In this conversation, Frazer Rice—author of Wealth Actually—and I cover two distinct, if related, topics. First, what H.R. 1 really changes for high earners, business owners, and wealthy households. Second, what a holistic framework for estate planning and family governance looks like for ultra-high-net-worth families.

You’ll hear us cover:

Why this matters:

We cover H.R.1's tax provisions because you need to understand the rules. But if you think tax optimization is the hard part of estate planning, you may be optimizing the wrong variable.

Frazer Rice has spent years working with ultra-high-net-worth families. His observation: wealth gets destroyed more often by family dysfunction, bad governance, and institutional knowledge gaps than by tax inefficiency.

So yes, we decode PTET, QBI, QSBS, and estate exemptions. You'll understand what changed and who benefits. But we spend equal time on what matters even more for the long run: building governance structures that work under stress, staffing roles with the right people (not just the oldest sibling), and creating disaster recovery playbooks so a family crisis doesn't become a catastrophe.

Disclaimer: The content of “Treussard Talks” is for informational and educational purposes only and should not be considered financial advice. The views expressed are those of the host and guests and do not necessarily reflect the opinions of Treussard Capital Management or its affiliates. Listeners should consult with their own financial advisor before making any investment decisions. For full disclosures, visit treussard.com.

Tax strategies sold as "alpha" often obscure their actual mechanics — and the investment risks you're taking to get the tax benefit.

Brent Sullivan — "Tax Alpha Insider," formerly on PIMCO's trading floor and Parametric's quantitative team — decodes what's really happening beneath the marketing slides. For founders with embedded gains, executives navigating concentrated positions, and investors tired of advisors who dazzle with complexity rather than deliver clarity, this conversation cuts through the noise.

Brent establishes the hierarchy up front: tax belongs after risk, return, diversification, and cost — not before them. In other words: "Don't let the tax tail wag the investment dog."

Too many advisors lead with tax benefits because they're compelling, then reverse-engineer the investment justification. This conversation does the opposite — we start with what these strategies do, then examine whether the tax advantages justify the risks.

ETF tax efficiency demystified: How in-kind redemptions move taxable events "outside the box" — the actual mechanics, not the marketing magic.

Section 351 in-kind seeding: The path from concentrated positions to diversified portfolios without triggering capital gains, including the 25/50 diversification tests. Spoiler: if 100% of your wealth is in a single stock, this isn't your solution.

Tax-aware long/short overlays: Margin rates, borrow costs, short rebates, haircuts — why these are investment strategies first with tax benefits as byproduct. Understanding this prevents expensive surprises when financing terms change overnight.

Box spreads as synthetic borrowing: How they work, borrowing vs. lending mechanics, and the dangers of DIY'ing this unless you understand American vs. European options, collateral haircuts, and four-legged options execution.

Dark-case thinking throughout: What breaks when markets dislocate, counterparties prioritize self-preservation, and the "temporary pain" you need to be prepared for. Not fearmongering — the adult conversation about sizing exposure appropriately.

The industry has productized sophisticated tax strategies. But productization doesn't eliminate complexity — it just hides it.

The stakes for investors with meaningful embedded gains:

This is for investors who:

If you want reassuring generalities about tax alpha, this isn't your episode. If you want to understand the engineering behind these strategies so you can make informed decisions, this is exactly where to start.

This conversation with Brent modeled what escaping the Wealth Management Industrial Complex looks like: mechanics over magic, clarity over complexity, understanding over being sold to.

Continue the education: Subscribe to Wealth, Empowered at https://wealth-empowered.beehiiv.com/subscribe

Explore your specific situation: For concentrated positions, embedded gains, or wealth complexity requiring more than education — schedule a complimentary strategic session. We'll review your situation and determine if family office-level thinking without classic institutional conflicts makes sense for you.

Reach out: https://www.treussard.com/contact

Disclaimer: This content is for informational and educational purposes only and should not be considered financial advice. Listeners should consult with their own financial advisor before making any investment decisions. For full disclosures, visit treussard.com.

