for Diabetes, the ALS Association, and the Alyssa Burnett Adult Life Center. He is also the proud father of Kat Smith. 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… From “Overservicing” Clients to Building a $1B RIA: A Merrill Breakaway Story A conversation with Jason Diamond and Michael Smith, Managing Partner and Founder of Emerald Advisors.      Jason Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is From “Overservicing” Clients to Building a $1B RIA: A Merrill Breakaway Story. It’s a conversation with Michael Smith, managing partner and founder of Emerald Advisors. 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: Growth is often viewed as the result of better marketing, stronger referrals, a larger team and even acquisition and that’s all true yet growth can be the byproduct of something else entirely. For example, Michael Smith built a successful practice at Merrill then, one day, he was told he was spending too much time with his clients, or his management put it over-servicing clients. For Michael, that wasn’t a warning sign about his approach, it was a signal that he might have outgrown the firm and the model. Today, Michael is the founder and managing partner of Emerald Advisors, the independent RIA he launched in late 2019 with roughly 385 million in assets and 85 client relationships. Less than seven years later, the firm has grown to more than a billion in assets while remaining deeply focused on a highly-specialized client base and an unusually hands-on service model. What makes this story particularly interesting isn’t just the growth, it’s the thinking behind it. Michael’s perspective was shaped long before he entered wealth management. After serving more than two decades in the Navy, he brought a leadership philosophy centered on accountability, discipline and what he calls steamboat people, those who keep moving forward regardless of conditions, that mindset continues to influence how he builds his team, serves clients and evaluates opportunities. In this episode, we discuss the decision to leave Merrill, the realities of launching a fully independent RIA, why specialization can accelerate growth, the evolving role of custodians and technology and why he believes exceptional client service remains one of the industry’s most durable competitive advantages. Because Michael’s experience suggests that growth isn’t always the result of finding more opportunities, sometimes it’s the result of creating the freedom to execute the vision you already had so let’s jump in. Michael, thank you so much for joining us today. For starters, can you walk us through your background and what brought you to the world of wealth management? Michael Smith: Jason, thank you so much for the opportunity to be here today, I do listen to the podcast a lot especially before I left Mother Merrill. But my background and how I got into financial services is really distinct because I was on the board of JDRF back in the day and the national sponsor for JDRF was UBS PaineWebber and they’re like, “Mike, why don’t you be a financial advisor?” And my master’s degree was actually a finance and accounting in portfolio management because I’ve managed my own portfolio for years and years and so, when I couldn’t get a job, I just fell into it because I couldn’t get a job and I needed a job. That was 21 years ago, Memorial Day so that’s how I got into this industry. Jason Diamond: It’s a unique background, it’s super interesting and I want to talk more about it. You mentioned Mother Merrill, we’ll certainly get there. Before we do, give us a little bit of context on the current business you operate, Emerald Advisors, any context you can share on size, number of staff, types of clients you serve would be great. Michael Smith: Sure. So, we launched Emerald in 2019, November 2019 with about 85 clients and you always talk about this on the podcast how scared it is to launch and go independent. And I would say we took over about 95% of our clients that we wanted to bring over and today we’re at about 230 clients, I think we have some onboarding right now, we have just over a billion of assets. So, we launched with the 85 clients and around 350, 385 million, now we’re over a billion. Jason Diamond: Good for you. Michael Smith: Thank you. And I launched with four employees and we’re now at 11. And I would give a shout-out to one of my key employees because, when I launched, I actually hired somebody that had no experience with us and that was really a good thing because that allowed that person to really focus on operations and back office stuff while my business partner Emily and I were able to focus on bringing on the clients and alleviating any issues that they may have or thought. Jason Diamond: So, meaning you hired somebody basically immediately upon launch to help you with the transition and with this next chapter? Michael Smith: Correct. I hired them before but they started the day we launched. Jason Diamond: Brilliant, I love it. Oh, let’s definitely talk more about that because I think that’s a great strategy for … You’re right, you said it in a joking manner now because you’re seven years past but it’s a very real fear that advisors have and I think it’s worth talking more about. I want to mention too you have, obviously, built this business and grown this business dramatically. I don’t want to make this episode about the pandemic but you moved the business at a, certainly, a unique time. Did it impact your growth at all? Did you feel like you hit a brick wall? Just curious about your thoughts. Michael Smith: No, Jason, that’s a great observation. I would venture to say that the pandemic was actually a good thing for us. Jason Diamond: Interesting. Michael Smith: And I say that because, all of a sudden, you could hit pause because everyone was relearning how to do business, how do we do client reviews, how do we communicate with clients in a environment. So, I think the pandemic allowed us to just really reset our expectations visiting with clients because I used to fly a lot because I have clients in 38 different states so this has actually been, not just good for me, but good for the industry because I think it’s reset our expectations that we don’t have to be every day with a client facing. Jason Diamond: I agree with that largely and it’s true of our business too, by the way, it’s certainly reshaped the way people expect to be communicated with. I think Zoom has become much more mainstream, phone calls and we’ve heard from many other advisors who say something similar. I was just curious because you moved so close to or if there was an impact but I get, honestly, I think you’re right, it allowed you to have this nice natural inflection point and almost like flipping a switch of a clean slate. Michael Smith: It allowed us to learn the processes too. So, we launched in November 1st, by March we were in lockdown and so it gave us the opportunity to take several months of just learning the processes of how to be an RIA, it was pretty good. Jason Diamond: Absolutely. So, one of the things you mentioned in that was the way in which you serve clients and I’d read something funny and I think it was around the time of your move. You were talking about that, Merrill, you had a manager who spoke about that you would overserve your clients, you serve clients too much, tell me about that. Michael Smith: That was such an interesting topic because I got called down to the ops officer’s office and they’re like, “Ugh, Mike.” And it brought my admin down with me and they’re like, “Mike, these reports that you’re taking care of your clients too much,” and I’m like, “What do you mean?” “Well, you’re overservicing them.” Jason, I literally had to go back and Google the word overservicing because I was like, “How do you overservice the client? I’m not making their bed.” It was just so funny to me that I got counsel for overservicing clients when we’re in a client-facing job and I think that was part of the catalyst. Jason Diamond: Tell me more about what they meant, you think. Michael Smith: Hindsight, I think they … I like to take care of people which means I’m very intuitive towards taxes, I understand how the tax code works, I understand how everything impacts their bottom line. So, when we’re doing deferred comp enrollments or 401(k) enrollments or I’m a big believer in Roth 401(k)s and backdoor Roths and I’ve been doing them for years, I think what Mother Merrill wanted at that time was us not to do that. And, again, nothing against Merrill, I get it but this is how they wanted us to act and I wasn’t in that mold, I was taking care of clients to a much deeper depth is how I would say it. Jason Diamond: And I think that speaks to you outgrew the model not necessarily the firm. I think Merrill does a lot of things really well, you would agree with that, I think given that you built 85 clients and 350 million in assets is nothing to sneeze at. But the model that it seems like you value client service and an integrated client service experience of that and the wirehouse model oftentimes doesn’t put a premium on that. Tell me about your ethos or your thoughts around client service today and what being independent enables you to do. Michael Smith: So, that’s an interesting observation because one of my clients actually just mentioned to me that the reason we’re growing so much is because of our service model and the fact that we deliver a tremendous amount of value over just portfolio management. I said my managers is in portfolio management, I don’t do that any longer, I have a staff that handles that for me but it’s really the servicing of the clients because they don’t know what we know and I think servicing the client is the most important thing that we can do today. Jason Diamond: Give me some examples of what you mean by servicing the client in a more holistic way. I agree with you, by the way, portfolio management, table stakes, financial planning, table stakes, tell me more about what you mean. Michael Smith: By that I mean we do a quarterly review on tax. So, a lot of people don’t understand how taxes work and how estimated taxes work. So, estimated taxes are January 1st to March 31st, January 1st to May 31st, January 1st to August 31st, that’s how you do your estimated tax payments, you figure out what that is. And for compensated employees where they have RSUs that come in at different times of the year or different grants or exercise their options at a different time, that can affect their estimated tax liability and I’m not big on giving Uncle Sam any more money than they have to have until they need it. And then everyone doesn’t understand how the penalties and interest works on the IRS. And I’m big on the tax payments because that’s where we can add a lot of value for not a lot of time and we integrate it with our portfolio so we know what we’re doing with our gains. And I happen to reside in Washington State which has a long-term capital gains tax rate once you surpass about 270,000 of long-term capital gains. So, it’s super important for us to be aware of this and that’s how we service them. We also help them with their rebalancing of their 401(k)s, things that wirehouses cannot supposed to do, we are not supposed to be helping them with some of their aspects of life. Jason Diamond: Yup. That’s what I was alluding to earlier, it’s limitations on the model, not because they’re bad models, it’s just a different way, a different ethos around client service. You mentioned RSUs and corporate employees, I know that’s a niche you have is around concentrated stock positions and equity comp plans. I guess let me ask you two different questions around this. First of all, why that niche? Interested. And then, second of all, do you think a team needs to have a specialization to be competitive these days or do you think it’s okay just to be like, “My job is to be the best advisor and I want to service assets wherever those assets may come from?” Michael Smith: Another great observation. I’m going to address the niche first and foremost. I think, and I talked to R.J. Shook’s staff just recently, and having a niche gives you a specialization and it also accelerates your growth factor. If you serve a niche and you’re very good at that niche, then that word gets around. If you’re a jack of all trades, you can do lots of things but I don’t think you’re focused and you’re not hitting the right numbers that I like to see. And I think that would be my theme is the niche allows you to focus on a very specific type of ideal client, that’s a Schwab thing where you have an ideal client persona and our firm has an ideal client persona. As far as having the equity comp, I absolutely was one of the teams at Merrill Lynch that was equity compensation designated, I managed a couple of plans. My exposure to that, Jason, I haven’t thought about this in a very long time, came from UBS where I had team members that were colleagues that were associated with the Nextel Sprint plan. And I always thought that you’re taking care of the top executives but, really, my background being in the military was how do we take care of the troops, the troops, I call them sailors, and how do we educate those sailors. And one of the things I’ve always said in my entire career in the military and I still say to this day is 50% of every bonus or a promotion or something like that should go to long-term savings. So, I use that same mentality with RSUs, with stock options, with bonuses. Set that aside, let that grow because you’re not used to spending it and you will learn to spend what you make. Jason Diamond: I think that’s a great reason, it’s super smart and I love your explanation, it was a very simplistic way. Honestly, even I hadn’t thought about that around your niche, I think, becomes almost like a force multiplier for your own growth because it’s much easier to become the guy in X, Y, Z vertical than to be the guy in every financial advisor of America, across America. Let me ask you a follow-up question, you mentioned the ideal client persona. I spend a lot of time at our firm thinking about this as well, what does your ideal client persona look like. How do you think about an opportunity though that differs from that persona? So, it’s great. Obviously, everybody, it’s easy, you get somebody who’s your perfect prospect, they walk in the front door, sign me up. But when you get something that’s not down the fairway for you, is it just I evaluate it on a one-off basis or are you super disciplined to that approach because it’s who your firm is? Michael Smith: I truly haven’t given that a whole lot of thought but I will tell you how I would handle that because I am handling it with some one-offs. I like the opportunity because you’re stretching your brain in that you’re thinking about how somebody else is reacting so you’d never know. So, I like it from a learning perspective but I also know it comes with a lot of other baggage, I’ll call it baggage, because, all of a sudden, they want to short the market, they want to go long-short strategies. So, all of a sudden, they’re not in our niche and, all of a sudden, they’re taking a lot of time, they’re draining our time so I think you got to be very careful about what you wish for. And there’s a lot of great advisors out there that will walk circles around these topics that I’m like, “Okay, I would rather refer somebody so they get the right experience than give them the wrong experience.” Jason Diamond: I absolutely love that answer. The bow you just put on it, I think, is the appropriate way in my mind to put a bow. At the end of the day, wouldn’t you rather service somebody more optimally even if you don’t believe it’s yourself, I agree with that. I want to ask you one more point on the client service piece. I was playing around on your website and, on your service model, you have health as a component of the client experience of your diagram. Why do you think health matters in a financial context? Michael Smith: I always believed in a healthy mind and a healthy body will bring so much joy to you and I think health is just part of your persona. If you don’t take care of yourself and your body and your mind, then it doesn’t matter what I do, I think you got to start with health. So, I’m very big on the executive physicals, I routinely require all of our staff to have an annual physical. And, again, they’re young people but you got to have these annual … I live and breathe going to see a doctor every year to do my annual physical, not because I think I’m pretty good health, I still run, I do a lot of things but I think your life starts with being healthy. Jason Diamond: Yeah, it’s refreshing to hear that, no doubt. It’s funny to think about but 2019 is a long time ago now and, in RIA world, I almost think of it like dog years. You’ve been around the block now for a little while so I’m curious how have you seen this space change since you launched in 2019? Michael Smith: In 2019, I didn’t know what I was doing, I could barely get out a wet paper bag but I do think it’s changed dramatically. I would say the biggest thing I’ve seen in just the six and a half, almost seven years is the rise of the mega RIAs and how they’re going to shape the industry. Everyone talked about fee compression at Merrill Lynch. When I was at Merrill, we talked about fee compression, then they talked about robo-advisors and now they’re talking about artificial intelligence replacing advisors, I don’t believe that and I don’t think that’s going to happen in the RIA space. What I see the RIA space maturing is into these very big mega firms as well as these independent RIAs like myself that serve a very niche market where we can walk in our lane. The ability to transact today is so much easier as an RIA than it was at a wirehouse as well because we have instant access to technology. My military background, my Navy background says make a decision right, wrong or different, if you don’t like it afterwards or you get new data, course change. So, in our industry, we can change on a notice. I hired a tech firm last year, I didn’t like the experience nine months into it, guess what, they’re not coming back. So, I can do that but you can’t do that at the bigger firms and even the bigger mega firms would have a hard time navigating a change just like that on a dime. Jason Diamond: You bring up an interesting point. To the extent you face competition, do you find yourself competing more against traditional wirehouse type firms or RIAs like yourself, mega caps RIAs? Are your clients attuned to any of this? Michael Smith: That’s an observation I haven’t thought of either there, Jason. I would say I don’t feel that I have a … I know there’s competition out there but we have a growth issue more than we have anything else so I don’t … I can’t take on the clients that want to become my clients so I’m not competing with people too much. Jason Diamond: A capacity issue, you mean? Michael Smith: Yeah, I have a capacity issue. Jason Diamond: I think you’re not alone in that. How can I even think about competition and the like when … A lot of advisors would probably say that. I want to talk more about the capacity situation but, before I do, let’s talk a little more about the RIA setup. Who do you custody with, remind us, and why or how did you arrive at that decision? Michael Smith: Yeah. So, when I launched, I went with Schwab, Schwab is a phenomenal partner, they helped me get a lot of stuff done, I couldn’t have done it without Schwab. During the pandemic, I realized that I should probably … So, remember, during the pandemic, we had a lot of issues with the banking industry, it was almost like a financial crisis but in a very compressed time. So, during the COVID, I decided to add Fidelity as another custodian so now I have two custodians and I opened accounts on both sides of the house but I like the custodians that are there to help you, they’re very good at what they do. I don’t even consider them a competitor and they aren’t competitors, they have their own branch so I don’t consider them competitors, I think they’re my partners and both Charles Schwab and Fidelity are good partners. Jason Diamond: Yeah, I think that’s the healthy way to look at the custody relationship. That’s a very common approach, I think, is launching with one custodian and then adding a secondary custodian or a tertiary custodian down the line for one reason or another so I appreciate you sharing that because we get those types of nuts and bolts questions a lot so I figured I’d ask you. One last question on the setup and then we’ll shift gears. Has anything been a negative? So, you talked about leaving Mother Merrill behind and, Mother Merrill, we use it facetiously but obviously it implies a degree of comfort and the homeland so I’m curious if you miss anything. Michael Smith: I miss the camaraderie of being with a bunch of other folks. I mentioned this when I first launched, I mentioned it year over year with my team, the one thing that we miss as an RIA and, again, Dynasty has their benefits as well and the mega RIAs have their benefits but, if you’re a true independent like myself, we get to go to conferences that we want to and that’s a timing issue, really, a time constraint. But one thing Merrill and Morgan, JPMorgan, and the other big wirehouses have as well as the megas, they have the ability to put conferences together for their advisors or their administrators and have this education. That’s the one thing that, I think, would evolve in the RIA industry in the future as well. They’re not my competitors, they’re my business colleagues. And if we think of them as competitors, and a lot of people do because I don’t want to share my client information or what I do with my competitor because they may steal them, if you’re that insecure, then you’re probably not the right advisor in the first place. Jason Diamond: I don’t disagree with that. It’s interesting too, I hear two common answers to that question, not about Merrill but just about somebody who’s broken away, what do you miss about the captive firm world. Either on this podcast or just in conversations with advisors, brand comes up a lot and then the point you just raised. I’ll even hear like, “Hey, forget the conferences and the trainings, just being able to have an office where I’ve got eight other advisors on a row for me, it’s a little bit of a different setup than in the independent space,” and I think that’s just a reality of you take the good with the bad. And for other advisors, by the way, one of the things I want to ask you about to this point is do you believe that there are advisors that are just better served in the W2 traditional firm world or do you think that every advisor should be looking at the RIA space? Michael Smith: I think that wirehouse serves a great purpose and- Jason Diamond: Okay, me too. Michael Smith: … there’s a lot of great people that are great advisors in that wirehouse, they need the structure. What I hadn’t alluded to is, and I mentioned this to a former manager from Merrill Lynch of mine just recently, actually, I was like, “I don’t think advisors realize what it takes to run a business.” I’m not trying to sugarcoat it, running an RIA is hard work, it takes a lot of your time day in and day out to run a business as well as taking care of and servicing your clients so I do think the wirehouse venue is the right way to go. And, Jason, I want to go back to one other thing about your identity. I launched as the Smith Group because that’s what I was known at Merrill Lynch. Within three or four months, I changed that name to a firm because I did not want to be associated with it. So, when you’re at one of the wirehouses, you’re known as your team name or something of that sort, I didn’t want to be known as that, I wanted to be known as Emerald Advisors not the Smith Group because, all of a sudden, you have a single point of failure. So, brand identity, it’s not so unique inside the wirehouse because it’s a team name versus Merrill or Morgan Stanley or something like that. Jason Diamond: It’s a good segue because I’ll tell you where my mind goes when you bring that up. My mind goes is you’re smart in a way that you might not even realize or maybe you do realize which is that, if and when it ever comes time to sell this business, it is probably more valuable without your name attached to it or maybe not. But in some way, shape or form, as an RIA, you have an obligation to be thinking about that or it’s probably on your radar, maybe not an obligation. Have you given an ounce of thought to M&A either acquiring businesses, growing in that way or, ultimately, when you succeed out of this business and what the RIA space enables you to do? Michael Smith: To answer that question, yes. Everyone’s thinking about merger and acquisition, I think about succession planning from day one. I actually thought about I’m a big team person, I come from the submarine force where everyone is a key player on a submarine, every single person has a job and responsibility on a nuclear submarine. So, inside the financial services industry, I know Merrill Lynch was very big on teaming, I understand Morgan Stanley is as well because teaming gives them a breadth of responsibility where the responsibilities are shared. So, mergers and acquisitions or selling my business, I think, if you’re not thinking about that … And I’m not thinking about selling my business because that’s a distraction to me. If I needed the money, then I would’ve went to a wirehouse and that’s okay, you monetize your life’s work. Today, I’m all about what’s right for the client, what’s right for my team and what’s right for where I want to be in the next 10 to 20 years. So, I am growing, I do want to grow, I’m looking at opening offices in probably three locations in the next 24 months or so. Jason Diamond: Well, that’s what I was going to say, plenty of advisors I think would say the same, I have a lot of runway. But what about the other side of this equation which is you’ve had tremendous organic growth, you’ve tripled your client base, you’ve more than tripled the asset base, have you thought about acquisition as a mean to jet fuel the inorganic growth side of things? Michael Smith: I have but not in the typical sense that you’re looking at as buying a book of business. I want to partner with like-minded advisors that share that common thread of taking care of clients where you can serve as their trusted counsel and sit in the meetings with their attorneys and sit in the meetings with the accountants and give them sage counsel that you can only do because you’ve been with the family for 20 years. You know this family and that, not always, but I think that’s missed a lot in other firms. Jason Diamond: Yeah, I think that’s fair. I just thought of something else that you brought up. You brought Dynasty so I’m going to ask … I’m going to pull on this thread. That implies to me that you’re at least loosely aware of the supportive independence models that are out there yet you chose a very independent, autonomous path, why? Michael Smith: Because I didn’t know what I was doing. Jason Diamond: Fair. Michael Smith: Let’s be honest, I like Dynasty, I talked with Dynasty when I left. I talked to them all, I talked to Rockefeller, I talked to Morgan, I talked to Dynasty and then, when push came to shove, I wanted to be Mike Smith and launch my own firm and learn. And I will tell you, you learn drinking through a fire hose and we did that, we learned, I know the mistakes. What I didn’t want to do is just go to someplace where this is the stuff you’re going to have to use. So, I think Dynasty is a great launching platform, I think there’s other ones out there that are similar to Dynasty or the Rockefellers or the Morgans, it’s truly what you’re trying to achieve in life. What do you want for you and your clients and I always put my clients before me because I’ve always had this lifelong thing of, you do the right thing, you’re going to get taken care of. Jason Diamond: Yeah. And that’s a very common analysis, by the way, and it’s very common too for big advisors like yourself to say I did my homework across all of those different categories. I looked at the traditional wirehouses and regional firms and boutique firms, I looked at the independent broker dealers, I looked at the support platforms and the aggregators and the roll-ups and here’s ultimately what I landed on and why. Did you always know that though or was that something that it took you a diligence process to figure out? There was plenty of advisors, by the way, who come to us and they’re like, “I knew for the last five years that I was sitting there I was launching an RIA someday.” Michael Smith: Yeah. I did not know that and, to be honest with you, hindsight, I think one of those partners probably could have made me a little bit better at first because then I could have focused on clients versus focusing on, hey, how to open a business, who’s your technology … We talked about custodians and some other things but we didn’t talk about technology, how do you go find that technology. Where’s your email address come from? Who’s your chief compliance officer? When it resides on you, you got to look in the mirror. So, I think those parties out there that provide that for brand-new advisors launching could be very beneficial. I had in my mind what I needed to do and I knew I’m very frugal so mine boiled down to how much money I wanted to spend, to be honest with you. Jason Diamond: I think it is a cost benefit analysis, it is. It’s absolutely … Because if you list the functions of a support platform on paper and you showed it to somebody who didn’t know the industry, they would say, “Why on earth wouldn’t you do this? They’re taking off your plate compliance and tech and custody and the like,” and the answer is because there’s a cost associated with it and plenty of advisors decide what you decide, I wanted … Or I just wanted a greater degree of autonomy and freedom, to your point, the name on the door piece, I wanted this to be mine. Michael Smith: And, Jason, I think it also goes to the uncertainty. I had never done anything since Navy, financial advising and then launching. So, for me, I was launching with four employees I had to take care of and here I was going to hire a third party that I was going to have to spend X amount on and I didn’t even know what my income was going to be. That’s different if you’re a multi-billion dollar FA coming out of a wirehouse, the monetary dynamics are different. Jason Diamond: Agreed. Okay, here’s a good one for you. We get this concept from advisors, from firms, from private equity that a billion dollars in assets is like this magic number in our industry. Do you feel like anything’s changed now that you’re at a billion and what’s the next chapter for Emerald Advisors? Is it just continuing on this steady trajectory and serving clients and trust that everything else comes with that? Michael Smith: I go back and forth on a billion, everyone thinks that’s the right number, the biggest number that you need but I think it’s just an arbitrary numbers because it didn’t define who I was. And a lot of people define success at a billion, they define success that you’re a successful firm at a billion. I think I was a successful firm at 300 million, I was a successful financial advisor with 20 clients in 2005. I would say a billion is a multiplier, what I would tell new advisors out there today is gather assets. The more assets you have, the more revenue you generate. The more revenue you generate, the more money you can put in your pocket which means the longer you can stay in the industry. The problem with the industry is an attrition problem, not anything else. So, assets just give us the ability to have revenue which gives us the ability to grow. Jason Diamond: And is that the plan? Keep adding assets, keep growing one client at a time with the focus though, obviously, on what makes you which is a very client-centric service model. Michael Smith: Correct. There’s a lot of things I want to do in the next couple of years and expanding our footprint is our biggest one with the right partners and then just keep adding. I have a business development officer that I’m probably offer a job to here pretty soon and things are going well. Jason Diamond: Yeah, that’s great. You mentioned the tech stack and the other components of the business and I hear you on the frugal cost-benefit analysis. But who did you turn to for some of those early decisions, was it Schwab primarily who helped hold your hand through that? Michael Smith: Schwab was very good at helping me identify the tech stack at first and the tech stack is actually the one consistent, there’s a lot of things I’ve been consistent on but tech is one that I’ve stayed with them. I launched with RightSize, now they’re Advisory, they’re very good, they do the right job for us and I’m big on cybersecurity. So, tech was helpful from Schwab, Schwab helped us with that. Jason Diamond: So, we spoke a little bit about your naval experience but, I’m curious, can you tell us how has your naval experience shaped your perception or your experience in wealth management? Michael Smith: My Navy path was a lot different than many officers. I served 12 years as an enlisted person before I got my direct commission as a Mustang officer, typically called limited duty officers or loud, dumb and obnoxious as I like to say. But that experience gave me a unique perspective because I was able to be the enlisted side and officer which are the workers and then the management side so I had both experiences which was unique. When I was commissioned, Admiral Jerry Ellis, a submarine admiral that commissioned me, heard this lesson to the podium, he was just talking about me in this point but he said, “There are three kinds of people in every organization. You have rowboat people who need to be pushed, you have sailboat people who move whenever the conditions are favorable and then there’s steamboat people, they move continuously through calm or storm.” And he said, “This is Ensign Michael Smith,” he said, “Make your course.” And that’s always stood with me because you do have those three types of people in life. You got people that are just … They’re robo people, they go until they get tired. You got sailboat people that go wherever the wind blows them and then you got steamboat people that chart their own course. I would say for advisors out there make your course or just be happy with what you’re doing. But for some of us hard chargers, I think that analogy has stayed with me my entire career. Jason Diamond: It’s fantastic. I love the analogy, great naval tie in also. Thanks for sharing that. We got time for one more question. You have a fascinating background, a fascinating path to the industry, obviously, an incredibly disciplined approach around client service, any parting thoughts, words of wisdom especially as it relates to growth? That’s what strikes me most about your story is the growth that your move unlocked and that’s what every advisor who listens to our show is looking for. Michael Smith: I’m going to give another plug to Schwab on this. We actually were fortunate and I got their consulting group to come in right afterwards and I’m a big believer in having offsite. So, I’ve had an offsite, two offsites a year for my team and it’s the entire team unlike the wirehouses where you don’t take your admins and stuff like that. I take my entire team to an offsite and we group up on what we’re trying to achieve and have goals and objectives for the year. Schwab allowed us to use their consultants and we came up with our ideal client persona. Teams or firms that have this model become high performing. When you become high performing, growth becomes the outcome. I couldn’t do anything but grow. Jason, I couldn’t not grow because I had this ideal client persona, I knew how I was going to do it, it was measurable. So, growth becomes the outcome and, if you hold people responsible, then we’re all going to grow together and it’s a fun outcome. Jason Diamond: Fantastic, it’s a great place to end. Thank you so much for sharing your expertise with us, I can’t wait to see what the next chapter holds for Emerald, this has been a lot of fun. Michael Smith: Jason, thank you so much. I appreciate everything you do for the industry as well. Mindy Diamond: As a financial advisor, you hold yourself to the highest standards of integrity, honesty and credibility. You are successful because you take your professional responsibility seriously and are dedicated to your clients. But are you living your best business life? Are your goals aligned with your firms or could a better option exist? Should I Stay or Should I Go? Is a book written with you in mind? It’s a self-guided journey that walks you through the key steps that we take with our advisor clients. This strategic thought process and roadmap to professional self-discovery is designed to help you ask the right questions and think critically and objectively whether you’re considering change or not. Learn how to get your copy at diamond-consultants.com/thebook. From “Overservicing” Clients to Building a $1B RIA: A Merrill Breakaway Story A conversation with Jason Diamond and Michael Smith, Managing Partner and Founder of Emerald Advisors.      Jason Diamond: Welcome to the latest episode of our podcast series for financial advisors. Today’s episode is From “Overservicing” Clients to Building a $1B RIA: A Merrill Breakaway Story. It’s a conversation with Michael Smith, managing partner and founder of Emerald Advisors. 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: Growth is often viewed as the result of better marketing, stronger referrals, a larger team and even acquisition and that’s all true yet growth can be the byproduct of something else entirely. For example, Michael Smith built a successful practice at Merrill then, one day, he was told he was spending too much time with his clients, or his management put it over-servicing clients. For Michael, that wasn’t a warning sign about his approach, it was a signal that he might have outgrown the firm and the model. Today, Michael is the founder and managing partner of Emerald Advisors, the independent RIA he launched in late 2019 with roughly 385 million in assets and 85 client relationships. Less than seven years later, the firm has grown to more than a billion in assets while remaining deeply focused on a highly-specialized client base and an unusually hands-on service model. What makes this story particularly interesting isn’t just the growth, it’s the thinking behind it. Michael’s perspective was shaped long before he entered wealth management. After serving more than two decades in the Navy, he brought a leadership philosophy centered on accountability, discipline and what he calls steamboat people, those who keep moving forward regardless of conditions, that mindset continues to influence how he builds his team, serves clients and evaluates opportunities. In this episode, we discuss the decision to leave Merrill, the realities of launching a fully independent RIA, why specialization can accelerate growth, the evolving role of custodians and technology and why he believes exceptional client service remains one of the industry’s most durable competitive advantages. Because Michael’s experience suggests that growth isn’t always the result of finding more opportunities, sometimes it’s the result of creating the freedom to execute the vision you already had so let’s jump in. Michael, thank you so much for joining us today. For starters, can you walk us through your background and what brought you to the world of wealth management? Michael Smith: Jason, thank you so much for the opportunity to be here today, I do listen to the podcast a lot especially before I left Mother Merrill. But my background and how I got into financial services is really distinct because I was on the board of JDRF back in the day and the national sponsor for JDRF was UBS PaineWebber and they’re like, “Mike, why don’t you be a financial advisor?” And my master’s degree was actually a finance and accounting in portfolio management because I’ve managed my own portfolio for years and years and so, when I couldn’t get a job, I just fell into it because I couldn’t get a job and I needed a job. That was 21 years ago, Memorial Day so that’s how I got into this industry. Jason Diamond: It’s a unique background, it’s super interesting and I want to talk more about it. You mentioned Mother Merrill, we’ll certainly get there. Before we do, give us a little bit of context on the current business you operate, Emerald Advisors, any context you can share on size, number of staff, types of clients you serve would be great. Michael Smith: Sure. So, we launched Emerald in 2019, November 2019 with about 85 clients and you always talk about this on the podcast how scared it is to launch and go independent. And I would say we took over about 95% of our clients that we wanted to bring over and today we’re at about 230 clients, I think we have some onboarding right now, we have just over a billion of assets. So, we launched with the 85 clients and around 350, 385 million, now we’re over a billion. Jason Diamond: Good for you. Michael Smith: Thank you. And I launched with four employees and we’re now at 11. And I would give a shout-out to one of my key employees because, when I launched, I actually hired somebody that had no experience with us and that was really a good thing because that allowed that person to really focus on operations and back office stuff while my business partner Emily and I were able to focus on bringing on the clients and alleviating any issues that they may have or thought. Jason Diamond: So, meaning you hired somebody basically immediately upon launch to help you with the transition and with this next chapter? Michael Smith: Correct. I hired them before but they started the day we launched. Jason Diamond: Brilliant, I love it. Oh, let’s definitely talk more about that because I think that’s a great strategy for … You’re right, you said it in a joking manner now because you’re seven years past but it’s a very real fear that advisors have and I think it’s worth talking more about. I want to mention too you have, obviously, built this business and grown this business dramatically. I don’t want to make this episode about the pandemic but you moved the business at a, certainly, a unique time. Did it impact your growth at all? Did you feel like you hit a brick wall? Just curious about your thoughts. Michael Smith: No, Jason, that’s a great observation. I would venture to say that the pandemic was actually a good thing for us. Jason Diamond: Interesting. Michael Smith: And I say that because, all of a sudden, you could hit pause because everyone was relearning how to do business, how do we do client reviews, how do we communicate with clients in a environment. So, I think the pandemic allowed us to just really reset our expectations visiting with clients because I used to fly a lot because I have clients in 38 different states so this has actually been, not just good for me, but good for the industry because I think it’s reset our expectations that we don’t have to be every day with a client facing. Jason Diamond: I agree with that largely and it’s true of our business too, by the way, it’s certainly reshaped the way people expect to be communicated with. I think Zoom has become much more mainstream, phone calls and we’ve heard from many other advisors who say something similar. I was just curious because you moved so close to or if there was an impact but I get, honestly, I think you’re right, it allowed you to have this nice natural inflection point and almost like flipping a switch of a clean slate. Michael Smith: It allowed us to learn the processes too. So, we launched in November 1st, by March we were in lockdown and so it gave us the opportunity to take several months of just learning the processes of how to be an RIA, it was pretty good. Jason Diamond: Absolutely. So, one of the things you mentioned in that was the way in which you serve clients and I’d read something funny and I think it was around the time of your move. You were talking about that, Merrill, you had a manager who spoke about that you would overserve your clients, you serve clients too much, tell me about that. Michael Smith: That was such an interesting topic because I got called down to the ops officer’s office and they’re like, “Ugh, Mike.” And it brought my admin down with me and they’re like, “Mike, these reports that you’re taking care of your clients too much,” and I’m like, “What do you mean?” “Well, you’re overservicing them.” Jason, I literally had to go back and Google the word overservicing because I was like, “How do you overservice the client? I’m not making their bed.” It was just so funny to me that I got counsel for overservicing clients when we’re in a client-facing job and I think that was part of the catalyst. Jason Diamond: Tell me more about what they meant, you think. Michael Smith: Hindsight, I think they … I like to take care of people which means I’m very intuitive towards taxes, I understand how the tax code works, I understand how everything impacts their bottom line. So, when we’re doing deferred comp enrollments or 401(k) enrollments or I’m a big believer in Roth 401(k)s and backdoor Roths and I’ve been doing them for years, I think what Mother Merrill wanted at that time was us not to do that. And, again, nothing against Merrill, I get it but this is how they wanted us to act and I wasn’t in that mold, I was taking care of clients to a much deeper depth is how I would say it. Jason Diamond: And I think that speaks to you outgrew the model not necessarily the firm. I think Merrill does a lot of things really well, you would agree with that, I think given that you built 85 clients and 350 million in assets is nothing to sneeze at. But the model that it seems like you value client service and an integrated client service experience of that and the wirehouse model oftentimes doesn’t put a premium on that. Tell me about your ethos or your thoughts around client service today and what being independent enables you to do. Michael Smith: So, that’s an interesting observation because one of my clients actually just mentioned to me that the reason we’re growing so much is because of our service model and the fact that we deliver a tremendous amount of value over just portfolio management. I said my managers is in portfolio management, I don’t do that any longer, I have a staff that handles that for me but it’s really the servicing of the clients because they don’t know what we know and I think servicing the client is the most important thing that we can do today. Jason Diamond: Give me some examples of what you mean by servicing the client in a more holistic way. I agree with you, by the way, portfolio management, table stakes, financial planning, table stakes, tell me more about what you mean. Michael Smith: By that I mean we do a quarterly review on tax. So, a lot of people don’t understand how taxes work and how estimated taxes work. So, estimated taxes are January 1st to March 31st, January 1st to May 31st, January 1st to August 31st, that’s how you do your estimated tax payments, you figure out what that is. And for compensated employees where they have RSUs that come in at different times of the year or different grants or exercise their options at a different time, that can affect their estimated tax liability and I’m not big on giving Uncle Sam any more money than they have to have until they need it. And then everyone doesn’t understand how the penalties and interest works on the IRS. And I’m big on the tax payments because that’s where we can add a lot of value for not a lot of time and we integrate it with our portfolio so we know what we’re doing with our gains. And I happen to reside in Washington State which has a long-term capital gains tax rate once you surpass about 270,000 of long-term capital gains. So, it’s super important for us to be aware of this and that’s how we service them. We also help them with their rebalancing of their 401(k)s, things that wirehouses cannot supposed to do, we are not supposed to be helping them with some of their aspects of life. Jason Diamond: Yup. That’s what I was alluding to earlier, it’s limitations on the model, not because they’re bad models, it’s just a different way, a different ethos around client service. You mentioned RSUs and corporate employees, I know that’s a niche you have is around concentrated stock positions and equity comp plans. I guess let me ask you two different questions around this. First of all, why that niche? Interested. And then, second of all, do you think

