In our 157th episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss tactics for reducing the worry that can arise for people when meeting with a financial advisor for the first time.

For full show notes, see kitces.com and thesocietyofadvice.com.

In this episode, Matt and Micah discuss the art of delivering massive value to clients that extends far beyond the conference room door. They argue that cash flow isn't just a financial metric—it's the lifeblood of effective retirement planning. The duo shares practical wisdom on systematically tracking value delivery, mastering the delicate dance of cash flow conversations, and leveraging your own financial journey to build unshakeable client confidence. They unpack the emotional dimensions of money management while emphasizing that broad-stroke cash flow planning trumps tedious line-item budgeting every time. Throughout their conversation, they reveal how strategic accountability keeps clients engaged and on track toward their financial goals, ultimately transforming the advisor-client relationship.

Value Beyond The Meeting [Episode 305]

Resources in today's episode:

- Micah Shilanski: Website | LinkedIn - Matt Jarvis: Website | LinkedIn

In his latest memo, Howard discusses how the recent events surrounding tariffs can have a seismic but unpredictable impact on the global economy.  Seismic in that they reflect a fundamental undoing of longstanding norms, and unpredictable in that tariffs would bring untold second- and third-order consequences.  He emphasizes that there is no foreknowledge here, with forecasts even less likely to be accurate than usual.  Howard considers the response of the financial markets, highlighting the key question regards the appropriateness of the market reaction thus far: has it been just right, excessive, or inadequate?

You can read the memo here (https://www.oaktreecapital.com/insights/memo/nobody-knows-yet-again).

TRAP LIVE25 - 14TH MAY. REGISTER INTEREST HERE: http://www.therealadviserpodcast.com

In this latest pile of TRAP, the Trap Pack discuss

• Topical Titbits
• Meat and Potatoes: The Couples Conundrum
• Culture Corner
• TRAPist question(s) from www.twitter.com/james_bulpit

Show links: http://tiny.cc/traplinks

============================
Take part in the conversation! We want YOU to suggest topics and questions you’d like the Trap Pack to answer. The best way to do this is to ask them here.

Help us to help you! The more followers we have, the more we can do stuff going forward. So please:

• Subscribe and Like our YouTube Channel
• Leave a 6/5 star review on iTunes
• Share TRAP with your peers and colleagues
• 'Enjoy' the Twitter chat at @AdviserPodcast.

This week, Pete brings a raw noodle to the table, in order to talk to Jen about the similarities between coaching people and creating inputs for AI.

Specifically, in this episode Jen and Pete talk about:

• How do both leadership and interacting with AI require curiosity?
• Why is it important to understand that AI platforms can be flawed?
• How does empathy inform our interactions with both humans and AI technology?

To hear all episodes and read full transcripts, visit The Long and The Short Of It website: https://thelongandtheshortpodcast.com/.

You can subscribe to our Box O’ Goodies here (https://thelongandtheshortpodcast.com/) and receive a weekly email full of book and podcast recommendations, quotes, videos, and other interesting things that Jen and Pete are noodling on. 

To get in touch, send an email to: hello@thelongandtheshortpodcast.com.

Learn more about Pete's work here (https://humanperiscope.com/) and Jen's work here (https://jenwaldman.com/).

More from us in your inbox. Subscribe to Box O' Goodies. A weekly email with the books, podcasts, quotes, and other noodles Jen and Pete are mulling over.

Listen to all episodes and read full transcripts at thelongandtheshortpodcast.com.

Reach us: hello@thelongandtheshortpodcast.com

Pete's work: humanperiscope.com · Jen's work: jenwaldman.com

My guest today is Boyd Varty. Boyd is a lion tracker, life coach, and storyteller who grew up in the South African wilderness, living amongst and tracking wild leopards. This is his fourth time on Invest Like the Best but the first in six years. Boyd is a perfect follow-up to my episode with Lulu Meservey unpacking the intricacies of storytelling and why it's such an essential for founders. Boyd walks us through different mechanisms of cultivating storytelling and becoming a meaning-maker. He encourages everyone to become somebody who stories happen around and be a character who finds characters. We discuss his concept of “story hunting,” leveraging stories in business, and continuously finding new meaning in life. Please enjoy my discussion with Boyd Varty.

For the full show notes, transcript, and links to mentioned content, check out the episode page here.

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This episode is brought to you by Ramp. Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Ramp is the fastest growing FinTech company in history and it’s backed by more of my favorite past guests (at least 16 of them!) than probably any other company I’m aware of. It’s also notable that many best-in-class businesses use Ramp—companies like Airbnb, Anduril, and Shopify, as well as investors like Sequoia Capital and Vista Equity. They use Ramp to manage their spending, automate tedious financial processes, and reinvest saved dollars and hours into growth. At Colossus and Positive Sum, we use Ramp for exactly the same reason. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus.

—

This episode is brought to you by Alphasense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. AlphaSense provides access to over 300 million premium documents, including company filings, earnings reports, press releases, and more from public and private companies. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegas help you make smarter decisions faster.

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Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes. 

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

Follow us on Twitter: @patrick_oshag | @JoinColossus

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

Show Notes:

(00:00:00) Welcome to Invest Like the Best

(00:05:27) The Power of Storytelling

(00:06:08) Lessons from Safari Stories

(00:08:37) Finding Meaning and Purpose

(00:09:18) Becoming a Story Hunter

(00:13:27) The Role of Fear in Storytelling

(00:15:31) Crafting and Sharing Your Narrative

(00:17:04) Building a Strong Culture Through Stories

(00:23:42) The Importance of Storytelling in Business

(00:32:41) Meeting Chris Bacchus

(00:34:14) Living Authentically: Following Your Internal Pulls

(00:35:34) The Tension of Reinvention: Beyond Your Greatest Hits

(00:36:46) The Art of Self Reinvention

(00:39:49) Crafting a Great Story: Key Components

(00:41:45) Solitude and Self-Knowledge: The Path to Originality

(00:45:00) The Role of High Stakes in Finding Meaning

(00:47:49) The Endurance Hunt: A Journey with the Kalahari Bushmen

(00:52:56) Simplicity and Abundance: Lessons from the Bushmen

(00:54:37) Becoming a Character: Traits of Remarkable People

(00:59:35) Life's Work: Expressing Yourself in Service of Others

In his latest memo, Howard Marks outlines the need to base asset allocation decisions around an established risk target. He describes the fundamental differences between ownership and debt, as well as the importance of finding the combination of the two that gets an investor’s portfolio to the desired position on the risk/return continuum. Finally, he expands on the increased utility of debt investments in today’s portfolios.

You can read the memo here (https://www.oaktreecapital.com/docs/default-source/default-document-library/ruminating-on-asset-allocation.pdf?sfvrsn=67775566_2).

Today, we’re diving into an easy, powerful, but often overlooked way to elevate your client relationships and set the tone for a successful new year—the New Year’s letter.

Really, Libby? A letter is going to make a difference? 

ABSOLUTELY, but the catch is you have to include the right things. 

It’s easy for clients to lose sight of all the work you do behind the scenes, but a well-crafted New Year’s letter can change that. In this episode, I’ll guide you through exactly what to include in a letter that not only recaps the services and support you provided over the past year, but also shows clients the value you bring to their lives.

Plus, we’ll cover how to preview upcoming changes and improvements in a way that builds excitement and trust. We want your clients to ooze with appreciation over 2025 and excitement for working with you in 2025!

In this episode we’ll cover: 

1. How to use an Impact Score to rate your Client Service Model. 
2. How to use this letter to reinforce the Behind-the-Scenes work that you do, reminding them of the value you bring
3. Set expectations and build excitement for 2025 and the changes that come along with a new year in your business
4. And, SO MUCH MORE!
   
   

Ready to take your client communications to the next level? I’ll share tips and resources to help you craft a New Year’s letter that’s personalized, impactful, and memorable. 

Check out The First 100 Days Course: The Advisor's Blueprint for a Remarkable Client Experience HERE!

Learn more about our sponsor BELAY for amazing virtual assistant services HERE!   

Learn more about T2MWorks HERE!

Learn more about Asset-Map financial planning software HERE!

Check out the Efficient Advisor YouTube Channel HERE!

Connect with Libby on LinkedIn HERE!

Successful businesses don’t get built alone. You need community! You need collaboration! Join us in The Efficient Advisor Community on Facebook.

In this latest pile of TRAP, the Trap Pack discuss

• Topical Titbits including Irish pension funding changes, FT article on how risk has been so misunderstood, art scams, adviser fee levels, FCA reviews of ongoing services and consolidators
• Meat and Potatoes: Full Fit Financial Planning
• Culture Corner

Show links: http://tiny.cc/traplinks

============================
Take part in the conversation! We want YOU to suggest topics and questions you’d like the Trap Pack to answer. The best way to do this is to ask them here.

Help us to help you! The more followers we have, the more we can do stuff going forward. So please:

• Subscribe and Like our YouTube Channel
• Leave a 6/5 star review on iTunes
• Share TRAP with your peers and colleagues
• 'Enjoy' the Twitter chat at @AdviserPodcast.

David interviews Blair about his new book, which lays out his proven framework B2B service providers can use to increase closing ratios and average proposal values.

Links

Order The Four Conversations: A New Model for Selling Expertise by Blair Enns

Have you ever wondered how financial markets performed centuries ago or how world events impacted stock prices? Today, we sit down with Dr. Bryan Taylor, President and Chief Economist at Global Financial Data, to unpack the world's fascinating financial history. Dr. Taylor is known for his extensive work in collecting and analyzing historical financial data that spans several centuries and his valuable knowledge of stock, bond, and commodity market trends, which led to the creation of Global Financial Data. In our conversation, Dr. Taylor shares insights from his extensive research, covering stock and bond returns from as far back as the 1600s. From the impact of the French Revolution on financial markets to the performance of commodities, Dr. Taylor provides a rare view of the long-term trends shaping today's financial decisions. Learn about the value of historical financial data, its importance for investment decision-making, and how long-term trends can provide insights into future market behaviour. We discuss the creation of Global Financial Data's extensive historical financial database, the challenges of gathering centuries-old data, and the long-term performance of stocks versus bonds. Explore the impact of major geopolitical events on financial markets, the importance of studying historical market trends for modern investment decisions, and how his data-driven research has been utilized. Join us as we delve into the world's financial history and its relevance to today's investment landscape with Dr. Bryan Taylor. Tune in now!

Key Points From This Episode:

(0:03:41) Background about Global Financial Data, their data sources, and the challenges of collecting historical data.

(0:09:27) What he finds fascinating about historical data, who uses the database, and the role of historical data in financial decision-making.

(0:14:49) How stocks have performed relative to bonds throughout the financial records.

(0:17:34) Uncover the main historical factors that limit returns and increase risk for investors and the five financial eras.

(0:23:18) Explore the trends in stocks and bonds during the five financial eras and the impact of government debt and inflation on returns.

(0:29:04) Common characteristics of countries that have had bad long-term market outcomes and the effect of world events on markets.

(0:35:11) Learn about the best and worst-performing markets and what makes the US market so resilient.

(0:38:36) His outlook for stocks and bonds and how the recent bear market compared to past market upheavals.

(0:41:36) Compare past and current interest rates and the return on commodities versus stocks and bonds.

(0:46:20) Overcoming the lack of historical data for emerging market returns and what defines an emerging market.

(0:52:29) Find out how emerging markets have performed throughout history and how often they make the transition to developed.

(0:59:04) Unpack the historical market concentration in the US and his thoughts on the expected returns of the US stock market.

(1:03:42) Final takeaways and Dr. Bryan Taylor shares his definition of success.

Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p

Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/

Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/

Rational Reminder on X — https://x.com/RationalRemindRational Reminder on TikTok — www.tiktok.com/@rationalreminder

Rational Reminder on YouTube — https://www.youtube.com/channel/

Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/

Benjamin on X — https://x.com/benjaminwfelix

Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp/ Mark McGrath on X — https://x.com/MarkMcGrathCFP

Dr. Bryan Taylor — https://www.linkedin.com/in/bryan-taylor-46a92032/

Global Financial Data — https://globalfinancialdata.com/

Dr. Bryan Taylor on SSRN — https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=4320002

Papers From Today's Episode:

'France and the Four Horsemen of the Market' — https://globalfinancialdata.com/france-and-the-four-horsemen-of-the-market

'The Financial History of Emerging Markets: New Indices' — https://dx.doi.org/10.2139/ssrn.4193062

In this episode, Matthew Jarvis sits down with Andree Mohr, President of Integrated Partners, to explore the concept of harnessing your unique ability. Andree reveals how top advisors have doubled their practices by laser-focusing on high-net-worth clients and delivering unparalleled value. She also shares the art of storytelling that forges deep connections with clients and influential partners, setting you apart in a crowded field.

