All About Your Benjamins™

From the May 15th, 2019 RLS Wealth Management Rundown on your Alexa devices. As a quick follow up to Tuesday's Rundown, the selloff Monday was met with nice bounce on Tuesday...I talk about why you shouldn't get too excited about it. Bitcoin, with the little "b", is on a nice little run this year, up over 100%, and I'm starting to see more chatter about it on Twitter and the financial media outlets...proceed with caution.

Be sure to subscribe to RLS Wealth Management's Rundown on Amazon

Disclaimer: Nothing on this blog should be considered advice, or recommendations. If you have questions pertaining to your individual situation you should consult your financial advisor. For all of the disclaimers, please see my disclaimers page.

From the May 13th, 2019 RLS Wealth Management Alexa Flash Briefing: United Capital sells for $750 million to Goldman Sachs. One of the largest companies in the Registered Investment Advisor (RIA) world crosses over to Wall Street--what does this mean to advisors and clients of United Capital, along with other RIAs? I share my thoughts, which are strictly speculative right now. I hope it all turns out for the best, but Wall Street has historically been out for Wall Street.

We will see...

Disclaimer: Nothing on this blog should be considered advice, or recommendations. If you have questions pertaining to your individual situation you should consult your financial advisor. For all of the disclaimers, please see my disclaimers page.

(041) I knew when Kyle offered to fly out to Fishers to see me we would have a day filled with great conversation and record top-notch content. I had no idea the videos we'd record would be so good that I'd have to make a podcast out of them. With nearly 35 minutes of important information, I was afraid many people would miss out on the conversations with the videos just on YouTube. So, for the first time, the Talkin' Shop series crosses over to the podcast world.

Kyle offers a unique perspective as he has been immersed in FinTech (Financial Technology) for a number of years and as a strategist for Black Diamond (a well-known and respected advisor platform), he is very involved in working with advisors and many other FinTech companies that integrate (and possibly will integrate) with Black Diamond.

If you are a financial advisor, you will definitely want to pay attention to the FinTech he is most excited about, along with his vision of where the profession is heading. Also, keep in mind he is not an advisor, but a potential client telling you what he would like to see.

If you are not a financial advisor, you should be excited about the changes currently taking place in the financial advice space and even more excited about what's coming. I also think you should consider how you would like to see technology improve your financial planning and relationship with your financial advisor. Some financial advisors will embrace FinTech and others will not...depending on your preferences, you may be forced to change advisors.

If interested, you can check out the conversations on the RLS Wealth Management YouTube channel via this post.

I hope you enjoy!

Twitter: @KyleVanPelt

LinkedIn

Disclaimer: Nothing on this blog should be considered advice, or recommendations. If you have questions pertaining to your individual situation you should consult your financial advisor. For all of the disclaimers, please see my disclaimers page.

Episode 40: It seems as if the American Dreams of a college education and home ownership have put many individuals, particularly Millennials, in financial distress. Financial advisors are not immune from the same financial constraints we help our clients with, and in a couple of honest blog posts, Chris Haigh, CFP® shared his experience and anger with the student loan machine.

Chris’ post about student loans was his first blog post and it was a heck of a first post—the FinTwit community immediately embraced it and shared it. In his encore, Chris tackled the myth of home ownership and how in some situations owning a home is not better than renting, despite the common myth that renting is throwing money away.

We discuss both in this episode.

Be sure to follow Chris on Twitter and his blog—he’s just getting started and he’s got plenty more to come.

Twitter: @haighfinancial

The Devil You Don't

The Black Plague 2.0 (Student Loans)

Iconoclastic Capital

 

Disclaimer: Nothing on this blog should be considered advice, or recommendations. If you have questions pertaining to your individual situation you should consult your financial advisor. For all of the disclaimers, please see my disclaimers page.

Episode 39: In the last year I've begun to work with more entrepreneurs and have begun learning new planning strategies that while may not be a good fit for everyone, can be very impactful for business owners and other entrepreneurs. In an effort to continue to expand my horizons as a financial advisor, I met Nina O'Neal who has been working with business owners entrepreneurs and high net worth families for most of her career. Since she has years of experience with this type of planning, I asked her to join me in a conversation highlighting a few ways advisors can help their clients take advantage of unique planning strategies

It is important to note our conversation is not a recommendation of any of the strategies or types of investments; consult your financial advisor to discuss your personal situation.

We also talk about the heated debate amongst advisors regarding business models, compensation and the use of the term fiduciary; I really like how Nina notes fiduciary is the behavior of an advisor, not the compensation.

In addition to discussing financial planning, we also talk about her career as a published author, Britney Spears, and how she keeps herself in good shape mentally, emotionally and physically as she balances being a partner at Archer Investment Management, a mom to two boys, and working on a soon-to-be announced project.

There's something for everyone in this episode. Be sure to follow Nina to hear her big announcement in the coming weeks!

I hope you enjoy!

iTunes: All About Your Benjamins The Podcast: Nina O'Neal

Show Notes:

Twitter: @noneal510

LinkedIn

Archer Investment Management

Relentless By Tim Grover

All About Your Benjamins Talkin' Shop

 

https://youtu.be/aE3d6k349AY

Disclaimer: Nothing on this blog should be considered advice, or recommendations. If you have questions pertaining to your individual situation you should consult your financial advisor. For all of the disclaimers, please see my disclaimers page.

Episode 38: Establishing a solid financial foundation starts in the home; most people develop their money habits, good or bad, from their parents. While it's not the case for everyone, most carry on the same behaviors witnessed when while growing up which means it is important for parents to show good money habits, but also teach them to their children.

