Podcasts about schwab impact

Oliver Renick sits down with Rick Wurster at the 2024 Schwab IMPACT conference in San Francisco, CA. Wurster will be assuming the CEO title on January 1, 2025 and discusses the path ahead for Charles Schwab heading into his new tenure. Plus, Oliver asks about Schwab's latest earnings report and what higher yields mean for the company's financial outlook. ======== Schwab Network ======== Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribe Download the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185 Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7 Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watch Watch on Vizio - https://www.vizio.com/en/watchfreeplus-explore Watch on DistroTV - https://www.distro.tv/live/schwab-network/ Follow us on X – https://twitter.com/schwabnetwork Follow us on Facebook – https://www.facebook.com/schwabnetwork Follow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Jon Beatty, head of Schwab Advisor Services, joins the Watch List to discuss Schwab IMPACT 2024. He says investors are currently interested in tax planning and optimization. A.I. is another hot topic as investors and financial advisors look to take advantage of the technology. He also talks about personalization and alternative investments including crypto. ======== Schwab Network ======== Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribe Download the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185 Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7 Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watch Watch on Vizio - https://www.vizio.com/en/watchfreeplus-explore Watch on DistroTV - https://www.distro.tv/live/schwab-network/ Follow us on X – https://twitter.com/schwabnetwork Follow us on Facebook – https://www.facebook.com/schwabnetwork Follow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Live from the Schwab Impact 2024 Conference in San Francisco Charles Schwab's Liz Ann Sonders tells us what she thinks could be next for stocks. Plus, Malcolm Ethridge of Capital Area Planning Group and Odyssey Capital Adviors' Jason Snipe tell us what they are expecting from Nvidia earnings out in Overtime. And, we break down what's behind bitcoin's big run.

This week on the Lead to Win Podcast, we visit with Bret Magpiong about how leaders can use failure to add value both personally and for those they lead. Bret has served his entire professional career as both an advisor to entrepreneurs, executives, professional athletes, entertainers, and their respective companies and as a C-Level executive for various wealth advisory firms. Many of the individuals and companies he has advised and served have been recognized on the Forbes 400 and Fortune 500 listings. He has been featured in The Wall Street Journal, the RIA Channel, the Family Wealth Alliance, and Schwab IMPACT. Brett also wrote a book entitled "The Delta Theorem--an Innovative Framework for being Fully Alive and Truly Wealthy", which launched in May of 2023. The book unearths the role you play in the larger story of life and facilitates your discovery of how you can live at your fullest, highest, and best. Episode Takeaways: Having a powerful why, which includes priorities, principles, and passion, is key to success. Effort and learning from failure are essential components of achieving goals. Leaders can enhance their impact by knowing their purpose and taking action. Failure is a natural part of life and can lead to personal growth and learning. Failure is an opportunity for growth and learning. Fear of failure can be overcome by reframing it as a chance to learn and improve. Leaders can create a culture of learning from failure by modeling vulnerability and taking risks themselves. Self-reflection and post-mortem analysis are essential for understanding and learning from mistakes. The true wealth in life comes from more than just financial success; it includes relational, physical, and mental well-being. Brett's Links: X (Twitter): https://twitter.com/BretMagpiong?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor https://www.deltatheorem.com/ *Music by Alex Grohl on Pixabay --- Support this podcast: https://podcasters.spotify.com/pod/show/lead2win/support

Navigating the tech world easily, John O'Connell transformed himself from a Programmer to an Entrepreneur and masterfully led a company to its first IPO. Today, As the CEO and Founder of The Oasis Group, John spearheads growth, guiding firms in wealth management, fintech, and financial services to transcend limits and rejuvenate their growth trajectories.In this not-to-be-missed episode, recorded live from Schwab IMPACT, John and I delve deep into the mind of a visionary who's not just leading the charge but rewriting the playbook of technological evolution. John's odyssey is nothing short of legendary from his early days of coding wizardry to architecting the future of data management with industry behemoths like Sybase and Oracle. As a vanguard in the database revolution, he's sculpted the landscape of customer relations and data management, turning complex challenges into groundbreaking triumphs.But hold onto your seats because John's saga doesn't stop there. In 2019, John founded The Oasis Group, and as CEO today, steering asset managers, independent broker-dealers, and registered investment advisors through the digital transformation of the 21st century. John was named to the  InvestmentNews Hot List last year and his work was featured in the T3 Technology Tools for Today T3 2024 Conference stage along with Joel Bruckenstien and Survey. So, plug in, ignite your curiosity, and prepare to be captivated by a tech entrepreneur who's not just walking the tech talk but is blazing a trail for the digital titans of tomorrow. Our conversation with John will help redefine your perspective on technology and leadership in the suite. Links - John O'Connell - LinkedIn - The Oasis Group - Website - "Rise of The Activist Investor" - Amazon Page - T3 Technology Tools for Today 2023 Survey - Link to Survey