Andree emphasizes the critical importance of strategic planning, urging advisors to dedicate a full 30% of their time to activities that propel them toward their goals. She shares insider tips on guarding your precious time and finding the perfect accountability partner to keep you on track.

Unlocking an Advisor's Unique Ability with Guest Andree Mohr [Episode 276]

Resources in today's episode:

- Matt Jarvis: Website | LinkedIn - Andree Mohr: Website | LinkedIn - The Complexity Curve with Guest Paul Saganey - Moving Up the Complexity Curve: Serving High-Net-Worth Clients with Guest Paul Saganey - Kitces Interview: Building CPA Alliances To Reach A More Affluent Clientele To Serve, With Paul Saganey - Center Stage: How to Become the Star of Your Practice - Connelly Ruling - The Presentation Secrets of Steve Jobs: How to Be Insanely Great in Front of Any Audience

The best investors are not investors at all. They're entrepreneurs who have never sold. — Nick Sleep

Nick Sleep’s letters are a masterclass on the importance of understanding the underlying reality of a business — what he calls the engine of its success.

I read all 110,000 words of Nick’s letters (twice!) to make this episode and what I found most important is Nick’s ability to develop a deep understanding of “honestly run compounding machines” (like Costco and Amazon) years before everyone else.

Nick explains clearly how Jim Sinegal and Jeff Bezos set up their companies for long term success —from the very beginning — and gives us a few hints along the way on how we can do the same in our business.

And the absolute entrepreneurial history nerd in me loved the references to Henry Ford, Sam Walton, Rockefeller and other greats from the past that are sprinkled throughout Nick’s letters.

No surprise that someone who was able to make $2 billion for his clients has a deep understanding of the great work that came before him.

If you want to read all of Nick Sleep’s partnership letters you can do so here for free

You can also read William Green’s book Richer, Wiser, Happier: How The World's Greatest Investors Win In Markets and Life —which both Nick and I recommend. It has an excellent chapter on How Nick and Zak built their firm. 

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Ramp gives you everything you need to control spend, watch your costs, and optimize your financial operations —all on a single platform. Make history's greatest entrepreneurs proud by going to Ramp and learning how they can help your business control your costs and save more. 

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Founders Notes gives you the superpower to learn from history's greatest entrepreneurs on demand. You can search all my notes and highlights from every book I've ever read for the podcast. Get access to Founders Notes here. 

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Join my free email newsletter to get my top 10 highlights from every book

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Follow Founders Podcast on YouTube (Video coming soon!) 

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“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — Gareth

Be like Gareth. Buy a book: All the books featured on Founders Podcast

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Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work.  Get access to Founders Notes here. 

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“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — Gareth

Be like Gareth. Buy a book: All the books featured on Founders Podcast

In this latest pile of TRAP, the Trap Pack discuss

• Topical Titbits
• Meat and Potatoes: Breaking Bad News
• Questions posted by our beloved TRAPist Darren F: http://linkedin.com/in/darren-ford-dipfa-65452a96
• Culture Corner

Show links: http://tiny.cc/traplinks

============================
Take part in the conversation! We want YOU to suggest topics and questions you’d like the Trap Pack to answer. The best way to do this is to ask them here.

Help us to help you! The more followers we have, the more we can do stuff going forward. So please:

• Subscribe and Like our YouTube Channel
• Leave a 6/5 star review on iTunes
• Share TRAP with your peers and colleagues
• 'Enjoy' the Twitter chat at @AdviserPodcast.

Today, I’m sitting down with Thomas Kopelman, founder and lead financial planner at AllStreet Wealth, to discuss how he built a thriving financial advisory firm from scratch and developed a personal brand that now drives 97% of new business through Twitter.

Starting at just 25, Thomas quickly earned recognition as one of Investopedia’s Top 100 Financial Advisors in both 2022 and 2023. By focusing on creating valuable, engaging, and authentic content, he turned Twitter into a powerful growth engine for AllStreet Wealth. 

In this conversation, Thomas shares actionable advice for financial advisors like the step-by-step methods he’s used to drive 97% of new assets from Twitter, build an engaged audience of 28,600 followers, and create content that converts. 

So you're looking to amplify your online presence, build your personal brand, and grow your advisory firm, this conversation is packed with actionable insights from one of the industry's rising stars.

3 of the biggest insights from Thomas Kopelman …

• Focus on Actions, and Results Will Follow: Discover how leveraging mentorship and continuous learning can drive rapid growth in your business.

• How to Harness the Power of Twitter: Thomas breaks down the exact steps he used to go from 0 to 28,600 followers, turning Twitter into a marketing funnel that generates 97% of new business!

• The Content Creation Playbook: Learn how to generate good ideas, stand out from the crowd, and build a personal brand that attracts new clients.

FREE GIFT + JOIN THE DBDL INSIDER CREW

Today's Gift: 10% discount on Thomas's course, How to Build Your Personal Brand and Get Your First Client from Social Media. *Please note, Triad is an All Street Academy Ambassador.

To get access to today's free gift AND become a DBDL Insider with VIP access to future resources and exclusive content, text "83" to 785-800-3235. *Message and data rates may apply. Reply STOP at any time to opt-out of receiving text messages.

SHOW NOTES

https://bradleyjohnson.com/83

FOLLOW BRAD JOHNSON ON SOCIAL

• Twitter
• Instagram
• LinkedIn

FOLLOW DBDL ON SOCIAL:

• YouTube
• Twitter
• Instagram
• LinkedIn
• Facebook

DISCLOSURE 

These conversations are intended to provide financial advisors with ideas, strategies, concepts and tools that could be incorporated into the advisory practice, advisors are responsible for ensuring implementation of anything discussed is in accordance with any and all regulatory and compliance responsibilities and obligations. Copyright 2024 Triad Partners. All rights reserved. TP09243739583

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Guest: Dr. Shaywanna Harris-Pierre, a licensed professional counselor and financial therapist with a rich background in marriage and family therapy. Dr. Shay is also the owner of Shades of You Counseling and Consulting.

In a Nutshell: Every family is unique, and no family is perfect. The dynamics, positive and negative, that exist between loved ones create ideas and emotions around money that influence your clients' attitudes about financial planning. Advisors who are willing to engage on this more personal level have an opportunity to transform their relationships with their clients and the quality of service that they deliver.

On today's show, Dr. Shay shares her journey into financial therapy and how to open dialogues that will help you and your clients understand the emotional side of money better.

In our 145th episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss how advisors can communicate their planning style in their marketing before investing time in client meetings that may or may not lead to long-term engagement.

For full show notes, see kitces.com and thesocietyofadvice.com.

In this episode, Matthew Jarvis sits down with Dan Murphy, Head of Wealth Strategies at Commonwealth, to explore the evolving landscape in financial planning. Gone are the days of product-pushing and binder-heavy financial plans; welcome to the era of experience-driven advisory!

Dan walks through the "Experience Economy," revealing how advisors can transform their practices from mere service providers to architects of memorable client experiences. The industry is rapidly shifting from a product focus to an experience focus, and Dan emphasizes that modern financial planning should revolve around clients' goals and values rather than just charts and numbers.

From the mindset shift required to embrace this new paradigm to the operational changes needed to support it, Dan offers a wealth of insights for advisors at every stage of their careers. He stresses the importance of cultivating genuine curiosity and empathy as crucial tools for understanding clients' needs. Creating positive experiences, Dan explains, requires intentionality in all aspects of client interactions, going beyond providing services to crafting "time well spent" for clients.

Crafting Unforgettable Client Experiences with Guest Dan Murphy [Episode 272]

Resources in today's episode:

- Matt Jarvis: Website | LinkedIn - Dan Murphy: Website | LinkedIn - Financial Planning Experience - Financial Wellness Experience - The Experience Economy by Joseph Pine and James Gilmore

In this latest pile of TRAP, the Trap Pack discuss

• Topical issues, including more Irish fraud, US rookie adviser failure rate, UK IFA profitability trends, Central Bank of Ireland on crypto, BestInvest’s Spot The Dog, Vanguard getting “expensive”, SJP and Polaris, boring CVs, US pension horror stories, another AI startup
• Meat and Potatoes: KPIs - Key People of Influence
• Questions posted by our beloved TRAPists Russ M and Ollie L (neither had socials)
• Culture Corner

Links referred to in the show:

• NL: turns out Hargreaves Lansdown DOES have a Slavery Policy. FFS. Goodnight, UK plc: https://x.com/HatTipNick/status/1824716616099156147
• CW: Investment Fraud alive and well in Ireland https://www.rte.ie/news/ireland/2024/0823/1466327-investment-fraud/#:~:text='Staggering'%20rise%20in%20investment%20fraud,%E2%82%AC28m%20stolen%20last%20year&text=Garda%C3%AD%20have%20warned%20of%20a,than%202021%20and%202022%20combined
• NL: Cerulli 2023 report into US adviser numbers and rookie failures: https://www.cerulli.com/press-releases/the-financial-advisor-industry-has-a-headcount-problem H/T to Ermos Erotocritou CFP https://www.linkedin.com/in/ermos?miniProfileUrn=urn%3Ali%3Afsd_profile%3AACoAAAIJTVEBxQYOFu0tzywLz5MvLmC_1bYQ2yo&lipi=urn%3Ali%3Apage%3Ad_flagship3_detail_base%3BXD36DPgCTYWqsIEDTo2ciQ%3D%3D
• AS adviser profitability trends https://www.professionaladviser.com/news/4343067/profits-financial-adviser-firms 
• AH - HL cash rates https://www.hl.co.uk/charges-and-interest-rates - Trading 212 5.2% to 5% - Transact 4.95% - CD Impact - What do DFMs pay. 
• CW: The Central Bank of Ireland view on Cryptocurrency https://www.centralbank.ie/consumer-hub/crypto-consumer-information#:~:text=Crypto%20is%20not%20a%20regulated,crypto%20and%20crypto-related%20products
• NL: https://www.ft.com/content/495a5329-c4f7-4731-938d-a2ef48851558 BestInvest’s “Spot The Dog”. H/T to Robin Powell.
• CW: Laya Healthcare increase prices again https://www.hia.ie/news/laya-healthcare-announce-price-changes-1-september-2023
• As Vanguard competitiveness https://www.bankeronwheels.com/vwce-chill-investors-are-cooling-off-on-vanguard/ 
• AS - Polaris is biggest multi asset in UK https://www.cityam.com/st-jamess-place-takes-on-vanguard-but-charges-350-per-cent-more/ 
• NL: 401k horror stories from the US: https://www.wsj.com/personal-finance/reti

============================
Take part in the conversation! We want YOU to suggest topics and questions you’d like the Trap Pack to answer. The best way to do this is to ask them here.

Help us to help you! The more followers we have, the more we can do stuff going forward. So please:

• Subscribe and Like our YouTube Channel
• Leave a 6/5 star review on iTunes
• Share TRAP with your peers and colleagues
• 'Enjoy' the Twitter chat at @AdviserPodcast.

Today, I’m talking with Will Guidara, a world-renowned restaurateur and author of the best-selling book, Unreasonable Hospitality. 

At just twenty-six, Will took over Eleven Madison Park, a struggling two-star brasserie that had never quite matched its majestic room. Eleven years later, it was named the best restaurant in the world.

In this episode, not only will you hear how Will pulled off this unprecedented transformation, but you’re going to get a masterclass in hospitality and actionable tips on how to turn an ordinary service (like financial advising) into exceptional experiences for your clients.

3 of the biggest insights from Will Guidara …

• The pursuit of excellence and the story of how Will created the #1 restaurant in the world. 

• The power of unreasonable hospitality – and how to use “The 95/5 Rule” to create unforgettable experiences that your clients will talk about for years.

