Wealthyist

On this episode of Wealthyist, host Anthony Mlachnik (senior wealth advisor) sits down with Mike Chirchirillo—certified trainer, functional medicine health coach, co-owner of Collective Flow Milwaukee, and manufacturing consultant—for a conversation that bridges business performance and personal vitality.Mike traces his path from joining a family metal-stamping and sheet-metal fabrication business in Illinois in 2008, just as the recession hit. With ~80% of revenue tied to automotive and heavy customer concentration, he worked his way up from the shop floor: implementing an ERP system for better cost accounting and decision-making, overseeing a full facility move, and eventually becoming president and director of sales. Over 3.5 years he successfully diversified the customer base, but the relentless grind left his energy and health depleted.That personal toll, combined with his wife’s long battle with ulcerative colitis (she was on a cascade of medications), led them to functional medicine. Through holistic changes in sleep, nutrition, stress management, and movement—inspired in part by approaches like those of Dr. Mark Hyman—she became symptom- and medication-free in about 2.5 years. Mike trained in the field himself, extracting practical “biohacks” he could apply as an entrepreneur for better energy, clarity, focus, and recovery. He now helps small-to-midsize manufacturing owners and high performers reduce “inflammation” in both body/brain and business, arguing that the two are deeply linked: when leaders and teams lack motivation, consistency, or resilience, health issues are often a root cause.He outlines five key lifestyle pillars that drive inflammation (and thus performance):

1. Fitness 
2. Movement/flexibility (joint range of motion) 
3. Sleep quality (not just quantity) 
4. Stress management (breathwork, flow states) 
5. Nutrition (whole, “Mother Earth” foods)

For time-poor, high-means individuals, he prioritizes nutrition as the highest-leverage starting point—aim for the colors of the rainbow plus 9–13 servings of fruits and vegetables daily, plus hydration at roughly half your body weight in ounces of water. Sleep ranks close behind. Practical hacks include:

• Consistent bedtime and a wind-down routine (dim lights, warm tea, bed only for sleep/sex) 
• Morning glass of water with lemon and a pinch of Himalayan sea salt 
• Brief balance work (standing on one foot during calls or in line) 
• 4-minute Tabata bodyweight sessions when time is tight 
• Breath techniques (longer exhales to calm; longer inhales to energize) 
• Timing sleep in ~90-minute cycles so you wake at the top of a cycle rather than deep sleep

Mike runs two complementary businesses: consulting that primarily helps manufacturing companies (with health tools brought in as needed when focus or execution lags) and Collective Flow, a yoga studio with a functional-medicine twist that has grown to 17 instructors. He emphasizes that health is highly individual, that lasting change follows an “aware → explore → apply” loop, and that external accountability is especially powerful for CEOs who are used to holding others accountable but rarely themselves. He also advises treating social-media comparison or guilt as a “bat signal” for constructive action rather than a spiral into negativity.The discussion closes with how high achievers differ from the merely wealthy: true high performers build financial success on their own terms—with balance, relationships, energy, and a life they actually enjoy—rather than grinding at the expense of everything else. Listeners can find Mike at mikechirch.com and Collective Flow at collectiveflowmk.com.

In this episode of Wealthyist, financial planning manager Tom Berkholtz sits down with senior wealth strategist Brian Lamborne of Annex Private Client to demystify Employee Stock Ownership Plans (ESOPs)
What an ESOP really isAn ESOP lets a business owner sell the company to its employees. Employees rarely have cash to buy it outright, so a trust/fund is created that purchases the owner’s stock. Over time, shares are allocated to workers. For the seller, this can mean a large liquidity event (e.g., tens of millions of dollars) that requires careful planning. For employees, it functions much like a 401(k): it is ERISA-governed, tax-deferred, and funded primarily by employer contributions of company stock—no employee contributions required. Shares vest over time, and the stock of private companies is independently valued each year.
Real-world impactFamiliar employee-owned companies such as Wisconsin’s Woodman’s, Hy-Vee, and Publix illustrate the upside. Long-tenured cashiers and other rank-and-file workers have walked into Annex with ESOP balances exceeding $1 million—and sometimes several million—after decades of steady contributions and company growth. These “secret millionaires next door” often never attended college yet built substantial wealth simply by staying and performing well.
Key features and rules

• Concentration risk: Most of the account sits in employer stock while you work there. 
• Diversification window: Once you reach age 55 and have 10 years of service, you can diversify up to 25% of the company stock over five years, then up to 50% in the sixth year—tax-free, just like selling inside a 401(k). 
• Retirement liquidity: When you leave or retire (and are vested), the company typically buys back your shares, giving you cash that can be rolled into an IRA. 
• Tax time bomb: The balance is pre-tax. Large accounts can produce very high Required Minimum Distributions (RMDs) starting at age 75 and push retirees into top tax brackets—especially if both spouses have sizable ESOPs.