The Fed kept rates steady as expected, but the central bank's quarterly projections now include the possibility of at least one hike later this year. Important Disclosures This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The {securities, investment products and investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. For illustrative purpose(s) only. Investing involves risk, including loss of principal, and for some products and strategies, loss of more than your initial investment. Supporting documentation for any claims or statistical information is available upon request. Past performance is no guarantee of future results. Diversification and rebalancing strategies do not ensure a profit and do not protect against losses in declining markets. Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please seeschwab.com/indexdefinitions. The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Digital currencies [such as bitcoin] are highly volatile and not backed by any central bank or government. Digital currencies lack many of the regulations and consumer protections that legal-tender currencies and regulated securities have. Due to the high level of risk, investors should view digital currencies as a purely speculative instrument. Cryptocurrency-related products carry a substantial level of risk and are not suitable for all investors. Investments in cryptocurrencies are relatively new, highly speculative, and may be subject to extreme price volatility, illiquidity, and increased risk of loss, including your entire investment in the fund. Spot markets on which cryptocurrencies trade are relatively new and largely unregulated, and therefore, may be more exposed to fraud and security breaches than established, regulated exchanges for other financial assets or instruments. Some cryptocurrency-related products use futures contracts to attempt to duplicate the performance of an investment in cryptocurrency, which may result in unpredictable pricing, higher transaction costs, and performance that fails to track the price of the reference cryptocurrency as intended. Please read more about risks of trading cryptocurrency futures here. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors. All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Schwab does not recommend the use of technical analysis as a sole means of investment research. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB. (0130-0626) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