• What high net-worth clients really want! Find out why understanding, flexibility, and personalized care are non-negotiables for attracting high-value clients like Will.

GIFT FROM THIS EPISODE + JOIN THE DBDL INSIDER CREW

Today's Gift: Get a free copy of Will’s book, "Unreasonable Hospitality: The Remarkable Power of Giving People More Than They Expect" [while supplies last]

To get access to today's free gift AND become a DBDL Insider with VIP access to future resources and exclusive content, text "78" to 785-800-3235. *Message and data rates may apply. Reply STOP at any time to opt-out of receiving text messages.

SHOW NOTES

https://bradleyjohnson.com/78

FOLLOW BRAD JOHNSON ON SOCIAL

• Twitter
• Instagram
• LinkedIn

FOLLOW DBDL ON SOCIAL:

• YouTube - Full Interviews
• YouTube - Clips from the Show
• Twitter
• Instagram
• LinkedIn
• Facebook

DISCLOSURE 

These conversations are intended to provide financial advisors with ideas, strategies, concepts and tools that could be incorporated into the advisory practice, advisors are responsible for ensuring implementation of anything discussed is in accordance with any and all regulatory and compliance responsibilities and obligations.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Micah and Matt are challenging the industry's fixation on Assets Under Management (AUM). They explore how financial advisors can shift their focus from pure investment management to holistic financial guidance. They emphasize the crucial role of effective communication between advisors and clients and they introduce innovative frameworks like the five-year rule and 5% distribution rule, which empower clients to actively participate in their retirement planning. These frameworks aim to foster better understanding and more informed decision-making.

Micah and Matt also strongly advocate for advisors to invest alongside their clients, using the same models and assets they recommend. This strategy not only builds trust but also demonstrates genuine confidence in the advisor's investment choices.

All Investment Management is Playing Office [Episode 267]

Resources in today's episode:

- Matt Jarvis: Website | LinkedIn - Micah Shilanski: Website | LinkedIn

In his latest memo, Howard Marks discusses the importance of avoiding expressions of absolute certainty when operating in fields subject to randomness and human emotion, like politics, economics, and investing. He suggests that it’s better to have humility and acknowledge that the smartest thing to say is often “I don’t know.”

You can read the memo here (https://www.oaktreecapital.com/insights/memo/the-folly-of-certainty).

In this latest pile of TRAP, the Trap Pack discuss

• Topical issues, including cyber security, Monzo pensions, DFA Matrix Book, Métis Ireland work award, Consumer Duty one year on, stupid market predictions from Morgan Stanley
• Meat and Potatoes: What’s Risk Got To Do With It?
• Questions posted by NO beloved TRAPist because of time
• Culture Corner

Links referred to in the show:

• Meat and Potatoes backstory:
  https://www.linkedin.com/posts/hattipnick_alan-smith-alanjlsmith-on-x-activity-7222193905272791040-cjlJ?utm_source=share&utm_medium=member_android
  https://x.com/alanjlsmith/status/1815729851082400199?s=46
• AH - Wealth giant Evelyn up for sale as Permira seeks exit for £1.5bn - https://www.thetimes.com/business-money/companies/article/wealth-giant-evelyn-up-for-sale-as-permira-seeks-exit-for-15bn-gtcnw2s5f 
• AS - Monzo pensions https://monzo.com/pensions 
• AS - New DFA Matrix book is out https://tinyurl.com/4bmxwsne 
• CW: Metis Ireland featured in Best Places to Work https://www.linkedin.com/feed/update/urn:li:ugcPost:7218177619588976640/?actorCompanyId=1912648
• CW: Morgan Stanley - “markets should brace for a 10% correction”https://www.independent.ie/business/world/markets-should-brace-for-a-stocks-correction-of-10pc/a2102767540.html?mc_cid=97232c45dc&mc_eid=f47c629345
• AS - advice to younger financial planners https://www.linkedin.com/pulse/my-advice-financial-planners-entrepreneurs-alan-smith--ckkae?utm_source=share&utm_medium=member_ios&utm_campaign=share_via 
• AS -  Swim With The Sharks Without Being Eaten Alive: Outsell, Outmanage, Outmotivate and Outnegotiate your Competition https://amzn.eu/d/03sTVyQm 
• NL: The Great Post Office Scandal by Nick Wallis: https://www.amazon.co.uk/Great-Post-Office-Scandal-multimillion/dp/1916302386
• CW: Do Business, Do Life Podcast with Brad Johnsonhttps://bradleyjohnson.com/episode/entrepreneur-in-therapy-brad-johnson/
• AH - Dirty Pop Netflix - https://www.netflix.com/gr-en/title/81476403 

============================
Take part in the conversation! We want YOU to suggest topics and questions you’d like the Trap Pack to answer. The best way to do this is to ask them here.

Help us to help you! The more followers we have, the more we can do stuff going forward. So please:

• Subscribe and Like our YouTube Channel
• Leave a 6/5 star review on iTunes
• Share TRAP with your peers and colleagues
• 'Enjoy' the Twitter chat at @AdviserPodcast.

Given these uncertain economic times we are in right now, Blair is asking if some creative firms might need to rethink the market they serve, looking at whether their positioning might be too broad, too narrow, or just wrong.

LINKS

"The Target Is Not the Market" by Blair Enns on winwithoutpitching.com

Andrew Wilkinson is an entrepreneur, co-founder of Tiny, and an investor.

"I'll be happy when..." is the beginning of many people's mindsets about life and happiness. We assume that happiness sits on the other side of the next set of goals, even though right now we're on the other side of our last set of goals. So the question is, what if you're a billionaire? Does this pattern ever stop?

Expect to learn whether successful people are just disordered, if SSRIs aren’t actually that bad, what Andrew learned from Warren Buffett, whether there's a number you reach in your bank account to feel like you ‘made it’, why wealthy people distort reality, where to find smart people to hire for your business, how to learn to trust your entrepreneurial gut and much more...

Sponsors:

See discounts for all the products I use and recommend: https://chriswillx.com/deals

Get up to 20% discount on the best supplements from Momentous at https://livemomentous.com/modernwisdom (automatically applied at checkout)

Get a 20% discount on Nomatic’s amazing luggage at https://nomatic.com/modernwisdom (use code MW20)

Get a 20% discount on your first order from Maui Nui Venison by going to https://mauinuivenison.com/modernwisdom (use code MODERNWISDOM)

Sign up for a one-dollar-per-month trial period from Shopify at https://shopify.com/modernwisdom (automatically applied at checkout)

Timestamps:

(00:00) Andrew’s Experience With Anxiety (07:27) Are Most Successful People Driven By Anxiety? (13:21) The Downside of Taking Advice (17:54) Stop Doing What You Hate (27:24) Moving From Operator to Executive (34:04) Books That Helped Andrew (37:56) What Does ‘Never Enough’ Mean? (48:23) The Perils of Being Rich & Famous (59:28) People At the Top Still Don’t Feel Enough (01:06:17) How Childhood Impacts Views on Wealth (01:12:19) The People Andrew Admires (01:21:37) Can People Actually Change? (01:28:50) How to Hire the Right Candidates (01:37:54) Making Gut Decisions (01:41:42) Andrew’s Future After Writing the Book (01:50:18) Where to Find Andrew

Extra Stuff:

Get my free reading list of 100 books to read before you die: https://chriswillx.com/books

Try my productivity energy drink Neutonic: https://neutonic.com/modernwisdom

Episodes You Might Enjoy:

This Is How To Master Your Life - David Goggins - #577: ⁠⁠⁠lnkfi.re/SN-Goggins⁠⁠⁠

How To Destroy Your Negative Beliefs - Dr Jordan Peterson - #712: ⁠⁠⁠lnkfi.re/SN-Peterson⁠⁠⁠

The Secret Tools To Hack Your Brain - Dr Andrew Huberman - #700: ⁠⁠⁠lnkfi.re/SN-Huberman⁠⁠

-

Get In Touch:

Instagram: https://www.instagram.com/chriswillx

Twitter: https://www.twitter.com/chriswillx

YouTube: https://www.youtube.com/modernwisdompodcast

Email: https://chriswillx.com/contact

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Learn more about your ad choices. Visit megaphone.fm/adchoices

George Mack is a writer, marketer and an entrepreneur.

George is one of my favourite writers and probably delivers the highest insights-per-minute of anyone on Twitter. Today we get to go through some of my favourite ideas from him over the last few months on human nature, tribalism, happiness and politics.

Expect to learn what the Busy Trap is and how to avoid it, the biggest differences between the US and the UK, the contrarian argument for why money doesn’t buy happiness, why strategic ignorance is so important, George’s favourite story about Charlie Munger, the lessons we both learned celebrating George’s 30th birthday in Miami and much more...

Sponsors:

See discounts for all the products I use and recommend: https://chriswillx.com/deals

Get up to 20% discount on the best supplements from Momentous at https://livemomentous.com/modernwisdom (automatically applied at checkout)

 Sign up and download Grammarly for FREE at https://grammarly.com/modernwisdom

Get 5 Free Travel Packs, Free Liquid Vitamin D and more from AG1 at https://drinkag1.com/modernwisdom (discount automatically applied)

Get a Free Sample Pack of all LMNT Flavours with your first box at https://www.drinklmnt.com/modernwisdom (automatically applied at checkout)

Timestamps:

(0:00) The Busy Trap (07:51) How People Signal Busyness (15:10) Tactics to Get Out of the Busy Trap (21:34) Differences Between US & UK (32:50) Why You Need to Big Up Your Friends (41:35) The UK’s Biggest Strengths (45:40) Why Adults Don’t Really Exist (56:22) Does Money Buy Happiness? (01:05:41) Why George Loves Federer, Nadal & Djokovic (01:11:51) Praying at the Altar of Hard Work (01:15:29) A More Effective Way to Make Friends (01:26:35) The Most Annoying Thing About Cynics (01:35:38) The Uniqueness of Salvador Dali (01:43:22) Being Trapped With a Sub-Prime Audience (01:53:49) People Who Go Against the Consensus (02:00:24) The Power of Incentives (02:04:40) Why Men Need Sausage Fests (02:13:01) Where to Find George

Extra Stuff:

Get my free reading list of 100 books to read before you die: https://chriswillx.com/books

Try my productivity energy drink Neutonic: https://neutonic.com/modernwisdom

Episodes You Might Enjoy:

This Is How To Master Your Life - David Goggins - #577: ⁠⁠⁠lnkfi.re/SN-Goggins⁠⁠⁠

How To Destroy Your Negative Beliefs - Dr Jordan Peterson - #712: ⁠⁠⁠lnkfi.re/SN-Peterson⁠⁠⁠

The Secret Tools To Hack Your Brain - Dr Andrew Huberman - #700: ⁠⁠⁠lnkfi.re/SN-Huberman⁠⁠

-

Get In Touch:

Instagram: https://www.instagram.com/chriswillx

Twitter: https://www.twitter.com/chriswillx

YouTube: https://www.youtube.com/modernwisdompodcast

Email: https://chriswillx.com/contact

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Learn more about your ad choices. Visit megaphone.fm/adchoices

In our 140th episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss what's likely behind the common problem of advisors prematurely worrying about scale.

For full show notes, see kitces.com and thesocietyofadvice.com.

Christopher Jones is the Founder of Sparrow Wealth Management, an RIA based out of Orlando that oversees approximately $110 million in assets under management for 69 households. Chris has distinguished himself by building a highly efficient solo practice that operates under 25 hours per week, enabling him to spend more time with his family. He achieved this by concentrating solely on the most crucial financial planning tasks for his clients—and outsourcing or eliminating all other activities.

Listen in as Chris shares how he streamlines his financial planning process by collaboratively working through plans during annual meetings, focusing on clients' goals instead of detailed cash flow analyses, and managing cash requests through a single annual distribution. He explains his efficiency improvements through a curated tech stack of specialized AdvisorTech products and the strategic decision to manually update client balances, a move away from excessive customization that has significantly grown his AUM. We also discuss how transitioning to a remote practice has allowed Chris to live closer to family, how he generates referrals from well-connected clients, and his approach to managing perfectionism by outsourcing tasks to alleviate time constraints and reduce anxiety.