Planning opportunities

The roughly 15–20-year window between the diversification age (55) and RMD age (75) is critical. Strategies discussed include:

• Gradually diversifying out of concentrated company stock 
• Incremental Roth conversions in lower tax brackets over many years 
• Qualified Charitable Distributions (QCDs) starting at age 70½—direct transfers from the IRA to 501(c)(3) charities (including churches) that never hit taxable income and can be split among multiple organizations

Bottom line

ESOPs are simultaneously simple in concept and highly complex in the details—every plan has its own documents and quirks. Employees should not wait until the “retirement red zone” (within five years of leaving) to understand vesting, diversification rights, buy-back rules, and tax consequences. Working with advisors who grasp both the plan mechanics and broader retirement-tax planning can turn a multi-million-dollar ESOP into lasting, tax-efficient wealth rather than a deferred tax surprise.

In this episode of Wealthyist, host Brian Lamborne (Senior Wealth Wtrategist) sits down with Tom Berkholtz (Manager of Financial Planning at Annex Wealth Management) for a clear, practical breakdown of restricted stock units (RSUs)—one of the most common forms of equity compensation.
They start by defining RSUs as a company grant (a promise of stock value) that vests over time, aligning employee and employer incentives while helping attract and retain talent at competitive firms (especially tech giants). Vesting is typically graded (e.g., 25% per year) or cliff-style (all at once after a set period). Unlike cash pay, RSUs offer upside if the stock appreciates
Key discussion points include:

• Equity compensation as part of a broader total-rewards package (beyond base salary).
• Real-world impact: Early-stage or high-growth company grants can create significant wealth (with SpaceX and Meta examples cited).
• Taxation: RSUs are taxed as ordinary income (plus FICA) at vesting based on fair market value and appear on the W-2. Later sales trigger capital gains/losses. Companies often withhold only a flat 22% federal rate, which can leave high earners under-withheld and facing big tax bills or penalties—making estimated payments or withholding adjustments important.
• Planning strategies: Projecting tax impact in advance, using charitable tools like donor-advised funds for appreciated shares (avoid capital gains, get a deduction, and reduce concentration risk), and overall diversification.
• Contrast with stock options (NSOs/ISOs): Options require the employee to exercise (buy at a set price), adding decision complexity and different tax rules, whereas RSUs simply deliver the shares upon vesting.

Berkholtz and Lamborne emphasize that the terminology, tax rules, and decisions around equity compensation are complex and frequently overwhelm employees. They strongly recommend working with advisors experienced in this niche to organize grants, model scenarios, avoid “tax torpedoes,” and make informed choices rather than relying on gut feel.

In this episode of Wealthiest, host Anthony Mlachnik sits down with Gunnar Crowell, Senior Advisor of Charitable Estate Planning for the American Heart Association. Gunnar shares his journey from college football defensive lineman and practicing attorney to helping high-net-worth families create meaningful, tax-efficient legacies.
The conversation dives deep into practical philanthropy: why health is the ultimate foundation of wealth, how personal experiences with heart disease fuel genuine giving, and the most powerful ways to give during life and at death. Gunnar breaks down proven strategies including Qualified Charitable Distributions from IRAs, gifting highly appreciated stock, Donor-Advised Funds (DAFs) for multi-generational giving, Charitable Remainder Trusts (using farmland and other illiquid assets), and when a private foundation makes sense.He also covers the latest changes from the “One Big Beautiful Bill,” including the new above-the-line charitable deduction for non-itemizers and updated limits for high earners. 
Listeners will walk away with actionable ideas for turning assets like real estate, business interests, and retirement accounts into lasting impact while reducing taxes and involving children and grandchildren in a culture of giving.Whether you’re planning your estate or simply want to align your wealth with purpose, this episode delivers clear, advisor-friendly insights on building a legacy that matters — especially for those passionate about fighting heart disease and stroke.