When it comes to solving the problems of asset management, there's one disruptor that stands out and is in a class by himself. That name is Devon Drew.With a career spanning over 17 years at prominent asset management institutions like Vanguard and J.P. Morgan Chase, Devon's stroke of genius is shaping the future of asset management in unprecedented ways. Devon is the founder and CEO of AssetLink (formerly DFD Partners), a data-driven distribution platform to help smaller, demographically underrepresented asset managers scale up their distribution strategies. Devon is named among Wealth Management.com's coveted list of "10 to watch in 2024."In today's enlightening episode, recorded live from Schwab IMPACT, Devon discusses the inception of DFD - Diligence Fund Distributors - the company he founded in 2021. We also get an insider's view into DFD's platform, AssetLink, the first-of-its-kind AI-powered, bidirectional platform for investment discovery. AssetLink, approved on Schwab's platform, is transforming how asset managers and advisors connect, offering a dynamic, intelligent solution for investment matching.Devon's platform has already attracted the attention of major players like JP Morgan, American Century Investments, Ritholtz Wealth and others. Today, AssetLink boasts participation from 67 asset managers and over 7,400 advisors, marking a new era in asset management collaboration.In our compelling dialogue, Devon emphasizes the transformative power of technology, not only as a tool for efficiency but as a catalyst for equality and community-building within the financial advisory landscape.For transformative leaders bold enough to tackle the status quo like Devon, today's conversation with Devon illustrates the transformative power of what it means to be forward-thinking In The Suite.LinksAssetLink - https://assetlink.ai/DFD Partners - https://dfdpartners.com/Devon Drew LinkedIn - https://www.linkedin.com/in/devon-drew-cima%C2%AE-crpc-4b63111a/Devon Drew X - https://twitter.com/DevonDFDDevon Drew Instagram - https://www.instagram.com/devongdrew/

The host briefly breaks down the most expensive tables in the industry: Schwab Impact's vendor hall. Best booth set up, best activations, and best giveaways are discussed

Jeffrey Kleintop, Chief Global Investment Strategist at Charles Schwab & Co, discusses finding opportunities outside the US. Chloe Berry, Head of Infrastructure Income Strategy at Brookfield Asset Management, shares her thoughts on the “3 Ds” of infrastructure; deglobalization, decarbonization and digitization. David Botset, Head of Equity Product Management at Schwab Asset Management, provides the details of Schwab's ETFs and Beyond study. Kevin Gordon, Senior Investment Strategist at Charles Schwab & Co, explains why the biggest risk for the market is its deteriorating breadth profile. Manju Boraiah, Head of Custom SMA Investments at Allspring Global Investments, makes the case for separately managed accounts as an investment vehicle. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

Jeffrey Kleintop, Chief Global Investment Strategist at Charles Schwab & Co, discusses finding opportunities outside the US. Chloe Berry, Head of Infrastructure Income Strategy at Brookfield Asset Management, shares her thoughts on the “3 Ds” of infrastructure; deglobalization, decarbonization and digitization. David Botset, Head of Equity Product Management at Schwab Asset Management, provides the details of Schwab's ETFs and Beyond study. Kevin Gordon, Senior Investment Strategist at Charles Schwab & Co, explains why the biggest risk for the market is its deteriorating breadth profile. Manju Boraiah, Head of Custom SMA Investments at Allspring Global Investments, makes the case for separately managed accounts as an investment vehicle. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

Rick Wurster, President of Charles Schwab, talks about the challenges advisors are currently facing. Joe Grogan, Head of Distribution at WisdomTree, discusses making investing simple. Kathy Jones, Chief Fixed Income Strategist at Schwab Center for Financial Research, explains why it's been an unprecedented year for bonds. Jalina Kerr, Managing Director and Head of Client Experience for Schwab Advisor Services, provides details on the latest products and solutions for Schwab's RIA clients. And we Drive to the Close with Ben Kirby, Co-Head of Investments at Thornburg Investment Management. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

Rick Wurster, President of Charles Schwab, talks about the challenges advisors are currently facing. Joe Grogan, Head of Distribution at WisdomTree, discusses making investing simple. Kathy Jones, Chief Fixed Income Strategist at Schwab Center for Financial Research, explains why it's been an unprecedented year for bonds. Jalina Kerr, Managing Director and Head of Client Experience for Schwab Advisor Services, provides details on the latest products and solutions for Schwab's RIA clients. And we Drive to the Close with Ben Kirby, Co-Head of Investments at Thornburg Investment Management. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