With the Fed expected to keep rates unchanged, the dot-plot and Chairman Kevin Warsh's presser will be closely watched today as investors try to gauge the path of interest rates. Important Disclosures This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The {securities, investment products and investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. For illustrative purpose(s) only. Investing involves risk, including loss of principal, and for some products and strategies, loss of more than your initial investment. Supporting documentation for any claims or statistical information is available upon request. Past performance is no guarantee of future results. Diversification and rebalancing strategies do not ensure a profit and do not protect against losses in declining markets. Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please seeschwab.com/indexdefinitions. The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Digital currencies [such as bitcoin] are highly volatile and not backed by any central bank or government. Digital currencies lack many of the regulations and consumer protections that legal-tender currencies and regulated securities have. Due to the high level of risk, investors should view digital currencies as a purely speculative instrument. Cryptocurrency-related products carry a substantial level of risk and are not suitable for all investors. Investments in cryptocurrencies are relatively new, highly speculative, and may be subject to extreme price volatility, illiquidity, and increased risk of loss, including your entire investment in the fund. Spot markets on which cryptocurrencies trade are relatively new and largely unregulated, and therefore, may be more exposed to fraud and security breaches than established, regulated exchanges for other financial assets or instruments. Some cryptocurrency-related products use futures contracts to attempt to duplicate the performance of an investment in cryptocurrency, which may result in unpredictable pricing, higher transaction costs, and performance that fails to track the price of the reference cryptocurrency as intended. Please read more about risks of trading cryptocurrency futures here. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors. All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Schwab does not recommend the use of technical analysis as a sole means of investment research. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB. (0130-0626) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The Fed isn't seen changing rates tomorrow, but it's Kevin Warsh's first rodeo as chairman, which could mean drama. Housing data today follows yesterday's sharp oil-driven rally. Important Disclosures This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The {securities, investment products and investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. For illustrative purpose(s) only. Investing involves risk, including loss of principal, and for some products and strategies, loss of more than your initial investment. Supporting documentation for any claims or statistical information is available upon request. Past performance is no guarantee of future results. Diversification and rebalancing strategies do not ensure a profit and do not protect against losses in declining markets. Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please see schwab.com/indexdefinitions. The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Digital currencies [such as bitcoin] are highly volatile and not backed by any central bank or government. Digital currencies lack many of the regulations and consumer protections that legal-tender currencies and regulated securities have. Due to the high level of risk, investors should view digital currencies as a purely speculative instrument. Cryptocurrency-related products carry a substantial level of risk and are not suitable for all investors. Investments in cryptocurrencies are relatively new, highly speculative, and may be subject to extreme price volatility, illiquidity, and increased risk of loss, including your entire investment in the fund. Spot markets on which cryptocurrencies trade are relatively new and largely unregulated, and therefore, may be more exposed to fraud and security breaches than established, regulated exchanges for other financial assets or instruments. Some cryptocurrency-related products use futures contracts to attempt to duplicate the performance of an investment in cryptocurrency, which may result in unpredictable pricing, higher transaction costs, and performance that fails to track the price of the reference cryptocurrency as intended. Please read more about risks of trading cryptocurrency futures here. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors. All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Schwab does not recommend the use of technical analysis as a sole means of investment research. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB. (0130-0626) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Investors turn their attention to Kevin Warsh's first meeting as Fed chair after the SpaceX IPO and hopes for an Iran deal helped equities end a volatile week on a high note. Important Disclosures This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The {securities, investment products and investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. For illustrative purpose(s) only. Investing involves risk, including loss of principal, and for some products and strategies, loss of more than your initial investment. Supporting documentation for any claims or statistical information is available upon request. Past performance is no guarantee of future results. Diversification and rebalancing strategies do not ensure a profit and do not protect against losses in declining markets. Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please see schwab.com/indexdefinitions. The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Digital currencies [such as bitcoin] are highly volatile and not backed by any central bank or government. Digital currencies lack many of the regulations and consumer protections that legal-tender currencies and regulated securities have. Due to the high level of risk, investors should view digital currencies as a purely speculative instrument. Cryptocurrency-related products carry a substantial level of risk and are not suitable for all investors. Investments in cryptocurrencies are relatively new, highly speculative, and may be subject to extreme price volatility, illiquidity, and increased risk of loss, including your entire investment in the fund. Spot markets on which cryptocurrencies trade are relatively new and largely unregulated, and therefore, may be more exposed to fraud and security breaches than established, regulated exchanges for other financial assets or instruments. Some cryptocurrency-related products use futures contracts to attempt to duplicate the performance of an investment in cryptocurrency, which may result in unpredictable pricing, higher transaction costs, and performance that fails to track the price of the reference cryptocurrency as intended. Please read more about risks of trading cryptocurrency futures here. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors. All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Schwab does not recommend the use of technical analysis as a sole means of investment research. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB. (0130-0626) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

