All About Your Benjamins™

In the last episode, we discussed the importance of diversification and now we build upon it and discuss how to optimize a diversified portfolio.

Just like the last episode, we cover a number of strategies and mention some companies–these should not be mistaken for recommendations. This episode is meant to be a conversation, educational, and an exploration into investing in different asset classes to improve diversification, long-term performance, and the overall investor experience. If you are interested in making changes to your portfolio–consult your financial advisor. 

Keeping it short and sweet with this intro...I hope you enjoy!

iTunes: All About Your Benjamins The Podcast Ep. 033

Show Notes:

Portfolio Optimization: A General Framework For Portfolio Choice

Resolve Asset Management

Twitter: @MikePhilbrick99

Twitter: RodGordilloP

Twitter: @GestaltU

 

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 overwhelming evidence suggesting diversification provides a tremendous "free" benefit for investors. Yet despite the evidence, many investors fail to properly diversify. Whether it be overweighting to their home country, chasing returns, or not even having an investment strategy, too many investors underperform due to succumbing to behavioral biases or ignorance.

In this first of a two-episode series, I'm joined by Mike Philbrick the President, CCO and portfolio manager at ReSolve Asset Management. Mike and his colleagues have written numerous papers on the importance of diversification, and we highlight one in particular in this episode, "Getting Comfortable With Being Uncomfortable".

Mike takes us through the fundamentals of diversification, arguments for revisiting the importance of diversification going forward, and introduces additional ways to diversify portfolios. We cover a number of strategies and mention some companies--these should not be mistaken for recommendations. This episode is meant to be a conversation, educational, and an exploration into investing in different asset classes to improve diversification, long-term performance, and the overall investor experience. If you are interested in making changes to your portfolio--consult your financial advisor. 

Be sure to check back next week for part two of the series where Mike takes us through the portfolio optimization process to build on the principles we discuss in this episode. You'll also get to find out how he defines wealth in that episode!

I hope you enjoy!

iTunes: All About Your Benjamins The Podcast Ep. 032

Show Notes:

Get Comfortable With Being Uncomfortable I

Get Comfortable With Being Uncomfortable II

Get Comfortable With Being Uncomfortable III

Skis and Bikes

Twitter: @mikephilbrick99

ReSolve Asset Management

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.

Private equity is an asset class many investors know very little about. It's limited to the wealthy-- you have to be an accredited investor ($1 million in net worth, excluding primary residence or $200k single/$300k married annual income) to have access to the best managers and it tends to be illiquid, which also makes it not the best investment option for most investors. In addition, private equity tends to be more expensive than the ETFs and low-cost mutual funds many investors have grown to love.

But, as my guest, Wes Lyons, CFP® explains, private equity provides a tremendous opportunity if you are able to identify good managers. Wes is more than qualified to introduce you to private equity; not only is he a CFP® Professional, but he is also a general partner in a private equity fund. Wes has first-hand experience meeting entrepreneurs, researching their businesses, deciding to invest in their companies, and as he says, walking alongside them (I really like this!).

For most, a low-cost diversified portfolio and a focus on spending, savings, increasing earnings, emotions, and other behaviors are the keys to a successful financial plan. With that being said, I don't think asset classes like private equity should automatically be dismissed--yes, they may cost more, but if the benefit outweighs the cost, then maybe it is worth a consideration?

I thoroughly enjoyed my conversation with Wes. I enjoyed learning more about an asset class I knew very little and about how private equity allows investors to make impactful investments. I ended my conversation with Wes less skeptical and more intrigued by private equity.

A brief disclaimer: The mention of the Eagle Venture Fund is not a recommendation or a solicitation to invest in it. If you are interested in determining if private equity is a good fit for your financial plan, please consult your financial advisor.

I hope you enjoy!

iTunes: All About Your Benjamins The Podcast Ep. 031

Show Notes:

Wes Lyons, CFP® LinkedIn

Eagle Venture Fund

Hopkins Investment Management

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.

At some point this summer I noticed a new and very active member in the FinTwit community; he was reaching out to all of the people we know and respect to meet for coffee, lunch, dinner, or just some of their time to ask questions and learn. It was obvious he was having success by the thank you tweets he was sending out, and when you see FinTwit royalty taking time to meet with the same person, you take note.

Then he started dropping these great blog posts where he would go back in time and connect history with finance; if you hadn't noticed him through his networking, then you definitely were noticing him because of his writing.

