At the end of every podcast episode, I’ve asked my guests the same question…“How do you define wealth?” After 23 episodes, I have yet to hear the same answer twice, and I have yet to hear anyone include an amount of money in their definition. Instead, the definitions have identified the freedom to spend time with loved ones, good health,…
Many Millennials are entering a stage in their lives where proper financial planning will make a huge impact on their futures. The trouble is, for so long financial advisors didn’t want to work with young professionals, which led to a group of individuals believing they don’t need or aren’t ready for financial planning. Fortunately, there is a growing force of…
Last week I came across an article referenced by Michael Kitces discussing the recent IPO of Focus Financial, a large Registered Investment Advisor. Focus Financial raised $500 million in its initial public offering, which will be used to purchase up to 500 smaller RIA firms as it attempts to grow via acquisition. Although growing via acquisition isn’t my ideal growth strategy, I don’t…
Week In Review Articles: The WSJ: Trump Hails U.S.-Mexico Trade Pact, Says ‘We’ll See’ With Canada The WSJ: U.S., Canada Pass Friday Deadline With No Nafta Deal The WSJ: Small Stocks Hang On to Big Gains, for Now The WSJ: SEC Chairman Wants to Let More Main Street Investors In on Private Deals The WSJ: Trump Signs Executive Order on Retirement Savings The WSJ: Merrill Lynch…
I’ve met some incredible people thanks to Twitter, and my pal Joe Kolb is one of those people. Joe made the trip all the way from Rhode Island to talk a little shop with me; well, he actually was going to St. Louis to meet with a client, but he made the trip from the STL to Fishers, IN and…
I recently exchanged emails with a potential client and before we had a chance to talk about his personal situation he let me know he had talked to a couple of other “advisors” and was just going to focus on maxing out his 401(k) for the time being. Keep in mind, I don’t know if maxing out his 401(k) was…
We’ve covered Estate Planning on the Whiteboard Series before, but with the passing of Aretha Franklin and learning that she did not have a will or trust in place, I thought it would be a good time to revisit the importance of getting the appropriate documents in place. While we may not all be as wealthy as Aretha (or Prince),…
iTunes Episode 012: Enormous Commissions Show Notes: The New York Times: Caring for Aging Parents, With An Eye On The Broker Handling Their Savings CNN: Aretha Franklin Had No Will Or Trust At The Time Of Her Death, Report Says The WSJ: Merrill Lynch Joins Brigade Downplaying Money-Market Mutual Funds The WSJ: Wealthy Parents Help Child Athletes Go Pro in Their Own Backyards…
Week In Review Articles: (Heavy on the WSJ links, sorry.) The WSJ: Michael Cohen Pleads Guilty, Says Trump Told Him to Pay Off Women. The WSJ: Paul Manafort Convicted of Eight Counts of Fraud The WSJ: S&P 500 Closes at New High The WSJ: Greek Bailout Ends, but Underlying Problems Remain The WSJ: A Surprising Bulwark for the U.S. Economy: The Personal Saving Rate CNBC: JP…
“Financial planning in the absence of an investment strategy designed to implement the plan is a f***ing fortune cookie. An investment portfolio absent the dictates of the goals from a financial plan is like building a house without a blueprint. Neither or these things is worth much without the other. But delivered in concert, they are essential and worthy of…