We're here to chat about writer's block, so pour yourself a cup of tea and let's get started!Don't forget to ⁠⁠⁠⁠follow us on Instagram⁠⁠⁠⁠ at theteagranniespodcast and email us to sign up for the writing discord. If you want more of The Tea Grannies, you can also join our ⁠⁠⁠⁠Patreon⁠⁠⁠⁠.Books & Resources in this Episode:The Artist's Way by Julia CameronThe Visible Life of V.E. Schwab (monthly newsletter by V.E. Schwab)On Writing by Stephen KingBird by Bird by Anne LamottOther Links:Email us to join our free discord, or just to chat! ⁠⁠⁠⁠theteagrannies@gmail.com⁠⁠⁠⁠Join our Patreon (free or paid!):⁠ ⁠⁠⁠⁠https://patreon.com/TheTeaGranniesPodcast⁠⁠⁠⁠⁠ Keep track of your writing session word counts with Trackbear!⁠ ⁠⁠⁠⁠⁠⁠https://trackbear.app/⁠⁠⁠

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Unleashed! The Political News Hour with Bruce Robertson – What the WEF and Schwab propose really is a new form of socialist, fascist tyranny that turns sovereign nations and their citizens into dependent subjects of one world government, one world bank, one world health organization, and one world military. Instead of all that, President Trump is rebuilding America's economic...