For show notes and more visit: https://www.kitces.com/391

In this latest pile of TRAP, the Trap Pack discuss

• Topical issues, including Storyteller’s Munich Massacre, useful online calculators, ATR questionnaires for three year olds (!), MPs and double standards (!), nomination of beneficiary woes, Vanguard TRAP seminar feedback, Ade Edmondson investment gaff
• Meat and Potatoes: Of Tournaments and Trophies: The Awards Industry
• Questions posted by our beloved TRAPist Tom N
• Culture Corner

Links referred to in the show:

• NL: reminder of how useful Hargreaves L online calculators are: https://www.hl.co.uk/pensions/tax-relief/calculator
• CW: Central Bank of Ireland “Dear CEO” letter critical of compliance standards: https://www.independent.ie/business/personal-finance/brokers-heavily-criticised-for-poor-practices-by-central-bank/a1180315516.html?mc_cid=560d48dbac&mc_eid=f47c629345
• AH - MPs accused of double standards over pension scheme Only 1% of parliamentary retirement fund is invested in UK equities, despite politicians talking up the case for investing in Britain https://www.thetimes.com/article/705a7372-86cc-4bf4-af88-b4b5db9ff9ce?shareToken=5c0f02e19a8c5e3b990c965b10d058c8
• NL: WSJ story on nomination of beneficiary horror tale: https://www.wsj.com/personal-finance/inherited-retirement-savings-beneficiary-breakup-divorce-849e3ff2?st=r25xsho331jpvgg&reflink=desktopwebshare_permalink
• AS - Vanguard TRAP Webinar on Adviser Alpha (300 registered - 200 attended live) Recording available https://event.on24.com/wcc/r/4584722/8D0D76D89A13CF7D9AF43C6FD0F9DD84
• AH - Credit Suisse Global Investment Returns Yearbook 2023 - https://www.credit-suisse.com/media/assets/corporate/docs/about-us/research/publications/credit-suisse-global-investment-returns-yearbook-2023-summary-edition.pdf - JP Morgan, Barclays, CS, all conclude the markets beats any humans 
• NL: Adrian Edmondson, another celebrity/influencer/endorser of property over pensions/GCOTW: https://www.linkedin.com/posts/kusalariyawansa_property-stockmarket-ugcPost-7206179916441104388-Hc_p?utm_source=share&utm_medium=member_desktop
• AH - The C Word - Humble Dollar https://humbledollar.com/2024/06/the-c-word/
• CW: Rich Roll podcast with guest Cal Newport: https://podcasts.apple.com/ie/podcast/the-rich-roll-podcast/id582272991?i=1000647918219
• NL: Billions podcast: Can An Outsider Fix The House That Bogle Built?: https://pca.st/0tjv2fen Bringing in Salim Ramji, head of Blackrock’s ETF business.
• AS: Peter Mallouk on Masters In Business/Bloomberg https://pca.st/episode/4eb3e5f6-8327-405d-a8f0-5f7260fa3ad6 
• AH - Morgan Housel - Knowledge Project

============================
Take part in the conversation! We want YOU to suggest topics and questions you’d like the Trap Pack to answer. The best way to do this is to ask them here.

Help us to help you! The more followers we have, the more we can do stuff going forward. So please:

• Subscribe and Like our YouTube Channel
• Leave a 6/5 star review on iTunes
• Share TRAP with your peers and colleagues
• 'Enjoy' the Twitter chat at @AdviserPodcast.

In this episode, Jeffrey and Dan explore the world of thinking tools and the framework that helps entrepreneurs think strategically. Dan shares the origin story of his first tool and how it evolved into over 240 trademarks. He also touches on the concept of Unique Ability® and its role in his company's success.

In This Episode:

• Self-examination and curiosity play a crucial role in achieving success, but most people don’t make the time for it.
• So, what are thinking tools? Dan provides a definition and examples, and explains their purpose.
• The first tool Dan created, The Strategy Circle®, is still used today exactly as he first created it over 40 years ago.
• Dan has created over 240 trademarked thinking tools since then.
• Jeffrey and Dan explore the origins of Unique Ability.
• Dan reveals where he got the name “Strategic Coach.”
• Dan explains the difference between process, methodology, and strategy. One is more about the outcome, while the others are about the steps to achieve that outcome.
• Dan divulges what motivates all of his personal and professional endeavors. (Hint: It’s not money!)

Resources:

Learn more about Jeffrey Madoff

Dan Sullivan and Strategic Coach®

Unique Ability®

Book: Your Life As A Strategy Circle by Dan Sullivan

Today, I’m talking with James Conole, a financial advisor and the founder of Root Financial Partners, a fast-growing RIA with over $400 million AUM.

Between his Ready for Retirement podcast and James Conole, CFP® YouTube channel, James has generated over 10 million views and listens in the last 12 months alone. That traffic led to over 700 inbound prospects who each had a minimum of $500,000 of investable assets.

In our conversation, James pulls back the curtain on the methods he used to build a leading YouTube channel with over 110,000 subscribers, what his marketing funnel looks like, and how you can leverage YouTube in your own business to increase your audience rapidly.

3 of the biggest insights from James Conole …

• A step-by-step breakdown of the simple methods James uses to get millions of eyeballs on his content and generate a consistent stream of warm leads in the process.

• Why YouTube pays James $120,000 a year to market and grow his business, and how you can start creating your own money-making content today.

• How James’ simple yet effective marketing funnel converted prospects into net new assets of roughly $130 million in 2023 using a system like nothing I’ve ever seen before.

GIFT FROM THIS EPISODE + JOIN THE DBDL INSIDER CREW

Today's Gift: 30-minute “Ask me anything” YouTube webinar with James

To get access to today's free gift AND become a DBDL Insider with VIP access to future resources and exclusive content, text "62" to 785-800-3235. *Message and data rates may apply. Reply STOP at any time to opt-out of receiving text messages.

SHOW NOTES

https://bradleyjohnson.com/62

FOLLOW BRAD JOHNSON ON SOCIAL

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FOLLOW DBDL ON SOCIAL:

• YouTube - Full Interviews
• YouTube - Clips from the Show
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• LinkedIn
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DISCLOSURE 

These conversations are intended to provide financial advisors with ideas, strategies, concepts and tools that could be incorporated into the advisory practice, advisors are responsible for ensuring implementation of anything discussed is in accordance with any and all regulatory and compliance responsibilities and obligations.

Copyright 2024 Triad Partners, LLC. All rights reserved.

TP04243458880

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

This episode of Enterprising Investor features Dr. Meir Statman discussing the role of money in happiness and how mindset can impact investing success. Dr. Statman, a professor at Santa Clara University, recently published a book titled "A Wealth of Wellbeing, A Holistic Approach to Behavioral Finance." The book explores making better decisions about financial and life well-being. Dr. Statman shares personal insights that highlight the importance of understanding risks beyond the stock market. Tune in to gain valuable perspectives on the intersection of money, happiness, and investing success.

What is the role of luck in financial success? And how can we make decisions that will put us in the best possible position to experience long-term prosperity? Joining us today to unpack these questions is Scott Galloway, a talented public speaker, author, entrepreneur, and professor of marketing at NYU Stern School of Business. His latest book, The Algebra of Wealth: A Simple Formula for Financial Security, explores key lessons to help you optimize your life for wealth and success. He is the host of a thrice-weekly podcast, The Prof G Pod, and co-hosts a podcast called Pivot with esteemed tech journalist, Kara Swisher. Scott also has a very popular blog called No Mercy / No Malice, where he shares his thoughts on wealth, business, psychology, and more. In today's conversation with Scott, we delve into the lessons he's learned about economic success and the contents of his new book, The Algebra of Wealth. Tuning in you'll learn how the economic stress he experienced as a child shaped his life, the important role that luck plays in financial success, and why he believes people should follow their talents rather than their passions. Scott goes on to expand on why diversification is essential for financial success before sharing key lessons from the various businesses he has started, built, and sold. We also discuss how he manages his financial worries, his hopes for his children, and how he defines success. Tune in to hear all of Scott's valuable insights as we take a deep dive into the forces that shape our economic outcomes, and the algebra of wealth!

Key Points From This Episode:

(0:00:18) Introducing today's guest, Professor Scott Galloway.

(0:05:43) Unpacking the title of his book The Algebra of Wealth, and what it refers to.

(0:10:39) The pursuit of wealth as a whole-person project and why balance is rarely possible.

(0:13:38) How stoicism can help you spend wisely and resist temptations.

(0:19:23) The difference between working hard and having character when it comes to wealth.

(0:22:20) Why it's so important to acknowledge the role of luck in economic success; how Scott's awareness of luck impacted his financial decisions and made him diversify.

(0:30:41) The concept of having enough, why people always want more, the benefits of giving back, and the role that luck has played in Scott's wealth.

(0:35:31) Why Scott believes people should follow their talents, rather than their passion.

(0:39:31) Scott's thoughts on the work-from-home trend and why he is a big proponent of an office environment and in-person work for young people.

(0:41:23) The key ways that physical exercise contributes to financial success.

(0:44:37) Scott's thoughts on financial planners, how to take advantage of technology and low-cost EFTs to diversify on your own, and qualities you should look out for in a financial planner.

(0:50:08) Scott's approach to investing in private businesses, his history of starting and selling companies, and why diversification is key.

(0:52:26) What the average person should do when there is excitement about a particular stock.

(0:56:06) Scott's insights on the most beneficial way to trade money for time, how he manages his financial worries, and his biggest financial concerns when it comes to his children.

(01:03:32) How Scott defines success in his life, and what he has learned so far from starting ketamine therapy.

Links From Today's Episode:

Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/

Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/

Rational Reminder on X — https://twitter.com/RationalRemind

Rational Reminder on YouTube — https://www.youtube.com/channel/

Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/

Benjamin on X — https://twitter.com/benjaminwfelix

Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/

Cameron on X — https://twitter.com/CameronPassmore

Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

Scott Galloway — https://profgmedia.com/

Scott Galloway Books — https://profgmedia.com/books/

Scott Galloway on LinkedIn — https://www.linkedin.com/in/profgalloway/

Scott Galloway on Twitter — https://twitter.com/profgalloway

No Mercy No Malice — https://www.profgalloway.com/

Pivot with Scott Galloway and Kara Swisher — https://profgmedia.com/pivot/

The Prof G Pod with Scott Galloway — https://profgmedia.com/the-pod/

Books From Today's Episode:

The Algebra of Wealth: A Simple Formula for Financial Security — https://www.amazon.com/Algebra-Wealth-Formula-Financial-Security/dp/0593714024

In our 139th episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss how to know when you offer "enough" value to clients that it's no longer necessary to keep doing and learning more.

For full show notes, see kitces.com and thesocietyofadvice.com.

TRAP Live!

This is a TRAP episode recorded on 9th May 2024 in front of 140 adoring TRAPists at Lola's, the louche, loose, slightly dangerous bar in the underground caverns of the world-famous London Hippodrome casino.

Our sources confirm that this is the first (last?) UK financial services-related live podcast held in the UK and, secondly, there has never been any financial services event in the UK involving so much alcohol.

The show follows the normal format, albeit in a slightly more "shambolic" fashion than normal.

At the end, there's a bonus 30-minute Q&A session where the TRAP Pack fields an assortment of idiotic questions from our beloved TRAPists.

Thanks to Emmelia Powell for emceeing the chaos and Dan Haylett for his excellent pre-recording presentation. And lots of love for our event partners (with special TRAP-focused landing pages), Vanguard and Timeline. 

No thanks at all to the striking train drivers. Bring on the robots.

============================
Take part in the conversation! We want YOU to suggest topics and questions you’d like the Trap Pack to answer. The best way to do this is to ask them here.

Help us to help you! The more followers we have, the more we can do stuff going forward. So please:

• Subscribe and Like our YouTube Channel
• Leave a 6/5 star review on iTunes
• Share TRAP with your peers and colleagues
• 'Enjoy' the Twitter chat at @AdviserPodcast.