In this episode of Wealthyist, host Austin Grandinetti sits down with Amber Kolacki-Hake, designer at Wise Design Builders, to explore how affluent homeowners in the Lake Country area (and beyond) are thoughtfully redesigning their homes to match evolving lifestyles.
Key highlights include:

• The rise of multi-zone kitchens — entertainment/show kitchens with clean, streamlined islands for gathering, paired with hidden “dirty” working kitchens for serious cooking and prep, plus dedicated walk-in pantries.
• Wellness-focused spaces — spa-like primary bathrooms and dedicated wellness suites featuring steam showers, multi-sensory experiences, hot/cold therapy, and calming retreats.
• Future-proofing & aging in place — wider doorways, barrier-free showers, lever handles, drawers instead of cabinets, and holistic planning that considers resale value versus “forever home” needs.
• Four-season living — enclosed four-season rooms and lower-level remodels to maximize Wisconsin’s seasons.
• Smart, timeless technology — layered lighting controls (Lutron Caseta/RadioRA), scene settings, and flexible systems that avoid fast-outdated tech.
• Design philosophy — a holistic, “begin with the end in mind” approach that mirrors financial planning: long-term vision, master planning, education, and avoiding unnecessary spending or trendy mistakes.

The conversation draws clear parallels between strategic home design and wealth management — both emphasize clarity on goals, future needs, and building something that truly supports your desired lifestyle for decades to come.

The episode of Wealthyist (the podcast exploring the lifestyles, choices, and strategies of the wealthy, produced by Annex Wealth Management) features host Tom Parks, Director of Retirement Plan Services, interviewing his colleague Deanne Phillips, Managing Director of Client and Community Engagement. The focus is on "passion assets"—personal items acquired out of genuine love and passion rather than primarily as investments, which often lack formal beneficiary designations unlike financial accounts.

 Key Points from the Discussion:

Definition: Passion assets include art, classic cars, wine collections, musical instruments, rare books, watches, sports memorabilia, jewelry, and even pets (highlighted as America's favorite, with Americans spending over $140 billion annually on them). These can represent significant value (hundreds of thousands of dollars) in high-net-worth households but are frequently overlooked in estate planning.

• Why They're Overlooked: Unlike retirement or brokerage accounts with built-in beneficiary forms and professional management, passion assets are often stored informally (basements, attics, wine cellars). Heirs may not know their worth, leading to hasty disposal ("haul it all away") or emotional oversights.
• Real-World Examples: Deanne shares a personal story of inheriting a hoarded family home filled with hidden treasures like over 100 pieces of Cristal d'Arques and Orrefors crystal, vintage fabrics concealing a pristine 1940s Deanna Durbin doll, old slides, and more. Surprises can include vintage electronics (e.g., original Apple computers or iPods), comic books, first-edition books, mid-century furniture, early Rolex watches, or even flip phones amid modern trends.
• Planning Importance — Three main reasons for valuation and documentation:
   
  1. Insurance: Standard homeowners policies often fall short; specialized riders or coverage are needed, especially for older/antique items.
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  1. Estate Planning: Prevents family disputes over unequal values (e.g., one child getting a high-value painting) and ensures fair division.
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  1. Taxes: Collectibles face higher capital gains rates upon sale; appraisals help with accurate reporting.
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• Preservation Tips: Protect items from damage (e.g., temperature-controlled wine storage, UV/humidity control for art, regular servicing for watches/cars, archival methods for paper ephemera like Civil War letters). Before donating or discarding anything 30–40+ years old, consult appraisers or experts—markets are cyclical and surprising.
• Pets as Passion Assets: A major focus, given generational pet ownership trends (e.g., 76% of millennials). If a pet outlives the owner (e.g., parrots or tortoises), plan for care. Pet trusts (recognized in all states, though provisions vary) allocate funds for a designated caregiver, specify care standards/vet/groomer, and name a contingent beneficiary (e.g., charity) for remaining funds after the pet's life. Famous example: Leona Helmsley's trust for her dog (reduced by courts but spotlighted the concept).
• Actionable Steps (Deanne's five key recommendations):
   
  1. Take inventory (use video for ease).
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  1. Photograph/document everything.
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  1. Get appraisals (update every few years as markets shift).
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  1. Ensure proper insurance coverage.
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  1. Communicate with heirs (e.g., confirm they're willing/able to care for a pet or want specific items).
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• Final Takeaway: Passion assets enrich life, but without planning, they can burden the next generation. Proactive steps turn them into meaningful legacies rather than problems.