Today's conversation in the suite is about extraordinary journeys with Megan Gorman. Megan is the Founder and Managing Partner at Chequers Financial Management, a female-owned high-net-worth tax and financial planning firm in San Francisco, California, that started nearly 8 years ago. Megan's financial career began when she took her first tax class at Rutgers Law School after earning a B.S. in history from Bryn Mawr College and studying in London. Her insatiable curiosity and passion for exploring financial issues through the lens of psychology, culture, and history has spawned a specialization in tax planning, a firm with a single premise:  to establish long-term, lasting relationships best to serve the needs of high-net-worth individuals and families. Driven by this passion, she spent almost 20 years advising wealthy families on navigating their financial lives in her roles at Goldman Sachs and BNY Mellon Wealth Management before starting Chequers. The name Chequers Financial Management has special significance you'll discover about 15 minutes into our conversation and derives its meaning from the U.K. It is the second home of the U.K. Prime Minister, and today is Rishi Sunak. Megan is a deep thinker, and her efforts have earned her the distinction of being named to the Forbes 2022 list of America's top women wealth advisors. She's also a senior contributor at Forbes, writing on the intersection of her passions: tax, finance, retirement, and estate planning. She's frequently quoted in prominent financial media outlets, including the Washington Post, CNN, and The Wall Street Journal, and more! She can be heard weekly on the Money Tree Investing Podcast panel, discussing trending topics in the investment world. In addition to everything she already does, Megan has recently joined the advisory board of Swaay Media Inc. Her other engagements include Schwab Impact, Tory Burch Foundation, Chief, and Better Place Forests. Just WOW.In fact, one of the many gifts you'll discover about Megan Gorman in this episode is her unmistakable passion for problem-solving and bold entrepreneurial journeys. As an adjunct law professor at Golden Gate School of Law and the author of www.thewealthintersection.com, she shares sound advice on taking control of our taxes and finances in the present and planning for our future destiny In The Suite. ResourcesChequers Financial ManagementMegan Gorman LinkedIn Megan Gorman TwitterMegan Gorman ForbesThe Wealth IntersectionNational Endowment for Financial Education Mercy Brown Bag Program

Beginning the new season of The Black Swans podcast is Megan Gorman, who breaks down the latest tax proposals in Biden's American Jobs Plan and American Families Plan, which cover child tax credits, capital gains rates, and more. Gorman found her passion for taxes after leaving her small hometown in New Jersey for college; today, she's a founder and managing partner of Chequers Financial Management in San Francisco, with clientele ranging from entrepreneurs to those with inherited family wealth. Hear her also explain the ins and outs of a career in estate planning in this episode.  Megan Gorman is the founder and managing partner of Chequers Financial Management, a female owned high net worth tax and financial planning firm in San Francisco, California. Megan's clientele ranges from entrepreneurs to corporate executives to inherited family wealth. An attorney by training, she is passionate about the problem-solving required to work in the world of complex financial planning. Megan spent the first part of her career as a Vice-President at Ayco, A Goldman Sachs Company and BNY Mellon Wealth Management. She has a B.A. in History from Bryn Mawr College and a JD from Rutgers School of Law. She is a Senior Contributor at Forbes and writes on personal finance and income tax. She is frequently quoted across prominent financial media outlets, including The Wall Street Journal, The Washington Post, CNBC and US News. Megan also speaks on topics including taxes, retirement and estate planning. Her recent engagements include Schwab Impact, Tory Burch Foundation, Chief and Better Place Forests. She can be heard weekly on the panel of the Money Tree Investing Podcast discussing trending topics in the investment world. She is also appearing regularly on WealthManagement.com's Celebrity Estates: Wills of the Rich and Famous Podcast where recent episodes include discussions on the estate plans of Tom Petty, Prince and Luke Perry. Megan is currently serving on the Rutgers Law School Alumni Board and on the Board of Trustees for the National Endowment for Financial Education (NEFE). She is an adjunct professor of law at Golden Gate School of Law. Connect with Megan on Twitter @megan_e_gorman  https://www.thewealthintersection.com/

