A bull market in cash is coming! Gary Zimmerman, founder and CEO of Max, explains how he discovered major inefficiencies in the cash-deposit market and built a platform that helps clients earn higher yields while staying fully FDIC-insured. We explore how broker-dealer incentives shaped the "always be invested" mindset, why RIAs take a more fiduciary approach to cash, and how most advisors dramatically underestimate how much cash clients actually hold in outside bank accounts.

We also dive into the strategic role of cash in portfolios, the psychology and behavioral finance behind loss aversion, and why many investors keep cash in low-yield big banks despite far better options.

We discuss...

• Gary Zimmerman shares his path from aspiring biochemist to investment banker and ultimately founder of Max.
• Gary describes how Max helps advisors and clients earn higher yields on cash while staying fully FDIC-insured.
• The conversation highlights the structural differences between broker-dealers and fiduciary RIAs in how they treat cash.
• Cash is both the "worst" asset class (low returns) and the "best" (strategic flexibility and optionality).
• Gary emphasizes that many advisors are unaware of large "held-away" cash balances clients keep at big banks.
• Research shows high-net-worth households keep roughly 25% of their liquid assets in cash—far above portfolio models.
• Behavioral finance plays a major role as clients publicly want risk but privately hoard cash for emotional comfort.
• Cash helps investors sleep better, reduce loss-aversion anxiety, and feel less trapped in work or life decisions.
• Gary explains that deposit pricing inefficiency exists because large banks don't need or want more deposits.
• The system also keeps client deposits below insurance limits by spreading funds across multiple banks.
• They explore how most households either have no emergency reserve or keep excessive idle cash earning too little.
• Cash reserve needs vary dramatically by life stage, career stability, and complexity of financial obligations.
• Senior professionals may need years of cash cushion because job searches take longer at higher levels.
• Behavioral mistakes in downturns often stem from being over-invested relative to one's psychological risk capacity.
• Gary argues that post-pandemic money-supply expansion suggests more inflation is still embedded in the system.

Today's Panelists:

• Kirk Chisholm | Innovative Wealth
• Diana Perkins | Trading With Diana

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For more information, visit the show notes at https://moneytreepodcast.com/bull-market-in-cash-gary-zimmerman-768