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In this conversation, Harbor Capital Advisors President and CIO Kristof Gleich and I dig into how to find true skill in managers, why the ETF wrapper changed the game, and how to build more resilient portfolios in an inflation‑prone world. We connect the mechanics and psychology of investing to the decisions that restore clarity and control for sophisticated investors.

You’ll hear us cover:

Why this matters now: Many investors still judge strategies by headline returns or brand names, not by process quality, alignment, and measurable sources of edge. In a world of rolling inflation shocks and fiat‑currency stress, getting structure right — manager selection, vehicle choice, fee drag, and tax handling — compounds more than hot dots.

Disclaimer: The content of “Treussard Talks” is for informational and educational purposes only and should not be considered financial advice. The views expressed are those of the host and guests and do not necessarily reflect the opinions of Treussard Capital Management or its affiliates. Listeners should consult with their own financial advisor before making any investment decisions. For full disclosures, visit treussard.com.

In this conversation, Rob Arnott (Founder and Chairman, Research Affiliates) and Ed McQuarrie (Professor Emeritus, Santa Clara University) examine why fear—of loss and of missing out—better explains asset pricing than traditional “risk” frameworks. We connect the mechanics and psychology of investing to help sophisticated investors restore clarity and control over portfolio decisions.

You’ll hear us cover:

Why this matters now: Many investors implicitly assume an ever‑present equity premium. If fear is the true driver and premiums vary with cycles and starting yields, portfolio choices and client guidance might need to adapt, as historical patterns suggest that investor sentiment can influence market cycles and premiums.

Disclaimer: The content of “Treussard Talks” is for informational and educational purposes only and should not be considered financial advice. The views expressed are those of the host and guests and do not necessarily reflect the opinions of Treussard Capital Management or its affiliates. Listeners should consult with their own financial advisor before making any investment decisions. All investments carry the potential for loss, including the loss of principal. For full disclosures, visit treussard.com.

In this conversation, Jane Buchan — CEO of Martlet Asset Management, co‑founder of PAAMCO (which grew to $32B AUM), former Dartmouth finance professor, and longtime CAIA leader — and I dig into what “alternatives” really are, how the space has evolved, and how disciplined due diligence restores clarity and control for sophisticated investors.

We link market mechanics with investor behavior to focus on practical choices that drive outcomes.

You’ll hear us cover:

Why this matters now: High-net-worth investors face more products and stories than ever. Clear mechanics, sober risk management, and true diversification — not magical thinking — are what preserve agency over outcomes.

Disclaimer: The content of “Treussard Talks” is for informational and educational purposes only and should not be considered financial advice. The views expressed are those of the host and guests and do not necessarily reflect the opinions of Treussard Capital Management or its affiliates. Listeners should consult with their own financial advisor before making any investment decisions. For full disclosures, visit treussard.com.

Defining FinTech with Michael Imerman, Ph.D. | Treussard Talks (E10)

Disclaimer

Join Jonathan Treussard for a thoughtful conversation with David Kotok. David’s decades of experience as CEO, CIO, and investor, along with his deep interest in history and geopolitics, provide powerful lessons for investors navigating uncertain times.

The Grocery Store MBA

David shares how ten years working in his family’s grocery store instilled practical lessons in humility, service, and human connection—arguably as valuable for leadership and decision-making as any advanced degree.

Why Studying History Still Matters

Drawing inspiration from Churchill, David emphasizes the importance of understanding history not just for context, but for insight into cycles of war, peace, and global economics—and how those play out in today’s markets.

Financing Conflict in the Modern Era

Jonathan and David dive into the economic realities of modern warfare—how governments fund defense through borrowing rather than taxation, what that means for inflation, and the long-term consequences for future generations.

Civility in an Uncivil Age

In a profession where many stay silent, David underscores the importance of being direct yet civil, candidly highlighting risks and trade-offs rather than hiding behind consensus. It’s a reminder of how leadership, whether in finance or public discourse, requires integrity and courage.

The Investor’s Takeaway

From debt-fueled defense spending to the inflationary implications of geopolitical conflict, this episode connects the dots between history, policy, and capital markets. For seasoned professionals and families managing wealth across generations, David’s perspective illustrates why disciplined analysis, humility, and long-term thinking matter most.

