Not Just Numbers: Honest Conversations with a Financial Advisor (and Lawyer!)

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In this episode, Mike and Maddie discuss an article about whether Artificial Intelligence can replace your Financial Advisor. AI tools like ChatGPT have made impressive strides and can handle tasks like passing the bar exam for lawyers and assisting with medical diagnoses. The article explores whether AI is ready to replace financial advisers and assesses AI's performance against five essential qualities for effective financial advice.

Link to article: https://www.wsj.com/tech/ai/ai-financial-advisers-chatgpt-7f0cac60

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Madison and Mike discuss an article from the Wall Street Journal about the potential downsides of having too much information in investing. The article highlights the risks of making bad decisions due to over confidence from having so much information. Mike advises people to consider their overall financial plan instead of constantly checking their portfolios. He also mentions the evolution of information accessibility. It used to be thought that old time brokers got paid for having the information, while the role of advisors now is in making sense of it, using knowledge, context and perspective.
Later, they are joined by Scott Burney, managing partner of Vault Brewing, gives an overview of his business, which has five locations in Yardley. He discusses his background in finance and how he transitioned into the brewing industry. Scott described his daily routine, which involves overseeing multiple businesses and dealing with various issues. Despite some challenges, he has built a supportive team. He noted that while business is going well, the economy has led to a dampening of discretionary spending in the craft brewing sector. They emphasize the importance of being open to clients' suggestions, assuming positive intent in feedback, and the significance of face-to-face communication. They also discuss the challenges of managing social media, time management, and balancing responsibilities.

Link to Wall Street Journal article:  https://www.wsj.com/articles/ignorance-really-is-bliss-when-it-comes-to-investing-2779b67f

Scott's socials:

Vault website:  https://vaultbrewing.com/
Vault Instagram: https://www.instagram.com/vaultbrewing/
Vault Facebook: https://www.facebook.com/VaultBrewing/

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Madison and Mike discuss an article in the Trentonian based on a tweet by New York Times columnist David Brooks, which sparked a conversation about the current economic situation. Madison and Mike talk about the discrepancy between public perceptions of the economy and individual financial well-being, and the potential impact of social media on public perception. They also discuss the importance of maintaining historical perspective and not overestimating current hardships.
Rico Rodriguez, a realtor at Berkshire Hathaway in Yardley, shares his background and experience in the real estate business. He highlights the appeal of Yardley and his personal history. Rico discussed his experience with the pandemic, and the importance of family and relationships in his job. He also shared his hope to be remembered for his kindness. Rico and Mike emphasized the importance of personality, drive, and focusing on the job in a career in real estate.

Link to article from Trentonian: https://www.trentonian.com/2023/09/26/the-economy-is-fine-and-29-double-bourbons-prove-it/

Rico's Website: https://ricorodriguez.foxandroach.com/

Rico's phone number: 215-206-1973

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Madison and Mike celebrated two anniversaries, one marking Mike's 25th year in the financial industry and the other commemorating his fifth year since completing an IRONMAN triathlon. Mike shared his journey from being a law school graduate struggling to establishing his career to moving to the financial industry. He also shared his experience of transitioning from being a wire house broker, to an independent financial advisor to starting his own firm, Yardley Wealth Management, and the challenges he faced. Mike emphasized the importance of continuous learning and adapting to changing circumstances, and the role of supporting communities in achieving goals, such as the IRONMAN community.

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In this episode, Mike and Maddie discuss the idea that you should diversify your stock holdings across countries and among many large and small companies. That doing so means your portfolio will go up and down in a more stable way, reducing a lot of risk. Buying stocks in only one country or a small number of companies is not a good strategy. Yes, the U.S. has been a great place to invest, and Tesla, Amazon and Google have had some great returns for investors, but it hasn’t be been all rosy and we don’t know what the future will bring. You shouldn’t put all of your eggs in one basket, or even two.