TRAP LIVE IS HAPPENING ON 9th MAY 2024. BUY TICKETS HERE: www.therealadviserpodcast.com

In this latest pile of TRAP, the Trap Pack discuss

• Topical issues, including Finish fables, JISA joys, Leffler love, cheap online tax-returns, total returns mean dividends, FCA thematic review #1,242, True Potential CEO says the quiet part out loud
• Meat and Potatoes: Clients or Customers?
• Questions posted by our beloved Steven S www.twitter.com/passivevanguard
• Culture Corner

Links referred to in the show:

• Edward Leffler: https://www.ft.com/content/6d4f870c-f39a-4a06-a18f-f1e65484f35a
• AH - https://www.taxd.co.uk/ Easy/Cheap Tax Filing. NL on this: should 40% PAYE taxpayers trust HMRC or should they self-assess as a matter of course?
• CW: Idea for your advisory firm ….. Metis 5K Fund Run for Charity https://www.linkedin.com/feed/update/urn:li:activity:7173968807340691458
• AS - total returns  https://www.timeline.co/blog/is-the-ftse-100-misleading 
• NL - 100 years of Edward Leffler’s transformational idea: https://www.ft.com/content/6d4f870c-f39a-4a06-a18f-f1e65484f35a
• AH - FCA - Article - Undertaking cashflow modelling to demonstrate the suitability of retirement-related advice https://www.fca.org.uk/firms/undertaking-cashflow-modelling-demonstrate-suitability-retirement-related-advice 
• CW: Metis Ireland is hiring https://www.linkedin.com/feed/update/urn:li:activity:7176905922131173376
• AS FCA Thematic Review / AS - Fees for no service https://www.fca.org.uk/publication/thematic-reviews/tr24-1.pdf
• CW: Most clients don't need advice according to True Potential CEO https://citywire.com/new-model-adviser/news/true-potential-ceo-its-very-rare-our-clients-need-advice/a2438636?re=118418&ea=1287904&utm_source=BulkEmail_NMA_Daily_Single_EAM&utm_medium=BulkEmail_NMA_Daily_Single_EAM&utm_campaign=BulkEmail_NMA_Daily_Single_EAM
• https://www.linkedin.com/posts/tom-morgan-64926341_financialplanning-financialplanner-financialadviser-activity-7175437295125188608-6akg?utm_source=share&utm_medium=member_desktop
• CW: The Long Term Investor Podcast - Carl Richards episode https://podcasts.apple.com/ie/podcast/the-long-term-investor/id1573028666?i=1000613348382
• AS - Mentorist App https://www.mentorist.app/ - & Book Pecker https://bookpecker.com/ 
• NL - The Fund: http

============================
Take part in the conversation! We want YOU to suggest topics and questions you’d like the Trap Pack to answer. The best way to do this is to ask them here.

Help us to help you! The more followers we have, the more we can do stuff going forward. So please:

• Subscribe and Like our YouTube Channel
• Leave a 6/5 star review on iTunes
• Share TRAP with your peers and colleagues
• 'Enjoy' the Twitter chat at @AdviserPodcast.

In our 135th episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss whether or not professional advisors should be expected to create career opportunities for up-and-coming advisors.

For full show notes, see kitces.com and thesocietyofadvice.com.

Being born rich sounds like a dream, but it’s almost like being born at the finish line, with no race left to run.

If we’ve learned anything in this podcast so far, it’s that money alone doesn’t bring happiness. Life needs purpose. But when you already have access to everything you could possibly need, finding that purpose can be difficult.

So, how do we ensure our children inherit not just wealth, but also the drive to make something meaningful out of their lives? How do we shield them from the pitfalls of affluence, like aimlessness and substance abuse?

Taylor Adamshas dedicated his life to helping parents successfully pass on their wealth to the next generation with his company Belief Partners. He believes that a large part of happiness comes from the act of adding value to the world around you, feeling like you matter. He works to empower parents to instill in their children the importance of adding value to the world, of feeling like they matter beyond their bank accounts

Taylor knows the feeling of being aimless all too well. Born into a multi-generational billionaire family, he himself has experienced the luxury, pressure, and burden of wealth. 

In this episode, Taylor bares all, offering his personal narrative alongside professional research and strategies for navigating the complexities of inherited wealth. From finding purpose to avoiding the traps of excess, Taylor equips affluent parents with the tools they need to raise grounded, fulfilled individuals.

Alongside Taylor, we’ll also hear from Jane. In contrast to Taylor’s strong recommendation to set up a trust for your kids, Jane’s parents paid for necessities through her life, but will pass on their wealth through a lump sum inheritance of roughly $20 million. She’ll tell us how their wealth impacted her life, how she found purpose in her own career and family, and how the knowledge of inheritance has affected her.

This is Moneywise, a podcast where host Sam Parr is joined by high-net-worth guests to explore exclusive insights into personal finance and lifestyle tailored for other high-net-worth people, or those on their way. They'll get radically transparent about the numbers, revealing things like their burn rates, portfolios, and spending habits.

Who is Sam Parr?

Sam is a serial entrepreneur and the co-founder of The Hustle, which he sold to HubSpot in 2021. He's also the co-host of one of the world's top podcasts for entrepreneurs, My First Million. Known for his insightful business acumen and candid communication style, Sam Parr continues to be a prominent figure in the world of media and entrepreneurship. Sam's newest and biggest venture yet is Hampton, which he co-founded in 2022.

This podcast was made for the Hampton community, a private, highly-vetted, peer membership community for founders and CEOs of fast-growing, tech-enabled startups.

Chapters:

Taylor’s billionaire family (2:48)

Why and when he got sober (6:23)

Why you should invest your money in your kids (7:29)

Helping your kids find their own value (13:03)

The importance of being the example (15:40)

The argument for trusts (22:09)

Why Jane’s family didn’t set up a trust (24:27)

Teaching your kids to fail (26:12)

“Yes, and..” (29:29)

Talking to your kids about your wealth (33:35)

The Four Horsemen of Destruction (38:18)

This podcast was produced in partnership with Lower Street and distributed by Morning Brew.

In this episode, we unpack key tenants of investing and the quality of financial advice in Canada's banking industry. In our conversation, we present a list of lessons we have learned about investing, which has been consolidated from contributions by the Twitter community and the Rational Reminder Community. In our conversation, we discuss ways to beat the market, how narratives can impact the economy, and why timing the market is a bad investment approach. Discover why performance chasing is not a successful strategy, why incentives matter, and why economic growth is a poor predictor of investment success. Learn about the nuanced relationship between expected economic growth and stock returns, why wealth does not give you access to market-beating investments, and the effectiveness of investing in low-cost total market index funds. Finally, in our after-show segment, we delve into the quality of financial advice provided by Canada's six big banks, investment strategies, listener reviews, and much more. Gain valuable insights into navigating the complexities of investing and learn why simplicity, discipline, and skepticism towards overly complex or costly strategies are vital for financial success. Tune in now!

Key Points From This Episode:

(0:00:00) Introduction and outline of today's topic: The Most Important Lessons in Investing.

(0:04:55) Why you cannot outsmart the markets and what it takes to beat the market.

(0:07:47) The notion that "this time is always different" during times of financial upheaval.

(0:10:45) Explore the forward-looking nature of markets and their impact on decision-making.

(0:12:08) Unpack the unreliability of market forecasts for making investment decisions.

(0:14:48) Hear why time in the market beats timing the market.

(0:16:11) Important aspects of funds and why investors should not chase portfolio performance.

(0:19:20) Learn about the role of incentives in the distribution of financial information.

(0:25:09) Common misconceptions about the link between economic growth and stock returns.

(0:27:28) We discuss the importance of good financial planning over portfolio management.

(0:30:51) Uncover the relationship between risk and expected returns in financial markets.

(0:32:33) How the risk-return relationship changes over different time horizons.

(0:34:59) Why fees and taxes matter and the nuances of permanent insurance.

(0:41:55) Find out why there is no such thing as a perfect investment strategy.

(0:44:51) Tailoring your investment portfolio to meet your goals and sticking to it.

(0:46:48) Investigate why there is no such thing as a passive investment.

(0:50:59) Understanding why wealth does not provide access to market-beating strategies.

(0:53:22) Why diversification is the only free lunch in investing.

(0:58:58) Recommendations and pitfalls to avoid when assessing investments.

(1:01:02) What the structure of a financial portfolio looks like for most people.

(1:03:11) The aftershow: the state of Canadian banks, investment advice, and more.

Links From Today's Episode:

Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/

Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/

Rational Reminder on X — https://twitter.com/RationalRemind

Rational Reminder on YouTube — https://www.youtube.com/channel/

Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/

Benjamin on X — https://twitter.com/benjaminwfelix

Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/

Cameron on X — https://twitter.com/CameronPassmore

Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

Mark McGrath on LinkedIn — https://www.linkedin.com/in/markmcgrathcfp/ Mark McGrath on X — https://twitter.com/MarkMcGrathCFP

The Economist — https://www.economist.com/

ARK Invest — https://ark-funds.com/

The Canadian Investor Podcast — https://thecanadianinvestorpodcast.com/

Episode 257: Giorgio Ugazio (Mr. RIP) — https://rationalreminder.ca/podcast/257

Mr. RIP on YouTube — https://www.youtube.com/@mr_rip

The Money Scope Podcast: Episode 9 — https://moneyscope.ca/2024/03/15/episode-9-taxable-investing-in-canada/

Book a meeting with a PWL Financial Planner —

Books From Today's Episode:

A Wealth of Well-Being — https://www.amazon.com/Wealth-Well-Being-Holistic-Approach-Behavioral/dp/1394249675

Wealthier — https://wealthierbook.com/

Papers From Today's Episode:

'Where's the Beef?' — https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4035890

'SPIVA® Canada Scorecard' — https://www.spglobal.com/spdji/en/documents/spiva/spiva-canada-year-end-2023.pdf

'2018 Paper' — https://doi.org/10.1093/rfs/hhy046

'CBC Article' — https://www.cbc.ca/news/business/marketplace-hidden-camera-banks-1.7142427

The fact that sales people tend to talk too much is nothing new, but Blair has observed in recent client work just how profound of an effect this pervasive problem has on sales outcomes.

"How and When to Talk About Your Firm"

"Replacing Presentations With Conversations"

Nik Marsh, the managing director of Ashlea Financial Planning, shares his journey of transitioning from a career in high finance to financial planning and navigating the process of internal succession planning. He discusses his background, the challenges he faced, and the importance of finding a different way to provide financial advice. The conversation explores the role of Diane Weitz, the founder of Ashlea Financial Planning, and her desire to ensure the continuity of the business and the well-being of her clients. The chapter concludes with the restructuring of the management buyout and the future succession plans for the firm. In this conversation, Nik Marsh discusses the challenges of business transition and the need for a suitable model for financial planners. He shares insights on transitioning to the next generation and the difficulties of seller financing in management buyouts (MBOs). The conversation also covers the use of preferred shares and the importance of setting up the next generation of owners. Nik Marsh talks about the structure and team of Ashlea, as well as the technology stack and CRM challenges faced by the firm. The conversation concludes with a discussion on future plans and success.

Today, I’m joined by a very special guest, Arthur Brooks, to discuss a very special topic: happiness. 

Arthur is a Harvard professor, author, and social scientist specializing in happiness. He has written 12 books, including the New York Times bestseller “Strength to Strength,” along with “Build the Life You Want,” a book he co-authored with Oprah. Arthur is also a columnist for The Atlantic and was selected as one of Fortune Magazine’s “50 World’s Greatest Leaders” while serving as president of the American Enterprise Institute, one of the world’s leading think tanks.

In short, Arthur’s done it all. And if you want to talk about the science of happiness — and money’s role in the equation — he’s your guy. So that’s what we did in this episode.

Strap in for a packed conversation that applies to the core of doing business and doing life. You’ll hear about the relationship between money and happiness, how to adopt different habits that may increase your happiness, and how your brain changes as you age — and what that means for how you run your business. 

3 of the biggest insights from Arthur Brooks…

• Discover the correlation between money and happiness — and the science behind our endless pursuit for more! 

• What Arthur learned from working alongside infamous leaders like Oprah and The Dalai Lama – including their secrets to living a happy life. 

• Why do so many retirees feel empty and unfulfilled? Arthur explains what’s going on psychologically and gives his best advice for helping your clients navigate retirement with passion and purpose. 