Lex Sokolin iLex Sokolin is a futurist and an entrepreneur focused on the next generation of financial services. He is the global fintech co-head at ConsenSys, a blockchain technology company building the infrastructure, applications, and practices that enable a decentralized world. Lex focuses on emerging digital assets, public and private enterprise blockchain solutions, and decentralized autonomous organizations. Previously, Lex was the global director of fintech strategy at Autonomous Research (acquired by AllianceBernstein), an equity research firm serving institutional investors, where he covered artificial intelligence, blockchain, neobanks, digital lenders, roboadvisors, payments, insurtech, and mixed reality. Before Autonomous, Lex was COO at AdvisorEngine, a digital wealth management technology platform, and CEO of NestEgg Wealth, a roboadvisor that partnered with financial advisors. Prior to NestEgg, Lex held roles in investment management and banking at Barclays, Lehman Brothers and Deutsche Bank. Lex is a contributor of thought leadership to The Wall Street Journal, The Economist, Bloomberg, the Financial Times, Reuters, American Banker, ThinkAdvisor, and InvestmentNews, among others. He is a regular speaker at industry conferences such as Money2020, LendIt, Schwab Impact, In|Vest, T3 Enterprise Edition, and Consensus. He earned a JD/MBA from Columbia University and a BA in economics and law from Amherst College.   “The good news is that I didn’t have any money, or whatever money I did have I put into some discounted Lehman stock thinking these guys knew what they’re talking about. And if there’s so much confidence, and they have such fancy suits, and they get paid so much, this thing’s got to … go up. And of course ... it didn’t go up, not at all, not in any way whatsoever, it just went down.” Lex Sokolin, on his time at Lehman Brothers in 2007     Support our sponsor   Today’s episode is sponsored by the Women Building Wealth membership group, the complete proven step-by-step course to guide women from novice to competent investor. To learn more, visit: WomenBuildingWealth.net.     Worst investment ever Fresh graduate joins Lehman Brothers analyst program The year was 2006. Lex had just graduated from his undergraduate degree in economics. It was still cool to work in finance. He joined the Lehman Brothers’ analyst program alongside 40-50 people when the brand was very strong. His intake were young kids out of school, and associates. They were starting at the investment management division. One of the orientation activities was a stock-picking contest in which new staff had three months to generate the highest returns in a no-risk setting. Wins stock-picking contest just as big banks start to fail He won, which did amazing and damaging things for his ego. He was on top of the world as he had bested Stanford and Harvard people, and was on the road to success. It was now 2007. Bear Stearns appeared to be failing and collapsed shortly afterward. Rumors were circulating that the big banks had a lot of bad debt on their balance sheets and that they couldn’t meet their obligations. A liquidity crisis was looming and Lehman was in the crosshairs. Staff 401K packages are matched in Lehman stock At the time, Lex was in this investment management business and the Lehman price was around US$120 per share. Then it started to fall. It halved its value to 60. Then it plunged to 20 and Lex remembers that day. There was a strong corporate culture at Lehman Brothers. The corporate color was green so people would say everybody leaves green because everyone’s on the same team. So managing directors got paid in Lehman stock as a percentage of their accomplishments. Analysts such as Lex were matched in their 401K plans in stock. If you saved $10,000 you would get $10,000 in Lehman stock and nothing else. Also, staff could buy more stock at a 20% discount. Gordon-Gekko type invokes team spirit, tells staff to invest in Lehman stock So Lehman stock was $20, and it had been falling for months. Lex watched as the New York branch manager, an 80s throwback with Gordon Gekko suspenders and haircut, was saying that the stock price was ridiculous and that it had never been so cheap, so he was directing staff to buy more Lehman stock. Mr. Greed is Good was among people managing $80 billion in that business and another $200 billion in an adjacent business. Lex was 22 so seeing such experienced people made him think it was a good idea. The good news was that he didn’t have much money, because the stock never recovered and due to politics and personal animosity, and the devious dealings of Goldman Sachs, the whole company was the only one not saved by the bailout or takeover deals. Lehmans went to zero. Lehmans alone was left out in the cold Merrill Lynch also collapsed, but it was taken over by the Bank of America. So it didn’t go to zero. Bear Stearns had collapsed earlier but it was bought by JP Morgan. Lehman was the example for the whole world of learning how to be punished, and seeing the destruction of wrong balance sheet construction. Lehman was not a worse business than Merrill, it was a better business than Merrill, and it was not a worse business than Bear Stearns. What however happened was that when it was time to talk about a bailout, all the people in the room, from the treasury secretary to all the other banks, every single person had been a Goldman Sachs (GS) employee. 401K matching also went to zero also So Lex’s retirement package also matched Lehman’s and went to zero. So as a young analyst who was really good at virtual stock games none of the outcome was part of his decision process and was not something he knew. So understanding that this was not an exception, that the world is defined by these edge cases, that the whole thing is just these edge cases, was an extremely valuable takeaway. While he lost everything he had at the time, in the long horizon, “things turned out quite all right”.   “I was a super interesting moment, I am so incredibly grateful for having that early in my career, you know, two years into my career, because I saw everything from the behavioural biases that people have about the places where they work, the problems of over indexing and to one particular security, and then more than anything, you know, like idiosyncratic risk that you really can’t predict.” Lex Sokolin     Some lessons Overconcentration in any position exposes you to great idiosyncratic risk This is the kind of risk that you cannot create a model for, nor can you have any good sense for it, because it is unknowable. Diversification in portfolio construction is the answer Build a portfolio without overexposing yourself to any particular holding – diversify. If you’re doing a barbell strategy, make sure the other side of the barbell is really conservative, so if you one of your positions fails, it doesn’t harm your portfolio in a big way. People are not reliable sources of information Most of the time the information you’re receiving from other people is based on emotion. They might dress it up in technical language, but it’s not useful information. It’s just how they feel.   “So understanding that this (Lehman’s collapse) was not an exception, that the world is defined by these edge cases, that the whole thing is just these edge cases … was a majorly valuable takeaway.” Lex Sokolin     Andrew’s takeaways Benefits of diversification Risk disappears or reduces very quickly, in the beginning as you start to blend stocks together. “Diversification is the seat belt and blending in some sort of other instruments, such as bonds for example, is the airbag.” Common mistakes Collated from the My Worst Investment Ever series, the six main categories of mistakes made by interviewees, starting from the most common, are: Failed to do their own research Failed to properly assess and manage risk Were driven by emotion or flawed thinking Misplaced trust Failed to monitor their investment Invested in a start-up company Misplaced trust Particularly for young people, you see senior financial experts managing billions of dollars, and you think: “This guy’s got to know.” Andrew always says, everyone’s ultimately making it up, this man or that woman just has a lot more experience making it up than others, and maybe has some great experience in risk management or another area. It’s hard to rely on humans to give you great information It’s also hard to rely on machines, or charts or data, to give you correct information     Actionable advice Figure out what know that you know and what you know that you don’t know Everything flows from that: the selection of your investment philosophy, the selection of your risk tolerance and your ability to put money to work. Figure out your goals for the financial planning you’re doing. Ask yourself the following: Why are you investing? What are you trying to get out of it? How are you going to behave when different scenarios play out in your investment’s performance? What kind of investor are you? Do you need help? Do you want to delegate that to somebody who will make you feel more secure and give you a smarter overlay? Or do you want to do it yourself?     No. 1 goal for next the 12 months Lex at ConsenSys, one of the largest blockchain technology companies in the world, is focused on the tokenization of securities and the “connective tissue” between the traditional financial world and the world of digital assets, crypto assets, and how the two connect through platforms and software. So he’s trying to build some cool tools for people to get access to financial instruments that historically they either didn’t have enough money to do or was just too difficult to get involved with. It’s a very interesting opportunity because there has been a lot of pushback recently against cryptocurrencies at every level.     Parting words If listeners would like to keep up with some fintech news and developments, Lex invites you to check out his Twitter or follow him on LinkedIn for his newsletter.     