In this episode of Wealthyist, host Kent Halleen sits down with Freddie Hoppe, co-owner and sales manager of Hoppe Tree Service and a third-generation arborist whose family business dates back to 1972. They explore how professional tree care and landscape management serve as essential services for high-net-worth properties and estates, where owners often invest six figures annually in maintenance to preserve beauty, safety, and value.

Freddie explains that successful tree care begins with clients who genuinely care about their trees—whether a single specimen in a modest yard or hundreds on sprawling estates. The conversation covers:

• Customized maintenance programs — Starting with detailed inventories, assessing tree species, site conditions, insect/disease risks, and client priorities. Services include targeted treatments (insecticides, fungicides), soil amendments, root invigoration, and precise pruning—often treating legacy trees (like a 200+ year-old burr oak) with “full-size bonsai” attention.
• The science and benefits of trees — Ecological advantages, boosted property values, reduced crime, and improved human health in greener areas. Trees become assets rather than liabilities when properly managed.
• Practical estate strategies — Balancing manicured lawns with tree health through mulch rings, soil injection, and mimicking natural forest floors. Freddie emphasizes prevention over reaction, noting that healthy trees better withstand storms, climate fluctuations, and pests like emerald ash borer.
• Trends and future outlook — Shifting toward planting “better” (larger, longer-lived) trees, adapting to climate change and moving hardiness zones, and managing invasives like buckthorn. He highlights the resilience of underappreciated species like box elders and willows.
• Risk management and business advice — Annual inspections are crucial. For listeners seeking similar premium service, he recommends companies with certified arborists on staff and Tree Care Industry Association (TCIA) accreditation.

The episode blends practical arboriculture insights with a philosophical appreciation for trees as living legacies. Freddie stresses Hoppe Tree Service’s mission: caring for people first, then their trees—turning potential burdens into long-term assets through proactive, tailored programs.

In this episode of Wealthyist, host Greg Batiansila sits down with Tom Parks, Director of Retirement Plan Services at Annex Wealth Management. Tom leads Annex’s 401(k) advisory team and brings over 25 years of experience helping business owners optimize their retirement plans.

The conversation challenges the common view of 401(k) plans as just another compliance checkbox or “fine for now” employee benefit. Instead, Tom reframes them as a strategic tool that can reduce employee financial stress, improve company culture, boost productivity, aid retention, and even support long-term business value.

Key points discussed include:

• What Annex’s 401(k) team actually does: They act as advisors and consultants (not recordkeepers). They work with both business owners/plan fiduciaries and employees to make plans more effective.
• The shift in employee expectations: Today’s workforce looks at total compensation — including benefits and financial wellness — not just salary. An effective 401(k) is now part of what attracts and keeps talent.
• Common problems Tom sees when reviewing existing plans: Outdated investment lineups, high or inefficient fees, low participation rates, lack of automatic enrollment features, and employees who don’t even know who their plan advisor is.
• Modern solutions: Greater use of lower-cost Collective Investment Trusts (CITs), automatic enrollment, and better plan design — changes that many advisors are (or should be) recommending.
• The bigger picture — financial wellness: Annex goes beyond investments by providing ongoing education through videos, webinars, one-on-one meetings, and creative communications. This helps reduce the real financial stress employees feel (a major driver of burnout and lost productivity).
• Impact on business owners: While there isn’t always a direct line item on a balance sheet, improving a 401(k) plan can positively affect company culture, employee engagement, and even the intrinsic value of the business over time.
• Practical next steps: Business owners don’t always need to move their entire plan. Often, the first step is simply having Annex review the current plan to see what can be improved where it already sits.

Tom emphasizes that a well-run 401(k) isn’t just good for employees — it’s good for the business owner who wants a more focused, less financially stressed, and more aligned team.

Overall takeaway: If your 401(k) plan was set up years ago and hasn’t been reviewed since, you’re likely leaving both money and morale on the table. A thoughtful, well-communicated retirement plan can become a genuine competitive advantage.

In this episode of Wealthyist, hosts Tom Berkholtz (CFP®, EA, ECA) and Eric Strom (CFP®, EA) break down the critical difference between tax preparation and tax planning — and why the distinction matters more than ever for high-net-worth individuals in 2026.