GIFT FROM THIS EPISODE + JOIN THE DBDL INSIDER CREW

Today's Gift: Get a free copy of Arthur's book, "Build the Life You Want: The Art and Science of Getting Happier" [while supplies last]

To get access to today's free gift AND become a DBDL Insider with VIP access to future resources and exclusive content, text "57" to 785-800-3235. *Message and data rates may apply. Reply STOP at any time to opt-out of receiving text messages.

SHOW NOTES

https://bradleyjohnson.com/57

FOLLOW BRAD JOHNSON ON SOCIAL

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DISCLOSURE 

These conversations are intended to provide financial advisors with ideas, strategies, concepts and tools that could be incorporated into the advisory practice, advisors are responsible for ensuring implementation of anything discussed is in accordance with any and all regulatory and compliance responsibilities and obligations.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In our 133rd episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss money, meaning, and what it's all for.

For full show notes, see kitces.com and thesocietyofadvice.com.

Tune in to hear:

• What did Philip’s research on the drivers of financial advice seeking uncover? Additionally, what might stand in the way of clients taking advice?
• What can the industry do to reduce economic barriers to entry for getting advice?
• What about reducing emotional barriers to entry for getting advice?
• What mistakes do advisors make when it comes to changing behavior and what could we be doing better as an industry?
• What is Philip’s “SHAPE” framework and how can it be applied to your business?
• Why might we be asking for referrals in the wrong way and what can we do to improve this?
• Philip breaks down client anxiety into two distinct categories. What are each of these types of anxiety and what should each of these signal to advisors?
• How can advisors best demonstrate their value in this new world we find ourselves in?

Links

• Philip Courtenay on LinkedIn
• Humans and Money

Connect with Us

• Meet Dr. Daniel Crosby
• Check Out All of Orion’s Podcasts
• Power Your Growth with Orion

Compliance Code: 0566-OAS-3/6/2024

As Blair is finishing his new book that drops later this year, he comes to the realization that pretty much everything he does comes down to the fundamental issue that experts think they need to show up as a different person during the sale: pitching, persuading, and convincing instead of as the leader their prospective clients need them to be.

LINKS

"The Dichotomy of the Expert Salesperson" article by Blair Enns at WinWithoutPitching.com

"Ditch the (Sales) Script"

Brought to you by AG1 all-in-one nutritional supplement, Helix Sleep premium mattresses, and Momentous high-quality supplements.

Greg McKeown (@GregoryMcKeown) is the author of two New York Times bestsellers, Essentialism: The Disciplined Pursuit of Less and Effortless: Make It Easier to Do What Matters Most. Together they have sold more than two million copies in 37 languages. He is also a speaker, host of The Greg McKeown Podcast and founder of The Essentialism Academy with students from 96 countries. More than 175,000 people have signed up to his 1-Minute Wednesday newsletter.

He is currently doing a doctorate at The University of Cambridge, and he is easily one of my favorite thinkers on all things related to effectiveness, efficiency, and—at the end of the day—quality of life. 

Greg is originally from London, England, and he and his wife Anna are parents to four children.

Please enjoy!

This episode is brought to you by Helix Sleep! Helix was selected as the best overall mattress of 2022 by GQ magazine, Wired, and Apartment Therapy. With Helix, there’s a specific mattress to meet each and every body’s unique comfort needs. Just take their quiz—only two minutes to complete—that matches your body type and sleep preferences to the perfect mattress for you. They have a 10-year warranty, and you get to try it out for a hundred nights, risk-free. They’ll even pick it up from you if you don’t love it. And now, Helix is offering 20% off all mattress orders plus two free pillows at HelixSleep.com/Tim.

*

This episode is also brought to you by AG1! I get asked all the time, “If you could use only one supplement, what would it be?” My answer is usually AG1, my all-in-one nutritional insurance. I recommended it in The 4-Hour Body in 2010 and did not get paid to do so. I do my best with nutrient-dense meals, of course, but AG1 further covers my bases with vitamins, minerals, and whole-food-sourced micronutrients that support gut health and the immune system. 

Right now, you’ll get a 1-year supply of Vitamin D free with your first subscription purchase—a vital nutrient for a strong immune system and strong bones. Visit DrinkAG1.com/Tim to claim this special offer today and receive your 1-year supply of Vitamin D (and 5 free AG1 travel packs) with your first subscription purchase! That’s up to a one-year supply of Vitamin D as added value when you try their delicious and comprehensive daily, foundational nutrition supplement that supports whole-body health.

*

This episode is also brought to you by Momentous high-quality supplements! Momentous offers high-quality supplements and products across a broad spectrum of categories, and I’ve been testing their products for months now. I’ve been using their magnesium threonate, apigenin, and L-theanine daily, all of which have helped me improve the onset, quality, and duration of my sleep. I’ve also been using Momentous creatine, and while it certainly helps physical performance, including poundage or wattage in sports, I use it primarily for mental performance (short-term memory, etc.).

Their products are third-party tested (Informed-Sport and/or NSF certified), so you can trust that what is on the label is in the bottle and nothing else. If you want to try Momentous for yourself, you can use code Tim for 20% off your one-time purchase at LiveMomentous.com/Tim. And not to worry, my non-US friends, Momentous ships internationally and has you covered. 

*

[00:00] Start

[10:02] How 2023 informed 2024’s highest priorities.

[16:09] Greg’s system for effortless execution of daily tasks.

[27:42] Directional documents, shameless repentance, and shifting success.

[36:53] Poetic mysticism and matchmaking introspection.

[41:51] What compass guides you toward purpose?

[45:10] The truth as a path to your best possible future.

[50:34] Maslow’s forgotten pinnacle of self-transcendence.

[54:28] Why self-actualization is an insufficient foundation for meaningful relationships.

[1:03:09] Recommended reading for relationship cultivation.

[1:07:43] A true, bittersweet tale of progressively deepening love.

[1:13:28] The benefits of treating social media as an option rather than an obligation.

[1:16:12] AI: good servant, poor master.

[1:17:23] Blocking time for a top priority.

[1:27:55] “It’s the tools, stupid.”

[1:30:56] Embracing the constraints that stack the decks in your favor.

[1:35:41] How to sign up for Greg’s free “Less, But Better” 30-day email program.

[1:37:09] Employing the George Costanza opposite life hack.

[1:40:53] Parting thoughts.

*

For show notes and past guests on The Tim Ferriss Show, please visit tim.blog/podcast.

For deals from sponsors of The Tim Ferriss Show, please visit tim.blog/podcast-sponsors

Sign up for Tim’s email newsletter (5-Bullet Friday) at tim.blog/friday.

For transcripts of episodes, go to tim.blog/transcripts.

Discover Tim’s books: tim.blog/books.

Follow Tim:

Twitter: twitter.com/tferriss 

Instagram: instagram.com/timferriss

YouTube: youtube.com/timferriss

Facebook: facebook.com/timferriss 

LinkedIn: linkedin.com/in/timferriss

Past guests on The Tim Ferriss Show include Jerry Seinfeld, Hugh Jackman, Dr. Jane Goodall, LeBron James, Kevin Hart, Doris Kearns Goodwin, Jamie Foxx, Matthew McConaughey, Esther Perel, Elizabeth Gilbert, Terry Crews, Sia, Yuval Noah Harari, Malcolm Gladwell, Madeleine Albright, Cheryl Strayed, Jim Collins, Mary Karr, Maria Popova, Sam Harris, Michael Phelps, Bob Iger, Edward Norton, Arnold Schwarzenegger, Neil Strauss, Ken Burns, Maria Sharapova, Marc Andreessen, Neil Gaiman, Neil de Grasse Tyson, Jocko Willink, Daniel Ek, Kelly Slater, Dr. Peter Attia, Seth Godin, Howard Marks, Dr. Brené Brown, Eric Schmidt, Michael Lewis, Joe Gebbia, Michael Pollan, Dr. Jordan Peterson, Vince Vaughn, Brian Koppelman, Ramit Sethi, Dax Shepard, Tony Robbins, Jim Dethmer, Dan Harris, Ray Dalio, Naval Ravikant, Vitalik Buterin, Elizabeth Lesser, Amanda Palmer, Katie Haun, Sir Richard Branson, Chuck Palahniuk, Arianna Huffington, Reid Hoffman, Bill Burr, Whitney Cummings, Rick Rubin, Dr. Vivek Murthy, Darren Aronofsky, Margaret Atwood, Mark Zuckerberg, Peter Thiel, Dr. Gabor Maté, Anne Lamott, Sarah Silverman, Dr. Andrew Huberman, and many more.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In this episode, we are joined, for the third time, by renowned author and commentator Morgan Housel. Many of you are familiar with Morgan's bestseller, The Psychology of Money, and he is back to discuss his latest book, Same as Ever: A Guide to What Never Changes. He is also the partner at The Collaboration Fund, a network of fund managers investing across asset classes while identifying and supporting companies at the intersection of for-profit and for-good. In our conversation, we delve into the timeless principles that shape our perspectives of the world and why things are the Same as Ever. We discuss the importance of holding cash, challenging traditional analytical approaches and encouraging a broader reflection on life beyond numbers. Discover the recurrent nature of once-in-a-lifetime events, the pitfalls associated with the insatiable desire for certainty, the value and power of storytelling, and the complex interplay between incentives and expectations. Gain insights into the value of forecasting behaviours instead of market dynamics, why pessimism is more common and more captivating than optimism, embracing slight inefficiencies on the path to success, and much more! Don't miss this engaging discussion with a master storyteller and gain new perspectives on finance, human behaviour, and the principles that remain the Same as Ever with Morgan Housel. Tune in now!

Key Points From This Episode:

(0:03:28) Why it is important to understand the aspects that never change, with examples.

(0:05:58) Morgan explains the value of random and seemingly inconsequential events.

(0:07:43) Discover the most persistent characteristic of risk and the ways expectations impact behaviour and decision-making.

(0:13:04) How he has been dealing with the success of his book, Psychology of Money.

(0:15:11) What makes once-in-a-lifetime events more common than expected and the problems that a desire for certainty brings with it.

(0:19:16) Leveraging storytelling to understand the world and how to filter out the good information from the bad information.

(0:25:41) Explore the role of incentives in influencing expectations and how calm can turn into crazy.

(0:31:06) Learn how success can develop into failure and the problems that stem from investors trying to squeeze too much too soon from their investments.

(0:37:13) Advice for understanding the normal 'growth rate' and what motivates innovation.

(0:42:29) Balancing stress and adversity and why being slightly inefficient is a good thing.

(0:46:46) Navigating hassle and nonsense on the path to success.

(0:48:30) The time scale differences in materializing good news and bad news.

(0:50:31) Strategies for combining optimism and pessimism to make informed and effective long-term decisions.

(0:53:03) Examine the challenges of predicting the impact of future innovations.

(0:55:43) The tendency for people to perceive others or businesses as better.

(0:58:38) Hear about the difference between permanent and expiring information.

(1:00:36) Reasons why complexity and length are appealing and how personal experiences shape perspectives.

(1:05:00) Morgan shares the biggest takeaways from his books.

Links From Today's Episode:

Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582 Rational Reminder Website — https://rationalreminder.ca/

Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/

Rational Reminder on X — https://twitter.com/RationalRemind

Rational Reminder on YouTube — https://www.youtube.com/channel/

Rational Reminder Email — info@rationalreminder.ca Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/

Benjamin on X — https://twitter.com/benjaminwfelix

Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/

Cameron on X — https://twitter.com/CameronPassmore

Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

Morgan Housel — https://www.morganhousel.com/

Morgan Housel on LinkedIn— https://www.linkedin.com/in/morgan-housel-5b473821/

Morgan Housel on X — https://twitter.com/morganhousel

Morgan Housel on Instagram — https://www.instagram.com/morganhousel/

The Morgan Housel Podcast — https://podcasts.apple.com/us/podcast/the-morgan-housel-podcast/id1675310669

Collaborative Fund — https://collabfund.com/

Collab Blog — https://collabfund.com/blog/

Episode 128: Morgan Housel — https://rationalreminder.ca/podcast/128

Episode 191: Emerging Markets — https://rationalreminder.ca/podcast/191

Episode 224: Scott Cederburg — https://rationalreminder.ca/podcast/224

Books From Today's Episode:

Sapiens — https://www.amazon.com/Sapiens-Humankind-Yuval-Noah-Harari/dp/0062316095

Seinfeldia — https://www.amazon.com/Seinfeldia-About-Nothing-Changed-Everything/dp/1476756112

The Snowball — https://www.amazon.com/Snowball-Warren-Buffett-Business-Life/dp/0553384619

Same as Ever — https://www.amazon.com/Same-Ever-Guide-Never-Changes/dp/0593332709

The Psychology of Money — https://www.amazon.com/Psychology-Money-Timeless-lessons-happiness/dp/0857197681

In our 132nd episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss the best way for advisors to get the word out about their services.