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In this episode, Mike and Maddie discuss a Wall Street Journal article that suggests that Baby Boomers are investing like 30-year-olds and questions the wisdom of that. As he always does, Mike takes issue with some of the methodology in the reporting and the conclusions the paper drew from it. Mike thinks that most people should have somewhere between 50 and 100% of their portfolio in stock funds, with retires probably around 50 to 70%. Of course, people with much more or less money than the clients he sees may want to be above or below those numbers, and the truly risk averse might not want to have any money in stocks. Later, we are joined with Sandy Smith. Sandy, CEO of Smith Publicity, discusses her company's services assisting authors in promoting their books, with notable clients – like the Pope, and less notable ones, like Mike! Sandy shared her journey in the industry, starting with working for Dan Smith and eventually taking over business development, expanding the team from 2 to over 40 people. She and Mike talked about entrepreneurship, work-life balance, and the benefits of flexible work arrangements. They also touched on the impact of the pandemic on their business, noting changes in promotional interviews and book reviews. They discuss challenges and plans for their growing company.

Link to Wall Street Journal article: https://www.wsj.com/articles/it-isnt-just-boomers-lots-of-older-americans-are-stock-obsessed-ca069e1a

Smith Publicity's Website: https://www.smithpublicity.com/

Sandy's LinkedIn: https://www.linkedin.com/in/sandra-poirier-smith-a6a11a5/

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Madison and Mike discuss Certificates of Deposit (CD’s), what they are, and options that are available. He explains that since the Fed started raising interest rates, people are more interested in bonds and other fixed-income securities for the first time in 15 years. He advises Madison and our listeners to buy only individual securities if they are backed by insurance or a government. Madison asks if CDs can be used as emergency savings, and Mike confirms that they can be, but they are more for short-term savings because if you liquidate them early, there are penalties. Later, Sally Gadea, a pastry chef and owner of Panna Gelateria and Bakery here in Yardley, joins us to discuss her business and expertise in baking and gelato making. She started the business with her husband Jemil in 2021. She and her husband have over 20 years of experience in pastry making. Sally discusses the pressure of running a small business together due to their busy schedules and family life. She emphasizes the importance of sharing good energy and connecting with regulars to create a legacy.

Panna's Instagram: https://www.instagram.com/pannayardley/
Panna's Website: https://www.pannagelateria.com/
Panna's Photographer: https://www.instagram.com/evelyn_cirignotta/
Charlann Farms: https://www.instagram.com/charlannfarms/

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In this episode, Mike and Maddie discuss advanced estate planning and its difference from basic estate planning. Michael explains that advanced estate planning uses the tax code to save taxes to effectively transfer more assets to other people or charities in your estate plan. Common advanced estate planning techniques include Irrevocable Life Insurance Trusts and Annual Gifting, which allows you to transfer assets to loved ones during their lifetime while reducing your taxable estate. Later, Bill Franchi joins to talk about his background and give some career advice to our listeners. Bill is President & Chief Underwriting Officer of Old Republic Specialty Insurance Underwriters, Inc. He is responsible for directing the underwriting and operational strategies for ORSIU’s Specialty Programs and Alternative Risks segments. Bill has 20 plus years of insurance and reinsurance experience. 

Bill's website link: https://www.orsiu.com/

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Madison and Mike discuss Trusts and some of their more common uses. Mike explains that a Trust is a legal document that can stand on its own or be part of someone's Will. People with children and  grandchildren as beneficiaries of their Will often use them to manage money and property for the younger generation.
Liz Young, the owner of Commonplace Reader bookstore on Main Street in Yardley, explains that she sells fiction and non-fiction new books for adults, young adults, and children. She is originally from Massachusetts but moved to Yardley, Pennsylvania 30 years ago and considers it her home. Liz has always wanted to open a bookstore but had to focus on other needs, such as taking care of her family and financial needs. She worked for Johnson and Johnson in finance and learned from their global projects, which helped her later. Liz discusses the challenges of running a local independent bookstore due to the publishing industry and the small margin. She mentions the impact of the pandemic on her company's business.


Liz's Socials:

CommonPlace Reader: https://commonplace-reader.com/

Experience Yardley: https://experienceyardley.com/

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In this episode, Mike and Maddie discuss why a Will, Power of Attorney, and Advance Health Directive are key components of an Estate Plan. Hiring a lawyer who specializes in estate planning is the best way to ensure a will is legally valid and effective. Later in the episode, Heather DiPrato joins us to share about her business. Heather is the publisher of Yardley Living and Newtown Neighbors, a magazine that features stories about upcoming events and expert contributors who write about topics of interest for the community. Heather also expresses her desire to help people by being involved in nonprofit work.


Heathers Socials:
Yardley Living & Newtown Neighbors website: https://www.enjoyyardley.com/
Facebook: https://www.facebook.com/yardleylivingbvm