My guest, Frazer Rice spent 15 years working with ultra-high net worth families where in addition to helping them manage their finances, he also helped them teach the younger generations to be ready for the wealth they would one day inherit. In this episode, we discuss some of the exercises Frazer used to use with his clients and translate them into exercises anyone can use, regardless of net worth. Financial literacy is not reserved only for the rich, and as you'll see important lessons can be taught with little dollars required.

This episode has something for both financial advisors and clients; financial advisors think about how you can help your clients educate their children, your future clients, to develop responsible money habits. If you're not a financial advisor, think about the lessons you wish you'd known when you were younger and teach those to your children. Frazer and I give you a few examples, and if you need more help with what you should teach your children, check out this episode from the past with some of the smartest people I know in finance.

I hope you enjoy!

Twitter: @Frazerrice

Wealth Actually

Book: Wealth, Actually

 

Disclaimer: Nothing on this blog should be considered advice, or recommendations. If you have questions pertaining to your individual situation you should consult your financial advisor. For all of the disclaimers, please see my disclaimer page.

The future of financial services is very bright; there's a lot to be excited about: The technology. Access to information. The people. And more.

I'm not the only one optimistic about the future--while at the Inside ETFs conference this week I managed to grab nineteen of my friends and asked them all the same question, "When you think about the future of our profession, what excites you the most?" As you'll hear, this All-Star lineup has a range of reasons they are excited for what the future holds advisors, investment professionals, and clients.

Thank you to everyone who took the time out of their busy schedules to share their answers; I've linked to everyone in the order they appear in the episode so you can follow them or learn more about how they are contributing to the profession.

I hope you enjoy!

My Friends

Josh Brown

Tyrone Ross Jr.

Brendan Mullooly

Barry Ritholtz

Douglas Boneparth

Sarah Newton

Michael Batnick

Bill Sweet

Peter Lazaroff

Phil Huber

Perth Tolle

Brad Sherman

Jennifer Wappaus

Adam Butler

Mike Philbrick

Ryan Kirlin

Jack Vogel

Kali Roberge

Corey Hoffstein

 

Disclaimer: Nothing on this blog should be considered advice, or recommendations. If you have questions pertaining to your individual situation you should consult your financial advisor. For all of the disclaimers, please see my disclaimer page.

I'll keep this introduction short; Khe Hy has been someone I've been following for almost two years now--I first heard him on Patrick O'Shaughnessy's podcast Invest Like The Best and was captivated by his story. I've enjoyed his writing and podcast, Rad Awakenings, and it was a tremendous honor to have him the show.

We cover a lot of ground in this episode, so be ready to learn about Khe's time on Wall Street, why and how he left, the history behind the name of his company and so much more.

If you aren't already following Khe, do yourself a favor and click the links below to stay up to date with what he is doing, and make sure to read the blog posts I've included as well. You won't regret it!

I hope you enjoy!

Show Notes:

Twitter: @khemaridh

Instagram: @radreadsco

Why Do So Many Successful People Fear Being Broke?

Entrepreneurship Lessons From Hip-Hop

How To Overcome The "Scarcity Mindset"

RAD Reads

RAD Awakenings Podcast

Subscribe To Khe's Newsletter Here

Disclaimer: Nothing on this blog should be considered advice, or recommendations. If you have questions pertaining to your individual situation you should consult your financial advisor. For all of the disclaimers, please see my disclaimer page.

We've covered various behavior biases impacting investors' portfolios, and in this episode, we will explore a new one...one you've probably never thought about--sector bias. Lawrence Hamtil, a principal with Fortune Financial Advisors, is one of FinTwit's top investment researchers and writers, and he has written extensively on this topic.

I love having guests who challenge my views on investing and portfolio construction, and this episode definitely opened my eyes. Lawrence takes us through how sector bias occurs, what options investors have to combat it, and why investors should take a closer look at where their dollars are allocated.

If you follow Lawrence on Twitter, you know a conversation with him would not be complete without talking a little weightlifting--after all, that is why we originally connected on Twitter.

I hope you enjoy!

 

Show Notes:

The Perils Of Sector Bias

Twitter: @lhamtil

Fortune Financial Advisors

Disclaimer: Nothing on this blog should be considered advice, or recommendations. If you have questions pertaining to your individual situation you should consult your financial advisor. For all of the disclaimers, please see my disclaimer page.

There is no shortage of stories of professional athletes going bankrupt or being taken advantage of by financial advisors, and my guest Amobi Okugo is determined to change those narratives. Amobi is a professional soccer player in the MLS (fun fact: he went pro after his freshman year at UCLA) and the founder of A Frugal Athlete, which is his platform for educating and encouraging athletes to responsibly handle their finances. I originally came across Amobi's story reading our mutual friend Stephen Nelson's interview with him, and I immediately reached out for an introduction.

In this episode, Amobi walks us through how A Frugal Athlete came to be, his vision for the company, and how athletes can change the way they view and handle money. We also discuss how being an athlete has helped him experience success off the pitch (that's soccer for field) with his company.

Although Amobi is creating content to help athletes, the lessons can apply to everyone. There might be certain characteristics that are unique to athletes, like shorter career cycles, but living within your means, managing money properly, and having a strong financial foundation is something everyone can relate to.

I hope you enjoy!

iTunes: All About Your Benjamins The Podcast Ep. 034

Show Notes:

Twitter: @amobisays

A Frugal Athlete

A Frugal Athlete Shop (note: not an affiliate link--just supporting the cause!)

Disclaimer: Nothing on this blog should be considered advice, or recommendations. If you have questions pertaining to your individual situation you should consult your financial advisor. For all of the disclaimers, please see my disclaimer page.