In this episode, Collin Martin and Liz Ann Sonders focus on the outlook for equities, fixed income, and the overall U.S. economy in the second half of 2026. They begin by discussing recent inflation data, noting that while CPI remains elevated, core inflation came in slightly better than expected. Both agree inflation is not quickly returning to the Fed's target, but easing expectations and stable inflation expectations suggest the Federal Reserve can remain patient for now. The key risk is whether higher prices, especially at the pump, begin to erode consumer spending, as real wages have turned negative year over year. From a policy perspective, Collin expects the Fed to stay on hold through year-end, despite the fed funds futures market pricingin a potential hike. He emphasizes that short-term yields should remain steady, while longer-term Treasury yields may stay elevated due to persistent inflation, heavy Treasury issuance, and global rate pressures. In this environment, he suggests favoring short-to-intermediate bond durations and selectively considering credit risk via investment-grade corporates, high yields, and preferred securities. Liz Ann focuses on the outlook for equity investors, highlighting a shift back to a negative correlation between bond yields and stocks—more characteristic of inflation-driven regimes. Her midyear forecast points to a solid economic backdrop, led by resilient GDP growth, strong capital spending tied to AI, and a healthy labor market, though some early warning signals are emerging in survey-based employment data. The episode closes with a cautious but constructive outlook: no immediate recession signals, but investors should consider prioritizing diversification, risk management, and periodically rebalancing as markets navigate inflation, policy uncertainty, and evolving leadership trends. On Investing is an original podcast from Charles Schwab. For more on the show, visit schwab.com/OnInvesting.  If you enjoy the show, please leave a rating or review on Apple Podcasts. Important Disclosures This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The securities, investment products and investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Past performance is no guarantee of future results. Investing involves risk, including loss of principal. Performance may be affected by risks associated with non-diversification, including investments in specific countries or sectors. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (REITs), fixed income, municipal securities including state specific municipal securities, small capitalization securities and commodities. Each individual investor should consider these risks carefully before investing in a particular security or strategy. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors. Lower rated securities are subject to greater credit risk, default risk, and liquidity risk. Treasury Inflation Protected Securities (TIPS) are inflation-linked securities issued by the US Government whose principal value is adjusted periodically in accordance with the rise and fall in the inflation rate. Thus, the dividend amount payable is also impacted by variations in the inflation rate, as it is based upon the principal value of the bond. It may fluctuate up or down. Repayment at maturity is guaranteed by the US Government and may be adjusted for inflation to become the greater of the original face amount at issuance or that face amount plus an adjustment for inflation. Treasury Inflation-Protected Securities are guaranteed by the US Government, but inflation-protected bond funds do not provide such a guarantee. Preferred securities are a type of hybrid investment that share characteristics of both stock and bonds. They are often callable, meaning the issuing company may redeem the security at a certain price after a certain date. Such call features, and the timing of a call, may affect the security's yield. Preferred securities generally have lower credit ratings and a lower claim to assets than the issuer's individual bonds. Like bonds, prices of preferred securities tend to move inversely with interest rates, so their prices may fall during periods of rising interest rates. Investment value will fluctuate, and preferred securities, when sold before maturity, may be worth more or less than original cost. Preferred securities are subject to various other risks including changes in interest rates and credit quality, default risks, market valuations, liquidity, prepayments, early redemption, deferral risk, corporate events, tax ramifications, and other factors. High-yield securities and unrated securities of similar credit quality (junk bonds) are subject to greater levels of credit and liquidity risks and may be more volatile than higher-rated securities. High-yield securities are considered predominately speculative with respect to the issuer's continuing ability to make principal and interest payments. All names and market data shown are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data. The policy analysis provided by Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please see schwab.com/indexdefinitions Negative correlation refers to investments that tend to move in opposite directions: when one rises, the other falls. A hyperscaler is a large-scale cloud service provider that offers vast computing, storage, and networking resources through a distributed infrastructure of interconnected servers and software. (0626-WG7N)   Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Any fresh developments around a possible Middle East peace plan could move markets after yesterday's rally, while consumer sentiment data outlines inflation expectations. Important Disclosures This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The {securities, investment products and investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. For illustrative purpose(s) only. Investing involves risk, including loss of principal, and for some products and strategies, loss of more than your initial investment. Supporting documentation for any claims or statistical information is available upon request. Past performance is no guarantee of future results. Diversification and rebalancing strategies do not ensure a profit and do not protect against losses in declining markets. Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please see schwab.com/indexdefinitions. The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Digital currencies [such as bitcoin] are highly volatile and not backed by any central bank or government. Digital currencies lack many of the regulations and consumer protections that legal-tender currencies and regulated securities have. Due to the high level of risk, investors should view digital currencies as a purely speculative instrument. Cryptocurrency-related products carry a substantial level of risk and are not suitable for all investors. Investments in cryptocurrencies are relatively new, highly speculative, and may be subject to extreme price volatility, illiquidity, and increased risk of loss, including your entire investment in the fund. Spot markets on which cryptocurrencies trade are relatively new and largely unregulated, and therefore, may be more exposed to fraud and security breaches than established, regulated exchanges for other financial assets or instruments. Some cryptocurrency-related products use futures contracts to attempt to duplicate the performance of an investment in cryptocurrency, which may result in unpredictable pricing, higher transaction costs, and performance that fails to track the price of the reference cryptocurrency as intended. Please read more about risks of trading cryptocurrency futures here. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors. All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Schwab does not recommend the use of technical analysis as a sole means of investment research. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB. (0130-0626) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Brad Spies runs Consensus, the 11-year-old big-tent crypto conference operated by CoinDesk. On day three of Consensus Miami 2026 he sits down with David Sencil to walk through what's actually different this year: 15,000 attendees, JP Morgan, Fidelity, Schwab, DTCC and Swift on the sponsor list, and 1,200 "normie businesses" reached out to about stablecoin onboarding.He's also candid about the Gensler-era detour to Toronto, the 2022 Austin apex (Method Man, Red Man, Disclosure, Celsius the day after), and his own crypto origin story: he bought his first Bitcoin in 2013 and sold it almost immediately. "I kick myself to this day."We cover:- Why JP Morgan, Fidelity, and Swift all bought booths this year- The institutional pipeline built behind closed doors over four years- Stablecoin workshops, normie-business onboarding, and the hackathon stack- Where Consensus goes after Miami 2027 and New York- Why "most every bank account will come with a wallet address"Filmed at Consensus 2026 in Miami.Host: David Sencil

Another round of inflation data arrives a day after consumer price data met expectations. Stocks fell sharply, though, due to rising Iran tensions and more selling of chip makers. Important Disclosures This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The {securities, investment products and investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. For illustrative purpose(s) only. Investing involves risk, including loss of principal, and for some products and strategies, loss of more than your initial investment. Supporting documentation for any claims or statistical information is available upon request. Past performance is no guarantee of future results. Diversification and rebalancing strategies do not ensure a profit and do not protect against losses in declining markets. Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please seeschwab.com/indexdefinitions. The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Digital currencies [such as bitcoin] are highly volatile and not backed by any central bank or government. Digital currencies lack many of the regulations and consumer protections that legal-tender currencies and regulated securities have. Due to the high level of risk, investors should view digital currencies as a purely speculative instrument. Cryptocurrency-related products carry a substantial level of risk and are not suitable for all investors. Investments in cryptocurrencies are relatively new, highly speculative, and may be subject to extreme price volatility, illiquidity, and increased risk of loss, including your entire investment in the fund. Spot markets on which cryptocurrencies trade are relatively new and largely unregulated, and therefore, may be more exposed to fraud and security breaches than established, regulated exchanges for other financial assets or instruments. Some cryptocurrency-related products use futures contracts to attempt to duplicate the performance of an investment in cryptocurrency, which may result in unpredictable pricing, higher transaction costs, and performance that fails to track the price of the reference cryptocurrency as intended. Please read more about risks of trading cryptocurrency futures here. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors. All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Schwab does not recommend the use of technical analysis as a sole means of investment research. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB. (0130-0626) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

There's $326 billion sitting in charitable accounts that face no legal requirement to ever pay out a cent — and the 2026 IPO wave is about to add hundreds of thousands more. Donor-advised funds are now 11 of the top 20 charities in the US by contributions, and the same vehicle that could fund the climate transition has spent two decades quietly funding the movement against it.In this episode, Susan Su reveals how DAFs became the fastest-growing force in American philanthropy, why that should bother anyone who cares about climate, and what donors can actually do about it.We cover:How financialization turned a sleepy 1931 community-foundation tool into the biggest charity engine in the country, once Fidelity, Vanguard, and Schwab got involved in the 1990sWhy DAFs are a regulatory free pass — immediate tax deduction, no payout requirement, near-total anonymity, and a clean way to erase capital gains before an IPOThe real cost to everyone else: the Institute for Policy Studies estimate that every $1 in a DAF carries a $0.74 taxpayer subsidyWhat's hiding behind the headline 20% payout rate, and why the median account tells a different storyHow DonorsTrust and Donors Capital Fund moved $479 million in untraceable money into the anti-climate movement — and how Fidelity, Schwab, and Vanguard routed $171 million to the groups behind Project 2025Why the IPO wave won't just mint a few whales but half a million minnows — the median Fidelity DAF holds just $23,500, which makes this everyone's problemFour ways DAF capital is uniquely suited to climate: catalytic first-loss equity, concessionary debt for first-of-a-kind projects, pooled funds, and funding the public goods markets ignoreOnly about 3% of US charitable giving goes to all environmental causes combined. Religious causes got 28% in 2020. The tool takes no sides — but right now, only one side is using it at scale.Read the full essay at climatemoney.substack.com.Warning: this could radicalize you.