You can also check out Andrew’s books   How to Start Building Your Wealth Investing in the Stock Market   My Worst Investment Ever   9 Valuation Mistakes and How to Avoid Them   Transform Your Business with Dr. Deming’s 14 Points  Connect with Lex Sokolin LinkedIn Twitter Website Email Connect with Andrew Stotz Astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast Further reading mentioned Harry Markowitz (1971) Portfolio Selection: Efficient Diversification of Investments   s a futurist and an entrepreneur focused on the next generation of financial services. He is the global fintech co-head at ConsenSys, a blockchain technology company building the infrastructure, applications, and practices that enable a decentralized world. Lex focuses on emerging digital assets, public and private enterprise blockchain solutions, and decentralized autonomous organizations. Previously, Lex was the global director of fintech strategy at Autonomous Research (acquired by AllianceBernstein), an equity research firm serving institutional investors, where he covered artificial intelligence, blockchain, neobanks, digital lenders, roboadvisors, payments, insurtech, and mixed reality. Before Autonomous, Lex was COO at AdvisorEngine, a digital wealth management technology platform, and CEO of NestEgg Wealth, a roboadvisor that partnered with financial advisors. Prior to NestEgg, Lex held roles in investment management and banking at Barclays, Lehman Brothers and Deutsche Bank. Lex is a contributor of thought leadership to The Wall Street Journal, The Economist, Bloomberg, the Financial Times, Reuters, American Banker, ThinkAdvisor, and InvestmentNews, among others. He is a regular speaker at industry conferences such as Money2020, LendIt, Schwab Impact, In|Vest, T3 Enterprise Edition, and Consensus. He earned a JD/MBA from Columbia University and a BA in economics and law from Amherst College.   “The good news is that I didn’t have any money, or whatever money I did have I put into some discounted Lehman stock thinking these guys knew what they’re talking about. And if there’s so much confidence, and they have such fancy suits, and they get paid so much, this thing’s got to … go up. And of course ... it didn’t go up, not at all, not in any way whatsoever, it just went down.” Lex Sokolin, on his time at Lehman Brothers in 2007     Support our sponsor   Today’s episode is sponsored by the Women Building Wealth membership group, the complete proven step-by-step course to guide women from novice to competent investor. To learn more, visit: WomenBuildingWealth.net.     Worst investment ever Fresh graduate joins Lehman Brothers analyst program The year was 2006. Lex had just graduated from his undergraduate degree in economics. It was still cool to work in finance. He joined the Lehman Brothers’ analyst program alongside 40-50 people when the brand was very strong. His intake were young kids out of school, and associates. They were starting at the investment management division. One of the orientation activities was a stock-picking contest in which new staff had three months to generate the highest returns in a no-risk setting. Wins stock-picking contest just as big banks start to fail He won, which did amazing and damaging things for his ego. He was on top of the world as he had bested Stanford and Harvard people, and was on the road to success. It was now 2007. Bear Stearns appeared to be failing and collapsed shortly afterward. Rumors were circulating that the big banks had a lot of bad debt on their balance sheets and that they couldn’t meet their obligations. A liquidity crisis was looming and Lehman was in the crosshairs. Staff 401K packages are matched in Lehman stock At the time, Lex was in this investment management business and the Lehman price was around US$120 per share. Then it started to fall. It halved its value to 60. Then it plunged to 20 and Lex remembers that day. There was a strong corporate culture at Lehman Brothers. The corporate color was green so people would say everybody leaves green because everyone’s on the same team. So managing directors got paid in Lehman stock as a percentage of their accomplishments. Analysts such as Lex were matched in their 401K plans in stock. If you saved $10,000 you would get $10,000 in Lehman stock and nothing else. Also, staff could buy more stock at a 20% discount. Gordon-Gekko type invokes team spirit, tells staff to invest in Lehman stock So Lehman stock was $20, and it had been falling for months. Lex watched as the New York branch manager, an 80s throwback with Gordon Gekko suspenders and haircut, was saying that the stock price was ridiculous and that it had never been so cheap, so he was directing staff to buy more Lehman stock. Mr. Greed is Good was among people managing $80 billion in that business and another $200 billion in an adjacent business. Lex was 22 so seeing such experienced people made him think it was a good idea. The good news was that he didn’t have much money, because the stock never recovered and due to politics and personal animosity, and the devious dealings of Goldman Sachs, the whole company was the only one not saved by the bailout or takeover deals. Lehmans went to zero. Lehmans alone was left out in the cold Merrill Lynch also collapsed, but it was taken over by the Bank of America. So it didn’t go to zero. Bear Stearns had collapsed earlier but it was bought by JP Morgan. Lehman was the example for the whole world of learning how to be punished, and seeing the destruction of wrong balance sheet construction. Lehman was not a worse business than Merrill, it was a better business than Merrill, and it was not a worse business than Bear Stearns. What however happened was that when it was time to talk about a bailout, all the people in the room, from the treasury secretary to all the other banks, every single person had been a Goldman Sachs (GS) employee. 401K matching also went to zero also So Lex’s retirement package also matched Lehman’s and went to zero. So as a young analyst who was really good at virtual stock games none of the outcome was part of his decision process and was not something he knew. So understanding that this was not an exception, that the world is defined by these edge cases, that the whole thing is just these edge cases, was an extremely valuable takeaway. While he lost everything he had at the time, in the long horizon, “things turned out quite all right”.   “I was a super interesting moment, I am so incredibly grateful for having that early in my career, you know, two years into my career, because I saw everything from the behavioural biases that people have about the places where they work, the problems of over indexing and to one particular security, and then more than anything, you know, like idiosyncratic risk that you really can’t predict.” Lex Sokolin     Some lessons Overconcentration in any position exposes you to great idiosyncratic risk This is the kind of risk that you cannot create a model for, nor can you have any good sense for it, because it is unknowable. Diversification in portfolio construction is the answer Build a portfolio without overexposing yourself to any particular holding – diversify. If you’re doing a barbell strategy, make sure the other side of the barbell is really conservative, so if you one of your positions fails, it doesn’t harm your portfolio in a big way. People are not reliable sources of information Most of the time the information you’re receiving from other people is based on emotion. They might dress it up in technical language, but it’s not useful information. It’s just how they feel.   “So understanding that this (Lehman’s collapse) was not an exception, that the world is defined by these edge cases, that the whole thing is just these edge cases … was a majorly valuable takeaway.” Lex Sokolin     Andrew’s takeaways Benefits of diversification Risk disappears or reduces very quickly, in the beginning as you start to blend stocks together. “Diversification is the seat belt and blending in some sort of other instruments, such as bonds for example, is the airbag.” Common mistakes Collated from the My Worst Investment Ever series, the six main categories of mistakes made by interviewees, starting from the most common, are: Failed to do their own research Failed to properly assess and manage risk Were driven by emotion or flawed thinking Misplaced trust Failed to monitor their investment Invested in a start-up company Misplaced trust Particularly for young people, you see senior financial experts managing billions of dollars, and you think: “This guy’s got to know.” Andrew always says, everyone’s ultimately making it up, this man or that woman just has a lot more experience making it up than others, and maybe has some great experience in risk management or another area. It’s hard to rely on humans to give you great information It’s also hard to rely on machines, or charts or data, to give you correct information     Actionable advice Figure out what know that you know and what you know that you don’t know Everything flows from that: the selection of your investment philosophy, the selection of your risk tolerance and your ability to put money to work. Figure out your goals for the financial planning you’re doing. Ask yourself the following: Why are you investing? What are you trying to get out of it? How are you going to behave when different scenarios play out in your investment’s performance? What kind of investor are you? Do you need help? Do you want to delegate that to somebody who will make you feel more secure and give you a smarter overlay? Or do you want to do it yourself?     No. 1 goal for next the 12 months Lex at ConsenSys, one of the largest blockchain technology companies in the world, is focused on the tokenization of securities and the “connective tissue” between the traditional financial world and the world of digital assets, crypto assets, and how the two connect through platforms and software. So he’s trying to build some cool tools for people to get access to financial instruments that historically they either didn’t have enough money to do or was just too difficult to get involved with. It’s a very interesting opportunity because there has been a lot of pushback recently against cryptocurrencies at every level.     Parting words If listeners would like to keep up with some fintech news and developments, Lex invites you to check out his Twitter or follow him on LinkedIn for his newsletter.     You can also check out Andrew’s books   How to Start Building Your Wealth Investing in the Stock Market   My Worst Investment Ever   9 Valuation Mistakes and How to Avoid Them   Transform Your Business with Dr. Deming’s 14 Points  Connect with Lex Sokolin LinkedIn Twitter Website Email Connect with Andrew Stotz Astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast Further reading mentioned Harry Markowitz (1971) Portfolio Selection: Efficient Diversification of Investments    