Because he came upon us all so quickly, I asked Jamie Catherwood to join me for a conversation that might serve as more of an introduction to who he is.

What's his story?

Why finance and history?

When not studying, reading, or writing what is he doing?

And more...

I've had the pleasure of talking with Jamie a few time prior to this episode, and I'm excited for listeners to learn more about him.

I hope you enjoy!

iTunes: All About Your Benjamins The Podcast Ep. 30

Show Notes:

Twitter: @jfc_3_

Medium: Jamie Catherwood Blog

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 personal finance and investing experience is constantly changing and changing for the better thanks to technology; Fintech is providing education, access, and leveling the playing field and there are few people, if any, who are entrenched in the space than Ian Rose. Ian is the CEO of StockTwits, a platform for investors to trade ideas and learn from each other. In addition to being a great tool for investors, StockTwits is also your go-to for market-related gear--check out the link below for their shop.

I love technology and am fascinated by what I see occurring in the FinTech space, so I asked Ian to join me to share his love an experience in FinTech. We talk about his path to becoming the CEO of StockTwits, the happiness he has found in his role, what excited him about FinTech, and the one company he sees with the most potential. I also steal his favorite question and ask him what he is afraid of.

I'll hopefully be connecting with Ian in November, so hopefully, I'll be able to provide some more insight with a quick follow-up.

I hope you enjoy!

iTunes: All About Your Benjamins The Podcast Ep. 29

Show Notes

Twitter: @ianrosen

Twitter: @StockTwits

StockTwits

StockTwits Instagram

StockTwits Store

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.

It all started with a tweet. I've been an avid reader of James Clear for the last couple of years, and when I saw he was releasing a book, Atomic Habits, I immediately pre-ordered it. Not too long after placing my order, I saw James mention he would be making the rounds in the podcast circuit so I decided to tweet my support of his book and take a chance by inviting him on All About Your Benjamins The Podcast--I had no expectations of a response.

Within a few minutes, he responded he'd love to come on; fast-forward a couple of weeks I had the opportunity to record an episode with him where we talked about his book, the connection between habits and finance, Air Jordans and more.

If you're interested in learning how developing habits to help build the life you want, accomplish your goals, or just become healthier, then this podcast and book are for you. James clearly (no pun intended) understands the power of habits and does a tremendous job explaining the how, why, and what-nots about them--and we only scratch the surface of what he covers in the book.

Be sure to grab your copy of Atomic Habits and start forming good habits for your life, especially your financial life!

I hope you enjoy!

iTunes: All About Your Benjamins The Podcast ep. 28

Show Notes:

Atomic Habits

www.atomichabits.com

www.jamesclear.com

Twitter: @jamesclear

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.

Behavioral finance, the field of understanding why we make the decisions we do with money, is not a new topic for this podcast; I am fascinated by the subject and it is a tremendous honor to have Dr. Daniel Crosby on this episode. Dr. Crosby has just released a book called The Behavioral Investor, which is a must-read for anyone interested in learning more about the mind and money--he even discussed the biological effects of money.

During our conversation, we talk about the new book (released October 16th, 2018), along with its predecessor The Laws Of Wealth. We also dive into some of the biases we suffer from when it comes to money and how they can be hacked, Daniel's goals for this book, and the importance of fitness and wellness in his life, along with balancing out the biological impacts of money.

I consider myself lucky that I have a lot of fun with my podcast conversations, and this episode with Dr. Daniel Crosby is no different.

I hope you enjoy!

iTunes: All About Your Benjamins The Podcast Ep. 27

Show Notes:

The Behavioral Investor

The Laws Of Wealth

Twitter: @danielcrosby

LinkedIn

The Hour Between Dog and Wolf

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.

Fintech has already made its impact on investment management, and with innovators like Andres Garcia-Amaya, it's moving its sights toward financial planning and advice. While most Fintech companies are focusing on driving the cost of investing down, more companies are coming along looking to help individuals find a financial advisor that best fits their needs.

Zoe Financial, Andres' startup company, does just that. Before I go further, I think it is important for me to disclose that as I got to know Andres and Zoe Financial over the last couple of years, I eventually became an advisor on the platform--so I have a business relationship with Andres, but don't worry this episode is not an hour-long promotion of his company.

Instead, we discuss his childhood in Colombia and his family's move to New York, when and why he fell in love with Wall Street, his time spent there, and his eventual departure to start Zoe Financial.