CPI data due today will offer the latest inflation reading ahead of next week's Federal Reserve meeting, a day after chipmakers suffered a second rout in three trading sessions. Important Disclosures This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The {securities, investment products and investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. For illustrative purpose(s) only. Investing involves risk, including loss of principal, and for some products and strategies, loss of more than your initial investment. Supporting documentation for any claims or statistical information is available upon request. Past performance is no guarantee of future results. Diversification and rebalancing strategies do not ensure a profit and do not protect against losses in declining markets. Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please seeschwab.com/indexdefinitions. The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Digital currencies [such as bitcoin] are highly volatile and not backed by any central bank or government. Digital currencies lack many of the regulations and consumer protections that legal-tender currencies and regulated securities have. Due to the high level of risk, investors should view digital currencies as a purely speculative instrument. Cryptocurrency-related products carry a substantial level of risk and are not suitable for all investors. Investments in cryptocurrencies are relatively new, highly speculative, and may be subject to extreme price volatility, illiquidity, and increased risk of loss, including your entire investment in the fund. Spot markets on which cryptocurrencies trade are relatively new and largely unregulated, and therefore, may be more exposed to fraud and security breaches than established, regulated exchanges for other financial assets or instruments. Some cryptocurrency-related products use futures contracts to attempt to duplicate the performance of an investment in cryptocurrency, which may result in unpredictable pricing, higher transaction costs, and performance that fails to track the price of the reference cryptocurrency as intended. Please read more about risks of trading cryptocurrency futures here. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors. All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Schwab does not recommend the use of technical analysis as a sole means of investment research. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB. (0130-0626) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

What would you do with an uninterrupted four-hour block of quiet time? Nate shares how a family flight to Hawaii turned into a deep dive into the wartime history of Vanguard and its legendary founder, Jack Bogle. Nate highlights several foundational investing concepts that physician families may find helpful when evaluating long-term financial planning decisions. Nate also dives into the fascinating history behind why Vanguard was named after a British battleship and how Jack Bogle walked away from billions in personal wealth to keep profits in the pockets of everyday investors. He explains why Vanguard became the default many investors and how buying a piece of the entire market can make for a smoother ride compared to picking individual stocks. We also learn about "The Bogle Effect" and why you may not be at a financial disadvantage if your employer 403(b) or retirement account is housed at Fidelity or Schwab instead of Vanguard. Are you ready to turn worries about taxes and investing into a plan for college and retirement? If you're evaluating your options and want to learn more, visit physicianfamily.com and click 'Get Started' or you can ask a question of your own by emailing podcast@physicianfamily.com. See marketing disclosures at physicianfamily.com/disclosures

In Episode 302 of The Market Moment, Matt, Eli, and Isaac tackle the biggest financial news of the week: the highly anticipated SpaceX IPO. (And yes, it's also Annuity Awareness Month!) . We discuss the motivations behind this massive public offering and debate whether it's truly about raising capital or just creating a liquidity event for early investors. With almost every major bank backing the deal and everyday investors getting unprecedented access, we break down the math, the potential risks, and why it's crucial to look past the hype. Plus, we look at how other mega IPOs have historically performed after their first year. Key Takeaways ➡️ SpaceX Valuation: The company is coming to market with a staggering valuation of roughly $1.75 to $1.8 trillion. ➡️Retail Investor Access: Custodians like Robinhood, Fidelity, and Schwab are offering expanded access for retail investors, allocating around 30% of shares to retail investors. ➡️Index Inclusion Changes: Early plans to include SpaceX in the S&P 500 index just 10 days post-IPO have been reverted to the standard one-year waiting period. ➡️Funding Shortfalls: To bring the company to market, SpaceX needs to raise a total deal size of $86 billion, but there is a reported shortfall of around $28 billion. ➡️Historical Warning: Historically, mega IPOs (like Rivian and Uber) have seen an average drop of 28% twelve months post-IPO, emphasizing the need for a long-term investment horizon rather than expecting quick wins. 04:19 - Retail Access & Valuation Checks 09:33 - Index Rule Reversals & The Funding 16:22 - Historical Mega IPO Performance & Risk Management Linked Videos: https://www.youtube.com/live/vrX6fhBL3bM?si=AaYRNdlUXTmcF9EX https://www.blindsquirrelmacro.com/p/the-physics-of-spacex Enjoyed the episode? Don't forget to:

Tech stocks led the market higher to start the week after Friday's sell-off. With yields and rate hike expectations rising, CPI and PPI data will be highlights this week. Important Disclosures This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The {securities, investment products and investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. For illustrative purpose(s) only. Investing involves risk, including loss of principal, and for some products and strategies, loss of more than your initial investment. Supporting documentation for any claims or statistical information is available upon request. Past performance is no guarantee of future results. Diversification and rebalancing strategies do not ensure a profit and do not protect against losses in declining markets. Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please seeschwab.com/indexdefinitions. The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Digital currencies [such as bitcoin] are highly volatile and not backed by any central bank or government. Digital currencies lack many of the regulations and consumer protections that legal-tender currencies and regulated securities have. Due to the high level of risk, investors should view digital currencies as a purely speculative instrument. Cryptocurrency-related products carry a substantial level of risk and are not suitable for all investors. Investments in cryptocurrencies are relatively new, highly speculative, and may be subject to extreme price volatility, illiquidity, and increased risk of loss, including your entire investment in the fund. Spot markets on which cryptocurrencies trade are relatively new and largely unregulated, and therefore, may be more exposed to fraud and security breaches than established, regulated exchanges for other financial assets or instruments. Some cryptocurrency-related products use futures contracts to attempt to duplicate the performance of an investment in cryptocurrency, which may result in unpredictable pricing, higher transaction costs, and performance that fails to track the price of the reference cryptocurrency as intended. Please read more about risks of trading cryptocurrency futures here. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors. All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Schwab does not recommend the use of technical analysis as a sole means of investment research. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB. (0130-0626) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Don and Tom question whether the investment industry—and increasingly Vanguard—keeps creating new products simply to stay relevant rather than solve real investor problems. They critique Vanguard's new Target Retirement Lifetime Income Fund, which combines a target-date fund with an annuity, arguing that it sacrifices liquidity, introduces inflation risk, and obscures costs. They also take aim at Vanguard's new Active/Passive Model Portfolio Series, suggesting it adds unnecessary complexity and market-timing assumptions to what should be a straightforward indexing approach. Listener questions cover the risks of holding 72% of retirement assets in an ESOP and whether a military family should replace a simple Schwab index-fund portfolio for their two-year-old daughter with AVGE. The episode closes with a plug for The Line Uncrossed and a discussion of the real-life Civil War experiences that inspired the novel.0:12 Do investors really need new products and new ideas?2:11 Vanguard's Target Retirement Lifetime Income Fund and annuities in target-date funds4:29 Liquidity, inflation risk, and the tradeoffs of guaranteed retirement income7:44 Why immediate annuities often take years just to return your own principal9:16 Morningstar's skepticism of guaranteed-income retirement products10:46 Vanguard's new Dynamic Active Passive Model Portfolio Series12:42 Are active/passive hybrid portfolios solving a real problem?13:38 Has Vanguard lost its indexing compass?15:30 New Talking Real Money website features and submitting listener questions16:12 ESOP question: 72% of retirement assets tied to employer stock17:59 The dangers of concentrated company-stock positions21:29 Understanding ESOP returns versus traditional investments24:09 Why diversification matters more than past ESOP performance26:49 Using GI Bill benefits, a 529 plan, and a UTMA to fund a child's future28:27 AVGE versus a simple total-market index portfolio for a young child29:42 Why simplicity may be good enough for long-term investing success30:35 Discussion of The Line Uncrossed and its Civil War inspiration31:41 John B. Anderson, Andersonville Prison, and the history behind the bookQuestions? Comments? Click!

