Wealth Actually

In this episode, MATTHEW MCCLINTOCK joins us. Matthew is a high end estate planning attorney and is a Principal at EVERGREEN LEGACY PLANNING which is based in Colorado. He has built his practice at the cutting edge of Cryptocurrency and Estate Planning, a field that is evolving by the day. This is Matthew’s second appearance and he’s on again for a good reason. We last recorded Oct. 2...

The LGBTQ+ community has always been an important part of American fabric. But it’s only in last two decades that society, the law and the financial services industry have started to catch up to the community’s unique planning needs.  To help us put context around these features and the evolution of the law, I spoke with estate planning attorney, Brian Balduzzi Brian is a lawyer in Phi...

For many wealthy families, concentrated liquid investment positions present special types of issues. More often than not, a diversification plan for a position that has been built up over decades, is relegated to a 5 minute discussion.  And it shouldn’t.   From low-cost basis issues, income requirements, family executive involvement and even other factors like emotional attachment...

Divorce in the Ultra-High Net Worth Space is a little bit different.   Gates, Bezos, Kardashian . . . You don’t have to look too far into the headlines to see how important this space has become for wealth families. While the emotional pain is the same, the stakes are higher and the process can be more complicated.   OLIVIA SUMMERHILL joins us to help us think through the issues. In her pr...

“Shirtsleeves to shirtsleeves in three generations” is as old as commerce itself. Family enterprises rarely make it beyond three generations for many reasons. Today, we hear the story of the Grossman family from BEN GROSSMAN who co-operates the family business with his brother, David. They are fighting that “Shirtsleeves” phenomenon with an interesting set of tools and inte...

With interest in alternative asset classes at an all-time high, the focus of family offices and other investors has been to investigate more “liquid assets.” We’re not talking about cash or oil . . . the spirits world has produced scores of profit stories at the asset class and business level. Bourbon is a niche that has been on fire recently . With a low interest rate environmen...

With the Biden proposals comes the potential for tax increases at the income, capital gains and estate tax level. Life insurance is becoming interesting again to a lot of families looking to expand on their functions of income replacement, business succession and tax planning. Using trusts and other structures to amplify their effectiveness is shifting back into focus. The ongoing maintenance of t...

Puerto Rico is a jurisdiction that excites the imaginations of wealth planners. It has interesting attributes for American citizens that other non-U.S. jurisdictions don’t. For instance it is the one place that American citizens can greatly reduce their Federal Income tax liability without having to renounce their citizenship. This has generated an enormous amount of interest. There is good...

https://www.amazon.com/Soundbite-Admissions-Secret-College-Beyond/dp/0306874830/ Sara Harberson , America’s College Counselor, is a nationally recognized authority on college admissions with formidable credentials: former Associate Dean of Admissions at the University of Pennsylvania, Dean of Admissions at Franklin & Marshall College, and Director of College Counseling at the Baldwin Sch...

*(5/30/21 UPDATE: A FULL TRANSCRIPT IS UNDERNEATH THE OUTLINE). In this podcast, I spend some time speaking with wealth management industry expert, Brittain Prigge, about the role of communication and expectations with wealthy families. We both agree that broadening communication within wealthy families is the surest way to reduce the risk of wealth destruction across generations. Brittain brings...

This was an opportunity to speak with an amazingly accomplished portfolio manager and entrepreneur. Right now, the specter of interest rate volatility, market volatility and inflation risk have investors’ full attention. Nancy Davis’s fund, IVOL , was built on her experience dealing with these issues and has received a lot of positive recent notice. Nancy began her career at Goldman Sa...

I think direct indexing is going to be a major innovation in the world of wealth and asset management. It will help the RIA and wealth management world deliver on the promise of financial planning. It will also help rationalize the business model of many advisors as clients request more specialization around their affairs. The impacts could be enormous and many players are entering the space. To h...

This podcast is off the beaten path from the usual wealth topics, but it’s no less a story of perseverance and vision. It’s a thrill to talk to my friends about their successes. In this case, it has been a long time and a lot of hard work in the making. Born and raised in Watertown, NY, JIM HARBERSON ( TWITTER , INSTAGRAM ) has a Masters in Religion and was a lawyer before embarking on...