We also discuss the current state of financial planning and advice and where he sees the industry going, along with the impact of technology. We manage to cover a lot in less than an hour, and we could have probably continued for longer.

I hope you enjoy!

iTunes: All About Your Benjamins The Podcast Ep. 26

Show Notes

Twitter: @andrgarc

Zoe Financial 

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.

Last month I spent three days in St. Louis at the XY Planning Network's annual conference, XYPN Live, learning and discussing how advisors can collectively continue to move the financial planning industry forward. Most in attendance were financial advisors and most of those financial advisors were CFP® Professionals and XYPN members; however, there were non-XYPN members thinking of breaking away to start their own firms, Fintech people, and a few others just really interested in financial planning. It was a great group and a great time--the conversations I had with other advisors alone were worth the drive over.

While I was there I decided to break out my digital recorder like I did earlier this summer at EBI West and ask as many people as I could one question...

"What is one misconception young professionals have about financial advisors that you'd like to debunk?"

My hope for this podcast is that listeners, especially young professionals, realize many of the excuses they have been using to delay meeting with a financial advisor are just that...excuses. You'll hear from different advisors, serving different niches, with different strengths and approaches to working with clients--yet, despite their differences, you'll hear a lot of similar answers and an underlying theme that there is a growing tribe of advisors wanting to help young professionals and the traditionally underserved with financial planning.

A secondary and personal goal for this episode is to hear from one of the guests that they started working with a new client because of their answer. I view this as a win-win; an individual needing financial advice took the initiative to get started and a great advisor grew their business!

I've listed each of the participants in the order they answer on the podcast. I've also linked to each of their websites in case one of their answers motivates you to get moving on your financial planning. Many of the advisors you will hear are in the early stages of running their own firms, and I will not be surprised if a number of these advisors end up on Investment News 40 Under 40 and other industry lists.

One final housekeeping note: I changed the format from EBI West...I listened to the feedback and instead of repeating the question with each guest, I asked the question to the first guest and each guest thereafter just says their name and firm name prior to asking the questionnaire; less of me and more from the superstars!

I hope you enjoy!

iTunes: All About Your Benjamins The Podcast Ep. 25

Kyle Moore, CFP®

Grant Bledsoe, CFA, CFP®

Kelly Luethje, CFP®

Melissa Ellis, CFP®

Breanna Reish, CFP®

Brian Face

Ryan Frailich, CFP®

Daniel Hannoush, CFP®

Asad Gourani

Dilllon Ferguson

Alan Moore, CFP®

Mychal Eagleson, CFP®

Kyle Thompson

Shawn Tydlaska, CFP®

Tim Kenney, CFP®

Treavor Dodsworth, CFP®, CPA

Kevin Mahoney, CFP®

Brian Thompson, JD, CFP®

Leighann Miko, CFP®

Jason Howell, CFP®

Dave Grant, CFP®

Emlen Miles-Mattingly

Helen Ngo, CFP®

Isaiah Douglass, CFP®

Bill Winterberg, CFP®

Christine Su

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.

What if you were able to create a financial plan that led you to the life you wanted--I'm not talking about retirement at 65, putting your kids through college, and the typical goals covered by most financial plans, but the life YOU really want to be living? Most financial advisors aren't equipped with the skills to help their clients reach this level of planning; early in our careers, we are trained to identify problems and create strategies to fix those problems. We aren't taught to be active listeners (although some naturally have this trait) and therefore miss the opportunity to connect with clients in a deeper, more meaningful way.

Scott Frank, CFP®, CFA®, the founder of Stone Steps Financial, is doing the type of planning, known as life planning, described above. I've had the pleasure to know Scott for a little more than a year, and I've always walked away inspired to dig deeper with my clients after talking with him. I asked him to join me to talk about how life planning has transformed his practice and is allowing him to live the life he wants--just like he's helping his clients do.

This episode is for both the advisor community and individuals:

For the advisor community, we discuss how important active listening is in the planning process and how much of what we have been trained to do prohibits us from helping our clients discover and reach their best lives.

For individuals, we discuss what life planning entails and continue to build upon previous podcast episodes' financial planning conversations.

I hope you enjoy!

iTunes: All About Your Benjamins The Podcast Ep. 24

Show Notes

Twitter: @scott_r_frank

Stone Steps Financial

George Kinder: The Seven Stages Of Money Maturity

George Kinder: Lighting The Torch

The Kinder Institute Of LIfe Planning

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.