David Kotok’s career and worldview reinforce timeless wisdom: successful wealth management is not just about beating benchmarks but about understanding context—how human behavior, history, and geopolitics shape the economic risks and opportunities we face today. These insights are especially relevant for business leaders, families, and professionals who must position capital with both prudence and purpose.

If you enjoyed this episode and want access to thoughtful, unfiltered insight at the intersection of wealth and human behavior, subscribe to my free newsletter, Wealth, Empowered. Every two weeks, you’ll gain practical wisdom tailored for investors committed to long-term vision and purposeful wealth management.

Sign up here: https://wealth-empowered.beehiiv.com/

Disclaimer

The content of Treussard Talks is for informational purposes only and should not be considered financial advice. The views expressed are those of Jonathan Treussard and his guests and do not necessarily reflect the opinions of Treussard Capital Management or its affiliates. Listeners should consult their own financial advisors before making investment decisions. Visit www.treussard.com for additional disclaimers.

Join Jonathan Treussard for a lively conversation with Larry Kotlikoff, Professor of Economics at Boston University, influential policy thinker, and longtime mentor. In this episode, Jonathan and Larry look back on the defining moments that shaped Larry’s career—from the early days at Penn and Harvard to the turbulence of academic politics and his groundbreaking work in fiscal and intergenerational accounting.

Learn more about Larry's Maxifi Planner here: https://maxifiplanner.com/

Key Highlights

Choosing the Road Less Traveled

Larry shares how he was torn between law school and economics, and how encouragement from mentors like Steve Ross set him on an unexpected path to Harvard and an entire career driven by curiosity and creativity.

Academic Hurdles and Speaking Your Mind

Larry talks about the challenges he faced at top universities, including getting pushed out of positions after making waves with his research. He talks about why being authentic and asking tough questions matters— even when it means not always fitting in.

Making Public Policy Count

Larry explains how his work at the Council of Economic Advisors and his research on fiscal and intergenerational accounting grew from a desire to have real impact on society, not just on academic debates.

Finding Value in Nonlinear Careers

The discussion highlights the unpredictable nature of meaningful work—how taking risks and accepting setbacks leads to a more rewarding journey, especially in a field where playing it safe is the norm.

Mentorship and Lasting Culture

Jonathan credits Larry’s personal style and independent thinking for helping create the world-class economics department he experienced at BU. They reflect on how true leadership is about building a culture where others can thrive.

Why It Matters for Sophisticated Investors

Larry’s story is a reminder: real leadership, whether in academia or finance, means taking risks, embracing setbacks, and staying true to your own vision. This episode offers lessons in creativity, resilience, and the importance of asking big questions, tailored for business leaders, families, and professionals committed to purposeful wealth management.

If you enjoyed this episode and want thoughtful, unfiltered insight at the intersection of wealth, purpose, and strategic thinking, sign up for my free newsletter, Wealth, Empowered. Every two weeks, you’ll get practical wisdom and commentary for business leaders, professionals, and families looking to align their wealth management with long-term vision and personal values.

Sign up here: https://wealth-empowered.beehiiv.com/

Disclaimer

The content of Treussard Talks is for informational purposes only and should not be considered financial advice. The views expressed are those of Jonathan Treussard and his guests and do not necessarily reflect the opinions of Treussard Capital Management or its affiliates. Listeners should consult their own financial advisors before making investment decisions. Visit www.treussard.com for additional disclaimers.

Join Jonathan Treussard for a powerful conversation with Anna Paglia, Chief Business Officer at State Street Global Advisors, as they delve into the future of investing, leadership with purpose, and breaking down barriers to wealth creation. Anna’s inspiring story traces her journey from waiting tables in Rome while attending law school to her current executive leadership at a firm managing $4.7 trillion in assets.

Breaking Down Barriers

Anna discusses her working-class upbringing and how it fueled her commitment to democratizing access to sophisticated wealth-building tools, challenging an industry long defined by exclusion.