For full show notes, see kitces.com and thesocietyofadvice.com.

Ben Hockema is the Founder of Illuminate Wealth Management, an RIA based out of Illinois that oversees $100 million in assets under management for 55 households. Ben's unique journey in the advisory world saw him rise from intern to partner over 13 years at a growing firm, only to discover a cultural mismatch. He navigated this challenge by engaging passive equity investors for his new startup RIA, enabling him to acquire a portion of his client base and establish the business he truly envisioned.

Listen in as Ben shares his strategic journey in the financial advisory world and details his rapid growth from $16M to $100M in assets under management in three years. You'll also hear about his evolution from intern to partner, his realization of a misalignment with his firm's vision, and how he navigated the emotional challenges of leaving long-standing business relationships, finding invaluable support in a peer advisor study group and learning the power of asking 'dumb' questions for career growth.

For show notes and more visit: https://www.kitces.com/373

Episode 552: Shaan Puri (https://twitter.com/ShaanVP) and Sam Parr (https://twitter.com/theSamParr) teach the 3-step writing framework that helped them build +$10M newsletters. 

Get Shaan’s writing course - https://maven.com/generalist/writing

Get Sam’s writing course - https://copythat.com/

Want to see Sam and Shaan’s smiling faces? Head to the MFM YouTube Channel and subscribe - http://tinyurl.com/5n7ftsy5

—

Show Notes:

(0:00) Intro

(2:50) Why not how - Persuasion at scale

(6:00) To write clearly, you must think clearly

(7:00) Begin with the end in mind

(10:30) Headlines not outlines

(12:30) Warmup with copywork

(15:30) Draft fast, incubate slow

(16:30) Great writing is great editing

(19:00) Build your swipe file

(21:00) Don't bury the lead

(23:30) Create a curiosity gap

(25:00) Write like you talk

(28:00) The voice memo test

(30:30) Lower the reading level

(32:00) How to tell a great story

(34:30) Intention meets obstacle

(38:00) High emotional stakes in a low stakes situation

(39:00) Short sentences

(41:00) Great writing has rhythm

(44:00) Our favorite resources

—

Links:

• Hemingway Editor - https://hemingwayapp.com/

• Neville Medhora on Louis C.K. - https://copywritingcourse.com/louis-ck-direct-video-sales/

• The Hustle Writes about Hint Founder - http://tinyurl.com/2d537k7f

• Hey.com - https://www.hey.com/

• On Writing - http://tinyurl.com/5f334swt

• Theo Von - https://www.theovon.com/

—

Check Out Sam's Stuff:

• Hampton - https://www.joinhampton.com/

• Ideation Bootcamp - https://www.ideationbootcamp.co/

• Copy That - https://copythat.com

• Hampton Wealth Survey - https://joinhampton.com/wealth

—

Check Out Shaan's Stuff:

Need to hire? You should use the same service Shaan uses to hire developers, designers, & Virtual Assistants → it’s called Shepherd (tell ‘em Shaan sent you): https://bit.ly/SupportShepherd

Past guests on My First Million include Rob Dyrdek, Hasan Minhaj, Balaji Srinivasan, Jake Paul, Dr. Andrew Huberman, Gary Vee, Lance Armstrong, Sophia Amoruso, Ariel Helwani, Ramit Sethi, Stanley Druckenmiller, Peter Diamandis, Dharmesh Shah, Brian Halligan, Marc Lore, Jason Calacanis, Andrew Wilkinson, Julian Shapiro, Kat Cole, Codie Sanchez, Nader Al-Naji, Steph Smith, Trung Phan, Nick Huber, Anthony Pompliano, Ben Askren, Ramon Van Meer, Brianne Kimmel, Andrew Gazdecki, Scott Belsky, Moiz Ali, Dan Held, Elaine Zelby, Michael Saylor, Ryan Begelman, Jack Butcher, Reed Duchscher, Tai Lopez, Harley Finkelstein, Alexa von Tobel, Noah Kagan, Nick Bare, Greg Isenberg, James Altucher, Randy Hetrick and more.

—

Other episodes you might enjoy:

• #224 Rob Dyrdek - How Tracking Every Second of His Life Took Rob Drydek from 0 to $405M in Exits

• #209 Gary Vaynerchuk - Why NFTS Are the Future

• #178 Balaji Srinivasan - Balaji on How to Fix the Media, Cloud Cities & Crypto

• #169 - How One Man Started 5, Billion Dollar Companies, Dan Gilbert's Empire, & Talking With Warren Buffett

• ​​​​#218 - Why You Should Take a Think Week Like Bill Gates

• Dave Portnoy vs The World, Extreme Body Monitoring, The Future of Apparel Retail, "How Much is Anthony Pompliano Worth?", and More

• How Mr Beast Got 100M Views in Less Than 4 Days, The $25M Chrome Extension, and More

In our 130th episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss the advisor mindset that leads to more happiness.

For full show notes, see kitces.com and thesocietyofadvice.com.

My guest today is Brad Jacobs. Brad’s resumé is remarkable. He has founded seven companies, all of which are billion-dollar or multibillion-dollar businesses. He has done 500 M&A transactions and raised $30 billion dollars of debt and equity capital. Currently, he is the Executive Chairman of XPO, a commercial trucking company that he started in 2011 and has grown into one of the largest logistics businesses in the world. He has also written a book that will be out in January, titled “How to Make a Few Billion Dollars”. Brad’s energy is infectious and our conversation unpacks his strategies for M&A, his propensity for speed, and methods for earning team buy-in. Please enjoy my conversation with Brad Jacobs.

Listen to Founders Podcast

For the full show notes, transcript, and links to mentioned content, check out the episode page here.

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This episode is brought to you by Tegus. Tegus, the modern research platform for leading investors. Tired of running your own expert calls to get up to speed on a company? Tegus lets you ramp faster and find answers to critical questions more efficiently than any alternative method. The gold standard for research, the Tegus platform delivers unmatched access to timely, qualitative insights through the largest and most differentiated expert call transcript database. With over 60,000 transcripts spanning 22,000 public and private companies, investors can accelerate their fundamental research process by discovering highly-differentiated and reliable insights that can’t be found anywhere else in the market. As a listener, drive your next investment thesis forward with Tegus for free at tegus.co/patrick.

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Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes. 

Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more.

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

Follow us on Twitter: @patrick_oshag | @JoinColossus

Show Notes

(00:02:11) - (First question) - Identifying key factors in a market before investing

(00:05:07) - Gleaning insights from early acquisition experiences

(00:08:43) - Delving into the seller's mindset during a business sale

(00:12:51) - Weighing pre-built against organic growth strategies in acquisitions

(00:17:20) - Defining the elements of an ideal business

(00:22:49) - Engaging constructively with Wall Street

(00:24:36) - Discussing the substantial buyback of XPO shares

(00:28:16) - Ambition as a recurring theme in entrepreneurial success

(00:30:17) - Emphasizing the need to facilitate team agility

(00:32:35) - Highlighting the joys of post-acquisition integration

(00:36:09) - Drawing lessons from Ludwig Jesselson's principles

(00:40:34) - Comparing the risks and rewards of early versus late adoption

(00:44:09) - Reflecting on errors made in trend analysis

(00:48:59) - Strategies for implementing new technologies in enterprises

(00:51:59) - The significance of thought experiments in strategic decision-making

(00:56:00) - Recalling transformative events from his early years

(00: 57:22) - Outlining what makes a meeting 'electric'

(01: 01:53) - Sharing experiences with exemplary leadership

(01:05:02) - Strategies for maximizing team potential

(01:07:37) - Deciding the right time to step away from a business

(01:08:58) - Unveiling unexpected challenges in entrepreneurship

(01:18:45) - Philosophies for leading a fulfilling life

(01:21:04) - Finishing How To Make A Few Billion Dollars

(01:22:53) - The kindest thing anyone has ever done for Brad

Episode 542: Shaan Puri (https://twitter.com/ShaanVP) talks to Tony Robbins, the #1 life and performance coach in the world. Tony has built a $7 billion dollar empire and helped people like Ray Dalio, Connor McGregor and Nelson Mandela level up. In this conversation he shares what makes a championship mindset and what he’s learned from working with the top %1. 

No more small boy spreadsheets, build your business on the free HubSpot CRM: https://mfmpod.link/hrd

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Show Notes:

(0:00) Intro

(4:30) How Tony Robbins became Tony Robbins

(10:30) You're rewarded in public for what you practice in private

(13:30) Lessons from the top 1%

(19:00) “Honey, I’m home” energy

(22:00) 90 Seconds of Suffering

(24:30) The Holy Grail of Investing

(36:00) Owning a professional sports team

(40:00) Giving early

(48:00) Shaan is sending 40 people to go see Tony

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Links:

• The Holy Grail of Investing - https://theholygrailofinvesting.com/

• Time to Rise with Tony Robbins - https://timetorisesummit.com/

• Apply to attend Unleash The Power Within for FREE - http://tinyurl.com/ykheacrn

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Check Out Shaan's Stuff:

• Try Shepherd Out - https://www.supportshepherd.com/

• Shaan's Personal Assistant System - http://shaanpuri.com/remoteassistant

• Power Writing Course - https://maven.com/generalist/writing

• Small Boy Newsletter - https://smallboy.co/

• Daily Newsletter - https://www.shaanpuri.com/

Check Out Sam's Stuff:

• Hampton - https://www.joinhampton.com/

• Ideation Bootcamp - https://www.ideationbootcamp.co/

• Copy That - https://copythat.com

• Hampton Wealth Survey - https://joinhampton.com/wealth

Past guests on My First Million include Rob Dyrdek, Hasan Minhaj, Balaji Srinivasan, Jake Paul, Dr. Andrew Huberman, Gary Vee, Lance Armstrong, Sophia Amoruso, Ariel Helwani, Ramit Sethi, Stanley Druckenmiller, Peter Diamandis, Dharmesh Shah, Brian Halligan, Marc Lore, Jason Calacanis, Andrew Wilkinson, Julian Shapiro, Kat Cole, Codie Sanchez, Nader Al-Naji, Steph Smith, Trung Phan, Nick Huber, Anthony Pompliano, Ben Askren, Ramon Van Meer, Brianne Kimmel, Andrew Gazdecki, Scott Belsky, Moiz Ali, Dan Held, Elaine Zelby, Michael Saylor, Ryan Begelman, Jack Butcher, Reed Duchscher, Tai Lopez, Harley Finkelstein, Alexa von Tobel, Noah Kagan, Nick Bare, Greg Isenberg, James Altucher, Randy Hetrick and more.

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Other episodes you might enjoy:

• #224 Rob Dyrdek - How Tracking Every Second of His Life Took Rob Drydek from 0 to $405M in Exits

• #209 Gary Vaynerchuk - Why NFTS Are the Future

• #178 Balaji Srinivasan - Balaji on How to Fix the Media, Cloud Cities & Crypto

• #169 - How One Man Started 5, Billion Dollar Companies, Dan Gilbert's Empire, & Talking With Warren Buffett

• ​​​​#218 - Why You Should Take a Think Week Like Bill Gates

• Dave Portnoy vs The World, Extreme Body Monitoring, The Future of Apparel Retail, "How Much is Anthony Pompliano Worth?", and More

• How Mr Beast Got 100M Views in Less Than 4 Days, The $25M Chrome Extension, and More

Does the 4% rule still work? In this episode, we welcome three esteemed experts to counter a recent controversial claim made on the Dave Ramsey Show regarding the validity of the 4% rule in retirement planning. Joining us is David Blanchett; the Managing Director and Head of Retirement Research for PGIM DC Solutions, Michael Finke; a distinguished professor of wealth management at the American College of Financial Services, and Wade Pfau; Director of Retirement Research at McLean Asset Management. In our conversation, these experts shed light on the intricate world of retirement income planning, dispelling misconceptions and advocating for a more nuanced approach. Discover the flaws in Ramsey's assertion and explore the dynamics of sequence of return risk in retirement planning. Unpack the complexities of investing in bonds for retirees and the evolving risk profiles of stocks over varying investment horizons. We also uncover the significance of variable spending rates, debunk the fallacies behind aggressive withdrawal suggestions, a safety-first approach in retirement finance, and much more. Tune in for an enlightening journey through retirement planning and equip yourself with expert insights to pave a secure path for your financial future!