What are the top firms doing to outperform the rest? How are they growing? What’s the silver bullet that’s going to help my firm hit that 16% five-year growth CAGR I’m seeing from the best of the best? These were hot topics at last month’s Charles Schwab IMPACT Conference in Washington, D.C. And of course, the very reason that so many of our industry’s best and brightest were gathered there to speak, learn, and network is that there isn’t one “silver bullet” that’s going to transform your practice in 2019. But some guiding principles for advisors looking to grow did emerge at the conference, which I discussed with Lisa Salvi, Vice President of Business Consulting and Field Experience at Charles Schwab. Lisa and I were joined by Mitch Reiner, Chief Operating Officer, Managing Partner, and Senior Investment Advisor of Capital Investment Advisors, who is a graduate of Schwab’s Executive Leadership Program.

In the last 35 year, we’ve seen the following happen in the financial markets. The beginning of the great bull market in August 1982. The stock market crash on October 19, 1987. The technology bubble of 1995 – 2000. The bear market of 2000 – 2002. The real estate bubble of 2002 – 2007. The Great Recession of 2007 – 2009. The amazing, low-volatility bull market of 2009 – today. Two leading financial advisors have been through it all and on today’s podcast, we come to you live from Schwab Impact 2017.  We discuss what they’ve learned, share their insights on how to be successful going forward, and get the perspective from a Schwab executive on supporting and building excellent RIA firms. For 30 years, Charles Schwab has been providing services to independent RIAs and I was pleased to host a panel discussion at Schwab Impact 2017 in Chicago.