On the referral of a colleague, I interviewed the Nashville-based, LEONORA WILLIAMSON . She is an expert in family business dynamics, corporate citizenship and executive coaching and she has unique insights into the world of family business succession. Aside from advising families on the myriad issues, she has lived them herself with her family’s own business. She is the founder of PLATINUM...

I’m thrilled to have Ted Seides on the show to discuss his new BOOK , his wildly successful PODCAST , his FIRM’S media and coaching focus and the world of capital allocation. Ted has a unique perspective in the asset management world, having worked for the legendary David Swensen at the Yale Endowment, having conducted thousands of interviews with portfolio and investment managers and...

I see the concept of locating wealth and assets at the state level all the time for a variety of reasons . . . There has been only occasional talk of U.S. citizens exploring other citizenships. At the federal level, US citizens are taxed on worldwide income no matter where they live. However, with a new regime in Washington (and wealth tax initiatives) , there seems to be more interest i...

The 75th “Wealth Actually” Podcast . . . Wow . . . it seems like I just started this project a few months ago. It has been 4 and a half years since the first one . . . it’s alarming how fast time flies. Hopefully, I have improved over time! This 75th recording is an industry specific interview, but it has wide ramifications. In getting up to speed on a different project, I stumbl...

EUAN RELLIE is on the podcast today. We went around the world in half an hour and probably could have solved the worlds problems over drinks if we had the time. Alas, we only get a taste of Euan’s informed worldview and his story of building a business and advising clients as they solve the puzzle of doing business in Asia and around the world successfully. We do get a hear a bit about of hi...

Occasionally, I get to speak with someone in the industry that both affirms my experiences, but also pushes my thinking and worldview. DAVID C WELLS JR , CEO of Family Capital Strategy , fits that bill on the topic of advising families. I met him in Nashville early in 2020 and stayed in touch. When I heard he was writing a book, I knew we were kindred spirits having gone through that process mysel...

Here is the first video foray for the “Wealth Actually” podcast (a bit by accident! We had to switch formats midstream . . . so I decided to experiment with the video format). I interviewed  Christopher Ott  on  #Cybersecurity  for the Ultra High Net Worth, High Net Worth and Family Office space. We talk about how one should view their own digital risks, how to protect yourself...

After a slew of podcasts about structuring, estate planning, investment themes and politics, I thought it would be fun to dive into a sport with a long, regal. and unusual history- COURT TENNIS (or “Real Tennis”) . Descended from handball, and equal parts tennis (players face each other unlike squash and racquetball), platform tennis (where the walls are part of the court), the sport h...

For a few years, the wealth advisory and asset management worlds have been captivated by three letters . . . ESG: Environmental, Social, and Governance. ESG has been an exploding trend as investors want to align their personal values with their investments. The principle is that one’s investments can do well by “doing good.” Against that backdrop, asset managers are looking for n...

It’s important to speak to people who are having success exploiting other asymmetries. Many opportunities come when the world devolves into chaos. ( Bill Ackman recently made gigantic money by buying insurance against corporate defaults related to COVID. ) Sometimes there are opportunities when economies start to recover. Enter PHILIP READE . He is the Co-Manager of HELM INVESTMENT PARTNERS...

The election is finally past us and for wealth advisors the work and the uncertainty is probably just beginning. JORY BARD ZIMMERMAN joins us to discuss some of the tools to help wealthy clients take advantage of the tools available in 2020, incorporate philanthropy in in one’s planning and get a rolling head start into an interesting looking 2021. Jory is an attorney with expertise in trust...

https://thegamehers.com/ Video games were a formative part of my upbringing, but I have gotten away from them since my Atari 2600 and Nintendo/Sega habits. I was surprised to learn that the video game industry earned approximately $160B in 2019. It has out-earned the movie and music industries COMBINED for the last 10 years. It is estimated that there are over 2B gamers worldwide. Most telling, an...