We discuss all the biggest headlines from Apple's big event with super analyst Dan Ives of Wedbush, Big Techology's Alex Kantrowitz and Capital Area Planning's Malcolm Ethridge. Plus, Space X is expected to begin trading at the end of the week. We drill down on how investors might be positioning ahead of that big IPO. And, Schwab's Liz Ann Sonders weighs in on today's market rebound. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Major market indexes plunged Friday after a hotter-than-expected jobs report lifted rate hike odds and Treasury yields. CPI and PPI are now in the spotlight this week. Important Disclosures This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The {securities, investment products and investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. For illustrative purpose(s) only. Investing involves risk, including loss of principal, and for some products and strategies, loss of more than your initial investment. Supporting documentation for any claims or statistical information is available upon request. Past performance is no guarantee of future results. Diversification and rebalancing strategies do not ensure a profit and do not protect against losses in declining markets. Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please seeschwab.com/indexdefinitions. The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Digital currencies [such as bitcoin] are highly volatile and not backed by any central bank or government. Digital currencies lack many of the regulations and consumer protections that legal-tender currencies and regulated securities have. Due to the high level of risk, investors should view digital currencies as a purely speculative instrument. Cryptocurrency-related products carry a substantial level of risk and are not suitable for all investors. Investments in cryptocurrencies are relatively new, highly speculative, and may be subject to extreme price volatility, illiquidity, and increased risk of loss, including your entire investment in the fund. Spot markets on which cryptocurrencies trade are relatively new and largely unregulated, and therefore, may be more exposed to fraud and security breaches than established, regulated exchanges for other financial assets or instruments. Some cryptocurrency-related products use futures contracts to attempt to duplicate the performance of an investment in cryptocurrency, which may result in unpredictable pricing, higher transaction costs, and performance that fails to track the price of the reference cryptocurrency as intended. Please read more about risks of trading cryptocurrency futures here. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors. All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Schwab does not recommend the use of technical analysis as a sole means of investment research. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB. (0130-0626) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Giving financial guidance to a college grad can be challenging, especially when advice is unsolicited or poorly timed. In this episode, host Mark Riepe is joined by returning guest, Patrick Means, to break down how to help new graduates make smarter financial and investing decisions by focusing on communication, not just content. Discover how to frame advice around a young adult's goals, avoid common pitfalls, and address behavioral biases such as procrastination and exponential growth bias. Plus learn the foundational habits that set college grads up for long-term financial success, from budgeting to investing. After you listen: Find more educational resources at Schwab Moneywise Teens. Learn more about the Schwab Teen Investing Account. Financial Decoder is an original podcast from Charles Schwab.  If you enjoy the show, please leave us a rating or review on Apple Podcasts. Reach out to Mark on X @MarkRiepe with your thoughts on the show. Follow Financial Decoder on Spotify to comment on episodes. Important Disclosures This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. For important information on the Schwab Teen Investor™ account, including restrictions and limitations, go to schwab.com/teen-account. Investing involves risk, including loss of principal. ​Past performance is no guarantee of future results. All corporate names and market data shown are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. 0626-U822 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Liz Ann Sonders and Collin Martin discuss the recent wave of IPO hype and the surge in investor interest driven by high-profile listings and large valuation headlines. They explain why headline market caps can be misleading, emphasizing the importance of float-adjusted valuations and how much stock is actually available to public investors. Despite attention-grabbing figures, the impact of these IPOs on major indexes like the S&P 500® may be smaller than many assume. Liz Ann and Collin discuss how potential changes to index inclusion rules, including shorter eligibility timelines and flexibility around profitability requirements, could alter how quickly newly public companies enter major benchmarks. In addition, they highlight structural dynamics such as lockup expirations and the gradual increase in share float over time, which can influence trading behavior well after the initial offering. Behavioral factors also play a central role in the discussion. Liz Ann revisits the risks of speculative investing, noting how FOMO and a "casino-like" market environment can lead investors to chase IPO hype rather than consider long-term portfolio fit. They stress the importance of discipline and context when evaluating new investment opportunities. The conversation then shifts to the broader macro backdrop, including the Federal Reserve's policy outlook and recent movements in the bond market. Collin outlines the Fed's likely wait-and-see approach amid rising inflation, noting that while the balance of risks has shifted, a single rate move may not signal a broader trend. They also discuss the potential impact of Fed decisions on long-term yields and overall market stability. Finally, Liz Ann and Collin preview upcoming economic data releases, including inflation reports, labor market indicators, and sentiment surveys, and discuss what they'll be watching in the week ahead. On Investing is an original podcast from Charles Schwab. For more on the show, visit schwab.com/OnInvesting.  If you enjoy the show, please leave a rating or review on Apple Podcasts. Important Disclosures This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The securities, investment products and investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Past performance is no guarantee of future results. Investing involves risk, including loss of principal. Performance may be affected by risks associated with non-diversification, including investments in specific countries or sectors. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (REITs), fixed income, municipal securities including state specific municipal securities, small capitalization securities and commodities. Each individual investor should consider these risks carefully before investing in a particular security or strategy. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors. Lower rated securities are subject to greater credit risk, default risk, and liquidity risk. All names and market data shown are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data. The policy analysis provided by Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please see ​schwab.com/indexdefinitions (0626-THZL)   Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Yesterday's rebound featured a rotation into financial and healthcare and out of chip stocks. Today could center around data in the nonfarm payrolls report, due at 8:30 a.m. ET. Important Disclosures This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The {securities, investment products and investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. For illustrative purpose(s) only. Investing involves risk, including loss of principal, and for some products and strategies, loss of more than your initial investment. Supporting documentation for any claims or statistical information is available upon request. Past performance is no guarantee of future results. Diversification and rebalancing strategies do not ensure a profit and do not protect against losses in declining markets. Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please see schwab.com/indexdefinitions. The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Digital currencies [such as bitcoin] are highly volatile and not backed by any central bank or government. Digital currencies lack many of the regulations and consumer protections that legal-tender currencies and regulated securities have. Due to the high level of risk, investors should view digital currencies as a purely speculative instrument. Cryptocurrency-related products carry a substantial level of risk and are not suitable for all investors. Investments in cryptocurrencies are relatively new, highly speculative, and may be subject to extreme price volatility, illiquidity, and increased risk of loss, including your entire investment in the fund. Spot markets on which cryptocurrencies trade are relatively new and largely unregulated, and therefore, may be more exposed to fraud and security breaches than established, regulated exchanges for other financial assets or instruments. Some cryptocurrency-related products use futures contracts to attempt to duplicate the performance of an investment in cryptocurrency, which may result in unpredictable pricing, higher transaction costs, and performance that fails to track the price of the reference cryptocurrency as intended. Please read more about risks of trading cryptocurrency futures here. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors. All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Schwab does not recommend the use of technical analysis as a sole means of investment research. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB. (0130-0626) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Markets could enter a holding pattern as participants consolidate before Friday's nonfarm payrolls report. Yields threatened 4.5% and oil threatens $100 as war jitters continue. Important Disclosures This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The {securities, investment products and investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. For illustrative purpose(s) only. Investing involves risk, including loss of principal, and for some products and strategies, loss of more than your initial investment. Supporting documentation for any claims or statistical information is available upon request. Past performance is no guarantee of future results. Diversification and rebalancing strategies do not ensure a profit and do not protect against losses in declining markets. Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please seeschwab.com/indexdefinitions. The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Digital currencies [such as bitcoin] are highly volatile and not backed by any central bank or government. Digital currencies lack many of the regulations and consumer protections that legal-tender currencies and regulated securities have. Due to the high level of risk, investors should view digital currencies as a purely speculative instrument. Cryptocurrency-related products carry a substantial level of risk and are not suitable for all investors. Investments in cryptocurrencies are relatively new, highly speculative, and may be subject to extreme price volatility, illiquidity, and increased risk of loss, including your entire investment in the fund. Spot markets on which cryptocurrencies trade are relatively new and largely unregulated, and therefore, may be more exposed to fraud and security breaches than established, regulated exchanges for other financial assets or instruments. Some cryptocurrency-related products use futures contracts to attempt to duplicate the performance of an investment in cryptocurrency, which may result in unpredictable pricing, higher transaction costs, and performance that fails to track the price of the reference cryptocurrency as intended. Please read more about risks of trading cryptocurrency futures here. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors. All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Schwab does not recommend the use of technical analysis as a sole means of investment research. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB. (0130-0626) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Most Americans are far less prepared for retirement than many assume. Don and Tom discuss new Federal Reserve data showing that only about half of Americans have retirement accounts, the median retirement balance is just $200,000, and only a tiny percentage of retirees have more than $1 million saved. They explain why starting early, saving consistently, and avoiding speculative investing matter far more than chasing hot stocks or market trends. The episode also covers Social Security misconceptions, the challenges of retiring on limited income, concerns about Schwab's Teen Investor Account, and the importance of teaching young people disciplined long-term investing habits.0:11 How many Americans actually have enough saved for retirement?2:08 Federal Reserve data on retirement account ownership3:18 The surprisingly low median retirement balance4:47 Why advisors chase million-dollar clients5:07 Income, education, and retirement savings disparities7:06 Homeownership and wealth accumulation8:25 The importance of simply getting started9:41 Why Fidelity says it takes roughly 27 years to reach $1 million10:56 Saving versus investing and the dangers of speculation12:03 Leaving retirement money alone during market and life crises14:08 Bellevue, Nebraska caller asks about Social Security earnings limits15:11 Social Security taxation and claiming considerations16:32 Discussion of Edward Jones and advisor relationships19:29 Can a 76-year-old buy a home with $400 monthly payments?21:44 Schwab Teen Investor Account review22:39 Why Don dislikes stock-picking education for teenagers25:12 How custodians profit from trading activity26:35 Better ways to teach young people about investing27:31 Free advisor meetings and listener resourcesQuestions? Comments? Click!

The ADP report on May jobs growth is due before the open, while chip giant Broadcom reports after the close. Stocks keep posting record highs, and breadth improved Tuesday. Important Disclosures This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The {securities, investment products and investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. For illustrative purpose(s) only. Investing involves risk, including loss of principal, and for some products and strategies, loss of more than your initial investment. Supporting documentation for any claims or statistical information is available upon request. Past performance is no guarantee of future results. Diversification and rebalancing strategies do not ensure a profit and do not protect against losses in declining markets. Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please seeschwab.com/indexdefinitions. The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Digital currencies [such as bitcoin] are highly volatile and not backed by any central bank or government. Digital currencies lack many of the regulations and consumer protections that legal-tender currencies and regulated securities have. Due to the high level of risk, investors should view digital currencies as a purely speculative instrument. Cryptocurrency-related products carry a substantial level of risk and are not suitable for all investors. Investments in cryptocurrencies are relatively new, highly speculative, and may be subject to extreme price volatility, illiquidity, and increased risk of loss, including your entire investment in the fund. Spot markets on which cryptocurrencies trade are relatively new and largely unregulated, and therefore, may be more exposed to fraud and security breaches than established, regulated exchanges for other financial assets or instruments. Some cryptocurrency-related products use futures contracts to attempt to duplicate the performance of an investment in cryptocurrency, which may result in unpredictable pricing, higher transaction costs, and performance that fails to track the price of the reference cryptocurrency as intended. Please read more about risks of trading cryptocurrency futures here. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors. All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Schwab does not recommend the use of technical analysis as a sole means of investment research. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB. (0130-0626) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

We discuss what could be next for stocks' record run with Schwab's Kevin Gordon and Northwestern Mutual's Matt Stucky. Plus, star analyst Dan Ives gives his instant reaction to the biggest headlines out of Microsoft's Developer Conference. And, Goldman Sachs' Greg Calnon tells us where he is seeing further upside in the market right now. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Tech led a narrow rally to new record highs to start the week, and investors now wait for earnings from Palo Alto Networks today and Broadcom tomorrow. Job openings data also loom. Important Disclosures This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The {securities, investment products and investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. For illustrative purpose(s) only. Investing involves risk, including loss of principal, and for some products and strategies, loss of more than your initial investment. Supporting documentation for any claims or statistical information is available upon request. Past performance is no guarantee of future results. Diversification and rebalancing strategies do not ensure a profit and do not protect against losses in declining markets. Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please seeschwab.com/indexdefinitions. The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Digital currencies [such as bitcoin] are highly volatile and not backed by any central bank or government. Digital currencies lack many of the regulations and consumer protections that legal-tender currencies and regulated securities have. Due to the high level of risk, investors should view digital currencies as a purely speculative instrument. Cryptocurrency-related products carry a substantial level of risk and are not suitable for all investors. Investments in cryptocurrencies are relatively new, highly speculative, and may be subject to extreme price volatility, illiquidity, and increased risk of loss, including your entire investment in the fund. Spot markets on which cryptocurrencies trade are relatively new and largely unregulated, and therefore, may be more exposed to fraud and security breaches than established, regulated exchanges for other financial assets or instruments. Some cryptocurrency-related products use futures contracts to attempt to duplicate the performance of an investment in cryptocurrency, which may result in unpredictable pricing, higher transaction costs, and performance that fails to track the price of the reference cryptocurrency as intended. Please read more about risks of trading cryptocurrency futures here. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors. All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Schwab does not recommend the use of technical analysis as a sole means of investment research. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB. (0130-0626) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The guys discuss Russell Henley's win at the Charles Schwab and preview this week's NCAA Men's Division I championships. Grant Boone, Hale Irwin, Brentley Romine, and more join as our guests to discuss all things happening in and around the wide world of golf. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