This week on Young Bucks we discuss Charlie Rose's replacement on CBS, Ben and Andrew talk about the highlights from last week's Schwab IMPACT conference in Chicago, and we call out CNBC for predicting an announcement from Amazon that never came. Follow on Twitter:https://twitter.com/TuskMediaLLCPlease see disclosures.

This week on Young Bucks we discuss Charlie Rose's replacement on CBS, Ben and Andrew talk about the highlights from last week's Schwab IMPACT conference in Chicago, and we call out CNBC for predicting an announcement from Amazon that never came. Follow on Twitter:https://twitter.com/TuskMediaLLCPlease see disclosures.

Kim Laughton, President of Schwab Charitable, discusses a potential record-breaking year for U.S. philanthropy. David Kudla, CEO/CIO at Mainstay Capital Management, explains why he is shorting Tesla. Jeff Kleintop, Chief Global Investment Strategist at Charles Schwab, on 5 reasons investors should give thanks. Tony Davidow, Alternative Beta/Asset Allocation Strategist at Schwab Center for Financial Research, talks about the growth of strategic beta. And Carol and Cory hit the "Movers and Shakers on Wall Street" and Dave Wilson's "Stock of the Day."    Learn more about your ad-choices at https://www.iheartpodcastnetwork.com

Kim Laughton, President of Schwab Charitable, discusses a potential record-breaking year for U.S. philanthropy. David Kudla, CEO/CIO at Mainstay Capital Management, explains why he is shorting Tesla. Jeff Kleintop, Chief Global Investment Strategist at Charles Schwab, on 5 reasons investors should give thanks. Tony Davidow, Alternative Beta/Asset Allocation Strategist at Schwab Center for Financial Research, talks about the growth of strategic beta. And Carol and Cory hit the "Movers and Shakers on Wall Street" and Dave Wilson's "Stock of the Day."   

This week on Young Bucks we are discussing the AT&T and Time Warner deal, why Qualcomm rejected the $70 per share Broadcom offer, and Butch Jones' $8 million buyout from Tennessee. In addition, Andrew gives us a preview of his presentation at the Schwab Impact conference in Chicago this week. Follow on Twitter: https://twitter.com/TuskMediaLLCPlease see disclosures.