Key Points From This Episode:

• The motivation for addressing Dave Ramsey's 8% retirement spending rate claim. (0:07:26)
• Unpack the holes in Dave Ramsey's 8% claim. (0:09:48)
• How important sequence of return risk is for retirement planning. (0:15:08)
• Discover if investing in bonds is risky for a retiree. (0:17:57)
• Learn how the risk of holding stocks changes for longer versus shorter investment horizons. (0:21:55)
• Subjective risk tolerance and how it is influenced by market fluctuations. (0:24:04)
• Going all-in on stocks compared to strategies that involve both bonds and stocks in your investment portfolio. (0:30:10)
• They share their thoughts on Dave Ramsey's notion that the 4% rule is depressing. (0:35:23)
• Overview of the issues and misconceptions surrounding the 4% rule. (0:37:28)
• Alternative approaches to spending money from a riskier investment portfolio. (0:40:06)
• Dynamic spending strategies to improve the initial withdrawal rate from investments. (0:43:01)
• Explore other financial products, like annuities, for retirement planning. (0:50:05)
• Mindset hurdles and adjusting expectations for financial planning. (0:58:46)
• Dissect the concept of delaying government pensions and its impact on investors. (1:02:24)
• Insights into the pros and cons of delaying social security for higher-earning women. (1:07:52)
• Final words of wisdom the guests have for listeners. (1:09:30)

Links From Today's Episode:

Michael Finke — http://www.michaelfinke.com/home.html

Michael Finke on X — https://twitter.com/finkeonfinance

Michael Finke on Facebook — https://www.facebook.com/mfinke

The American College of Financial Services — https://www.theamericancollege.edu/

David Blanchett — https://www.davidmblanchett.com/

David Blanchett on X — https://twitter.com/davidmblanchett

David Blanchett on LinkedIn — https://www.linkedin.com/in/david-blanchett-b0b0aa2/

PGIM DC Solutions — https://www.pgim.com/dc-solutions/

Wealth, Managed Podcast — https://www.theamericancollege.edu/knowledge-hub/wealth-managed-podcast

Wade Pfau — https://retirementresearcher.com/wade-pfau/

Wade Pfau on LinkedIn — https://www.linkedin.com/in/wpfau/

Wade Pfau on X — https://twitter.com/WadePfau

McLean Asset Management — https://www.mcleanam.com/

Retire With Style Podcast — https://risaprofile.com/retire-with-style/

Alliance for Lifetime Income — https://www.protectedincome.org/

Episode 89: Wade Pfau: Safety-First: A Sensible Approach to Retirement Income Planning — https://rationalreminder.ca/podcast/89

Episode 137: David Blanchett: Researching Retirement — https://rationalreminder.ca/podcast/137

Episode 254: David Blanchett: Regret Optimized Portfolios and Optimal Retirement Income — https://rationalreminder.ca/podcast/254

The Ramsey Show — https://www.youtube.com/@TheRamseyShowEpisodes

The Ramsey Show: You Can't Win With Money if You Don't Know Where Your Money Is — https://www.youtube.com/watch?v=Xg4Z8EQY3Ao

'Supernerds Unite Against Dave Ramsey's 8% Safe Withdrawal Rate Guidance' — https://www.thinkadvisor.com/2023/11/13/supernerds-unite-against-dave-ramseys-8-safe-withdrawal-rate-guidance/

RISA profiler — risaprofile.com/rationalreminder

'Quasi-empirical bootstrap sampling paper' —

Jason Fichtner — https://bipartisanpolicy.org/person/jason-j-fichtner/

'The Value of Delayed Social Security Claiming for Higher-Earning Women' — https://dx.doi.org/10.2139/ssrn.3849653

Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/

Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/

Rational Reminder on X — https://twitter.com/RationalRemind

Rational Reminder on YouTube — https://www.youtube.com/channel/

Rational Reminder Email — info@rationalreminder.ca Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/

Benjamin on X — https://twitter.com/benjaminwfelix

Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/

Cameron on X — https://twitter.com/CameronPassmore

Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

Tim Goodwin is the founder of Goodwin Investment Advisory, an RIA based out of Georgia that oversees $275 million in assets under management for 370 client households. Tim's distinct approach involves a strong focus on search engine optimization, especially Google Reviews, alongside paid search ads to attract individuals actively seeking a "financial advisor near me." This strategy has resulted in a thriving prospecting pipeline, leading Tim to triple his minimum fee requirements over the past two years due to the overwhelming demand generated.

Listen in as Tim shares his journey of building a pipeline for growth through a systematic approach to online reviews, resulting in a staggering 50% of his clients posting on Google Reviews, and how his marketing strategies led to a 2.5X return in client revenue. We also discuss how Tim navigated the challenges of balancing firm profitability, employee well-being, and client service, as well as his approach to hiring from his client base, strategies for establishing trust as a young founder, and the creation of Mastermind groups to combat the loneliness at the top.

For show notes and more visit: https://www.kitces.com/370

Last chance!!!

The Kitces Financial Planning Value Summit (100% virtual) is TOMORROW.

👉 Click here to learn more and join 1,000+ financial advisors at the Summit. 

No boring PPT presentations. No vendors. No sponsors.

Just successful practicing advisors opening their playbook and SHOWING us how they demonstrate their planning value to clients and prospects.

Check out the full agenda here.

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Today on the show, I'm sharing 5 (critical) improvements we made this year to our client meeting process.

After years of trying to implement a good, systemized review meeting process...

...our team walked away from this last meeting cycle feeling like we FINALLY found our groove and created a positive experience for both us AND our clients.

And since creating a positive (and valuable) meeting experience for our clients helps to improve client retention and referrals, I think it’s still safe to say that we’re still talking some marketing today. 😊

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✏️ Grab the Episode Show Notes

Stevyn Guinnip is the founder of Grow Wellthy, a health and wellness consulting firm based out of Missouri that specializes in working with busy (but not always healthy) financial advisors. Stevyn stands out for her unique approach, blending her family background in financial advice with her extensive experience in health and well-being coaching. She focuses on addressing 'The Big Swap' phenomenon, where financial success often comes at the expense of health, impacting both the quality of life and retirement plans of financial advisors.

Listen in as Stevyn shares her insights on the prevalent health issues among financial advisors, stemming from demanding work schedules and personal life pressures, and the critical need for balancing financial success with physical well-being. She also discusses how she leverages advisors' affinity for data and metrics to guide them towards healthier lifestyles, her personal journey—including a life-altering experience in Australia (which reshaped her approach to health and wellness)—and the importance of proactive health management.

For show notes and more visit: https://www.kitces.com/366

Our guest on the podcast today is Dan Haylett. Dan is a financial planner and head of growth for TFP Financial Planning based in the United Kingdom. Dan focuses on financial planning, retirement planning, and life planning for people over age 50. He also hosts a podcast called The Humans vs. Retirement that is centered on the behavioral aspects of retirement. Prior to joining TFP, Dan occupied several positions in the asset-management industry.

Background

Bio

TFP Financial Planning

The Humans vs. Retirement podcast

Retirement

“How to Become a ‘Retirement Rebel’ for a Higher ‘Return on Life,’” by Dan Haylett, humansvsretirement.com.

“Retirement Is a Flawed Concept, With Carl Richards,” The Humans vs. Retirement podcast, humansvsretirement.com, June 19, 2023.

“Navigating the Changing Relationship With Your Spouse in Retirement, With Ashley Quamme,” The Humans vs. Retirement podcast, humansvsretirement.com, June 5, 2023.

Identity and Purpose

“Retiring With a Bang: Harvard’s 85-Year Study Unlocks Secrets to a Long and Happy Life,” by Dan Haylett, humansvsretirement.com.

“Happiness, Fulfillment, and Contentment in Retirement,” by Dan Haylett, humansvsretirement.com.

“The Anchors of Retirement Well-Being,” by Dan Haylett, humansvsretirement.com.

“Retirement Should Not Be Viewed as the Third and Final Phase of Life,” by Dan Haylett, humansvsretirement.com.

Psychology of Spending

“Understanding the Deep-Seated Fear of Running Out of Money and Its Impact on Retirement,” by Dan Haylett, humansvsretirement.com.

“From 4% Rule to 8% Fool: Unleashing Your Inner Retirement Spending Rockstar,” by Dan Haylett, humansvsretirement.com.

“The Psychology Behind Spending Money in Retirement,” by Dan Haylett, humansvsretirement.com.

“Annuitized Income and Optimal Asset Allocation,” by David Blanchett and Michael Finke, papers.ssrn.com, Sept. 22, 2017.

“Dan Haylett: Is It Good Advice to Give Money Away?” by Dan Haylett, essexcommunityfoundation.org.uk, July 27, 2022.

Other

“Lessons and Experiences Through the Lens of a Real-Life Retirement Journey, With Andy Murphy,” The Humans vs. Retirement podcast, humansvsretirement.com, June 26, 2023.

“6 Weeks Into His Retirement! An Inspirational Real Retirement Story With Neil Jones,” The Humans vs. Retirement podcast, humansvsretirement.com, Nov. 17, 2023.

“How to Light Your Retirement Torch With the Father of Life Planning, George Kinder,” The Humans vs. Retirement podcast, humansvsretirement.com, Oct. 6, 2023.

“Carl Richards: It Should Be OK to Relax Out Loud,” The Long View podcast, Morningstar.com, July 27, 2021.

“Michael Kitces: How Higher Yields Affect Asset Allocation and Retirement Planning,” The Long View podcast, Morningstar.com, May 9, 2023.

Mitch Anthony

Paul Armson

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Today, we’re releasing a conversation between John Collison and Charlie Munger. We've had this interview with Charlie scheduled to air for a while, coinciding with Stripe Press's launch of the amazing reprint of Poor Charlie's Almanack, which is released today.

We were all stunned last week when we heard the news of Charlie's passing, but having consulted with those close to him, everyone agreed that he'd want us to release this interview. I'm thankful to be able to learn from him just one more time in this interview. Please enjoy, and may Charlie Rest in Peace.

Order your copy of Poor Charlie’s Almanack

Worldly wisdom episodes in honor of Charlie Munger:

Daryl Morey: Systems Thinking in Sports

Boyd Varty: The Art of Tracking

Sam Hinkie: Find Your People

David Senra: Passion & Pain

Priya Parker: The Art of Gathering

Charlie Songhurst: Lessons from Investing in 483 Companies

For the full show notes, transcript, and links to mentioned content, check out the episode page here.

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Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes. 

Follow us on Twitter: @patrick_oshag | @JoinColossus

Show Notes

(00:03:52) - (First question) - The fixation on evaluating business quality

(00:05:58) - Learning the big ideas across various disciplines

(00:10:03) - The issue of adverse selection in legal services

(00:11:42) - Societal solutions for the opioid crisis

(00:17:34) - Reasons for not investing in Amazon

(00:20:38) - Explaining Costco's model

(00:29:08) - Discussing the increasing challenges in investing

(00:32:08) - Ingredients for long-term success in business

(00:33:18) - Debating cryptocurrency

(00:37:37) - Offering guidance for navigating a potential recession

(00:38:56) - Reflecting on the state of American society

(00:45:20) - Sharing a passion for architecture

(00:54:13) - “Win-win” business

(00:57:53) - Countering arguments against capitalism

(00:60:42) - The origins of Poor Charlie's Almanack

(01:05:14) - Building a productive partnership

(01:08:55) - Opining on the SEC

(01:12:22) - Highlighting investment concerns

(01:16:31) - Reasons for optimism about China

(01:32:14) - The unique aspects of Berkshire Hathaway