Tax preparation is the annual filing process: gathering documents, accurately completing your return, and avoiding penalties. Tax planning, by contrast, is proactive, year-round, and lifetime-focused — zooming out to minimize taxes over decades, especially since taxes are often the largest single expense in retirement for affluent clients.

Key Trends Discussed:

• Integration is the new standard: Top firms are combining tax preparation, year-round tax planning, investment management, and comprehensive financial planning under one roof for seamless, better outcomes.
• Team of specialists matters: Complex needs (equity compensation, real estate, international tax, AMT, K-1s, IRS representation) require experts like Enrolled Agents (who have unlimited representation rights before the IRS) and niche credentials.
• Technology revolution: Client portals, advanced modeling, and AI are transforming tax prep (making basic returns more commoditized), but sophisticated planning still demands human expertise.
• Major pain points for the wealthy: Fragmented accounts, multiple custodians, missed opportunities from new legislation (like the One Big Beautiful Bill Act), SALT deduction phaseouts, Alternative Minimum Tax (AMT) creeping back, and the risk of future tax increases due to national debt.
• Actionable advice: Consolidate assets for visibility and better planning, get projected “mock” tax returns (especially after law changes), use extensions strategically, and ensure your advisor actively reviews your actual tax returns and handles IRS notices.

The episode emphasizes that in today’s complex environment, settling for a once-a-year preparer separate from your advisor often leaves significant money on the table. The hosts encourage listeners to seek firms offering true 360-degree tax and wealth integration.

Are Beneficiary Designations Undermining Your Estate Plan?

Beneficiary designations are contractual instructions you give to financial institutions about who receives assets in accounts like:

• IRAs, Roth IRAs, 401(k)s
• Checking and savings accounts (often called Payable on Death - POD or Transfer on Death - TOD)

These are legally binding contracts between you and the financial institution. They generally override whatever is written in your will or trust.

Why They Matter So Much

Even a perfectly drafted estate plan can fail if beneficiary designations don’t match it. The episode highlights numerous real-world “horror stories” where:

• Assets went to ex-spouses, disowned children, or unintended relatives because designations were never updated.
• A child predeceased the parent, causing their share to go through the deceased child’s estate instead of directly to grandchildren or the surviving child.
• Someone opened a new account after creating their estate plan and never added beneficiaries, triggering unnecessary probate.

What Happens If You Don’t Name Beneficiaries?

It depends on the financial institution’s default rules (some default to spouse → children; others send everything to probate). This can force assets through court-supervised probate even if the rest of the estate plan avoids it, creating extra costs, delays, and complexity.

Key Risks & Common Mistakes

• Failure to update — Life changes (divorce, remarriage, death of a beneficiary, reconciled relationships, disowning someone) require updates.
• New accounts / account rollovers — Beneficiary designations often don’t automatically transfer.
• Inconsistent planning — Will says “everything to kids,” but beneficiary form still says “nieces and nephews.”
• Not funding the trust — Signing a trust document is not enough; assets must actually be titled to it or properly designated.

When to Name a Trust as Beneficiary

Especially relevant for pre-tax retirement accounts (traditional IRAs, 401(k)s):

• Direct to individuals is usually simpler (better tax treatment and easier administration) if the beneficiary is responsible and has no major risks.
• Name the trust when you need:
  • Asset protection (divorce, lawsuits, creditors)
  • Spendthrift protection
  • Professional management for beneficiaries who can’t handle money well

This decision is highly personal and should be coordinated with an attorney.

Disclaiming (Refusing) an Inheritance

You can disclaim a beneficiary designation, but you lose control. It treats you as if you predeceased the account owner, so the asset follows the next default beneficiary (often not where you want it to go). In the episode’s example, this created major complications in a step-family situation.

Best Practices

• Ensure beneficiary designations are consistent with your overall estate plan.
• Review designations annually or every other year (more frequently than the full estate plan).
• Check every new account and every rollover.
• Work with your advisor — many wealth firms (like Annex) will help review and align everything.
• Ultra-high-net-worth individuals may use family offices to handle this administratively.

Bottom Line

Brian and Alec emphasize that there is no shortcut. You must go account-by-account to set and maintain proper designations. Signing estate documents is only the first step — proper execution and ongoing maintenance are what actually make the plan work.

The episode stresses that this issue affects everyone regardless of wealth level, but the consequences (and potential costs of mistakes) grow with larger account balances.