Omar Aguilar, CIO at Charles Schwab Investment Management, talks about behavioral market trends. Greg Valliere, Chief Global Strategist for Horizon Investments, gives his outlook for tax reform. Liz Ann Sonders, Chief Investment Strategist at Charles Schwab, sees an on unstoppable bull market. Heather Fischer, VP of ETF & Mutual Funds at Charles Schwab, on why exchange traded funds could be headed for exponential growth. And Carol and Cory hit the "Movers and Shakers on Wall Street" and Dave Wilson's “Chart” and "Stock of the Day."      Learn more about your ad-choices at https://www.iheartpodcastnetwork.com

Omar Aguilar, CIO at Charles Schwab Investment Management, talks about behavioral market trends. Greg Valliere, Chief Global Strategist for Horizon Investments, gives his outlook for tax reform. Liz Ann Sonders, Chief Investment Strategist at Charles Schwab, sees an on unstoppable bull market. Heather Fischer, VP of ETF & Mutual Funds at Charles Schwab, on why exchange traded funds could be headed for exponential growth. And Carol and Cory hit the "Movers and Shakers on Wall Street" and Dave Wilson's “Chart” and "Stock of the Day."     

This week on Young Bucks we are discussing the AT&T and Time Warner deal, why Qualcomm rejected the $70 per share Broadcom offer, and Butch Jones' $8 million buyout from Tennessee. In addition, Andrew gives us a preview of his presentation at the Schwab Impact conference in Chicago this week. Follow on Twitter: https://twitter.com/TuskMediaLLCPlease see disclosures.

Schwab IMPACT, an annual conference put on by Charles Schwab, brings together some of the brightest and most successful independent wealth advisors in the industry.  At this year's conference, Ben D. Jones sat down with a handful of advisors to find out what inspired them to get into the field of wealth advising, what they learned during the conference, and if they have any advice for new advisors entering the industry. This episode gives advisors a familiar perspective on the wealth advising field, as we discuss their unique experiences and successes. Our guests are: Bill Harris of WH Cornerstone Chad Tischer of Dimeo Schneider Damon White of Evermay Scott Doucette of Proctor Financial Group Will Kim of Wespac For full show notes and links mentioned in this episode, visit https://www.bmogam.com/us-en/advisors/news-and-insights/live-at-the-schwab-impact-conference/.

Welcome to the Schwab IMPACT Conference series hosted by Navy SEAL Motivational Speaker, Author, Radio Host and Coach David Rutherford. This live Podcast series is brought to you by Pioneer Investments. In his first show David will discuss the first concept in his motivational training program titled Froglogic Concepts. David Has been exploring and researching the human condition for the past 25 years as a Navy SEAL Medic/Instructor, International Security Consultant for Blackwater, a Security Protection Specialist in high threat environments for the US Government, as well as a top motivational speaker, author and coach for the past 10 years. David will discuss his powerful training platform that teaches people to Embrace Fear in the most extreme situations imaginable. David introduces five concepts called “missions” to help you and your team embrace fear and use it to enhance your ability to succeed in any environment. Date: Tuesday, October 25, 2016 Booth #: 1527

Welcome to the Schwab IMPACT Conference series hosted by Navy SEAL Motivational Speaker, Author, Radio Host and Coach David Rutherford. This live Podcast series is brought to you by Pioneer Investments. In the second LIVE show David invites SVP Paul Marino to join him so they can have discussion around heritage, product innovation, a changing and challenging regulatory environment and Pioneer’s commitment to clients and advisors. Paul is head of sales RIA & Bank Trust for Pioneer Investments. David and Paul also welcome SVP Henry Orvin head of business development at Pioneer and James Vigue Portfolio Consultant to the show as well. Date: Tuesday, October 25, 2016 Booth #: 1527

Welcome to the Schwab IMPACT Conference series hosted by Navy SEAL Motivational Speaker, Author, Radio Host and Coach David Rutherford. This live Podcast series is brought to you by Pioneer Investments. The 3rd episode of the series David and Paul Marino, SVP Head of Sales RIA and Bank Trust with Pioneer welcome Senior Asscoate Dean of the Harvard Business School, Luis M. Viceira to the show. Pioneer Investments partnered with WealthManagement.com to conduct a survey of financial professionals to find out how they evaluate and use alternative investments. The 1,100 survey respondents, combined with other research conducted by WealthManagement.com, offers insight into advisors’ views on alternative strategies, and which types of clients they think could benefit from them. Date: Tuesday, October 25, 2016 Booth #: 1527 Luis M. Viceira Senior Associate Dean, HBS   Paul Marino, SVP Head of Sales RIA &  Bank Trust Pioneer Investments

We wrap up our coverage of Schwab IMPACT 2015 from the floor of The Exchange, noting that this is an incremental year in technology updates from Schwab Advisor Services. Following last year’s major announcement of Schwab Intelligent Portfolios, I left Schwab IMPACT 2015 with the impression that Schwab Advisor Services is busy delivering incremental updates and improvements […]

Brian Shenson, Vice President of Advisor Technology for Schwab Advisor Services, met with me at Schwab IMPACT 2015 to update the company’s technology roadmap. In this interview from the heart of “Schwab Center” in the nucleus of The Exchange exhibit hall, Shenson walks me through the status of Schwab Advisor Mobile Connect, Schwab Advisor Portfolio Connect, and Schwab OpenView MarketSquare™.

Here is a quick conference preview for Schwab IMPACT 2015 to highlight what you can expect from our coverage of one of the industry’s largest events for independent RIAs.