While jobs data is prevalent in coming days, earnings from chip giant Broadcom on Wednesday keep tech in focus, too. Nonfarm payrolls loom Friday, and Nvidia's Huang speaks today. Important Disclosures This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The {securities, investment products and investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. For illustrative purpose(s) only. Investing involves risk, including loss of principal, and for some products and strategies, loss of more than your initial investment. Supporting documentation for any claims or statistical information is available upon request. Past performance is no guarantee of future results. Diversification and rebalancing strategies do not ensure a profit and do not protect against losses in declining markets. Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please seeschwab.com/indexdefinitions. The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Digital currencies [such as bitcoin] are highly volatile and not backed by any central bank or government. Digital currencies lack many of the regulations and consumer protections that legal-tender currencies and regulated securities have. Due to the high level of risk, investors should view digital currencies as a purely speculative instrument. Cryptocurrency-related products carry a substantial level of risk and are not suitable for all investors. Investments in cryptocurrencies are relatively new, highly speculative, and may be subject to extreme price volatility, illiquidity, and increased risk of loss, including your entire investment in the fund. Spot markets on which cryptocurrencies trade are relatively new and largely unregulated, and therefore, may be more exposed to fraud and security breaches than established, regulated exchanges for other financial assets or instruments. Some cryptocurrency-related products use futures contracts to attempt to duplicate the performance of an investment in cryptocurrency, which may result in unpredictable pricing, higher transaction costs, and performance that fails to track the price of the reference cryptocurrency as intended. Please read more about risks of trading cryptocurrency futures here. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors. All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Schwab does not recommend the use of technical analysis as a sole means of investment research. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB. (0130-0626) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Earnings from Dell after the close Thursday reinforced AI demand strength and could be supportive for the tech trade. Oil prices and yields could be leading indicators today. Important Disclosures This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The {securities, investment products and investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions. For illustrative purpose(s) only. Investing involves risk, including loss of principal, and for some products and strategies, loss of more than your initial investment. Supporting documentation for any claims or statistical information is available upon request. Past performance is no guarantee of future results. Diversification and rebalancing strategies do not ensure a profit and do not protect against losses in declining markets. Indexes are unmanaged, do not incur management fees, costs, and expenses and cannot be invested in directly. For more information on indexes, please see schwab.com/indexdefinitions. The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party. Digital currencies [such as bitcoin] are highly volatile and not backed by any central bank or government. Digital currencies lack many of the regulations and consumer protections that legal-tender currencies and regulated securities have. Due to the high level of risk, investors should view digital currencies as a purely speculative instrument. Cryptocurrency-related products carry a substantial level of risk and are not suitable for all investors. Investments in cryptocurrencies are relatively new, highly speculative, and may be subject to extreme price volatility, illiquidity, and increased risk of loss, including your entire investment in the fund. Spot markets on which cryptocurrencies trade are relatively new and largely unregulated, and therefore, may be more exposed to fraud and security breaches than established, regulated exchanges for other financial assets or instruments. Some cryptocurrency-related products use futures contracts to attempt to duplicate the performance of an investment in cryptocurrency, which may result in unpredictable pricing, higher transaction costs, and performance that fails to track the price of the reference cryptocurrency as intended. Please read more about risks of trading cryptocurrency futures here. Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications, and other factors. All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Schwab does not recommend the use of technical analysis as a sole means of investment research. The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc. Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. Google Podcasts and the Google Podcasts logo are trademarks of Google LLC. Spotify and the Spotify logo are registered trademarks of Spotify AB. (0131-0526) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Bank of America is refunding annual fees for every Spirit credit cardholder and product-changing them into no-fee cards. Mark thought he found a hack in Choice Hotels' gas promo — until Choice's IT outsmarted him. Discover dropped the best welcome offer in its history: $200 after $500 spend, plus double cash back the first year. Then there's the Sapphire Reserve debate — when does pay-yourself-back make the annual fee worth it? What we cover: Spirit credit cardholders get annual fee refunds from Bank of America Choice Hotels gas promo: 8,000 points for a $50 card? Not so fast Discover's best-ever offer: $200 bonus + double cash back = five quarters of 5% Capital One acquiring Discover — could cash back become miles? Rethinking the Sapphire Reserve: when couponing actually works Pay Yourself Back at 1.25 cents and who should keep the card Schwab cashout strategy: turning Membership Rewards into cash Episode Guide: 0:00 - Welcome to MTM Travel 1:01 - Spirit Credit Card Update 5:47 - Choice Hotels Gas Promo 11:17 - Why Discover Card Right Now 16:13 - Rethinking the Sapphire Reserve 22:08 - Spouse Points & Wrap-Up ✈️ Track your travel credit cards for free

How long can stocks continue to fly high without a bigger broadening trade? We discuss with Schwab's Chief Investment Strategist Liz Ann Sonders. Plus, Former Federal Reserve Chairman Richard Clarida tells us why he is revising his rate forecast for 2026. And, stocks hit new highs on hopes for a deal between the US and Iran. When an agreement is reached, what does it mean for areas of the market that have surged and those that haven't? Renaissance Macro's Jeff DeGraaf tells us what he thinks. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

This Episode is Sponsored by Lodgify If you have been thinking about building your own direct booking channel and reducing your reliance on the OTAs, Lodgify is worth a serious look. It brings your booking website, channel management, guest messaging, and unified inbox into one place. VRS listeners can get 60% off yearly and bi-yearly plans with code VRS-60, valid through June 30th. Visit Lodify and use code VRS-60 to get started.  > Click here to visit Lodgify.com _________________________________________________________________________________________ A year ago, Steve Schwab closed one of the most talked-about deals in the short-term rental industry - the acquisition of Vacasa by Casago. At the time, he described it as surreal and exciting. A year on, the headline has given way to the hard work: integrating systems, transitioning markets, reshaping a culture, and doing all of it while holding onto the belief that this is, at its core, a relationship business. In this conversation, Heather catches up with Steve to take stock of that year - what has worked, what has been harder than anticipated, and what the ongoing Casago-Vacasa integration has taught him about leadership at scale. They also get into AI: how Steve is approaching it inside a franchise organisation that spans everything from small, locally owned operations to private equity-backed enterprises, why he talks about making Casago bionic rather than robotic, and the very real challenge of bringing people along when the pace of change is so fast that even the most enthusiastic adopters are missing fundamentals. The episode closes with something genuinely new for the industry: a free, community-based AI learning network on Circle, built for STR professionals at every level of familiarity with AI. Steve and Heather are both actively involved, and this conversation is part of the launch. If you have been curious about AI but not sure where to start, or looking for a place to ask questions without feeling foolish, this community is worth knowing about.  ________________________________________________________________________________________________________________________________________

If you're drowning in debt and someone offers a lifeline, make sure it's not really an anchor. When debt feels overwhelming, it's natural to look for a way out. And there are several options that sound helpful at first: debt consolidation, debt settlement, and debt management. But while those terms are sometimes used interchangeably, they are not the same—and they can lead to very different outcomes. Neile Simon, a Certified Credit Counselor with Christian Credit Counselors (CCC), joined the show today to explain the differences and help listeners understand which approach best reflects both financial wisdom and biblical responsibility. Debt Consolidation: A Quick Fix With Real Risks Debt consolidation is often appealing because it rolls multiple debts into one new loan. Instead of making several payments to different creditors, you make one payment on the consolidation loan. That may sound simpler and, in some cases, reduce confusion. But Neile explains that these loans often come with interest rates between 15% and 22%, depending on your credit score. And while consolidation may feel like a fresh start, it does not necessarily solve the deeper problem. The biggest risk is that consolidation allows you to keep your credit card accounts open. If spending habits don't change, many people end up running up new credit card balances while still owing on the consolidation loan. In other words, consolidation can turn one debt problem into two. Proverbs 13:11 says, “Wealth gained hastily will dwindle, but whoever gathers little by little will increase it.” Debt freedom usually doesn't come through a quick fix. It comes through steady, faithful steps over time. Debt Settlement: A Dangerous Path Another option people often hear about is debt settlement. These companies typically promise to negotiate with creditors so you can pay less than the full amount owed. But Neile warns that debt settlement can be misleading and financially damaging. In many cases, debt settlement companies require you to stop paying your creditors. That means your credit may be severely damaged, and the impact can be almost as serious as bankruptcy. There are other consequences as well. Any forgiven debt may be treated as taxable income, and you may receive a 1099-C at the end of the tax year. In addition, after a period of nonpayment, creditors may pursue legal action, which could result in liens on property or wage garnishment, depending on your state. For Christians, there's also a biblical concern. Psalm 37:21 says, “The wicked borrows but does not pay back.” While every situation requires wisdom and compassion, Scripture calls us to take responsibility for what we owe whenever it is in our power to do so. Debt Management: A More Faithful Way Forward Debt management is different from both consolidation and settlement. Through a credit counseling agency like Christian Credit Counselors, you can enroll in a debt management program that helps you repay your debts in full while often reducing your interest rates and monthly payments. Instead of taking out a new loan, you make a single monthly payment to the credit counseling agency, which distributes it to each creditor in the program. The goal is not to avoid the debt, but to pay it back in a structured and manageable way. Neile explains that interest rates through a debt management program may range from 1% to 12% APR, allowing many people to pay off debt much faster. One important thing to know is that creditors typically close the accounts you enroll in the program. However, you are not required to enroll every account. That can actually be a benefit. Closing accounts helps break the cycle of relying on credit and builds new habits of spending, saving, and stewardship. Proverbs 3:27 says, “Do not withhold good from those to whom it is due, when it is in your power to do it.” Debt management reflects that principle by helping people honor their debts while finding a sustainable path forward. Why Debt Management Is Often the Best Option Debt management is often the preferred solution because it addresses both the financial and behavioral sides of debt. It lowers interest rates and simplifies payments, but it also requires a change in habits. That matters because debt freedom is not just about reducing balances. It's about learning to live differently going forward. The team at Christian Credit Counselors begins with education and offers a free consultation to help people understand their options. They also approach debt repayment from a biblical perspective, offering prayer, encouragement, and support along the way. For anyone feeling overwhelmed by debt, the first step is not to panic. It's wisdom. Get the facts, understand the differences, and choose a path that helps you repay what you owe while building healthier financial habits for the future. To learn more, visit FaithFi.com/CCC. On Today's Program, Rob Answers Listener Questions: I know you're not generally a fan of annuities, but I have a diversified portfolio—about $1.3 million in IRAs and a 401(k), plus about $200,000 in liquid assets. If my five-year annuity matures and I roll the full amount into another annuity without taking withdrawals, will I owe taxes on that rollover? I've saved enough to cover about four or five years of living expenses, and we have no debt. Should I live off those savings before tapping into retirement benefits, or preserve them and start drawing from retirement now? I'm considering converting $575,000 from my traditional IRA to a Roth IRA over five years and paying the taxes as I go. Once the money is in the Roth and meets the five-year rule, will future interest and gains be tax-free? I have a 10-year HVAC service contract that costs about $41 a month and includes spring and fall maintenance visits, though service calls still have a fee. Since I already have a 10-year manufacturer's warranty on major components, is this service contract worth keeping? I've been with my employer for 44 years, am moving to part-time, and plan to retire fully in August. I have about $500,000 in my 401(k), recently started Social Security at 65, and am still contributing. Should I roll part of my 401(k)—maybe $100,000—into an IRA now for supplemental income, or wait until later? And should I keep it with Empower or move it to Fidelity, Vanguard, or Schwab? Resources Mentioned: Faithful Steward: FaithFi's Quarterly Magazine (Become a FaithFi Partner) Christian Credit Counselors (CCC) Our Ultimate Treasure: A 21-Day Journey to Faithful Stewardship by Rob West Wisdom Over Wealth: 12 Lessons from Ecclesiastes on Money Look At The Sparrows: A 21-Day Devotional on Financial Fear and Anxiety Rich Toward God: A Study on the Parable of the Rich Fool Find a Certified Kingdom Advisor® (CKA) FaithFi App Remember, you can call in to ask your questions every workday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God's resources. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.