From Law to Asset Management

Hear how Anna’s shift from entertainment law in Italy to asset management exemplifies the value of a non-linear career—and why adaptability is key to professional success.

The ETF Revolution

Discover how Anna helped champion ETFs, bringing institutional-level diversification to everyday investors and making market access possible with as little as $25.

Lessons in Leadership and Mentorship

Anna recounts formative mentorship from surprising places—including a restaurateur’s crisis wisdom—and shares how those lessons inform her leadership and resilience.

Purpose, Sacrifice, and Career Building

The dialogue explores the difference between “having a job” and “building a career,” including the role of sacrifice, vision, and authentic purpose.

Investment Psychology

Gain actionable advice on managing financial emotions during times of market volatility, and why the discipline of “don’t just do something, sit there” is often the savviest move.

Family Wisdom and Defining Success

Anna offers insights from her two grandmothers—one who embraced tradition, one who blazed her own trail—illuminating diverse paths toward happiness and authentic achievement.

The Future of Finance

The episode examines opportunities in democratizing private markets and the risks posed by social media-driven misinformation in investing.

Anna’s perspectives connect real-world experience to themes that matter for business leaders, legacy families, and professionals managing significant wealth. The conversation seamlessly blends strategic, behavioral, and personal insights, offering both practical advice and inspiration for those navigating complex financial landscapes.

Listen to discover how purpose-driven leadership and industry innovation can transform financial complexity into clarity—and why empowering investors of all backgrounds is essential to the future of wealth management.

If you enjoyed this episode and want to receive thoughtful, unfiltered insight at the intersection of wealth, purpose, and strategic thinking, sign up for my free newsletter, Wealth, Empowered. Every two weeks, you’ll get practical wisdom and actionable commentary crafted for business leaders, professionals, and families looking to align their wealth management with their values and long-term vision.

Sign up here: https://wealth-empowered.beehiiv.com/

The content of Treussard Talks is for informational purposes only and should not be considered financial advice. The views expressed are those of Jonathan Treussard and his guests and do not necessarily reflect the opinions of Treussard Capital Management or its affiliates. Listeners should consult their own financial advisors before making investment decisions. Visit treussard.com for additional disclaimers.

On this episode, I sit down with Anne Rhodes, Chief Legal Officer at Wealth.com, and estate attorney Dave Haughton for an important conversation about reclaiming control, navigating family dynamics, and how proactive estate planning shapes our wealth, legacies, and relationships across generations.

Anne and Dave share their journeys from major law firms to legal tech and public education. We dig into why estate planning is about much more than technical documents or tax savings—it’s about empowering families, resolving conflict before it starts, and connecting actions to the things that matter most.

You’ll hear us cover:

Anne and Dave bring deep experience, candor, and commitment to making estate planning more accessible and human. Their perspectives help families tackle the hurdles, have the tough conversations, and make choices today that will outlast tomorrow.

If you want to understand how estate planning shapes not just what you leave behind, but the very fabric of your family and your community, this episode is essential listening.

Ready for more?

If you found this conversation helpful and want more thoughtful, candid insight at the intersection of money, meaning, and modern wealth, sign up for my free newsletter, Wealth, Empowered. Get practical insights and stories in your inbox every two weeks: https://wealth-empowered.beehiiv.com/ 

DISCLAIMER: The content of “Treussard Talks” is for informational purposes only and should not be considered financial advice. The views expressed are those of Jonathan Treussard and his guests and do not necessarily reflect the opinions of Treussard Capital Management or its affiliates. Listeners should consult their own financial advisors before making investment decisions. Go to treussard.com for additional disclaimers.

01:00 — Anne & Dave’s backgrounds: law, technology, and family journeys

05:00 — What is estate planning? Powers of attorney, wills, and basic strategies for every stage of life

12:00 — Probate avoidance, sticky notes, and making your intentions clear

20:00 — Family dynamics, psychology, and approaching tough conversations

26:00 — The ripple effect of planning: legacy, meaning, community

35:00 — Rapid-fire questions: favorite word, fear, legacy, and more

38:00 — Closing thoughts: empowering the next generation, and the practical joy behind making a difference